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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

    Investment Company Act file number      811-05426

AIM Investment Funds (Invesco Investment Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000    Houston, Texas 77046

(Address of principal executive offices)         (Zip code)    

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

(Name and address of agent for service)

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

    Date of fiscal year end:     10/31            

    Date of reporting period:   04/30/21        

Item 1. Reports to Stockholders.

(a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

(b) Not applicable

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Balanced-Risk Allocation Fund
	Nasdaq:
	A: ABRZX ∎ C: ABRCX ∎ R: ABRRX ∎ Y: ABRYX ∎ R5: ABRIX ∎ R6: ALLFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
12	Consolidated Financial Statements
15	Consolidated Financial Highlights
16	Notes to Consolidated Financial Statements
24	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	16.91	%
Class C Shares	16.45
Class R Shares	16.65
Class Y Shares	17.05
Class R5 Shares	17.00
Class R6 Shares	17.05
S&P 500 Index q (Broad Market Index)	28.85
Custom Invesco Balanced-Risk Allocation Style Index∎ (Style-Specific Index)	15.96
Lipper Alternative Global Macro Funds Index◆ (Peer Group Index)	16.44
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The Custom Invesco Balanced-Risk Allocation Style Index is composed of 60% MSCI World Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. Effective December 1, 2009, the fixed income component of the Custom Balanced-Risk Allocation Style Index changed from the JP Morgan GBI Global (Traded) Index to the Bloomberg Barclays U.S. Aggregate Bond Index. The MSCI World Index is considered representative of stocks of developed countries. The index return is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment-grade, fixed-rate bond market. The JP Morgan GBI Global (Traded) Index is considered representative of fixed-rate debt of developed government bond markets.     The Lipper Alternative Global Macro Funds Index is an unmanaged index considered representative of alternative global macro funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Balanced-Risk Allocation Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (6/2/09)	6.78	%
10 Years	5.44
5 Years	5.91
1 Year	19.51
Class C Shares
Inception (6/2/09)	6.73	%
10 Years	5.41
5 Years	6.31
1 Year	24.28
Class R Shares
Inception (6/2/09)	7.00	%
10 Years	5.78
5 Years	6.85
1 Year	25.93
Class Y Shares
Inception (6/2/09)	7.55	%
10 Years	6.31
5 Years	7.39
1 Year	26.61
Class R5 Shares
Inception (6/2/09)	7.57	%
10 Years	6.34
5 Years	7.43
1 Year	26.68
Class R6 Shares
10 Years	6.37	%
5 Years	7.50
1 Year	26.70

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

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco Balanced-Risk Allocation Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

April 30, 2021

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–34.25%
U.S. Treasury Bills–13.05%(a)
U.S. Treasury Bills		0.08	%		06/10/2021	$	114,900	$	114,889,276
U.S. Treasury Bills		0.01	%		07/22/2021		117,800		117,797,383
U.S. Treasury Bills		0.03	%		10/21/2021		82,000		81,993,183
									314,679,842
U.S. Treasury Notes–21.20%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b)		0.17	%		01/31/2022		200,000		200,233,544
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b)		0.13	%		04/30/2022		150,000		150,165,893
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)		0.10	%		07/31/2022		160,520		160,617,071
									511,016,508
Total U.S. Treasury Securities (Cost $825,173,384)									825,696,350
				Expiration Date
Commodity-Linked Securities–4.29%
Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.02% (linked to the Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index, multiplied by 2) (Canada)(c)(d)					10/22/2021		24,900		45,336,947
RBC Capital Markets LLC, Commodity-Linked Notes, U.S. Federal Funds Effective Rate minus 0.04% (linked to the RBC Enhanced Agricultural Basket 07 Excess Return Index) (Canada)(c)(d)					10/28/2021		32,750		58,166,228
Total Commodity-Linked Securities (Cost $57,650,000)									103,503,175
						Shares
Money Market Funds–55.45%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)							393,479,090		393,479,090
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(e)(f)							133,508,919		133,562,323
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.02%(e)(f)							125,223,830		125,223,830
Invesco Treasury Obligations Portfolio, Institutional Class, 0.01%(e)(f)							524,000,000		524,000,000
Invesco Treasury Portfolio, Institutional Class, 0.01%(e)(f)							160,774,960		160,774,960
Total Money Market Funds (Cost $1,336,921,493)									1,337,040,203
Options Purchased–0.37% (Cost $15,074,757)(g)									8,997,713
TOTAL INVESTMENTS IN SECURITIES–94.36% (Cost $2,234,819,634)									2,275,237,441
OTHER ASSETS LESS LIABILITIES–5.64%									135,956,530
NET ASSETS–100.00%								$	2,411,193,971

Investment Abbreviations:

EMTN – European Medium-Term Notes

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

5 Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Schedule of Investments:

^(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2021.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $103,503,175, which represented 4.29% of the Fund’s Net Assets.

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

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value April 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	382,427,492	$	229,681,075	$	(218,629,477	)		$         -			$         -	$	393,479,090		$  52,073
Invesco Liquid Assets Portfolio, Institutional Class		125,668,036		164,057,911		(156,163,911	)		(4,953	)		5,240		133,562,323		32,607
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class		67,985,494		455,620,925		(398,382,589	)		-			-		125,223,830		22,492
Invesco Treasury Obligations Portfolio, Institutional Class		524,000,000		-		-			-			-		524,000,000		26,415
Invesco Treasury Portfolio, Institutional Class		148,144,563		262,492,656		(249,862,259	)		-			-		160,774,960		9,457
Total	$	1,248,225,585	$	1,111,852,567	$	(1,023,038,236	)		$(4,953	)		$5,240	$	1,337,040,203		$143,044

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(g)  The table below details options purchased.

Open Exchange-Traded Index Options Purchased
Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price		Notional Value*		Value
Equity Risk
EURO STOXX 50 Index		Put		09/17/2021		260	EUR	3,450.00	EUR	44,850,000	$	188,801
EURO STOXX 50 Index		Put		05/21/2021		260	EUR	3,475.00	EUR	45,175,000		19,693
EURO STOXX 50 Index		Put		12/17/2021		260	EUR	3,400.00	EUR	44,200,000		282,264
EURO STOXX 50 Index		Put		06/18/2021		260	EUR	3,450.00	EUR	44,850,000		52,202
EURO STOXX 50 Index		Put		03/18/2022		260	EUR	3,500.00	EUR	45,500,000		451,998
EURO STOXX 50 Index		Put		07/16/2021		260	EUR	3,550.00	EUR	46,150,000		120,970
EURO STOXX 50 Index		Put		06/17/2022		260	EUR	3,750.00	EUR	48,750,000		856,483
EURO STOXX 50 Index		Put		08/20/2021		260	EUR	3,850.00	EUR	50,050,000		375,727
MSCI Emerging Markets Index		Put		07/16/2021		153	USD	1,300.00	USD	19,890,000		537,030
MSCI Emerging Markets Index		Put		09/17/2021		153	USD	1,300.00	USD	19,890,000		850,680
MSCI Emerging Markets Index		Put		12/17/2021		153	USD	1,280.00	USD	19,584,000		1,105,425
MSCI Emerging Markets Index		Put		06/18/2021		153	USD	1,310.00	USD	20,043,000		390,915
MSCI Emerging Markets Index		Put		04/14/2022		153	USD	1,280.00	USD	19,584,000		1,501,695
MSCI Emerging Markets Index		Put		08/20/2021		153	USD	1,300.00	USD	19,890,000		718,335
S&P 500 Index		Put		09/17/2021		21	USD	3,600.00	USD	7,560,000		128,100
S&P 500 Index		Put		05/21/2021		21	USD	3,650.00	USD	7,665,000		7,455
S&P 500 Index		Put		12/17/2021		21	USD	3,625.00	USD	7,612,500		227,325
S&P 500 Index		Put		06/18/2021		21	USD	3,665.00	USD	7,696,500		33,075
S&P 500 Index		Put		03/18/2022		21	USD	3,750.00	USD	7,875,000		364,455
S&P 500 Index		Put		07/16/2021		21	USD	3,790.00	USD	7,959,000		91,665
S&P 500 Index		Put		04/14/2022		21	USD	3,925.00	USD	8,242,500		484,365
S&P 500 Index		Put		08/20/2021		21	USD	3,975.00	USD	8,347,500		209,055
Total Index Options Purchased						3,166					$	8,997,713

* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

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

6 Invesco Balanced-Risk Allocation Fund

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Brent Crude		781		August-2021	$	50,999,300	$	3,397,470		$	3,397,470
Gasoline Reformulated Blendstock Oxygenate Blending		591		May-2021		51,537,919		1,701,759			1,701,759
New York Harbor Ultra-Low Sulfur Diesel		199		May-2021		16,067,419		1,293,552			1,293,552
Silver		597		July-2021		77,230,905		(1,071,851	)		(1,071,851	)
WTI Crude		489		September-2021		30,366,900		2,130,888			2,130,888
Subtotal								7,451,818			7,451,818
Equity Risk
E-Mini Russell 2000 Index		1,165		June-2021		131,732,375		(3,536,428	)		(3,536,428	)
E-Mini S&P 500 Index		197		June-2021		41,117,840		2,830,539			2,830,539
EURO STOXX 50 Index		720		June-2021		34,105,418		1,317,130			1,317,130
FTSE 100 Index		2,125		June-2021		203,596,909		6,258,235			6,258,235
MSCI Emerging Market Index		340		June-2021		22,722,200		2,710			2,710
Tokyo Stock Price Index		1,280		June-2021		222,702,901		1,170,012			1,170,012
Subtotal								8,042,198			8,042,198
Interest Rate Risk
Australia 10 Year Bonds		3,775		June-2021		405,356,827		3,250,102			3,250,102
Canada 10 Year Bonds		3,305		June-2021		374,718,139		(8,239,475	)		(8,239,475	)
Japan 10 Year Bonds		49		June-2021		67,853,051		165,701			165,701
Long Gilt		1,843		June-2021		324,955,164		(1,852,320	)		(1,852,320	)
U.S. Treasury Long Bonds		1,322		June-2021		207,884,500		(5,265,994	)		(5,265,994	)
Subtotal								(11,941,986	)		(11,941,986	)
Total Futures Contracts							$	3,552,030		$	3,552,030

^(a) Futures contracts collateralized by $110,020,001 cash held with Counterparties, the futures commission merchant.

			Open Over-The-Counter Total Return Swap Agreements(a)
Counterparty	Pay/ Receive		Reference Entity(b)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value		Unrealized Appreciation (Depreciation)
Commodity Risk
Barclays Bank PLC		Receive	Barclays Commodity Strategy 1452 Excess Return Index		0.26	%		Monthly		40,700		November–2021	$	29,853,662		$–	$	1,777,279	$	1,777,279
Canadian Imperial Bank of Commerce		Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30			Monthly		346,000		February–2022		37,157,424		–		3,988,619		3,988,619
Cargill, Inc.		Receive	Monthly Rebalance Commodity Excess Return Index		0.47			Monthly		38,600		February–2022		34,324,726		–		3,342,305		3,342,305
Cargill, Inc.		Receive	Single Commodity Index Excess Return		0.12			Monthly		36,400		December–2021		40,324,539		–		571,480		571,480
J.P. Morgan Chase Bank, N.A.		Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			Monthly		98,000		March–2022		16,306,818		–		294,098		294,098
Merrill Lynch International		Receive	Merrill Lynch Gold Excess Return Index		0.14			Monthly		213,000		February–2022		43,724,193		–		0		0
Merrill Lynch International		Receive	MLCX Dynamic Enhanced Copper Excess Return Index		0.25			Monthly		246,000		February–2022		12,151,736		–		0		0
Merrill Lynch International		Receive	MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		19,300		February–2022		17,391,241		–		0		0

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

7 Invesco Balanced-Risk Allocation Fund

			Open Over-The-Counter Total Return Swap Agreements(a) –(continued)
Counterparty	Pay/ Receive		Reference Entity(b)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services LLC		Receive	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.30	%		Monthly		343,000		July–2021	$	35,189,570	$–	$	1,000,908		$	1,000,908
Royal Bank of Canada		Receive	RBC Enhanced Agricultural Basket 07 Excess Return Index		0.40			Monthly		559,000		July–2021		61,068,011	–		0			0
Subtotal – Appreciation															–		10,974,689			10,974,689
Commodity Risk
J.P. Morgan Chase Bank, N.A.		Receive	S&P GSCI Gold Index Excess Return		0.09			Monthly		267,000		March–2022		35,255,374	–		(282,913	)		(282,913	)
Macquarie Bank Ltd.		Receive	Macquarie Aluminum Dynamic Selection Index		0.30			Monthly		470,000		February–2022		26,049,844	–		(83,284	)		(83,284	)
Subtotal – Depreciation															–		(366,197	)		(366,197	)
Total – Total Return Swap Agreements															$–	$	10,608,492		$	10,608,492

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

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

			Open Over-The-Counter Total Return Swap Agreements(a)
Counterparty	Pay/ Receive		Reference Entity(b)	Floating Rate Index	Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Equity Risk
BNP Paribas S.A.		Receive	MSCI Emerging Markets Momentum Index	1 Month USD LIBOR + 1.19%		Monthly		2,467		May–2021	$	33,027,826		$–	$	991,097		$	991,097
Goldman Sachs International		Receive	MSCI Emerging Markets Minimum Volatility Index	1 Month USD LIBOR + 1.46%		Monthly		16,033		May–2021		32,768,726		–		237,609			237,609
Goldman Sachs International		Receive	MSCI Emerging Markets Momentum Index	1 Month USD LIBOR + 1.16%		Monthly		2,466		June–2021		33,523,470		–		481,663			481,663
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Minimum Volatility Index	1 Month USD LIBOR + 1.17%		Monthly		2,467		June–2021		33,266,928		–		751,995			751,995
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Minimum Volatility Index	1 Month USD LIBOR + 1.25%		Monthly		16,033		June–2021		32,989,340		–		16,995			16,995
Subtotal – Appreciation														–		2,479,359			2,479,359
Equity Risk
BNP Paribas S.A.		Receive	MSCI USA Minimum Volatility	1 Month USD LIBOR + 0.36 %		Monthly		7,900		June–2021		38,219,647		–		(78,842	)		(78,842	)
BNP Paribas S.A.		Receive	MSCI USA Momentum Index	1 Month USD LIBOR + 0.12 %		Monthly		9,600		June–2021		39,610,906		–		(484,416	)		(484,416	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Minimum Volatility Index	1 Month EURIBOR + 1.02%		Monthly		22,000		June–2021		67,678,160		–		(448,319	)		(448,319	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI EMU Quality Index	1 Month EURIBOR + 0.98%		Montly		17,500		June–2021		69,673,800		–		(412,574	)		(412,574	)
Merrill Lynch International		Receive	MSCI Emerging Markets Minimum Volatility Index	1 Month USD LIBOR + 1.35 %		Monthly		16,034		June–2021		33,118,708		–		(110,314	)		(110,314	)
Subtotal – Depreciation														–		(1,534,465	)		(1,534,465	)
Total – Total Return Swap Agreements														$–	$	944,894		$	944,894

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

8 Invesco Balanced-Risk Allocation Fund

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

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

Reference Entity Components
Reference Entity	Underlying Components	Percentage
Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index
	Long Futures Contracts
	Coffee ‘C’		5.58%
	Corn		6.08
	Cotton No. 2		22.83
	Lean Hogs		0.6
	Live Cattle		0.5
	Soybean Meal		23.14
	Soybean Oil		6.08
	Soybeans		22.03
	Sugar No. 11		5.98
	Wheat		7.18
	Total		100.00%
RBC Enhanced Agricultural Basket 07 Excess Return Index
	Long Futures Contracts
	Coffee ’C’		5.58%
	Corn		6.08
	Cotton No. 2		22.83
	Lean Hogs		0.6
	Live Cattle		0.5
	Soybean Meal		23.14
	Soybean Oil		6.08
	Soybeans		22.03
	Sugar No. 11		5.98
	Wheat		7.18
	Total		100.00%
Barclays Commodity Strategy 1452 Excess Return Index
	Long Futures Contracts
	Copper		100.00%
Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2
	Long Futures Contracts
	Copper		100.00%

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

9 Invesco Balanced-Risk Allocation Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
Monthly Rebalance Commodity Excess Return Index
	Long Futures Contracts
	Coffee ’C’		5.58%
	Corn		6.08
	Cotton No. 2		22.83
	Lean Hogs		0.6
	Live Cattle		0.5
	Soybean Meal		23.14
	Soybean Oil		6.08
	Soybeans		22.03
	Sugar No. 11		5.98
	Wheat		7.18
	Total		100.00%
Single Commodity Index Excess Return
	Long Futures Contracts
	Gold		100.00%
J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts
	Gas Oil		100.00%
Merrill Lynch Gold Excess Return Index
	Long Futures Contracts
	Gold		100.00%
MLCX Dynamic Enhanced Copper Excess Return Index
	Long Futures Contracts
	Copper		100.00%
MLCX Natural Gas Annual Excess Return Index
	Long Futures Contracts
	Natural Gas		100.00%
S&P GSCI Aluminum Dynamic Roll Index Excess Return
	Long Futures Contracts
	Aluminum		100.00%
S&P GSCI Gold Index Excess Return
	Long Futures Contracts
	Gold		100.00%
Macquarie Aluminium Dynamic Selection Index
	Long Futures Contracts
	Aluminum		100.00%

Abbreviations:
EMU	– European Economic and Monetary Union
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
LIBOR	– London Interbank Offered Rate
USD	– U.S. Dollar

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

10 Invesco Balanced-Risk Allocation Fund

Target Risk Contribution and Notional Asset Weights as of April 30, 2021

By asset class

Asset Class	Target Risk Contribution*		Notional Asset Weights**
Equities		50.00%		46.94%
Fixed Income		17.81		68.04
Commodities		32.19		30.81
Total		100.00		145.79

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

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

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

11 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $897,898,141)	$	938,197,238
Investments in affiliated money market funds, at value (Cost $1,336,921,493)		1,337,040,203
Other investments:
Swaps receivable – OTC		14,763,796
Unrealized appreciation on swap agreements – OTC		13,454,048
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		110,020,001
Foreign currencies, at value (Cost $12,173,059)		12,066,662
Receivable for:
Fund shares sold		868,002
Dividends		20,213
Interest		1,716
Investment for trustee deferred compensation and retirement plans		674,550
Other assets		64,896
Total assets		2,427,171,325
Liabilities:
Other investments:
Variation margin payable - futures contracts		6,820,009
Swaps payable – OTC		144,414
Unrealized depreciation on swap agreements–OTC		1,900,662
Payable for:
Fund shares reacquired		3,163,778
Amount due custodian		1,761,707
Accrued fees to affiliates		1,143,070
Accrued trustees’ and officers’ fees and benefits		1,574
Accrued other operating expenses		297,459
Trustee deferred compensation and retirement plans		744,681
Total liabilities		15,977,354
Net assets applicable to shares outstanding	$	2,411,193,971
Net assets consist of:
Shares of beneficial interest	$	2,021,798,550
Distributable earnings		389,395,421
	$	2,411,193,971

Net Assets:
Class A	$	1,072,075,114
Class C	$	203,275,657
Class R	$	16,303,870
Class Y	$	1,062,716,942
Class R5	$	16,659,713
Class R6	$	40,162,675
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		91,737,038
Class C		18,442,257
Class R		1,425,236
Class Y		89,194,442
Class R5		1,397,326
Class R6		3,360,988
Class A:
Net asset value per share	$	11.69
Maximum offering price per share (Net asset value of $11.69 ÷ 94.50%)	$	12.37
Class C:
Net asset value and offering price per share	$	11.02
Class R:
Net asset value and offering price per share	$	11.44
Class Y:
Net asset value and offering price per share	$	11.91
Class R5:
Net asset value and offering price per share	$	11.92
Class R6:
Net asset value and offering price per share	$	11.95

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

12 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Interest	$	241,278
Dividends from affiliated money market funds		143,044
Total investment income		384,322
Expenses:
Advisory fees		11,041,478
Administrative services fees		186,305
Custodian fees		22,136
Distribution fees:
Class A		1,225,427
Class C		1,369,913
Class R		38,994
Transfer agent fees – A, C, R and Y		1,451,569
Transfer agent fees – R5		6,024
Transfer agent fees – R6		2,067
Trustees’ and officers’ fees and benefits		40,228
Registration and filing fees		104,514
Reports to shareholders		120,764
Professional services fees		46,195
Other		33,476
Total expenses		15,689,090
Less: Fees waived and/or expense offset arrangement(s)		(411,190	)
Net expenses		15,277,900
Net investment income (loss)		(14,893,578	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		30,691,617
Affiliated investment securities		5,240
Foreign currencies		(34,363	)
Futures contracts		172,279,651
Swap agreements		84,982,255
		287,924,400
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		24,472,612
Affiliated investment securities		(4,953	)
Foreign currencies		104,415
Futures contracts		74,778,644
Swap agreements		14,509,307
		113,860,025
Net realized and unrealized gain		401,784,425
Net increase in net assets resulting from operations	$	386,890,847

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

13 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income (loss)	$	(14,893,578	)	$	(14,343,676	)
Net realized gain		287,924,400			77,438,347
Change in net unrealized appreciation (depreciation)		113,860,025			(93,262,440	)
Net increase (decrease) in net assets resulting from operations		386,890,847			(30,167,769	)
Distributions to shareholders from distributable earnings:
Class A		(10,563,724	)		(97,943,495	)
Class C		(1,416,700	)		(51,537,200	)
Class R		(148,478	)		(1,837,820	)
Class Y		(15,303,622	)		(143,982,976	)
Class R5		(246,913	)		(4,677,750	)
Class R6		(2,626,550	)		(26,950,348	)
Total distributions from distributable earnings		(30,305,987	)		(326,929,589	)
Share transactions–net:
Class A		107,423,851			(30,948,408	)
Class C		(193,483,992	)		(118,448,478	)
Class R		(1,191,459	)		(1,085,303	)
Class Y		(88,667,768	)		(274,132,409	)
Class R5		(1,384,739	)		(24,837,910	)
Class R6		(139,304,645	)		(68,863,227	)
Net increase (decrease) in net assets resulting from share transactions		(316,608,752	)		(518,315,735	)
Net increase (decrease) in net assets		39,976,108			(875,413,093	)
Net assets:
Beginning of period		2,371,217,863			3,246,630,956
End of period	$	2,411,193,971		$	2,371,217,863

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

14 Invesco Balanced-Risk Allocation Fund

Consolidated Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/21		$	10.12		$	(0.07	)		$	1.77			$	1.70			$	(0.13	)		$	–			$	(0.13	)		$	11.69		16.91	%		$	1,072,075		1.28	%(d)		1.31	%(d)		(1.25	)%(d)		1	%
Year ended 10/31/20			11.33			(0.05	)			0.01				(0.04	)			(0.67	)			(0.50	)			(1.17	)			10.12		(0.55	)			831,513		1.24			1.30			(0.53	)		81
Year ended 10/31/19			10.21			0.10				1.02				1.12				–				–				–				11.33		10.97				968,345		1.24			1.29			0.95			11
Year ended 10/31/18			11.28			0.03				(0.40	)			(0.37	)			–				(0.70	)			(0.70	)			10.21		(3.57	)			1,016,131		1.21			1.27			0.32			116
Year ended 10/31/17			11.34			(0.05	)			0.87				0.82				(0.41	)			(0.47	)			(0.88	)			11.28		7.76				1,337,537		1.22			1.28			(0.49	)		12
Year ended 10/31/16			11.27			(0.10	)			0.88				0.78				(0.29	)			(0.42	)			(0.71	)			11.34		7.59				1,864,271		1.20			1.27			(0.89	)		96
Class C
Six months ended 04/30/21			9.50			(0.10	)			1.66				1.56				(0.04	)			–				(0.04	)			11.02		16.45				203,276		2.03	(d)		2.06	(d)		(2.00	)(d)		1
Year ended 10/31/20			10.69			(0.12	)			0.00				(0.12	)			(0.57	)			(0.50	)			(1.07	)			9.50		(1.36	)			349,294		1.99			2.05			(1.28	)		81
Year ended 10/31/19			9.70			0.02				0.97				0.99				–				–				–				10.69		10.21				527,251		1.99			2.04			0.20			11
Year ended 10/31/18			10.83			(0.04	)			(0.39	)			(0.43	)			–				(0.70	)			(0.70	)			9.70		(4.31	)			735,308		1.96			2.02			(0.43	)		116
Year ended 10/31/17			10.90			(0.12	)			0.84				0.72				(0.32	)			(0.47	)			(0.79	)			10.83		7.05				1,051,038		1.97			2.03			(1.24	)		12
Year ended 10/31/16			10.85			(0.17	)			0.83				0.66				(0.19	)			(0.42	)			(0.61	)			10.90		6.67				1,278,218		1.95			2.02			(1.64	)		96
Class R
Six months ended 04/30/21			9.90			(0.08	)			1.72				1.64				(0.10	)			–				(0.10	)			11.44		16.65				16,304		1.53	(d)		1.56	(d)		(1.50	)(d)		1
Year ended 10/31/20			11.10			(0.08	)			0.02				(0.06	)			(0.64	)			(0.50	)			(1.14	)			9.90		(0.77	)			15,202		1.49			1.55			(0.78	)		81
Year ended 10/31/19			10.02			0.07				1.01				1.08				–				–				–				11.10		10.78				18,343		1.49			1.54			0.70			11
Year ended 10/31/18			11.11			0.01				(0.40	)			(0.39	)			–				(0.70	)			(0.70	)			10.02		(3.82	)			19,989		1.46			1.52			0.07			116
Year ended 10/31/17			11.18			(0.07	)			0.85				0.78				(0.38	)			(0.47	)			(0.85	)			11.11		7.48				23,518		1.47			1.53			(0.74	)		12
Year ended 10/31/16			11.12			(0.12	)			0.86				0.74				(0.26	)			(0.42	)			(0.68	)			11.18		7.26				27,359		1.45			1.52			(1.14	)		96
Class Y
Six months ended 04/30/21			10.33			(0.06	)			1.80				1.74				(0.16	)			–				(0.16	)			11.91		16.96				1,062,717		1.03	(d)		1.06	(d)		(1.00	)(d)		1
Year ended 10/31/20			11.55			(0.03	)			0.01				(0.02	)			(0.70	)			(0.50	)			(1.20	)			10.33		(0.34	)			1,000,148		0.99			1.05			(0.28	)		81
Year ended 10/31/19			10.37			0.13				1.05				1.18				–				–				–				11.55		11.38				1,431,442		0.99			1.04			1.20			11
Year ended 10/31/18			11.43			0.06				(0.42	)			(0.36	)			–				(0.70	)			(0.70	)			10.37		(3.42	)			1,718,473		0.96			1.02			0.57			116
Year ended 10/31/17			11.47			(0.02	)			0.88				0.86				(0.43	)			(0.47	)			(0.90	)			11.43		8.15				2,147,497		0.97			1.03			(0.24	)		12
Year ended 10/31/16			11.41			(0.07	)			0.87				0.80				(0.32	)			(0.42	)			(0.74	)			11.47		7.75				1,755,257		0.95			1.02			(0.64	)		96
Class R5
Six months ended 04/30/21			10.34			(0.05	)			1.80				1.75				(0.17	)			–				(0.17	)			11.92		17.00				16,660		0.98	(d)		1.01	(d)		(0.95	)(d)		1
Year ended 10/31/20			11.56			(0.03	)			0.02				(0.01	)			(0.71	)			(0.50	)			(1.21	)			10.34		(0.26	)			15,707		0.94			1.00			(0.23	)		81
Year ended 10/31/19			10.38			0.14				1.04				1.18				–				–				–				11.56		11.37				45,497		0.92			0.97			1.27			11
Year ended 10/31/18			11.43			0.07				(0.42	)			(0.35	)			–				(0.70	)			(0.70	)			10.38		(3.34	)			50,691		0.92			0.98			0.61			116
Year ended 10/31/17			11.48			(0.01	)			0.87				0.86				(0.44	)			(0.47	)			(0.91	)			11.43		8.12				119,103		0.92			0.98			(0.19	)		12
Year ended 10/31/16			11.41			(0.06	)			0.88				0.82				(0.33	)			(0.42	)			(0.75	)			11.48		7.88				144,960		0.89			0.96			(0.58	)		96
Class R6
Six months ended 04/30/21			10.37			(0.05	)			1.81				1.76				(0.18	)			–				(0.18	)			11.95		17.05				40,163		0.91	(d)		0.94	(d)		(0.88	)(d)		1
Year ended 10/31/20			11.59			(0.02	)			0.02				0.00				(0.72	)			(0.50	)			(1.22	)			10.37		(0.21	)			159,353		0.86			0.92			(0.15	)		81
Year ended 10/31/19			10.40			0.15				1.04				1.19				–				–				–				11.59		11.44				255,753		0.87			0.92			1.32			11
Year ended 10/31/18			11.44			0.07				(0.41	)			(0.34	)			–				(0.70	)			(0.70	)			10.40		(3.24	)			398,406		0.86			0.92			0.67			116
Year ended 10/31/17			11.49			(0.00	)			0.87				0.87				(0.45	)			(0.47	)			(0.92	)			11.44		8.20				320,060		0.85			0.91			(0.12	)		12
Year ended 10/31/16			11.43			(0.06	)			0.88				0.82				(0.34	)			(0.42	)			(0.76	)			11.49		7.93				286,944		0.82			0.89			(0.51	)		96

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $988,466, $276,253, $15,727, $1,093,437, $16,573 and $104,226 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

15 Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

    The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

    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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. 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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

16 Invesco Balanced-Risk Allocation Fund

other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

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

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

G. Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

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

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

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

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

17 Invesco Balanced-Risk Allocation Fund

foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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

M. Put Options Purchased – The Fund may purchase put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the securities hedged. Realized and unrealized gains and losses on put 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.

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

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

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

Changes in the value of 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

18 Invesco Balanced-Risk Allocation Fund

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. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

O. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

P. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

Q. Other Risks – The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in commodity futures and swaps, commodity related exchange-traded funds and exchange-traded notes and commodity linked notes, some or all of which will be owned through the Subsidiary. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		0.950%
Next $250 million		0.925%
Next $500 million		0.900%
Next $1.5 billion		0.875%
Next $2.5 billion		0.850%
Next $2.5 billion		0.825%
Next $2.5 billion		0.800%
Over $10 billion		0.775%

    For the six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.89%.

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

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

19 Invesco Balanced-Risk Allocation Fund

    The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $409,769.

    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 six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $64,073 in front-end sales commissions from the sale of Class A shares and $319 and $4,529 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

    The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Securities	$	–	$	825,696,350		$–	$	825,696,350
Commodity-Linked Securities		–		103,503,175		–		103,503,175
Money Market Funds		1,337,040,203		–		–		1,337,040,203
Options Purchased		8,997,713		–		–		8,997,713
Total Investments in Securities		1,346,037,916		929,199,525		–		2,275,237,441

20 Invesco Balanced-Risk Allocation Fund

	Level 1			Level 2			Level 3		Total
Other Investments - Assets*
Futures Contracts	$	23,518,098		$	–			$–	$	23,518,098
Swap Agreements		–			13,454,048			–		13,454,048
		23,518,098			13,454,048			–		36,972,146
Other Investments - Liabilities*
Futures Contracts		(19,966,068	)		–			–		(19,966,068	)
Swap Agreements		–			(1,900,662	)		–		(1,900,662	)
		(19,966,068	)		(1,900,662	)		–		(21,866,730	)
Total Other Investments		3,552,030			11,553,386			–		15,105,416
Total Investments	$	1,349,589,946		$	940,752,911			$–	$	2,290,342,857

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2021:

	Value
Derivative Assets	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	8,523,669		$	11,578,626		$	3,415,803		$	23,518,098
Unrealized appreciation on swap agreements – OTC		10,974,689			2,479,359			-			13,454,048
Options purchased, at value – OTC(b)		-			8,997,713			-			8,997,713
Total Derivative Assets		19,498,358			23,055,698			3,415,803			45,969,859
Derivatives not subject to master netting agreements		(8,523,669	)		(11,578,626	)		(3,415,803	)		(23,518,098	)
Total Derivative Assets subject to master netting agreements	$	10,974,689		$	11,477,072		$	-		$	22,451,761
	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(1,071,851	)	$	(3,536,428	)	$	(15,357,789	)	$	(19,966,068	)
Unrealized depreciation on swap agreements — OTC		(366,197	)		(1,534,465	)		-			(1,900,662	)
Total Derivative Liabilities		(1,438,048	)		(5,070,893	)		(15,357,789	)		(21,866,730	)
Derivatives not subject to master netting agreements		1,071,851			3,536,428			15,357,789			19,966,068
Total Derivative Liabilities subject to master netting agreements	$	(366,197	)	$	(1,534,465	)	$	-		$	(1,900,662	)

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

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2021.

	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged
Counterparty	Swap Agreement		Swap Agreement			Net Value of Derivatives		Non-Cash	Cash			Net Amount
Barclays Bank PLC	$	1,777,279	$	(3,436	)	$	1,773,843	$-	$	(1,773,843	)	$	-
BNP Paribas S.A.		2,539,602		(577,888	)		1,961,714	-		-			1,961,714
Canadian Imperial Bank of Commerce		3,988,619		(5,883	)		3,982,736	-		-			3,982,736
Cargill, Inc.		3,913,785		(14,563	)		3,899,222	-		(3,380,000	)		519,222

21 Invesco Balanced-Risk Allocation Fund

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreement		Swap Agreement			Net Value of Derivatives			Non-Cash	Cash			Net Amount
Goldman Sachs International		719,272		(29,094	)		690,178		-		-			690,178
JPMorgan Chase Bank, N.A.		5,146,730		(1,172,445	)		3,974,285		-		(350,000	)		3,624,285
Macquarie Bank Ltd.		-		(84,369	)		(84,369	)	-		-			(84,369	)
Merrill Lynch International		3,929,707		(134,367	)		3,795,340		-		(3,795,340	)		-
Morgan Stanley Capital Services LLC		1,000,908		(4,389	)		996,519		-		(996,519	)		-
Royal Bank of Canada		5,201,942		(18,642	)		5,183,300		-		(4,340,000	)		843,300
Total	$	28,217,844	$	(2,045,076	)	$	26,172,768		$-	$	(14,635,702	)	$	11,537,066

Effect of Derivative Investments for the six months ended April 30, 2021

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

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk		Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Futures contracts	$	66,170,681	$	184,578,467		$	(78,469,497	)	$	172,279,651
Options purchased(a)		-		(4,435,782	)		-			(4,435,782	)
Swap agreements		56,599,302		28,382,953			-			84,982,255
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		34,370,493		48,945,219			(8,537,068	)		74,778,644
Options purchased(a)		-		(6,077,044	)		-			(6,077,044	)
Swap agreements		12,850,296		1,659,011			-			14,509,307
Total	$	169,990,772	$	253,052,824		$	(87,006,565	)	$	336,037,031

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

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts		Equity Options Purchased		Swap Agreements
Average notional value	$	2,520,610,616	$	222,377,881	$	699,938,032
Average Contracts		–		2,949		–

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,421.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

22 Invesco Balanced-Risk Allocation Fund

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	4,227,019	$	1,713,479	$	5,940,498

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $5,194,250 and $93,106,318, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	151,064,376
Aggregate unrealized (depreciation) of investments		(27,943,774	)
Net unrealized appreciation of investments	$	123,120,602

Cost of investments for tax purposes is $2,167,222,255.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2021(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		4,243,982		$	47,906,716			7,107,305		$	71,873,755
Class C		1,036,018			11,073,381			1,656,939			15,825,366
Class R		178,876			1,970,554			292,882			2,883,276
Class Y		11,340,014			130,916,037			18,135,475			186,756,543
Class R5		101,950			1,157,288			243,036			2,494,331
Class R6		499,128			5,746,989			2,603,988			26,720,621
Issued as reinvestment of dividends:
Class A		882,471			9,645,403			8,746,225			90,261,045
Class C		121,143			1,251,403			4,751,227			46,324,464
Class R		13,746			147,216			180,893			1,828,830
Class Y		1,089,355			12,124,526			10,721,775			112,685,854
Class R5		22,093			245,897			443,344			4,659,542
Class R6		229,616			2,562,519			2,471,900			26,053,833
Automatic conversion of Class C shares to Class A shares:
Class A		15,498,191			173,631,809			6,307,863			64,062,372
Class C		(16,407,348	)		(173,631,809	)		(6,705,229	)		(64,062,372	)
Reacquired:
Class A		(11,027,631	)		(123,760,077	)		(25,451,775	)		(257,145,580	)
Class C		(3,057,936	)		(32,176,967	)		(12,275,586	)		(116,535,936	)
Class R		(303,531	)		(3,309,229	)		(590,019	)		(5,797,409	)
Class Y		(20,035,624	)		(231,708,331	)		(55,991,394	)		(573,574,806	)
Class R5		(245,435	)		(2,787,924	)		(3,101,774	)		(31,991,783	)
Class R6		(12,729,087	)		(147,614,153	)		(11,778,479	)		(121,637,681	)
Net increase (decrease) in share activity		(28,550,009	)	$	(316,608,752	)		(52,231,404	)	$	(518,315,735	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 55% 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.

23 Invesco Balanced-Risk Allocation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				ACTUAL					HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/20)			Ending     Account Value     (04/30/21)1			Expenses     Paid During     Period2		Ending     Account Value     (04/30/21)			Expenses     Paid During     Period2		Annualized     Expense     Ratio
Class A		$	1,000.00		$	1,169.10		$6.88		$	1,018.45		$6.41		1.28	%
Class C			1,000.00			1,164.50		10.89			1,014.73		10.14		2.03
Class R			1,000.00			1,166.50		8.22			1,017.21		7.65		1.53
Class Y			1,000.00			1,170.50		5.54			1,019.69		5.16		1.03
Class R5			1,000.00			1,170.00		5.27			1,019.93		4.91		0.98
Class R6			1,000.00			1,170.50		4.90			1,020.28		4.56		0.91

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

24 Invesco Balanced-Risk Allocation Fund

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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Balanced-Risk Commodity Strategy Fund
	Nasdaq:
	A: BRCAX ∎ C: BRCCX ∎ R: BRCRX ∎ Y: BRCYX ∎ R5: BRCNX ∎ R6: IBRFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
12	Consolidated Financial Statements
15	Consolidated Financial Highlights
16	Notes to Consolidated Financial Statements
24	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	32.76	%
Class C Shares	32.23
Class R Shares	32.46
Class Y Shares	32.83
Class R5 Shares	32.83
Class R6 Shares	32.94
Bloomberg Commodity Indexq (Broad Market/Style-Specific Index)	25.81
Source(s):q RIMES Technologies Corp.
The Bloomberg Commodity Index is an unmanaged index designed to be a highly liquid and diversified benchmark for the commodity futures market.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                     Invesco Balanced-Risk Commodity Strategy Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (11/30/10)	-2.55	%
10 Years	-4.14
5 Years	1.94
1 Year	51.57
Class C Shares
Inception (11/30/10)	-2.58	%
10 Years	-4.19
5 Years	2.36
1 Year	58.56
Class R Shares
Inception (11/30/10)	-2.22	%
10 Years	-3.82
5 Years	2.88
1 Year	60.30
Class Y Shares
Inception (11/30/10)	-1.75	%
10 Years	-3.35
5 Years	3.37
1 Year	61.02
Class R5 Shares
Inception (11/30/10)	-1.69	%
10 Years	-3.29
5 Years	3.42
1 Year	60.85
Class R6 Shares
10 Years	-3.31	%
5 Years	3.48
1 Year	60.93

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

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                     Invesco Balanced-Risk Commodity Strategy Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

^∎  The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

^∎  The Fund’s investment strategy remained appropriate for an open-end fund;

^∎  The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

^∎  The Fund did not breach the 15% limit on Illiquid Investments; and

^∎  The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                     Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Schedule of Investments

April 30, 2021

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
U.S. Treasury Securities–29.81%
U.S. Treasury Bills–10.00%(a)
U.S. Treasury Bills		0.09	%		06/03/2021	$	56,200	$	56,196,949
U.S. Treasury Bills		0.08	%		06/10/2021		57,200		57,196,298
									113,393,247
U.S. Treasury Notes–19.81%(b)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)		0.17	%		01/31/2022		74,600		74,687,112
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)		0.13	%		04/30/2022		74,600		74,682,504
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)		0.10	%		07/31/2022		75,100		75,145,415
									224,515,031
Total U.S. Treasury Securities (Cost $337,786,576)									337,908,278
				Expiration
				Date
Commodity-Linked Securities–5.44%
Barclays PLC (United Kingdom), U.S. Federal Funds Effective Rate minus 0.06% (linked to the Barclays Diversified Energy-Metals Total Return Index, multiplied by 3)(c)(d)					11/16/2021		15,070		31,038,589
Canadian Imperial Bank of Commerce (Canada), U.S. Federal Funds Effective Rate minus 0.02% (linked to the Canadian Imperial Bank of Commerce Custom 27 Excess Return Index)(c)(e)					08/23/2021		14,444		30,674,634
Total Commodity-Linked Securities (Cost $29,514,000)									61,713,223
						Shares
Money Market Funds–59.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(f)(g)							161,226,946		161,226,946
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(f)(g)							115,324,819		115,370,949
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.02%(f)(g)							209,097,548		209,097,548
Invesco Treasury Portfolio, Institutional Class, 0.01%(f)(g)							184,259,367		184,259,367
Total Money Market Funds (Cost $669,958,611)									669,954,810
TOTAL INVESTMENTS IN SECURITIES–94.35% (Cost $1,037,259,187)									1,069,576,311
OTHER ASSETS LESS LIABILITIES–5.65%									64,064,103
NET ASSETS–100.00%								$	1,133,640,414

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

5                     Invesco Balanced-Risk Commodity Strategy Fund

Notes to Consolidated Schedule of Investments:

^(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2021.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $61,713,223, which represented 5.44% of the Fund’s Net Assets.

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

^(e) Canadian Imperial Bank of Commerce Custom 27 Excess Return Index – a basket of indices that provide exposure to various components of energy and metals markets. The underlying commodities comprising the indices are: Brent Crude Oil, British Gas Oil, Gold, LME Copper, Silver, Unleaded Gasoline and WTI Crude Oil.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio,
Institutional Class		$	96,852,586		$	144,043,266		$	(79,668,906	)		$	-			$	-		$	161,226,946		$	17,437
Invesco Liquid Assets Portfolio, Institutional Class			69,388,895			102,888,048			(56,906,361	)			(27,234	)			27,601			115,370,949			18,452
Invesco STIC (Global Series) PLC, U.S. Dollar
Liquidity Portfolio, Institutional Class			77,897,397			319,857,677			(188,657,526	)			-				-			209,097,548			34,819
Invesco Treasury Portfolio, Institutional Class			110,688,670			164,620,876			(91,050,179	)			-				-			184,259,367			7,742
Total		$	354,827,548		$	731,409,867		$	(416,282,972	)		$	(27,234	)		$	27,601		$	669,954,810		$	78,450

^(g)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.    

Open Futures Contracts(a)
											Unrealized
	Number of		Expiration		Notional						Appreciation
Long Futures Contracts	Contracts		Month		Value			Value			(Depreciation)
Commodity Risk
Coffee ’C’		374		September-2021	$	20,111,850		$	1,639,485		$	1,639,485
Corn		396		July-2021		13,330,350			3,336,581			3,336,581
Cotton No. 2		1,075		December-2021		45,719,750			2,119,718			2,119,718
Gasoline Reformulated Blendstock Oxygenate Blending		642		May-2021		55,985,353			1,831,793			1,831,793
Gold 100 oz.		327		June-2021		57,803,790			860,353			860,353
Lean Hogs		535		December-2021		17,430,300			1,415,503			1,415,503
LME Nickel		161		June-2021		17,061,975			(113,042	)		(113,042	)
Soybeans		1,102		July-2021		84,537,175			19,359,173			19,359,173
Wheat		434		July-2021		15,944,075			2,152,855			2,152,855
Subtotal-Long Futures Contracts									32,602,419			32,602,419
Short Futures Contracts
Commodity Risk
LME Nickel		161		June-2021		(17,061,975	)		(1,466,829	)		(1,466,829	)
Natural Gas		209		November-2021		(6,635,750	)		(414,656	)		(414,656	)
Subtotal-Short Futures Contracts									(1,881,485	)		(1,881,485	)
Total Futures Contracts								$	30,720,934		$	30,720,934

^(a) Futures contracts collateralized by $38,230,000 cash held with Goldman Sachs & Co., the futures commission merchant.    

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

6                     Invesco Balanced-Risk Commodity Strategy Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)
														Upfront
														Payments				Unrealized
	Pay/		Fixed			Payment		Number of						Paid				Appreciation
Counterparty	Receive	Reference Entity(c)	Rate			Frequency		Contracts		Maturity Date		Notional Value		(Received)		Value		(Depreciation)
Commodity Risk
Barclays Bank PLC	Receive	Barclays Corn Seasonal Excess Return Index		0.38	%		Monthly		717,000		January-2022	$	21,288,264	$	15,304	$	3,559,331	$	3,544,027
Barclays Bank PLC	Receive	Barclays Soybean Meal S2 Nearby Excess Return Index		0.30			Monthly		23,300		November-2021		23,827,063		59,502		1,145,987		1,086,485
Barclays Bank PLC	Receive	Barclays Soybeans Seasonal Excess Return Index		0.30			Monthly		48,100		November-2021		16,512,704		51,504		1,437,877		1,386,373
Barclays Bank PLC	Receive	Barclays Wheat Seasonal Excess Return Index		0.33			Monthly		445,000		November-2021		10,015,971		-		1,210,934		1,210,934
BNP Paribas S.A.	Receive	BNP Paribas Commodity Daily Dynamic Curve CO Index		0.25			Monthly		71,900		August-2021		24,129,357		8,511		1,577,853		1,569,342
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30			Monthly		448,500		February-2022		48,182,330		17,287		5,170,218		5,152,931
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Silver Index		0.11			Monthly		134,500		February-2022		17,263,178		20,372		673,065		652,693
Goldman Sachs International	Receive	Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index		0.37			Monthly		56,000		December-2021		10,389,770		-		1,055,303		1,055,303
Goldman Sachs International	Receive	Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index		0.45			Monthly		482,000		December-2021		21,205,597		41,613		1,204,518		1,162,905
Goldman Sachs International	Receive	S&P GSCI Soybean Meal Excess Return Index		0.42			Monthly		31,350		December-2021		35,951,559		23,237		1,088,158		1,064,921
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Aluminum type A Excess Return Index		0.14			Monthly		128,000		December-2021		8,350,362		-		27,789		27,789
Merrill Lynch International	Pay	Merrill Lynch Gold Excess Return Index		0.00			Monthly		6,000		February-2022		1,231,667		-		0		0
Merrill Lynch International	Pay	MLCX2CCER Excess Return Index		0.00			Monthly		942,500		December-2021		54,204,777		-		0		0
Merrill Lynch International	Pay	MLCX2CCER Excess Return Index		0.00			Monthly		680,000		February-2022		5,777,824		-		0		0
Merrill Lynch International	Receive	Merrill Lynch Gold Excess Return Index		0.14			Monthly		167,700		February-2022		34,425,104		-		0		0
Merrill Lynch International	Receive	Merrill Lynch Soybean Meal Index		0.30			Monthly		47,650		February-2022		37,046,779		-		0		0
Merrill Lynch International	Receive	MLCI3LXE Excess Return Index		0.18			Monthly		45,700		April-2022		7,773,904		-		0		0
Merrill Lynch International	Receive	MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		59,200		February-2022		53,345,155		-		0		0
Morgan Stanley Capital Services LLC	Receive	Morgan Stanley Soybean Oil Dynamic Subindex Early Roll Excess Return		0.30			Monthly		143,400		April-2022		30,576,723		-		17,638		17,638

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

7                     Invesco Balanced-Risk Commodity Strategy Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b) –(continued)
														Upfront
														Payments						Unrealized
	Pay/		Fixed			Payment		Number of						Paid						Appreciation
Counterparty	Receive	Reference Entity(c)	Rate			Frequency		Contracts		Maturity Date		Notional Value		(Received)			Value			(Depreciation)
Royal Bank of Canada	Receive	RBC Enhanced Brent Crude Oil 01 Excess Return Index		0.35	%		Monthly		108,500		December-2021	$	34,434,244	$	-		$	0		$	0
UBS AG	Receive	UBS Modified Roll Select Heating Oil Strategy		0.30			Monthly		269,000		January-2022		14,493,639		-			874,385			874,385
Subtotal - Appreciation															237,330			19,043,056			18,805,726
Commodity Risk
Barclays Bank PLC	Receive	Barclays Live Cattle Roll Yield Excess Return Index		0.47			Monthly		135,500		November-2021		14,406,949		(21,485	)		(129,592	)		(108,107	)
Barclays Bank PLC	Receive	Barclays WTI Crude Roll Yield Excess Return Index		0.35			Monthly		85,600		November-2021		24,337,263		(6,264	)		(39,487	)		(33,223	)
Canadian Imperial Bank of Commerce	Pay	Canadian Imperial Bank of Commerce Natural Gas Standard Roll Excess Return Index		0.10			Monthly		630,000		February-2022		16,193,628		(18,819	)		(1,782,963	)		(1,764,144	)
J.P. Morgan Chase Bank, N.A.	Pay	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.23			Monthly		8,500		June-2021		1,414,367		-			(25,509	)		(25,509	)
J.P. Morgan Chase Bank, N.A.	Receive	S&P GSCI Gold Index Excess Return		0.09			Monthly		371,800		March-2022		49,093,439		-			(393,959	)		(393,959	)
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity GasOil type A Excess Return Index		0.06			Monthly		157,500		February-2022		15,447,238		-			(286,067	)		(286,067	)
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Heating Oil type A Excess Return Index		0.06			Monthly		46,500		February-2022		3,325,001		-			(74,186	)		(74,186	)
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Nickel type A Excess Return Index		0.17			Monthly		265,000		February-2022		27,917,061		-			(1,688,395	)		(1,688,395	)
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Unleaded Gasoline type A Excess Return Index		0.06			Monthly		13,500		May-2021		1,225,506		-			(47,810	)		(47,810	)
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity WTI Crude type A Excess Return Index		0.06			Monthly		140,000		February-2022		3,054,898		-			(83,048	)		(83,048	)
Macquarie Bank Ltd.	Receive	Macquarie Aluminum Dynamic Selection Index		0.30			Monthly		1,557,000		February-2022		86,297,036		-			(275,900	)		(275,900	)
Macquarie Bank Ltd.	Receive	Macquarie Single Commodity Silver type A Excess Return Index		0.16			Monthly		347,000		February-2022		95,065,994		-			(1,354,619	)		(1,354,619	)
Morgan Stanley Capital Services LLC	Pay	Macquarie Single Commodity Silver type A Excess Return Index		0.03			Monthly		8,000		June-2021		3,870,715		(9,791	)		(187,156	)		(177,365	)
Morgan Stanley Capital Services LLC	Pay	Morgan Stanley MSCY2KW0 Index		0.05			Monthly		66,500		December-2021		13,444,206		(6,345	)		(1,902,558	)		(1,896,213	)
Subtotal - Depreciation															(62,704	)		(8,271,249	)		(8,208,545	)
Total - Total Return Swap Agreements														$	174,626		$	10,771,807		$	10,597,181

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

8                     Invesco Balanced-Risk Commodity Strategy Fund

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $6,220,000.

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

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

Reference Entity Components
Reference Entity	Underlying Components	Percentage
Barclays Corn Seasonal Excess Return Index
	Long Futures Contracts
	Corn		100%
Barclays Soybean Meal S2 Nearby Excess Return Index
	Long Futures Contracts
	Soybean Meal		100%
Barclays Soybeans Seasonal Excess Return Index
	Long Futures Contracts
	Soybeans		100%
Barclays Wheat Seasonal Excess Return Index
	Long Futures Contracts
	Wheat		100%
BNP Paribas Commodity Daily Dynamic Curve CO Index
	Long Futures Contracts
	Brent Crude		100%
Canadian Imperial Bank of Commerce Silver Index
	Long Futures Contracts
	Silver		100%
Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2
	Long Futures Contracts
	Copper		100%
Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index
	Long Futures Contracts
	Sugar		100%
Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index
	Long Futures Contracts
	Cotton		100%
S&P GSCI Soybean Meal Excess Return Index
	Long Futures Contracts
	Soybean Meal		100%
Macquarie Single Commodity Aluminum type A Excess Return Index
	Long Futures Contracts
	Aluminum		100%
MLCX2CCER Excess Return Index
	Long Futures Contracts
	Cocoa		100%

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

9                     Invesco Balanced-Risk Commodity Strategy Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
MLCI3LXE Excess Return Index
	Long Futures Contracts
	Zinc		100%
MLCX Dynamic Enhanced Copper Excess Return Index
	Long Futures Contracts
	Copper		100%
Merrill Lynch Soybean Meal Index
	Long Futures Contracts
	Soybean Meal		100%
Merrill Lynch Gold Excess Return Index
	Long Futures Contracts
	Gold		100%
Morgan Stanley Soybean Oil Dynamic Subindex Early Roll Excess Return
	Long Futures Contracts
	Soybean Oil		100%
RBC Enhanced Brent Crude Oil 01 Excess Return Index
	Long Futures Contracts
	Brent Crude Oil		100%
UBS Modified Roll Select Heating Oil Strategy
	Long Futures Contracts
	Heating Oil		100%
Barclays Live Cattle Roll Yield Excess Return Index
	Long Futures Contracts
	Live Cattle		100%
Barclays WTI Crude Roll Yield Excess Return Index
	Long Futures Contracts
	WTI Crude		100%
Canadian Imperial Bank of Commerce Natural Gas Standard Roll Excess Return Index
	Long Futures Contracts
	Natural Gas		100%
J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts
	Gas Oil		100%
S&P GSCI Gold Index Excess Return
	Long Futures Contracts
	Gold		100%
Macquarie Single Commodity WTI type A Excess Return Index
	Long Futures Contracts
	WTI Crude		100%

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

10                     Invesco Balanced-Risk Commodity Strategy Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
Macquarie Single Commodity GasOil type A Excess Return Index
	Long Futures Contracts
	GasOil		100%
Macquarie Single Commodity Nickel type A Excess Return Index
	Long Futures Contracts
	Nickel		100%
Macquarie Single Commodity Heating Oil type A Excess Return Index
	Long Futures Contracts
	Heating Oil		100%
Macquarie Single Commodity Unleaded Gasoline type A Excess Return
Index
	Long Futures Contracts
	Unleaded Gasoline		100%
Macquarie Single Commodity Silver type A Excess Return Index
	Long Futures Contracts
	Silver		100%
Macquarie Single Commodity Aluminum type A Excess Return Index
	Long Futures Contracts
	Aluminum		100%
Morgan Stanley MSCY2KWO Index
	Long Futures Contracts
	Wheat		100%

Target Risk Contribution and Notional Asset Weights

By asset class

	Target Risk			Notional Asset
Asset Class	Contribution*			Weights**
Agriculture		30.29	%		40.61	%
Energy		25.32			20.47
Industrial Metals		18.50			22.76
Precious Metals		25.89			33.07
Total		100.00			116.91

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

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

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

11                     Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 367,300,576)	$	399,621,501
Investments in affiliated money market funds, at value (Cost $ 669,958,611)		669,954,810
Other investments:
Variation margin receivable - futures contracts		2,274,153
Swaps receivable - OTC		9,152,073
Unrealized appreciation on swap agreements - OTC		18,805,726
Premiums paid on swap agreements - OTC		174,626
Deposits with brokers:
Cash collateral - exchange-traded futures contracts		38,230,000
Cash collateral - OTC Derivatives		6,220,000
Receivable for:
Fund shares sold		1,965,918
Dividends		12,261
Interest		795
Investment for trustee deferred compensation and retirement plans		85,288
Other assets		69,487
Total assets		1,146,566,638
Liabilities:
Other investments:
Swaps payable - OTC		956,944
Unrealized depreciation on LME futures contracts		1,579,871
Unrealized depreciation on swap agreements-OTC		8,208,545
Payable for:
Fund shares reacquired		811,617
Amount due custodian		258,065
Accrued fees to affiliates		57,594
Accrued other operating expenses		915,579
Trustee deferred compensation and retirement plans		138,009
Total liabilities		12,926,224
Net assets applicable to shares outstanding	$	1,133,640,414

Net assets consist of:
Shares of beneficial interest	$	976,471,199
Distributable earnings		157,169,215
	$	1,133,640,414
Net Assets:
Class A	$	39,947,490
Class C	$	12,233,835
Class R	$	2,062,299
Class Y	$	571,103,508
Class R5	$	159,028,427
Class R6	$	349,264,855
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		5,185,662
Class C		1,704,361
Class R		273,061
Class Y		72,361,989
Class R5		20,054,962
Class R6		43,949,667
Class A:
Net asset value per share	$	7.70
Maximum offering price per share (Net asset value of $7.70 ÷ 94.50%)	$	8.15
Class C:
Net asset value and offering price per share	$	7.18
Class R:
Net asset value and offering price per share	$	7.55
Class Y:
Net asset value and offering price per share	$	7.89
Class R5:
Net asset value and offering price per share	$	7.93
Class R6:
Net asset value and offering price per share	$	7.95

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

12                     Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Interest	$	139,926
Dividends from affiliated money market funds		78,450
Total investment income		218,376
Expenses:
Advisory fees		4,232,779
Administrative services fees		44,314
Custodian fees		8,558
Distribution fees:
Class A		32,272
Class C		35,986
Class R		4,472
Transfer agent fees - A, C, R and Y		1,137,156
Transfer agent fees - R5		81,530
Transfer agent fees - R6		8,650
Trustees’ and officers’ fees and benefits		14,726
Registration and filing fees		53,668
Reports to shareholders		204,573
Professional services fees		39,693
Taxes		7,991
Other		14,045
Total expenses		5,920,413
Less: Fees waived and/or expenses reimbursed		(1,410,937	)
Net expenses		4,509,476
Net investment income (loss)		(4,291,100	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		88
Affiliated investment securities		27,601
Futures contracts		31,282,200
Swap agreements		110,287,391
	141,597,280
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		36,045,344
Affiliated investment securities		(27,234	)
Futures contracts		31,278,377
Swap agreements		13,889,070
	81,185,557
Net realized and unrealized gain		222,782,837
Net increase in net assets resulting from operations	$	218,491,737

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

13                     Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income (loss)	$	(4,291,100	)	$	(2,068,968	)
Net realized gain (loss)		141,597,280			(85,907,069	)
Change in net unrealized appreciation (depreciation)		81,185,557			(6,772,510	)
Net increase (decrease) in net assets resulting from operations		218,491,737			(94,748,547	)
Distributions to shareholders from distributable earnings:
Class A		–			(211,528	)
Class C		–			(51,760	)
Class R		��			(12,431	)
Class Y		–			(6,489,285	)
Class R5		–			(1,288,903	)
Class R6		–			(1,001,608	)
Total distributions from distributable earnings		–			(9,055,515	)
Share transactions–net:
Class A		16,407,805			(5,491,259	)
Class C		6,091,964			(1,246,180	)
Class R		(36,458	)		308,118
Class Y		143,848,065			(321,224,906	)
Class R5		(35,274,334	)		14,236,642
Class R6		179,331,684			3,221,228
Net increase (decrease) in net assets resulting from share transactions		310,368,726			(310,196,357	)
Net increase (decrease) in net assets		528,860,463			(414,000,419	)
Net assets:
Beginning of period		604,779,951			1,018,780,370
End of period	$	1,133,640,414		$	604,779,951

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

14                      Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Financial Highlights

(Unaudited)

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

																											Ratio of			Ratio of
																											expenses			expenses
					Net gains																						to average			to average net			Ratio of net
					(losses)																						net assets			assets without			investment
	Net asset	Net			on securities						Dividends			Distributions													with fee waivers			fee waivers			income
	value,	investment			(both			Total from			from net			from net						Net asset					Net assets,		and/or			and/or			(loss)
	beginning	income			realized and			investment			investment			realized			Total			value, end		Total			end of period		expenses			expenses			to average			Portfolio
	of period	(loss)(a)			unrealized)			operations			income			gains			distributions			of period		return (b)			(000’s omitted)		absorbed			absorbed			net assets			turnover (c)
Class A
Six months ended 04/30/21	$5.81	$	(0.04	)	$	1.93		$	1.89		$	–		$	–		$	–		$	7.70		32.53	%	$	39,947		1.32	%(d)		1.87	%(d)		(1.27	)%(d)		0	%
Year ended 10/31/20	6.22		(0.03	)		(0.32	)		(0.35	)		(0.06	)		–			(0.06	)		5.81		(5.75	)		17,291		1.31			1.73			(0.51	)		186
Year ended 10/31/19	6.50		0.05			(0.32	)		(0.27	)		(0.01	)		(0.00	)		(0.01	)		6.22		(4.15	)		24,633		1.31	(e)		1.58	(e)		0.79	(e)		9
Year ended 10/31/18	6.70		0.01			(0.21	)		(0.20	)		–			–			–			6.50		(2.98	)		34,543		1.42			1.51			0.14			96
Year ended 10/31/17	6.84		(0.05	)		0.08			0.03			(0.17	)		–			(0.17	)		6.70		0.47			56,532		1.49			1.56			(0.78	)		10
Year ended 10/31/16	6.54		(0.07	)		0.37			0.30			–			–			–			6.84		4.59			40,844		1.47			1.56			(1.11	)		98
Class C
Six months ended 04/30/21	5.43		(0.07	)		1.82			1.75			–			–			–			7.18		32.23			12,234		2.07	(d)		2.62	(d)		(2.02	)(d)		0
Year ended 10/31/20	5.87		(0.07	)		(0.32	)		(0.39	)		(0.05	)		–			(0.05	)		5.43		(6.63	)		4,393		2.06			2.48			(1.26	)		186
Year ended 10/31/19	6.16		0.00			(0.29	)		(0.29	)		–			(0.00	)		(0.00	)		5.87		(4.66	)		6,083		2.06	(e)		2.33	(e)		0.04	(e)		9
Year ended 10/31/18	6.40		(0.04	)		(0.20	)		(0.24	)		–			–			–			6.16		(3.75	)		9,555		2.17			2.26			(0.61	)		96
Year ended 10/31/17	6.57		(0.10	)		0.08			(0.02	)		(0.15	)		–			(0.15	)		6.40		(0.34	)		7,086		2.24			2.31			(1.53	)		10
Year ended 10/31/16	6.33		(0.12	)		0.36			0.24			–			–			–			6.57		3.79			5,915		2.22			2.31			(1.86	)		98
Class R
Six months ended 04/30/21	5.70		(0.05	)		1.90			1.85			–			–			–			7.55		32.46			2,062		1.57	(d)		2.12	(d)		(1.52	)(d)		0
Year ended 10/31/20	6.12		(0.04	)		(0.33	)		(0.37	)		(0.05	)		–			(0.05	)		5.70		(6.03	)		1,603		1.56			1.98			(0.76	)		186
Year ended 10/31/19	6.40		0.03			(0.30	)		(0.27	)		(0.01	)		(0.00	)		(0.01	)		6.12		(4.25	)		1,404		1.56	(e)		1.83	(e)		0.54	(e)		9
Year ended 10/31/18	6.62		(0.01	)		(0.21	)		(0.22	)		–			–			–			6.40		(3.32	)		1,622		1.67			1.76			(0.11	)		96
Year ended 10/31/17	6.76		(0.07	)		0.09			0.02			(0.16	)		–			(0.16	)		6.62		0.35			1,683		1.74			1.81			(1.03	)		10
Year ended 10/31/16	6.48		(0.09	)		0.37			0.28			–			–			–			6.76		4.32			782		1.72			1.81			(1.36	)		98
Class Y
Six months ended 04/30/21	5.94		(0.04	)		1.99			1.95			–			–			–			7.89		32.83			571,104		1.07	(d)		1.62	(d)		(1.02	)(d)		0
Year ended 10/31/20	6.36		(0.01	)		(0.35	)		(0.36	)		(0.06	)		–			(0.06	)		5.94		(5.74	)		316,851		1.06			1.48			(0.26	)		186
Year ended 10/31/19	6.63		0.07			(0.33	)		(0.26	)		(0.01	)		(0.00	)		(0.01	)		6.36		(3.84	)		726,446		1.06	(e)		1.33	(e)		1.04	(e)		9
Year ended 10/31/18	6.82		0.03			(0.22	)		(0.19	)		(0.00	)		–			(0.00	)		6.63		(2.77	)		1,327,952		1.17			1.26			0.39			96
Year ended 10/31/17	6.95		(0.04	)		0.10			0.06			(0.19	)		–			(0.19	)		6.82		0.80			577,236		1.24			1.31			(0.53	)		10
Year ended 10/31/16	6.63		(0.06	)		0.38			0.32			–			–			–			6.95		4.83			574,878		1.22			1.31			(0.86	)		98
Class R5
Six months ended 04/30/21	5.97		(0.04	)		2.00			1.96			–			–			–			7.93		32.83			159,028		1.07	(d)		1.22	(d)		(1.02	)(d)		0
Year ended 10/31/20	6.38		(0.02	)		(0.33	)		(0.35	)		(0.06	)		–			(0.06	)		5.97		(5.57	)		148,151		1.06			1.28			(0.26	)		186
Year ended 10/31/19	6.65		0.07			(0.32	)		(0.25	)		(0.02	)		(0.00	)		(0.02	)		6.38		(3.79	)		140,393		1.06	(e)		1.17	(e)		1.04	(e)		9
Year ended 10/31/18	6.84		0.03			(0.22	)		(0.19	)		(0.00	)		–			(0.00	)		6.65		(2.74	)		167,687		1.11			1.19			0.45			96
Year ended 10/31/17	6.97		(0.03	)		0.09			0.06			(0.19	)		–			(0.19	)		6.84		0.83			205,568		1.16			1.23			(0.45	)		10
Year ended 10/31/16	6.64		(0.05	)		0.38			0.33			–			–			–			6.97		4.97			195,777		1.13			1.22			(0.77	)		98
Class R6
Six months ended 04/30/21	5.98		(0.04	)		2.01			1.97			–			–			–			7.95		32.94			349,265		1.07	(d)		1.13	(d)		(1.02	)(d)		0
Year ended 10/31/20	6.40		(0.02	)		(0.34	)		(0.36	)		(0.06	)		–			(0.06	)		5.98		(5.71	)		116,491		1.06			1.19			(0.26	)		186
Year ended 10/31/19	6.67		0.07			(0.32	)		(0.25	)		(0.02	)		(0.00	)		(0.02	)		6.40		(3.72	)		119,820		1.01	(e)		1.08	(e)		1.09	(e)		9
Year ended 10/31/18	6.86		0.04			(0.23	)		(0.19	)		(0.00	)		–			(0.00	)		6.67		(2.72	)		19,244		1.01			1.09			0.55			96
Year ended 10/31/17	6.98		(0.02	)		0.09			0.07			(0.19	)		–			(0.19	)		6.86		1.04			12,293		1.08			1.15			(0.37	)		10
Year ended 10/31/16	6.65		(0.04	)		0.37			0.33			–			–			–			6.98		4.96			1,971		1.03			1.12			(0.67	)		98

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $26,031, $7,257, $1,803, $417,290, $164,410 and $218,030 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.    

^(e)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.11%.    

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

15                     Invesco Balanced-Risk Commodity Strategy Fund

Notes to Consolidated Financial Statements

April 30, 2021

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. 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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

16                     Invesco Balanced-Risk Commodity Strategy Fund

other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

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

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

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

G. Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

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

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

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

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

17                     Invesco Balanced-Risk Commodity Strategy Fund

required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made on non-LME futures contracts depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as unrealized appreciation or depreciation on the Statement of Assets and Liabilities. When LME or non-LME contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

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

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

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

Changes in the value of 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. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

L. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

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

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

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

18                     Invesco Balanced-Risk Commodity Strategy Fund

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		1.050	%
Next $250 million		1.025	%
Next $500 million		1.000	%
Next $1.5 billion		0.975	%
Next $2.5 billion		0.950	%
Next $2.5 billion		0.925	%
Next $2.5 billion		0.900	%
Over $10 billion		0.875	%

For the six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 1.02%.

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

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

The Adviser has contractually agreed, through at least February 28, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.40%, 2.15%, 1.65%, 1.15%, 1.15% and 1.15%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. 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. To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $212,609 and reimbursed class level expenses of $63,759, $17,634, $4,445, $1,037,285, $75,205 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $9,407 in front-end sales commissions from the sale of Class A shares and $0 and $588 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

19                     Invesco Balanced-Risk Commodity Strategy Fund

NOTE 3—Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements    may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Securities	$	—		$	337,908,278		$	—	$	337,908,278
Commodity-Linked Securities		—			61,713,223			—		61,713,223
Money Market Funds		669,954,810			—			—		669,954,810
Total Investments in Securities		669,954,810			399,621,501			—		1,069,576,311
Other Investments—Assets*
Futures Contracts		32,715,461			—			—		32,715,461
Swap Agreements		—			18,805,726			—		18,805,726
	32,715,461			18,805,726			—		51,521,187
Other Investments—Liabilities*
Futures Contracts		(1,994,527	)		—			—		(1,994,527	)
Swap Agreements		—			(8,208,545	)		—		(8,208,545	)
	(1,994,527)			(8,208,545)			—		(10,203,072)
Total Other Investments		30,720,934			10,597,181			—		41,318,115
Total Investments	$	700,675,744		$	410,218,682		$	—	$	1,110,894,426

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2021:

	Value
	Commodity
Derivative Assets	Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	32,715,461
Unrealized appreciation on swap agreements — OTC		18,805,726
Total Derivative Assets		51,521,187
Derivatives not subject to master netting agreements		(32,715,461	)
Total Derivative Assets subject to master netting agreements	$	18,805,726

20                     Invesco Balanced-Risk Commodity Strategy Fund

	Value
	Commodity
Derivative Liabilities	Risk
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(1,994,527	)
Unrealized depreciation on swap agreements — OTC		(8,208,545	)
Total Derivative Liabilities		(10,203,072	)
Derivatives not subject to master netting agreements		1,994,527
Total Derivative Liabilities subject to master netting agreements	$	(8,208,545	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2021.

	Financial		Financial
	Derivative		Derivative						Collateral
	Assets		Liabilities						(Received)/Pledged
	Swap		Swap			Net Value of							Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash	Cash			Amount
Barclays Bank PLC	$	7,326,380	$	(158,490	)	$	7,167,890		$–	$	(6,000,000	)	$	1,167,890
BNP Paribas SA		1,577,853		(3,680	)		1,574,173		–		–			1,574,173
Canadian Imperial Bank of Commerce		5,824,464		(1,773,625	)		4,050,839		–		–			4,050,839
Goldman Sachs International		3,347,979		(18,972	)		3,329,007		–		(2,760,000	)		569,007
JPMorgan Chase Bank, N.A.		177		(420,645	)		(420,468	)	–		270,000			(150,468	)
Macquarie Bank Ltd.		27,789		(3,816,722	)		(3,788,933	)	–		2,420,000			(1,368,933	)
Merrill Lynch International		6,987,205		(886,519	)		6,100,686		–		–			6,100,686
Morgan Stanley Capital Services LLC		1,502		(2,075,180	)		(2,073,678	)	–		2,073,678			–
Royal Bank of Canada		2,164,691		(9,361	)		2,155,330		–		(2,155,330	)		–
UBS AG		874,385		(2,295	)		872,090		–		(872,090	)		–
Total	$	28,132,425	$	(9,165,489	)	$	18,966,936		$–	$	(7,023,742	)	$	11,943,194

Effect of Derivative Investments for the six months ended April 30, 2021

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

	Location of Gain on
	Consolidated Statement of Operations
	Commodity
	Risk
Realized Gain:
Futures contracts		$31,282,200
Swap agreements		110,287,391
Change in Net Unrealized Appreciation:
Futures contracts		31,278,377
Swap agreements		13,889,070
Total		$186,737,038

The table below summarizes the average notional value of derivatives held during the period.    

	Futures		Swap
	Contracts		Agreements
Average notional value	$	297,883,908	$	557,582,838

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

21                     Invesco Balanced-Risk Commodity Strategy Fund

NOTE 6—Cash Balances

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

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	55,731,325	$	—	$	55,731,325

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $0 and $0, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	87,975,769
Aggregate unrealized (depreciation) of investments		(10,206,873	)
Net unrealized appreciation of investments	$	77,768,896

Cost of investments for tax purposes is $1,033,300,156.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2021(a)						October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		3,034,421		$	22,207,507			756,190		$	4,401,337
Class C		997,004			6,765,329			152,804			776,428
Class R		47,084			328,582			124,074			689,942
Class Y		29,384,227			218,352,384			37,359,157			210,352,469
Class R5		489,702			3,578,138			4,395,064			23,590,286
Class R6		26,356,624			192,960,157			10,515,351			60,818,888
Issued as reinvestment of dividends:
Class A		-			-			29,522			183,627
Class C		-			-			7,770			45,452
Class R		-			-			2,021			12,372
Class Y		-			-			613,477			3,895,581
Class R5		-			-			202,006			1,288,797
Class R6		-			-			22,393			143,089
Automatic conversion of Class C shares to Class A shares:
Class A		31,563			221,223			6,222			34,121
Class C		(33,803	)		(221,223	)		(6,636	)		(34,121	)

22                     Invesco Balanced-Risk Commodity Strategy Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2021(a)						October 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(858,998	)	$	(6,020,925	)		(1,772,050	)	$	(10,110,344	)
Class C		(68,090	)		(452,142	)		(381,574	)		(2,033,939	)
Class R		(55,309	)		(365,040	)		(74,231	)		(394,196	)
Class Y		(10,368,133	)		(74,504,319	)		(98,877,960	)		(535,472,956	)
Class R5		(5,259,442	)		(38,852,472	)		(1,772,658	)		(10,642,441	)
Class R6		(1,884,333	)		(13,628,473	)		(9,794,377	)		(57,740,749	)
Net increase (decrease) in share activity		41,812,517		$	310,368,726			(58,493,435	)	$	(310,196,357	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 79% 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.

23                     Invesco Balanced-Risk Commodity Strategy Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning Account Value (11/01/20)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)
			Ending Account Value (04/30/21)1		Expenses Paid During Period2		Ending Account Value (04/30/21)		Expenses Paid During Period2		Annualized Expense Ratio
Class A	$	1,000.00	$	1,327.60	$	7.62	$	1,018.25	$	6.61		1.32%
Class C		1,000.00		1,322.30		11.92		1,014.53		10.34		2.07
Class R		1,000.00		1,324.60		9.05		1,017.01		7.85		1.57
Class Y		1,000.00		1,328.30		6.18		1,019.49		5.36		1.07
Class R5		1,000.00		1,328.30		6.18		1,019.49		5.36		1.07
Class R6		1,000.00		1,329.40		6.18		1,019.49		5.36		1.07

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

24                     Invesco Balanced-Risk Commodity Strategy Fund

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Core Bond Fund
	Nasdaq:
	A: OPIGX ∎ C: OPBCX ∎ R: OPBNX ∎ Y: OPBYX ∎ R5: TRTMX ∎ R6: OPBIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
19	Financial Statements
22	Financial Highlights
23	Notes to Financial Statements
30	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-0.45	%
Class C Shares	-0.71
Class R Shares	-0.45
Class Y Shares	-0.17
Class R5 Shares	-0.29
Class R6 Shares	-0.14
Bloomberg Barclays U.S. Aggregate Bond Indexq	-1.52
Bloomberg Barclays U.S. Credit Indexq	-0.53
FTSE Broad Investment Grade Bond Indexq	-1.46
Source(s):qRIMES Technologies Corp. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.     The Bloomberg Barclays U.S. Credit Index is an unmanaged index considered representative of publicly issued, SEC-registered US corporate and specified foreign debentures and secured notes.     The FTSE Broad Investment Grade Bond Index is a multi-asset, multi-currency benchmark that provides a broad-based measure of the global fixed income markets.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                      Invesco core Bond Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (4/15/88)	4.34	%
10 Years	3.80
5 Years	2.90
1 Year	-1.26
Class C Shares
Inception (7/11/95)	3.07	%
10 Years	3.60
5 Years	2.97
1 Year	1.52
Class R Shares
Inception (3/1/01)	2.37	%
10 Years	3.97
5 Years	3.49
1 Year	2.86
Class Y Shares
Inception (4/27/98)	3.19	%
10 Years	4.52
5 Years	4.11
1 Year	3.48
Class R5 Shares
10 Years	4.31	%
5 Years	3.92
1 Year	3.49
Class R6 Shares
Inception (4/27/12)	4.28	%
5 Years	4.18
1 Year	3.67

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Total Return Bond Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the In-vesco Oppenheimer Total Return Bond Fund. Note: The Fund was subsequently renamed the Invesco Core Bond Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on

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

Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                         Invesco Core Bond Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                         Invesco Core Bond Fund

Schedule of Investments^(a)

April 30, 2021

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–36.54%
Advertising–0.15%
Interpublic Group of Cos., Inc. (The), 3.75%, 10/01/2021	$	2,848,000	$	2,888,487
Aerospace & Defense–0.55%
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025(b)		2,051,000		2,264,434
Boeing Co. (The), 2.20%, 02/04/2026		3,628,000		3,635,231
L3Harris Technologies, Inc., 3.85%, 06/15/2023		2,733,000		2,912,751
Northrop Grumman Corp., 4.75%, 06/01/2043		1,422,000		1,764,024
				10,576,440
Airlines–0.74%
Delta Air Lines Pass-Through Trust, Series 2020-1, Class AA, 2.00%, 06/10/2028		1,880,060		1,899,191
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b)		2,644,788		2,838,123
4.75%, 10/20/2028(b)		4,438,913		4,878,028
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027		4,080,675		4,523,158
Series 2019-2, Class AA, 2.70%, 05/01/2032		32,513		31,933
				14,170,433
Apparel Retail–0.18%
Ross Stores, Inc., 3.38%, 09/15/2024		3,295,000		3,506,373
Asset Management & Custody Banks–0.33%
Carlyle Finance Subsidiary LLC, 3.50%, 09/19/2029(b)		1,366,000		1,441,767
CI Financial Corp. (Canada), 3.20%, 12/17/2030		2,940,000		2,998,180
Owl Rock Capital Corp., 2.63%, 01/15/2027		1,866,000		1,858,094
				6,298,041
Automobile Manufacturers–1.27%
American Honda Finance Corp., 1.80%, 01/13/2031		2,369,000		2,262,227
Daimler Finance North America LLC (Germany), 2.55%, 08/15/2022(b)		2,820,000		2,896,413
General Motors Financial Co., Inc., 4.20%, 11/06/2021		2,856,000		2,911,178
4.15%, 06/19/2023		2,550,000		2,725,388
Hyundai Capital America, 5.75%, 04/06/2023(b)		2,853,000		3,120,345
4.13%, 06/08/2023(b)		2,726,000		2,908,178
Kia Corp. (South Korea), 1.75%, 10/16/2026(b)		700,000		702,815
Nissan Motor Acceptance Corp., 3.65%, 09/21/2021(b)		3,759,000		3,801,207

	Principal Amount		Value
Automobile Manufacturers–(continued)
Toyota Motor Credit Corp., 1.65%, 01/10/2031	$	1,913,000	$	1,816,423
Volkswagen Group of America Finance LLC (Germany), 1.63%, 11/24/2027(b)		1,180,000		1,163,840
				24,308,014
Biotechnology–0.26%
AbbVie, Inc., 3.85%, 06/15/2024		3,254,000		3,551,098
4.05%, 11/21/2039		1,353,000		1,512,755
				5,063,853
Brewers–0.14%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039		1,611,000		2,586,518
Building Products–0.10%
Masco Corp., 1.50%, 02/15/2028		1,905,000		1,844,427
Cable & Satellite–0.71%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 1.83%(3 mo. USD LIBOR + 1.65%), 02/01/2024(c)		2,871,000		2,949,233
3.50%, 06/01/2041		2,371,000		2,284,171
3.85%, 04/01/2061		3,197,000		2,940,623
Comcast Corp., 2.80%, 01/15/2051		1,984,000		1,836,639
2.45%, 08/15/2052		1,882,000		1,623,130
2.65%, 08/15/2062		2,321,000		2,035,211
				13,669,007
Distillers & Vintners–0.14%
Pernod Ricard S.A. (France), 4.25%, 07/15/2022(b)		2,478,000		2,584,753
Diversified Banks–4.91%
Australia & New Zealand Banking Group Ltd. (Australia), 2.57%, 11/25/2035(b)(d)		1,515,000		1,442,538
Banco Santander S.A. (Spain), 2.75%, 12/03/2030		1,800,000		1,750,176
Bank of America Corp., 3.82%, 01/20/2028(d)		1,662,000		1,843,440
2.59%, 04/29/2031(d)		1,761,000		1,773,377
2.69%, 04/22/2032(d)		5,154,000		5,220,253
3.31%, 04/22/2042(d)		5,342,000		5,458,343
BBVA Bancomer S.A. (Mexico), 1.88%, 09/18/2025(b)		1,193,000		1,200,009
BBVA USA, 2.50%, 08/27/2024		1,980,000		2,085,732
BPCE S.A. (France), 2.28%, 01/20/2032(b)(d)		1,605,000		1,552,344

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

5                         Invesco Core Bond Fund

	Principal Amount		Value
Diversified Banks–(continued)
Citigroup, Inc., 3.11%, 04/08/2026(d)	$	2,432,000	$	2,610,090
4.41%, 03/31/2031(d)		2,048,000		2,345,285
2.56%, 05/01/2032(d)		3,311,000		3,311,747
3.88%(d)(e)		5,479,000		5,499,546
Commonwealth Bank of Australia (Australia), 2.69%, 03/11/2031(b)		2,004,000		1,961,087
3.31%, 03/11/2041(b)		1,402,000		1,380,981
Credit Agricole S.A. (France), 7.88%(b)(d)(e)		1,824,000		2,065,680
Danske Bank A/S (Denmark), 3.24%, 12/20/2025(b)(d)		1,191,000		1,270,836
HSBC Holdings PLC (United Kingdom), 6.25%(d)(e)		2,786,000		2,952,464
4.60%(d)(e)		1,909,000		1,942,408
ING Groep N.V. (Netherlands), 1.02%(SOFR + 1.01%), 04/01/2027(c)		5,538,000		5,556,885
6.88%(b)(d)(e)		1,327,000		1,387,580
JPMorgan Chase & Co., 3.80%, 07/23/2024(d)		2,916,000		3,118,120
2.08%, 04/22/2026(d)		3,164,000		3,273,022
2.58%, 04/22/2032(d)		3,227,000		3,242,904
3.11%, 04/22/2041(d)		1,969,000		1,967,057
Mitsubishi UFJ Financial Group, Inc. (Japan), 3.74%, 03/07/2029		1,574,000		1,740,299
Mizuho Financial Group, Inc. (Japan), 2.17%, 05/22/2032(d)		3,849,000		3,726,126
Standard Chartered PLC (United Kingdom), 3.27%, 02/18/2036(b)(d)		3,114,000		3,078,153
Sumitomo Mitsui Financial Group, Inc. (Japan), 1.47%, 07/08/2025		1,361,000		1,372,241
2.14%, 09/23/2030		4,308,000		4,088,123
Truist Bank, 2.64%, 09/17/2029(d)		3,635,000		3,828,818
U.S. Bancorp, 1.38%, 07/22/2030		2,081,000		1,955,025
United Overseas Bank Ltd. (Singapore), 2.00%, 10/14/2031(b)(d)		2,838,000		2,826,790
Wells Fargo & Co., 4.75%, 12/07/2046		1,388,000		1,661,233
3.90%(d)(e)		3,459,000		3,538,643
				94,027,355
Diversified Capital Markets–0.44%
Credit Suisse AG (Switzerland), 3.63%, 09/09/2024		1,315,000		1,430,206
Credit Suisse Group AG (Switzerland), 4.55%, 04/17/2026		1,392,000		1,568,595
4.19%, 04/01/2031(b)(d)		1,615,000		1,787,131
UBS Group AG (Switzerland), 4.13%, 04/15/2026(b)		1,214,000		1,360,471
4.38%(b)(d)(e)		2,331,000		2,328,109
				8,474,512
Diversified Chemicals–0.19%
Dow Chemical Co. (The), 3.63%, 05/15/2026		1,874,000		2,069,305

	Principal Amount		Value
Diversified Chemicals–(continued)
Eastman Chemical Co., 3.50%, 12/01/2021	$	1,570,000	$	1,598,745
				3,668,050
Diversified REITs–0.17%
Brixmor Operating Partnership L.P., 4.13%, 05/15/2029		1,410,000		1,552,161
4.05%, 07/01/2030		1,588,000		1,745,417
				3,297,578
Drug Retail–0.64%
CK Hutchison International 21 Ltd. (United Kingdom), 1.50%, 04/15/2026(b)		4,823,000		4,829,960
2.50%, 04/15/2031(b)		3,465,000		3,455,525
3.13%, 04/15/2041(b)		4,082,000		4,036,726
				12,322,211
Electric Utilities–0.70%
AEP Texas, Inc., 3.95%, 06/01/2028(b)		2,489,000		2,780,898
Consolidated Edison Co. of New York, Inc., Series C, 3.00%, 12/01/2060		1,768,000		1,608,820
EDP Finance B.V. (Portugal), 3.63%, 07/15/2024(b)		1,773,000		1,915,461
Emera US Finance L.P. (Canada), 2.70%, 06/15/2021		2,081,000		2,084,391
Enel Finance International N.V. (Italy), 2.88%, 05/25/2022(b)		2,636,000		2,700,376
NextEra Energy Capital Holdings, Inc., 0.55%(SOFR + 0.54%), 03/01/2023(c)		2,347,000		2,354,611
				13,444,557
Electronic Equipment & Instruments–0.24%
Vontier Corp., 2.40%, 04/01/2028(b)		2,550,000		2,521,043
2.95%, 04/01/2031(b)		2,172,000		2,141,223
				4,662,266
Electronic Manufacturing Services–0.13%
Jabil, Inc., 3.00%, 01/15/2031		2,437,000		2,482,747
Environmental & Facilities Services–0.10%
Republic Services, Inc., 1.75%, 02/15/2032		2,073,000		1,925,164
Financial Exchanges & Data–0.16%
Intercontinental Exchange, Inc., 3.00%, 09/15/2060		2,053,000		1,851,342
S&P Global, Inc., 1.25%, 08/15/2030		1,358,000		1,255,212
				3,106,554
Health Care Equipment–0.08%
Becton, Dickinson and Co., 3.70%, 06/06/2027		1,395,000		1,551,511
Health Care REITs–0.65%
Healthcare Trust of America Holdings L.P., 3.50%, 08/01/2026		2,041,000		2,248,762

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

6                         Invesco Core Bond Fund

	Principal Amount		Value
Health Care REITs–(continued)
National Health Investors, Inc., 3.00%, 02/01/2031	$	5,517,000	$	5,251,506
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033		3,439,000		3,361,905
Welltower, Inc., 2.70%, 02/15/2027		1,419,000		1,499,960
			12,362,133
Health Care Services–0.52%
Cigna Corp., 4.13%, 11/15/2025		2,051,000		2,306,908
CVS Health Corp., 1.30%, 08/21/2027		2,081,000		2,031,341
Fresenius Medical Care US Finance II, Inc. (Germany), 5.88%, 01/31/2022(b)		2,752,000		2,856,286
Mayo Clinic, Series 2021, 3.20%, 11/15/2061		2,043,000		2,113,810
Sutter Health, Series 20A, 3.36%, 08/15/2050		706,000		719,526
				10,027,871
Home Improvement Retail–0.27%
Lowe’s Cos., Inc., 2.63%, 04/01/2031		2,795,000		2,836,678
3.50%, 04/01/2051		2,229,000		2,293,883
				5,130,561
Homebuilding–0.14%
D.R. Horton, Inc., 4.75%, 02/15/2023		2,503,000		2,659,929
Hotels, Resorts & Cruise Lines–0.39%
Expedia Group, Inc., 4.63%, 08/01/2027(b)		1,686,000		1,898,071
2.95%, 03/15/2031(b)		5,562,000		5,539,747
				7,437,818
Independent Power Producers & Energy Traders–0.17%
AES Corp. (The), 1.38%, 01/15/2026(b)		1,664,000		1,637,711
2.45%, 01/15/2031(b)		1,726,000		1,669,302
				3,307,013
Industrial Conglomerates–0.07%
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025		1,228,000		1,338,155
Integrated Oil & Gas–0.25%
BP Capital Markets America, Inc., 2.94%, 06/04/2051		3,238,000		2,949,125
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(b)		1,882,000		1,932,973
				4,882,098

	Principal Amount		Value
Integrated Telecommunication Services–2.50%
AT&T, Inc., 0.65%(SOFR + 0.64%), 03/25/2024(c)	$	2,911,000	$	2,915,875
4.30%, 02/15/2030		2,016,000		2,276,052
2.55%, 12/01/2033(b)		7,955,000		7,590,369
3.10%, 02/01/2043		2,497,000		2,313,488
3.50%, 09/15/2053(b)		3,833,000		3,532,460
3.80%, 12/01/2057(b)		1,449,000		1,384,603
3.50%, 02/01/2061		1,599,000		1,458,885
British Telecommunications PLC (United Kingdom), 4.50%, 12/04/2023		1,409,000		1,541,556
T-Mobile USA, Inc., 3.50%, 04/15/2025(b)		2,409,000		2,615,283
3.30%, 02/15/2051(b)		2,984,000		2,786,952
Verizon Communications, Inc., 0.85%, 11/20/2025		2,657,000		2,623,544
1.75%, 01/20/2031		1,845,000		1,734,453
2.55%, 03/21/2031		1,487,000		1,491,796
2.65%, 11/20/2040		1,470,000		1,363,939
3.40%, 03/22/2041		1,625,000		1,667,053
4.52%, 09/15/2048		1,410,000		1,670,098
5.01%, 04/15/2049		1,510,000		1,919,061
2.88%, 11/20/2050		2,033,000		1,853,264
3.55%, 03/22/2051		905,000		921,043
3.00%, 11/20/2060		2,395,000		2,144,431
3.70%, 03/22/2061		2,145,000		2,174,239
				47,978,444
Interactive Home Entertainment–0.28%
Activision Blizzard, Inc., 2.50%, 09/15/2050		2,570,000		2,206,467
Electronic Arts, Inc., 1.85%, 02/15/2031		3,286,000		3,136,089
				5,342,556
Interactive Media & Services–0.57%
Alphabet, Inc., 2.25%, 08/15/2060		2,182,000		1,818,647
Baidu, Inc. (China), 1.72%, 04/09/2026		1,000,000		999,132
2.38%, 10/09/2030		800,000		777,503
Tencent Holdings Ltd. (China), 2.88%, 04/22/2031(b)		766,000		777,153
3.68%, 04/22/2041(b)		1,912,000		1,944,936
3.84%, 04/22/2051(b)		1,924,000		1,966,011
3.94%, 04/22/2061(b)		2,546,000		2,585,854
				10,869,236
Internet & Direct Marketing Retail–0.70%
Alibaba Group Holding Ltd. (China), 2.13%, 02/09/2031		1,052,000		1,015,166
2.70%, 02/09/2041		831,000		775,043
3.15%, 02/09/2051		977,000		926,380
3.25%, 02/09/2061		2,585,000		2,441,827
Prosus N.V. (China), 3.83%, 02/08/2051(b)		9,054,000		8,291,376
				13,449,792
Investment Banking & Brokerage–2.63%
Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031		2,316,000		2,327,478

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

7                         Invesco Core Bond Fund

	Principal Amount		Value
Investment Banking & Brokerage–(continued)
Goldman Sachs Group, Inc. (The), 0.59%(SOFR + 0.58%), 03/08/2024(c)	$	5,319,000	$	5,325,855
3.50%, 04/01/2025		2,136,000		2,324,322
3.50%, 11/16/2026		1,368,000		1,493,857
1.09%, 12/09/2026(d)		2,180,000		2,149,943
0.80%(SOFR + 0.79%), 12/09/2026(c)		10,823,000		10,818,404
0.82%(SOFR + 0.81%), 03/09/2027(c)		9,573,000		9,571,060
1.99%, 01/27/2032(d)		2,239,000		2,128,608
2.62%, 04/22/2032(d)		1,273,000		1,280,329
3.21%, 04/22/2042(d)		1,331,000		1,345,618
Series T, 3.80%(d)(e)		2,239,000		2,245,717
Morgan Stanley, 5.00%, 11/24/2025		2,241,000		2,583,858
2.19%, 04/28/2026(d)		1,578,000		1,641,692
3.62%, 04/01/2031(d)		2,049,000		2,245,672
2.80%, 01/25/2052(d)		1,355,000		1,255,692
Raymond James Financial, Inc., 3.75%, 04/01/2051		1,606,000		1,716,997
				50,455,102
Life & Health Insurance–1.99%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		2,127,000		2,394,288
Athene Global Funding, 1.20%, 10/13/2023(b)		3,113,000		3,144,499
1.45%, 01/08/2026(b)		1,557,000		1,541,834
2.95%, 11/12/2026(b)		4,022,000		4,258,742
Athene Holding Ltd., 6.15%, 04/03/2030		2,257,000		2,802,256
Belrose Funding Trust, 2.33%, 08/15/2030(b)		1,422,000		1,376,537
Lincoln National Corp., 3.80%, 03/01/2028		1,526,000		1,697,092
MAG Mutual Holding Co., 4.75%, 04/30/2041		9,203,000		9,203,000
Manulife Financial Corp. (Canada), 4.06%, 02/24/2032(d)		1,657,000		1,827,580
Pacific LifeCorp, 3.35%, 09/15/2050(b)		2,002,000		2,001,026
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/2061(b)		955,000		960,297
Prudential Financial, Inc., 5.20%, 03/15/2044(d)		2,627,000		2,807,703
Reliance Standard Life Global Funding II, 2.75%, 01/21/2027(b)		2,962,000		3,114,469
Western & Southern Life Insurance Co. (The), 3.75%, 04/28/2061(b)		886,000		898,455
				38,027,778
Life Sciences Tools & Services–0.10%
Illumina, Inc., 2.55%, 03/23/2031		1,852,000		1,839,204
Managed Health Care–0.11%
Children’s Hospital, Series 2020, 2.93%, 07/15/2050		680,000		641,920

	Principal Amount		Value
Managed Health Care–(continued)
Community Health Network, Inc., Series 20-A, 3.10%, 05/01/2050	$	1,549,000	$	1,485,072
				2,126,992
Multi-Utilities–0.35%
Ameren Corp., 2.50%, 09/15/2024		1,942,000		2,046,277
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		1,721,000		1,855,924
WEC Energy Group, Inc., 1.38%, 10/15/2027		1,555,000		1,513,580
1.80%, 10/15/2030		1,413,000		1,332,960
				6,748,741
Office REITs–0.18%
Office Properties Income Trust, 4.50%, 02/01/2025		3,155,000		3,384,304
Oil & Gas Exploration & Production–0.36%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025		3,020,000		3,085,253
Pioneer Natural Resources Co., 1.90%, 08/15/2030		1,857,000		1,737,445
Santos Finance Ltd. (Australia), 3.65%, 04/29/2031(b)		2,165,000		2,163,558
				6,986,256
Oil & Gas Storage & Transportation–1.11%
Energy Transfer L.P., 4.25%, 03/15/2023		2,129,000		2,240,917
4.00%, 10/01/2027		1,673,000		1,802,195
Kinder Morgan, Inc., 7.75%, 01/15/2032		2,631,000		3,713,440
MPLX L.P., 1.75%, 03/01/2026		1,884,000		1,896,685
4.25%, 12/01/2027		1,566,000		1,760,124
Northern Natural Gas Co., 3.40%, 10/16/2051(b)		1,702,000		1,694,802
ONEOK, Inc., 6.35%, 01/15/2031		2,916,000		3,685,565
Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028		1,392,000		1,542,607
Williams Cos., Inc. (The), 3.70%, 01/15/2023		2,736,000		2,860,388
				21,196,723
Other Diversified Financial Services–1.43%
Avolon Holdings Funding Ltd. (Ireland), 2.13%, 02/21/2026(b)		2,035,000		1,990,457
2.75%, 02/21/2028(b)		2,246,000		2,186,903
Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031(b)		2,850,000		2,672,796
2.80%, 09/30/2050(b)		1,316,000		1,227,965
Blackstone Secured Lending Fund, 2.75%, 09/16/2026(b)		5,557,000		5,596,615
LSEGA Financing PLC (United Kingdom), 1.38%, 04/06/2026(b)		2,127,000		2,122,138
2.00%, 04/06/2028(b)		1,949,000		1,946,110
2.50%, 04/06/2031(b)		4,094,000		4,088,877
3.20%, 04/06/2041(b)		1,591,000		1,606,860

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

8                         Invesco Core Bond Fund

	Principal Amount		Value
Other Diversified Financial Services–(continued)
Pershing Square Holdings Ltd. (Guernsey), 3.25%, 11/15/2030(b)		$    3,900,000	$	3,889,061
				27,327,782
Packaged Foods & Meats–0.48%
Conagra Brands, Inc., 4.60%, 11/01/2025		2,655,000		3,038,782
Mondelez International Holdings Netherlands B.V., 2.00%, 10/28/2021(b)		3,706,000		3,731,209
Tyson Foods, Inc., 3.90%, 09/28/2023		2,216,000		2,385,256
				9,155,247
Paper Packaging–0.13%
Packaging Corp. of America, 3.65%, 09/15/2024		2,242,000		2,437,231
Pharmaceuticals–0.30%
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023(b)		2,750,000		2,959,263
Mylan, Inc., 3.13%, 01/15/2023(b)		2,691,000		2,800,098
				5,759,361
Precious Metals & Minerals–0.07%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024(b)		1,168,000		1,263,998
Property & Casualty Insurance–0.42%
CNA Financial Corp., 3.45%, 08/15/2027		1,878,000		2,063,217
Fidelity National Financial, Inc., 3.40%, 06/15/2030		1,464,000		1,550,312
2.45%, 03/15/2031		2,085,000		2,052,977
W.R. Berkley Corp., 3.55%, 03/30/2052		2,347,000		2,409,822
				8,076,328
Railroads–0.12%
Union Pacific Corp., 2.15%, 02/05/2027		2,207,000		2,298,306
Real Estate Development–0.07%
Piedmont Operating Partnership L.P., 3.15%, 08/15/2030		1,374,000		1,355,530
Regional Banks–1.50%
Citizens Financial Group, Inc., 2.50%, 02/06/2030		2,133,000		2,157,916
2.64%, 09/30/2032(b)		8,667,000		8,556,908
Fifth Third Bank N.A., 3.85%, 03/15/2026		1,183,000		1,308,485
Huntington Bancshares, Inc., 4.00%, 05/15/2025		2,719,000		3,028,089
KeyBank N.A., 3.40%, 05/20/2026		1,554,000		1,698,318
KeyCorp, 2.25%, 04/06/2027		3,101,000		3,220,443
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027		1,933,000		2,113,656
SVB Financial Group, 1.80%, 02/02/2031		2,847,000		2,651,835
4.10%(d)(e)		2,512,000		2,532,410

	Principal Amount		Value
Regional Banks–(continued)
Synovus Financial Corp., 3.13%, 11/01/2022	$	1,455,000	$	1,502,484
				28,770,544
Reinsurance–0.10%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		2,007,000		1,905,567
Residential REITs–0.57%
Essex Portfolio L.P., 2.65%, 09/01/2050		1,811,000		1,554,349
Spirit Realty L.P., 3.20%, 01/15/2027		1,800,000		1,901,490
VEREIT Operating Partnership L.P., 2.20%, 06/15/2028		2,692,000		2,713,869
2.85%, 12/15/2032		4,578,000		4,725,599
				10,895,307
Retail REITs–0.92%
Kimco Realty Corp., 1.90%, 03/01/2028		2,337,000		2,311,960
2.70%, 10/01/2030		1,358,000		1,376,719
Kite Realty Group L.P., 4.00%, 10/01/2026		2,033,000		2,190,142
National Retail Properties, Inc., 3.50%, 04/15/2051		2,342,000		2,344,857
Realty Income Corp., 3.25%, 01/15/2031		1,801,000		1,929,874
Regency Centers L.P., 2.95%, 09/15/2029		2,108,000		2,178,489
Retail Properties of America, Inc., 4.75%, 09/15/2030		1,357,000		1,472,327
Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080(b)(d)		3,552,000		3,769,560
				17,573,928
Semiconductors–1.39%
Broadcom, Inc., 4.15%, 11/15/2030		2,056,000		2,249,646
2.45%, 02/15/2031(b)		1,514,000		1,445,539
3.42%, 04/15/2033(b)		4,191,000		4,252,102
3.47%, 04/15/2034(b)		7,069,000		7,154,298
Marvell Technology, Inc., 2.95%, 04/15/2031(b)		4,478,000		4,485,800
NXP B.V./NXP Funding LLC/NXP USA, Inc. (Netherlands), 3.88%, 06/18/2026(b)		1,714,000		1,899,079
QUALCOMM, Inc., 2.15%, 05/20/2030		2,591,000		2,602,841
3.25%, 05/20/2050		2,514,000		2,575,612
				26,664,917
Soft Drinks–0.08%
Coca-Cola European Partners PLC (United Kingdom), 1.50%, 01/15/2027(b)		1,486,000		1,483,947
Specialized REITs–0.62%
American Tower Corp., 3.00%, 06/15/2023		2,244,000		2,357,636
4.00%, 06/01/2025		1,408,000		1,556,941
2.70%, 04/15/2031		4,409,000		4,465,280

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

9                         Invesco Core Bond Fund

	Principal Amount		Value
Specialized REITs–(continued)
CBRE Services, Inc., 2.50%, 04/01/2031	$	3,637,000	$	3,577,747
				11,957,604
Systems Software–0.26%
Leidos, Inc., 2.30%, 02/15/2031(b)		2,914,000		2,778,664
Oracle Corp., 3.85%, 04/01/2060		2,226,000		2,237,111
				5,015,775
Technology Hardware, Storage & Peripherals–0.98%
Apple, Inc., 4.38%, 05/13/2045		1,500,000		1,844,479
2.55%, 08/20/2060		6,799,000		5,994,684
2.80%, 02/08/2061		6,506,000		5,981,750
Dell International LLC/EMC Corp., 5.30%, 10/01/2029(b)		2,744,000		3,252,489
Lenovo Group Ltd. (China), 3.42%, 11/02/2030(b)		1,665,000		1,694,178
				18,767,580
Tobacco–0.78%
Altria Group, Inc., 2.45%, 02/04/2032		2,613,000		2,460,399
3.70%, 02/04/2051		3,101,000		2,786,675
4.00%, 02/04/2061		3,124,000		2,880,688
BAT Capital Corp. (United Kingdom), 2.26%, 03/25/2028		1,765,000		1,732,343
Imperial Brands Finance PLC (United Kingdom), 3.75%, 07/21/2022(b)		2,965,000		3,056,231
Philip Morris International, Inc., 0.88%, 05/01/2026		1,983,000		1,953,782
				14,870,118
Trucking–0.44%
Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.00%, 07/15/2025(b)		1,281,000		1,415,341
3.40%, 11/15/2026(b)		2,346,000		2,546,532
Triton Container International Ltd. (Bermuda), 2.05%, 04/15/2026(b)		4,427,000		4,439,883
				8,401,756
Wireless Telecommunication Services–0.21%
NBN Co. Ltd. (Australia), 2.63%, 05/05/2031(b)		3,949,000		3,988,201
Total U.S. Dollar Denominated Bonds & Notes (Cost $690,228,415)				699,978,584

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–23.39%
Collateralized Mortgage Obligations–1.20%
Fannie Mae Interest STRIPS, IO, 7.00%, 06/25/2023 to 04/25/2032(f)	$	1,033,107	$	217,749
7.50%, 10/25/2023 to 11/25/2029(f)		184,366		13,957
6.50%, 04/25/2029 to 02/25/2033(f)(g)		1,653,920		298,069
6.00%, 06/25/2033 to 03/25/2036(f)(g)		1,104,545		197,725
5.50%, 09/25/2033 to 06/25/2035(f)(g)		1,902,519		324,760
Fannie Mae REMICs, 6.50%, 06/25/2023 to 10/25/2031		316,738		352,560
4.50%, 08/25/2025		56,633		58,451
5.50%, 12/25/2025 to 07/25/2046(f)		4,820,724		3,874,320
7.00%, 07/25/2026 to 04/25/2033(f)		625,761		131,502
4.00%, 08/25/2026 to 08/25/2047(f)		3,063,174		328,942
6.00%, 11/25/2028		106,471		120,579
7.50%, 12/25/2029		693,743		801,670
1.11% (1 mo. USD LIBOR + 1.00%), 07/25/2032(c)		85,756		87,800
0.51% (1 mo. USD LIBOR + 0.40%), 03/25/2033(c)		21,860		21,940
0.36% (1 mo. USD LIBOR + 0.25%), 08/25/2035(c)		87,214		87,460
23.81% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(c)		192,425		304,125
1.05% (1 mo. USD LIBOR + 0.94%), 06/25/2037(c)		106,201		107,001
1.50%, 01/25/2040		778,822		782,647
5.00%, 04/25/2040 to 09/25/2047(c)(f)		10,872,915		2,183,021
IO,
6.99% (7.10% - (1.00 x 1 mo. USD LIBOR)), 06/25/2023 to 11/25/2030(c)(f)		177,205		7,418
6.59% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 05/25/2035(c)(f)		610,848		112,785
8.04% (8.15% - (1.00 x 1 mo. USD LIBOR)), 04/25/2027(c)(f)		85,020		13,341
3.00%, 11/25/2027(f)		2,148,911		125,721
9.69% (9.80% - (1.00 x 1 mo. USD LIBOR)), 03/17/2031(c)(f)		59		4
7.64% (7.75% - (1.00 x 1 mo. USD LIBOR)), 07/25/2031 to 02/25/2032(c)(f)		77,681		15,314
7.74% (7.85% - (1.00 x 1 mo. USD LIBOR)), 11/18/2031(c)(f)		68,573		12,865
7.79% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031(c)(f)		161,094		31,419
7.14% (7.25% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032(c)(f)		123,070		24,592
7.84% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032 to 07/25/2032(c)(f)		228,958		40,589

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

10                         Invesco Core Bond Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
7.99% (8.10% - (1.00 x 1 mo. USD LIBOR)), 02/25/2032 to 03/25/2032(c)(f)	$	29,713	$	4,717
1.00% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(c)(f)		201,467		5,037
6.89% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 09/25/2032(c)(f)		509,978		89,612
7.89% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 12/25/2032(c)(f)		394,450		83,926
7.89% (8.00% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032(c)(f)		246,258		51,361
7.99% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032(c)(f)		74,703		13,570
8.09% (8.20% - (1.00 x 1 mo. USD LIBOR)), 01/25/2033(c)(f)		326,471		70,077
8.14% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033(c)(f)		254,726		60,091
7.44% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033(c)(f)		271,538		59,803
6.64% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035(c)(f)		114,370		19,265
6.49% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(c)(f)		399,447		62,514
3.50%, 08/25/2035(f)		5,754,033		729,825
5.99% (6.10% - (1.00 x 1 mo. USD LIBOR)), 10/25/2035(c)(f)		253,879		46,128
6.47% (6.58% - (1.00 x 1 mo. USD LIBOR)), 06/25/2036(c)(f)		18,439		3,578
5.94% (6.05% - (1.00 x 1 mo. USD LIBOR)), 07/25/2038(c)(f)		88,057		12,277
6.44% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041(c)(f)		569,291		111,247
6.04% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042(c)(f)		1,391,480		289,813
PO, 0.00%, 09/25/2023(h)		16,069		15,863
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series KC02, Class X1, IO, 1.91%, 03/25/2024(g)		76,334,109		742,372
Series KC03, Class X1, IO, 0.63%, 11/25/2024(g)		42,732,374		651,523
Series K734, Class X1, IO, 0.79%, 02/25/2026(g)		33,295,027		898,550
Series K735, Class X1, IO, 1.10%, 05/25/2026(g)		34,298,833		1,499,497
Series K093, Class X1, IO, 1.09%, 05/25/2029(g)		27,732,092		1,869,864

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac REMICs,
1.50%, 07/15/2023	$	148,601	$	149,866
5.00%, 09/15/2023		127,878		132,742
1.16% (1 mo. USD LIBOR + 1.05%), 10/15/2023(c)		125,792		125,919
6.50%, 02/15/2028 to 06/15/2032		1,001,807		1,150,286
6.00%, 04/15/2029		62,438		70,539
1.01% (1 mo. USD LIBOR + 0.90%), 07/15/2031(c)		69,016		70,543
7.00%, 03/15/2032		255,568		303,386
3.50%, 05/15/2032		217,894		234,073
1.11% (1 mo. USD LIBOR + 1.00%), 06/15/2032(c)		265,712		272,064
24.33% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035(c)		51,139		80,581
0.51% (1 mo. USD LIBOR + 0.40%), 09/15/2035(c)		153,951		155,467
4.00%, 04/15/2040 to 03/15/2045(f)		1,885,668		199,957
IO, 7.54% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026 to 03/15/2029(c)(f)		266,719		38,668
3.00%, 06/15/2027 to 05/15/2040(f)		7,003,576		424,142
2.50%, 05/15/2028(f)		1,348,913		74,429
7.59% (7.70% - (1.00 x 1 mo. USD LIBOR)), 03/15/2029(c)(f)		39,902		4,558
7.99% (8.10% - (1.00 x 1 mo. USD LIBOR)), 09/15/2029(c)(f)		11,584		1,949
7.64% (7.75% - (1.00 x 1 mo. USD LIBOR)), 01/15/2032(c)(f)		176,272		31,881
6.94% (7.05% - (1.00 x 1 mo. USD LIBOR)), 10/15/2033(c)(f)		331,727		60,103
6.59% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035(c)(f)		333,556		53,373
6.64% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035(c)(f)		267,585		42,760
6.61% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035(c)(f)		1,322,107		216,820
6.54% (6.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035(c)(f)		343,002		86,996
6.89% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037(c)(f)		123,590		24,743
5.89% (6.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2038(c)(f)		53,514		8,588
5.96% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(c)(f)		1,604,549		284,036
6.14% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039(c)(f)		408,778		69,984
5.99% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044(c)(f)		1,564,044		237,536

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

11                         Invesco Core Bond Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac STRIPS,
IO, 7.00%, 04/01/2027(f)	$	112,428	$	14,435
3.00%, 12/15/2027(f)		2,717,220		190,668
3.27%, 12/15/2027(g)		708,250		38,877
6.50%, 02/01/2028(f)		13,028		1,785
7.50%, 12/15/2029(f)		29,645		5,421
6.00%, 12/15/2032(f)		94,041		14,589
PO, 0.00%, 06/01/2026(h)		13,725		13,305
				22,953,905
Federal Home Loan Mortgage Corp. (FHLMC)–0.11%
7.00%, 07/01/2021 to 10/01/2037		1,033,317		1,189,496
6.50%, 01/01/2022 to 04/01/2034		114,339		128,919
9.00%, 08/01/2022 to 05/01/2025		1,375		1,486
6.00%, 07/01/2024 to 11/01/2037		94,207		108,703
5.50%, 09/01/2039		614,283		712,033
				2,140,637
Federal National Mortgage Association (FNMA)–0.15%
6.50%, 12/01/2022 to 11/01/2031		776,569		873,395
8.50%, 07/01/2032		1,815		1,822
7.50%, 01/01/2033 to 08/01/2033		788,351		902,950
7.00%, 04/01/2033 to 04/01/2034		479,048		547,554
5.50%, 02/01/2035 to 05/01/2036		552,319		642,516
				2,968,237
Government National Mortgage Association (GNMA)–3.87%
ARM, 2.25%,(1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2025 to 07/20/2027(c)		2,199		2,269
IO, 7.38% (7.50% - (1.00 x 1 mo. USD LIBOR)), 02/16/2032(c)(f)		71,851		76
6.43% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037(c)(f)		838,222		160,444
6.53% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041(c)(f)		2,483,296		393,669
4.50%, 09/16/2047(f)		4,078,778		619,351
6.08% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047(c)(f)		3,600,104		668,943
TBA, 2.50%, 05/01/2051(i)		69,445,000		72,190,247
				74,034,999
Uniform Mortgage-Backed Securities–18.06%
TBA, 2.00%, 05/01/2036 to 05/01/2051(i)		341,573,051		346,009,406
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $444,464,121)				448,107,184

	Principal Amount		Value
Asset-Backed Securities–20.30%
Alternative Loan Trust,
Series 2005-21CB, Class A7, 5.50%, 06/25/2035	$	782,017	$	760,296
Series 2005-29CB, Class A4, 5.00%, 07/25/2035		353,970		280,447
American Credit Acceptance Receivables Trust,
Series 2017-4, Class D, 3.57%, 01/10/2024(b)		1,571,884		1,584,853
Series 2018-3, Class D, 4.14%, 10/15/2024(b)		410,000		416,072
Series 2018-4, Class C, 3.97%, 01/13/2025(b)		913,370		918,225
Series 2019-3, Class C, 2.76%, 09/12/2025(b)		2,700,000		2,735,460
AmeriCredit Automobile Receivables Trust,
Series 2017-2, Class D, 3.42%, 04/18/2023		3,735,000		3,805,769
Series 2017-3, Class D, 3.18%, 07/18/2023		4,000,000		4,100,788
Series 2017-4, Class D, 3.08%, 12/18/2023		2,885,000		2,966,756
Series 2018-3, Class C, 3.74%, 10/18/2024		4,225,000		4,423,423
Series 2019-2, Class C, 2.74%, 04/18/2025		1,645,000		1,709,199
Series 2019-2, Class D, 2.99%, 06/18/2025		4,570,000		4,789,614
Series 2019-3, Class D, 2.58%, 09/18/2025		2,285,000		2,374,633
Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(j)		1,828,318		1,846,779
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(j)		5,151,229		5,210,749
Bain Capital Credit CLO Ltd.,
Series 2017-2A, Class AR, 1.43% (3 mo. USD LIBOR + 1.25%), 07/25/2030(b)(c)		7,334,741		7,345,852
Banc of America Funding Trust,
Series 2007-1, Class 1A3, 6.00%, 01/25/2037		257,206		253,603
Series 2007-C, Class 1A4, 3.06%, 05/20/2036(j)		102,691		103,408
Banc of America Mortgage Trust,
Series 2007-1, Class 1A24, 6.00%, 03/25/2037		333,193		334,683
Bank, Series 2019-BNK16,
Class XA, IO, 1.12%, 02/15/2052(g)		24,436,449		1,462,705
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035(c)		238,843		243,831
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(c)		624,055		647,618
Benchmark Mortgage Trust,
Series 2018-B1, Class XA, IO, 0.65%, 01/15/2051(g)		35,065,722		975,925

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

12                         Invesco Core Bond Fund

	Principal Amount		Value
Capital Auto Receivables Asset Trust, Series 2017-1, Class D, 3.15%, 02/20/2025(b)	$	560,000	$	564,324
Series 2018-2, Class B, 3.48%, 10/20/2023(b)		14,864		14,889
Series 2018-2, Class C, 3.69%, 12/20/2023(b)		1,950,000		1,961,026
Capital Lease Funding Securitization L.P., Series 1997-CTL1, Class IO, 1.51%, 06/22/2024(b)(g)		18,472		154
CarMax Auto Owner Trust, Series 2017-4, Class D, 3.30%, 05/15/2024		1,435,000		1,457,021
CCG Receivables Trust, Series 2018-1, Class B, 3.09%, 06/16/2025(b)		1,105,469		1,108,461
Series 2018-2, Class C, 3.87%, 12/15/2025(b)		980,000		1,002,263
Series 2019-2, Class B, 2.55%, 03/15/2027(b)		1,845,000		1,901,089
Series 2019-2, Class C, 2.89%, 03/15/2027(b)		900,000		924,135
CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 1.06%, 11/13/2050(g)		11,171,270		438,382
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(b)(j)		337,030		347,249
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.07%, 01/25/2036(j)		571,490		551,133
CIFC Funding Ltd., Series 2014-5A, Class A1R2, 1.39% (3 mo. USD LIBOR + 1.20%), 10/17/2031(b)(c)		1,497,000		1,498,950
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class XA, IO, 1.17%, 11/10/2046(g)		12,550,214		271,225
Series 2014-GC21, Class AA, 3.48%, 05/10/2047		927,129		969,104
Series 2017-C4, Class XA, IO, 1.23%, 10/12/2050(g)		29,527,748		1,465,642
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Class 1A1, 2.48% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(c)		1,159,739		1,211,480
CNH Equipment Trust, Series 2017-C, Class B, 2.54%, 05/15/2025		960,000		973,053
Series 2019-A, Class A4, 3.22%, 01/15/2026		1,910,000		2,000,707
COLT Mortgage Loan Trust, Series 2020-1, Class A1, 2.49%, 02/25/2050(b)(j)		3,751,165		3,791,225
Series 2020-2, Class A1, 1.85%, 03/25/2065(b)(j)		2,350,814		2,373,935

	Principal Amount		Value
COMM Mortgage Trust, Series 2012-CR5, Class XA, IO, 1.65%, 12/10/2045(g)	$	11,475,931	$	228,311
Series 2013-CR6, Class AM, 3.15%, 03/10/2046(b)		2,945,000		3,048,840
Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		724,200		756,432
Series 2014-LC15, Class AM, 4.20%, 04/10/2047		2,865,000		3,103,378
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		5,720,000		6,226,205
Credit Suisse Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		10,613,000		10,889,159
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(b)(j)		1,611,836		1,607,161
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(b)(j)		1,929,982		1,933,842
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		702,053		540,601
Dell Equipment Finance Trust, Series 2018-1, Class B, 3.34%, 06/22/2023(b)		215,757		216,141
Series 2019-1, Class C, 3.14%, 03/22/2024(b)		5,330,000		5,414,150
Series 2019-2, Class D, 2.48%, 04/22/2025(b)		1,925,000		1,952,464
Drive Auto Receivables Trust, Series 2017-1, Class D, 3.84%, 03/15/2023		1,186,304		1,195,233
Series 2018-1, Class D, 3.81%, 05/15/2024		1,276,432		1,297,622
Series 2018-2, Class D, 4.14%, 08/15/2024		2,832,180		2,898,087
Series 2018-3, Class D, 4.30%, 09/16/2024		3,221,286		3,302,500
Series 2018-5, Class C, 3.99%, 01/15/2025		2,529,793		2,576,612
Series 2019-1, Class C, 3.78%, 04/15/2025		4,038,251		4,085,995
DT Auto Owner Trust, Series 2017-3A, Class D, 3.58%, 05/15/2023(b)		53,073		53,210
Series 2017-3A, Class E, 5.60%, 08/15/2024(b)		3,305,000		3,370,602
Series 2018-3A, Class C, 3.79%, 07/15/2024(b)		968,838		975,236
Ellington Financial Mortgage Trust, Series 2020-1, Class A1, 2.01%, 05/25/2065(b)(j)		1,121,027		1,139,015
Series 2021-1, Class A1, 0.80%, 02/25/2066(b)(j)		882,447		882,611
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30%, 03/15/2024(b)		5,180,000		5,252,016
First Horizon Alternative Mortgage Securities Trust, Series 2005- FA8, Class 1A6, 0.76% (1 mo. USD LIBOR + 0.65%), 11/25/2035(c)		501,726		233,184
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A2, 0.71% (1 mo. USD LIBOR + 0.60%), 09/15/2024(c)		9,380,000		9,445,161

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

13                         Invesco Core Bond Fund

	Principal Amount		Value
FREMF Mortgage Trust, Series 2012-K23, Class C, 3.78%, 10/25/2045(b)(j)	$	680,000	$	703,309
Series 2013-K25, Class C, 3.74%, 11/25/2045(b)(j)		605,000		628,135
Series 2013-K26, Class C, 3.72%, 12/25/2045(b)(j)		1,165,000		1,211,703
Series 2013-K27, Class C, 3.62%, 01/25/2046(b)(j)		650,000		677,924
Series 2013-K28, Class C, 3.61%, 06/25/2046(b)(j)		2,580,000		2,699,407
Series 2015-K44, Class B, 3.81%, 01/25/2048(b)(j)		1,175,000		1,275,466
Series 2017-K62, Class B, 4.00%, 01/25/2050(b)(j)		1,040,000		1,136,503
Series 2017-K724, Class B, 5.26%, 11/25/2023(b)(j)		780,000		827,094
GoldenTree Loan Management US CLO 1 Ltd., Series 2021-9A, Class A, 1.19% (3 mo. USD LIBOR + 1.07%), 01/20/2033(b)(c)		1,712,000		1,716,094
GS Mortgage Securities Trust, Series 2012-GC6, Class A3, 3.48%, 01/10/2045		1,346,357		1,356,123
Series 2012-GC6, Class AS, 4.95%, 01/10/2045(b)		1,666,000		1,696,466
Series 2013-GC16, Class AS, 4.65%, 11/10/2046		974,215		1,054,571
Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046		203,682		207,049
Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		737,323		765,110
Series 2020-GC47, Class A5, 2.38%, 05/12/2053		3,780,000		3,851,009
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.27%, 07/25/2035(j)		96,228		99,896
HomeBanc Mortgage Trust, Series 2005-3, Class A2, 0.73% (1 mo. USD LIBOR + 0.62%), 07/25/2035(c)		38,200		38,365
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class AS, 4.52%, 12/15/2046		3,490,000		3,764,637
Series 2013-LC11, Class AS, 3.22%, 04/15/2046		1,722,000		1,791,617
Series 2014-C20, Class AS, 4.04%, 07/15/2047		3,950,000		4,263,357
Series 2016-JP3, Class A2, 2.43%, 08/15/2049		1,645,426		1,654,080
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 2.58%, 07/25/2035(j)		395,194		404,805
JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class AS, 4.07%, 11/15/2047		6,036,000		6,552,801
Series 2015-C27, Class XA, IO, 1.30%, 02/15/2048(g)		33,491,194		1,231,364
Series 2015-C28, Class AS, 3.53%, 10/15/2048		3,400,000		3,637,223
LB Commercial Conduit Mortgage Trust, Series 1998-C1, Class IO, 1.10%, 02/18/2030(g)		23,473		1

	Principal Amount		Value
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(b)(j)	$	9,962	$	6,480
Life Mortgage Trust, Series 2021-BMR, Class A, 0.82% (1 mo. USD LIBOR + 0.70%), 03/15/2038(b)(c)		2,295,000		2,299,939
Series 2021-BMR, Class B, 1.00% (1 mo. USD LIBOR + 0.88%), 03/15/2038(b)(c)		2,220,000		2,225,015
Series 2021-BMR, Class C, 1.22% (1 mo. USD LIBOR + 1.10%), 03/15/2038(b)(c)		1,570,000		1,574,562
Madison Park Funding XLVIII Ltd, Series 2021-48A, Class A, 1.29% (3 mo. USD LIBOR + 1.15%), 04/19/2033(b)(c)		10,755,000		10,741,158
Morgan Stanley BAML Trust, Series 2013-C9, Class AS, 3.46%, 05/15/2046		6,222,000		6,488,387
Series 2014-C19, Class AS, 3.83%, 12/15/2047		5,035,000		5,435,050
Morgan Stanley Capital I Trust, Series 2011-C2, Class A4, 4.66%, 06/15/2044(b)		467,353		470,482
Series 2017-HR2, Class XA, IO, 0.93%, 12/15/2050(g)		13,126,463		552,337
Mortgage-Linked Amortizing Notes, Series 2012-1, Class A10, 2.06%, 01/15/2022		1,660,759		1,681,488
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 1.21% (3 mo. USD LIBOR + 1.02%), 04/19/2030(b)(c)		5,054,000		5,057,722
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 1.25% (3 mo. USD LIBOR + 1.06%), 04/16/2033(b)(c)		3,402,000		3,408,539
OCP CLO Ltd. (Cayman Islands), Series 2017-13A, Class A1A, 1.44% (3 mo. USD LIBOR + 1.26%), 07/15/2030(b)(c)		3,192,000		3,194,615
Series 2020-8RA, Class A1, 1.44% (3 mo. USD LIBOR + 1.22%), 01/17/2032(b)(c)		6,027,000		6,032,176
Octagon Investment Partners 31 Ltd., Series 2017-1A, Class AR, 1.24% (3 mo. USD LIBOR + 1.05%), 07/20/2030(b)(c)		5,500,000		5,506,497
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 1.43% (3 mo. USD LIBOR + 1.22%), 01/15/2033(b)(c)		5,507,000		5,511,941
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 1.45% (3 mo. USD LIBOR + 1.26%), 01/20/2033(b)(c)		5,076,061		5,086,654
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024(b)		1,965,000		2,003,119
Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037(b)		6,825,000		6,934,954

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

14                         Invesco Core Bond Fund

	Principal Amount		Value
RBSSP Resecuritization Trust, Series 2010-1, Class 2A1, 2.44%, 07/26/2045(b)(j)	$	21,534	$	21,669
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		73,502		69,816
Series 2007-QS6, Class A28, 5.75%, 04/25/2037		347,882		334,837
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 02/25/2024(b)(j)		1,875,618		1,908,510
Santander Drive Auto Receivables Trust, Series 2017-2, Class D, 3.49%, 07/17/2023		1,310,449		1,321,282
Series 2017-3, Class D, 3.20%, 11/15/2023		3,052,966		3,089,176
Series 2018-1, Class D, 3.32%, 03/15/2024		1,605,000		1,629,375
Series 2018-2, Class D, 3.88%, 02/15/2024		2,665,000		2,726,409
Series 2018-5, Class C, 3.81%, 12/16/2024		1,295,951		1,303,828
Series 2019-2, Class D, 3.22%, 07/15/2025		3,210,000		3,330,006
Series 2019-3, Class D, 2.68%, 10/15/2025		2,805,000		2,894,198
Santander Retail Auto Lease Trust, Series 2019-A, Class C, 3.30%, 05/22/2023(b)		5,160,000		5,268,650
Star Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065(b)(j)		5,231,241		5,236,793
Series 2021-SFR1, Class A, 0.72% (1 mo. USD LIBOR + 0.60%), 04/17/2038(b)(c)		11,612,369		11,610,188
Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(j)		2,484,601		2,521,195
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 1.48% (3 mo. USD LIBOR + 1.29%), 04/18/2033(b)(c)		3,000,000		3,016,461
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(b)		5,160,000		5,213,037
TICP CLO XV Ltd., Series 2020-15A, Class A, 1.47% (3 mo. USD LIBOR + 1.28%), 04/20/2033(b)(c)		4,685,000		4,704,911
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(b)		4,618,012		4,525,654
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.14%, 11/15/2050(g)		19,788,585		894,697
United Auto Credit Securitization Trust, Series 2019-1, Class C, 3.16%, 08/12/2024(b)		412,259		412,734

	Principal Amount		Value
Verus Securitization Trust, Series 2020-1, Class A1, 2.42%, 01/25/2060(b)(k)	$	4,764,356	$	4,839,342
Series 2020-1, Class A2, 2.64%, 01/25/2060(b)(k)		1,733,386		1,761,111
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(b)(j)		985,939		1,002,035
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(j)		2,138,828		2,145,678
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(j)		4,431,788		4,421,692
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)		2,611,528		2,624,490
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7, 2.57%, 10/25/2033(j)		303,361		306,924
Series 2005-AR14, Class 1A4, 2.91%, 12/25/2035(j)		447,391		453,003
Series 2005-AR16, Class 1A1, 2.72%, 12/25/2035(j)		407,567		415,462
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048		3,761,114		3,881,148
Series 2017-C42, Class XA, IO, 1.03%, 12/15/2050(g)		18,237,267		886,608
Westlake Automobile Receivables Trust, Series 2018-1A, Class D, 3.41%, 05/15/2023(b)		1,087,418		1,090,998
Series 2019-3A, Class C, 2.49%, 10/15/2024(b)		4,570,000		4,662,952
WFRBS Commercial Mortgage Trust, Series 2013-C14, Class AS, 3.49%, 06/15/2046		2,330,000		2,424,955
Series 2014-C20, Class AS, 4.18%, 05/15/2047		1,693,000		1,817,909
Series 2014-C25, Class AS, 3.98%, 11/15/2047		5,225,000		5,676,098
Series 2014-LC14, Class AS, 4.35%, 03/15/2047(j)		2,174,838		2,348,247
World Financial Network Credit Card Master Trust, Series 2018-B, Class A, 3.46%, 07/15/2025		3,870,000		3,916,242
Series 2018-C, Class A, 3.55%, 08/15/2025		7,920,000		8,033,108
Series 2019-A, Class A, 3.14%, 12/15/2025		1,150,000		1,175,801
Series 2019-B, Class A, 2.49%, 04/15/2026		4,555,000		4,668,081
Series 2019-C, Class A, 2.21%, 07/15/2026		3,910,000		4,013,190
Total Asset-Backed Securities (Cost $386,619,466)				388,793,627
U.S. Treasury Securities–14.09%
U.S. Treasury Bonds–4.51%
1.88%, 02/15/2041		25,438,000		24,205,847
1.63%, 11/15/2050		72,682,800		62,189,221
				86,395,068

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

15                         Invesco Core Bond Fund

	Principal Amount	Value
U.S. Treasury Notes–9.58%
0.13%, 03/31/2023	$    17,600,500	$     17,592,250
0.38%, 04/15/2024	9,087,800	9,099,515
0.75%, 03/31/2026	96,206,500	95,838,210
1.25%, 03/31/2028	16,156,000	16,110,561
1.13%, 02/15/2031	47,024,900	44,912,453
		183,552,989
Total U.S. Treasury Securities (Cost $270,587,273)		269,948,057
	Shares
Preferred Stocks–0.69%
Asset Management & Custody Banks–0.15%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(d)	2,502,000	2,764,710
Diversified Banks–0.24%
JPMorgan Chase & Co., 3.66%, Series I, Pfd.	4,653,000	4,672,775
Investment Banking & Brokerage–0.21%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.(d)	4,042,000	4,099,396
Other Diversified Financial Services–0.09%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.(d)	1,502,000	1,620,283
Total Preferred Stocks (Cost $12,682,887)		13,157,164
	Principal Amount
Agency Credit Risk Transfer Notes–0.35%
Fannie Mae Connecticut Avenue Securities, Series 2016-C02, Class 1M2, 6.11% (1 mo. USD LIBOR + 6.00%), 09/25/2028(c)	$    2,485,444	2,625,755
Freddie Mac, Series 2014-DN3, Class M3, STACR® , 4.11% (1 mo. USD LIBOR + 4.00%), 08/25/2024(c)	1,293,016	1,321,417
Series 2018-DNA2, Class M1, STACR® , 0.91% (1 mo. USD LIBOR + 0.80%), 12/25/2030(b)(c)	733,196	733,499
Series 2018-DNA3, Class M1, STACR® , 0.86% (1 mo. USD LIBOR + 0.75%), 09/25/2048(b)(c)	2,752	2,752
Series 2018-HQA2, Class M1, STACR® , 0.86% (1 mo. USD LIBOR + 0.75%), 10/25/2048(b)(c)	459,078	459,150
Series 2019-HRP1, Class M2, STACR® , 1.51% (1 mo. USD LIBOR + 1.40%), 02/25/2049(b)(c)	1,022,406	1,023,241
Series 2020-DNA5, Class M1, STACR® , 1.31% (30 Day Average SOFR + 1.30%), 10/25/2050(b)(c)	543,020	544,040
Total Agency Credit Risk Transfer Notes (Cost $6,840,584)		6,709,854

	Principal Amount		Value
Municipal Obligations–0.26%
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041 (Cost $4,965,000)		$    4,965,000		$    4,961,343
	Shares
Money Market Funds–26.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(l)(m)		174,286,531		174,286,531
Invesco Liquid Assets Portfolio, Institutional Class, 0.01% (l) (m)		124,387,856		124,437,611
Invesco Treasury Portfolio, Institutional Class, 0.01%(l)(m)		199,184,607		199,184,607
Total Money Market Funds (Cost $497,915,267)				497,908,749
TOTAL INVESTMENTS IN SECURITIES–121.62% (Cost $2,314,303,013)				2,329,564,562
OTHER ASSETS LESS LIABILITIES- (21.62)%				(414,125,103	)
NET ASSETS–100.00%				$1,915,439,459

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

16                         Invesco Core Bond Fund

Investment Abbreviations:
ARM	–	Adjustable Rate Mortgage
Ctfs.	–	Certificates
IO	–	Interest Only
LIBOR	–	London Interbank Offered Rate
Pfd.	–	Preferred
PO	–	Principal Only
RB	–	Revenue Bonds
Ref.	–	Refunding
REIT	–	Real Estate Investment Trust
REMICs	–	Real Estate Mortgage Investment Conduits
SOFR	–	Secured Overnight Financing Rate
STACR®	–	Structured Agency Credit Risk
STRIPS	–	Separately Traded Registered Interest and Principal Security
TBA	–	To Be Announced
USD	–	U.S. Dollar

Notes to Schedule of Investments:

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

^(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $444,854,946, which represented 23.22% of the Fund’s Net Assets.

^(c)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2021.

^(d)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

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

^(f)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(g)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2021.

^(h)  Zero coupon bond issued at a discount.

⁽ⁱ⁾  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1M.

^(j)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2021.

^(k)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(l)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020	Purchases at Cost		Proceeds from Sales	Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$199,073,694		$ 96,903,231	$(121,690,394)		$           -		$              -			$174,286,531		$24,105
Invesco Liquid Assets Portfolio, Institutional Class	142,142,590		69,216,594	(86,921,710)		17,574		(17,437	)		124,437,611		30,488
Invesco Treasury Portfolio, Institutional Class	227,512,792		110,746,550	(139,074,735)		-		-			199,184,607		11,215
Total	$568,729,076		$276,866,375	$(347,686,839)		$17,574		$(17,437)			$497,908,749		$65,808

^(m)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month	Notional         Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		2,021	June-2021	$	446,151,538	$	(382,838	)		$(382,838	)
U.S. Treasury 5 Year Notes		1,796	June-2021		222,591,750		(1,267,627	)		(1,267,627	)
Subtotal-Long Futures Contracts							(1,650,465	)		(1,650,465	)

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

17                         Invesco Core Bond Fund

Open Futures Contracts–(continued)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional         Value			Value		Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Notes		203		June-2021	$	(26,802,344	)	$	481,695	$	481,695
U.S. Treasury 10 Year Ultra Bonds		890		June-2021		(129,536,718	)		2,711,747		2,711,747
U.S. Treasury Long Bonds		321		June-2021		(50,477,250	)		790,005		790,005
U.S. Treasury Ultra Bonds		84		June-2021		(15,616,125	)		324,001		324,001
Subtotal-Short Futures Contracts									4,307,448		4,307,448
Total Futures Contracts								$	2,656,983	$	2,656,983

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2021

U.S. Dollar Denominated Bonds & Notes	36.54	%
U.S. Government Sponsored Agency Mortgage-Backed Securities	23.39
Asset-Backed Securities	20.30
U.S. Treasury Securities	14.09
Security Types Each Less Than 1% of Portfolio	1.30
Money Market Funds Plus Other Assets Less Liabilities	4.38

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

18                         Invesco Core Bond Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 1,816,387,746)	$	1,831,655,813
Investments in affiliated money market funds, at value (Cost $ 497,915,267)		497,908,749
Other investments:
Variation margin receivable — futures contracts		176,393
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		3,177,593
Cash		1,467,547
Receivable for:
Investments sold		10,602,952
Fund shares sold		2,980,505
Dividends		7,159
Interest		6,576,855
Principal paydowns		15,931
Investment for trustee deferred compensation and retirement plans		196,591
Other assets		137,439
Total assets		2,354,903,527
Liabilities:
Payable for:
Investments purchased		433,714,872
Dividends		448,286
Fund shares reacquired		4,230,377
Accrued fees to affiliates		723,744
Accrued trustees’ and officers’ fees and benefits		588
Accrued other operating expenses		149,610
Trustee deferred compensation and retirement plans		196,591
Total liabilities		439,464,068
Net assets applicable to shares outstanding	$	1,915,439,459
Net assets consist of:
Shares of beneficial interest	$	1,905,576,850
Distributable earnings		9,862,609
	$	1,915,439,459

Net Assets:
Class A	$	784,557,681
Class C	$	77,623,853
Class R	$	79,158,198
Class Y	$	685,522,575
Class R5	$	16,940
Class R6	$	288,560,212
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		114,494,826
Class C		11,320,057
Class R		11,558,298
Class Y		100,664,830
Class R5		2,472
Class R6		42,135,112
Class A:
Net asset value per share	$	6.85
Maximum offering price per share (Net asset value of $6.85 ÷ 95.75%)	$	7.15
Class C:
Net asset value and offering price per share	$	6.86
Class R:
Net asset value and offering price per share	$	6.85
Class Y:
Net asset value and offering price per share	$	6.81
Class R5:
Net asset value and offering price per share	$	6.85
Class R6:
Net asset value and offering price per share	$	6.85

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

19                         Invesco Core Bond Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $953)	$	18,921,228
Dividends from affiliated money market funds		65,808
Total investment income		18,987,036
Expenses:
Advisory fees		3,206,079
Administrative services fees		135,822
Custodian fees		27,822
Distribution fees:
Class A		957,926
Class C		435,719
Class R		197,972
Transfer agent fees – A, C, R and Y		1,177,354
Transfer agent fees – R5		4
Transfer agent fees – R6		31,705
Trustees’ and officers’ fees and benefits		19,831
Registration and filing fees		88,899
Reports to shareholders		27,706
Professional services fees		54,228
Other		38,540
Total expenses		6,399,607
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(579,073	)
Net expenses		5,820,534
Net investment income		13,166,502
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(10,653,655	)
Affiliated investment securities		(17,437	)
Futures contracts		2,253,933
		(8,417,159	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(15,459,641	)
Affiliated investment securities		17,574
Futures contracts		3,709,830
		(11,732,237	)
Net realized and unrealized gain (loss)		(20,149,396	)
Net increase (decrease) in net assets resulting from operations	$	(6,982,894	)

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

20                         Invesco Core Bond Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income	$	13,166,502		$	41,650,219
Net realized gain (loss)		(8,417,159	)		120,595,816
Change in net unrealized appreciation (depreciation)		(11,732,237	)		(19,829,722	)
Net increase (decrease) in net assets resulting from operations		(6,982,894	)		142,416,313
Distributions to shareholders from distributable earnings:
Class A		(18,920,118	)		(45,423,372	)
Class C		(1,944,558	)		(5,272,451	)
Class R		(1,800,342	)		(4,539,639	)
Class Y		(16,872,532	)		(35,631,087	)
Class R5		(449	)		(1,300	)
Class R6		(7,074,748	)		(47,374,186	)
Total distributions from distributable earnings		(46,612,747	)		(138,242,035	)
Share transactions–net:
Class A		42,999,281			202,087,982
Class C		(14,896,312	)		19,992,295
Class R		2,543,149			20,481,858
Class Y		82,027,741			94,194,446
Class R5		-			(1,500	)
Class R6		32,591,991			(710,966,085	)
Net increase (decrease) in net assets resulting from share transactions		145,265,850			(374,211,004	)
Net increase (decrease) in net assets		91,670,209			(370,036,726	)
Net assets:
Beginning of period		1,823,769,250			2,193,805,976
End of period	$	1,915,439,459		$	1,823,769,250

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

21                         Invesco Core Bond Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)  (e)
Class A
Six months ended 04/30/21		$	7.05		$	0.04		$	(0.07	)		$	(0.03	)		$	(0.05	)		$	(0.12	)		$	(0.17	)		$	6.85		(0.45	)%(f)		$	784,558		0.73	%(f)(g)		0.77	%(f)(g)		1.28	(f)(g)		259	%
Year ended 10/31/20			7.03			0.14			0.37				0.51				(0.15	)			(0.34	)			(0.49	)			7.05		7.36	(f)			763,731		0.74	(f)		0.80	(f)		1.98	(f)		397
Ten months ended 10/31/19			6.57			0.17			0.46				0.63				(0.17	)			–				(0.17	)			7.03		9.73				563,054		0.75	(h)		0.81	(h)		2.95	(h)		86
Year ended 12/31/18			6.86			0.21			(0.29	)			(0.08	)			(0.21	)			–				(0.21	)			6.57		(1.12	)			478,723		0.75			0.80			3.18			64
Year ended 12/31/17			6.76			0.18			0.11				0.29				(0.19	)			–				(0.19	)			6.86		4.29				561,713		0.77			0.87			2.62			86
Year ended 12/31/16			6.74			0.17			0.02				0.19				(0.17	)			–				(0.17	)			6.76		2.75				610,368		0.85			0.94			2.41			80
Year ended 12/31/15			6.92			0.21			(0.17	)			0.04				(0.22	)			–				(0.22	)			6.74		0.51				508,179		0.85			0.95			3.02			85
Class C
Six months ended 04/30/21			7.05			0.02			(0.07	)			(0.05	)			(0.02	)			(0.12	)			(0.14	)			6.86		(0.71	)			77,624		1.51	(g)		1.53	(g)		0.50	(g)		259
Year ended 10/31/20			7.03			0.08			0.37				0.45				(0.09	)			(0.34	)			(0.43	)			7.05		6.51				94,978		1.55			1.56			1.17			397
Ten months ended 10/31/19			6.58			0.12			0.46				0.58				(0.13	)			–				(0.13	)			7.03		8.85				75,026		1.54	(h)		1.56	(h)		2.15	(h)		86
Year ended 12/31/18			6.87			0.16			(0.29	)			(0.13	)			(0.16	)			–				(0.16	)			6.58		(1.90	)			91,596		1.55			1.55			2.38			64
Year ended 12/31/17			6.77			0.12			0.11				0.23				(0.13	)			–				(0.13	)			6.87		3.43				109,888		1.60			1.63			1.79			86
Year ended 12/31/16			6.75			0.11			0.02				0.13				(0.11	)			–				(0.11	)			6.77		1.92				127,465		1.65			1.69			1.60			80
Year ended 12/31/15			6.93			0.15			(0.17	)			(0.02	)			(0.16	)			–				(0.16	)			6.75		(0.30	)			123,612		1.65			1.71			2.20			85
Class R
Six months ended 04/30/21			7.04			0.03			(0.06	)			(0.03	)			(0.04	)			(0.12	)			(0.16	)			6.85		(0.45	)			79,158		1.01	(g)		1.03	(g)		1.00	(g)		259
Year ended 10/31/20			7.03			0.12			0.36				0.48				(0.13	)			(0.34	)			(0.47	)			7.04		6.90				78,849		1.04			1.06			1.68			397
Ten months ended 10/31/19			6.57			0.15			0.47				0.62				(0.16	)			–				(0.16	)			7.03		9.47				58,568		1.05	(h)		1.07	(h)		2.66	(h)		86
Year ended 12/31/18			6.86			0.19			(0.29	)			(0.10	)			(0.19	)			–				(0.19	)			6.57		(1.41	)			52,539		1.05			1.05			2.88			64
Year ended 12/31/17			6.76			0.16			0.10				0.26				(0.16	)			–				(0.16	)			6.86		3.95				61,691		1.10			1.12			2.29			86
Year ended 12/31/16			6.74			0.14			0.02				0.16				(0.14	)			–				(0.14	)			6.76		2.43				63,752		1.15			1.19			2.09			80
Year ended 12/31/15			6.92			0.19			(0.17	)			0.02				(0.20	)			–				(0.20	)			6.74		0.20				46,588		1.15			1.20			2.70			85
Class Y
Six months ended 04/30/21			7.00			0.05			(0.06	)			(0.01	)			(0.06	)			(0.12	)			(0.18	)			6.81		(0.17	)			685,523		0.43	(g)		0.53	(g)		1.58	(g)		259
Year ended 10/31/20			6.99			0.16			0.36				0.52				(0.17	)			(0.34	)			(0.51	)			7.00		7.56				622,504		0.44			0.56			2.28			397
Ten months ended 10/31/19			6.53			0.18			0.47				0.65				(0.19	)			–				(0.19	)			6.99		10.05				528,791		0.45	(h)		0.56	(h)		3.25	(h)		86
Year ended 12/31/18			6.82			0.23			(0.29	)			(0.06	)			(0.23	)			–				(0.23	)			6.53		(0.84	)			413,373		0.45			0.55			3.48			64
Year ended 12/31/17			6.72			0.20			0.11				0.31				(0.21	)			–				(0.21	)			6.82		4.60				343,689		0.48			0.62			2.93			86
Year ended 12/31/16			6.70			0.18			0.02				0.20				(0.18	)			–				(0.18	)			6.72		3.01				177,047		0.60			0.69			2.64			80
Year ended 12/31/15			6.88			0.22			(0.17	)			0.05				(0.23	)			–				(0.23	)			6.70		0.75				86,801		0.60			0.70			3.25			85
Class R5
Six months ended 04/30/21			7.05			0.06			(0.08	)			(0.02	)			(0.06	)			(0.12	)			(0.18	)			6.85		(0.29	)			17		0.40	(g)		0.42	(g)		1.61	(g)		259
Year ended 10/31/20			7.03			0.16			0.37				0.53				(0.17	)			(0.34	)			(0.51	)			7.05		7.71				17		0.43			0.44			2.29			397
Period ended 10/31/19(i)			6.81			0.10			0.21				0.31				(0.09	)			–				(0.09	)			7.03		4.60				19		0.40	(h)		0.41	(h)		3.29	(h)		86
Class R6
Six months ended 04/30/21			7.04			0.06			(0.07	)			(0.01	)			(0.06	)			(0.12	)			(0.18	)			6.85		(0.14	)			288,560		0.38	(g)		0.40	(g)		1.63	(g)		259
Year ended 10/31/20			7.02			0.17			0.36				0.53				(0.17	)			(0.34	)			(0.51	)			7.04		7.76				263,690		0.38			0.39			2.34			397
Ten months ended 10/31/19			6.57			0.19			0.45				0.64				(0.19	)			–				(0.19	)			7.02		9.91				968,348		0.38	(h)		0.39	(h)		3.31	(h)		86
Year ended 12/31/18			6.86			0.23			(0.28	)			(0.05	)			(0.24	)			–				(0.24	)			6.57		(0.77	)			902,457		0.40			0.41			3.53			64
Year ended 12/31/17			6.75			0.20			0.12				0.32				(0.21	)			–				(0.21	)			6.86		4.81				993,755		0.42			0.43			2.98			86
Year ended 12/31/16			6.74			0.19			0.01				0.20				(0.19	)			–				(0.19	)			6.75		2.96				614,674		0.49			0.50			2.77			80
Year ended 12/31/15			6.92			0.23			(0.17	)			0.06				(0.24	)			–				(0.24	)			6.74		0.85				598,204		0.50			0.51			3.35			85

^(a)  Calculated using average shares outstanding.

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

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.01%, 0.00%, 0.00%, 0.01% and 0.01% for the ten months ended October 31, 2019 and for the years end December 31, 2018, 2017, 2016 and 2015, respectively.

^(d)  The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $7,090,795,832 and $7,321,457,192, $10,593,719,030 and $10,775,658,902, $9,083,844,819 and $8,679,566,809, $7,572,160,629 and $7,520,146,688 and $6,548,843,476 and $6,610,174,477 for ten months ended October 31, 2019 and for the years ended December 31, 2018, 2017, 2016 and 2015, respectively.

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

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2021 and the year ended October 31, 2020, respectively.

^(g)  Ratios are annualized and based on average daily net assets (000’s omitted) of $788,355, $87,866, $79,845, $672,479, $17 and $277,253 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(h)  Annualized.

⁽ⁱ⁾  Commencement date after the close of business on May 24, 2019.

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

22                         Invesco Core Bond Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses

23                         Invesco Core Bond Fund

on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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

24                         Invesco Core Bond Fund

based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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

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

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

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

N. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

O. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
Up to $500 million	0.400	%
Next $500 million	0.350	%
Next $4 billion	0.330	%
Over $5 billion	0.310	%

* 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 six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.34%.

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

25                         Invesco Core Bond Fund

The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.75%, 1.56%, 1.05%, 0.45%, 0.45% and 0.40%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021, through at least February 28, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 0.70%, 1.45%, 0.95%, 0.45%, 0.45% and 0.45%, respectively of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

The Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $233,493 and reimbursed class level expenses of $83,256, $0, $0, $254,245, $0 and $5,540 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $51,012 in front-end sales commissions from the sale of Class A shares and $7,317 and $5,319 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2021. 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.

26                         Invesco Core Bond Fund

	Level 1			Level 2		Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–		$	699,978,584		$–	$	699,978,584
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			448,107,184		–		448,107,184
Asset-Backed Securities		–			388,793,627		–		388,793,627
U.S. Treasury Securities		–			269,948,057		–		269,948,057
Preferred Stocks		–			13,157,164		–		13,157,164
Agency Credit Risk Transfer Notes		–			6,709,854		–		6,709,854
Municipal Obligations		–			4,961,343		–		4,961,343
Money Market Funds		497,908,749			–		–		497,908,749
Total Investments in Securities		497,908,749			1,831,655,813		–		2,329,564,562
Other Investments - Assets*
Futures Contracts		4,307,448			–		–		4,307,448
Other Investments - Liabilities*
Futures Contracts		(1,650,465	)		–		–		(1,650,465	)
Total Other Investments		2,656,983			–		–		2,656,983
Total Investments	$	500,565,732		$	1,831,655,813		$–	$	2,332,221,545

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2021:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	4,307,448
Derivatives not subject to master netting agreements		(4,307,448	)
Total Derivative Assets subject to master netting agreements	$	-
	Value
Derivative Liabilities	Interest Rate Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(1,650,465	)
Derivatives not subject to master netting agreements		1,650,465
Total Derivative Liabilities subject to master netting agreements	$	-

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

Effect of Derivative Investments for the six months ended April 30, 2021

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

	Location of Gain on Statement of Operations
	Interest Rate Risk
Realized Gain:
Futures contracts		$2,253,933
Change in Net Unrealized Appreciation:
Futures contracts		3,709,830
Total		$5,963,763

27                         Invesco Core Bond Fund

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts
Average notional value	$	888,805,256

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,539.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have a capital loss carryforward as of October 31, 2020.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $639,321,669 and $579,996,555, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	41,337,476
Aggregate unrealized (depreciation) of investments		(22,926,875	)
Net unrealized appreciation of investments	$	18,410,601

Cost of investments for tax purposes is $2,313,810,944.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2021(a)				Year ended October 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Class A		17,807,129	$	124,044,558		44,725,365	$	318,388,852
Class C		2,002,898		14,021,457		7,112,457		50,607,917
Class R		2,417,974		16,802,526		5,128,843		36,499,181
Class Y		35,203,279		243,191,178		81,574,428		578,614,357
Class R6		12,373,183		85,854,744		28,385,347		201,331,387
Issued as reinvestment of dividends:
Class A		2,518,335		17,587,226		5,929,551		42,118,585
Class C		259,339		1,816,317		683,061		4,850,681
Class R		256,728		1,793,307		635,007		4,504,597
Class Y		1,962,170		13,617,535		4,254,539		30,004,623
Class R5		-		-		19		136
Class R6		789,174		5,508,150		5,671,283		40,277,639

28                         Invesco Core Bond Fund

				Summary of Share Activity
	Six months ended April 30, 2021(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		2,300,653		$	16,056,783			1,416,636		$	10,072,026
Class C		(2,297,661	)		(16,056,783	)		(1,416,066	)		(10,072,026	)
Reacquired:
Class A		(16,524,911	)		(114,689,286	)		(23,777,767	)		(168,491,481	)
Class C		(2,116,092	)		(14,677,303	)		(3,573,468	)		(25,394,277	)
Class R		(2,313,931	)		(16,052,684	)		(2,901,734	)		(20,521,920	)
Class Y		(25,392,885	)		(174,780,972	)		(72,614,369	)		(514,424,534	)
Class R5		-			-			(223	)		(1,636	)
Class R6		(8,473,780	)		(58,770,903	)		(134,489,423	)		(952,575,111	)
Net increase (decrease) in share activity		20,771,602		$	145,265,850			(53,256,514	)	$	(374,211,004	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

29                         Invesco Core Bond Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning       Account Value       (11/01/20)	Ending       Account Value       (04/30/21)1	Expenses       Paid During       Period2,3	Ending       Account Value       (04/30/21)4	Expenses       Paid During       Period	Annualized       Expense Ratio
Class A	$1,000.00	$995.50	$3.61	$1,021.17	$3.66	0.73%
Class C	1,000.00	992.90	7.46	1,017.31	7.55	1.51
Class R	1,000.00	995.50	5.00	1,019.79	5.06	1.01
Class Y	1,000.00	998.30	2.13	1,022.66	2.16	0.43
Class R5	1,000.00	997.10	1.98	1,022.81	2.01	0.40
Class R6	1,000.00	998.60	1.88	1,022.91	1.91	0.38

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective June 1, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.70%, 1.45%, 0.95%, 0.45%, 0.45%, and 0.45% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.68%, 1.43%, 0.93%, 0.43%, 0.40%, and 0.38% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $3.36, $7.07, $4.60, $2.13, $1.98 and $1.88 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $3.41, $7.15, $4.66, $2.16, $2.01 and $1.91 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

30                         Invesco Core Bond Fund

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

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.         

SEC file numbers: 811-03826 and 033-19338 Invesco Distributors, Inc. O-TRB-SAR-1

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Developing Markets Fund
	Nasdaq:
	A: ODMAX  ∎  C: ODVCX  ∎  R: ODVNX  ∎  Y: ODVYX  ∎  R5: DVMFX  ∎  R6: ODVIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
9	Consolidated Financial Statements
12	Consolidated Financial Highlights
13	Notes to Consolidated Financial Statements
19	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	23.32	%
Class C Shares	22.87
Class R Shares	23.14
Class Y Shares	23.46
Class R5 Shares	23.50
Class R6 Shares	23.55
MSCI Emerging Markets Index▼	22.95
Source(s): ▼RIMES Technologies Corp.
The MSCI Emerging Markets Index is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                      Invesco Developing Markets Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (11/18/96)	11.66	%
10 Years	4.46
5 Years	11.99
1 Year	38.28
Class C Shares
Inception (11/18/96)	11.63	%
10 Years	4.44
5 Years	12.41
1 Year	44.21
Class R Shares
Inception (3/1/01)	11.23	%
10 Years	4.76
5 Years	12.97
1 Year	45.94
Class Y Shares
Inception (9/7/05)	9.56	%
10 Years	5.34
5 Years	13.54
1 Year	46.69
Class R5 Shares
10 Years	5.12	%
5 Years	13.40
1 Year	46.77
Class R6 Shares
Inception (12/29/11)	8.49	%
5 Years	13.73
1 Year	46.90

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Developing Markets Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Developing Markets Fund. Note: The Fund was subsequently renamed the Invesco Developing Markets Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect

deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco Developing Markets Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                         Invesco Developing Markets Fund

Consolidated Schedule of Investments

April 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–92.60%
Brazil–5.65%
Ambev S.A.		82,325,224	$	226,422,593
B3 S.A. - Brasil, Bolsa, Balcao		32,643,660		309,486,932
Banco Bradesco S.A., Preference Shares		63,263,090		277,763,404
Lojas Americanas S.A., Preference Shares(a)		139,258,013		534,774,560
Lojas Renner S.A.		11,576,000		86,094,642
Pagseguro Digital Ltd., Class A(a)(b)		3,678,382		168,249,193
Vale S.A., ADR		66,014,168		1,328,205,060
				2,930,996,384
Chile–0.62%
Falabella S.A.		70,791,845		319,730,168
China–32.12%
Alibaba Group Holding Ltd.(b)		449,700		12,990,738
Alibaba Group Holding Ltd., ADR(b)		2,980,190		688,274,881
BeiGene Ltd., ADR(b)		1,569,659		539,240,653
Blue Moon Group Holdings Ltd.(b)(c)		53,774,239		75,282,059
Budweiser Brewing Co. APAC Ltd.(c)		102,501,300		323,643,729
Contemporary Amperex Technology Co. Ltd., A Shares		1,070,000		63,924,144
Gree Electric Appliances, Inc. of Zhuhai, A Shares		19,895,963		184,041,273
Hansoh Pharmaceutical Group Co. Ltd.(b)(c)		9,442,000		40,642,418
Huazhu Group Ltd., ADR(a)(b)		31,576,057		1,861,724,321
Innovent Biologics, Inc.(b)(c)		21,284,500		230,261,011
Jiangsu Hengrui Medicine Co. Ltd., A Shares		22,489,599		291,856,025
Kuaishou Technology(b)(c)		12,914,700		415,401,860
Meituan, B Shares(b)(c)		29,440,200		1,120,932,874
NetEase, Inc., ADR		7,027,561		787,508,486
New Horizon Health Ltd.(b)(c)		10,340,000		91,418,495
New Oriental Education & Technology Group, Inc., ADR(b)		45,866,157		699,917,556
OneConnect Financial Technology Co. Ltd., ADR(b)		16,476,206		242,859,276
Pinduoduo, Inc., ADR(b)		2,763,061		370,056,760
Ping An Insurance (Group) Co. of China Ltd., A Shares		74,360,660		832,645,145
Remegen Co. Ltd., H Shares(b)(c)		5,126,792		67,612,429
Sunny Optical Technology Group Co. Ltd.		2,022,900		48,812,311
TAL Education Group, ADR(b)		6,005,453		342,010,548
Tencent Holdings Ltd.		43,562,258		3,483,807,113
Tencent Music Entertainment Group, ADR(b)		14,191,924		247,223,316
Wuxi Biologics Cayman, Inc.(b)(c)		53,826,500		755,013,448
Yum China Holdings, Inc.(a)		27,413,432		1,724,853,141
Zai Lab Ltd., ADR(b)		162,225		26,963,417
ZTO Express Cayman, Inc.		2,232,932		71,119,955
ZTO Express Cayman, Inc., ADR(a)		31,747,114		1,020,987,186
				16,661,024,568

	Shares		Value
Colombia–0.32%
Grupo Aval Acciones y Valores S.A., ADR(a)		27,986,209	$	165,678,357
Egypt–0.59%
Commercial International Bank Egypt S.A.E.(a)		82,133,582		305,561,182
France–5.31%
Kering S.A.		2,662,463		2,132,777,152
LVMH Moet Hennessy Louis Vuitton SE		32,612		24,545,446
Pernod Ricard S.A.		2,912,165		597,545,788
				2,754,868,386
Hong Kong–3.74%
AIA Group Ltd.		152,458,200		1,938,104,949
India–12.98%
Godrej Properties Ltd.(b)		6,430,810		118,723,692
Havells India Ltd.		3,262,977		43,562,825
HDFC Bank Ltd.(b)		12,406,640		236,182,336
Housing Development Finance Corp. Ltd.		70,297,956		2,294,051,656
Infosys Ltd.		34,486,788		630,074,816
Kotak Mahindra Bank Ltd.(b)		67,195,690		1,585,566,014
Oberoi Realty Ltd.(a)(b)		26,073,650		192,507,749
Tata Consultancy Services Ltd.		29,442,588		1,205,670,826
Zee Entertainment Enterprises Ltd.(a)		171,668,476		428,827,591
				6,735,167,505
Indonesia–1.05%
PT Bank Central Asia Tbk		165,824,600		366,873,812
PT Bank Rakyat Indonesia (Persero) Tbk		81,921,500		22,945,332
PT Indocement Tunggal Prakarsa Tbk		103,121,518		91,673,131
PT Semen Indonesia (Persero) Tbk		90,584,700		65,284,314
				546,776,589
Italy–1.65%
Moncler S.p.A.(b)		3,073,083		188,897,639
PRADA S.p.A.(b)		107,019,010		665,591,298
				854,488,937
Mexico–5.39%
Alsea S.A.B. de C.V.(a)		74,445,337		121,092,652
Fomento Economico Mexicano, S.A.B. de C.V., ADR		2,191,596		169,848,690
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(a)		96,200,378		745,069,719
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B(b)		12,423,752		210,124,978
Grupo Mexico S.A.B. de C.V., Class B		230,076,096		1,040,038,906
Wal-Mart de Mexico S.A.B. de C.V.,
Series V		155,601,845		509,352,734
				2,795,527,679
Peru–0.51%
Credicorp Ltd.		2,216,112		264,603,773
Philippines–2.05%
Ayala Land, Inc.		481,408,400		321,939,383

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

5                         Invesco Developing Markets Fund

	Shares		Value
Philippines–(continued)
SM Investments Corp.		28,284,992	$      564,575,213
SM Prime Holdings, Inc.		249,314,539	178,292,961
			1,064,807,557
Poland–0.21%
InPost S.A.(b)		5,645,052	107,594,586
Russia–7.06%
Novatek PJSC, GDR(c)		9,488,480	1,707,606,411
Polyus PJSC(b)		1,342,020	247,528,947
Polyus PJSC, GDR(c)		1,319,684	121,907,261
Sberbank of Russia PJSC		26,822,555	106,205,677
Yandex N.V., Class A(a)(b)		22,554,296	1,478,434,103
			3,661,682,399
South Africa–0.57%
FirstRand Ltd.		84,434,520	297,013,557
South Korea–2.56%
Samsung Biologics Co. Ltd.(b)(c)		1,075,328	775,749,192
Samsung Electronics Co. Ltd.		7,547,920	551,543,974
			1,327,293,166
Switzerland–1.70%
Cie Financiere Richemont S.A.		8,546,672	876,984,173
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023(b)		15,598,668	6,661,353
			883,645,526
Taiwan–7.73%
Taiwan Semiconductor Manufacturing Co. Ltd.		185,180,429	4,012,824,693
Turkey–0.42%
Akbank T.A.S.		239,848,228	141,443,226
Turkiye Garanti Bankasi A.S.		89,208,053	77,647,164
			219,090,390
United Kingdom–0.37%
Prudential PLC		9,109,665	192,963,140
Total Common Stocks & Other Equity Interests (Cost $29,048,860,472)			48,039,443,491
Preferred Stocks–3.96%
Cayman Islands–0.14%
NU Holdings Ltd., (Acquired 01/27/2021; Cost $6,810,410)(c)(d)(e)		200,204	6,810,410
NU Holdings Ltd., (Acquired 01/27/2021; Cost $5,743,150)(c)(d)(e)		168,830	5,743,150
NU Holdings Ltd., Series A (Acquired 01/27/2021; Cost $8,911,015)(c)(d)(e)		261,955	8,911,015

	Shares		Value
Cayman Islands–(continued)
NU Holdings Ltd., Series B (Acquired 01/27/2021; Cost $510,192)(c)(d)(e)		14,998	$	510,192
NU Holdings Ltd., Series D (Acquired 01/27/2021; Cost $271,118)(c)(d)(e)		7,970		271,118
NU Holdings Ltd., Series G (Acquired 01/28/2021; Cost $52,173,910)(c)(d)(e)		1,533,744		52,173,910
NU Holdings Ltd., Series S (Acquired 01/27/2021; Cost $580,200)(c)(d)(e)		17,056		580,200
				74,999,995
China–0.56%
Xiaoju Kuaizhi, Inc., Series A-15, Pfd. (Acquired 05/20/2019; Cost $99,999,984)(d)(e)		2,083,333		106,108,525
Xiaoju Kuaizhi, Inc., Series A-18, Pfd. (Acquired 05/20/2019; Cost $99,999,991)(d)(e)		2,615,945		133,235,572
Xiaoju Kuaizhi, Inc., Series B-2, Pfd. (Acquired 05/20/2019; Cost $49,999,992)(d)(e)		981,699		49,999,992
				289,344,089
India–0.01%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd.(a)		189,591,305		4,914,311
Singapore–3.15%
Grab Holdings, Inc., Class H, Pfd. (Acquired 06/18/2019; Cost $1,319,169)(a)(d)(e)		104,679,791		1,634,270,946
United States–0.10%
Brii Biosciences Ltd., (Acquired 02/26/2021; Cost $49,999,998)(d)(e)		10,824,619		50,268,448
Total Preferred Stocks (Cost $1,020,131,043)				2,053,797,789
Money Market Funds–3.56%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(a)(f)		646,567,621		646,567,621
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(a)(f)		461,606,454		461,791,097
Invesco Treasury Portfolio, Institutional Class, 0.01%(a)(f)		738,934,424		738,934,424
Total Money Market Funds (Cost $1,847,287,166)				1,847,293,142
TOTAL INVESTMENTS IN SECURITIES–100.12% (Cost $31,916,278,681)				51,940,534,422
OTHER ASSETS LESS LIABILITIES–(0.12)%				(62,051,538	)
NET ASSETS–100.00%			$	51,878,482,884

Investment Abbreviations:

ADR – American Depositary Receipt

CPO – Certificates of Ordinary Participation

GDR – Global Depositary Receipt

Pfd. – Preferred

Wts. – Warrants

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

6                         Invesco Developing Markets Fund

Notes to Consolidated Schedule of Investments:

^(a)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	407,757,469	$	2,108,962,445	$	(1,870,152,293	)	$	-		$	-		$	646,567,621	$	56,434
Invesco Liquid Assets Portfolio, Institutional Class		291,207,617		1,506,401,747		(1,335,823,066	)		33,126			(28,327	)		461,791,097		57,132
Invesco Treasury Portfolio, Institutional Class		466,008,536		2,410,242,794		(2,137,316,906	)		-			-			738,934,424		25,748
Investments in Other Affiliates:
Alsea S.A.B. de C.V.		64,051,453		-		-			57,041,199			-			121,092,652		-
Commercial International Bank Egypt S.A.E.		305,134,981		15,093,163		-			(14,666,962	)		-			305,561,182		-
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO*		601,652,947		-		(120,741,629	)		294,523,544			(30,365,143	)		745,069,719		8,199,002
Grab Holdings, Inc., Class H, Pfd.		645,131,084		-		-			989,139,862			-			1,634,270,946		-
Grupo Aval Acciones y Valores S.A., ADR		127,057,389		-		-			38,620,968			-			165,678,357		4,149,060
Huazhu Group Ltd., ADR		1,259,926,511		-		(12,062,513	)		610,807,954			3,052,369			1,861,724,321		-
Lojas Americanas S.A., Preference Shares		504,549,989		65,413,467		-			(35,188,896	)		-			534,774,560		4,815,714
Oberoi Realty Ltd.		155,798,345		-		-			36,709,404			-			192,507,749		-
Pagseguro Digital Ltd., Class A*		354,897,560		-		(325,844,323	)		(1,567,469	)		140,763,425			168,249,193		-
Yandex N.V., Class A		1,255,511,776		50,623,367		-			172,298,960			-			1,478,434,103		-
Yum China Holdings, Inc.		1,607,665,129		-		(166,026,813	)		255,502,496			27,712,329			1,724,853,141		6,913,880
Zee Entertainment Enterprises Ltd.		434,835,076		-		-			(6,007,485	)		-			428,827,591		-
Zee Entertainment Enterprises Ltd., Pfd.*		9,312,314		-		-			(4,398,003	)		-			4,914,311		4,558,857
ZTO Express Cayman, Inc., ADR		978,260,472		-		(64,733,110	)		89,419,220			18,040,604			1,020,987,186		8,101,536
Total	$	9,468,758,648	$	6,156,736,983	$	(6,032,700,653	)	$	2,482,267,918		$	159,175,257		$	12,234,238,153	$	36,877,363

* At April 30, 2021, this security was no longer an affiliate of the Fund.

^(b)  Non-income producing security.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $5,800,471,182, which represented 11.18% of the Fund’s Net Assets.

^(d)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(e)  Restricted security. The aggregate value of these securities at April 30, 2021 was $2,048,883,478, which represented 3.95% of the Fund’s Net Assets. (f) The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

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

7                         Invesco Developing Markets Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021

Consumer Discretionary	26.77	%
Financials	18.29
Information Technology	13.22
Communication Services	13.20
Materials	5.58
Health Care	5.53
Consumer Staples	5.10
Industrials	4.01
Energy	3.29
Real Estate	1.57
Money Market Funds Plus Other Assets Less Liabilities	3.44

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

8                         Invesco Developing Markets Fund

Consolidated Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $24,114,683,630)	$	40,624,529,492
Investments in affiliates, at value (Cost $7,801,595,051)		11,316,004,930
Cash		3,128,056
Foreign currencies, at value (Cost $279,692,445)		281,674,981
Receivable for:
Investments sold		15,623,040
Fund shares sold		46,831,141
Dividends		9,915,893
Investment for trustee deferred compensation and retirement plans		1,536,930
Other assets		315,026
Total assets		52,299,559,489
Liabilities:
Payable for:
Investments purchased		109,759,593
Fund shares reacquired		35,304,641
Accrued foreign taxes		245,352,050
Accrued fees to affiliates		13,790,768
Accrued trustees’ and officers’ fees and benefits		268,915
Accrued other operating expenses		15,063,708
Trustee deferred compensation and retirement plans		1,536,930
Total liabilities		421,076,605
Net assets applicable to shares outstanding	$	51,878,482,884
Net assets consist of:
Shares of beneficial interest	$	30,078,807,287
Distributable earnings		21,799,675,597
	$	51,878,482,884

Net Assets:
Class A	$	4,991,465,424
Class C	$	86,651,579
Class R	$	429,596,626
Class Y	$	23,463,220,385
Class R5	$	10,795,038
Class R6	$	22,896,753,832
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		88,298,942
Class C		1,674,531
Class R		7,944,038
Class Y		421,272,636
Class R5		191,183
Class R6		410,979,038
Class A:
Net asset value per share	$	56.53
Maximum offering price per share (Net asset value of $56.53 ÷ 94.50%)	$	59.82
Class C:
Net asset value and offering price per share	$	51.75
Class R:
Net asset value and offering price per share	$	54.08
Class Y:
Net asset value and offering price per share	$	55.70
Class R5:
Net asset value and offering price per share	$	56.46
Class R6:
Net asset value and offering price per share	$	55.71

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

9                         Invesco Developing Markets Fund

Consolidated Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $19,954,746)	$	173,167,472
Dividends from affiliates (net of foreign withholding taxes of $4,686,669)		36,877,363
Total investment income		210,044,835
Expenses:
Advisory fees		181,309,169
Administrative services fees		3,479,682
Custodian fees		7,116,970
Distribution fees:
Class A		5,981,734
Class C		765,174
Class R		1,081,493
Transfer agent fees — A, C, R and Y		21,190,097
Transfer agent fees — R5		7,315
Transfer agent fees — R6		316,329
Trustees’ and officers’ fees and benefits		252,035
Registration and filing fees		219,609
Reports to shareholders		1,278,901
Professional services fees		242,903
Other		476,877
Total expenses		223,718,288
Less: Fees waived and/or expense offset arrangement(s)		(493,909	)
Net expenses		223,224,379
Net investment income (loss)		(13,179,544	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $19,318,738)		2,462,473,630
Affiliated investment securities		159,175,257
Foreign currencies		(8,131,503	)
		2,613,517,384
Change in net unrealized appreciation of:
Unaffiliated investment securities (net of foreign taxes of $138,391,003)		4,374,678,405
Affiliated investment securities		2,482,267,918
Foreign currencies		1,878,457
		6,858,824,780
Net realized and unrealized gain		9,472,342,164
Net increase in net assets resulting from operations	$	9,459,162,620

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

10                         Invesco Developing Markets Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30,			October 31,
	2021			2020
Operations:
Net investment income (loss)	$	(13,179,544	)	$	140,475,324
Net realized gain (loss)		2,613,517,384			(487,923,360	)
Change in net unrealized appreciation		6,858,824,780			2,383,753,499
Net increase in net assets resulting from operations		9,459,162,620			2,036,305,463
Distributions to shareholders from distributable earnings:
Class A		–			(105,565,232	)
Class C		–			(8,285,253	)
Class R		–			(9,707,033	)
Class Y		(48,200,650	)		(489,453,379	)
Class R5		(44,458	)		(165,471	)
Class R6		(70,287,712	)		(464,803,857	)
Total distributions from distributable earnings		(118,532,820	)		(1,077,980,225	)
Share transactions–net:
Class A		(99,906,758	)		(839,577,635	)
Class C		(181,103,579	)		(177,523,936	)
Class R		(45,621,769	)		(94,929,873	)
Class Y		745,391,738			(1,293,557,827	)
Class R5		(5,804,814	)		6,442,779
Class R6		1,926,108,200			(572,290,098	)
Net increase (decrease) in net assets resulting from share transactions		2,339,063,018			(2,971,436,590	)
Net increase (decrease) in net assets		11,679,692,818			(2,013,111,352	)
Net assets:
Beginning of period		40,198,790,066			42,211,901,418
End of period	$	51,878,482,884		$	40,198,790,066

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

11                         Invesco Developing Markets Fund

Consolidated Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/21		$	45.84		$	(0.09	)		$	10.78			$	10.69			$	-			$	-			$	-			$	56.53		23.32	%		$	4,991,465		1.20	%(e)		1.20	%(e)		(0.33	)%(e)		22	%
Year ended 10/31/20			44.28			0.04				2.50				2.54				(0.11	)			(0.87	)			(0.98	)			45.84		5.75				4,130,292		1.22			1.22			0.08			30
Two months ended 10/31/19			42.05			0.06				2.17				2.23				-				-				-				44.28		5.30				4,881,008		1.24	(f)		1.24	(f)		0.80	(f)		7
Year ended 08/31/19			42.01			0.14				0.01				0.15				(0.11	)			-				(0.11	)			42.05		0.34				4,686,134		1.27			1.27			0.34			28
Year ended 08/31/18			41.49			0.06				0.59				0.65				(0.13	)			-				(0.13	)			42.01		1.59				5,277,791		1.29			1.29			0.13			36
Year ended 08/31/17			33.45			0.13				7.98				8.11				(0.07	)			-				(0.07	)			41.49		24.32				6,350,957		1.32			1.32			0.37			33
Year ended 08/31/16			30.06			0.12				3.40				3.52				(0.13	)			-				(0.13	)			33.45		11.74				6,574,857		1.32			1.32			0.38			18
Class C
Six months ended 04/30/21			42.11			(0.27	)			9.91				9.64				-				-				-				51.75		22.89				86,652		1.95	(e)		1.95	(e)		(1.08	)(e)		22
Year ended 10/31/20			40.96			(0.27	)			2.29				2.02				-				(0.87	)			(0.87	)			42.11		4.93				225,906		1.97			1.97			(0.67	)		30
Two months ended 10/31/19			38.95			-				2.01				2.01				-				-				-				40.96		5.16				403,027		2.00	(f)		2.00	(f)		0.03	(f)		7
Year ended 08/31/19			39.10			(0.16	)			0.01				(0.15	)			-				-				-				38.95		(0.41	)			493,169		2.02			2.02			(0.42	)		28
Year ended 08/31/18			38.79			(0.25	)			0.56				0.31				-				-				-				39.10		0.80				826,481		2.05			2.05			(0.62	)		36
Year ended 08/31/17			31.44			(0.13	)			7.48				7.35				-				-				-				38.79		23.38				973,031		2.07			2.07			(0.39	)		33
Year ended 08/31/16			28.35			(0.11	)			3.20				3.09				-				-				-				31.44		10.90				1,046,894		2.07			2.07			(0.39	)		18
Class R
Six months ended 04/30/21			43.91			(0.15	)			10.32				10.17				-				-				-				54.08		23.16				429,597		1.45	(e)		1.45	(e)		(0.58	)(e)		22
Year ended 10/31/20			42.48			(0.07	)			2.40				2.33				(0.03	)			(0.87	)			(0.90	)			43.91		5.49				387,506		1.47			1.47			(0.17	)		30
Two months ended 10/31/19			40.36			0.04				2.08				2.12				-				-				-				42.48		5.25				472,840		1.50	(f)		1.50	(f)		0.54	(f)		7
Year ended 08/31/19			40.32			0.03				0.01				0.04				-				-				-				40.36		0.10				471,206		1.52			1.52			0.08			28
Year ended 08/31/18			39.84			(0.05	)			0.58				0.53				(0.05	)			-				(0.05	)			40.32		1.32				585,385		1.55			1.55			(0.12	)		36
Year ended 08/31/17			32.13			0.05				7.66				7.71				-				-				-				39.84		24.01				680,861		1.57			1.57			0.14			33
Year ended 08/31/16			28.88			0.04				3.27				3.31				(0.06	)			-				(0.06	)			32.13		11.47				634,007		1.57			1.57			0.14			18
Class Y
Six months ended 04/30/21			45.21			(0.02	)			10.63				10.61				(0.12	)			-				(0.12	)			55.70		23.48				23,463,220		0.95	(e)		0.95	(e)		(0.08	)(e)		22
Year ended 10/31/20			43.70			0.14				2.48				2.62				(0.24	)			(0.87	)			(1.11	)			45.21		6.01				18,432,202		0.97			0.97			0.33			30
Two months ended 10/31/19			41.49			0.07				2.14				2.21				-				-				-				43.70		5.33				19,342,101		1.00	(f)		1.00	(f)		1.04	(f)		7
Year ended 08/31/19			41.48			0.24				0.00				0.24				(0.23	)			-				(0.23	)			41.49		0.61				18,525,445		1.02			1.02			0.59			28
Year ended 08/31/18			40.98			0.16				0.59				0.75				(0.25	)			-				(0.25	)			41.48		1.82				17,898,340		1.05			1.05			0.38			36
Year ended 08/31/17			33.06			0.24				7.85				8.09				(0.17	)			-				(0.17	)			40.98		24.61				17,496,988		1.07			1.07			0.67			33
Year ended 08/31/16			29.73			0.19				3.36				3.55				(0.22	)			-				(0.22	)			33.06		12.04				13,551,480		1.07			1.07			0.62			18
Class R5
Six months ended 04/30/21			45.85			(0.01	)			10.77				10.76				(0.15	)			-				(0.15	)			56.46		23.50				10,795		0.90	(e)		0.90	(e)		(0.03	)(e)		22
Year ended 10/31/20			44.33			0.17				2.52				2.69				(0.30	)			(0.87	)			(1.17	)			45.85		6.10				13,560		0.89			0.89			0.41			30
Two months ended 10/31/19			42.08			0.08				2.17				2.25				-				-				-				44.33		5.35				6,006		0.88	(f)		0.88	(f)		1.16	(f)		7
Period ended 08/31/19(g)			41.26			0.09				0.73				0.82				-				-				-				42.08		1.99				10		0.87	(f)		0.87	(f)		0.74	(f)		28
Class R6
Six months ended 04/30/21			45.25			0.02				10.63				10.65				(0.19	)			-				(0.19	)			55.71		23.55				22,896,754		0.80	(e)		0.80	(e)		0.07	(e)		22
Year ended 10/31/20			43.75			0.21				2.48				2.69				(0.32	)			(0.87	)			(1.19	)			45.25		6.17				17,009,325		0.82			0.82			0.48			30
Two months ended 10/31/19			41.52			0.09				2.14				2.23				-				-				-				43.75		5.37				17,106,921		0.83	(f)		0.83	(f)		1.21	(f)		7
Year ended 08/31/19			41.52			0.31				(0.01	)			0.30				(0.30	)			-				(0.30	)			41.52		0.77				16,224,242		0.86			0.86			0.75			28
Year ended 08/31/18			41.01			0.23				0.59				0.82				(0.31	)			-				(0.31	)			41.52		2.00				13,987,540		0.87			0.87			0.55			36
Year ended 08/31/17			33.09			0.31				7.84				8.15				(0.23	)			-				(0.23	)			41.01		24.84				11,559,582		0.88			0.88			0.87			33
Year ended 08/31/16			29.77			0.26				3.36				3.62				(0.30	)			-				(0.30	)			33.09		12.22				7,861,500		0.88			0.88			0.87			18

^(a)  Calculated using average of Units outstanding.

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

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the two months ended October 31, 2019 and for the years ended August 31, 2019, 2018, 2017 and 2016, respectively.

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

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $4,881,540, $154,303, $436,182, $22,215,534, $14,206 and $21,033,235 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

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

12                         Invesco Developing Markets Fund

Notes to Consolidated Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund will seek long term capital appreciation by investing primarily in companies established or operating in the People’s Republic of China through investments in the China A Shares Fund (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of Delaware. The Fund may invest up to 10% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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.

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income

13                         Invesco Developing Markets Fund

and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

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

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

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

G. Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

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

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

14                         Invesco Developing Markets Fund

based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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

K. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

L. Other Risks – The Fund’s investments in Class A Shares of Chinese companies involve certain risks and special considerations not typically associated with investments in U.S. companies, such as greater government control over the economy, political and legal uncertainty, currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support economic reform programs and the risk of nationalization or expropriation of assets. The Fund may invest directly in China A shares through Stock Connect, and will be subject to the following risks: sudden changes in quota limitations, application of trading suspensions, differences in trading days between the PRC and Stock Connect, operational risk, clearing and settlement risk and regulatory and taxation risk.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
First $ 250 million	1.000%
Next $250 million	0.950%
Next $500 million	0.900%
Next $6 billion	0.850%
Next $3 billion	0.800%
Next $20 billion	0.750%
Next $15 billion	0.740%
Over $45 billion	0.730%

* 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 six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.75%.

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

The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.29%, 2.05%, 1.55%, 1.05%, 0.92%, and 0.87%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2022, the Adviser has agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00%, and 2.00%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $490,055.

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 six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

15                         Invesco Developing Markets Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $40,846 in front-end sales commissions from the sale of Class A shares and $166 and $1,063 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements    may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Brazil	$	2,930,996,384	$	–	$	–	$	2,930,996,384
Cayman Islands		–		–		74,999,995		74,999,995
Chile		319,730,168		–		–		319,730,168
China		8,551,619,541		8,109,405,027		289,344,089		16,950,368,657
Colombia		165,678,357		–		–		165,678,357
Egypt		–		305,561,182		–		305,561,182
France		–		2,754,868,386		–		2,754,868,386
Hong Kong		–		1,938,104,949		–		1,938,104,949
India		4,914,311		6,735,167,505		–		6,740,081,816
Indonesia		–		546,776,589		–		546,776,589
Italy		–		854,488,937		–		854,488,937
Mexico		2,795,527,679		–		–		2,795,527,679
Peru		264,603,773		–		–		264,603,773
Philippines		–		1,064,807,557		–		1,064,807,557
Poland		–		107,594,586		–		107,594,586
Russia		1,847,870,311		1,813,812,088		–		3,661,682,399
Singapore		–		–		1,634,270,946		1,634,270,946
South Africa		–		297,013,557		–		297,013,557
South Korea		–		1,327,293,166		–		1,327,293,166
Switzerland		6,661,353		876,984,173		–		883,645,526
Taiwan		–		4,012,824,693		–		4,012,824,693
Turkey		–		219,090,390		–		219,090,390
United Kingdom		–		192,963,140		–		192,963,140
United States		–		–		50,268,448		50,268,448
Money Market Funds		1,847,293,142		–		–		1,847,293,142
Total Investments	$	18,734,895,019	$	31,156,755,925	$	2,048,883,478	$	51,940,534,422

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

16                         Invesco Developing Markets Fund

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended April 30, 2021:

	Value 10/31/2020		Purchases at Cost		Proceeds from Sales		Accrued Discounts/ Premiums		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Value 04/30/2021
Preferred Stocks	$	934,475,173	$	124,999,992	$	–	$	–	$	–	$	989,408,313	$	–	$	–	$	2,048,883,478

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified    as level 3 at period end:

	Fair Value at 04/30/21		Valuation Technique		Unobservable Inputs	Range of Unobservable Inputs		Unobservable Input Used
Grab Holdings, Inc., Class H, Pfd.	$	1,634,270,946		SPAC Merger Terms	Merger Ratio Discount		N/A N/A	1.303(a) 10%

^(a) The Fund fair values certain preferred stocks based on the terms of an impending merger transaction with a Special Purpose Acquisition Company (“SPAC”), including a subsequent Private Investment in Public Equity (“PIPE”) funding round. The merger is expected to close in July 2021. The Adviser periodically reviews the consolidated financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,854.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

    The Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	8,255,978	$	450,082,779	$	458,338,757

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $11,705,718,317 and $10,179,074,724, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	21,153,083,450
Aggregate unrealized (depreciation) of investments		(1,248,521,110	)
Net unrealized appreciation of investments	$	19,904,562,340

Cost of investments for tax purposes is $32,035,972,082.

17                         Invesco Developing Markets Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2021(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		6,118,712		$	337,524,504			12,120,595		$	513,333,800
Class C		90,225			4,535,982			267,818			10,636,009
Class R		355,770			18,670,987			772,293			31,376,932
Class Y		55,173,541			2,997,789,457			102,988,186			4,314,513,261
Class R5		34,287			1,903,046			214,242			8,779,932
Class R6		63,809,189			3,485,204,683			93,082,360			3,844,334,771
Issued as reinvestment of dividends:
Class A		-			-			2,039,333			92,952,814
Class C		-			-			179,390			7,561,279
Class R		3			114			221,370			9,684,930
Class Y		783,038			40,702,319			9,320,943			418,044,321
Class R5		843			44,421			3,634			165,186
Class R6		1,073,932			55,812,257			7,845,713			351,723,324
Automatic conversion of Class C shares to Class A shares:
Class A		3,183,380			170,356,684			2,540,406			111,253,173
Class C		(3,470,533	)		(170,356,684	)		(2,756,444	)		(111,253,173	)
Reacquired:
Class A		(11,109,841	)		(607,787,946	)		(36,821,623	)		(1,557,117,422	)
Class C		(309,578	)		(15,282,877	)		(2,166,495	)		(84,468,051	)
Class R		(1,237,602	)		(64,292,870	)		(3,298,174	)		(135,991,735	)
Class Y		(42,388,921	)		(2,293,100,038	)		(147,172,297	)		(6,026,115,409	)
Class R5		(139,675	)		(7,752,281	)		(57,608	)		(2,502,339	)
Class R6		(29,823,380	)		(1,614,908,740	)		(116,012,827	)		(4,768,348,193	)
Net increase (decrease) in share activity		42,143,390		$	2,339,063,018			(76,689,185	)	$	(2,971,436,590	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

18                         Invesco Developing Markets Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning Account Value (11/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (04/30/21)1	Expenses Paid During Period2	Ending Account Value (04/30/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,233.20	$6.64	$1,018.84	$6.01	1.20%
Class C	1,000.00	1,228.70	10.78	1,015.12	9.74	1.95
Class R	1,000.00	1,231.40	8.02	1,017.60	7.25	1.45
Class Y	1,000.00	1,234.60	5.26	1,020.08	4.76	0.95
Class R5	1,000.00	1,235.00	4.99	1,020.33	4.51	0.90
Class R6	1,000.00	1,235.50	4.43	1,020.83	4.01	0.80

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

19                         Invesco Developing Markets Fund

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. O-DVM-SAR-1

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Discovery Mid Cap Growth Fund
	Nasdaq:
	A: OEGAX ◾ C: OEGCX ◾ R: OEGNX ◾ Y: OEGYX ◾ R5: DMCFX ◾ R6: OEGIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	27.43	%
Class C Shares	27.02
Class R Shares	27.30
Class Y Shares	27.60
Class R5 Shares	27.63
Class R6 Shares	27.70
Russell Midcap Growth Index▼	24.84
Source(s): ▼RIMES Technologies Corp.
The Russell Midcap® Growth Index is an unmanaged index considered representative of mid-cap growth stocks. The Russell Midcap Growth Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                      Invesco Discovery Mid Cap Growth Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (11/1/00)	9.10	%
10 Years	13.83
5 Years	19.93
1 Year	50.27
Class C Shares
Inception (11/1/00)	9.06	%
10 Years	13.78
5 Years	20.40
1 Year	56.87
Class R Shares
Inception (3/1/01)	10.27	%
10 Years	14.18
5 Years	21.00
1 Year	58.62
Class Y Shares
Inception (11/1/00)	9.87	%
10 Years	14.82
5 Years	21.60
1 Year	59.40
Class R5 Shares
10 Years	14.56	%
5 Years	21.47
1 Year	59.53
Class R6 Shares
Inception (2/28/13)	17.70	%
5 Years	21.81
1 Year	59.64

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Discovery Mid Cap Growth Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Discovery Mid Cap Growth Fund. Note: The Fund was subsequently renamed the Invesco Discovery Mid Cap Growth Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction

of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco Discovery Mid Cap Growth Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                      Invesco Discovery Mid Cap Growth Fund

Schedule of Investments^(a)

April 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.98%
Aerospace & Defense–0.49%
Howmet Aerospace, Inc.(b)		1,126,347	$    35,998,050
Air Freight & Logistics–1.29%
XPO Logistics, Inc.(b)		686,535	95,510,749
Apparel Retail–1.36%
Burlington Stores, Inc.(b)		307,980	100,503,113
Application Software–11.21%
Avalara, Inc.(b)		491,817	69,695,387
Bill.com Holdings, Inc.(b)		246,861	38,172,116
Coupa Software, Inc.(b)		361,819	97,343,784
DocuSign, Inc.(b)		429,570	95,768,336
Five9, Inc.(b)		419,371	78,829,167
HubSpot, Inc.(b)		272,325	143,365,496
RingCentral, Inc., Class A(b)		176,169	56,189,103
Synopsys, Inc.(b)		627,170	154,948,620
Trade Desk, Inc. (The), Class A(b)		127,484	92,975,356
			827,287,365
Asset Management & Custody Banks–1.33%
KKR & Co., Inc., Class A		1,733,420	98,076,904
Auto Parts & Equipment–1.47%
Aptiv PLC(b)		752,291	108,247,152
Automotive Retail–1.98%
Carvana Co.(b)		149,056	42,519,715
Lithia Motors, Inc., Class A		269,596	103,627,310
			146,147,025
Biotechnology–0.50%
Alnylam Pharmaceuticals, Inc.(b)		262,358	36,898,029
Brewers–1.30%
Boston Beer Co., Inc. (The), Class A(b)		78,935	96,023,638
Building Products–3.25%
Advanced Drainage Systems, Inc.		348,979	38,966,995
Trane Technologies PLC		624,968	108,638,188
Trex Co., Inc.(b)		855,711	92,408,231
			240,013,414
Casinos & Gaming–1.29%
Boyd Gaming Corp.		1,436,793	95,043,857
Copper–1.28%
Freeport-McMoRan, Inc.		2,507,726	94,566,348
Diversified Chemicals–1.02%
Eastman Chemical Co.		652,500	75,291,975
Electrical Components & Equipment–4.16%
AMETEK, Inc.		849,229	114,586,469
Generac Holdings, Inc.(b)		386,782	125,298,029
Regal Beloit Corp.		463,320	66,917,308
			306,801,806

	Shares		Value
Electronic Equipment & Instruments–3.30%
Trimble, Inc.(b)		1,475,874	$    121,021,668
Zebra Technologies Corp., Class A(b)		251,803	122,814,395
			243,836,063
Financial Exchanges & Data–2.25%
MarketAxess Holdings, Inc.		74,813	36,543,158
MSCI, Inc.		267,279	129,836,120
			166,379,278
Health Care Equipment–4.70%
DexCom, Inc.(b)		195,425	75,453,593
IDEXX Laboratories, Inc.(b)		298,170	163,692,348
Insulet Corp.(b)		103,529	30,563,831
Masimo Corp.(b)		332,288	77,313,449
			347,023,221
Health Care Services–1.60%
Amedisys, Inc.(b)		228,359	61,622,676
Guardant Health, Inc.(b)		353,209	56,153,167
			117,775,843
Health Care Supplies–3.01%
Align Technology, Inc.(b)		184,845	110,080,743
West Pharmaceutical Services, Inc.		342,041	112,367,309
			222,448,052
Health Care Technology–1.78%
Teladoc Health, Inc.(b)		172,017	29,647,130
Veeva Systems, Inc., Class A(b)		358,752	101,329,502
			130,976,632
Home Improvement Retail–1.46%
Floor & Decor Holdings, Inc., Class A(b)		968,292	107,402,949
Homebuilding–1.08%
TopBuild Corp.(b)		357,694	79,543,992
Homefurnishing Retail–1.15%
RH(b)		123,397	84,899,604
Hotels, Resorts & Cruise Lines–1.29%
Hilton Worldwide Holdings, Inc.(b)		740,426	95,292,826
Industrial Machinery–3.89%
Chart Industries, Inc.(b)		275,645	44,276,856
Colfax Corp.(b)		783,282	35,396,513
IDEX Corp.		404,039	90,585,544
ITT, Inc.		833,631	78,619,740
Middleby Corp. (The)(b)		210,349	38,140,481
			287,019,134
Interactive Media & Services–1.89%
Pinterest, Inc., Class A(b)		985,816	65,428,608
Zillow Group, Inc., Class C(b)		568,218	73,936,526
			139,365,134
Internet & Direct Marketing Retail–1.45%
Chewy, Inc., Class A(b)		979,591	78,092,995

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

5                     Invesco Discovery Mid Cap Growth Fund

	Shares		Value
Internet & Direct Marketing Retail–(continued)
Farfetch Ltd., Class A (United Kingdom)(b)		592,408	$	29,022,068
				107,115,063
Internet Services & Infrastructure–2.97%
MongoDB, Inc.(b)		196,426		58,428,878
Okta, Inc.(b)		223,977		60,406,597
Twilio, Inc., Class A(b)		272,656		100,282,877
				219,118,352
Investment Banking & Brokerage–1.95%
LPL Financial Holdings, Inc.		917,814		143,821,454
IT Consulting & Other Services–2.70%
EPAM Systems, Inc.(b)		263,811		120,759,485
Globant S.A.(b)		341,878		78,351,600
				199,111,085
Leisure Facilities–0.52%
Vail Resorts, Inc.(b)		117,300		38,141,268
Life Sciences Tools & Services–4.94%
Bio-Rad Laboratories, Inc., Class A(b)		94,196		59,355,725
Charles River Laboratories International, Inc.(b)		353,885		117,649,068
Maravai LifeSciences Holdings, Inc., Class A(b)		1,124,104		43,738,887
Mettler-Toledo International, Inc.(b)		50,799		66,715,343
Repligen Corp.(b)		365,331		77,344,226
				364,803,249
Movies & Entertainment–0.97%
Roku, Inc.(b)		208,431		71,485,580
Packaged Foods & Meats–0.31%
Freshpet, Inc.(b)		123,241		22,777,402
Paper Packaging–1.45%
Avery Dennison Corp.		500,437		107,178,592
Pharmaceuticals–1.36%
Catalent, Inc.(b)		891,737		100,293,660
Regional Banks–2.46%
First Republic Bank		570,795		104,592,476
SVB Financial Group(b)		133,973		76,609,780
				181,202,256
Restaurants–2.48%
Chipotle Mexican Grill, Inc.(b)		72,405		108,030,432

	Shares		Value
Restaurants–(continued)
Texas Roadhouse, Inc.		697,998	$	74,699,746
				182,730,178
Semiconductor Equipment–4.22%
Enphase Energy, Inc.(b)		416,696		58,024,918
Entegris, Inc.		1,031,517		116,128,184
KLA Corp.		249,274		78,608,556
Teradyne, Inc.		469,516		58,727,061
				311,488,719
Semiconductors–5.87%
Marvell Technology, Inc.		1,414,119		63,932,320
Microchip Technology, Inc.		903,354		135,765,073
Monolithic Power Systems, Inc.		449,301		162,368,395
ON Semiconductor Corp.(b)		1,822,209		71,066,151
				433,131,939
Specialty Stores–1.30%
Five Below, Inc.(b)		475,505		95,704,891
Systems Software–1.35%
Crowdstrike Holdings, Inc., Class A(b)		477,026		99,464,691
Trading Companies & Distributors–1.59%
SiteOne Landscape Supply, Inc.(b)		102,860		18,451,027
United Rentals, Inc.(b)		309,794		99,118,590
				117,569,617
Trucking–1.76%
Old Dominion Freight Line, Inc.		504,322		130,019,255
Total Common Stocks & Other Equity Interests (Cost $4,965,119,165)				7,303,529,404
Money Market Funds–2.17%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		47,089,135		47,089,135
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(d)		58,758,412		58,781,916
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		53,816,155		53,816,155
Total Money Market Funds (Cost $159,686,815)				159,687,206
TOTAL INVESTMENTS IN SECURITIES–101.15% (Cost $5,124,805,980)				7,463,216,610
OTHER ASSETS LESS LIABILITIES–(1.15)%				(84,723,625	)
NET ASSETS–100.00%			$	7,378,492,985

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

6                     Invesco Discovery Mid Cap Growth Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$8,167,662		$	390,574,837		$	(351,653,364	)		$        -		$        -		$	47,089,135		$	3,054
Invesco Liquid Assets Portfolio, Institutional Class		30,982,189			278,982,027			(251,180,974	)		3,479		(4,805)			58,781,916			-
Invesco Treasury Portfolio, Institutional Class		9,334,472			446,371,242			(401,889,559	)		-		-			53,816,155			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-			22,190,413			(22,190,413	)		-		-			-			33	*
Invesco Private Prime Fund		-			28,940,869			(28,940,869	)		-		-			-			345	*
Total		$48,484,323		$	1,167,059,388		$	(1,055,855,179	)		$3,479		$(4,805)		$	159,687,206		$	3,432

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021

Information Technology	31.62	%
Health Care	17.89
Consumer Discretionary	16.83
Industrials	16.43
Financials	7.99
Materials	3.75
Communication Services	2.86
Consumer Staples	1.61
Money Market Funds Plus Other Assets Less Liabilities	1.02

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

7                      Invesco Discovery Mid Cap Growth Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 4,965,119,165)	$	7,303,529,404
Investments in affiliated money market funds, at value (Cost $ 159,686,815)		159,687,206
Receivable for:
Investments sold		65,967,169
Fund shares sold		3,148,656
Dividends		472,101
Investment for trustee deferred compensation and retirement plans		646,616
Other assets		166,826
Total assets		7,533,617,978
Liabilities:
Payable for:
Investments purchased		142,936,834
Fund shares reacquired		4,068,017
Amount due custodian		3,462,462
Accrued fees to affiliates		3,025,503
Accrued trustees’ and officers’ fees and benefits		3,533
Accrued other operating expenses		907,128
Trustee deferred compensation and retirement plans		721,516
Total liabilities		155,124,993
Net assets applicable to shares outstanding	$	7,378,492,985
Net assets consist of:
Shares of beneficial interest	$	4,308,409,498
Distributable earnings		3,070,083,487
	$	7,378,492,985

Net Assets:
Class A	$	4,769,283,656
Class C	$	198,221,396
Class R	$	158,532,374
Class Y	$	822,462,281
Class R5	$	136,377,050
Class R6	$	1,293,616,228
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		145,625,694
Class C		7,849,094
Class R		5,286,428
Class Y		21,828,410
Class R5		4,134,046
Class R6		33,681,146
Class A:
Net asset value per share	$	32.75
Maximum offering price per share (Net asset value of $32.75 ÷ 94.50%)	$	34.66
Class C:
Net asset value and offering price per share	$	25.25
Class R:
Net asset value and offering price per share	$	29.99
Class Y:
Net asset value and offering price per share	$	37.68
Class R5:
Net asset value and offering price per share	$	32.99
Class R6:
Net asset value and offering price per share	$	38.41

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

8                      Invesco Discovery Mid Cap Growth Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Dividends	$	9,482,387
Dividends from affiliates (includes securities lending income of $ 2,512)		5,566
Total investment income		9,487,953
Expenses:
Advisory fees		20,508,588
Administrative services fees		487,273
Custodian fees		3,593
Distribution fees:
Class A		5,567,358
Class C		891,182
Class R		365,419
Transfer agent fees – A, C, R and Y		4,400,526
Transfer agent fees – R5		64,481
Transfer agent fees – R6		29,103
Trustees’ and officers’ fees and benefits		89,112
Registration and filing fees		107,937
Reports to shareholders		60,995
Professional services fees		35,459
Other		43,697
Total expenses		32,654,723
Less: Fees waived and/or expense offset arrangement(s)		(46,776	)
Net expenses		32,607,947
Net investment income (loss)		(23,119,994	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		779,202,739
Affiliated investment securities		(4,805	)
		779,197,934
Change in net unrealized appreciation of:
Unaffiliated investment securities		807,823,357
Affiliated investment securities		3,479
		807,826,836
Net realized and unrealized gain		1,587,024,770
Net increase in net assets resulting from operations	$	1,563,904,776

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

9                      Invesco Discovery Mid Cap Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income (loss)	$	(23,119,994	)	$	(17,101,526	)
Net realized gain		779,197,934			269,109,260
Change in net unrealized appreciation		807,826,836			860,479,165
Net increase in net assets resulting from operations		1,563,904,776			1,112,486,899
Distributions to shareholders from distributable earnings:
Class A		(153,166,571	)		(33,645,795	)
Class C		(9,752,072	)		(7,676,088	)
Class R		(5,423,627	)		(3,676,467	)
Class Y		(19,511,808	)		(9,982,640	)
Class R5		(4,362,913	)		(481	)
Class R6		(32,063,012	)		(13,525,157	)
Total distributions from distributable earnings		(224,280,003	)		(68,506,628	)
Share transactions–net:
Class A		98,923,888			2,274,970,414
Class C		(31,631,756	)		19,675,468
Class R		9,625,990			24,298,798
Class Y		146,601,239			191,464,715
Class R5		472,247			86,161,008
Class R6		163,155,454			449,738,939
Net increase in net assets resulting from share transactions		387,147,062			3,046,309,342
Net increase in net assets		1,726,771,835			4,090,289,613
Net assets:
Beginning of period		5,651,721,150			1,561,431,537
End of period	$	7,378,492,985		$	5,651,721,150

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

10                      Invesco Discovery Mid Cap Growth Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)			Total from investment operations				Distributions from net realized gains				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/21		$	26.65		$	(0.12	)		$	7.30		$	7.18			$	(1.08	)		$	32.75		27.43	%		$	4,769,284		1.03	%(e)		1.03	%(e)		(0.75	)%(e)		46	%
Year ended 10/31/20			22.17			(0.13	)			5.60			5.47				(0.99	)			26.65		25.60	(f)			3,787,636		1.05	(f)		1.05	(f)		(0.54	)(f)		131
Year ended 10/31/19			20.28			(0.08	)			3.75			3.67				(1.78	)			22.17		20.43				748,190		1.11			1.11			(0.37	)		84
Year ended 10/31/18			21.45			(0.12	)			0.81			0.69				(1.86	)			20.28		3.52				604,414		1.11			1.11			(0.55	)		108
Year ended 10/31/17			16.98			(0.09	)			4.71			4.62				(0.15	)			21.45		27.43				547,963		1.21			1.21			(0.48	)		139
Year ended 10/31/16			17.74			(0.09	)			0.05			(0.04	)			(0.72	)			16.98		(0.19	)			435,153		1.31			1.31			(0.52	)		128
Class C
Six months ended 04/30/21			20.83			(0.16	)			5.66			5.50				(1.08	)			25.25		27.02	(g)			198,221		1.67	(e)(g)		1.67	(e)(g)		(1.39	)(e)(g)		46
Year ended 10/31/20			17.65			(0.24	)			4.41			4.17				(0.99	)			20.83		24.74				190,420		1.82			1.82			(1.31	)		131
Year ended 10/31/19			16.65			(0.18	)			2.96			2.78				(1.78	)			17.65		19.43				138,705		1.87			1.87			(1.12	)		84
Year ended 10/31/18			18.06			(0.23	)			0.68			0.45				(1.86	)			16.65		2.79				153,263		1.86			1.86			(1.30	)		108
Year ended 10/31/17			14.43			(0.20	)			3.98			3.78				(0.15	)			18.06		26.45				138,647		1.96			1.96			(1.24	)		139
Year ended 10/31/16			15.30			(0.18	)			0.03			(0.15	)			(0.72	)			14.43		(0.98	)			115,201		2.06			2.06			(1.28	)		128
Class R
Six months ended 04/30/21			24.51			(0.14	)			6.70			6.56				(1.08	)			29.99		27.30				158,532		1.28	(e)		1.28	(e)		(1.00	)(e)		46
Year ended 10/31/20			20.51			(0.18	)			5.17			4.99				(0.99	)			24.51		25.31				121,009		1.32			1.32			(0.81	)		131
Year ended 10/31/19			18.95			(0.12	)			3.46			3.34				(1.78	)			20.51		20.09				75,342		1.37			1.37			(0.62	)		84
Year ended 10/31/18			20.21			(0.16	)			0.76			0.60				(1.86	)			18.95		3.27				63,189		1.36			1.36			(0.80	)		108
Year ended 10/31/17			16.05			(0.13	)			4.44			4.31				(0.15	)			20.21		27.09				50,117		1.46			1.46			(0.70	)		139
Year ended 10/31/16			16.85			(0.12	)			0.04			(0.08	)			(0.72	)			16.05		(0.45	)			36,480		1.56			1.56			(0.77	)		128
Class Y
Six months ended 04/30/21			30.48			(0.09	)			8.37			8.28				(1.08	)			37.68		27.60				822,462		0.78	(e)		0.78	(e)		(0.50	)(e)		46
Year ended 10/31/20			25.15			(0.08	)			6.40			6.32				(0.99	)			30.48		25.95				538,205		0.82			0.82			(0.31	)		131
Year ended 10/31/19			22.71			(0.03	)			4.25			4.22				(1.78	)			25.15		20.68				253,901		0.87			0.87			(0.13	)		84
Year ended 10/31/18			23.74			(0.07	)			0.90			0.83				(1.86	)			22.71		3.79				243,035		0.87			0.87			(0.31	)		108
Year ended 10/31/17			18.73			(0.05	)			5.21			5.16				(0.15	)			23.74		27.75				210,789		0.96			0.96			(0.25	)		139
Year ended 10/31/16			19.45			(0.05	)			0.05			0.00				(0.72	)			18.73		0.04				158,471		1.06			1.06			(0.27	)		128
Class R5
Six months ended 04/30/21			26.80			(0.07	)			7.34			7.27				(1.08	)			32.99		27.63				136,377		0.73	(e)		0.73	(e)		(0.45	)(e)		46
Year ended 10/31/20			22.20			(0.05	)			5.64			5.59				(0.99	)			26.80		26.12				110,206		0.71			0.71			(0.20	)		131
Period ended 10/31/19(h)			20.60			0.00				1.60			1.60				–				22.20		7.77				11		0.75	(i)		0.75	(i)		(0.01	)(i)		84
Class R6
Six months ended 04/30/21			31.03			(0.06	)			8.52			8.46				(1.08	)			38.41		27.70				1,293,616		0.64	(e)		0.64	(e)		(0.36	)(e)		46
Year ended 10/31/20			25.55			(0.04	)			6.51			6.47				(0.99	)			31.03		26.14				904,245		0.65			0.65			(0.14	)		131
Year ended 10/31/19			23.00			0.01				4.32			4.33				(1.78	)			25.55		20.92				345,282		0.69			0.69			0.05			84
Year ended 10/31/18			23.98			(0.03	)			0.91			0.88				(1.86	)			23.00		3.97				199,881		0.70			0.70			(0.14	)		108
Year ended 10/31/17			18.89			(0.02	)			5.26			5.24				(0.15	)			23.98		27.94				68,180		0.77			0.77			(0.07	)		139
Year ended 10/31/16			19.57			(0.01	)			0.05			0.04				(0.72	)			18.89		0.25				33,128		0.87			0.87			(0.07	)		128

^(a)  Calculated using average shares outstanding.

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

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended October 31, 2019, 2018, 2017, and 2016, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $2,263,197,717 in connection with the acquisition of Invesco Mid Cap Growth Fund into the Fund.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $4,503,166, $202,979, $147,379, $710,455, $129,418 and $1,121,556 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.23% for the year ended October 31, 2020.

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.89% for the six months ended ended April 30, 2021.

^(h)  Commencement date after the close of business on May 24, 2019.

⁽ⁱ⁾  Annualized.

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

11                      Invesco Discovery Mid Cap Growth Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

    The Fund’s investment objective is to seek capital appreciation.

    The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

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

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

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

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

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

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

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

    Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from

12                      Invesco Discovery Mid Cap Growth Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

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

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

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

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

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

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

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

J. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

    The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

13                      Invesco Discovery Mid Cap Growth Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
Up to $500 million	0.680%
Next $500 million	0.650%
Next $4 billion	0.620%
Over $5 billion	0.600%

* 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 six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.61%.

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

    The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.12%, 1.86%, 1.37%, 0.87%, 0.76%, and 0.71%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2022, the Adviser has agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75%, and 1.75%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

    The Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

    For the six months ended April 30, 2021, the Adviser waived advisory fees of $39,216.

    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 six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 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. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $387,417 in front-end sales commissions from the sale of Class A shares and $5,483 and $4,310 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

14                      Invesco Discovery Mid Cap Growth Fund

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

    As of April 30, 2021, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $7,560.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

    The Fund did not have a capital loss carryforward as of October 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $3,008,079,088 and $2,896,724,772, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	2,385,909,210
Aggregate unrealized (depreciation) of investments		(56,772,802	)
Net unrealized appreciation of investments	$	2,329,136,408

    Cost of investments for tax purposes is $5,134,080,202.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2021(a)				Year ended   October 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Class A		8,033,189	$	248,378,004		15,114,638	$  354,773,331
Class C		841,577		20,109,159		1,956,789	35,752,471
Class R		786,312		22,385,815		1,210,992	26,452,331
Class Y		5,891,297		209,146,850		7,726,185	204,762,535
Class R5		236,678		7,405,178		667,522	15,569,460
Class R6		7,319,152		266,784,620		16,440,920	487,979,012

15                      Invesco Discovery Mid Cap Growth Fund

	Summary of Share Activity
	Six months ended April 30, 2021(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		5,005,081		$	145,998,223			1,470,496		$	32,497,956
Class C		420,158			9,474,557			429,795			7,469,834
Class R		202,315			5,407,874			179,660			3,659,674
Class Y		506,612			16,981,632			354,423			8,935,017
Class R5		148,658			4,361,612			-			-
Class R6		930,643			31,781,458			522,085			13,381,034
Automatic conversion of Class C shares to Class A shares:
Class A		1,221,193			37,931,450			476,763			11,558,706
Class C		(1,580,292	)		(37,931,450	)		(607,960	)		(11,558,706	)
Issued in connection with acquisitions:(b)
Class A		-			-			107,672,579			2,268,952,250
Class C		-			-			2,547,982			42,133,320
Class R		-			-			1,183,472			22,967,032
Class Y		-			-			5,134,518			123,576,759
Class R5		-			-			3,967,858			83,901,636
Class R6		-			-			4,088,310			100,096,412
Reacquired:
Class A		(10,755,013	)		(333,383,789	)		(16,368,404	)		(392,811,829	)
Class C		(973,428	)		(23,284,022	)		(3,041,992	)		(54,121,451	)
Class R		(638,544	)		(18,167,699	)		(1,311,163	)		(28,780,239	)
Class Y		(2,226,821	)		(79,527,243	)		(5,653,971	)		(145,809,596	)
Class R5		(363,878	)		(11,294,543	)		(523,277	)		(13,310,088	)
Class R6		(3,710,204	)		(135,410,624	)		(5,426,024	)		(151,717,519	)
Net increase in share activity		11,294,685		$	387,147,062			138,212,196		$	3,046,309,342

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 22% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Mid Cap Growth Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 124,594,719 shares of the Fund for 83,710,209 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $2,641,627,409, including $335,789,673 of unrealized appreciation, were combined with those of the Fund.

The net assets of the Fund immediately before the acquisition were $1,599,111,505 and $4,240,738,914 immediately after the acquisition.

    The pro forma results of operations ffor the year ended October 31, 2020 assuming the reorganization had been completed on November 1, 2019, the beginning of the annual reporting period are as follows:

Net investment income (loss)	$	(22,343,997	)
Net realized/unrealized gains (losses)		1,114,124,319
Change in net assets resulting from operations	$	1,091,780,322

    As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 18, 2020.

16                      Invesco Discovery Mid Cap Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning     Account Value     (11/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense     Ratio
		Ending     Account Value     (04/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/21)	Expenses     Paid During         Period2
Class A	$1,000.00	$1,274.30	$5.81	$1,019.69	$5.16	1.03%
Class C	1,000.00	1,270.20	9.40	1,016.51	8.35	1.67
Class R	1,000.00	1,273.00	7.21	1,018.45	6.41	1.28
Class Y	1,000.00	1,276.00	4.40	1,020.93	3.91	0.78
Class R5	1,000.00	1,276.30	4.12	1,021.17	3.66	0.73
Class R6	1,000.00	1,277.00	3.61	1,021.62	3.21	0.64

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

17                      Invesco Discovery Mid Cap Growth Fund

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

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

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. O-DMCG-SAR-1

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Emerging Markets Local Debt Fund
	Nasdaq:
	A: OEMAX ∎ C: OEMCX ∎ R: OEMNX ∎ Y: OEMYX ∎ R5: EMLDX ∎ R6: OEMIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
13	Financial Statements
16	Financial Highlights
17	Notes to Financial Statements
26	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.57	%
Class C Shares	2.29
Class R Shares	2.55
Class Y Shares	2.67
Class R5 Shares	2.70
Class R6 Shares	2.73
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index▼	4.17
Source(s): ▼RIMES Technologies Corp.
The JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index is a comprehensive global local emerging markets index comprising liquid, fixed-rate, domestic currency government bonds.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                      Invesco Emerging Markets Local Debt Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (6/30/10)	1.62	%
10 Years	0.48
5 Years	2.13
1 Year	5.28
Class C Shares
Inception (6/30/10)	1.45	%
10 Years	0.29
5 Years	2.21
1 Year	8.12
Class R Shares
Inception (6/30/10)	1.75	%
10 Years	0.64
5 Years	2.72
1 Year	9.67
Class Y Shares
Inception (6/30/10)	2.31	%
10 Years	1.20
5 Years	3.31
1 Year	10.27
Class R5 Shares
10 Years	0.96	%
5 Years	3.12
1 Year	10.17
Class R6 Shares
Inception (9/28/12)	0.78	%
5 Years	3.38
1 Year	10.39

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Emerging Markets Local Debt Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Emerging Markets Local Debt Fund. Note: The Fund was subsequently renamed the Invesco Emerging Markets Local Debt Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction

of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco Emerging Markets Local Debt Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                      Invesco Emerging Markets Local Debt Fund

Schedule of Investments

April 30, 2021

(Unaudited)

	Principal Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes–82.54%(a)
Argentina–0.39%
Argentina Treasury Bond BONCER, 1.00%, 08/05/2021		ARS	29,999,998	$       497,901
Argentine Bonos del Tesoro, 18.20%, 10/03/2021		ARS	3,195,000	31,751
15.50%, 10/17/2026		ARS	4,000,000	16,844
YPF S.A., 16.50%, 05/09/2022(b)		ARS	7,670,200	68,050
				614,546
Brazil–5.96%
Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2023		BRL	25,000,000	4,998,079
Series F, 10.00%, 01/01/2025		BRL	22,000,000	4,318,694
				9,316,773
Chile–4.32%
Bonos de la Tesoreria de la Republica en pesos, 4.50%, 03/01/2026		CLP	2,100,000,000	3,202,533
2.30%, 10/01/2028(b)		CLP	1,800,000,000	2,337,682
2.80%, 10/01/2033(b)		CLP	1,000,000,000	1,212,737
				6,752,952
Colombia–10.26%
Colombian TES, Series B, 10.00%, 07/24/2024		COP	16,000,000,000	4,973,268
Series B, 6.25%, 11/26/2025		COP	25,000,000,000	6,943,734
Series B, 5.75%, 11/03/2027		COP	14,000,000,000	3,644,539
Series B, 7.25%, 10/26/2050		COP	2,000,000,000	483,494
				16,045,035
Czech Republic–2.91%
Czech Republic Government Bond, Series 95, 1.00%, 06/26/2026(b)		CZK	100,000,000	4,551,496
Egypt–3.86%
Egypt Government Bond, 16.30%, 01/01/2023		EGP	6,800,000	451,222
14.20%, 07/07/2023		EGP	16,000,000	1,027,183
14.31%, 10/13/2023		EGP	24,000,000	1,543,155
14.48%, 04/06/2026		EGP	47,000,000	3,008,745
				6,030,305
India–4.89%
India Government Bond, 6.45%, 10/07/2029		INR	170,000,000	2,321,901
Indian Railway Finance Corp. Ltd., Series 132, 8.25%, 02/28/2024		INR	170,000,000	2,487,241

	Principal Amount			Value
India–(continued)
Reliance Industries Ltd., Series D, 7.17%, 11/08/2022		INR	170,000,000	$    2,385,549
State of Maharashtra India, 7.99%, 10/28/2025		INR	30,000,000	445,392
				7,640,083
Indonesia–8.64%
Indonesia Treasury Bond, Series FR59, 7.00%, 05/15/2027		IDR	67,000,000,000	4,883,834
Series FR64, 6.13%, 05/15/2028		IDR	70,000,000,000	4,824,209
Series FR71, 9.00%, 03/15/2029		IDR	38,780,000,000	3,107,340
Series FR87, 6.50%, 02/15/2031		IDR	10,000,000,000	694,219
				13,509,602
Malaysia–6.38%
Malaysian Government Bond, Series 115, 3.96%, 09/15/2025		MYR	8,800,000	2,267,612
Series 513, 3.73%, 06/15/2028		MYR	30,200,000	7,708,967
				9,976,579
Mexico–5.68%
Mexican Bonos, 8.50%, 11/18/2038		MXN	27,000,000	1,447,865
Series M, 7.75%, 05/29/2031		MXN	39,000,000	2,045,011
Series M, 7.75%, 11/13/2042		MXN	40,000,000	1,968,126
Petroleos Mexicanos, 7.19%, 09/12/2024(b)		MXN	38,000,000	1,772,130
Series 2011-3, 7.65%, 11/24/2021		MXN	16,000,000	791,084
Series 2013-2, 7.19%, 09/12/2024		MXN	16,000,000	746,160
Red de Carreteras de Occidente S.A.B. de C.V., 9.00%, 06/10/2028(b)		MXN	2,093,000	110,052
				8,880,428
Peru–2.61%
Peru Government Bond, 5.94%, 02/12/2029		PEN	8,000,000	2,301,678
Peruvian Government International Bond, 6.35%, 08/12/2028(b)		PEN	6,000,000	1,771,400
				4,073,078
Romania–4.82%
Romania Government Bond, 3.25%, 04/29/2024		RON	7,000,000	1,756,690
4.50%, 06/17/2024		RON	14,000,000	3,642,536
4.75%, 10/11/2034		RON	8,000,000	2,131,289
				7,530,515

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

5                      Invesco Emerging Markets Local Debt Fund

	Principal Amount			Value
Russia–2.48%
Russian Federal Bond - OFZ, Series 26211, 7.00%, 01/25/2023		RUB	100,000,000	$    1,357,311
Series 6225, 7.25%, 05/10/2034		RUB	150,000,000	2,026,793
Series 6228, 7.65%, 04/10/2030		RUB	35,000,000	488,415
				3,872,519
South Africa–12.13%
Eskom Holdings SOC Ltd., Series ES23, 10.00%, 01/25/2023		ZAR	11,000,000	811,989
Republic of South Africa Government Bond, Series 2023, 7.75%, 02/28/2023		ZAR	60,000,000	4,356,987
Series 2037, 8.50%, 01/31/2037		ZAR	120,000,000	6,719,270
Series 2040, 9.00%, 01/31/2040		ZAR	35,000,000	1,999,218
Series 2048, 8.75%, 02/28/2048		ZAR	35,000,000	1,922,955
Series R186, 10.50%, 12/21/2026		ZAR	40,000,000	3,152,284
				18,962,703
South Korea–1.13%
Export-Import Bank of Korea, 8.00%, 05/15/2024(b)		IDR	24,000,000,000	1,769,969
Supranational–0.46%
European Bank for Reconstruction and Development, 6.85%, 06/21/2021		IDR	6,500,000,000	449,048

	Principal Amount			Value
Supranational–(continued)
International Finance Corp., 0.00%, 02/15/2029(b)(c)		TRY	7,300,000	$       268,148
				717,196
Thailand–3.98%
Thailand Government Bond, 2.88%, 12/17/2028		THB	35,000,000	1,232,358
3.78%, 06/25/2032		THB	50,000,000	1,901,148
3.30%, 06/17/2038		THB	85,000,000	3,091,212
				6,224,718
Turkey–1.64%
Turkey Government Bond, 12.20%, 01/18/2023		TRY	22,690,000	2,555,751
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $134,287,165)				129,024,248
	Shares
Money Market Funds–8.87%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)			4,851,417	4,851,417
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)			3,463,563	3,464,948
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)			5,544,476	5,544,476
Total Money Market Funds (Cost $13,860,841)				13,860,841
Options Purchased–0.23%     (Cost $436,751)(f)				356,988
TOTAL INVESTMENTS IN SECURITIES–91.64% (Cost $148,584,757)				143,242,077
OTHER ASSETS LESS LIABILITIES–8.36%				13,069,365
NET ASSETS–100.00%				$156,311,442

Investment Abbreviations:
ARS	– Argentina Peso
BRL	– Brazilian Real
CLP	– Chile Peso
COP	– Colombia Peso
CZK	– Czech Koruna
EGP	– Egypt Pound
IDR	– Indonesian Rupiah
INR	– Indian Rupee
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
PEN	– Peruvian Sol
RON	– Romania New Leu
RUB	– Russian Ruble
THB	– Thai Baht
TRY	– Turkish Lira
ZAR	– South African Rand

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

6                      Invesco Emerging Markets Local Debt Fund

Notes to Schedule of Investments:

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

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $13,861,664, which represented 8.87% of the Fund’s Net Assets.

^(c)  Zero coupon bond issued at a discount.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,524,345		$	22,062,048		$	(19,734,976)		$	-		$	-		$	4,851,417		$	413
Invesco Liquid Assets Portfolio, Institutional Class			1,802,774			15,758,605			(14,096,411)			175			(195)			3,464,948			409
Invesco Treasury Portfolio, Institutional Class			2,884,965			25,213,769			(22,554,258)			-			-			5,544,476			179
Total		$	7,212,084		$	63,034,422		$	(56,385,645)		$	175		$	(195)		$	13,860,841		$	1,001

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(f)  The table below details options purchased.

Open Over-The-Counter Foreign Currency Options Purchased(a)
Description	Type of Contract		Counterparty	Expiration Date		Exercise Price		Notional Value		Value
Currency Risk
EUR versus USD		Call	J.P. Morgan Chase Bank, N.A.		07/13/2021	USD	1.24	EUR	9,000,000	$  19,357
Currency Risk
EUR versus HUF		Put	J.P. Morgan Chase Bank, N.A.		08/26/2021	HUF	361.00	EUR	4,500,000	63,612
USD versus CNH		Put	J.P. Morgan Chase Bank, N.A.		05/14/2021	CNH	6.38	USD	3,000,000	444
USD versus COP		Put	Goldman Sachs International		08/02/2021	COP	3,630.00	USD	6,000,000	73,908
USD versus INR		Put	Standard Chartered Bank PLC		05/06/2021	INR	73.00	USD	3,000,000	213
USD versus RUB		Put	J.P. Morgan Chase Bank, N.A.		05/11/2021	RUB	73.00	USD	3,000,000	1,791
USD versus RUB		Put	J.P. Morgan Chase Bank, N.A.		07/30/2021	RUB	75.85	USD	4,500,000	117,167
USD versus RUB		Put	Morgan Stanley and Co. International PLC		06/01/2021	RUB	75.70	USD	4,500,000	80,496
Subtotal – Foreign Currency Put Options Purchased										337,631
Total Foreign Currency Options Purchased										$356,988

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $540,000.

Open Over-The-Counter Foreign Currency Options Written(a)
																Unrealized
	Type of			Expiration		Exercise		Premiums			Notional					Appreciation
Description	Contract		Counterparty	Date		Price		Received			Value		Value			(Depreciation)
Currency Risk
EUR versus USD		Call	J.P. Morgan Chase Bank, N.A.		07/13/2021	USD	1.26	$	(15,028	)	EUR	6,000,000	$	(4,725	)	$   10,303
USD versus BRL		Call	Goldman Sachs International		09/01/2021	BRL	6.00		(52,656	)	USD	2,000,000		(28,138	)	24,518
USD versus BRL		Call	Morgan Stanley and Co. International PLC		06/14/2021	BRL	5.70		(30,660	)	USD	1,500,000		(14,494	)	16,166
USD versus CNH		Call	Bank of America, N.A.		10/20/2021	CNH	6.80		(24,103	)	USD	2,500,000		(9,683	)	14,420
USD versus CNH		Call	J.P. Morgan Chase Bank, N.A.		08/16/2021	CNH	6.67		(15,820	)	USD	2,000,000		(7,030	)	8,790
USD versus CNH		Call	Morgan Stanley and Co. International PLC		08/05/2021	CNH	6.85		(45,030	)	USD	3,000,000		(2,850	)	42,180
USD versus COP		Call	Goldman Sachs International		08/02/2021	COP	3,930.00		(74,898	)	USD	6,000,000		(88,482	)	(13,584)
USD versus INR		Call	Bank of America, N.A.		08/05/2021	INR	77.15		(10,752	)	USD	1,500,000		(8,169	)	2,583
USD versus INR		Call	Standard Chartered Bank PLC		06/21/2021	INR	78.05		(12,344	)	USD	1,500,000		(1,676	)	10,668

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

7                      Invesco Emerging Markets Local Debt Fund

Open Over-The-Counter Foreign Currency Options Written(a) –(continued)
															Unrealized
	Type of		Expiration		Exercise		Premiums			Notional					Appreciation
Description	Contract	Counterparty	Date		Price		Received			Value		Value			(Depreciation)
USD versus INR	Call	Standard Chartered Bank PLC		08/05/2021	INR	77.00	$	(11,108	)	USD	1,500,000	$	(8,729	)	$    2,379
USD versus PLN	Call	J.P. Morgan Chase Bank, N.A.		06/15/2021	PLN	3.86		(17,850	)	USD	1,500,000		(9,013	)	8,837
USD versus RUB	Call	Goldman Sachs International		05/21/2021	RUB	82.25		(26,818	)	USD	1,500,000		(1,344	)	25,474
USD versus ZAR	Call	J.P. Morgan Chase Bank, N.A.		06/18/2021	ZAR	16.15		(29,550	)	USD	1,500,000		(4,199	)	25,351
USD versus ZAR	Call	J.P. Morgan Chase Bank, N.A.		06/21/2021	ZAR	16.43		(29,722	)	USD	1,500,000		(3,351	)	26,371
Subtotal – Foreign Currency Call Options Written								(396,339	)				(191,883	)	204,456
Currency Risk
EUR versus HUF	Put	J.P. Morgan Chase Bank, N.A.		08/26/2021	HUF	355.00		(27,487	)	EUR	6,750,000		(40,843	)	(13,356)
USD versus COP	Put	Goldman Sachs International		08/02/2021	COP	3,487.00		(52,884	)	USD	12,000,000		(48,756	)	4,128
USD versus RUB	Put	J.P. Morgan Chase Bank, N.A.		07/30/2021	RUB	71.70		(42,300	)	USD	7,500,000		(42,450	)	(150)
USD versus RUB	Put	Morgan Stanley and Co. International PLC		06/01/2021	RUB	72.80		(29,025	)	USD	7,500,000		(22,815	)	6,210
USD versus ZAR	Put	J.P. Morgan Chase Bank, N.A.		07/27/2021	ZAR	14.00		(72,900	)	USD	6,000,000		(57,828	)	15,072
Subtotal – Foreign Currency Put Options Written								(224,596	)				(212,692	)	11,904
Total – Foreign Currency Options Written							$	(620,935	)			$	(404,575	)	$216,360

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $540,000.

Open Forward Foreign Currency Contracts
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
06/16/2021	Bank of America, N.A.		USD	2,211,700		HUF	680,120,000	$    58,341
06/16/2021	Bank of America, N.A.		USD	5,353,987		RUB	412,000,000	96,432
05/04/2021	Barclays Bank PLC		BRL	26,386,764		USD	4,883,182	25,575
05/04/2021	Barclays Bank PLC		USD	4,617,712		BRL	26,386,764	239,894
06/16/2021	Citibank, N.A.		PEN	27,730,000		USD	7,506,361	175,498
06/16/2021	Citibank, N.A.		RUB	600,985,000		USD	8,064,044	113,510
06/16/2021	Citibank, N.A.		USD	1,129,620		PLN	4,340,000	15,064
06/16/2021	Goldman Sachs International		TRY	11,870,000		USD	1,506,345	103,709
06/16/2021	Goldman Sachs International		USD	1,474,819		ILS	4,893,450	32,301
06/16/2021	Goldman Sachs International		USD	3,743,280		KRW	4,247,200,000	55,862
06/16/2021	Goldman Sachs International		USD	3,895,799		MXN	81,520,000	109,431
08/04/2021	Goldman Sachs International		COP	6,720,660,000		USD	1,800,000	17,206
09/03/2021	Goldman Sachs International		BRL	2,022,094		USD	380,000	11,996
05/04/2021	J.P. Morgan Chase Bank, N.A.		BRL	4,490,000		USD	830,927	4,352
05/12/2021	J.P. Morgan Chase Bank, N.A.		RUB	104,182,400		USD	1,400,000	15,817
05/12/2021	J.P. Morgan Chase Bank, N.A.		USD	450,000		KRW	507,780,000	4,234
06/16/2021	J.P. Morgan Chase Bank, N.A.		COP	34,777,740,000		USD	9,849,261	603,231
06/16/2021	J.P. Morgan Chase Bank, N.A.		IDR	28,673,964,700		USD	1,982,437	10,701
06/16/2021	J.P. Morgan Chase Bank, N.A.		INR	354,995,000		USD	4,809,157	54,084
06/16/2021	J.P. Morgan Chase Bank, N.A.		PEN	6,380,000		USD	1,691,612	4,959
06/16/2021	J.P. Morgan Chase Bank, N.A.		TRY	26,967,663		USD	3,405,653	218,980
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	3,836,953		BRL	20,996,764	13,536

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

8                      Invesco Emerging Markets Local Debt Fund

Open Forward Foreign Currency Contracts–(continued)
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	15,112,164		CNY	98,872,650	$	108,086
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	3,108,274		CZK	68,209,700		62,773
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	5,006,090		HUF	1,536,003,200		120,640
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	251,491		KRW	284,230,000		2,754
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	23,318,005		MXN	487,061,460		612,236
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	13,593,422		PLN	52,416,160		231,454
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	3,335,517		RON	13,750,000		15,646
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	2,032,681		RUB	154,830,000		15,592
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	1,119,490		THB	35,110,000		7,804
06/17/2021	J.P. Morgan Chase Bank, N.A.		PLN	1,097,760		USD	300,000		10,461
06/17/2021	J.P. Morgan Chase Bank, N.A.		USD	3,111,763		ZAR	47,067,800		114,117
07/15/2021	J.P. Morgan Chase Bank, N.A.		USD	1,115,162		EUR	940,000		16,629
06/16/2021	Morgan Stanley and Co. International PLC		BRL	1,389,420		USD	270,000		15,201
06/16/2021	Morgan Stanley and Co. International PLC		USD	1,715,491		RUB	131,760,000		27,585
06/23/2021	Morgan Stanley and Co. International PLC		USD	150,000		MXN	3,063,000		374
08/09/2021	Morgan Stanley and Co. International PLC		USD	1,627,821		CNY	10,970,000		53,541
06/16/2021	Standard Chartered Bank PLC		INR	37,480,000		USD	508,721		6,685
06/16/2021	Standard Chartered Bank PLC		USD	1,622,640		MYR	6,720,000		13,815
06/16/2021	Standard Chartered Bank PLC		USD	1,606,765		PEN	6,080,000		579
Subtotal–Appreciation									3,420,685
Currency Risk
06/16/2021	Bank of America, N.A.		INR	22,545,000		USD	300,000		(1,985	)
06/16/2021	Citibank, N.A.		MXN	91,512,400		USD	4,372,746		(123,429	)
06/16/2021	Citibank, N.A.		USD	4,113,702		MXN	82,815,000		(44,847	)
06/17/2021	Citibank, N.A.		ZAR	13,610,000		USD	899,371		(33,416	)
06/16/2021	Goldman Sachs International		ILS	4,893,450		USD	1,503,266		(3,855	)
06/16/2021	Goldman Sachs International		USD	2,990,665		TRY	23,647,187		(196,360	)
06/17/2021	Goldman Sachs International		ZAR	29,669,000		USD	1,958,104		(75,316	)
05/04/2021	J.P. Morgan Chase Bank, N.A.		BRL	20,996,764		USD	3,849,086		(16,262	)
05/04/2021	J.P. Morgan Chase Bank, N.A.		USD	4,712,739		BRL	25,486,764		(20,815	)
05/10/2021	J.P. Morgan Chase Bank, N.A.		MXN	12,731,700		USD	600,000		(28,091	)
05/12/2021	J.P. Morgan Chase Bank, N.A.		KRW	2,567,250,000		USD	2,250,000		(46,528	)
05/12/2021	J.P. Morgan Chase Bank, N.A.		USD	2,400,000		KRW	2,680,080,000		(2,540	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		CZK	28,150,000		USD	1,282,289		(26,396	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		HUF	253,890,000		USD	827,560		(19,850	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		MXN	430,906,000		USD	20,590,088		(581,130	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		PLN	10,744,390		USD	2,767,155		(66,703	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		RON	32,240,000		USD	7,834,941		(22,620	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		TRY	23,393,250		USD	2,585,714		(178,584	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	761,941		CZK	16,330,000		(2,765	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	1,859,098		INR	137,880,000		(12,229	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	951,563		MXN	19,110,000		(12,652	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	3,171,736		PEN	11,940,000		(15,208	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	3,860,762		THB	118,901,809		(43,125	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	1,648,308		TRY	12,450,000		(177,136	)
06/17/2021	J.P. Morgan Chase Bank, N.A.		PLN	670,000		USD	168,982		(7,733	)
06/17/2021	J.P. Morgan Chase Bank, N.A.		USD	1,547,385		ZAR	22,150,000		(29,293	)
06/17/2021	J.P. Morgan Chase Bank, N.A.		ZAR	135,156,730		USD	8,952,486		(310,733	)
07/15/2021	J.P. Morgan Chase Bank, N.A.		EUR	850,000		USD	1,017,586		(5,842	)
07/29/2021	J.P. Morgan Chase Bank, N.A.		USD	1,920,000		ZAR	27,920,640		(16,931	)

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

9                      Invesco Emerging Markets Local Debt Fund

Open Forward Foreign Currency Contracts–(continued)
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
08/02/2021	J.P. Morgan Chase Bank, N.A.		RUB	69,777,000		USD	900,000	$	(16,864	)
05/04/2021	Morgan Stanley and Co. International PLC		BRL	9,880,000		USD	1,708,013		(110,822	)
05/04/2021	Morgan Stanley and Co. International PLC		USD	1,828,411		BRL	9,880,000		(9,576	)
06/02/2021	Morgan Stanley and Co. International PLC		RUB	65,322,500		USD	850,000		(15,853	)
06/16/2021	Morgan Stanley and Co. International PLC		CLP	2,129,065,000		USD	2,960,736		(34,104	)
06/16/2021	Morgan Stanley and Co. International PLC		MXN	84,663,300		USD	4,091,812		(77,062	)
06/16/2021	Morgan Stanley and Co. International PLC		PEN	5,880,000		USD	1,535,918		(18,553	)
06/16/2021	Morgan Stanley and Co. International PLC		USD	1,644,643		COP	6,014,460,000		(45,635	)
06/16/2021	Morgan Stanley and Co. International PLC		USD	8,759,021		RUB	655,995,696		(80,740	)
08/09/2021	Morgan Stanley and Co. International PLC		CNY	6,057,900		USD	900,000		(28,489	)
09/03/2021	Morgan Stanley and Co. International PLC		BRL	10,260,000		USD	1,759,742		(107,493	)
06/16/2021	Standard Chartered Bank PLC		KRW	2,614,850,000		USD	2,338,028		(969	)
06/16/2021	Standard Chartered Bank PLC		MYR	10,655,000		USD	2,579,966		(14,741	)
Subtotal–Depreciation									(2,683,275	)
Total Forward Foreign Currency Contracts								$	737,410

Open Centrally Cleared Interest Rate Swap Agreements(a)

Pay/

(Pay)/

Upfront

Receive

Receive

Payments

Unrealized

Floating

Payment

Fixed

Payment

Maturity

Paid

Appreciation

Rate

Floating Rate Index

Frequency

Rate

Frequency

Date

Notional Value

(Received)

Value

(Depreciation)

Interest Rate Risk

Pay

3 Month WIBOR

Quarterly

0.89

%

Annually

05/05/2023

PLN

19,020,000

$–

$

820

$       820

Pay

3 Month CZK PRIBOR

Quarterly

0.58

Annually

04/29/2022

CZK

283,000,000

–

1,239

1,239

Pay

FBIL Overnight MIBOR

At Maturity

4.62

At Maturity

04/25/2023

INR

1,650,000,000

–

2,744

2,744

Pay

3 Month COOVIBR

Quarterly

5.20

Quarterly

08/01/2029

COP

6,155,000,000

–

2,961

2,961

Pay

3 Month CNRR007

Quarterly

2.85

Quarterly

12/04/2025

CNY

20,000,000

–

14,444

14,444

Receive

3 Month JIBAR

Quarterly

(7.15

)

Quarterly

02/24/2031

ZAR

7,600,000

50

15,044

14,994

Pay

3 Month CNRR007

Quarterly

2.87

Quarterly

11/23/2025

CNY

20,000,000

–

17,559

17,559

Receive

3 Month JIBAR

Quarterly

(6.75

)

Quarterly

02/15/2031

ZAR

4,700,000

–

18,352

18,352

Receive

6 Month BUBOR

Semi-Annually

(2.41

)

Annually

04/23/2031

HUF

505,000,000

–

21,227

21,227

Pay

1 Month BZDIOVRA

At Maturity

8.25

At Maturity

01/04/2027

BRL

17,822,705

–

23,010

23,010

Receive

6 Month FBIL Overnight MIBOR

Semi-Annually

(5.05

)

Semi-Annually

04/23/2026

INR

350,000,000

–

23,617

23,617

Pay

28 Day MXN TIIE

28 Day

5.59

28 Day

03/27/2023

MXN

355,000,000

–

24,106

24,106

Receive

3 Month USD LIBOR

Semi-Annually

(2.21

)

Quarterly

04/19/2031

USD

8,600,000

–

64,223

64,223

Receive

28 Day MXN TIIE

28 Day

(5.54

)

28 Day

01/24/2031

MXN

26,000,000

–

128,166

128,166

Receive

28 Day MXN TIIE

28 Day

(7.07

)

28 Day

12/12/2029

MXN

132,900,000

–

158,833

158,833

Receive

28 Day MXN TIIE

28 Day

(5.45

)

28 Day

12/05/2030

MXN

38,000,000

–

196,619

196,619

Subtotal – Appreciation

50

712,964

712,914

Interest Rate Risk

Pay

28 Day MXN TIIE

28 Day

4.67

28 Day

07/02/2024

MXN

90,100,000

–

(113,715

)

(113,715)

Pay

BZDIOVRA

At Maturity

6.35

At Maturity

01/02/2025

BRL

17,323,234

–

(110,796

)

(110,796)

Pay

28 Day MXN TIIE

28 Day

5.10

28 Day

10/17/2025

MXN

65,000,000

–

(106,359

)

(106,359)

Pay

28 Day MXN TIIE

28 Day

6.91

28 Day

12/16/2026

MXN

306,300,000

–

(104,092

)

(104,092)

Pay

BZDIOVRA

At Maturity

7.26

At Maturity

01/02/2029

BRL

5,434,322

–

(65,929

)

(65,929)

Pay

3 Month JIBAR

Quarterly

7.48

Quarterly

02/15/2036

ZAR

7,500,000

–

(37,787

)

(37,787)

Pay

3 Month CNRR007

Quarterly

1.99

Quarterly

06/15/2022

CNY

35,000,000

–

(27,983

)

(27,983)

Pay

28 Day MXN TIIE

28 Day

5.32

28 Day

04/17/2023

MXN

335,700,000

–

(26,972

)

(26,972)

Pay

3 Month CNRR007

Quarterly

2.11

Quarterly

06/30/2022

CNY

37,000,000

–

(22,919

)

(22,919)

Pay

1 Month BZDIOVRA

At Maturity

7.20

At Maturity

01/02/2025

BRL

20,144,986

–

(21,747

)

(21,747)

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

10                      Invesco Emerging Markets Local Debt Fund

Open Centrally Cleared Interest Rate Swap Agreements(a) –(continued)

Pay/

(Pay)/

Upfront

Receive

Receive

Payments

Unrealized

Floating

Payment

Fixed

Payment

Maturity

Paid

Appreciation

Rate

Floating Rate Index

Frequency

Rate

Frequency

Date

Notional Value

(Received)

Value

(Depreciation)

Pay

28 Day MXN TIIE

28 Day

5.52

%

28 Day

12/05/2024

MXN

75,000,000

$–

$

(17,910

)

$  (17,910)

Pay

28 Day MXN TIIE

28 Day

5.38

28 Day

04/21/2023

MXN

315,000,000

–

(17,113

)

(17,113)

Pay

3 Month CNRR007

Quarterly

2.23

Quarterly

07/07/2022

CNY

36,370,000

–

(15,197

)

(15,197)

Pay

6 Month THBFIX

Semi-Annually

0.77

Semi-Annually

05/29/2025

THB

100,000,000

–

(10,356

)

(10,356)

Pay

28 Day MXN TIIE

28 Day

6.20

28 Day

06/03/2027

MXN

27,000,000

–

(7,444

)

(7,444)

Pay

6 Month BUBOR

Semi-Annually

1.30

Annually

04/23/2023

HUF

2,300,000,000

–

(7,118

)

(7,118)

Pay

28 Day MXN TIIE

28 Day

5.41

28 Day

04/27/2023

MXN

105,500,000

–

(4,937

)

(4,937)

Pay

3 Month CZK PRIBOR

Quarterly

0.57

Annually

04/16/2022

CZK

425,000,000

–

(2,620

)

(2,620)

Receive

6 Month WIBOR

Annually

(1.45

)

Semi-Annually

05/05/2026

PLN

3,870,000

–

(893

)

(893)

Pay

3 Month WIBOR

Quarterly

0.85

Annually

05/04/2023

PLN

20,000,000

–

(879

)

(879)

Receive

6 Month WIBOR

Annually

(1.44

)

Semi-Annually

05/04/2026

PLN

4,000,000

–

(10

)

(10)

Subtotal – Depreciation

–

(722,776

)

(722,776)

Total Centrally Cleared Interest Rate Swap Agreements

$50

$

(9,812

)

$    (9,862)

^(a)  Centrally cleared swap agreements collateralized by $2,239,140 cash held with counterparties.

Open Over-The-Counter Interest Rate Swap Agreements(a)

Pay/

(Pay)/

Upfront

Receive

Received

Payments

Unrealized

Floating

Floating Rate

Payment

Fixed

Payment

Maturity

Notional

Paid

Appreciation

Counterparty

Rate

Index

Frequency

Rate

Frequency

Date

Value

(Received)

Value

(Depreciation)

Interest Rate Risk

Goldman Sachs International

Pay

3 Month RUB MOSKP

Quarterly

8.54

%

Annually

05/08/2024

RUB

485,000,000

$–

$

257,168

$257,168

Citibank, N.A.

Pay

3 Month RUB MOSKP

Quarterly

8.32

Annually

05/30/2024

RUB

125,500,000

–

58,330

58,330

Subtotal–Appreciation

–

315,498

315,498

Interest Rate Risk

Goldman Sachs International

Pay

3 Month RUB MOSKP

Quarterly

4.83

Annually

11/10/2022

RUB

200,000,000

–

(78,370

)

(78,370)

Total Over-The-Counter Interest Rate Swap Agreements

$–

$

237,128

$237,128

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $540,000.

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

11                      Invesco Emerging Markets Local Debt Fund

Abbreviations:
BRL	–Brazilian Real
BUBOR	–Budapest Interbank Offered Rate
BZDIOVRA	–Brazil Ceptip DI Interbank Deposit Rate
CLP	–Chile Peso
CNH	–Chinese Renminbi
CNRR007	–China 7-Day Reverse Repo Rate
CNY	–Chinese Yuan Renminbi
COOVIBR	–Colombia IBR Overnight Nominal Interbank Reference Rate
COP	–Colombia Peso
CZK	–Czech Koruna
EUR	–Euro
FBIL	–Financial Benchmarks India Private Ltd.
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
ILS	–Israel Shekel
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
KRW	–South Korean Won
LIBOR	–London Interbank Offered Rate
MIBOR	–Mumbai Interbank Offered Rate
MOSKP	–Moscow Prime Offered Rate
MXN	–Mexican Peso
MYR	–Malaysian Ringgit
PEN	–Peruvian Sol
PLN	–Polish Zloty
PRIBOR	–Prague Interbank Offerred Rate
RON	–Romania New Leu
RUB	–Russian Ruble
THB	–Thai Baht
THBFIX	–Thai Baht Interest Rate Fixing
TIIE	–Interbank Equilibrium Interest Rate
TRY	–Turkish Lira
USD	–U.S. Dollar
WIBOR	–Warsaw Interbank Offered Rate
ZAR	–South African Rand

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021

Sovereign Debt	75.08	%
Energy	3.69
Financials	3.18
Other Sectors, Each Less than 2% of Net Assets	0.58
Money Market Funds Plus Other Assets Less Liabilities	17.47

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

12                      Invesco Emerging Markets Local Debt Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $134,723,916)	$	129,381,236
Investments in affiliated money market funds, at value (Cost $13,860,841)		13,860,841
Other investments:
Unrealized appreciation on swap agreements – OTC		315,498
Unrealized appreciation on forward foreign currency contracts outstanding		3,420,685
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		2,239,140
Cash collateral – OTC Derivatives		540,000
Cash		451,371
Foreign currencies, at value (Cost $3,902,556)		3,818,061
Receivable for:
Investments sold		2,239,178
Fund shares sold		156,903
Dividends		2,180
Interest		3,059,710
Investment for trustee deferred compensation and retirement plans		28,812
Other assets		705,041
Total assets		160,218,656
Liabilities:
Other investments:
Options written, at value (premiums received $620,935)		404,575
Variation margin payable – centrally cleared swap agreements		97,597
Unrealized depreciation on forward foreign currency contracts outstanding		2,683,275
Unrealized depreciation on swap agreements–OTC		78,370
Payable for:
Investments purchased		43,590
Dividends		192,176
Fund shares reacquired		72,646
Accrued foreign taxes		89,614
Accrued fees to affiliates		72,780
Accrued trustees’ and officers’ fees and benefits		333
Accrued other operating expenses		143,446
Trustee deferred compensation and retirement plans		28,812
Total liabilities		3,907,214
Net assets applicable to shares outstanding	$	156,311,442

Net assets consist of:
Shares of beneficial interest	$	164,486,007
Distributable earnings (loss)		(8,174,565	)
	$	156,311,442
Net Assets:
Class A	$	38,030,090
Class C	$	9,374,763
Class R	$	2,028,047
Class Y	$	101,436,773
Class R5	$	9,930
Class R6	$	5,431,839
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		5,774,480
Class C		1,422,818
Class R		307,965
Class Y		15,392,130
Class R5		1,508
Class R6		824,745
Class A:
Net asset value per share	$	6.59
Maximum offering price per share (Net asset value of $6.59 ÷ 95.75%)	$	6.88
Class C:
Net asset value and offering price per share	$	6.59
Class R:
Net asset value and offering price per share	$	6.59
Class Y:
Net asset value and offering price per share	$	6.59
Class R5:
Net asset value and offering price per share	$	6.58
Class R6:
Net asset value and offering price per share	$	6.59

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

13                     Invesco Emerging Markets Local Debt Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $242,664)	$	3,985,296
Dividends from affiliated money market funds		1,001
Total investment income		3,986,297
Expenses:
Advisory fees		517,212
Administrative services fees		10,850
Custodian fees		63,434
Distribution fees:
Class A		47,578
Class C		52,795
Class R		5,525
Transfer agent fees – A, C, R and Y		145,402
Transfer agent fees – R5		3
Transfer agent fees – R6		1,555
Trustees’ and officers’ fees and benefits		11,554
Registration and filing fees		38,455
Reports to shareholders		17,034
Professional services fees		32,549
Other		12,730
Total expenses		956,676
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(145,204	)
Net expenses		811,472
Net investment income		3,174,825
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $70,718)		1,607,697
Affiliated investment securities		(195	)
Foreign currencies		120,336
Forward foreign currency contracts		(1,057,923	)
Futures contracts		208,176
Option contracts written		430,146
Swap agreements		(79,509	)
		1,228,728
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $90,297)		(478,908	)
Affiliated investment securities		175
Foreign currencies		(52,413	)
Forward foreign currency contracts		(542,923	)
Option contracts written		684,649
Swap agreements		(386,249	)
		(775,669	)
Net realized and unrealized gain		453,059
Net increase in net assets resulting from operations	$	3,627,884

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

14                      Invesco Emerging Markets Local Debt Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income	$	3,174,825		$	7,322,386
Net realized gain (loss)		1,228,728			(21,389,737	)
Change in net unrealized appreciation (depreciation)		(775,669	)		4,053,160
Net increase (decrease) in net assets resulting from operations		3,627,884			(10,014,191	)
Distributions to shareholders from distributable earnings:
Class A		(696,219	)		(441,090	)
Class C		(140,753	)		(108,727	)
Class R		(35,326	)		(20,843	)
Class Y		(1,778,618	)		(1,366,896	)
Class R5		(194	)		(107	)
Class R6		(97,458	)		(206,870	)
Total distributions from distributable earnings		(2,748,568	)		(2,144,533	)
Return of capital:
Class A		–			(1,207,760	)
Class C		–			(297,707	)
Class R		–			(57,069	)
Class Y		–			(3,742,728	)
Class R5		–			(292	)
Class R6		–			(566,432	)
Total return of capital		–			(5,871,988	)
Total distributions		(2,748,568	)		(8,016,521	)
Share transactions–net:
Class A		1,127,796			(8,704,406	)
Class C		(2,294,888	)		(2,638,455	)
Class R		(189,566	)		(235,620	)
Class Y		8,793,223			(58,611,619	)
Class R6		1,226,128			(17,502,891	)
Net increase (decrease) in net assets resulting from share transactions		8,662,693			(87,692,991	)
Net increase (decrease) in net assets		9,542,009			(105,723,703	)
Net assets:
Beginning of period		146,769,433			252,493,136
End of period	$	156,311,442		$	146,769,433

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

15                      Invesco Emerging Markets Local Debt Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover(d)
Class A
Six months ended 04/30/21		$	6.53		$	0.14			$	0.04			$	0.18			$	(0.12	)		$	–			$	(0.12	)		$	6.59		2.73	%		$	38,030		1.15	%(e)		1.38	%(e)		4.13	%(e)		42	%
Year ended 10/31/20			6.99			0.24				(0.45	)			(0.21	)			(0.07	)			(0.18	)			(0.25	)			6.53		(3.01	)(f)			36,680		1.15	(f)		1.28	(f)		3.57	(f)		50
Five months ended 10/31/19			6.68			0.16				0.30				0.46				(0.09	)			(0.06	)			(0.15	)			6.99		6.99				48,921		1.15	(g)		1.32	(g)		5.66	(g)		21
Year ended 05/31/19			7.02			0.39				(0.34	)			0.05				(0.18	)			(0.21	)			(0.39	)			6.68		0.85				44,188		1.16			1.27			5.82			67
Year ended 05/31/18			7.38			0.42				(0.36	)			0.06				(0.40	)			(0.02	)			(0.42	)			7.02		0.62				55,015		1.15			1.29			5.60			48
Year ended 05/31/17			7.17			0.44				0.45				0.89				–				(0.68	)			(0.68	)			7.38		13.03				44,710		1.24			1.44			6.03			87
Year ended 05/31/16			7.80			0.53				(0.65	)			(0.12	)			–				(0.51	)			(0.51	)			7.17		(1.29	)			47,515		1.25			1.51			7.37			108
Class C
Six months ended 04/30/21			6.53			0.11				0.04				0.15				(0.09	)			–				(0.09	)			6.59		2.29				9,375		2.00	(e)		2.13	(e)		3.28	(e)		42
Year ended 10/31/20			6.99			0.18				(0.45	)			(0.27	)			(0.05	)			(0.14	)			(0.19	)			6.53		(3.83	)			11,457		2.00			2.04			2.72			50
Five months ended 10/31/19			6.68			0.14				0.30				0.44				(0.08	)			(0.05	)			(0.13	)			6.99		6.61				15,332		2.00	(g)		2.08	(g)		4.81	(g)		21
Year ended 05/31/19			7.02			0.33				(0.34	)			(0.01	)			(0.15	)			(0.18	)			(0.33	)			6.68		(0.14	)			16,488		2.01			2.04			4.97			67
Year ended 05/31/18			7.38			0.36				(0.36	)			–				(0.34	)			(0.02	)			(0.36	)			7.02		(0.09	)			19,932		2.00			2.05			4.75			48
Year ended 05/31/17			7.17			0.38				0.46				0.84				–				(0.63	)			(0.63	)			7.38		12.18				13,633		2.00			2.24			5.27			87
Year ended 05/31/16			7.80			0.46				(0.63	)			(0.17	)			–				(0.46	)			(0.46	)			7.17		(2.03	)			8,183		2.00			2.38			6.38			108
Class R
Six months ended 04/30/21			6.53			0.13				0.04				0.17				(0.11	)			–				(0.11	)			6.59		2.55				2,028		1.50	(e)		1.63	(e)		3.78	(e)		42
Year ended 10/31/20			6.99			0.21				(0.45	)			(0.24	)			(0.06	)			(0.16	)			(0.22	)			6.53		(3.35	)			2,195		1.50			1.54			3.22			50
Five months ended 10/31/19			6.68			0.15				0.30				0.45				(0.09	)			(0.05	)			(0.14	)			6.99		6.84				2,588		1.50	(g)		1.58	(g)		5.31	(g)		21
Year ended 05/31/19			7.02			0.36				(0.34	)			0.02				(0.17	)			(0.19	)			(0.36	)			6.68		0.50				2,603		1.51			1.54			5.47			67
Year ended 05/31/18			7.38			0.39				(0.36	)			0.03				(0.37	)			(0.02	)			(0.39	)			7.02		0.27				2,935		1.50			1.55			5.25			48
Year ended 05/31/17			7.17			0.42				0.45				0.87				–				(0.66	)			(0.66	)			7.38		12.74				2,023		1.50			1.73			5.77			87
Year ended 05/31/16			7.80			0.51				(0.65	)			(0.14	)			–				(0.49	)			(0.49	)			7.17		(1.54	)			1,550		1.50			1.87			7.01			108
Class Y
Six months ended 04/30/21			6.54			0.15				0.03				0.18				(0.13	)			–				(0.13	)			6.59		2.67				101,437		0.95	(e)		1.13	(e)		4.33	(e)		42
Year ended 10/31/20			7.00			0.25				(0.45	)			(0.20	)			(0.07	)			(0.19	)			(0.26	)			6.54		(2.80	)			92,205		0.95			1.04			3.77			50
Five months ended 10/31/19			6.68			0.17				0.31				0.48				(0.10	)			(0.06	)			(0.16	)			7.00		7.24				162,754		0.95	(g)		1.08	(g)		5.86	(g)		21
Year ended 05/31/19			7.03			0.40				(0.35	)			0.05				(0.19	)			(0.21	)			(0.40	)			6.68		0.91				143,684		0.96			1.03			6.02			67
Year ended 05/31/18			7.38			0.44				(0.35	)			0.09				(0.41	)			(0.03	)			(0.44	)			7.03		0.96				162,875		0.95			1.04			5.80			48
Year ended 05/31/17			7.17			0.46				0.45				0.91				–				(0.70	)			(0.70	)			7.38		13.35				50,516		0.95			1.22			6.33			87
Year ended 05/31/16			7.79			0.54				(0.63	)			(0.09	)			–				(0.53	)			(0.53	)			7.17		(0.87	)			3,437		0.95			1.35			7.48			108
Class R5
Six months ended 04/30/21			6.53			0.15				0.03				0.18				(0.13	)			–				(0.13	)			6.58		2.70				10		0.90	(e)		0.99	(e)		438	(e)		42
Year ended 10/31/20			6.99			0.25				(0.45	)			(0.20	)			(0.07	)			(0.19	)			(0.26	)			6.53		(2.74	)			10		0.90			0.93			3.82			50
Five months ended 10/31/19			6.67			0.17				0.31				0.48				(0.10	)			(0.06	)			(0.16	)			6.99		7.27				11		0.90	(g)		1.00	(g)		5.91	(g)		21
Period ended 05/31/19(h)			6.63			0.00	(i)			0.04				0.04				(0.00	)(i)			(0.00	)(i)			(0.00	)(i)			6.67		0.64				10		0.85	(g)		0.85	(g)		6.13	(g)		67
Class R6
Six months ended 04/30/21			6.53			0.15				0.04				0.19				(0.13	)			–				(0.13	)			6.59		2.88				5,432		0.85	(e)		0.99	(e)		4.43	(e)		42
Year ended 10/31/20			6.99			0.26				(0.45	)			(0.19	)			(0.07	)			(0.20	)			(0.27	)			6.53		(2.72	)			4,222		0.85			0.93			3.87			50
Five months ended 10/31/19			6.67			0.17				0.31				0.48				(0.10	)			(0.06	)			(0.16	)			6.99		7.29				22,887		0.85	(g)		0.95	(g)		5.96	(g)		21
Year ended 05/31/19			7.02			0.41				(0.35	)			0.06				(0.19	)			(0.22	)			(0.41	)			6.67		1.01				8,604		0.86			0.91			6.12			67
Year ended 05/31/18			7.37			0.44				(0.35	)			0.09				(0.41	)			(0.03	)			(0.44	)			7.02		1.05				7,601		0.85			0.87			5.90			48
Year ended 05/31/17			7.16			0.46				0.46				0.92				–				(0.71	)			(0.71	)			7.37		13.47				8,089		0.85			1.03			6.42			87
Year ended 05/31/16			7.79			0.54				(0.63	)			(0.09	)			–				(0.54	)			(0.54	)			7.16		(0.91	)			2,325		0.85			1.11			7.57			108

^(a)  Calculated using average shares outstanding.

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

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the five months ended October 31, 2019 and the years ended May 31, 2019, 2018, 2017, and 2016, respectively.

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

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $39,372, $10,646, $2,228, $94,829, $10 and $5,038 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the year ended October 31, 2020.

^(g)  Annualized.

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

⁽ⁱ⁾  Amount represents less than 0.005%.

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

16                      Invesco Emerging Markets Local Debt Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

    The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

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

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

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

    Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. 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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from

17                      Invesco Emerging Markets Local Debt Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

18                      Invesco Emerging Markets Local Debt Fund

gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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

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

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

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

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

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

    Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

M. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

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

    A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty

19                      Invesco Emerging Markets Local Debt Fund

becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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

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

    Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

    Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

N. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

O. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

    The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
Up to $500 million	0.700%
Next $500 million	0.650%
Next $4 billion	0.600%
Over $5 billion	0.580%

* 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 six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.69%.

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

20                      Invesco Emerging Markets Local Debt Fund

    The Adviser has contractually agreed, through 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) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.15%, 2.00%, 1.50%, 0.95%, 0.90% and 0.85%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2022, the Adviser has agreed to limit expenses for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25% respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate June 30, 2022. 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. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $10,457 and reimbursed class level expenses of $39,028, $7,101, $1,475, $85,329, $3 and $1,555 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $3,051 in front-end sales commissions from the sale of Class A shares and $0 and $126 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

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

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

    The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes	$	–	$	129,024,248		$–	$	129,024,248
Money Market Funds		13,860,841		–		–		13,860,841
Options Purchased		–		356,988		–		356,988
Total Investments in Securities		13,860,841		129,381,236		–		143,242,077
Other Investments - Assets*
Forward Foreign Currency Contracts		–		3,420,685		–		3,420,685
Swap Agreements		–		1,028,412		–		1,028,412
		–		4,449,097		–		4,449,097

21                      Invesco Emerging Markets Local Debt Fund

	Level 1		Level 2			Level 3		Total
Other Investments - Liabilities*
Forward Foreign Currency Contracts	$	–	$	(2,683,275	)		$–	$	(2,683,275	)
Options Written		–		(404,575	)		–		(404,575	)
Swap Agreements		–		(801,146	)		–		(801,146	)
		–		(3,888,996	)		–		(3,888,996	)
Total Other Investments		–		560,101			–		560,101
Total Investments	$	13,860,841	$	129,941,337			$–	$	143,802,178

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

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2021:

	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on swap agreements – Centrally Cleared(a)	$	-	$	712,914		$	712,914
Unrealized appreciation on forward foreign currency contracts outstanding		3,420,685		-			3,420,685
Unrealized appreciation on swap agreements – OTC		-		315,498			315,498
Options purchased, at value – OTC(b)		356,988		-			356,988
Total Derivative Assets		3,777,673		1,028,412			4,806,085
Derivatives not subject to master netting agreements		-		(712,914	)		(712,914	)
Total Derivative Assets subject to master netting agreements	$	3,777,673	$	315,498		$	4,093,171

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

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

	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on swap agreements – Centrally Cleared(a)	$	-		$	(722,776	)	$	(722,776	)
Unrealized depreciation on forward foreign currency contracts outstanding		(2,683,275	)		-			(2,683,275	)
Unrealized depreciation on swap agreements – OTC		-			(78,370	)		(78,370	)
Options written, at value – OTC		(404,575	)		-			(404,575	)
Total Derivative Liabilities		(3,087,850	)		(801,146	)		(3,888,996	)
Derivatives not subject to master netting agreements		-			722,776			722,776
Total Derivative Liabilities subject to master netting agreements	$	(3,087,850	)	$	(78,370	)	$	(3,166,220	)

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

22                      Invesco Emerging Markets Local Debt Fund

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2021.

	Financial Derivative Assets								Financial Derivative Liabilities															Collateral (Received/Pledged)
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash			Cash			Net Amount
Bank of America, N.A.	$	154,773	$	-	$	-	$	154,773	$	(1,985	)	$	(17,851	)	$	-		$	(19,836	)	$	134,937		$	-		$	-		$	134,937
Barclays Bank PLC		265,469		-		-		265,469		-			-			-			-			265,469			(265,469	)		-			-
Citibank, N.A.		304,072		-		58,330		362,402		(201,692	)		-			-			(201,692	)		160,710			-			(160,710	)		-
Goldman Sachs International		330,505		73,908		257,168		661,581		(275,531	)		(166,720	)		(78,370	)		(520,621	)		140,960			-			(140,960	)		-
J.P. Morgan Chase Bank, N.A.		2,248,086		202,371		-		2,450,457		(1,660,030	)		(169,440	)		-			(1,829,470	)		620,987			(439,662	)		-			181,325
Morgan Stanley and Co. International PLC		96,701		80,496		-		177,197		(528,327	)		(40,159	)		-			(568,486	)		(391,289	)		-			391,289			-
Standard Chartered Bank PLC		21,079		213		-		21,292		(15,710	)		(10,405	)		-			(26,115	)		(4,823	)		-			-			(4,823	)
Total	$	3,420,685	$	356,988	$	315,498	$	4,093,171	$	(2,683,275	)	$	(404,575	)	$	(78,370	)	$	(3,166,220	)	$	926,951		$	(705,131	)	$	89,619		$	311,439

Effect of Derivative Investments for the six months ended April 30, 2021

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	(1,057,923	)	$	-		$	(1,057,923	)
Futures contracts		-			208,176			208,176
Options purchased(a)		(256,390	)		-			(256,390	)
Options written		430,146			-			430,146
Swap agreements		-			(79,509	)		(79,509	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(542,923	)		-			(542,923	)
Options purchased(a)		343,052			-			343,052
Options written		684,649			-			684,649
Swap agreements		-			(386,249	)		(386,249	)
Total	$	(399,389	)	$	(257,582	)	$	(656,971	)

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

  The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts	Futures Contracts		Foreign Currency Options Purchased		Foreign Currency Options Written		Swap Agreements
Average notional value	$345,975,762	$	2,553,047	$	53,304,220	$	48,244,147	$158,482,238

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $256.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund

23                      Invesco Emerging Markets Local Debt Fund

may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

    The Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	1,373,943	$	3,226,989	$	4,600,932

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $56,750,834 and $57,080,062, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	7,878,357
Aggregate unrealized (depreciation) of investments		(12,972,172	)
Net unrealized appreciation (depreciation) of investments	$	(5,093,815	)

    Cost of investments for tax purposes is $148,895,993.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended     April 30, 2021(a)						Year ended     October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		767,455		$	5,259,323			1,354,319		$	9,106,263
Class C		99,123			681,229			435,854			2,988,600
Class R		33,427			228,142			75,060			493,474
Class Y		4,118,016			28,083,269			7,438,783			49,591,002
Class R6		271,464			1,859,975			509,957			3,361,723
Issued as reinvestment of dividends:
Class A		74,523			503,636			179,534			1,181,627
Class C		15,242			103,149			44,451			292,115
Class R		5,088			34,441			11,655			76,248
Class Y		161,757			1,093,966			532,037			3,518,608
Class R6		11,966			80,778			116,023			760,974
Automatic conversion of Class C shares to Class A shares:
Class A		257,154			1,798,600			82,867			549,519
Class C		(257,154	)		(1,798,600	)		(82,829	)		(549,519	)

24                      Invesco Emerging Markets Local Debt Fund

	Summary of Share Activity
	Six months ended     April 30, 2021(a)						Year ended     October 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(940,152	)	$	(6,433,763	)		(2,998,437	)	$	(19,541,815	)
Class C		(187,745	)		(1,280,666	)		(836,001	)		(5,369,651	)
Class R		(66,589	)		(452,149	)		(120,970	)		(805,342	)
Class Y		(2,993,832	)		(20,384,012	)		(17,130,729	)		(111,721,229	)
Class R6		(105,023	)		(714,625	)		(3,255,822	)		(21,625,588	)
Net increase (decrease) in share activity		1,264,720		$	8,662,693			(13,644,248	)	$	(87,692,991	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 61% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

25                      Invesco Emerging Markets Local Debt Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/20)	Ending     Account Value     (04/30/21)1	Expenses      Paid During      Period2, 3	Ending      Account Value      (04/30/21)	Expenses      Paid During      Period2, 4	Annualized       Expense Ratio2
Class A	$1,000.00	$1,025.70	$5.78	$1,019.09	$5.76	1.15%
Class C	1,000.00	1,022.90	10.03	1,014.88	9.99	2.00
Class R	1,000.00	1,025.50	7.53	1,017.36	7.50	1.50
Class Y	1,000.00	1,026.70	4.77	1,020.08	4.76	0.95
Class R5	1,000.00	1,027.00	4.52	1,020.33	4.51	0.90
Class R6	1,000.00	1,027.30	4.27	1,020.58	4.26	0.85

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective June 1, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.38, 2.13%, 1.63%, 1.13%, 0.99% and 0.99% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.91, $10.71, $8.20, $5.69, $4.96 and $4.98 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.89, $10.66, $8.17, $5.66, $4.95 and $4.96 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

26                      Invesco Emerging Markets Local Debt Fund

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc.                     O-EMLD-SAR-1

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Emerging Markets All Cap Fund
	Nasdaq:
	A: GTDDX ∎ C: GTDCX ∎ Y: GTDYX ∎ R5: GTDIX ∎ R6: GTDFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
16	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	19.73	%
Class C Shares	19.27
Class Y Shares	19.87
Class R5 Shares	19.89
Class R6 Shares	19.95
MSCI Emerging Markets Index▼ (Broad Market/Style-Specific Index)	22.95
Lipper Emerging Market Funds Index∎ (Peer Group Index)	25.77
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The MSCI Emerging Markets Index is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which with-holds applicable taxes for non-resident investors.
The Lipper Emerging Market Funds Index is an unmanaged index representative of emerging market funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                             Invesco Emerging Markets All Cap Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (1/11/94)	5.79	%
10 Years	3.59
5 Years	9.91
1 Year	38.98
Class C Shares
Inception (3/1/99)	9.65	%
10 Years	3.56
5 Years	10.33
1 Year	44.93
Class Y Shares
Inception (10/3/08)	8.54	%
10 Years	4.44
5 Years	11.43
1 Year	47.41
Class R5 Shares
Inception (10/25/05)	8.98	%
10 Years	4.57
5 Years	11.54
1 Year	47.48
Class R6 Shares
10 Years	4.55	%
5 Years	11.61
1 Year	47.60

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

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in

the past, returns would have been lower. See current prospectus for more information.

3                             Invesco Emerging Markets All Cap Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                             Invesco Emerging Markets All Cap Fund

Schedule of Investments

April 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–94.64%
Brazil–9.46%
Ambev S.A., ADR		3,969,718	$     11,035,816
Arcos Dorados Holdings, Inc., Class A(a)(b)		10,932,631	62,643,976
B3 S.A. - Brasil, Bolsa, Balcao		4,581,620	43,437,271
Fleury S.A.		8,233,794	38,728,185
Multiplan Empreendimentos Imobiliarios S.A.		9,755,829	41,361,317
Raia Drogasil S.A.		4,167,000	20,175,091
Rede D’Or Sao Luiz S.A.(c)		2,025,700	26,812,682
TOTVS S.A.		3,380,400	19,353,732
			263,548,070
China–27.40%
Alibaba Group Holding Ltd., ADR(b)		560,318	129,405,442
Angel Yeast Co. Ltd., A Shares		1,638,488	14,840,556
China Feihe Ltd.(c)		11,980,000	34,220,130
China Mengniu Dairy Co. Ltd.		13,715,000	73,416,420
Henan Shuanghui Investment & Development Co. Ltd., A Shares		1,926,183	10,893,413
JD.com, Inc., ADR(b)		945,947	73,178,460
Kweichow Moutai Co. Ltd., A Shares		48,856	15,121,930
Meituan, B Shares(b)(c)		282,400	10,752,354
New Oriental Education & Technology Group, Inc., ADR(b)		2,389,994	36,471,309
Sunny Optical Technology Group Co. Ltd.		1,386,100	33,446,411
Tencent Holdings Ltd.		1,501,600	120,087,548
Tongcheng-Elong Holdings Ltd.(b)(c)		19,222,000	48,083,448
Wuliangye Yibin Co. Ltd., A Shares		1,268,647	55,815,620
Yum China Holdings, Inc.		1,708,276	107,484,726
			763,217,767
Egypt–1.26%
Eastern Co. S.A.E.		21,384,488	15,923,265
Egyptian Financial Group-Hermes Holding Co.(b)		21,352,502	19,152,180
			35,075,445
France–1.11%
Bollore S.A.		6,148,198	31,032,865
Hungary–2.62%
Gedeon Richter PLC		2,553,485	73,064,392
India–3.04%
Emami Ltd.		2,797,150	18,558,924
HDFC Bank Ltd., ADR(b)		941,900	66,196,731
			84,755,655
Indonesia–3.27%
PT Bank Central Asia Tbk		19,144,200	42,355,028
PT Kalbe Farma Tbk		256,347,000	25,545,872
PT Telkom Indonesia (Persero) Tbk		104,477,700	23,096,936
			90,997,836
Israel–0.88%
ICL Group Ltd.		3,847,588	24,649,989

	Shares		Value
Macau–1.87%
Galaxy Entertainment Group Ltd.(b)		5,926,000	$     52,029,529
Mexico–9.90%
Bolsa Mexicana de Valores S.A.B. de C.V.		21,082,320	46,770,966
GMexico Transportes S.A.B. de C.V.		27,888,930	44,840,917
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.(b)		7,831,898	48,699,505
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B(b)		3,633,538	37,352,419
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		22,678,092	39,183,157
Wal-Mart de Mexico S.A.B. de C.V., Series V		17,993,234	58,899,706
			275,746,670
Nigeria–0.71%
Zenith Bank PLC		363,656,079	19,795,683
Peru–0.31%
Credicorp Ltd.		72,821	8,694,827
Philippines–3.05%
BDO Unibank, Inc.		18,530,260	39,673,574
SM Investments Corp.		857,870	17,123,290
SM Prime Holdings, Inc.		39,270,900	28,083,902
			84,880,766
Russia–12.71%
Detsky Mir PJSC		8,288,510	16,609,876
Gazprom PJSC, ADR		4,284,513	25,935,747
Mobile TeleSystems PJSC, ADR		3,616,494	30,631,704
Moscow Exchange MICEX-RTS PJSC		11,806,000	27,782,399
Ozon Holdings PLC, ADR(b)		292,546	18,193,436
Sberbank of Russia PJSC		11,900,044	47,119,009
Sberbank of Russia PJSC, Preference Shares		24,871,366	93,736,746
Yandex N.V., Class A(b)		1,435,434	94,092,699
			354,101,616
South Africa–2.25%
Naspers Ltd., Class N		274,700	62,761,898
South Korea–7.29%
NAVER Corp.		137,204	44,212,898
Samsung Electronics Co. Ltd.		2,174,183	158,872,582
			203,085,480
Taiwan–4.86%
Taiwan Semiconductor Manufacturing Co. Ltd.		6,245,000	135,327,963
Turkey–0.76%
Haci Omer Sabanci Holding A.S.		21,674,815	21,169,692
United Arab Emirates–0.61%
Emaar Properties PJSC		16,658,100	16,872,646

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

5                             Invesco Emerging Markets All Cap Fund

	Shares		Value
Vietnam–1.28%
Vietnam Dairy Products JSC		8,802,248	$     35,600,019
Total Common Stocks & Other Equity Interests (Cost $1,814,025,105)			2,636,408,808
Money Market Funds–5.20%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(a)(d)		51,034,802	51,034,802
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(a)(d)		35,612,741	35,626,986

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%(a)(d)		58,325,488	$     58,325,488
Total Money Market Funds (Cost $144,982,531)			144,987,276
TOTAL INVESTMENTS IN SECURITIES–99.84% (Cost $1,959,007,636)			2,781,396,084
OTHER ASSETS LESS LIABILITIES–0.16%			4,395,193
NET ASSETS–100.00%			$2,785,791,277

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			$43,866,503		$	107,144,075		$	(99,975,776	)		$	-		$	-			$	51,034,802		$	6,583
Invesco Liquid Assets Portfolio, Institutional Class			30,506,633			76,531,482			(71,411,268	)			2,833			(2,694	)			35,626,986			6,495
Invesco Treasury Portfolio, Institutional Class			50,133,146			122,450,371			(114,258,029	)			-			-				58,325,488			2,978
Investments in Other Affiliates:
Arcos Dorados Holdings, Inc., Class A			43,949,177			-			-				18,694,799			-				62,643,976			-
Total		$	168,455,459		$	306,125,928		$	(285,645,073	)		$	18,697,632		$	(2,694	)		$	207,631,252		$	16,056

^(b)  Non-income producing security.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $119,868,614, which represented 4.30% of the Fund’s Net Assets.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021

Consumer Discretionary	22.17	%
Financials	17.08
Consumer Staples	14.49
Information Technology	12.46
Communication Services	12.32
Health Care	5.89
Industrials	5.31
Real Estate	3.10
Other Sectors, Each Less than 2% of Net Assets	1.82
Money Market Funds Plus Other Assets Less Liabilities	5.36

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

6                             Invesco Emerging Markets All Cap Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,743,037,881)	$2,573,764,832
Investments in affiliates, at value (Cost $215,969,755)	207,631,252
Foreign currencies, at value (Cost $6,503,459)	6,232,101
Receivable for:
Fund shares sold	2,766,649
Dividends	2,336,154
Investment for trustee deferred compensation and retirement plans	367,655
Other assets	102,797
Total assets	2,793,201,440
Liabilities:
Payable for:
Investments purchased	763,923
Fund shares reacquired	1,741,108
Amount due custodian	1,966,148
Accrued fees to affiliates	899,898
Accrued other operating expenses	1,629,600
Trustee deferred compensation and retirement plans	409,486
Total liabilities	7,410,163
Net assets applicable to shares outstanding	$2,785,791,277
Net assets consist of:
Shares of beneficial interest	$1,905,776,603
Distributable earnings	880,014,674
	$2,785,791,277

Net Assets:
Class A	$	633,442,369
Class C	$	17,339,774
Class Y	$	1,178,908,953
Class R5	$	224,492,999
Class R6	$	731,607,182
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		14,536,502
Class C		406,105
Class Y		27,048,311
Class R5		5,167,113
Class R6		16,842,671
Class A:
Net asset value per share	$	43.58
Maximum offering price per share (Net asset value of $43.58 ÷ 94.50%)	$	46.12
Class C:
Net asset value and offering price per share	$	42.70
Class Y:
Net asset value and offering price per share	$	43.59
Class R5:
Net asset value and offering price per share	$	43.45
Class R6:
Net asset value and offering price per share	$	43.44

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

7                             Invesco Emerging Markets All Cap Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $2,479,355)	$	18,616,041
Dividends from affiliates		16,056
Total investment income		18,632,097
Expenses:
Advisory fees		11,513,336
Administrative services fees		176,466
Custodian fees		463,560
Distribution fees:
Class A		790,734
Class C		87,850
Transfer agent fees – A, C and Y		1,252,124
Transfer agent fees – R5		101,467
Transfer agent fees – R6		27,483
Trustees’ and officers’ fees and benefits		33,251
Registration and filing fees		95,427
Reports to shareholders		181,959
Professional services fees		41,169
Other		23,027
Total expenses		14,787,853
Less: Fees waived and/or expense offset arrangement(s)		(47,744	)
Net expenses		14,740,109
Net investment income		3,891,988
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		66,143,804
Affiliated investment securities		(2,694	)
Foreign currencies		(857,367	)
		65,283,743
Change in net unrealized appreciation of:
Unaffiliated investment securities		356,980,656
Affiliated investment securities		18,697,632
Foreign currencies		188,706
		375,866,994
Net realized and unrealized gain		441,150,737
Net increase in net assets resulting from operations	$	445,042,725

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

8                             Invesco Emerging Markets All Cap Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income	$	3,891,988		$	20,771,900
Net realized gain		65,283,743			131,431,946
Change in net unrealized appreciation (depreciation)		375,866,994			(30,648,734	)
Net increase in net assets resulting from operations		445,042,725			121,555,112
Distributions to shareholders from distributable earnings:
Class A		(30,719,071	)		(8,994,008	)
Class C		(797,143	)		(100,403	)
Class Y		(59,858,079	)		(17,366,105	)
Class R5		(11,073,849	)		(4,390,520	)
Class R6		(30,036,166	)		(7,805,161	)
Total distributions from distributable earnings		(132,484,308	)		(38,656,197	)
Share transactions–net:
Class A		4,166,402			(49,372,647	)
Class C		(1,766,986	)		(6,664,248	)
Class Y		22,894,071			646,578
Class R5		16,568,836			(68,170,028	)
Class R6		166,870,534			97,127,522
Net increase (decrease) in net assets resulting from share transactions		208,732,857			(26,432,823	)
Net increase in net assets		521,291,274			56,466,092
Net assets:
Beginning of period		2,264,500,003			2,208,033,911
End of period	$	2,785,791,277		$	2,264,500,003

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

9                             Invesco Emerging Markets All Cap Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning			Net investment income				Net gains (losses) on securities (both realized and				Total from investment				Dividends from net investment				Distributions from net realized								Net asset value, end						Net assets, end of period			Ratio of expenses to average net assets with fee waivers and/or expenses			Ratio of expenses to average net assets without fee waivers and/or expenses
																																											Ratio of net investment income (loss) to average
																								Total							Total															Portfolio
	of period			(loss)(a)				unrealized)				operations				income				gains				distributions				of period			return (b)			(000’s omitted)			absorbed			absorbed			net assets			turnover (c)
Class A
Six months ended 04/30/21		$	38.27		$	0.02			$	7.46			$	7.48			$	(0.40	)		$	(1.77	)		$	(2.17	)		$	43.58		19.73	%		$	633,442		1.34	%(d)		1.34	%(d)		0.08	%(d)		8	%
Year ended 10/31/20			36.81			0.27				1.76				2.03				(0.57	)			–				(0.57	)			38.27		5.54				552,262		1.37			1.38			0.76			33
Year ended 10/31/19			30.54			0.55				6.18				6.73				(0.46	)			–				(0.46	)			36.81		22.39				583,346		1.37			1.38			1.62			7
Year ended 10/31/18			36.66			0.44				(6.29	)			(5.85	)			(0.27	)			–				(0.27	)			30.54		(16.09	)			544,574		1.39			1.40			1.23			20
Year ended 10/31/17			30.67			0.28				5.96				6.24				(0.25	)			–				(0.25	)			36.66		20.55				878,910		1.41			1.43			0.86			16
Year ended 10/31/16			25.84			0.27				4.80				5.07				(0.24	)			–				(0.24	)			30.67		19.88				824,702		1.40			1.41			1.01			3
Class C
Six months ended 04/30/21			37.38			(0.14	)			7.29				7.15				(0.06	)			(1.77	)			(1.83	)			42.70		19.27				17,340		2.09	(d)		2.09	(d)		(0.67	)(d)		8
Year ended 10/31/20			35.83			0.00				1.71				1.71				(0.16	)			–				(0.16	)			37.38		4.78				16,812		2.12			2.13			0.01			33
Year ended 10/31/19			29.64			0.28				6.05				6.33				(0.14	)			–				(0.14	)			35.83		21.48				22,941		2.12			2.13			0.87			7
Year ended 10/31/18			35.59			0.17				(6.12	)			(5.95	)			(0.00	)			–				(0.00	)			29.64		(16.71	)			55,823		2.14			2.15			0.48			20
Year ended 10/31/17			29.78			0.03				5.81				5.84				(0.03	)			–				(0.03	)			35.59		19.65				88,231		2.16			2.18			0.11			16
Year ended 10/31/16			25.03			0.07				4.68				4.75				–				–				–				29.78		18.98				82,513		2.15			2.16			0.26			3
Class Y
Six months ended 04/30/21			38.32			0.07				7.47				7.54				(0.50	)			(1.77	)			(2.27	)			43.59		19.87				1,178,909		1.09	(d)		1.09	(d)		0.33	(d)		8
Year ended 10/31/20			36.85			0.36				1.78				2.14				(0.67	)			–				(0.67	)			38.32		5.82				1,015,412		1.12			1.13			1.01			33
Year ended 10/31/19			30.60			0.63				6.18				6.81				(0.56	)			–				(0.56	)			36.85		22.69				968,060		1.12			1.13			1.87			7
Year ended 10/31/18			36.74			0.53				(6.31	)			(5.78	)			(0.36	)			–				(0.36	)			30.60		(15.89	)			986,550		1.14			1.15			1.48			20
Year ended 10/31/17			30.74			0.37				5.95				6.32				(0.32	)			–				(0.32	)			36.74		20.84				1,575,401		1.16			1.18			1.11			16
Year ended 10/31/16			25.92			0.35				4.79				5.14				(0.32	)			–				(0.32	)			30.74		20.18				1,055,132		1.15			1.16			1.26			3
Class R5
Six months ended 04/30/21			38.22			0.08				7.45				7.53				(0.53	)			(1.77	)			(2.30	)			43.45		19.89				224,493		1.04	(d)		1.04	(d)		0.38	(d)		8
Year ended 10/31/20			36.76			0.39				1.77				2.16				(0.70	)			–				(0.70	)			38.22		5.90				182,631		1.05			1.06			1.08			33
Year ended 10/31/19			30.55			0.66				6.16				6.82				(0.61	)			–				(0.61	)			36.76		22.79				250,287		1.03			1.04			1.96			7
Year ended 10/31/18			36.68			0.56				(6.29	)			(5.73	)			(0.40	)			–				(0.40	)			30.55		(15.80	)			287,511		1.04			1.05			1.58			20
Year ended 10/31/17			30.69			0.41				5.94				6.35				(0.36	)			–				(0.36	)			36.68		20.97				470,436		1.04			1.06			1.23			16
Year ended 10/31/16			25.90			0.38				4.79				5.17				(0.38	)			–				(0.38	)			30.69		20.33				331,079		1.03			1.04			1.38			3
Class R6
Six months ended 04/30/21			38.22			0.10				7.45				7.55				(0.56	)			(1.77	)			(2.33	)			43.44		19.95				731,607		0.96	(d)		0.96	(d)		0.46	(d)		8
Year ended 10/31/20			36.76			0.42				1.76				2.18				(0.72	)			–				(0.72	)			38.22		5.96				497,383		0.96			0.97			1.17			33
Year ended 10/31/19			30.55			0.68				6.16				6.84				(0.63	)			–				(0.63	)			36.76		22.88				383,400		0.97			0.98			2.02			7
Year ended 10/31/18			36.67			0.57				(6.27	)			(5.70	)			(0.42	)			–				(0.42	)			30.55		(15.74	)			365,000		0.99			1.00			1.63			20
Year ended 10/31/17			30.68			0.42				5.94				6.36				(0.37	)			–				(0.37	)			36.67		21.04				427,243		1.00			1.02			1.27			16
Year ended 10/31/16			25.90			0.39				4.78				5.17				(0.39	)			–				(0.39	)			30.68		20.35				160,816		0.98			0.99			1.43			3

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $637,830, $17,716, $1,175,826, $217,481 and $604,442 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

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

10                             Invesco Emerging Markets All Cap Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from

11                             Invesco Emerging Markets All Cap Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

12                             Invesco Emerging Markets All Cap Fund

forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		0.935%
Next $250 million		0.910%
Next $500 million		0.885%
Next $1.5 billion		0.860%
Next $2.5 billion		0.835%
Next $2.5 billion		0.810%
Next $2.5 billion		0.785%
Over $10 billion		0.760%

For the six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.87%.

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

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $46,737.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $32,801 in front-end sales commissions from the sale of Class A shares and $1,463 and $452 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when

13                             Invesco Emerging Markets All Cap Fund

market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
Brazil		$	263,548,070		$	–		$	–		$	263,548,070
China			346,539,937			416,677,830			–			763,217,767
Egypt			–			35,075,445			–			35,075,445
France			–			31,032,865			–			31,032,865
Hungary			–			73,064,392			–			73,064,392
India			66,196,731			18,558,924			–			84,755,655
Indonesia			–			90,997,836			–			90,997,836
Israel			–			24,649,989			–			24,649,989
Macau			–			52,029,529			–			52,029,529
Mexico			275,746,670			–			–			275,746,670
Nigeria			–			19,795,683			–			19,795,683
Peru			8,694,827			–			–			8,694,827
Philippines			–			84,880,766			–			84,880,766
Russia			187,310,114			166,791,502			–			354,101,616
South Africa			–			62,761,898			–			62,761,898
South Korea			–			203,085,480			–			203,085,480
Taiwan			–			135,327,963			–			135,327,963
Turkey			–			21,169,692			–			21,169,692
United Arab Emirates			–			16,872,646			–			16,872,646
Vietnam			–			35,600,019			–			35,600,019
Money Market Funds			144,987,276			–			–			144,987,276
Total Investments		$	1,293,023,625		$	1,488,372,459		$	–		$	2,781,396,084

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,007.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

14                             Invesco Emerging Markets All Cap Fund

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

The Fund did not have a capital loss carryforward as of October 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $270,427,420 and $200,916,025, respectively. Cost of investments, including any derivatives, on a tax basis    includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	912,927,161
Aggregate unrealized (depreciation) of investments		(101,326,305	)
Net unrealized appreciation of investments	$	811,600,856

Cost of investments for tax purposes is $1,969,795,228.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2021(a)						October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		1,052,016		$	46,010,205			1,706,365		$	61,253,898
Class C		50,353			2,176,561			95,985			3,358,951
Class Y		3,243,410			140,513,317			9,564,984			320,291,589
Class R5		610,573			26,508,647			1,328,553			46,363,019
Class R6		4,523,421			197,912,685			6,495,302			236,439,889
Issued as reinvestment of dividends:
Class A		627,884			26,484,157			206,055			7,799,177
Class C		17,346			718,977			2,352			87,520
Class Y		842,214			35,499,330			326,675			12,351,569
Class R5		255,130			10,718,029			114,253			4,306,190
Class R6		637,164			26,754,520			172,136			6,484,375
Automatic conversion of Class C shares to Class A shares:
Class A		72,661			3,083,192			124,129			4,504,737
Class C		(74,048	)		(3,083,192	)		(126,814	)		(4,504,737	)
Reacquired:
Class A		(1,645,314	)		(71,411,152	)		(3,455,941	)		(122,930,459	)
Class C		(37,316	)		(1,579,332	)		(161,979	)		(5,605,982	)
Class Y		(3,535,939	)		(153,118,576	)		(9,663,832	)		(331,996,580	)
Class R5		(477,116	)		(20,657,840	)		(3,472,694	)		(118,839,237	)
Class R6		(1,330,746	)		(57,796,671	)		(4,085,473	)		(145,796,742	)
Net increase (decrease) in share activity		4,831,693		$	208,732,857			(829,944	)	$	(26,432,823	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 47% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

15                             Invesco Emerging Markets All Cap Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)1	Expenses Paid During Period2	Ending Account Value (04/30/21)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$1,197.30	$7.30	$1,018.15	$6.71	1.34%
Class C	1,000.00	1,192.70	11.36	1,014.43	10.44	2.09
Class Y	1,000.00	1,198.70	5.94	1,019.39	5.46	1.09
Class R5	1,000.00	1,198.90	5.67	1,019.64	5.21	1.04
Class R6	1,000.00	1,199.50	5.24	1,020.03	4.81	0.96

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

16                             Invesco Emerging Markets All Cap Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Emerging Markets Innovators Fund
	Nasdaq:
	A: EMIAX ∎ C: EMVCX ∎ R: EMIRX ∎ Y: EMIYX ∎ R5: EMIMX ∎ R6: EMVIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
17	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	21.99	%
Class C Shares	21.50
Class R Shares	21.85
Class Y Shares	22.14
Class R5 Shares	22.23
Class R6 Shares	22.26
MSCI Emerging Markets Mid Cap Indexq	31.96
Source(s): qRIMES Technologies Corp.
The MSCI Emerging Markets Mid Cap Index is designed to measure equity market performance of mid-capitalization companies in emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                              Invesco Emerging Markets Innovators Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (6/30/14)	3.83	%
5 Years	8.94
1 Year	40.62
Class C Shares
Inception (6/30/14)	3.88	%
5 Years	9.33
1 Year	46.49
Class R Shares
Inception (6/30/14)	4.41	%
5 Years	9.88
1 Year	48.40
Class Y Shares
Inception (6/30/14)	4.95	%
5 Years	10.46
1 Year	49.15
Class R5 Shares
Inception	4.80	%
5 Years	10.34
1 Year	49.36
Class R6 Shares
Inception (6/30/14)	5.16	%
5 Years	10.67
1 Year	49.43

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Emerging Markets Innovators Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Invesco Oppenheimer Emerging Markets Innovators Fund. Note: The Fund was subsequently renamed the Invesco Emerging Markets Innovators Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

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

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

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                              Invesco Emerging Markets Innovators Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                              Invesco Emerging Markets Innovators Fund

Schedule of Investments

April 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.69%
Brazil–6.25%
Arezzo Industria e Comercio S.A.		584,700	$    8,142,884
B3 S.A. - Brasil, Bolsa, Balcao		267,100	2,532,313
Lojas Americanas S.A., Preference Shares		3,491,381	13,407,500
Pagseguro Digital Ltd., Class A(a)		166,999	7,638,534
			31,721,231
Chile–1.16%
Banco Santander Chile		41,758,319	2,291,411
Parque Arauco S.A.		2,302,643	3,573,854
			5,865,265
China–40.41%
BeiGene Ltd.(a)		121,400	3,234,206
BeiGene Ltd., ADR(a)		9,699	3,331,995
Bilibili, Inc., ADR(a)		12,477	1,383,200
Blue Moon Group Holdings Ltd.(a)(b)		2,246,123	3,144,494
China International Capital Corp. Ltd., H Shares(a)(b)		1,765,600	4,422,203
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)		872,000	3,753,462
Huazhu Group Ltd., ADR(a)		416,236	24,541,275
HUYA, Inc., ADR(a)		299,969	5,285,454
Innovent Biologics, Inc.(a)(b)		630,500	6,820,906
Kerry Logistics Network Ltd.		1,869,000	5,617,636
Kingdee International Software Group Co. Ltd.		1,419,300	4,641,736
New Oriental Education & Technology Group, Inc., ADR(a)		859,587	13,117,298
OneConnect Financial Technology Co. Ltd., ADR(a)		399,923	5,894,865
Remegen Co. Ltd., H Shares(a)(b)		579,872	7,647,385
Silergy Corp.		156,000	16,528,080
SITC International Holdings Co. Ltd.		2,892,000	11,009,144
Sunny Optical Technology Group Co. Ltd.		385,900	9,311,716
TAL Education Group, ADR(a)		103,837	5,913,517
Tencent Music Entertainment Group, ADR(a)		627,324	10,927,984
Wuxi Biologics Cayman, Inc.(a)(b)		920,000	12,904,654
Yum China Holdings, Inc.		447,537	28,159,028
Zai Lab Ltd., ADR(a)		7,989	1,327,852
Zhongsheng Group Holdings Ltd.		915,289	6,915,374
ZTO Express Cayman, Inc., ADR		284,121	9,137,331
			204,970,795
Colombia–0.52%
Banco Davivienda S.A., Preference Shares		341,322	2,665,424
Egypt–1.89%
Cairo Investment & Real Estate Development Co. S.A.E.		3,541,162	2,765,543
Commercial International Bank Egypt S.A.E.		1,836,025	6,830,556
			9,596,099

	Shares		Value
Hong Kong–0.51%
Hongkong & Shanghai Hotels Ltd. (The)		2,599,500	$    2,603,744
India–10.33%
Asian Paints Ltd.		7,388	252,528
Bandhan Bank Ltd.(a)(b)		134,689	599,099
Godrej Properties Ltd.(a)		180,963	3,340,885
Havells India Ltd.		568,014	7,583,349
ICICI Lombard General Insurance Co. Ltd.(b)		171,023	3,263,248
ICICI Prudential Life Insurance Co. Ltd.(a)(b)		519,649	3,660,104
Indian Hotels Co. Ltd. (The)		1,536,711	2,312,020
Marico Ltd.		46,321	257,262
Oberoi Realty Ltd.(a)		753,000	5,559,572
United Spirits Ltd.(a)		794,241	5,568,342
Voltas Ltd.		1,059,731	13,680,677
Zee Entertainment Enterprises Ltd.		2,524,723	6,306,754
			52,383,840
Indonesia–5.78%
PT Ace Hardware Indonesia Tbk		116,675,400	11,939,566
PT Semen Indonesia (Persero) Tbk		14,909,000	10,744,903
PT Unilever Indonesia Tbk		15,971,700	6,633,168
			29,317,637
Mexico–3.94%
Alsea S.A.B. de C.V.		5,250,020	8,539,673
Coca-Cola FEMSA S.A.B. de C.V., ADR		55,230	2,594,153
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B(a)		216,625	3,663,815
Regional S.A.B. de C.V.(a)		1,019,095	5,177,226
			19,974,867
Nigeria–0.49%
Guaranty Trust Bank PLC		33,942,101	2,499,410
Peru–0.83%
Credicorp Ltd.		15,678	1,871,953
InRetail Peru Corp.(b)		65,416	2,315,726
			4,187,679
Philippines–5.28%
Ayala Land, Inc.		9,397,600	6,284,597
BDO Unibank, Inc.		2,212,490	4,736,975
Philippine Seven Corp.		339,562	754,139
San Miguel Food and Beverage, Inc.		5,788,910	8,008,839
SM Prime Holdings, Inc.		9,798,500	7,007,227
			26,791,777
Poland–2.56%
Allegro.eu S.A.(a)(b)		446,224	6,846,469
CD Projekt S.A.(a)		21,134	969,381
InPost S.A.(a)		270,286	5,151,646
			12,967,496
Russia–9.50%
Ozon Holdings PLC, ADR(a)		99,111	6,163,713
Polyus PJSC, GDR(b)		116,094	10,756,109
TCS Group Holding PLC, GDR(b)		82,021	4,750,779

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

5                              Invesco Emerging Markets Innovators Fund

	Shares		Value
Russia–(continued)
Yandex N.V., Class A(a)		404,800	$  26,534,640
			48,205,241
South Korea–2.93%
Samsung Biologics Co. Ltd.(a)(b)		20,629	14,881,906
Taiwan–2.44%
President Chain Store Corp.		489,000	4,752,756
Voltronic Power Technology Corp.		165,919	7,606,965
			12,359,721
Turkey–1.36%
BIM Birlesik Magazalar A.S.		438,942	3,445,094
Turkiye Garanti Bankasi A.S.		3,965,304	3,451,422
			6,896,516
United States–0.51%
Globant S.A.(a)		11,201	2,567,045
Total Common Stocks & Other Equity Interests (Cost $358,276,735)			490,455,693

	Shares		Value
Money Market Funds–3.14%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		5,584,438	$    5,584,438
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(d)		3,986,980	3,988,575
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		6,382,215	6,382,215
Total Money Market Funds (Cost $15,955,228)			15,955,228
TOTAL INVESTMENTS IN SECURITIES–99.83% (Cost $374,231,963)			506,410,921
OTHER ASSETS LESS LIABILITIES–0.17%			851,010
NET ASSETS–100.00%			$507,261,931

Investment Abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $85,766,544, which represented 16.91% of the Fund’s Net Assets.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			$2,217,505		$	20,918,414		$	(17,551,481	)		$	-		$	-			$	5,584,438		$	520
Invesco Liquid Assets Portfolio, Institutional Class			1,583,761			14,941,725			(12,536,911	)			158			(158	)			3,988,575			554
Invesco Treasury Portfolio, Institutional Class			2,534,292			23,906,759			(20,058,836	)			-			-				6,382,215			237
Total		$	6,335,558		$	59,766,898		$	(50,147,228	)		$	158		$	(158	)		$	15,955,228		$	1,311

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021

Consumer Discretionary	27.87	%
Industrials	12.51
Health Care	10.63
Communication Services	10.13
Financials	9.61
Information Technology	9.18
Consumer Staples	7.39
Real Estate	5.08
Materials	4.29
Money Market Funds Plus Other Assets Less Liabilities	3.31

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

6                              Invesco Emerging Markets Innovators Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $358,276,735)	$490,455,693
Investments in affiliated money market funds, at value (Cost $15,955,228)	15,955,228
Foreign currencies, at value (Cost $1,304,943)	1,274,767
Receivable for:
Fund shares sold	348,856
Dividends	591,419
Investment for trustee deferred compensation and retirement plans	14,964
Other assets	82,209
Total assets	508,723,136
Liabilities:
Payable for:
Fund shares reacquired	315,053
Amount due custodian	172,971
Accrued foreign taxes	482,415
Accrued fees to affiliates	199,968
Accrued trustees’ and officers’ fees and benefits	313
Accrued other operating expenses	275,521
Trustee deferred compensation and retirement plans	14,964
Total liabilities	1,461,205
Net assets applicable to shares outstanding	$507,261,931
Net assets consist of:
Shares of beneficial interest	$354,884,622
Distributable earnings	152,377,309
	$507,261,931

Net Assets:
Class A	$	85,066,946
Class C	$	22,698,573
Class R	$	8,849,340
Class Y	$	231,633,439
Class R5	$	13,966
Class R6	$	158,999,667
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,441,721
Class C		1,808,038
Class R		680,978
Class Y		17,275,471
Class R5		1,049
Class R6		11,719,366
Class A:
Net asset value per share	$	13.21
Maximum offering price per share (Net asset value of $13.21 ÷ 94.50%)	$	13.98
Class C:
Net asset value and offering price per share	$	12.55
Class R:
Net asset value and offering price per share	$	13.00
Class Y:
Net asset value and offering price per share	$	13.41
Class R5:
Net asset value and offering price per share	$	13.31
Class R6:
Net asset value and offering price per share	$	13.57

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

7                              Invesco Emerging Markets Innovators Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $266,559)	$	2,226,918
Dividends from affiliated money market funds		1,311
Total investment income		2,228,229
Expenses:
Advisory fees		2,834,216
Administrative services fees		35,932
Custodian fees		115,760
Distribution fees:
Class A		101,467
Class C		115,385
Class R		22,198
Transfer agent fees – A, C, R and Y		278,224
Transfer agent fees – R6		3,943
Trustees’ and officers’ fees and benefits		12,786
Registration and filing fees		55,597
Reports to shareholders		28,761
Professional services fees		46,608
Other		21,876
Total expenses		3,672,753
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(18,769	)
Net expenses		3,653,984
Net investment income (loss)		(1,425,755	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		25,934,555
Affiliated investment securities		(158	)
Foreign currencies		(74,164	)
Forward foreign currency contracts		(4,569	)
		25,855,664
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $482,415)		68,297,019
Affiliated investment securities		158
Foreign currencies		(31,519	)
		68,265,658
Net realized and unrealized gain		94,121,322
Net increase in net assets resulting from operations	$	92,695,567

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

8                              Invesco Emerging Markets Innovators Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income (loss)	$	(1,425,755	)	$	(2,027,001	)
Net realized gain		25,855,664			79,609,500
Change in net unrealized appreciation (depreciation)		68,265,658			(41,834,441	)
Net increase in net assets resulting from operations		92,695,567			35,748,058
Distributions to shareholders from distributable earnings:
Class A		(2,484,123	)		–
Class C		(750,908	)		–
Class R		(272,278	)		–
Class Y		(6,588,853	)		–
Class R5		(419	)		–
Class R6		(4,744,973	)		–
Total distributions from distributable earnings		(14,841,554	)		–
Share transactions–net:
Class A		1,150,274			(17,380,227	)
Class C		(1,204,567	)		(7,114,943	)
Class R		(298,974	)		(791,887	)
Class Y		13,968,059			(39,921,238	)
Class R6		(920,810	)		(181,445,330	)
Net increase (decrease) in net assets resulting from share transactions		12,693,982			(246,653,625	)
Net increase (decrease) in net assets		90,547,995			(210,905,567	)
Net assets:
Beginning of period		416,713,936			627,619,503
End of period	$	507,261,931		$	416,713,936

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

9                              Invesco Emerging Markets Innovators Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/21		$	11.17		$	(0.05	)		$	2.49			$	2.44			$	–			$	(0.40	)		$	(0.40	)		$	13.21		21.99	%(e)		$	85,067		1.66	%(e)(f)		1.66	%(e)(f)		(0.77	)%(e)(f)		26	%
Year ended 10/31/20			10.41			(0.06	)			0.82				0.76				–				–				–				11.17		7.30	(e)			70,918		1.68	(e)		1.68	(e)		(0.62	)(e)		67
Two months ended 10/31/19			9.85			(0.01	)			0.57				0.56				–				–				–				10.41		5.69				83,842		1.68	(g)		1.68	(g)		(0.63	)(g)		20
Year ended 08/31/19			10.38			(0.02	)			(0.51	)			(0.53	)			–				–				–				9.85		(5.11	)			80,454		1.71			1.71			(0.25	)		36
Year ended 08/31/18			10.67			(0.02	)			(0.25	)			(0.27	)			(0.02	)			–				(0.02	)			10.38		(2.52	)			97,641		1.70			1.70			(0.18	)		24
Year ended 08/31/17			8.87			(0.03	)			1.83				1.80				–				–				–				10.67		20.29				84,324		1.77			1.77			(0.35	)		23
Year ended 08/31/16			8.22			(0.03	)			0.68				0.65				–				–				–				8.87		7.91				64,713		1.75			1.75			(0.31	)		26
Class C
Six months ended 04/30/21			10.67			(0.10	)			2.38				2.28				–				(0.40	)			(0.40	)			12.55		21.50				22,699		2.42	(f)		2.42	(f)		(1.53	)(f)		26
Year ended 10/31/20			10.02			(0.14	)			0.79				0.65				–				–				–				10.67		6.49				20,337		2.44			2.44			(1.38	)		67
Two months ended 10/31/19			9.49			(0.02	)			0.55				0.53				–				–				–				10.02		5.58				26,427		2.44	(g)		2.44	(g)		(1.40	)(g)		20
Year ended 08/31/19			10.09			(0.09	)			(0.51	)			(0.60	)			–				–				–				9.49		(5.95	)			26,661		2.45			2.45			(1.01	)		36
Year ended 08/31/18			10.42			(0.10	)			(0.23	)			(0.33	)			–				–				–				10.09		(3.17	)			38,156		2.46			2.46			(0.94	)		24
Year ended 08/31/17			8.74			(0.10	)			1.78				1.68				–				–				–				10.42		19.22				30,168		2.52			2.52			(1.11	)		23
Year ended 08/31/16			8.16			(0.09	)			0.67				0.58				–				–				–				8.74		7.24				19,616		2.50			2.50			(1.10	)		26
Class R
Six months ended 04/30/21			11.01			(0.07	)			2.46				2.39				–				(0.40	)			(0.40	)			13.00		21.85				8,849		1.92	(f)		1.92	(f)		(1.03	)(f)		26
Year ended 10/31/20			10.28			(0.09	)			0.82				0.73				–				–				–				11.01		7.10				7,741		1.94			1.94			(0.88	)		67
Two months ended 10/31/19			9.73			(0.01	)			0.56				0.55				–				–				–				10.28		5.65				8,012		1.94	(g)		1.94	(g)		(0.90	)(g)		20
Year ended 08/31/19			10.29			(0.05	)			(0.51	)			(0.56	)			–				–				–				9.73		(5.44	)			7,516		1.95			1.95			(0.51	)		36
Year ended 08/31/18			10.59			(0.05	)			(0.24	)			(0.29	)			(0.01	)			–				(0.01	)			10.29		(2.77	)			6,884		1.97			1.97			(0.45	)		24
Year ended 08/31/17			8.83			(0.05	)			1.81				1.76				–				–				–				10.59		19.93				3,606		2.03			2.03			(0.55	)		23
Year ended 08/31/16			8.20			(0.05	)			0.68				0.63				–				–				–				8.83		7.68				1,692		2.02			2.02			(0.60	)		26
Class Y
Six months ended 04/30/21			11.32			(0.04	)			2.53				2.49				–				(0.40	)			(0.40	)			13.41		22.14				231,633		1.42	(f)		1.42	(f)		(0.53	)(f)		26
Year ended 10/31/20			10.52			(0.04	)			0.84				0.80				–				–				–				11.32		7.60				183,438		1.44			1.44			(0.38	)		67
Two months ended 10/31/19			9.95			(0.01	)			0.58				0.57				–				–				–				10.52		5.73				216,384		1.44	(g)		1.44	(g)		(0.40	)(g)		20
Year ended 08/31/19			10.47			(0.00	)			(0.52	)			(0.52	)			–				–				–				9.95		(4.97	)			212,530		1.46			1.46			(0.00	)		36
Year ended 08/31/18			10.75			0.01				(0.25	)			(0.24	)			(0.04	)			–				(0.04	)			10.47		(2.23	)			281,465		1.46			1.46			0.06			24
Year ended 08/31/17			8.92			(0.01	)			1.84				1.83				–				–				–				10.75		20.52				193,261		1.52			1.52			(0.10	)		23
Year ended 08/31/16			8.24			(0.00	)			0.68				0.68				–				–				–				8.92		8.25				162,599		1.50			1.50			(0.03	)		26
Class R5
Six months ended 04/30/21			11.23			(0.02	)			2.50				2.48				–				(0.40	)			(0.40	)			13.31		22.23				14		1.26	(f)		1.26	(f)		(0.37	)(f)		26
Year ended 10/31/20			10.42			(0.02	)			0.83				0.81				–				–				–				11.23		7.77				12		1.27			1.27			(0.21	)		67
Two months ended 10/31/19			9.86			(0.00	)			0.56				0.56				–				–				–				10.42		5.68				11		1.31	(g)		1.31	(g)		(0.26	)(g)		20
Period ended 08/31/19(h)			9.53			0.00				0.33				0.33				–				–				–				9.86		3.46				10		1.28	(g)		1.28	(g)		0.15	(g)		36
Class R6
Six months ended 04/30/21			11.44			(0.02	)			2.55				2.53				–				(0.40	)			(0.40	)			13.57		22.26				159,000		1.25	(f)		1.26	(f)		(0.36	)(f)		26
Year ended 10/31/20			10.61			(0.02	)			0.85				0.83				–				–				–				11.44		7.82				134,269		1.25			1.26			(0.19	)		67
Two months ended 10/31/19			10.04			(0.00	)			0.57				0.57				–				–				–				10.61		5.68				292,944		1.27	(g)		1.27	(g)		(0.22	)(g)		20
Year ended 08/31/19			10.54			0.02				(0.52	)			(0.50	)			–				–				–				10.04		(4.74	)			278,033		1.27			1.27			0.18			36
Year ended 08/31/18			10.82			0.03				(0.25	)			(0.22	)			(0.06	)			–				(0.06	)			10.54		(2.06	)			105,736		1.29			1.29			0.26			24
Year ended 08/31/17			8.96			0.03				1.83				1.86				–				–				–				10.82		20.89				23,879		1.32			1.32			0.30			23
Year ended 08/31/16			8.26			0.06				0.64				0.70				–				–				–				8.96		8.35				7,332		1.33			1.33			0.65			26

^(a)  Calculated using average shares outstanding.

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

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.01% for the two months ended October 31, 2019 and the years ended August 31, 2019, 2018, 2017 and 2016, respectively.

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

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2021 and year ended October 31, 2020.

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $84,563, $23,268, $8,953, $225,846, $14 and $160,799 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Annualized.

^(h)  Commencement date after the close of business on May 24, 2019.

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

10                              Invesco Emerging Markets Innovators Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from

11                              Invesco Emerging Markets Innovators Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

12                              Invesco Emerging Markets Innovators Fund

forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
First $500 million		1.150%
Next $500 million		1.100%
Next $4 billion		1.050%
Over $5 billion		1.000%

* 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 six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 1.14%.

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

The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.70%, 2.46%, 1.98%, 1.45%, 1.30% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least February 28, 2022, the Adviser has agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25%, and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. 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. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $4,216 and reimbursed class level expenses of $0, $0, $0, $0, $0 and $13,902 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $15,824 in front-end sales commissions from the sale of Class A shares and $0 and $1,028 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

13                              Invesco Emerging Markets Innovators Fund

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
Brazil		$	31,721,231		$	–		$	–	$  31,721,231
Chile			5,865,265			–			–	5,865,265
China			109,019,799			95,950,996			–	204,970,795
Colombia			2,665,424			–			–	2,665,424
Egypt			2,765,543			6,830,556			–	9,596,099
Hong Kong			–			2,603,744			–	2,603,744
India			–			52,383,840			–	52,383,840
Indonesia			–			29,317,637			–	29,317,637
Mexico			19,974,867			–			–	19,974,867
Nigeria			–			2,499,410			–	2,499,410
Peru			4,187,679			–			–	4,187,679
Philippines			–			26,791,777			–	26,791,777
Poland			–			12,967,496			–	12,967,496
Russia			43,454,462			4,750,779			–	48,205,241
South Korea			–			14,881,906			–	14,881,906
Taiwan			–			12,359,721			–	12,359,721
Turkey			–			6,896,516			–	6,896,516
United States			2,567,045			–			–	2,567,045
Money Market Funds			15,955,228			–			–	15,955,228
Total Investments		$	238,176,543		$	268,234,378		$	–	$506,410,921

NOTE 4–Derivative Investments

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

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

Effect of Derivative Investments for the six months ended April 30, 2021

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

	Location of Gain (Loss) on
	Statement of Operations
	Currency
	Risk
Realized Gain (Loss):
Forward foreign currency contracts		$(4,569)

The table below summarizes the average notional value of derivatives held during the period.

	Forward
	Foreign Currency
	Contracts
Average notional value	$567,542

14                              Invesco Emerging Markets Innovators Fund

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $651.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have a capital loss carryforward as of October 31, 2020.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $126,128,226 and $140,521,329, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	154,264,499
Aggregate unrealized (depreciation) of investments		(23,453,176	)
Net unrealized appreciation of investments	$	130,811,323

Cost of investments for tax purposes is $375,599,598.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2021(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		892,248		$	11,765,932			1,163,951		$	12,282,570
Class C		236,273			3,008,348			249,099			2,499,377
Class R		86,657			1,127,643			179,806			1,852,616
Class Y		1,817,387			24,214,728			2,954,466			29,867,919
Class R6		709,484			9,593,329			1,332,978			13,420,353
Issued as reinvestment of dividends:
Class A		183,162			2,322,499			-			-
Class C		58,673			709,352			-			-
Class R		21,782			272,050			-			-
Class Y		447,254			5,751,687			-			-
Class R6		243,443			3,167,195			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		153,350			2,007,887			56,873			576,910
Class C		(160,915	)		(2,007,887	)		(59,311	)		(576,910	)

15                              Invesco Emerging Markets Innovators Fund

	Summary of Share Activity
	Six months ended April 30, 2021(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(1,138,652	)	$	(14,946,044	)		(2,926,973	)	$	(30,239,707	)
Class C		(231,916	)		(2,914,380	)		(921,782	)		(9,037,410	)
Class R		(130,678	)		(1,698,667	)		(255,899	)		(2,644,503	)
Class Y		(1,196,639	)		(15,998,356	)		(7,316,804	)		(69,789,157	)
Class R6		(972,213	)		(13,681,334	)		(17,194,088	)		(194,865,683	)
Net increase (decrease) in share activity		1,018,700		$	12,693,982			(22,737,684	)	$	(246,653,625	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

16                              Invesco Emerging Markets Innovators Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning       Account Value       (11/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized    Expense Ratio
		Ending     Account Value     (04/30/21)1	Expenses    Paid During    Period2, 3	Ending    Account Value    (04/30/21)	Expenses    Paid During    Period2, 4
Class A	$1,000.00	$1,219.90	$9.14	$1,016.56	$8.30	1.66%
Class C	1,000.00	1,215.00	13.29	1,012.79	12.08	2.42
Class R	1,000.00	1,218.50	10.56	1,015.27	9.59	1.92
Class Y	1,000.00	1,221.40	7.82	1,017.75	7.10	1.42
Class R5	1,000.00	1,222.30	6.94	1,018.55	6.31	1.26
Class R6	1,000.00	1,222.60	6.89	1,018.60	6.26	1.25

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective June 1, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.50, 2.25%, 1.75%, 1.25%, 1.25% and 1.25% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³ The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $8.26, $12.36, $9.63, $6.88, $6.89 and $6.89 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴ The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $7.50, $11.23, $8.75, $6.26, $6.26 and $6.26 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

17                              Invesco Emerging Markets Innovators Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc.                         O-EMI-SAR-1                

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Emerging Markets Select Equity Fund
	Nasdaq:
	A: IEMAX ∎ C: IEMCX ∎ R: IEMRX ∎ Y: IEMYX ∎ R5: IEMIX ∎ R6: EMEFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
16	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	16.05	%
Class C Shares	15.69
Class R Shares	15.90
Class Y Shares	16.22
Class R5 Shares	16.22
Class R6 Shares	16.24
MSCI EAFE Index▼ (Broad Market Index)	28.84
MSCI Emerging Markets Index▼ (Style-Specific Index)	22.95
Lipper Emerging Market Funds Index ∎ (Peer Group Index)	25.77
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The MSCI EAFE® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The MSCI Emerging Markets Index SM is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which with-holds applicable taxes for non-resident investors.     The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).      A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                      Invesco Emerging Markets Select Equity Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (5/31/11)	2.70	%
5 Years	14.31
1 Year	41.45
Class C Shares
Inception (5/31/11)	2.67	%
5 Years	14.75
1 Year	47.60
Class R Shares
Inception (5/31/11)	3.01	%
5 Years	15.29
1 Year	49.30
Class Y Shares
Inception (5/31/11)	3.54	%
5 Years	15.90
1 Year	50.15
Class R5 Shares
Inception (5/31/11)	3.54	%
5 Years	15.90
1 Year	50.15
Class R6 Shares
Inception	3.49	%
5 Years	15.85
1 Year	50.22

Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

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

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco Emerging Markets Select Equity Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                      Invesco Emerging Markets Select Equity Fund

Schedule of Investments

April 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.97%
Argentina–0.86%
MercadoLibre, Inc.(a)		624	$       980,292
Brazil–2.57%
Arcos Dorados Holdings, Inc., Class A(a)		510,310	2,924,076
China–52.00%
Alibaba Group Holding Ltd., ADR(a)		36,000	8,314,200
Autohome, Inc., ADR		36,300	3,366,099
China Isotope & Radiation Corp.		1,614,400	5,921,635
China National Building Material Co.
Ltd., H Shares		3,244,000	4,685,585
Focus Media Information Technology
Co. Ltd., A Shares		1,108,362	1,844,580
Gree Electric Appliances, Inc. of Zhuhai, A Shares		619,791	5,733,179
Haitian International Holdings Ltd.		287,000	1,168,160
KE Holdings, Inc., ADR(a)		63,000	3,279,150
Kuaishou Technology(a)(b)		16,400	527,507
Kweichow Moutai Co. Ltd., A Shares		9,000	2,785,684
MicroPort CardioFlow Medtech Corp.(a)(b)		326,000	729,815
New Oriental Education & Technology Group, Inc., ADR(a)		82,310	1,256,050
Ping An Insurance (Group) Co. of China
Ltd., H Shares		679,000	7,418,729
Tencent Holdings Ltd.		100,000	7,997,306
Virscend Education Co. Ltd.(b)		20,399,000	4,142,383
			59,170,062
Egypt–1.46%
Eastern Co. S.A.E.		2,224,003	1,656,032
India–2.59%
Housing Development Finance Corp. Ltd.		90,425	2,950,863
Macau–3.54%
Sands China Ltd.(a)		848,400	4,021,664
Mexico–6.65%
Arca Continental S.A.B. de C.V.		503,242	2,694,457
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO		321,912	2,493,201
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B(a)		140,292	2,372,782
			7,560,440

	Shares		Value
Netherlands–4.57%
Prosus N.V.		48,000	$    5,204,638
Russia–6.14%
Sberbank of Russia PJSC, ADR(c)		102,211	1,608,170
Sberbank of Russia PJSC, ADR(c)		174,889	2,758,000
Yandex N.V., Class A(a)		40,000	2,622,000
			6,988,170
South Korea–5.47%
NAVER Corp.		7,100	2,287,918
Samsung Electronics Co. Ltd., Preference Shares		60,000	3,937,506
			6,225,424
Taiwan–8.08%
King Slide Works Co. Ltd.		237,000	3,062,735
Sea Ltd., ADR(a)		6,100	1,540,494
Taiwan Semiconductor Manufacturing Co. Ltd.		212,000	4,594,000
			9,197,229
Thailand–2.27%
Thai Beverage PCL		4,813,900	2,586,990
Turkey–1.77%
Ulker Biskuvi Sanayi A.S.(a)		757,000	2,010,729
Total Common Stocks & Other Equity Interests (Cost $84,614,055)			111,476,609
Money Market Funds–2.14%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		852,267	852,267
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		608,496	608,740
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		974,020	974,020
Total Money Market Funds (Cost $2,435,027)			2,435,027
TOTAL INVESTMENTS IN SECURITIES–100.11% (Cost $87,049,082)			113,911,636
OTHER ASSETS LESS LIABILITIES–(0.11)%			(129,409)
NET ASSETS–100.00%			$113,782,227

Investment Abbreviations:

ADR – American Depositary Receipt

CPO – Certificates of Ordinary Participation

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

5                      Invesco Emerging Markets Select Equity Fund

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $5,399,705, which represented 4.75% of the Fund’s Net Assets.

^(c)  The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,832,574		$	7,544,340		$	(8,524,647	)		$	-		$	-			$	852,267		$	191
Invesco Liquid Assets Portfolio, Institutional Class			1,308,737			5,388,814			(6,088,797	)			139			(153	)			608,740			297
Invesco Treasury Portfolio, Institutional Class			2,094,369			8,622,102			(9,742,451	)			-			-				974,020			93
Total		$	5,235,680		$	21,555,256		$	(24,355,895	)		$	139		$	(153	)		$	2,435,027		$	581

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021

Consumer Discretionary	28.63	%
Communication Services	17.74
Financials	12.95
Consumer Staples	12.50
Information Technology	10.19
Health Care	5.85
Materials	4.12
Industrials	3.11
Real Estate	2.88
Money Market Funds Plus Other Assets Less Liabilities	2.03

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

6                      Invesco Emerging Markets Select Equity Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $84,614,055)	$111,476,609
Investments in affiliated money market funds, at value (Cost $2,435,027)	2,435,027
Foreign currencies, at value (Cost $687,833)	662,698
Receivable for:
Investments sold	69,433
Fund shares sold	195,948
Dividends	176,907
Investment for trustee deferred compensation and retirement plans	26,831
Other assets	73,614
Total assets	115,117,067
Liabilities:
Payable for:
Investments purchased	750,064
Fund shares reacquired	212,080
Amount due custodian	45,824
Accrued foreign taxes	142,852
Accrued fees to affiliates	62,876
Accrued other operating expenses	92,963
Trustee deferred compensation and retirement plans	28,181
Total liabilities	1,334,840
Net assets applicable to shares outstanding	$113,782,227
Net assets consist of:
Shares of beneficial interest	$  86,722,338
Distributable earnings	27,059,889
	$113,782,227

Net Assets:
Class A	$	55,223,108
Class C	$	8,020,601
Class R	$	4,985,266
Class Y	$	40,965,213
Class R5	$	2,820,582
Class R6	$	1,767,457
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,519,176
Class C		685,233
Class R		412,937
Class Y		3,337,320
Class R5		229,770
Class R6		144,101
Class A:
Net asset value per share	$	12.22
Maximum offering price per share (Net asset value of $12.22 ÷ 94.50%)	$	12.93
Class C:
Net asset value and offering price per share	$	11.70
Class R:
Net asset value and offering price per share	$	12.07
Class Y:
Net asset value and offering price per share	$	12.27
Class R5:
Net asset value and offering price per share	$	12.28
Class R6:
Net asset value and offering price per share	$	12.27

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

7                      Invesco Emerging Markets Select Equity Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $68,812)	$	934,916
Dividends from affiliated money market funds		581
Total investment income		935,497
Expenses:
Advisory fees		505,276
Administrative services fees		6,319
Custodian fees		19,696
Distribution fees:
Class A		64,593
Class C		39,952
Class R		11,127
Transfer agent fees - A, C, R and Y		107,058
Transfer agent fees - R5		470
Transfer agent fees - R6		267
Trustees’ and officers’ fees and benefits		9,618
Registration and filing fees		42,858
Reports to shareholders		45,289
Professional services fees		39,769
Other		6,362
Total expenses		898,654
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(201,223	)
Net expenses		697,431
Net investment income		238,066
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $16,313)		4,965,403
Affiliated investment securities		(153	)
Foreign currencies		(17,424	)
		4,947,826
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $87,202)		8,754,686
Affiliated investment securities		139
Foreign currencies		(23,874	)
		8,730,951
Net realized and unrealized gain		13,678,777
Net increase in net assets resulting from operations	$	13,916,843

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

8                      Invesco Emerging Markets Select Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30,			October 31,
	2021			2020
Operations:
Net investment income	$	238,066		$	383,030
Net realized gain (loss)		4,947,826			(2,516,898	)
Change in net unrealized appreciation		8,730,951			15,524,340
Net increase in net assets resulting from operations		13,916,843			13,390,472
Distributions to shareholders from distributable earnings:
Class A		(232,728	)		(872,718	)
Class C		(30,624	)		(112,169	)
Class R		(18,143	)		(64,200	)
Class Y		(196,967	)		(687,821	)
Class R5		(14,105	)		(56,637	)
Class R6		(7,257	)		(17,679	)
Total distributions from distributable earnings		(499,824	)		(1,811,224	)
Share transactions–net:
Class A		9,694,683			(276,082	)
Class C		110,072			(499,185	)
Class R		946,587			298,909
Class Y		1,068,066			6,385,193
Class R5		13,458			56,058
Class R6		425,208			340,665
Net increase in net assets resulting from share transactions		12,258,074			6,305,558
Net increase in net assets		25,675,093			17,884,806
Net assets:
Beginning of period		88,107,134			70,222,328
End of period	$	113,782,227		$	88,107,134

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

9                      Invesco Emerging Markets Select Equity Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/21	$	10.58	$	0.02		$	1.68		$	1.70		$	(0.06	)	$	-		$	(0.06	)	$	12.22		16.05	%	$	55,223		1.33	%(d)		1.71	%(d)		0.40	%(d)		18	%
Year ended 10/31/20		9.10		0.04			1.67			1.71			(0.23	)		-			(0.23	)		10.58		19.11			39,446		1.33			1.72			0.45			42
Year ended 10/31/19		7.67		0.23	(e)		1.60			1.83			(0.03	)		(0.37	)		(0.40	)		9.10		25.14			34,665		1.33			1.89			2.81	(e)		45
Year ended 10/31/18		9.30		0.07			(1.69	)		(1.62	)		(0.01	)		-			(0.01	)		7.67		(17.45	)		27,580		1.33			2.03			0.73			104
Year ended 10/31/17		7.13		0.03			2.15			2.18			(0.01	)		-			(0.01	)		9.30		30.57			24,297		1.36			2.45			0.30			57
Year ended 10/31/16		6.53		0.02			0.58			0.60			-			-			-			7.13		9.19			11,855		1.66			2.59			0.33			47
Class C
Six months ended 04/30/21		10.16		(0.02	)		1.60			1.58			(0.04	)		-			(0.04	)		11.70		15.59			8,021		2.08	(d)		2.46	(d)		(0.35	)(d)		18
Year ended 10/31/20		8.74		(0.03	)		1.60			1.57			(0.15	)		-			(0.15	)		10.16		18.17			6,882		2.08			2.47			(0.30	)		42
Year ended 10/31/19		7.41		0.16	(e)		1.54			1.70			-			(0.37	)		(0.37	)		8.74		24.09			6,550		2.08			2.64			2.06	(e)		45
Year ended 10/31/18		9.04		(0.00	)		(1.63	)		(1.63	)		-			-			-			7.41		(18.03	)		7,296		2.08			2.78			(0.02	)		104
Year ended 10/31/17		6.97		(0.03	)		2.10			2.07			-			-			-			9.04		29.70			6,793		2.11			3.20			(0.45	)		57
Year ended 10/31/16		6.43		(0.03	)		0.57			0.54			-			-			-			6.97		8.40			3,149		2.41			3.34			(0.42	)		47
Class R
Six months ended 04/30/21		10.46		0.01			1.65			1.66			(0.05	)		-			(0.05	)		12.07		15.90			4,985		1.58	(d)		1.96	(d)		0.15	(d)		18
Year ended 10/31/20		8.99		0.02			1.65			1.67			(0.20	)		-			(0.20	)		10.46		18.90			3,514		1.58			1.97			0.20			42
Year ended 10/31/19		7.59		0.21	(e)		1.57			1.78			(0.01	)		(0.37	)		(0.38	)		8.99		24.62			2,795		1.58			2.14			2.56	(e)		45
Year ended 10/31/18		9.21		0.05			(1.67	)		(1.62	)		-			-			-			7.59		(17.59	)		2,077		1.58			2.28			0.48			104
Year ended 10/31/17		7.07		0.00			2.14			2.14			-			-			-			9.21		30.27			2,190		1.61			2.70			0.05			57
Year ended 10/31/16		6.50		0.01			0.56			0.57			-			-			-			7.07		8.77			1,263		1.91			2.84			0.08			47
Class Y
Six months ended 04/30/21		10.62		0.04			1.67			1.71			(0.06	)		-			(0.06	)		12.27		16.13			40,965		1.08	(d)		1.46	(d)		0.65	(d)		18
Year ended 10/31/20		9.13		0.07			1.67			1.74			(0.25	)		-			(0.25	)		10.62		19.48			34,678		1.08			1.47			0.70			42
Year ended 10/31/19		7.71		0.26	(e)		1.59			1.85			(0.06	)		(0.37	)		(0.43	)		9.13		25.27			23,550		1.08			1.64			3.06	(e)		45
Year ended 10/31/18		9.33		0.09			(1.69	)		(1.60	)		(0.02	)		-			(0.02	)		7.71		(17.17	)		16,697		1.08			1.78			0.98			104
Year ended 10/31/17		7.15		0.04			2.16			2.20			(0.02	)		-			(0.02	)		9.33		30.94			7,111		1.11			2.20			0.55			57
Year ended 10/31/16		6.53		0.04			0.58			0.62			-			-			-			7.15		9.49			4,858		1.41			2.34			0.58			47
Class R5
Six months ended 04/30/21		10.62		0.04			1.68			1.72			(0.06	)		-			(0.06	)		12.28		16.22			2,821		1.08	(d)		1.28	(d)		0.65	(d)		18
Year ended 10/31/20		9.13		0.07			1.67			1.74			(0.25	)		-			(0.25	)		10.62		19.48			2,428		1.08			1.26			0.70			42
Year ended 10/31/19		7.71		0.26	(e)		1.59			1.85			(0.06	)		(0.37	)		(0.43	)		9.13		25.27			2,033		1.08			1.39			3.06	(e)		45
Year ended 10/31/18		9.33		0.09			(1.69	)		(1.60	)		(0.02	)		-			(0.02	)		7.71		(17.16	)		1,623		1.08			1.55			0.98			104
Year ended 10/31/17		7.15		0.04			2.16			2.20			(0.02	)		-			(0.02	)		9.33		30.94			1,960		1.10			1.91			0.56			57
Year ended 10/31/16		6.53		0.04			0.58			0.62			-			-			-			7.15		9.49			1,497		1.41			1.99			0.58			47
Class R6
Six months ended 04/30/21		10.61		0.04			1.68			1.72			(0.06	)		-			(0.06	)		12.27		16.24			1,767		1.08	(d)		1.28	(d)		0.65	(d)		18
Year ended 10/31/20		9.12		0.07			1.67			1.74			(0.25	)		-			(0.25	)		10.61		19.50			1,161		1.08			1.26			0.70			42
Year ended 10/31/19		7.70		0.26	(e)		1.59			1.85			(0.06	)		(0.37	)		(0.43	)		9.12		25.31			629		1.08			1.39			3.06	(e)		45
Year ended 10/31/18		9.32		0.09			(1.69	)		(1.60	)		(0.02	)		-			(0.02	)		7.70		(17.18	)		227		1.08			1.55			0.98			104
Year ended 10/31/17		7.15		0.04			2.15			2.19			(0.02	)		-			(0.02	)		9.32		30.80			12		1.10			1.91			0.56			57
Year ended 10/31/16		6.54		0.04			0.57			0.61			-			-			-			7.15		9.33			6,604		1.41			1.99			0.58			47

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $52,102, $8,057, $4,488, $39,895, $2,827 and $1,608 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.07 and 0.95%, $0.00 and 0.20%, $0.05 and 0.70%, $0.10 and 1.20%, $0.10 and 1.20% and $0.10 and 1.20% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

10                      Invesco Emerging Markets Select Equity Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from

11                      Invesco Emerging Markets Select Equity Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

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

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

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

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

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

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

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

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

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

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

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

12                      Invesco Emerging Markets Select Equity Fund

forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		0.935	%
Next $250 million		0.910	%
Next $500 million		0.885	%
Next $1.5 billion		0.860	%
Next $2.5 billion		0.835	%
Next $2.5 billion		0.810	%
Next $2.5 billion		0.785	%
Over $10 billion		0.760	%

    For the six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.93%.

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

    The Adviser has contractually agreed, through at least February 28, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.33%, 2.08%, 1.58%, 1.08%, 1.08% and 1.08%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. 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. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $93,162 and reimbursed class level expenses of $53,356, $8,251, $4,596, $40,855, $470 and $267 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $36,060 in front-end sales commissions from the sale of Class A shares and $170 and $138 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

    For the six months ended April 30, 2021, the Fund incurred $133 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

13                      Invesco Emerging Markets Select Equity Fund

NOTE 3–Additional Valuation Information

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

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

    The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Argentina		$     980,292		$              –		$–		$       980,292
Brazil		2,924,076		–		–		2,924,076
China		16,215,499		42,954,563		–		59,170,062
Egypt		–		1,656,032		–		1,656,032
India		–		2,950,863		–		2,950,863
Macau		–		4,021,664		–		4,021,664
Mexico		7,560,440		–		–		7,560,440
Netherlands		–		5,204,638		–		5,204,638
Russia		5,380,000		1,608,170		–		6,988,170
South Korea		–		6,225,424		–		6,225,424
Taiwan		1,540,494		7,656,735		–		9,197,229
Thailand		–		2,586,990		–		2,586,990
Turkey		–		2,010,729		–		2,010,729
Money Market Funds		2,435,027		–		–		2,435,027
Total Investments		$37,035,828		$76,875,808		$–		$113,911,636

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $266.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

14                      Invesco Emerging Markets Select Equity Fund

    The Fund had a capital loss carryforward as of October 31, 2020, as follows:

	Capital Loss Carryforward*
Expiration		Short-Term	Long-Term	Total
Not subject to expiration		$—	$4,053,838	$	4,053,838

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $33,698,808 and $18,307,601, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	27,901,701
Aggregate unrealized (depreciation) of investments		(1,500,970	)
Net unrealized appreciation of investments	$	26,400,731

    Cost of investments for tax purposes is $87,510,905.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2021(a)						October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		1,260,563		$	15,439,495			1,175,963		$ 11,146,113
Class C		144,901			1,710,504			263,905		2,454,357
Class R		122,739			1,497,683			148,437		1,402,705
Class Y		1,028,550			12,661,017			1,993,490		18,405,869
Class R5		817			9,738			-		-
Class R6		52,037			639,997			66,073		569,644
Issued as reinvestment of dividends:
Class A		17,922			215,778			87,845		821,349
Class C		2,462			28,493			11,611		104,965
Class R		1,517			18,069			6,904		63,997
Class Y		15,856			191,539			71,313		668,205
Class R5		1,156			13,965			5,983		56,058
Class R6		595			7,178			1,854		17,354
Automatic conversion of Class C shares to Class A shares:
Class A		81,320			977,206			26,703		251,712
Class C		(84,712	)		(977,206	)		(27,728	)	(251,712)
Reacquired:
Class A		(568,709	)		(6,937,796	)		(1,373,595	)	(12,495,256)
Class C		(54,545	)		(651,719	)		(320,461	)	(2,806,795)
Class R		(47,128	)		(569,165	)		(130,339	)	(1,167,793)
Class Y		(972,736	)		(11,784,490	)		(1,378,478	)	(12,688,881)
Class R5		(817	)		(10,245	)		-		-
Class R6		(17,931	)		(221,967	)		(27,465	)	(246,333)
Net increase in share activity		983,857		$	12,258,074			602,015		$   6,305,558

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 46% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

15                      Invesco Emerging Markets Select Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning Account Value (11/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (04/30/21)1	Expenses Paid During Period2	Ending Account Value (04/30/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,160.50	$7.12	$1,018.20	$6.66	1.33%
Class C	1,000.00	1,156.90	11.12	1,014.48	10.39	2.08
Class R	1,000.00	1,159.00	8.46	1,016.96	7.90	1.58
Class Y	1,000.00	1,162.20	5.79	1,019.44	5.41	1.08
Class R5	1,000.00	1,162.20	5.79	1,019.44	5.41	1.08
Class R6	1,000.00	1,162.40	5.79	1,019.44	5.41	1.08

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

16                      Invesco Emerging Markets Select Equity Fund

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Fundamental Alternatives Fund
	Nasdaq:
	A: QVOPX ∎ C: QOPCX ∎ R: QOPNX ∎ Y: QOPYX ∎ R5: FDATX ∎ R6: QOPIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
19	Consolidated Financial Statements
22	Consolidated Financial Highlights
23	Notes to Consolidated Financial Statements
32	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	4.26	%
Class C Shares	3.84
Class R Shares	4.09
Class Y Shares	4.39
Class R5 Shares	4.47
Class R6 Shares	4.57
HFRX Global Hedge Fund Index▼	8.43
Source(s): ▼Bloomberg L.P.
The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Fundamental Alternatives Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (1/3/89)	7.19	%
10 Years	1.08
5 Years	1.06
1 Year	1.39
Class C Shares
Inception (9/1/93)	5.58	%
10 Years	1.04
5 Years	1.42
1 Year	5.48
Class R Shares
Inception (3/1/01)	2.28	%
10 Years	1.38
5 Years	1.93
1 Year	7.01
Class Y Shares
Inception (12/16/96)	4.32	%
10 Years	1.90
5 Years	2.45
1 Year	7.59
Class R5 Shares
10 Years	1.74	%
5 Years	2.37
1 Year	7.79
Class R6 Shares
Inception (2/28/13)	3.30	%
5 Years	2.65
1 Year	7.89

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Fundamental Alternatives Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Fundamental Alternatives Fund. Note: The Fund was subsequently renamed the Invesco Fundamental Alternatives Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction

of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco Fundamental Alternatives Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Fundamental Alternatives Fund

Consolidated Schedule of Investments^(a)

April 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-52.65%
Advertising-0.08%
Interpublic Group of Cos., Inc. (The)		12,700	$	403,225
Pacific Drilling S.A.		1,362		2,429
				405,654
Aerospace & Defense-0.11%
Raytheon Technologies Corp.		7,300		607,652
Agricultural & Farm Machinery-0.36%
AGCO Corp.		3,000		437,760
Deere & Co.		4,080		1,513,068
				1,950,828
Air Freight & Logistics-0.78%
C.H. Robinson Worldwide, Inc.		11,100		1,077,588
Expeditors International of Washington, Inc.		13,000		1,428,180
FedEx Corp.		2,100		609,651
United Parcel Service, Inc., Class B		5,300		1,080,458
				4,195,877
Airlines-0.21%
Alaska Air Group, Inc.(b)		2,600		179,764
Copa Holdings S.A., Class A (Panama)		4,000		346,000
Southwest Airlines Co.		9,100		571,298
				1,097,062
Alternative Carriers-0.14%
Liberty Global PLC, Class C (United Kingdom)(b)		17,200		465,432
Lumen Technologies, Inc.		23,200		297,656
				763,088
Apparel Retail-0.05%
L Brands, Inc.(b)		4,200		276,780
Apparel, Accessories & Luxury Goods-0.00%
Sunrise Oil & Gas, Inc.		4,631		1,968
Application Software-1.49%
Adobe, Inc.(b)		5,100		2,592,534
Blackbaud, Inc.		5,000		355,600
Cadence Design Systems, Inc.(b)		4,500		592,965
Citrix Systems, Inc.		10,000		1,238,500
Fair Isaac Corp.(b)		320		166,851
Fusion Connect, Inc.(c)		1		1
Fusion Connect, Inc., Wts., expiring 12/31/2021(c)		6,073		8,199
Intuit, Inc.		1,260		519,322
salesforce.com, Inc.(b)		3,850		886,732
SS&C Technologies Holdings, Inc.		2,400		178,128
Synopsys, Inc.(b)		1,800		444,708
Tyler Technologies, Inc.(b)		2,300		977,178
				7,960,718
Asset Management & Custody Banks-0.20%
Ameriprise Financial, Inc.		1,450		374,680

	Shares		Value
Asset Management & Custody Banks-(continued)
BlackRock, Inc.		315	$	258,079
T. Rowe Price Group, Inc.		2,500		448,000
				1,080,759
Auto Parts & Equipment-0.07%
Gentex Corp.		10,600		372,908
Automobile Manufacturers-0.62%
Ford Motor Co.(b)		51,200		590,848
General Motors Co.(b)		10,600		606,532
Tesla, Inc.(b)		3,020		2,142,509
				3,339,889
Automotive Retail-0.06%
AutoNation, Inc.(b)		3,300		338,184
Biotechnology-2.85%
AbbVie, Inc.		8,500		947,750
Amgen, Inc.		9,150		2,192,706
Biogen, Inc.(b)		4,320		1,154,866
BioMarin Pharmaceutical, Inc.(b)		9,400		732,448
Blueprint Medicines Corp.(b)		8,600		828,352
Gilead Sciences, Inc.		33,600		2,132,592
Incyte Corp.(b)		1,800		153,684
Ionis Pharmaceuticals, Inc.(b)		18,400		787,888
Ligand Pharmaceuticals, Inc.(b)		4,900		714,861
Regeneron Pharmaceuticals, Inc.(b)		3,740		1,800,062
Seagen, Inc.(b)		4,200		603,792
United Therapeutics Corp.(b)		7,900		1,592,324
Vertex Pharmaceuticals, Inc.(b)		7,550		1,647,410
				15,288,735
Broadcasting-0.06%
Fox Corp., Class A		8,700		325,554
Building Products-0.51%
Carrier Global Corp.		7,100		309,418
Fortune Brands Home & Security, Inc.		3,300		346,434
Johnson Controls International PLC		9,500		592,230
Lennox International, Inc.		1,020		342,047
Masco Corp.		5,300		338,564
Owens Corning		4,000		387,240
Trane Technologies PLC		2,250		391,117
				2,707,050
Cable & Satellite-0.99%
Altice USA, Inc., Class A(b)		10,500		381,255
Charter Communications, Inc., Class A(b)		2,740		1,845,253
Comcast Corp., Class A		43,300		2,431,295
Sirius XM Holdings, Inc.		108,400		661,240
				5,319,043
Coal & Consumable Fuels-0.01%
ACNR Holdings, Inc.		3,672		53,244
Commodity Chemicals-0.18%
Dow, Inc.		15,300		956,250

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

5 Invesco Fundamental Alternatives Fund

	Shares		Value
Communications Equipment-0.62%
Cisco Systems, Inc.		57,000	$	2,901,870
Ubiquiti, Inc.		1,500		427,995
				3,329,865
Computer & Electronics Retail-0.05%
Best Buy Co., Inc.		2,300		267,421
Construction & Engineering-0.09%
Quanta Services, Inc.		4,700		454,208
Construction Machinery & Heavy Trucks-0.17%
Caterpillar, Inc.		2,600		593,086
Cummins, Inc.		1,300		327,652
				920,738
Consumer Finance-0.37%
Ally Financial, Inc.		18,000		926,100
Discover Financial Services		3,800		433,200
LendingTree, Inc.(b)		800		165,192
Synchrony Financial		10,600		463,644
				1,988,136
Copper-0.10%
Freeport-McMoRan, Inc.		6,100		230,031
Southern Copper Corp. (Peru)		4,200		291,522
				521,553
Data Processing & Outsourced Services-2.27%
Automatic Data Processing, Inc.		10,800		2,019,492
Black Knight, Inc.(b)		6,800		492,456
Broadridge Financial Solutions, Inc.		7,500		1,189,725
Fidelity National Information Services, Inc.		1,200		183,480
Fiserv, Inc.(b)		3,100		372,372
Jack Henry & Associates, Inc.		2,800		455,924
Mastercard, Inc., Class A		3,000		1,146,180
MAXIMUS, Inc.		5,000		458,200
Paychex, Inc.		13,300		1,296,617
PayPal Holdings, Inc.(b)		5,050		1,324,564
Visa, Inc., Class A		10,850		2,534,126
Western Union Co. (The)		26,700		687,792
				12,160,928
Distillers & Vintners-0.10%
Constellation Brands, Inc., Class A		2,250		540,720
Distributors-0.12%
Genuine Parts Co.		2,900		362,413
LKQ Corp.(b)		6,000		280,260
				642,673
Diversified Banks-1.03%
Bank of America Corp.		33,300		1,349,649
Citigroup, Inc.		9,200		655,408
JPMorgan Chase & Co.		14,700		2,261,007
U.S. Bancorp		10,400		617,240
Wells Fargo & Co.		14,100		635,205
				5,518,509
Diversified Chemicals-0.08%
Eastman Chemical Co.		3,800		438,482

	Shares		Value
Education Services-0.05%
Adtalem Global Education, Inc.(b)		7,200	$	247,032
Electric Utilities-1.25%
American Electric Power Co., Inc.		14,800		1,312,908
Duke Energy Corp.		16,100		1,621,109
Edison International		4,900		291,305
Exelon Corp.		13,000		584,220
NextEra Energy, Inc.		10,500		813,855
PPL Corp.		10,500		305,865
Southern Co. (The)		19,100		1,263,847
Xcel Energy, Inc.		6,700		477,710
				6,670,819
Electrical Components & Equipment-0.17%
Eaton Corp. PLC		3,300		471,669
Regal Beloit Corp.		3,000		433,290
				904,959
Electronic Equipment & Instruments-0.19%
Keysight Technologies, Inc.(b)		4,000		577,400
Vontier Corp.(b)		14,500		454,430
				1,031,830
Environmental & Facilities Services-0.17%
Republic Services, Inc.		8,400		892,920
Fertilizers & Agricultural Chemicals-0.08%
Corteva, Inc.		8,900		433,964
Financial Exchanges & Data-0.30%
CME Group, Inc., Class A		3,350		676,666
Intercontinental Exchange, Inc.		7,800		918,138
				1,594,804
Food Retail-0.58%
Casey’s General Stores, Inc.		4,200		933,198
Kroger Co. (The)		59,600		2,177,784
				3,110,982
Forest Products-0.07%
Louisiana Pacific Corp.		5,300		349,164
Gas Utilities-0.22%
Atmos Energy Corp.		8,600		890,874
ONE Gas, Inc.		3,500		281,645
				1,172,519
General Merchandise Stores-0.51%
Dollar General Corp.		1,550		332,862
Dollar Tree, Inc.(b)		1,400		160,860
Target Corp.		10,800		2,238,408
				2,732,130
Gold-0.24%
Newmont Corp.		20,600		1,285,646
Health Care Distributors-0.37%
AmerisourceBergen Corp.		3,000		362,400
Cardinal Health, Inc.		11,500		693,910
McKesson Corp.		4,950		928,422
				1,984,732

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

6 Invesco Fundamental Alternatives Fund

	Shares		Value
Health Care Equipment-1.46%
Abbott Laboratories		18,800	$	2,257,504
Baxter International, Inc.		2,700		231,363
Becton, Dickinson and Co.		6,100		1,517,741
Danaher Corp.		6,950		1,764,883
Hologic, Inc.(b)		8,700		570,285
IDEXX Laboratories, Inc.(b)		840		461,152
Medtronic PLC		6,500		850,980
Stryker Corp.		600		157,578
				7,811,486
Health Care Facilities-0.19%
HCA Healthcare, Inc.		4,000		804,240
Universal Health Services, Inc., Class B		1,600		237,456
				1,041,696
Health Care Services-0.46%
Chemed Corp.		620		295,498
Cigna Corp.		2,250		560,272
CVS Health Corp.		7,500		573,000
DaVita, Inc.(b)		1,500		174,795
Laboratory Corp. of America Holdings(b)		2,050		545,034
Quest Diagnostics, Inc.		2,300		303,324
				2,451,923
Health Care Supplies-0.03%
West Pharmaceutical Services, Inc.		550		180,686
Health Care Technology-0.16%
Cerner Corp.		11,300		848,065
Home Improvement Retail-0.46%
Home Depot, Inc. (The)		4,680		1,514,776
Lowe’s Cos., Inc.		4,900		961,625
				2,476,401
Homebuilding-0.12%
Lennar Corp., Class A		4,000		414,400
PulteGroup, Inc.		3,400		201,008
				615,408
Homefurnishing Retail-0.03%
Williams Sonoma, Inc.		1,000		170,750
Hotels, Resorts & Cruise Lines-0.05%
Marriott International, Inc., Class A		1,900		282,188
Household Products-1.25%
Church & Dwight Co., Inc.		2,700		231,498
Clorox Co. (The)		5,650		1,031,125
Colgate-Palmolive Co.		15,500		1,250,850
Kimberly-Clark Corp.		6,600		879,912
Procter & Gamble Co. (The)		21,400		2,855,188
Reynolds Consumer Products, Inc.		5,000		146,600
Spectrum Brands Holdings, Inc.		3,300		290,862
				6,686,035
Human Resource & Employment Services-0.10%
ManpowerGroup, Inc.		4,200		507,738
Hypermarkets & Super Centers-0.86%
BJ’s Wholesale Club Holdings, Inc.(b)		6,600		294,822
Costco Wholesale Corp.		4,780		1,778,590

	Shares		Value
Hypermarkets & Super Centers-(continued)
Walmart, Inc.		17,900	$	2,504,389
				4,577,801
Independent Power Producers & Energy Traders-0.07%
AES Corp. (The)		12,800		356,096
Industrial Conglomerates-0.19%
3M Co.		2,750		542,135
General Electric Co.		18,000		236,160
Honeywell International, Inc.		1,050		234,192
				1,012,487
Industrial Gases-0.03%
Linde PLC (United Kingdom)		650		185,796
Industrial Machinery-0.07%
Illinois Tool Works, Inc.		1,650		380,259
Industrial REITs-0.29%
Duke Realty Corp.		13,400		623,368
EastGroup Properties, Inc.		2,100		333,186
Prologis, Inc.		5,000		582,650
				1,539,204
Insurance Brokers-0.09%
Aon PLC, Class A		1,900		477,736
Integrated Oil & Gas-0.31%
Chevron Corp.		9,200		948,244
Exxon Mobil Corp.		12,500		715,500
				1,663,744
Integrated Telecommunication Services-0.78%
AT&T, Inc.		67,000		2,104,470
Verizon Communications, Inc.		36,100		2,086,219
				4,190,689
Interactive Home Entertainment-0.95%
Activision Blizzard, Inc.		18,400		1,677,896
Electronic Arts, Inc.		12,300		1,747,584
Take-Two Interactive Software, Inc.(b)		8,000		1,403,040
Zynga, Inc., Class A(b)		26,000		281,320
				5,109,840
Interactive Media & Services-2.36%
Alphabet, Inc., Class A(b)		2,795		6,578,032
Alphabet, Inc., Class C(b)		955		2,301,665
Facebook, Inc., Class A(b)		11,560		3,757,925
				12,637,622
Internet & Direct Marketing Retail-1.39%
Amazon.com, Inc.(b)		1,860		6,449,401
eBay, Inc.		8,100		451,899
Etsy, Inc.(b)		1,300		258,427
Qurate Retail, Inc., Class A		24,300		289,170
				7,448,897
Internet Services & Infrastructure-0.28%
Akamai Technologies, Inc.(b)		4,200		456,540
VeriSign, Inc.(b)		4,700		1,028,219
				1,484,759

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

7 Invesco Fundamental Alternatives Fund

	Shares		Value
Investment Banking & Brokerage-0.42%
Charles Schwab Corp. (The)		7,200	$	506,880
Goldman Sachs Group, Inc. (The)		2,520		878,094
Morgan Stanley		10,500		866,775
				2,251,749
IT Consulting & Other Services-1.19%
Accenture PLC, Class A		10,700		3,102,679
Amdocs Ltd.		13,000		997,620
Cognizant Technology Solutions Corp., Class A		15,000		1,206,000
Gartner, Inc.(b)		1,500		293,820
International Business Machines Corp.		5,400		766,152
				6,366,271
Life & Health Insurance-0.21%
Aflac, Inc.		6,200		333,126
CNO Financial Group, Inc.		6,000		153,180
MetLife, Inc.		2,900		184,527
Principal Financial Group, Inc.		7,200		459,864
				1,130,697
Life Sciences Tools & Services-0.54%
Agilent Technologies, Inc.		5,000		668,200
Mettler-Toledo International, Inc.(b)		285		374,296
PerkinElmer, Inc.		2,400		311,112
Thermo Fisher Scientific, Inc.		2,320		1,090,934
Waters Corp.(b)		1,400		419,818
				2,864,360
Managed Health Care-0.55%
Anthem, Inc.		1,700		644,963
Humana, Inc.		440		195,906
Molina Healthcare, Inc.(b)		1,400		357,140
UnitedHealth Group, Inc.		4,320		1,722,816
				2,920,825
Marine-0.00%
HGIM Corp.		731		3,838
Movies & Entertainment-0.77%
Liberty Media Corp.-Liberty Formula One, Class C(b)		6,900		323,886
Netflix, Inc.(b)		4,100		2,105,227
Walt Disney Co. (The)(b)		6,900		1,283,538
World Wrestling Entertainment, Inc., Class A		7,000		385,770
				4,098,421
Multi-Sector Holdings-0.51%
Berkshire Hathaway, Inc., Class B(b)		9,950		2,735,752
Multi-Utilities-0.98%
Ameren Corp.		5,800		492,072
CMS Energy Corp.		6,500		418,535
Consolidated Edison, Inc.		16,100		1,246,301
Dominion Energy, Inc.		17,200		1,374,280
DTE Energy Co.		2,400		336,048
MDU Resources Group, Inc.		8,300		277,718
Public Service Enterprise Group, Inc.		4,900		309,484
Sempra Energy		2,300		316,411

	Shares		Value
Multi-Utilities-(continued)
WEC Energy Group, Inc.		5,100	$	495,567
				5,266,416
Oil & Gas Drilling-0.00%
Vantage Drilling International(b)		73		234
Oil & Gas Equipment & Services-0.06%
Halliburton Co.		17,700		346,212
Oil & Gas Exploration & Production-0.17%
ConocoPhillips		3,800		194,332
EOG Resources, Inc.		6,000		441,840
Pioneer Natural Resources Co.		1,900		292,277
Sabine Oil & Gas Holdings, Inc.(b)		115		1,438
				929,887
Oil & Gas Refining & Marketing-0.03%
World Fuel Services Corp.		5,500		170,115
Oil & Gas Storage & Transportation-0.14%
Kinder Morgan, Inc.		23,300		397,265
Southcross Energy Partners L.P.		17,192		499
Williams Cos., Inc. (The)		13,500		328,860
				726,624
Other Diversified Financial Services-0.03%
Crossmark Holdings, Inc., Wts., expiring 07/26/2024(c)		809		152,335
Packaged Foods & Meats-1.49%
Campbell Soup Co.		23,600		1,126,900
Conagra Brands, Inc.		8,800		326,392
Flowers Foods, Inc.		12,800		306,688
General Mills, Inc.		10,900		663,374
Hain Celestial Group, Inc. (The)(b)		8,400		344,484
Hershey Co. (The)		3,600		591,480
Hormel Foods Corp.		19,100		882,420
JM Smucker Co. (The)		2,700		353,673
Kellogg Co.		5,600		349,552
Kraft Heinz Co. (The)		19,600		809,284
Mondelez International, Inc., Class A		19,400		1,179,714
Sanderson Farms, Inc.		2,500		411,325
Tyson Foods, Inc., Class A		8,300		642,835
				7,988,121
Paper Packaging-0.06%
International Paper Co.		5,300		307,400
Personal Products-0.05%
Nu Skin Enterprises, Inc., Class A		5,500		290,730
Pharmaceuticals-2.23%
Bristol-Myers Squibb Co.		10,700		667,894
Eli Lilly and Co.		9,600		1,754,592
Johnson & Johnson		23,100		3,759,063
Merck & Co., Inc.		31,400		2,339,300
Pfizer, Inc.		63,400		2,450,410
Zoetis, Inc.		5,750		994,922
				11,966,181
Property & Casualty Insurance-0.46%
Allstate Corp. (The)		5,300		672,040

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

8 Invesco Fundamental Alternatives Fund

	Shares		Value
Property & Casualty Insurance-(continued)
Chubb Ltd.		2,350	$	403,236
Progressive Corp. (The)		13,600		1,370,064
				2,445,340
Publishing-0.30%
John Wiley & Sons, Inc., Class A		5,300		301,782
New York Times Co. (The), Class A		21,600		980,856
News Corp., Class A		12,600		330,057
				1,612,695
Railroads-0.36%
CSX Corp.		3,700		372,775
Norfolk Southern Corp.		650		181,506
Union Pacific Corp.		6,200		1,376,958
				1,931,239
Real Estate Services-0.05%
CBRE Group, Inc., Class A(b)		3,400		289,680
Regional Banks-0.47%
Citizens Financial Group, Inc.		7,700		356,356
Fifth Third Bancorp		12,300		498,642
PNC Financial Services Group, Inc. (The)		2,150		401,943
Regions Financial Corp.		18,400		401,120
SVB Financial Group(b)		340		194,422
Synovus Financial Corp.		7,400		346,764
Umpqua Holdings Corp.		17,000		316,880
				2,516,127
Research & Consulting Services-0.17%
Booz Allen Hamilton Holding Corp.		10,900		904,155
Residential REITs-0.07%
Mid-America Apartment Communities, Inc.		2,500		393,325
Restaurants-0.86%
Chipotle Mexican Grill, Inc.(b)		215		320,787
Domino’s Pizza, Inc.		2,960		1,250,126
McDonald’s Corp.		8,800		2,077,504
Starbucks Corp.		3,300		377,817
Yum! Brands, Inc.		5,000		597,600
				4,623,834
Semiconductor Equipment-0.34%
Applied Materials, Inc.		7,800		1,035,138
KLA Corp.		1,420		447,797
Lam Research Corp.		520		322,634
				1,805,569
Semiconductors-1.59%
Broadcom, Inc.		3,020		1,377,724
Intel Corp.		22,100		1,271,413
Microchip Technology, Inc.		2,650		398,268
Micron Technology, Inc.(b)		3,100		266,817
NVIDIA Corp.		1,620		972,616
NXP Semiconductors N.V. (Netherlands)		1,650		317,642
Qorvo, Inc.(b)		2,200		413,974
QUALCOMM, Inc.		6,100		846,680
Skyworks Solutions, Inc.		1,700		308,261
Texas Instruments, Inc.		13,050		2,355,655
				8,529,050

	Shares		Value
Soft Drinks-0.65%
Coca-Cola Co. (The)		20,100	$	1,084,998
Keurig Dr Pepper, Inc.		14,500		519,825
PepsiCo, Inc.		13,100		1,888,496
				3,493,319
Specialized Consumer Services-0.25%
H&R Block, Inc.		12,600		280,476
Service Corp. International		10,800		577,152
Terminix Global Holdings, Inc.(b)		9,400		478,366
				1,335,994
Specialized REITs-0.85%
Crown Castle International Corp.		2,750		519,915
Equinix, Inc.		255		183,794
Extra Space Storage, Inc.		10,100		1,501,769
Public Storage		5,950		1,672,902
SBA Communications Corp., Class A		700		209,804
Weyerhaeuser Co.		11,500		445,855
				4,534,039
Specialty Chemicals-0.39%
Celanese Corp.		1,550		242,808
DuPont de Nemours, Inc.		7,000		539,770
Sherwin-Williams Co. (The)		4,820		1,320,053
				2,102,631
Systems Software-3.05%
Dolby Laboratories, Inc., Class A		6,200		629,114
Fortinet, Inc.(b)		1,400		285,922
Microsoft Corp.		42,700		10,768,086
Oracle Corp.		34,800		2,637,492
Palo Alto Networks, Inc.(b)		800		282,712
ServiceNow, Inc.(b)		1,060		536,752
Teradata Corp.(b)		23,600		1,167,492
				16,307,570
Technology Distributors-0.12%
Arrow Electronics, Inc.(b)		5,500		627,385
Technology Hardware, Storage & Peripherals-2.04%
Apple, Inc.		77,800		10,227,588
HP, Inc.		20,600		702,666
				10,930,254
Textiles-0.00%
Sunguard Availability Services Capital, Inc.		225		197
Thrifts & Mortgage Finance-0.05%
New York Community Bancorp, Inc.		21,400		255,944
Tobacco-0.38%
Altria Group, Inc.		17,600		840,400
Philip Morris International, Inc.		12,800		1,216,000
				2,056,400
Trading Companies & Distributors-0.11%
United Rentals, Inc.(b)		1,200		383,940
Watsco, Inc.		650		190,359
				574,299
Trucking-0.71%
Knight-Swift Transportation Holdings, Inc.		17,500		824,600

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

9 Invesco Fundamental Alternatives Fund

	Shares		Value
Trucking-(continued)
Landstar System, Inc.		4,950	$	852,786
Old Dominion Freight Line, Inc.		800		206,248
Ryder System, Inc.		4,900		391,216
Schneider National, Inc., Class B		17,600		426,448
Uber Technologies, Inc.(b)		3,900		213,603
Werner Enterprises, Inc.		19,400		896,862
				3,811,763
Total Common Stocks & Other Equity Interests (Cost $219,100,985)				281,970,260
	Principal Amount
U.S. Treasury Securities-13.30%
U.S. Treasury Bills-0.06%
0.01% - 0.39%, 07/15/2021(d)(e)	$	346,000		345,994
U.S. Treasury Notes-13.24%
0.13%, 05/31/2022		33,623,000		33,644,015
0.13%, 12/15/2023		29,000,000		28,895,781
0.38%, 12/31/2025		8,500,000		8,343,613
				70,883,409
Total U.S. Treasury Securities (Cost $71,406,042)				71,229,403
U.S. Dollar Denominated Bonds & Notes-7.69%
Advertising-0.02%
WPP Finance 2010 (United Kingdom), 3.63%, 09/07/2022		104,000		108,259
Aerospace & Defense-0.09%
Boeing Co. (The), 4.51%, 05/01/2023		150,000		160,233
General Dynamics Corp., 3.25%, 04/01/2025		300,000		326,209
				486,442
Agricultural & Farm Machinery-0.09%
B.A.T. Capital Corp. (United Kingdom), 2.76%, 08/15/2022		122,000		125,212
Deere & Co., 2.75%, 04/15/2025		310,000		332,593
				457,805
Air Freight & Logistics-0.06%
FedEx Corp., 2.63%, 08/01/2022		103,000		105,870
United Parcel Service, Inc., 2.45%, 10/01/2022		232,000		239,397
				345,267
Airlines-0.21%
Delta Air Lines Pass-Through Trust, Series 2019-1, Class AA, 3.20%, 04/25/2024		800,000		839,994
Southwest Airlines Co., 4.75%, 05/04/2023		253,000		273,708
				1,113,702
Application Software-0.06%
Adobe, Inc., 3.25%, 02/01/2025		300,000		325,343
Asset Management & Custody Banks-0.25%
FS KKR Capital Corp., 4.63%, 07/15/2024		442,000		473,726
Golub Capital BDC, Inc., 3.38%, 04/15/2024		312,000		325,125

	Principal Amount		Value
Asset Management & Custody Banks-(continued)
Main Street Capital Corp., 5.20%, 05/01/2024	$	280,000	$	303,664
Owl Rock Capital Corp., 5.25%, 04/15/2024		223,000		245,608
				1,348,123
Automobile Manufacturers-0.25%
American Honda Finance Corp., 2.05%, 01/10/2023		252,000		259,380
General Motors Financial Co., Inc., 3.15%, 06/30/2022		66,000		67,800
3.55%, 07/08/2022		67,000		69,297
3.25%, 01/05/2023		55,000		57,248
Toyota Motor Credit Corp., 0.45%, 07/22/2022		142,000		142,368
2.15%, 09/08/2022		168,000		172,348
0.35%, 10/14/2022		211,000		211,404
2.63%, 01/10/2023		170,000		176,591
2.70%, 01/11/2023		155,000		161,191
				1,317,627
Biotechnology-0.29%
AbbVie, Inc.,
3.25%, 10/01/2022		200,000		206,753
2.90%, 11/06/2022		475,000		492,768
3.20%, 11/06/2022		148,000		153,461
2.30%, 11/21/2022		475,000		488,982
Biogen, Inc., 3.63%, 09/15/2022		216,000		226,178
				1,568,142
Cable & Satellite-0.04%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.46%, 07/23/2022		142,000		147,763
Time Warner Entertainment Co. L.P., 8.38%, 03/15/2023		60,000		68,520
				216,283
Communications Equipment-0.01%
Telefonaktiebolaget LM Ericsson (Sweden), 4.13%, 05/15/2022		56,000		58,006
Construction Machinery & Heavy Trucks-0.03%
Caterpillar Financial Services Corp., 1.90%, 09/06/2022		166,000		169,903
Consumer Finance-0.16%
American Express Co., 2.50%, 08/01/2022		339,000		347,710
2.65%, 12/02/2022		232,000		240,608
Capital One Bank USA N.A., 3.38%, 02/15/2023		250,000		262,269
Synchrony Financial, 2.85%, 07/25/2022		24,000		24,590
				875,177
Distillers & Vintners-0.18%
Constellation Brands, Inc., 2.65%, 11/07/2022		140,000		144,500

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

10 Invesco Fundamental Alternatives Fund

	Principal Amount		Value
Distillers & Vintners-(continued)
Diageo Capital PLC (United Kingdom), 2.63%, 04/29/2023	$	379,000	$	394,445
3.50%, 09/18/2023		404,000		432,663
				971,608
Diversified Banks-1.73%
Banco Santander S.A. (Spain), 3.85%, 04/12/2023		200,000		212,731
Bank of Montreal (Canada), 2.35%, 09/11/2022		172,000		177,105
Barclays PLC (United Kingdom), 4.61%, 02/15/2023(f)		337,000		347,548
4.38%, 09/11/2024		494,000		540,995
BNP Paribas S.A. (France), 3.25%, 03/03/2023		166,000		175,292
Citigroup, Inc., 2.70%, 10/27/2022		322,000		332,656
HSBC Holdings PLC (United Kingdom),
3.26%, 03/13/2023(f)		408,000		417,773
3.60%, 05/25/2023		322,000		343,011
JPMorgan Chase & Co., 3.38%, 05/01/2023		338,000		357,503
Lloyds Banking Group PLC (United Kingdom), 3.90%, 03/12/2024		978,000		1,062,345
Mitsubishi UFJ Financial Group, Inc. (Japan), 2.62%, 07/18/2022		373,000		383,316
2.67%, 07/25/2022		330,000		339,194
3.46%, 03/02/2023		241,000		253,988
Natwest Group PLC (United Kingdom), 6.13%, 12/15/2022		60,000		65,082
6.10%, 06/10/2023		18,000		19,870
6.00%, 12/19/2023		81,000		91,407
5.13%, 05/28/2024		854,000		955,583
Sumitomo Mitsui Financial Group, Inc. (Japan), 2.78%, 07/12/2022		332,000		341,708
Toronto-Dominion Bank (The) (Canada), 3.50%, 07/19/2023		422,000		452,427
U.S. Bank N.A., 3.40%, 07/24/2023		250,000		266,611
Wells Fargo & Co., 2.63%, 07/22/2022		500,000		514,278
Series M, 3.45%, 02/13/2023		88,000		92,835
Wells Fargo Bank N.A., 3.55%, 08/14/2023		461,000		493,524
Westpac Banking Corp. (Australia), 3.65%, 05/15/2023		27,000		28,826
3.30%, 02/26/2024		902,000		972,519
				9,238,127
Diversified Capital Markets-0.12%
Deutsche Bank AG, 3.70%, 05/30/2024		601,000		645,411
Electric Utilities-0.14%
Duke Energy Corp., 2.40%, 08/15/2022		108,000		110,557
3.05%, 08/15/2022		108,000		110,887
Edison International, 2.40%, 09/15/2022		32,000		32,649
2.95%, 03/15/2023		72,000		74,574
Entergy Corp., 4.00%, 07/15/2022		117,000		121,332
ITC Holdings Corp., 2.70%, 11/15/2022		94,000		96,878

	Principal Amount		Value
Electric Utilities-(continued)
NextEra Energy Capital Holdings, Inc., 1.95%, 09/01/2022	$	99,000	$	101,126
Pacific Gas and Electric Co., 1.75%, 06/16/2022		112,000		112,101
				760,104
Electronic Manufacturing Services-0.01%
Jabil, Inc., 4.70%, 09/15/2022		38,000		40,100
Fertilizers & Agricultural Chemicals-0.01%
Mosaic Co. (The), 3.25%, 11/15/2022		40,000		41,588
Financial Exchanges & Data-0.02%
Moody’s Corp., 4.50%, 09/01/2022		119,000		124,091
Gas Utilities-0.01%
National Fuel Gas Co., 3.75%, 03/01/2023		40,000		41,860
Health Care Facilities-0.19%
CommonSpirit Health, 2.95%, 11/01/2022		121,000		125,188
HCA, Inc., 4.75%, 05/01/2023		68,000		73,284
5.00%, 03/15/2024		755,000		841,405
				1,039,877
Health Care Services-0.07%
CVS Health Corp., 2.75%, 12/01/2022		239,000		246,584
Laboratory Corp. of America Holdings, 3.75%, 08/23/2022		103,000		106,506
				353,090
Home Furnishings-0.03%
Mohawk Industries, Inc., 3.85%, 02/01/2023		128,000		134,350
Homebuilding-0.04%
Lennar Corp., 4.75%, 11/15/2022		39,000		40,968
NVR, Inc., 3.95%, 09/15/2022		140,000		145,397
				186,365
Hotels, Resorts & Cruise Lines-0.01%
Expedia Group, Inc., 3.60%, 12/15/2023(g)		70,000		74,633
Hypermarkets & Super Centers-0.13%
Walmart, Inc., 2.35%, 12/15/2022		234,000		241,554
2.55%, 04/11/2023		439,000		456,391
				697,945
Independent Power Producers & Energy Traders-0.15%
Enel Generacion Chile S.A. (Chile), 4.25%, 04/15/2024		770,000		825,976
Industrial Conglomerates-0.18%
General Electric Co., 3.15%, 09/07/2022		246,000		255,080
3.10%, 01/09/2023		266,000		277,496
Honeywell International, Inc., 0.48%, 08/19/2022		445,000		445,411
				977,987

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

11 Invesco Fundamental Alternatives Fund

	Principal Amount		Value
Integrated Oil & Gas-0.44%
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.77%, 12/15/2022	$	289,000	$	299,495
BP Capital Markets PLC (United Kingdom), 2.75%, 05/10/2023		499,000		522,185
3.51%, 03/17/2025		300,000		328,753
Exxon Mobil Corp., 1.57%, 04/15/2023		966,000		990,516
Shell International Finance B.V. (Netherlands), 2.38%, 08/21/2022		182,000		187,128
				2,328,077
Integrated Telecommunication Services-0.12%
AT&T, Inc., 3.00%, 06/30/2022		435,000		446,513
British Telecommunications PLC (United Kingdom), 4.50%, 12/04/2023		200,000		218,816
				665,329
Interactive Media & Services-0.15%
Weibo Corp. (China), 3.50%, 07/05/2024		785,000		824,586
Internet & Direct Marketing Retail-0.10%
Alibaba Group Holding Ltd. (China), 2.80%, 06/06/2023		347,000		362,532
eBay, Inc., 2.75%, 01/30/2023		157,000		163,206
				525,738
Investment Banking & Brokerage-0.50%
BGC Partners, Inc., 5.38%, 07/24/2023		53,000		57,498
Goldman Sachs Group, Inc. (The), 3.63%, 01/22/2023		382,000		403,411
3.20%, 02/23/2023		295,000		309,462
2.91%, 06/05/2023(f)		290,000		297,649
2.91%, 07/24/2023(f)		379,000		390,247
Morgan Stanley, 4.88%, 11/01/2022		285,000		303,645
3.13%, 01/23/2023		425,000		445,061
3.75%, 02/25/2023		425,000		450,659
				2,657,632
Managed Health Care-0.07%
Anthem, Inc., 3.30%, 01/15/2023		178,000		186,746
Humana, Inc., 3.15%, 12/01/2022		177,000		183,190
				369,936
Movies & Entertainment-0.08%
RELX Capital, Inc. (United Kingdom), 3.50%, 03/16/2023		148,000		155,714
TWDC Enterprises 18 Corp., 2.35%, 12/01/2022		244,000		251,819
				407,533
Multi-line Insurance-0.06%
XLIT Ltd. (Bermuda), 4.45%, 03/31/2025		290,000		324,739
Multi-Utilities-0.10%
DTE Energy Co., 2.25%, 11/01/2022		94,000		96,570
Series H, 0.55%, 11/01/2022		134,000		134,217

	Principal Amount		Value
Multi-Utilities-(continued)
Public Service Enterprise Group, Inc., 2.65%, 11/15/2022	$	125,000	$	128,963
Sempra Energy, 2.90%, 02/01/2023		155,000		161,388
				521,138
Oil & Gas Storage��& Transportation-0.17%
Enable Midstream Partners L.P., 3.90%, 05/15/2024		381,000		406,358
Energy Transfer L.P., 3.60%, 02/01/2023		50,000		52,035
4.25%, 03/15/2023		59,000		62,101
4.20%, 09/15/2023		52,000		55,665
Energy Transfer Partners L.P./Regency Energy Finance Corp., 5.00%, 10/01/2022		43,000		45,123
4.50%, 11/01/2023		54,000		58,129
ONEOK Partners L.P., 3.38%, 10/01/2022		175,000		180,692
Plains All American Pipeline L.P./PAA Finance Corp., 2.85%, 01/31/2023		36,000		37,002
				897,105
Paper Products-0.05%
Fibria Overseas Finance Ltd. (Brazil), 5.25%, 05/12/2024		238,000		264,549
Pharmaceuticals-0.23%
Bristol-Myers Squibb Co., 2.00%, 08/01/2022		156,000		159,412
3.25%, 08/15/2022		175,000		181,835
3.55%, 08/15/2022		181,000		188,566
Johnson & Johnson, 2.05%, 03/01/2023		120,000		123,573
Mylan, Inc., 4.20%, 11/29/2023		53,000		57,154
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		435,000		465,576
Viatris, Inc., 1.13%, 06/22/2022(g)		55,000		55,370
				1,231,486
Property & Casualty Insurance-0.02%
Fidelity National Financial, Inc., 5.50%, 09/01/2022		123,000		130,889
Railroads-0.03%
Norfolk Southern Corp., 2.90%, 02/15/2023		127,000		132,048
Regional Banks-0.08%
First Horizon Corp., 3.55%, 05/26/2023		88,000		92,966
People’s United Financial, Inc., 3.65%, 12/06/2022		128,000		133,414
Santander Holdings USA, Inc., 3.40%, 01/18/2023		206,000		214,894
				441,274
Semiconductors-0.13%
Broadcom Corp./Broadcom Cayman Finance Ltd., 2.65%, 01/15/2023		62,000		64,122
Intel Corp., 2.70%, 12/15/2022		303,000		315,000

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

12 Invesco Fundamental Alternatives Fund

	Principal Amount		Value
Semiconductors-(continued)
QUALCOMM, Inc., 2.60%, 01/30/2023	$	316,000	$	327,787
				706,909
Soft Drinks-0.03%
PepsiCo, Inc., 3.10%, 07/17/2022		149,000		153,490
Specialized REITs-0.12%
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/2023		239,000		254,256
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 11/01/2023		50,000		55,086
3.35%, 09/01/2024		327,000		347,436
				656,778
Specialty Chemicals-0.07%
DuPont de Nemours, Inc., 2.17%, 05/01/2023		398,000		399,579
Systems Software-0.12%
Oracle Corp., 2.50%, 10/15/2022		548,000		565,732
VMware, Inc., 2.95%, 08/21/2022		78,000		80,356
				646,088
Technology Hardware, Storage & Peripherals-0.10%
Apple, Inc., 2.10%, 09/12/2022		234,000		239,783
Hewlett Packard Enterprise Co., 4.40%, 10/15/2022		257,000		269,894
				509,677
Tobacco-0.09%
Philip Morris International, Inc., 2.38%, 08/17/2022		154,000		158,223
2.50%, 08/22/2022		156,000		160,871
2.50%, 11/02/2022		161,000		166,159
				485,253
Trading Companies & Distributors-0.01%
Aircastle Ltd., 4.40%, 09/25/2023		63,000		67,599
Water Utilities-0.15%
American Water Capital Corp., 3.85%, 03/01/2024		740,000		801,456
Wireless Telecommunication Services-0.09%
America Movil S.A.B. de C.V. (Mexico), 3.13%, 07/16/2022		348,000		358,531
Vodafone Group PLC (United Kingdom), 2.50%, 09/26/2022		121,000		124,566
				483,097
Total U.S. Dollar Denominated Bonds & Notes (Cost $41,117,822)				41,175,176
Non-U.S. Dollar Denominated Bonds & Notes-3.32%(h)
Aerospace & Defense-0.18%
Airbus Finance B.V. (France), 2.38%, 04/02/2024(g)	EUR	384,000		492,167
Thales S.A. (France), 0.75%, 01/23/2025(g)	EUR	400,000		493,978
				986,145
Apparel, Accessories & Luxury Goods-0.02%
EssilorLuxottica S.A. (France), 2.38%, 04/09/2024(g)	EUR	100,000		128,853

	Principal     Amount			Value
Application Software-0.09%
Dassault Systemes SE (France), 0.01%, 09/16/2022(g)		EUR	100,000	$	120,724
SAP SE (Germany), 0.01%, 05/17/2023(g)		EUR	300,000		362,846
					483,570
Automobile Manufacturers-0.10%
BMW Finance N.V. (Germany), 0.13%, 07/13/2022(g)		EUR	173,000		209,174
0.63%, 10/06/2023(g)		EUR	53,000		65,027
1.00%, 01/21/2025(g)		EUR	41,000		51,348
BMW US Capital LLC (Germany), 0.63%, 04/20/2022(g)		EUR	76,000		92,279
Mercedes-Benz Finance Co. Ltd. (Germany), 0.01%, 08/21/2022(g)		EUR	100,000		120,583
					538,411
Brewers-0.06%
Anheuser-Busch InBev S.A./N.V. (Belgium), 2.88%, 09/25/2024(g)		EUR	242,000		320,743
Broadcasting-0.09%
TDF Infrastructure SASU (France), 2.88%, 10/19/2022(g)		EUR	400,000		497,715
Building Products-0.05%
CRH Finland Services OYJ (Ireland), 0.88%, 11/05/2023(g)		EUR	200,000		246,616
Construction & Engineering-0.05%
Autoroutes du Sud de la France S.A. (France), 2.88%, 01/18/2023(g)		EUR	100,000		126,779
2.95%, 01/17/2024(g)		EUR	100,000		129,612
					256,391
Consumer Finance-0.09%
Santander Consumer Finance S.A. (Spain), 1.13%, 10/09/2023(g)		EUR	100,000		124,025
1.00%, 02/27/2024(g)		EUR	300,000		371,627
					495,652
Diversified Banks-1.12%
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 0.38%, 10/02/2024(g)		EUR	500,000		608,759
Banco Santander S.A. (Spain), 1.38%, 02/09/2022(g)		EUR	100,000		121,914
1.38%, 12/14/2022(g)		EUR	100,000		123,457
Banque Federative du Credit Mutuel S.A. (France), 1.25%, 01/14/2025(g)		EUR	100,000		126,129
Belfius Bank S.A. (Belgium), 0.01%, 10/15/2025(g)		EUR	300,000		360,356
BPCE S.A. (France), 0.88%, 01/31/2024(g)		EUR	100,000		123,348
0.63%, 09/26/2024(g)		EUR	500,000		613,408
Cooperatieve Rabobank U.A. (Netherlands), 4.75%, 06/06/2022(g)		EUR	255,000		324,112
0.63%, 02/27/2024(g)		EUR	100,000		122,845

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

13 Invesco Fundamental Alternatives Fund

	Principal     Amount			Value
Diversified Banks-(continued)
Credit Agricole S.A. (France), 1.00%, 09/16/2024(g)		EUR	100,000	$	125,122
1.38%, 03/13/2025(g)		EUR	300,000		378,425
0.38%, 10/21/2025(g)		EUR	100,000		121,636
de Volksbank N.V. (Netherlands), 0.01%, 09/16/2024(g)		EUR	200,000		241,999
Euroclear Bank S.A. (Belgium), 0.25%, 09/07/2022(g)		EUR	100,000		121,232
0.50%, 07/10/2023(g)		EUR	100,000		122,302
HSBC Continental Europe S.A. (France), 0.60%, 03/20/2023(g)		EUR	400,000		489,397
ING Groep N.V. (Netherlands), 1.00%, 09/20/2023(g)		EUR	100,000		123,781
1.13%, 02/14/2025(g)		EUR	100,000		125,182
0.10%, 09/03/2025(f)(g)		EUR	200,000		240,802
KBC Group N.V. (Belgium), 1.13%, 01/25/2024(g)		EUR	100,000		124,382
Nationale-Nederlanden Bank N.V. (Netherlands), 0.38%, 05/31/2023(g)		EUR	300,000		365,210
Nordea Bank Abp (Finland), 3.25%, 07/05/2022(g)		EUR	200,000		250,878
1.00%, 02/22/2023(g)		EUR	108,000		133,008
1.13%, 02/12/2025(g)		EUR	100,000		126,159
OP Corporate Bank PLC (Finland), 0.38%, 02/26/2024(g)		EUR	121,000		148,133
Raiffeisen Bank International AG (Austria), 1.00%, 12/04/2023(g)		EUR	200,000		247,636
					6,009,612
Diversified Chemicals-0.06%
BASF SE (Germany), 0.10%, 06/05/2023(g)		EUR	200,000		242,200
2.50%, 01/22/2024(g)		EUR	80,000		102,790
					344,990
Diversified Support Services-0.10%
Adecco International Financial Services B.V. (Switzerland), 1.50%, 11/22/2022(g)		EUR	229,000		281,467
APRR S.A. (France), 1.50%, 01/15/2024(g)		EUR	200,000		250,515
					531,982
Electric Utilities-0.04%
Enel Finance International N.V. (Italy), 5.25%, 09/29/2023		EUR	177,000		241,065
Gas Utilities-0.11%
Enagas Financiaciones S.A. (Spain), 2.50%, 04/11/2022(g)		EUR	100,000		123,456
NorteGas Energia Distribucion S.A. (Spain), 0.92%, 09/28/2022(g)		EUR	384,000		466,509
					589,965
Hotels, Resorts & Cruise Lines-0.09%
Expedia Group, Inc., 2.50%, 06/03/2022		EUR	373,000		457,793
Integrated Oil & Gas-0.18%
Eni S.p.A. (Italy),
0.75%, 05/17/2022(g)		EUR	120,000		145,946
1.00%, 03/14/2025(g)		EUR	179,000		223,777

	Principal     Amount			Value
Integrated Oil & Gas-(continued)
OMV AG (Austria), 2.63%, 09/27/2022(g)		EUR	100,000	$	125,253
0.75%, 12/04/2023(g)		EUR	143,000		176,153
Shell International Finance B.V. (Netherlands), 0.38%, 02/15/2025(g)		EUR	222,000		272,555
					943,684
Integrated Telecommunication Services-0.09%
OTE PLC (Greece), 2.38%, 07/18/2022(g)		EUR	371,000		458,869
Multi-Sector Holdings-0.14%
Criteria Caixa S.A. (Spain), 1.50%, 05/10/2023(g)		EUR	400,000		495,754
EXOR N.V. (Netherlands), 2.13%, 12/02/2022(g)		EUR	190,000		235,772
					731,526
Office REITs-0.10%
Inmobiliaria Colonial SOCIMI S.A. (Spain), 1.63%, 11/28/2025(g)		EUR	400,000		510,278
Other Diversified Financial Services-0.25%
Clearstream Banking AG (Germany), 0.01%, 12/01/2025(g)		EUR	200,000		240,754
FCA Bank S.p.A. (Italy), 0.25%, 02/28/2023(g)		EUR	457,000		552,466
LeasePlan Corp. N.V. (Netherlands), 0.13%, 09/13/2023		EUR	100,000		120,829
3.50%, 04/09/2025(g)		EUR	294,000		400,223
					1,314,272
Pharmaceuticals-0.09%
Bayer AG (Germany), 0.38%, 07/06/2024(g)		EUR	400,000		486,421
Restaurants-0.06%
Sodexo S.A. (France), 1.75%, 01/24/2022(g)		EUR	100,000		121,446
0.75%, 04/27/2025(g)		EUR	170,000		210,556
					332,002
Thrifts & Mortgage Finance-0.07%
Deutsche Pfandbriefbank AG (Germany), 0.75%, 02/07/2023(g)		EUR	300,000		366,720
Wireless Telecommunication Services-0.09%
Eutelsat S.A. (France), 3.13%, 10/10/2022(g)		EUR	400,000		502,636
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $18,208,616)					17,775,911
Variable Rate Senior Loan Interests-0.14%(i)(j)
Advertising-0.03%
Checkout Holding Corp.,
Term Loan, 8.50% (1 mo. USD LIBOR + 7.50%), 02/15/2023	$		126,431		119,161
PIK Term Loan, 9.50% PIK Rate, 2.00% Cash Rate, 08/15/2023(k)			102,945		47,097
					166,258

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

14 Invesco Fundamental Alternatives Fund

	Principal Amount		Value
Casinos & Gaming-0.00%
Caesars Resort Collection LLC, Term Loan B, 2.86% (1 mo. USD LIBOR + 2.75%), 12/23/2024	$	4,619	$	4,574
Movies & Entertainment-0.00%
Deluxe Entertainment Services Group, Inc., First Lien PIK Term Loan, 1.50% PIK Rate, 03/25/2024(c)(k)(l)		11,110		0
Oil & Gas Storage & Transportation-0.00%
Southcross Energy Partners LLC, Revolver Loan, 0.00%, 01/31/2025(c)(m)		18,571		18,107
Other Diversified Financial Services-0.01%
CM Acquisition Co., Term Loan, 11.00% (3 mo. USD LIBOR + 10.00%), 07/26/2023		42,731		42,250
Trucking-0.10%
Western Express, Inc., Second Lien Term Loan, 8.44% (3 mo. USD LIBOR + 8.25%), 02/23/2022(c)		509,759		515,978
Total Variable Rate Senior Loan Interests (Cost $786,399)				747,167
		Shares
Preferred Stocks-0.01%
Oil & Gas Storage & Transportation-0.01%
Southcross Energy Partners L.P., Series A, Pfd.(c)		68,467		33,891

	Shares		Value
Oil & Gas Storage & Transportation-(continued)
Southcross Energy Partners L.P., Series B, Pfd.(c)		18,070	$	25,750
Total Preferred Stocks (Cost $68,449)				59,641
	Principal Amount
Event-Linked Bonds-0.00%
Windstorm-0.00%
Akibare Re Ltd. (Japan), Series 2016-1, Class A, Catastrophe Linked Notes, 0.10%, 04/07/2023 (Cost $482,330)(g)	$	482,286		1,640
	Shares
Money Market Funds-7.06%
Invesco Treasury Portfolio, Institutional Class, 0.01%(n)(o) (Cost $37,784,989)		37,784,989		37,784,989
Options Purchased-0.01%
(Cost $4,129,742)(p)				81,336
TOTAL INVESTMENTS IN SECURITIES-84.18% (Cost $393,085,374)				450,825,523
OTHER ASSETS LESS LIABILITIES-15.82%				84,721,805
NET ASSETS-100.00%			$	535,547,328

Investment Abbreviations:
EUR	- Euro
LIBOR	- London Interbank Offered Rate
Pfd.	- Preferred
PIK	- Pay-in-Kind
REIT	- Real Estate Investment Trust
USD	- U.S. Dollar
Wts.	- Warrants

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

15 Invesco Fundamental Alternatives Fund

Notes to Consolidated Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  Security valued using significant unobservable inputs (Level 3). See Note 3.

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

^(e)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(f)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(g)  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 April 30, 2021 was $17,087,867, which represented 3.19% of the Fund’s Net Assets.

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

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

^(j)  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 margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(k)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(l)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at April 30, 2021 represented less than 1% of the Fund’s Net Assets.

^(m)  All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 8.

⁽ⁿ⁾  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Treasury Portfolio, Institutional Class		$	120,924,059		$	267,263,093		$	(350,402,163	)		$	-		$	-		$	37,784,989		$	3,984

^(o)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(p)  The table below details options purchased.

Open Over-The-Counter Interest Rate Swaptions Purchased

Description

Type of Contract

Counterparty

Exercise Rate

Pay/ Receive Exercise Rate

Floating Rate Index

Payment Frequency

Expiration Date

Notional Value

Value

Interest Rate Risk

10 Year Interest Rate Swaption

Put

Morgan Stanley and Co. International PLC

3.18

%

Pay

3 Month USD LIBOR

Quarterly

09/27/2021

USD

4,100,000

$

3,060

10 Year Interest Rate Swaption

Put

Morgan Stanley and Co. International PLC

3.25

Pay

3 Month USD LIBOR

Quarterly

10/12/2021

USD

100,250,000

78,276

Total Interest Rate Swaptions Purchased

$

81,336

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration     Month	Notional       Value		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
LME Aluminum		17	June-2021	$	1,015,538	$	80,060		$	80,060
LME Copper		13	May-2021		3,195,725		702,203			702,203
Silver		3	July-2021		388,095		(5,806	)		(5,806	)
Subtotal							776,457			776,457
Equity Risk
E-Mini Russell 2000 Index		45	June-2021		5,088,375		(144,316	)		(144,316	)
EURO STOXX 50 Index		90	June-2021		4,263,177		163,577			163,577
FTSE 100 Index		60	June-2021		5,748,619		174,025			174,025
MSCI Emerging Market Index		47	June-2021		3,141,010		11,687			11,687
Tokyo Stock Price Index		40	June-2021		6,959,466		38,302			38,302
Subtotal							243,275			243,275

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

16 Invesco Fundamental Alternatives Fund

Open Futures Contracts(a)–(continued)
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Australia 10 Year Bonds		205	June-2021	$	22,012,755		$	168,252		$	168,252
Canada 10 Year Bonds		166	June-2021		18,820,941			(409,111	)		(409,111	)
Japan 10 Year Bonds		2	June-2021		2,769,512			6,763			6,763
Long Gilt		82	June-2021		14,458,125			(102,284	)		(102,284	)
U.S. Treasury 5 Year Notes		270	June-2021		33,463,125			(179,090	)		(179,090	)
U.S. Treasury Long Bonds		51	June-2021		8,019,750			(197,580	)		(197,580	)
Subtotal								(713,050	)		(713,050	)
Subtotal–Long Futures Contracts								306,682			306,682
Short Futures Contracts
Commodity Risk
Gold 100 oz.		1	June-2021		(176,770	)		(2,514	)		(2,514	)
LME Aluminum		17	June-2021		(1,015,538	)		(53,666	)		(53,666	)
LME Copper		13	May-2021		(3,195,725	)		(600,380	)		(600,380	)
Low Sulphur Gas Oil		4	December-2021		(214,500	)		(9,462	)		(9,462	)
Natural Gas		29	November-2021		(920,750	)		(58,742	)		(58,742	)
Subtotal								(724,764	)		(724,764	)
Equity Risk
E-Mini S&P 500 Index		803	June-2021		(167,602,160	)		(11,540,539	)		(11,540,539	)
Interest Rate Risk
U.S. Treasury 2 Year Notes		12	June-2021		(2,649,094	)		541			541
Euro-Bobl		35	June-2021		(5,669,268	)		6,184			6,184
Euro-Schatz		63	June-2021		(8,489,133	)		271			271
Subtotal								6,996			6,996
Subtotal–Short Futures Contracts								(12,258,307	)		(12,258,307	)
Total Futures Contracts							$	(11,951,625	)	$	(11,951,625	)

^(a)  Futures contracts collateralized by $13,391,471 cash held with Merrill Lynch International, the futures commission merchant.

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to				Unrealized Appreciation
		Deliver		Receive
Currency Risk
05/17/2021	Goldman Sachs International	EUR	15,350,000	USD	18,635,598	$	176,424

Open Centrally Cleared Credit Default Swap Agreements(a)

Reference Entity

Buy/Sell Protection

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Implied   Credit   Spread(b)

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation

Credit Risk

CDX North America High Yield Index, Series 36 Version 1

Sell

5.00%

Quarterly

06/20/2026

2.873%

USD 10,500,000

$962,773

$1,033,295

$70,522

^(a)  Centrally cleared credit default swap agreements are collateralized by cash held with Counterparties in the amount of $943,607.

^(b)  Implied credit spreads represent the current level, as of April 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

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

17 Invesco Fundamental Alternatives Fund

Open Over-The-Counter Total Return Swap Agreements(a)
Counterparty	Pay/ Receive	Reference Entity(b)		Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Canadian Imperial Bank of Commerce	Pay		CIBC LME Copper Standard Roll Excess Return Index		0.06	%		Monthly		350		April-2022		$178,454		$-		$(15,305	)		$(15,305	)
Macquarie Bank Ltd.	Pay		Macquarie Single Commodity Heating Oil type A Excess Return Index		0.06			Monthly		2,800		February-2022		200,215		-		(4,467	)		(4,467	)
Total - Total Return Swap Agreements																$-		$(19,772	)		$(19,772	)

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

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

Reference Entity Components
Reference Entity	Underlying Components	Percentage
CIBC LME Copper Standard Roll Excess Return Index
	Long Futures Contracts
	Copper	100%
Macquarie Single Commodity Heating Oil type A Excess Return Index
	Long Futures Contracts
	Heating Oil	100%

Abbreviations:

EUR    –Euro

LIBOR –London Interbank Offered Rate

USD    –U.S. Dollar

Volatility Contribution*

Strategy	Annualized Volatility Contribution			Volatility Contribution as % of Investment Strategy
Long/Short Credit		0.00	%		(0.08	)%
Long/Short Equity		3.73			84.04
Long/Short Macro		0.71			16.04
Total		4.44	%		100.00	%

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

* Excluding money market fund holdings, if any.

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

18 Invesco Fundamental Alternatives Fund

Consolidated Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $355,300,385)	$	413,040,534
Investments in affiliated money market funds, at value (Cost $37,784,989)		37,784,989
Other investments:
Variation margin receivable – futures contracts		15,091,723
Unrealized appreciation on LME futures contracts		782,263
Unrealized appreciation on forward foreign currency contracts outstanding		176,424
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		13,391,471
Cash collateral – centrally cleared swap agreements		943,607
Cash		54,079,408
Foreign currencies, at value (Cost $545,975)		550,988
Receivable for:
Investments sold		305,207
Fund shares sold		66,225
Dividends		846,596
Interest		528,035
Investment for trustee deferred compensation and retirement plans		115,525
Other assets		402,464
Total assets		538,105,459
Liabilities:
Other investments:
Variation margin payable – centrally cleared swap agreements		193,466
Swaps payable – OTC		9
Unrealized depreciation on LME futures contracts		654,046
Unrealized depreciation on swap agreements–OTC		19,772
Payable for:
Investments purchased		113,867
Fund shares reacquired		795,739
Accrued fees to affiliates		218,391
Accrued other operating expenses		297,210
Trustee deferred compensation and retirement plans		164,322
Unfunded loan commitments		18,107
Collateral with broker - OTC Derivatives		83,202
Total liabilities		2,558,131
Net assets applicable to shares outstanding	$	535,547,328

Net assets consist of:
Shares of beneficial interest	$	477,621,033
Distributable earnings		57,926,295
	$	535,547,328
Net Assets:
Class A	$	380,163,036
Class C	$	21,381,206
Class R	$	12,926,824
Class Y	$	111,464,368
Class R5	$	10,230
Class R6	$	9,601,664
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		13,997,723
Class C		890,379
Class R		498,441
Class Y		4,010,135
Class R5		377
Class R6		343,824
Class A:
Net asset value per share	$	27.16
Maximum offering price per share (Net asset value of $27.16 ÷ 94.50%)	$	28.74
Class C:
Net asset value and offering price per share	$	24.01
Class R:
Net asset value and offering price per share	$	25.93
Class Y:
Net asset value and offering price per share	$	27.80
Class R5:
Net asset value and offering price per share	$	27.14
Class R6:
Net asset value and offering price per share	$	27.93

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

19 Invesco Fundamental Alternatives Fund

Consolidated Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $9,426)	$	3,227,137
Interest		791,015
Dividends from affiliated money market funds		3,984
Total investment income		4,022,136
Expenses:
Advisory fees		3,043,991
Administrative services fees		52,233
Custodian fees		93,102
Distribution fees:
Class A		480,800
Class C		119,504
Class R		33,545
Interest, facilities and maintenance fees		25,895
Transfer agent fees – A, C, R and Y		656,312
Trustees’ and officers’ fees and benefits		7,501
Registration and filing fees		38,323
Reports to shareholders		50,399
Professional services fees		78,070
Other		10,041
Total expenses		4,689,716
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(265,387	)
Net expenses		4,424,329
Net investment income (loss)		(402,193	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		66,243,049
Foreign currencies		(74,025	)
Forward foreign currency contracts		196,343
Futures contracts		(31,778,847	)
Swap agreements		710,729
		35,297,249
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		23,714,639
Foreign currencies		7,904
Forward foreign currency contracts		357,125
Futures contracts		(24,592,497	)
Swap agreements		183,517
		(329,312	)
Net realized and unrealized gain		34,967,937
Net increase in net assets resulting from operations	$	34,565,744

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

20 Invesco Fundamental Alternatives Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021				October 31, 2020
Operations:
Net investment income (loss)	$	(402,193	)		$	10,083,602
Net realized gain		35,297,249				92,079,114
Change in net unrealized appreciation (depreciation)		(329,312	)			(94,639,454	)
Net increase in net assets resulting from operations		34,565,744				7,523,262
Distributions to shareholders from distributable earnings:
Class A		(7,340,091	)			(8,730,739	)
Class C		(334,196	)			(385,892	)
Class R		(235,934	)			(273,673	)
Class Y		(3,334,842	)			(5,689,727	)
Class R5		(239	)			(247	)
Class R6		(4,349,596	)			(4,178,742	)
Total distributions from distributable earnings		(15,594,898	)			(19,259,020	)
Share transactions-net:
Class A		(16,139,039	)			(48,916,642	)
Class C		(6,824,712	)			(11,004,373	)
Class R		(1,286,731	)			(2,236,875	)
Class Y		(57,292,542	)	��		(98,737,957	)
Class R6		(210,523,385	)			42,391,075
Net increase (decrease) in net assets resulting from share transactions		(292,066,409	)			(118,504,772	)
Net increase (decrease) in net assets		(273,095,563	)			(130,240,530	)
Net assets:
Beginning of period		808,642,891				938,883,421
End of period	$	535,547,328			$	808,642,891

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

21 Invesco Fundamental Alternatives Fund

Consolidated Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/21		$	26.50		$	(0.03	)		$	1.20			$	1.17			$	(0.51	)		$	27.16		4.45	%		$	380,163		1.33	%(e)		1.43	%(e)		1.32	%(e)		(0.23	)%(e)		60	%
Year ended 10/31/20			26.83			0.28				(0.07	)			0.21				(0.54	)			26.50		0.77				386,680		1.56			1.61			1.52			1.07			223
Year ended 10/31/19			27.42			0.69				(0.82	)			(0.13	)			(0.46	)			26.83		(0.45	)			441,060		1.64			1.71			1.38			2.59			289
Year ended 10/31/18			27.21			0.45				0.19				0.64				(0.43	)			27.42		2.34				477,683		1.96			1.99			1.35			1.67			155
Year ended 10/31/17			26.81			0.38				0.09				0.47				(0.07	)			27.21		1.79				560,359		1.72			1.76			1.36			1.39			168
Year ended 10/31/16			27.00			0.27				(0.32	)			(0.05	)			(0.14	)			26.81		(0.18	)			675,558		1.99			2.03			1.35			1.02			131
Class C
Six months ended 04/30/21			23.36			(0.12	)			1.07				0.95				(0.30	)			24.01		4.06				21,381		2.10	(e)		2.18	(e)		2.09	(e)		(1.00	)(e)		60
Year ended 10/31/20			23.60			0.07				(0.07	)			0.00				(0.24	)			23.36		0.00				27,495		2.33			2.35			2.28			0.30			223
Year ended 10/31/19			24.17			0.43				(0.74	)			(0.31	)			(0.26	)			23.60		(1.25	)			38,860		2.42			2.47			2.14			1.81			289
Year ended 10/31/18			24.03			0.22				0.16				0.38				(0.24	)			24.17		1.59				89,319		2.72			2.75			2.11			0.90			155
Year ended 10/31/17			23.85			0.15				0.08				0.23				(0.05	)			24.03		0.96				110,630		2.49			2.53			2.13			0.62			168
Year ended 10/31/16			24.15			0.06				(0.28	)			(0.22	)			(0.08	)			23.85		(0.91	)			139,374		2.75			2.79			2.11			0.25			131
Class R
Six months ended 04/30/21			25.29			(0.06	)			1.14				1.08				(0.44	)			25.93		4.30				12,927		1.59	(e)		1.68	(e)		1.58	(e)		(0.49	)(e)		60
Year ended 10/31/20			25.60			0.21				(0.07	)			0.14				(0.45	)			25.29		0.51				13,867		1.82			1.86			1.78			0.81			223
Year ended 10/31/19			26.18			0.59				(0.78	)			(0.19	)			(0.39	)			25.60		(0.70	)			16,296		1.91			1.97			1.64			2.33			289
Year ended 10/31/18			26.02			0.36				0.17				0.53				(0.37	)			26.18		2.07				19,426		2.23			2.26			1.62			1.40			155
Year ended 10/31/17			25.69			0.29				0.10				0.39				(0.06	)			26.02		1.51				21,058		1.98			2.02			1.62			1.12			168
Year ended 10/31/16			25.89			0.19				(0.30	)			(0.11	)			(0.09	)			25.69		(0.44	)			20,567		2.26			2.30			1.62			0.75			131
Class Y
Six months ended 04/30/21			27.14			0.00				1.24				1.24				(0.58	)			27.80		4.62				111,464		1.09	(e)		1.18	(e)		1.08	(e)		0.01	(e)		60
Year ended 10/31/20			27.47			0.36				(0.08	)			0.28				(0.61	)			27.14		1.00				165,217		1.31			1.35			1.27			1.32			223
Year ended 10/31/19			28.07			0.77				(0.84	)			(0.07	)			(0.53	)			27.47		(0.22	)			266,741		1.41			1.47			1.14			2.82			289
Year ended 10/31/18			27.86			0.52				0.19				0.71				(0.50	)			28.07		2.59				352,559		1.73			1.76			1.12			1.90			155
Year ended 10/31/17			27.47			0.45				0.09				0.54				(0.15	)			27.86		1.98				405,224		1.49			1.53			1.13			1.61			168
Year ended 10/31/16			27.68			0.32				(0.29	)			0.03				(0.24	)			27.47		0.08				398,708		1.81			1.85			1.17			1.16			131
Class R5
Six months ended 04/30/21			26.55			0.02				1.21				1.23				(0.64	)			27.14		4.66				10		0.93	(e)		0.94	(e)		0.92	(e)		0.17	(e)		60
Year ended 10/31/20			26.87			0.39				(0.05	)			0.34				(0.66	)			26.55		1.23				10		1.14			1.15			1.10			1.49			223
Period ended 10/31/19(f)			26.56			0.35				(0.04	)			0.31				—				26.87		1.17				10		1.25	(g)		1.35	(g)		1.02	(g)		2.97	(g)		289
Class R6
Six months ended 04/30/21			27.27			0.03				1.27				1.30				(0.64	)			27.93		4.80				9,602		0.91	(e)		0.94	(e)		0.90	(e)		0.19	(e)		60
Year ended 10/31/20			27.60			0.41				(0.08	)			0.33				(0.66	)			27.27		1.19				215,374		1.12			1.14			1.08			1.51			223
Year ended 10/31/19			28.21			0.82				(0.86	)			(0.04	)			(0.57	)			27.60		(0.08	)			175,917		1.23			1.29			0.96			3.00			289
Year ended 10/31/18			28.00			0.57				0.19				0.76				(0.55	)			28.21		2.77				211,904		1.58			1.61			0.97			2.05			155
Year ended 10/31/17			27.60			0.50				0.10				0.60				(0.20	)			28.00		2.18				151,697		1.29			1.32			0.92			1.80			168
Year ended 10/31/16			27.79			0.37				(0.29	)			0.08				(0.27	)			27.60		0.29				130,790		1.61			1.65			0.97			1.35			131

^(a)  Calculated using average shares outstanding.

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

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.02%, 0.01%, 0.00%, 0.00%, and 0.02% for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

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

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $387,828, $24,099, $13,529, $137,087, $10 and $172,008 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date after the close of business on May 24, 2019. (g) Annualized.

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

22 Invesco Fundamental Alternatives Fund

Notes to Consolidated Financial Statements

April 30, 2021

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Fundamental Alternatives Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company 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 the Fund or each class.

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Invesco Fundamental Alternatives Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Fund may invest up to 25% of its total assets in the Subsidiary.

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 a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. 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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

23 Invesco Fundamental Alternatives Fund

other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

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

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

G. Accounting Estimates - The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

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

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

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 the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal

24 Invesco Fundamental Alternatives Fund

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. Securities Sold Short - The Fund may enter into short sales of securities which it concurrently holds (against the box) or for which it holds no corresponding position (naked). Securities sold short represent a liability of the Fund to acquire specific securities at prevailing market prices at a future date in order to satisfy the obligation to deliver the securities sold. The liability is recorded on the books of the Fund at the market value of the common stock determined each day in accordance with the procedures for security valuations. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates.

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

L. 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.

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

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

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

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

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 an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

P. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty

25 Invesco Fundamental Alternatives Fund

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

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

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index, such as the Consumer Price Index, over the term of the swap, and the other party pays a compounded fixed rate.

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

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

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

A volatility swap involves an exchange between the Fund and a Counterparty of periodic payments based on the measured volatility of an underlying security, currency, commodity, interest rate, index or other reference asset over a specified time frame. Depending on the structure of the swap, either the Fund’s or the Counterparty’s payment obligation will typically be based on the realized volatility of the reference asset as measured by changes in its price or level over a specified time period, while the other party’s payment obligation will be based on a specified rate representing expected volatility for the reference asset at the time the swap is executed, or the measured volatility of a different reference asset over a specified time period. The Fund will typically make or lose money on a volatility swap depending on the magnitude of the reference asset’s volatility, or size of the movements in its price, over a specified time period, rather than general increases or decreases in the price of the reference asset. Volatility swaps are often used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of other investments held by the Fund. Variance swaps are similar to volatility swaps, except payments are based on the difference between the implied and measured volatility mathematically squared.

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of the Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

26 Invesco Fundamental Alternatives Fund

Q. Bank Loan Risk - Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

R. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

S. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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

U. 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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
Up to $1.0 billion		0.850%
Next $500 million		0.800%
Next $500 million		0.750%
Next $500 million		0.700%
Next $500 million		0.650%
Next $500 million		0.600%
Next $500 million		0.550%
Over $4 billion		0.500%

* 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 six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.84%.

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

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

The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.33%, 2.10%, 1.59%, 1.09%, 0.96% and 0.91%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2022, the Adviser has agreed to limit expenses for Class A, Class C, Class R, Class Y, Class R5 and Classs R6 to 2.00%, 2.75%,

2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net asset. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. 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. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will reatain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, 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.

27 Invesco Fundamental Alternatives Fund

For the six months ended April 30, 2021, the Adviser waived advisory fees of $44,745 and reimbursed class level expenses of $157,084, $7,401, $4,815, $49,059, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $16,017 in front-end sales commissions from the sale of Class A shares and $0 and $538 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3– Additional Valuation Information

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

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

    The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	281,746,112	$	63,613	$	160,535	$	281,970,260
U.S. Treasury Securities		–		71,229,403		–		71,229,403
U.S. Dollar Denominated Bonds & Notes		–		41,175,176		–		41,175,176
Non-U.S. Dollar Denominated Bonds & Notes		–		17,775,911		–		17,775,911
Variable Rate Senior Loan Interests		–		213,082		534,085		747,167
Preferred Stocks		–		–		59,641		59,641
Event-Linked Bonds		–		1,640		–		1,640
Money Market Funds		37,784,989		–		–		37,784,989
Options Purchased		–		81,336		–		81,336
Total Investments in Securities		319,531,101		130,540,161		754,261		450,825,523
Other Investments - Assets*
Futures Contracts		1,351,865		–		–		1,351,865
Forward Foreign Currency Contracts		–		176,424		–		176,424
Swap Agreements		–		70,522		–		70,522
		1,351,865		246,946		–		1,598,811

28 Invesco Fundamental Alternatives Fund

	Level 1			Level 2			Level 3		Total
Other Investments - Liabilities*
Futures Contracts	$	(13,303,490	)	$	–		$	–	$	(13,303,490	)
Swap Agreements		–			(19,772	)		–		(19,772	)
		(13,303,490	)		(19,772	)		–		(13,323,262	)
Total Other Investments		(11,951,625	)		227,174			–		(11,724,451	)
Total Investments	$	307,579,476		$	130,767,335		$	754,261	$	439,101,072

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

NOTE 4– Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2021:

	Value
Derivative Assets	Commodity Risk			Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	782,263		$	-		$	-	$	387,591		$	182,011		$	1,351,865
Unrealized appreciation on swap agreements – Centrally Cleared(a)		-			70,522			-		-			-			70,522
Unrealized appreciation on forward foreign currency contracts outstanding		-			-			176,424		-			-			176,424
Options purchased, at value – OTC		-			-			-		-			81,336			81,336
Total Derivative Assets		782,263			70,522			176,424		387,591			263,347			1,680,147
Derivatives not subject to master netting agreements		(782,263	)		(70,522	)		-		(387,591	)		(182,011	)		(1,422,387	)
Total Derivative Assets subject to master netting agreements	$	-		$	-		$	176,424	$	-		$	81,336		$	257,760
	Value
Derivative Liabilities	Commodity Risk			Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(730,570	)	$	-		$	-	$	(11,684,855	)	$	(888,065	)	$	(13,303,490	)
Unrealized depreciation on swap agreements – OTC		(19,772	)		-			-		-			-			(19,772	)
Total Derivative Liabilities		(750,342	)		-			-		(11,684,855	)		(888,065	)		(13,323,262	)
Derivatives not subject to master netting agreements		730,570			-			-		11,684,855			888,065			13,303,490
Total Derivative Liabilities subject to master netting agreements	$	(19,772	)	$	-		$	-	$	-		$	-		$	(19,772	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2021.

	Financial Derivative Assets							Financial Derivative Liabilities											Collateral (Received/Pledged)
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements	Total Assets		Forward Foreign Currency Contracts	Options Purchased	Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash	Cash	Net Amount
Canadian Imperial Bank of Commerce	$	-	$	-	$-	$	-	$-	$-	$	(15,314	)	$	(15,314	)	$	(15,314	)	$-	$-	$	(15,314	)
Goldman Sachs International		176,424		-	-		176,424	-	-		-			-			176,424		-	-		176,424
Macquarie Bank Ltd.		-		-	-		-	-	-		(4,467	)		(4,467	)		(4,467	)	-	-		(4,467	)
Morgan Stanley and Co. International PLC		-		81,336	-		81,336	-	-		-			-			81,336		-	-		81,336
Total	$	176,424	$	81,336	$-	$	257,760	$-	$-	$	(19,781	)	$	(19,781	)	$	237,979		$-	$-	$	237,979

29 Invesco Fundamental Alternatives Fund

Effect of Derivative Investments for the six months ended April 30, 2021

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

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk			Credit Risk		Currency Risk		Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	-	$	196,343	$	-		$	-		$	196,343
Futures contracts		2,291,120			-		-		(27,466,264	)		(6,613,703	)		(31,788,847	)
Options purchased(a)		-			-		-		-			(1,036,952	)		(1,036,952	)
Swap agreements		695,235			15,494		-		-			-			710,729
Change in Net Unrealized Appreciation
(Depreciation):
Forward foreign currency contracts		-			-		357,125		-			-			357,125
Futures contracts		51,693			-		-		(23,938,136	)		(706,054	)		(24,592,497	)
Options purchased(a)		-			-		-		-			1,064,380			1,064,380
Swap agreements		(19,772	)		203,289		-		-			-			183,517
Total	$	3,018,276		$	218,783	$	553,468	$	(51,404,400	)	$	(7,292,329	)	$	(54,906,202	)

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

    The table below summarizes the average notional value of derivatives held during the period.

	Forward     Foreign Currency     Contracts			Futures     Contracts			Swaptions     Purchased			Swap     Agreements
Average notional value		$	26,469,939		$	430,483,487		$	151,269,315		$	13,734,500

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,283.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of April 30, 2021. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve.

		Principal
Borrower	Type	Amount		Value
Southcross Energy Partners LLC	Revolver Loan	$	18,571	$	18,107

NOTE 9–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

30 Invesco Fundamental Alternatives Fund

    The Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$8,041,389	$—	$	8,041,389

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $164,353,283 and $484,001,229, respectively. Cost of investments, including any derivatives, on a tax basis    includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	53,311,284
Aggregate unrealized (depreciation) of investments		(21,028,578	)
Net unrealized appreciation of investments	$	32,282,706

    Cost of investments for tax purposes is $406,818,366.

NOTE 11–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2021(a)						October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		275,145		$	7,414,454			600,983		$	15,937,548
Class C		48,454			1,153,888			104,191			2,443,556
Class R		27,026			696,201			82,405			2,085,288
Class Y		543,208			14,984,958			1,846,449			49,745,445
Class R6		409,629			11,388,000			2,959,259			80,867,493
Issued as reinvestment of dividends:
Class A		259,426			6,918,899			317,359			8,492,528
Class C		13,520			319,755			15,748			374,167
Class R		9,161			233,503			10,508			269,014
Class Y		107,546			2,932,788			183,395			5,015,841
Class R6		158,454			4,333,714			146,966			4,032,739
Automatic conversion of Class C shares to Class A shares:
Class A		173,262			4,657,054			130,592			3,443,627
Class C		(195,558	)		(4,657,054	)		(147,624	)		(3,443,627	)
Reacquired:
Class A		(1,302,928	)		(35,129,446	)		(2,897,134	)		(76,790,345	)
Class C		(152,829	)		(3,641,301	)		(441,836	)		(10,378,469	)
Class R		(86,097	)		(2,216,435	)		(181,235	)		(4,591,177	)
Class Y		(2,727,248	)		(75,210,288	)		(5,654,034	)		(153,499,243	)
Class R6		(8,121,521	)		(226,245,099	)		(1,582,952	)		(42,509,157	)
Net increase (decrease) in share activity		(10,561,350	)	$	(292,066,409	)		(4,506,960	)	$	(118,504,772	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 17% 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.

31 Invesco Fundamental Alternatives Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/20)	Ending     Account Value     (04/30/21)1	Expenses     Paid During     Period2,3	Ending     Account Value     (04/30/21)	Expenses     Paid During     Period2,4	Annualized     Expense Ratio2
Class A	$1,000.00	$1,042.60	$6.74	$1,018.20	$6.66	1.33%
Class C	1,000.00	1,038.40	10.61	1,014.38	10.49	2.10
Class R	1,000.00	1,040.90	8.05	1,016.91	7.95	1.59
Class Y	1,000.00	1,043.90	5.52	1,019.39	5.46	1.09
Class R5	1,000.00	1,044.70	4.71	1,020.18	4.66	0.93
Class R6	1,000.00	1,045.70	4.62	1,020.28	4.56	0.91

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective June 1, 2021, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.42%, 2.17%, 1.67%, 1.17%, 0.93% and 0.93%.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.78, $10.69, $8.11, $5.56, $4.65 and $4.65 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.75, $10.63, $8.06, $5.53, $4.62 and $4.62 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

32 Invesco Fundamental Alternatives Fund

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc.                                              O-FALT-SAR-1

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Global Allocation Fund
	Nasdaq: A: QVGIX ∎ C: QGRCX ∎ R: QGRNX ∎ Y: QGRYX ∎ R5: GLALX ∎ R6: QGRIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
16	Consolidated Financial Statements
19	Consolidated Financial Highlights
20	Notes to Consolidated Financial Statements
29	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	22.29	%
Class C Shares	21.80
Class R Shares	22.10
Class Y Shares	22.35
Class R5 Shares	22.49
Class R6 Shares	22.46
Custom Invesco Global Allocation Index▼	15.59
MSCI All Country World Index∎	28.29
Bloomberg Barclays Global Aggregate Bond Index, Hedged∎	-1.35
Source(s): ▼Invesco, RIMES Technologies Corp.; ∎RIMES Technologies Corp. The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Custom Invesco Global Allocation Index is composed of 60% MSCI All Country World Index/40% Bloomberg Barclays Global Aggregate Bond Index, Hedged.     The Bloomberg Barclays Global Aggregate Bond Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

   Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                      Invesco Global Allocation Fund

Average Annual Total Returns
As of 4/30/21, including maximum  applicable sales charges
Class A Shares
Inception (11/1/91)	7.78	%
10 Years	5.05
5 Years	7.38
1 Year	23.75
Class C Shares
Inception (9/1/93)	7.60	%
10 Years	5.03
5 Years	7.77
1 Year	28.97
Class R Shares
Inception (3/1/01)	4.11	%
10 Years	5.38
5 Years	8.31
1 Year	30.53
Class Y Shares
Inception (5/1/00)	5.15	%
10 Years	5.94
5 Years	8.85
1 Year	31.22
Class R5 Shares
10 Years	5.73	%
5 Years	8.77
1 Year	31.49
Class R6 Shares
Inception (2/28/12)	7.37	%
5 Years	9.03
1 Year	31.40

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Global Allocation Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Global Allocation Fund. Note: The Fund was subsequently renamed the Invesco Global Allocation Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on

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

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

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

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco Global Allocation Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                      Invesco Global Allocation Fund

Consolidated Schedule of Investments^(a)

April 30, 2021

(Unaudited)

	Shares		Value
Exchange-Traded Funds–48.00%
Invesco Emerging Markets Sovereign Debt ETF(b)		1,962,435	$53,711,846
Invesco Fundamental High Yield® Corporate Bond ETF(b)		2,020,600	39,240,052
Invesco High Yield Bond Factor ETF(b)		1,076,000	27,540,220
Invesco International Developed Dynamic Multifactor ETF(b)(c)		4,910,000	129,831,202
Invesco Russell 1000 Dynamic Multifactor ETF(b)		4,826,160	223,644,254
Invesco Russell 2000 Dynamic Multifactor ETF(b)		1,075,600	43,021,096
Invesco Senior Loan ETF(b)		3,105,100	68,777,965
Xtrackers USD High Yield Corporate Bond ETF		2,209,125	88,652,186
Total Exchange-Traded Funds (Cost $565,060,237)			674,418,821
Common Stocks & Other Equity Interests–30.80%
Aerospace & Defense–0.46%
Airbus SE (France)(c)		40,532	4,867,863
CAE, Inc. (Canada)		39,649	1,241,904
Howmet Aerospace, Inc.(c)		10,090	322,476
			6,432,243
Air Freight & Logistics–0.39%
InPost S.A. (Poland)(c)		11,603	221,153
United Parcel Service, Inc., Class B		9,978	2,034,115
XPO Logistics, Inc.(c)		6,157	856,562
ZTO Express Cayman, Inc. (China)		3,829	121,956
ZTO Express Cayman, Inc., ADR (China)		68,426	2,200,580
			5,434,366
Airport Services–0.03%
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B (Mexico)(c)		26,661	450,922
Apparel Retail–0.15%
Burlington Stores, Inc.(c)		2,778	906,544
Industria de Diseno Textil S.A. (Spain)		33,276	1,184,687
			2,091,231
Apparel, Accessories & Luxury Goods–1.90%
adidas AG (Germany)(c)		6,256	1,931,868
Brunello Cucinelli S.p.A. (Italy)(c)		5,334	271,957
Burberry Group PLC (United Kingdom)(c)		11,615	330,489
Cie Financiere Richemont S.A. (Switzerland)		32,798	3,365,442
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023 (Switzerland)(c)		50,652	21,631
EssilorLuxottica S.A. (France)		2,586	430,196
Hermes International (France)		1,987	2,493,387
Kering S.A. (France)		11,228	8,994,236
LVMH Moet Hennessy Louis Vuitton SE (France)		9,524	7,168,246
Moncler S.p.A. (Italy)(c)		5,917	363,709

	Shares		Value
Apparel, Accessories & Luxury Goods–(continued)
PRADA S.p.A. (Italy)(c)		222,800	$1,385,677
			26,756,838
Application Software–1.78%
Adobe, Inc.(c)		7,116	3,617,347
Atlassian Corp. PLC, Class A(c)		2,928	695,576
Avalara, Inc.(c)		4,411	625,083
Bill.com Holdings, Inc.(c)		2,213	342,196
Coupa Software, Inc.(c)		3,245	873,035
Dassault Systemes SE (France)		5,251	1,217,790
DocuSign, Inc.(c)		3,853	858,988
Five9, Inc.(c)		3,760	706,767
HubSpot, Inc.(c)		2,930	1,542,499
Intuit, Inc.		9,556	3,938,601
OneConnect Financial Technology Co. Ltd., ADR (China)(c)		35,188	518,671
Pegasystems, Inc.		4,076	517,407
Qualtrics International, Inc., Class A(c)		2,927	109,324
RingCentral, Inc., Class A(c)		1,653	527,224
SAP SE (Germany)		36,357	5,114,059
Synopsys, Inc.(c)		5,661	1,398,607
Temenos AG (Switzerland)		2,704	397,392
Trade Desk, Inc. (The), Class A(c)		1,172	854,751
Weimob, Inc. (China)(c)(d)		87,000	189,273
Xero Ltd. (New Zealand)(c)		9,470	1,026,432
			25,071,022
Asset Management & Custody Banks–0.06%
KKR & Co., Inc., Class A		15,547	879,649
Auto Parts & Equipment–0.22%
Aptiv PLC(c)		6,746	970,682
Continental AG (Germany)(c)		10,304	1,395,673
Valeo S.A. (France)		22,917	742,000
			3,108,355
Automobile Manufacturers–0.11%
Geely Automobile Holdings Ltd. (China)		178,000	459,510
Volkswagen AG, Preference Shares (Germany)		4,408	1,151,090
			1,610,600
Automotive Retail–0.09%
Carvana Co.(c)		1,337	381,393
Lithia Motors, Inc., Class A		2,417	929,046
			1,310,439
Biotechnology–0.43%
Alnylam Pharmaceuticals, Inc.(c)		2,353	330,926
Ascendis Pharma A/S, ADR (Denmark)(c)		3,554	515,223
BeiGene Ltd., ADR (China)(c)		3,209	1,102,420
Blueprint Medicines Corp.(c)		4,597	442,783
CSL Ltd. (Australia)		4,932	1,028,192
Fate Therapeutics, Inc.(c)		2,017	176,266
Galapagos N.V. (Belgium)(c)		3,441	268,252
Innovent Biologics, Inc. (China)(c)(d)		44,500	481,412

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

5                         Invesco Global Allocation Fund

	Shares		Value
Biotechnology–(continued)
Ionis Pharmaceuticals, Inc.(c)		8,558	$366,454
Remegen Co. Ltd., H Shares (China)(c)(d)		10,359	136,615
Sage Therapeutics, Inc.(c)		3,110	244,944
Twist Bioscience Corp.(c)		402	53,944
uniQure N.V. (Netherlands)(c)		7,098	229,052
Veracyte, Inc.(c)		11,414	567,847
Zai Lab Ltd., ADR (China)(c)		325	54,018
			5,998,348
Brewers–0.24%
Ambev S.A. (Brazil)		176,694	485,969
Boston Beer Co., Inc. (The), Class A(c)		708	861,275
Budweiser Brewing Co. APAC Ltd. (China)(d)		221,400	699,062
Carlsberg A/S, Class B (Denmark)		7,235	1,267,363
			3,313,669
Broadcasting–0.04%
Zee Entertainment Enterprises Ltd. (India)		196,456	490,747
Building Products–0.33%
Advanced Drainage Systems, Inc.		3,129	349,384
Assa Abloy AB, Class B (Sweden)		44,147	1,258,766
Daikin Industries Ltd. (Japan)		5,900	1,184,554
Trane Technologies PLC		5,605	974,317
Trex Co., Inc.(c)		7,675	828,823
			4,595,844
Casinos & Gaming–0.56%
Boyd Gaming Corp.		12,840	849,366
Entain PLC (United Kingdom)(c)		128,706	3,005,395
Flutter Entertainment PLC (Ireland)(c)		7,451	1,526,661
Kangwon Land, Inc. (South Korea)(c)		12,725	289,158
Las Vegas Sands Corp.(c)		12,567	769,854
Wynn Macau Ltd. (Macau)(c)		713,200	1,369,816
			7,810,250
Construction & Engineering–0.01%
Boskalis Westminster (Netherlands)		5,074	161,973
Construction Machinery & Heavy Trucks–0.21%
Epiroc AB, Class A (Sweden)(c)		73,603	1,595,752
Komatsu Ltd. (Japan)		45,300	1,329,601
			2,925,353
Construction Materials–0.26%
China Resources Cement Holdings Ltd. (China)		732,000	798,185
James Hardie Industries PLC, CDI		74,776	2,475,143
PT Indocement Tunggal Prakarsa Tbk (Indonesia)		250,130	222,361
PT Semen Indonesia (Persero) Tbk (Indonesia)		218,100	157,184
			3,652,873
Consumer Electronics–0.18%
Sony Group Corp. (Japan)		25,100	2,512,119
Copper–0.06%
Freeport McMoRan, Inc.		23,200	874,872

	Shares		Value
Data Processing & Outsourced Services–0.86%
Adyen N.V. (Netherlands)(c)(d)		437	$1,073,062
Amadeus IT Group S.A. (Spain)(c)		22,163	1,509,214
Edenred (France)		21,599	1,224,132
Fidelity National Information Services, Inc.		7,815	1,194,914
Pagseguro Digital Ltd., Class A (Brazil)(c)		7,734	353,753
PayPal Holdings, Inc.(c)		9,546	2,503,820
StoneCo Ltd., Class A (Brazil)(c)		11,820	764,045
Visa, Inc., Class A		4,245	991,462
Worldline S.A. (France)(c)(d)		24,733	2,426,606
			12,041,008
Department Stores–0.18%
Falabella S.A. (Chile)		140,955	636,621
Lojas Renner S.A. (Brazil)		24,900	185,190
Next PLC (United Kingdom)(c)		15,561	1,677,910
			2,499,721
Distillers & Vintners–0.29%
Davide Campari Milano N.V. (Italy)		82,729	977,156
Diageo PLC (United Kingdom)		40,330	1,810,449
Pernod Ricard S.A. (France)		6,202	1,272,585
			4,060,190
Diversified Banks–1.00%
Akbank T.A.S. (Turkey)		516,394	304,528
Banco Bradesco S.A., Preference Shares (Brazil)		129,390	568,101
Commercial International Bank Egypt S.A.E. (Egypt)		199,457	742,039
Credicorp Ltd. (Peru)		4,394	524,644
Grupo Aval Acciones y Valores S.A., ADR (Colombia)		60,061	355,561
HDFC Bank Ltd. (India)(c)		25,466	484,790
ICICI Bank Ltd., ADR (India)		81,685	1,331,465
ING Groep N.V. (Netherlands)		107,551	1,375,019
Kotak Mahindra Bank Ltd. (India)(c)		140,349	3,311,709
Oversea-Chinese Banking Corp. Ltd. (Singapore)		101,300	929,137
PT Bank Central Asia Tbk (Indonesia)		337,500	746,692
PT Bank Rakyat Indonesia (Persero) Tbk (Indonesia)		171,500	48,035
Sberbank of Russia PJSC (Russia)		56,480	223,636
Societe Generale S.A. (France)(c)		82,252	2,341,532
Standard Chartered PLC (United Kingdom)		88,034	631,873
Turkiye Garanti Bankasi A.S. (Turkey)		177,895	154,841
			14,073,602
Diversified Capital Markets–0.11%
UBS Group AG (Switzerland)		99,941	1,528,629
Diversified Chemicals–0.05%
Eastman Chemical Co.		5,853	675,378
Diversified Metals & Mining–0.53%
Anglo American PLC (South Africa)		77,663	3,297,818
BHP Group Ltd., ADR (Australia)		19,408	1,412,126
Grupo Mexico S.A.B. de C.V., Class B (Mexico)		484,779	2,191,401

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

6                         Invesco Global Allocation Fund

	Shares		Value
Diversified Metals & Mining–(continued)
Korea Zinc Co. Ltd. (South Korea)		1,353	$        541,600
			7,442,945
Diversified Real Estate Activities–0.16%
Ayala Land, Inc. (Philippines)		1,033,000	690,813
DLF Ltd. (India)		483,987	1,614,208
			2,305,021
Drug Retail–0.03%
Zur Rose Group AG (Switzerland)(c)		1,193	397,088
Education Services–0.15%
New Oriental Education & Technology Group, Inc., ADR (China)(c)		91,667	1,398,838
TAL Education Group, ADR (China)(c)		11,990	682,831
			2,081,669
Electrical Components & Equipment–0.51%
AMETEK, Inc.		7,617	1,027,762
Contemporary Amperex Technology Co. Ltd., A Shares (China)		2,000	119,484
Generac Holdings, Inc.(c)		3,469	1,123,782
Havells India Ltd. (India)		6,729	89,836
Nidec Corp. (Japan)		36,800	4,265,728
Regal Beloit Corp.		4,155	600,107
			7,226,699
Electronic Components–0.63%
Murata Manufacturing Co. Ltd. (Japan)		29,800	2,366,700
Omron Corp. (Japan)		15,600	1,184,190
Samsung Electro-Mechanics Co. Ltd. (South Korea)		11,324	1,810,343
Sunny Optical Technology Group Co. Ltd. (China)		4,100	98,933
TDK Corp. (Japan)		24,600	3,332,851
			8,793,017
Electronic Equipment & Instruments–0.39%
Keyence Corp. (Japan)		6,900	3,318,514
Trimble, Inc.(c)		13,237	1,085,434
Zebra Technologies Corp., Class A(c)		2,258	1,101,317
			5,505,265
Electronic Manufacturing Services–0.08%
Hon Hai Precision Industry Co. Ltd. (Taiwan)		151,000	632,069
TE Connectivity Ltd.		3,333	448,189
			1,080,258
Financial Exchanges & Data–0.52%
B3 S.A. - Brasil, Bolsa, Balcao (Brazil)		65,283	618,933
London Stock Exchange Group PLC (United Kingdom)		11,353	1,159,894
MarketAxess Holdings, Inc.		684	334,106
MSCI, Inc.		2,397	1,164,391
S&P Global, Inc.		10,485	4,093,239
			7,370,563
Food Retail–0.14%
Alimentation Couche-Tard, Inc., Class B (Canada)		30,924	1,047,866
CP ALL PCL, Foreign Shares (Thailand)(c)		265,300	532,231

	Shares		Value
Food Retail–(continued)
Kobe Bussan Co. Ltd. (Japan)		14,600	$        390,506
			1,970,603
General Merchandise Stores–0.14%
Dollarama, Inc. (Canada)		16,727	779,500
Lojas Americanas S.A., Preference Shares (Brazil)		298,272	1,145,416
			1,924,916
Gold–0.06%
Polyus PJSC (Russia)(c)		2,811	518,475
Polyus PJSC, GDR (Russia)(d)		2,834	261,794
			780,269
Health Care Equipment–0.69%
Ambu A/S, Class B (Denmark)		5,544	310,230
Boston Scientific Corp.(c)		11,511	501,880
DexCom, Inc.(c)		1,787	689,961
IDEXX Laboratories, Inc.(c)		2,674	1,467,999
Insulet Corp.(c)		934	275,736
Masimo Corp.(c)		3,024	703,594
Medtronic PLC		20,673	2,706,509
ResMed, Inc.		6,621	1,244,549
Siemens Healthineers AG (Germany)(d)		30,755	1,758,635
			9,659,093
Health Care Services–0.22%
Amedisys, Inc.(c)		2,048	552,653
Castle Biosciences, Inc.(c)		2,763	190,730
Dr Lal PathLabs Ltd. (India)(d)		14,687	581,417
Fresenius Medical Care AG & Co. KGaA (Germany)		12,556	999,403
Guardant Health, Inc.(c)		3,167	503,489
New Horizon Health Ltd. (China)(c)(d)		23,500	207,769
			3,035,461
Health Care Supplies–0.20%
Align Technology, Inc.(c)		1,657	986,793
Hoya Corp. (Japan)		6,700	762,816
West Pharmaceutical Services, Inc.		3,066	1,007,242
			2,756,851
Health Care Technology–0.08%
Teladoc Health, Inc.(c)		1,573	271,106
Veeva Systems, Inc., Class A(c)		3,217	908,642
			1,179,748
Heavy Electrical Equipment–0.11%
Mitsubishi Electric Corp. (Japan)		102,800	1,583,328
Home Improvement Retail–0.07%
Floor & Decor Holdings, Inc., Class A(c)		8,683	963,118
Homebuilding–0.13%
Sekisui House Ltd. (Japan)		57,700	1,166,730
TopBuild Corp.(c)		3,254	723,625
			1,890,355
Homefurnishing Retail–0.09%
Nitori Holdings Co. Ltd. (Japan)		2,600	465,983
RH(c)		1,104	759,574
			1,225,557

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

7                         Invesco Global Allocation Fund

	Shares		Value
Hotels, Resorts & Cruise Lines–0.42%
Hilton Worldwide Holdings, Inc.(c)		6,640	$854,568
Huazhu Group Ltd., ADR (China)(c)		67,651	3,988,703
Marriott International, Inc., Class A		860	127,727
Trainline PLC (United Kingdom)(c)(d)		150,619	951,840
			5,922,838
Household Appliances–0.08%
Gree Electric Appliances, Inc. of Zhuhai, A Shares (China)		39,883	368,925
SEB S.A. (France)		4,274	778,359
			1,147,284
Household Products–0.01%
Blue Moon Group Holdings Ltd. (China)(c)(d)		111,850	156,586
Human Resource & Employment Services–0.15%
Adecco Group AG (Switzerland)		10,835	733,523
Recruit Holdings Co. Ltd. (Japan)		29,100	1,316,273
			2,049,796
Hypermarkets & Super Centers–0.07%
Wal-Mart de Mexico S.A.B. de C.V., Series V (Mexico)		307,557	1,006,768
Industrial Conglomerates–0.53%
Hitachi Ltd. (Japan)		46,600	2,295,812
Melrose Industries PLC (United Kingdom)		621,102	1,398,328
Siemens AG (Germany)		14,895	2,485,948
SM Investments Corp. (Philippines)		60,714	1,211,866
			7,391,954
Industrial Gases–0.16%
Air Liquide S.A. (France)		13,729	2,312,381
Industrial Machinery–0.74%
Aalberts N.V. (Netherlands)		27,625	1,495,663
Atlas Copco AB, Class A (Sweden)		51,734	3,136,084
Chart Industries, Inc.(c)		2,472	397,077
Colfax Corp.(c)		6,996	316,149
FANUC Corp. (Japan)		4,100	945,299
IDEX Corp.		3,695	828,419
ITT, Inc.		7,475	704,967
Middleby Corp. (The)(c)		1,894	343,420
Nabtesco Corp. (Japan)		4,900	220,541
SKF AB, Class B (Sweden)		44,401	1,146,868
VAT Group AG (Switzerland)(c)(d)		3,079	881,862
			10,416,349
Integrated Oil & Gas–0.15%
Repsol S.A. (Spain)		39,250	467,848
Royal Dutch Shell PLC, Class B, ADR (United Kingdom)		46,768	1,674,762
			2,142,610
Integrated Telecommunication Services–0.07%
Spark New Zealand Ltd. (New Zealand)		308,649	970,909
Interactive Home Entertainment–0.35%
Capcom Co. Ltd. (Japan)		29,500	956,740
Electronic Arts, Inc.		5,447	773,910

	Shares		Value
Interactive Home Entertainment–(continued)
NetEase, Inc., ADR (China)		14,045	$1,573,883
Nintendo Co. Ltd. (Japan)		2,000	1,145,837
Ubisoft Entertainment S.A. (France)(c)		6,283	471,738
			4,922,108
Interactive Media & Services–2.41%
Adevinta ASA, Class B (France)(c)		37,690	689,639
Alphabet, Inc., Class A(c)		4,244	9,988,254
Autohome, Inc., ADR (China)		4,072	377,596
Baidu, Inc., ADR (China)(c)		9,660	2,031,788
Facebook, Inc., Class A(c)		14,147	4,598,907
Kuaishou Technology (China)(c)(d)		29,600	952,085
Pinterest, Inc., Class A(c)		9,017	598,458
Rightmove PLC (United Kingdom)		100,483	851,893
Tencent Holdings Ltd. (China)		125,817	10,061,971
Yandex N.V., Class A (Russia)(c)		46,896	3,074,033
Zillow Group, Inc., Class C(c)		5,096	663,091
			33,887,715
Internet & Direct Marketing Retail–1.36%
Alibaba Group Holding Ltd. (China)(c)		1,000	28,888
Alibaba Group Holding Ltd., ADR (China)(c)		18,425	4,255,254
Amazon.com, Inc.(c)		252	873,790
boohoo Group PLC (United Kingdom)(c)		265,542	1,246,885
Chewy, Inc., Class A(c)		8,785	700,340
Farfetch Ltd., Class A (United Kingdom)(c)		30,513	1,494,832
JD.com, Inc., ADR (China)(c)		47,619	3,683,806
Meituan, B Shares (China)(c)(d)		65,500	2,493,906
Ocado Group PLC (United Kingdom)(c)		35,833	1,037,618
Pinduoduo, Inc., ADR (China)(c)		5,523	739,695
Prosus N.V. (Netherlands)(c)		4,078	442,177
Shop Apotheke Europe N.V. (Netherlands)(c)(d)		2,585	533,536
THG PLC (United Kingdom)(c)		35,138	300,835
Trip.com Group Ltd., ADR (China)(c)		32,752	1,279,948
			19,111,510
Internet Services & Infrastructure–0.19%
MongoDB, Inc.(c)		1,761	523,827
Okta, Inc.(c)		2,009	541,827
Shopify, Inc., Class A (Canada)(c)		565	666,931
Twilio, Inc., Class A(c)		2,546	936,419
			2,669,004
Investment Banking & Brokerage–0.09%
LPL Financial Holdings, Inc.		8,232	1,289,954
IT Consulting & Other Services–0.52%
EPAM Systems, Inc.(c)		5,874	2,688,823
Globant S.A.(c)		3,066	702,666
Infosys Ltd. (India)		72,223	1,319,517
Tata Consultancy Services Ltd. (India)		63,191	2,587,665
			7,298,671
Leisure Facilities–0.02%
Vail Resorts, Inc.(c)		1,055	343,044
Leisure Products–0.05%
Bandai Namco Holdings, Inc. (Japan)		10,400	762,744

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

8                         Invesco Global Allocation Fund

	Shares		Value
Life & Health Insurance-0.64%
AIA Group Ltd. (Hong Kong)		328,400	$        4,174,742
Legal & General Group PLC (United Kingdom)		191,721	721,518
Ping An Insurance (Group) Co. of China Ltd., A Shares (China)		146,056	1,635,446
Prudential PLC (United Kingdom)		119,374	2,528,609
			9,060,315
Life Sciences Tools & Services-0.90%
Agilent Technologies, Inc.		12,812	1,712,196
Avantor, Inc.(c)		40,511	1,297,972
Bio-Rad Laboratories, Inc., Class A(c)		846	533,090
Charles River Laboratories International, Inc.(c)		4,451	1,479,735
Illumina, Inc.(c)		1,537	603,795
IQVIA Holdings, Inc.(c)		2,416	567,011
Lonza Group AG (Switzerland)		767	488,067
Maravai LifeSciences Holdings, Inc., Class A(c)		10,082	392,291
Mettler-Toledo International, Inc.(c)		456	598,874
Repligen Corp.(c)		3,277	693,774
Samsung Biologics Co. Ltd. (South Korea)(c)(d)		2,267	1,635,430
Sartorius Stedim Biotech (France)		2,435	1,118,788
Wuxi Biologics Cayman, Inc. (China)(c)(d)		110,800	1,554,169
			12,675,192
Movies & Entertainment-0.34%
CTS Eventim AG & Co. KGaA (Germany)(c)		16,198	1,121,210
Roku, Inc.(c)		1,907	654,044
Tencent Music Entertainment Group, ADR (China)(c)		65,086	1,133,798
Walt Disney Co. (The)(c)		9,988	1,857,968
			4,767,020
Oil & Gas Exploration & Production-0.27%
Novatek PJSC, GDR (Russia)(d)		20,300	3,653,316
Novatek PJSC, GDR (Russia)		798	143,613
			3,796,929
Oil & Gas Refining & Marketing-0.12%
Reliance Industries Ltd. (India)		64,872	1,745,503
Other Diversified Financial Services-0.13%
FirstRand Ltd. (South Africa)		181,804	639,528
ORIX Corp. (Japan)		72,600	1,173,795
			1,813,323
Packaged Foods & Meats-0.11%
Barry Callebaut AG (Switzerland)		348	768,263
Freshpet, Inc.(c)		1,354	250,246
WH Group Ltd. (Hong Kong)		657,500	574,013
			1,592,522
Paper Packaging-0.07%
Avery Dennison Corp.		4,488	961,195
Personal Products-0.22%
L’Oreal S.A. (France)		3,356	1,378,276
Shiseido Co. Ltd. (Japan)		5,300	384,663

	Shares		Value
Personal Products-(continued)
Unilever PLC (United Kingdom)		21,767	$        1,276,297
			3,039,236
Pharmaceuticals-0.37%
Catalent, Inc.(c)		7,998	899,535
Hansoh Pharmaceutical Group Co. Ltd. (China)(c)(d)		22,000	94,698
Jiangsu Hengrui Medicine Co. Ltd., A Shares (China)		39,653	514,592
Novo Nordisk A/S, Class B (Denmark)		39,922	2,950,678
Phathom Pharmaceuticals, Inc.(c)		7,752	298,607
Takeda Pharmaceutical Co. Ltd. (Japan)		12,473	417,170
			5,175,280
Real Estate Development-0.05%
Godrej Properties Ltd. (India)(c)		12,615	232,894
Oberoi Realty Ltd. (India)(c)		55,968	413,225
			646,119
Real Estate Operating Companies-0.06%
IWG PLC (Switzerland)(c)		88,633	448,695
SM Prime Holdings, Inc. (Philippines)		534,910	382,532
			831,227
Regional Banks-0.12%
First Republic Bank		5,119	938,006
SVB Financial Group(c)		1,199	685,624
			1,623,630
Research & Consulting Services-0.27%
Dun & Bradstreet Holdings, Inc.(c)		6,840	162,518
Equifax, Inc.		7,230	1,657,333
Nihon M&A Center, Inc. (Japan)		33,800	884,052
SGS S.A. (Switzerland)		356	1,054,404
			3,758,307
Restaurants-0.48%
Alsea S.A.B. de C.V. (Mexico)		159,872	260,047
Chipotle Mexican Grill, Inc.(c)		658	981,756
Compass Group PLC (United Kingdom)(c)		56,520	1,226,942
Texas Roadhouse, Inc.		6,258	669,731
Yum China Holdings, Inc. (China)		57,749	3,633,567
			6,772,043
Security & Alarm Services-0.01%
Prosegur Cash S.A. (Spain)(d)		226,645	204,497
Semiconductor Equipment-0.50%
ASML Holding N.V. (Netherlands)		4,868	3,169,339
Enphase Energy, Inc.(c)		3,737	520,377
Entegris, Inc.		9,251	1,041,478
KLA Corp.		2,248	708,907
SCREEN Holdings Co. Ltd. (Japan)		10,600	1,015,909
Teradyne, Inc.		4,212	526,837
			6,982,847
Semiconductors-2.00%
Analog Devices, Inc.		1,191	182,414
Infineon Technologies AG (Germany)		64,617	2,609,447
Marvell Technology, Inc.		12,683	573,398

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

9                         Invesco Global Allocation Fund

	Shares		Value
Semiconductors-(continued)
Maxim Integrated Products, Inc.		26,857	$        2,524,558
Microchip Technology, Inc.		8,102	1,217,650
Monolithic Power Systems, Inc.		4,030	1,456,361
NXP Semiconductors N.V. (Netherlands)		6,430	1,237,839
ON Semiconductor Corp.(c)		16,669	650,091
QUALCOMM, Inc.		12,345	1,713,486
SK Hynix, Inc. (South Korea)		20,852	2,387,398
STMicroelectronics N.V. (Switzerland)		35,089	1,313,832
STMicroelectronics N.V., New York Shares (Switzerland)		36,893	1,375,740
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		501,000	10,856,575
			28,098,789
Soft Drinks-0.20%
Britvic PLC (United Kingdom)		70,857	863,418
Fomento Economico Mexicano, S.A.B. de C.V., ADR (Mexico)		4,615	357,663
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO (Mexico)		201,338	1,559,358
			2,780,439
Specialty Chemicals-0.19%
Akzo Nobel N.V. (Netherlands)		11,729	1,408,476
Sika AG (Switzerland)		3,991	1,189,829
			2,598,305
Specialty Stores-0.06%
Five Below, Inc.(c)		4,264	858,215
Steel-0.20%
Vale S.A., ADR (Brazil)		138,227	2,781,127
Systems Software-0.14%
Blue Prism Group PLC (United Kingdom)(c)		8,193	138,147
Crowdstrike Holdings, Inc., Class A(c)		4,278	892,006
Microsoft Corp.		3,742	943,657
			1,973,810
Technology Hardware, Storage & Peripherals-0.21%
Samsung Electronics Co. Ltd. (South Korea)		41,116	3,004,441
Thrifts & Mortgage Finance-0.34%
Housing Development Finance Corp. Ltd. (India)		148,280	4,838,860
Tobacco-0.09%
Swedish Match AB (Sweden)		14,749	1,211,207
Trading Companies & Distributors-0.33%
Electrocomponents PLC (United Kingdom)		43,026	633,231
Ferguson PLC		7,156	902,319
ITOCHU Corp. (Japan)		12,600	393,102
Marubeni Corp. (Japan)		203,800	1,695,659
SiteOne Landscape Supply, Inc.(c)		925	165,926
United Rentals, Inc.(c)		2,778	888,821
			4,679,058

	Shares		Value
Trucking-0.08%
Old Dominion Freight Line, Inc.		4,524	$        1,166,332
Total Common Stocks & Other Equity Interests (Cost $321,166,128)			432,770,058
	Principal Amount
U.S. Treasury Securities-18.54%
U.S. Treasury Notes-18.54%
1.63%, 02/15/2026(e)	$	38,920,000	40,422,829
2.75%, 02/15/2028(e)		65,488,000	71,861,569
1.13%, 02/15/2031(e)		155,240,000	148,266,327
Total U.S. Treasury Securities (Cost $257,840,479)			260,550,725
	Shares
Preferred Stocks-0.43%
Broadcasting-0.00%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd.		629,697	16,322
Diversified Banks-0.02%
Socium Re Ltd., Series 2019-1, Pfd.(f)		264,345	262,675
Diversified Support Services-0.17%
Harambee Re Ltd., Pfd.(f)		11,639	63,015
Kinesis Re I Ltd., Series 2019-1, Pfd.(f)		116,394	365,623
Lion Rock Re Ltd., Pfd.(b)(f)		375	232,872
Lorenz Re Ltd., Pfd.(f)		2,151	137,805
Mt. Logan Re Ltd., Pfd.(f)		1,737	1,108,097
NCM Re Ltd., Pfd.(f)		20,415	345,284
Thopas Re Ltd., Pfd.(f)		1,421	145,215
Turing Re Ltd., Series 2019-1, Pfd.(d)(f)		13,286	45,818
Viribus Re Ltd., Pfd.(f)		457,088	35,016
			2,478,745
Specialized Consumer Services-0.24%
Grab Holdings, Inc., Class H, Pfd., (Acquired 06/18/2019; Cost $1,319,169)(f)(g)		214,050	3,341,769
Total Preferred Stocks (Cost $6,730,955)			6,099,511
	Principal Amount
Event-Linked Bonds-0.11%
Diversified Support Services-0.00%
Alturas RE Segregated Account (Multinational), Catastrophe Linked Notes, 0.00%, 12/31/2022(d)(f)(h)	$	15,000	0
Other Diversified Financial Services-0.11%
Eden RE II Ltd. (Multinational), Class A, Catastrophe Linked Notes, 0.00%, 03/22/2023(d)(f)(h)		10,800	218,904
Limestone Re Ltd. (Multinational), Class A, Catastrophe Linked Notes, 0.00%, 09/09/2022(d)(f)(h)		15,621	183,233
Sector Re V Ltd. (Multinational), Series 2019-1, Class A, Catastrophe Linked Notes, 0.00%, 03/01/2024(d)(f)(h)		1,800,000	1,056,778

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

10                         Invesco Global Allocation Fund

	Principal Amount		Value
Other Diversified Financial Services-(continued)
Versutus Ltd. (Multinational), Catastrophe Linked Notes, 0.00%, 12/31/2022(f)(h)	$	99,014	$      113,815
			1,572,730
Total Event-Linked Bonds (Cost $1,940,435)			1,572,730
U.S. Dollar Denominated Bonds & Notes-0.02%
Health Care Services-0.02%
Omnicare, Inc., 4.75%, 12/01/2022 (Cost $515,130)		210,000	219,587
	Shares
Money Market Funds-1.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(i)		4,912,763	4,912,763

	Shares		Value
Money Market Funds-(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(b)(i)		3,507,103	$3,508,506
Invesco Treasury Portfolio, Institutional Class, 0.01%(b)(i)		5,614,586	5,614,586
Total Money Market Funds (Cost $14,035,855)			14,035,855
TOTAL INVESTMENTS IN SECURITIES-98.90% (Cost $1,167,289,219)			1,389,667,287
OTHER ASSETS LESS LIABILITIES-1.10%			15,505,529
NET ASSETS-100.00%			$1,405,172,816

Investment Abbreviations:
ADR	- American Depositary Receipt
CDI	- CREST Depository Interest
CPO	- Certificates of Ordinary Participation
ETF	- Exchange-Traded Fund
GDR	- Global Depositary Receipt
Pfd.	- Preferred
Wts.	- Warrants

Notes to Consolidated Schedule of Investments:

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

^(b)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2021		Dividend Income
Invesco Emerging Markets Sovereign Debt ETF	$	21,505,258	$	33,094,800	$	-	$	(888,212)	$	-	$	53,711,846	$1,109,865
Invesco Fundamental High Yield® Corporate Bond ETF		37,482,130		-		-		1,757,922		-		39,240,052	731,053
Invesco High Yield Bond Factor ETF		-		27,222,800		-		317,420		-		27,540,220	412,033
Invesco International Developed Dynamic Multifactor ETF		-		126,039,700		-		3,791,502		-		129,831,202	-
Invesco Master Event-Linked Bond Fund, Class R6		108,254,344		1,049,781		(103,924,299)		(2,682,189)		(2,697,637)		-	1,025,417
Invesco Russell 1000 Dynamic Multifactor ETF		223,621,167		-		(92,389,882)		62,240,224		30,172,745		223,644,254	1,809,468
Invesco Russell 2000 Dynamic Multifactor ETF		39,495,299		-		(21,031,221)		17,861,022		6,695,996		43,021,096	237,409
Invesco Senior Loan ETF		-		68,660,673		-		117,292		-		68,777,965	1,001,813
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		4		113,202,886		(108,290,127)		-		-		4,912,763	741
Invesco Liquid Assets Portfolio, Institutional Class		-		80,859,204		(77,350,775)		-		77		3,508,506	747
Invesco Treasury Portfolio, Institutional Class		5		129,374,727		(123,760,146)		-		-		5,614,586	343
Investments in Other Affiliates:
Lion Rock Re Ltd., Pfd.		373,253		-		-		(140,381)		-		232,872	143,348
Total		$430,731,460	$	579,504,571	$	(526,746,450)		$82,374,600	$	34,171,181	$	600,035,362	$6,472,237

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

11                      Invesco Global Allocation Fund

^(c)  Non-income producing security.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $22,432,303, which represented 1.60% of the Fund’s Net Assets.

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

^(f)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(g)  Restricted security. The value of this security at April 30, 2021 represented less than 1% of the Fund’s Net Assets.

^(h)  Zero coupon bond issued at a discount.

⁽ⁱ⁾  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Open Futures Contracts(a)
										Unrealized
	Number of		Expiration	Notional						Appreciation
Long Futures Contracts	Contracts		Month	Value			Value			(Depreciation)
Commodity Risk
Brent Crude		644	May-2021	$	42,993,440		$	11,771		$	11,771
Equity Risk
E-Mini S&P 500 Index		255	June-2021		53,223,600			2,440,671			2,440,671
EURO STOXX 600 Index		220	June-2021		5,744,830			23,458			23,458
MSCI Emerging Market Index		1,417	June-2021		94,698,110			(241,061	)		(241,061	)
S&P/TSX 60 Index		93	June-2021		17,181,337			252,977			252,977
SPI 200 Index		128	June-2021		17,260,774			520,477			520,477
Subtotal								2,996,522			2,996,522
Interest Rate Risk
U.S. Treasury 10 Year Notes		411	June-2021		54,264,844			(338,761	)		(338,761	)
Subtotal—Long Futures Contracts								2,669,532			2,669,532
Short Futures Contracts
Equity Risk
Nikkei 225 Index		19	June-2021		(5,020,770	)		15,670			15,670
Total Futures Contracts							$	2,685,202			$2,685,202

^(a)  Futures contracts collateralized by $3,832,444 cash held with Merrill Lynch International, the futures commission merchant.

Open Forward Foreign Currency Contracts
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
06/16/2021	BNP Paribas S.A.		GBP	5,155,000		USD	7,196,173	$	76,143
06/16/2021	BNP Paribas S.A.		USD	20,476,767		NOK	172,570,000		256,129
06/16/2021	Citibank, N.A.		GBP	8,095,000		USD	11,299,708		118,981
06/16/2021	Citibank, N.A.		INR	213,480,000		USD	2,902,361		42,848
06/16/2021	Citibank, N.A.		RUB	71,660,000		USD	970,974		22,971
06/16/2021	Citibank, N.A.		SGD	2,810,000		USD	2,119,742		8,462
06/16/2021	Deutsche Bank AG		AUD	4,320,000		USD	3,358,824		30,258
06/16/2021	Goldman Sachs International		USD	1,689,009		CNY	10,980,000		1,229
06/16/2021	Goldman Sachs International		USD	1,263,454		IDR	18,430,000,000		3,866
06/16/2021	Goldman Sachs International		USD	4,499,168		INR	338,000,000		28,261
06/16/2021	J.P. Morgan Chase Bank, N.A.		JPY	657,400,000		USD	6,076,530		59,439
06/16/2021	J.P. Morgan Chase Bank, N.A.		NZD	28,930,000		USD	20,812,387		113,374
06/16/2021	J.P. Morgan Chase Bank, N.A.		PEN	5,080,000		USD	1,375,724		32,746
06/16/2021	J.P. Morgan Chase Bank, N.A.		SEK	20,140,000		USD	2,401,661		21,674
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	36,719,473		CAD	46,170,000		846,534
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	19,025,813		SGD	25,510,000		141,002
06/16/2021	Morgan Stanley and Co. International PLC		AUD	6,470,000		USD	5,017,747		32,603
06/16/2021	Morgan Stanley and Co. International PLC		CHF	1,680,000		USD	1,842,125		464
06/16/2021	Morgan Stanley and Co. International PLC		EUR	13,215,000		USD	15,990,652		89,165

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

12                      Invesco Global Allocation Fund

Open Forward Foreign Currency Contracts—(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
06/16/2021	Morgan Stanley and Co. International PLC		GBP	1,120,000		USD	1,558,535	$	11,603
06/16/2021	Morgan Stanley and Co. International PLC		USD	2,708,322		CAD	3,405,000		62,140
06/16/2021	Morgan Stanley and Co. International PLC		USD	1,115,282		DKK	6,925,000		5,099
06/16/2021	Morgan Stanley and Co. International PLC		USD	777,993		MYR	3,210,000		3,706
07/02/2021	Morgan Stanley and Co. International PLC		USD	13,205,073		BRL	77,045,000		905,831
05/04/2021	State Street Bank & Trust Co.		ZAR	1,252,098		USD	87,384		1,047
06/16/2021	UBS AG		HKD	28,000,000		USD	3,608,889		3,807
06/16/2021	UBS AG		SEK	169,520,000		USD	20,073,702		41,160
06/16/2021	UBS AG		USD	10,038,067		EUR	8,380,000		45,510
Subtotal–Appreciation									3,006,052
Currency Risk
06/16/2021	Bank of America, N.A.		CNY	186,600,000		USD	28,567,054		(157,762	)
06/16/2021	Barclays Bank PLC		CZK	418,680,000		USD	19,121,676		(342,623	)
06/16/2021	Barclays Bank PLC		PHP	1,050,430,000		USD	21,503,173		(117,842	)
06/16/2021	Barclays Bank PLC		USD	17,846,286		IDR	259,253,000,000		(19,021	)
06/16/2021	Barclays Bank PLC		USD	17,913,963		TRY	139,820,000		(1,391,928	)
06/16/2021	BNP Paribas S.A.		MXN	105,540,000		USD	5,039,937		(145,441	)
06/16/2021	Citibank, N.A.		CNY	78,400,000		USD	11,982,205		(86,528	)
06/16/2021	Citibank, N.A.		KRW	17,550,970,000		USD	15,509,824		(189,604	)
06/16/2021	Citibank, N.A.		TWD	118,850,000		USD	4,243,627		(27,635	)
06/16/2021	Citibank, N.A.		USD	4,522,710		HKD	35,100,000		(3,481	)
06/16/2021	Citibank, N.A.		USD	12,203,310		RUB	909,470,000		(171,775	)
06/16/2021	Citibank, N.A.		USD	3,203,144		TRY	26,900,000		(24,466	)
06/16/2021	Deutsche Bank AG		PLN	7,450,000		USD	1,946,760		(18,194	)
06/18/2021	Deutsche Bank AG		ZAR	16,730,000		USD	1,109,908		(36,557	)
06/16/2021	Goldman Sachs International		ARS	26,980,000		USD	269,504		(7,330	)
06/16/2021	Goldman Sachs International		ILS	6,900,000		USD	2,090,428		(34,685	)
06/16/2021	Goldman Sachs International		KRW	29,711,030,000		USD	26,185,886		(390,776	)
06/16/2021	Goldman Sachs International		TWD	719,260,000		USD	25,825,285		(23,667	)
06/16/2021	Goldman Sachs International		USD	8,358,088		KRW	9,285,000,000		(52,610	)
06/16/2021	Goldman Sachs International		USD	1,266,364		RUB	95,420,000		(4,036	)
06/16/2021	Goldman Sachs International		USD	4,558,686		TWD	126,230,000		(22,199	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		CAD	3,000,000		USD	2,420,859		(20,077	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD	10,697,475		JPY	1,160,000,000		(80,156	)
06/16/2021	Morgan Stanley and Co. International PLC		CLP	14,364,000,000		USD	19,974,969		(230,085	)
06/16/2021	Morgan Stanley and Co. International PLC		SEK	22,380,000		USD	2,642,567		(2,125	)
06/16/2021	Morgan Stanley and Co. International PLC		USD	1,786,139		INR	131,500,000		(24,728	)
06/18/2021	Morgan Stanley and Co. International PLC		ZAR	16,725,000		USD	1,108,548		(37,574	)
05/04/2021	State Street Bank & Trust Co.		PHP	14,410,546		USD	297,217		(2,068	)
06/16/2021	UBS AG		CHF	11,600,000		USD	12,575,425		(140,805	)
06/16/2021	UBS AG		USD	543,631		THB	16,630,000		(9,684	)
Subtotal–Depreciation									(3,815,462	)
Total Forward Foreign Currency Contracts									$ (809,410	)

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

13                      Invesco Global Allocation Fund

		Open Over-The-Counter Total Return Swap Agreements(a)(b)
Counterparty	Pay/ Receive	Reference Entity	Floating Rate Index	Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Equity Risk
Goldman Sachs International	Pay	MSCI ACWI Daily Total Return Net ex USA USD	3 mo. USD LIBOR + 0.20%		Quarterly		911,000		June-2021	$	261,999,956		$-	$	7,093,928		$	7,093,928
Equity Risk
Goldman Sachs International	Receive	MSCI ACWI ex USA Growth Net	3 mo. USD LIBOR + 0.37%		Quarterly		868,000		June-2021		265,981,240		-		(4,235,840	)		(4,235,840	)
Goldman Sachs International	Receive	Russell Midcap Growth Total Return Index	3 mo. USD LIBOR + 0.10%		Quarterly		12,850		September-2021		61,714,903		-		(5,178,209	)		(5,178,209	)
Subtotal - Depreciation													-		(9,414,049	)		(9,414,049	)
Total - Total Return Swap Agreements													$-	$	(2,320,121	)	$	(2,320,121	)

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $430,000.

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

Abbreviations:
ARS	– Argentina Peso
AUD	– Australian Dollar
BRL	– Brazilian Real
CAD	– Canadian Dollar
CHF	– Swiss Franc
CLP	– Chile Peso
CNY	– Chinese Yuan Renminbi
CZK	– Czech Koruna
DKK	– Danish Krone
EUR	– Euro
GBP	– British Pound Sterling
HKD	– Hong Kong Dollar
IDR	– Indonesian Rupiah
ILS	– Israel Shekel
INR	– Indian Rupee
JPY	– Japanese Yen
KRW	– South Korean Won
LIBOR	– London Interbank Offered Rate
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
NOK	– Norwegian Krone
NZD	– New Zealand Dollar
PEN	– Peruvian Sol
PHP	– Philippines Peso
PLN	– Polish Zloty
RUB	– Russian Ruble
SEK	– Swedish Krona
SGD	– Singapore Dollar
THB	– Thai Baht
TRY	– Turkish Lira
TWD	– New Taiwan Dollar
USD	– U.S. Dollar
ZAR	– South African Rand

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

14                      Invesco Global Allocation Fund

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2021

Exchange-Traded Funds	48.00	%
Common Stocks & Other Equity Interests	30.80
U.S. Treasury Securities	18.54
Security Types Each Less Than 1% of Portfolio	0.56
Money Market Funds Plus Other Assets Less Liabilities	2.10

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

15                      Invesco Global Allocation Fund

Consolidated Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $673,843,166)	$	789,631,925
Investments in affiliates, at value (Cost $493,446,053)		600,035,362
Other investments:
Variation margin receivable – futures contracts		537,678
Unrealized appreciation on swap agreements – OTC		7,093,928
Unrealized appreciation on forward foreign currency contracts outstanding		3,006,052
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		3,832,444
Cash collateral – OTC Derivatives		430,000
Cash		10,328,447
Foreign currencies, at value (Cost $484,072)		487,697
Receivable for:
Investments sold		44,698,889
Fund shares sold		334,553
Dividends		905,473
Interest		1,132,714
Investment for trustee deferred compensation and retirement plans		248,751
Other assets		78,799
Total assets		1,462,782,712
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		3,815,462
Unrealized depreciation on swap agreements–OTC		9,414,049
Payable for:
Investments purchased		41,777,204
Fund shares reacquired		769,361
Accrued foreign taxes		521,530
Accrued fees to affiliates		656,155
Accrued trustees’ and officers’ fees and benefits		194
Accrued other operating expenses		251,816
Trustee deferred compensation and retirement plans		404,125
Total liabilities		57,609,896
Net assets applicable to shares outstanding	$	1,405,172,816

Net assets consist of:
Shares of beneficial interest	$	1,047,128,609
Distributable earnings		358,044,207
	$	1,405,172,816
Net Assets:
Class A	$	1,172,680,181
Class C	$	76,242,450
Class R	$	39,385,271
Class Y	$	72,519,583
Class R5	$	13,970
Class R6	$	44,331,361
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		51,152,254
Class C		3,544,885
Class R		1,764,347
Class Y		3,153,862
Class R5		605
Class R6		1,922,133
Class A:
Net asset value per share	$	22.93
Maximum offering price per share (Net asset value of $22.93 ÷ 94.50%)	$	24.26
Class C:
Net asset value and offering price per share	$	21.51
Class R:
Net asset value and offering price per share	$	22.32
Class Y:
Net asset value and offering price per share	$	22.99
Class R5:
Net asset value and offering price per share	$	23.09
Class R6:
Net asset value and offering price per share	$	23.06

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

16                      Invesco Global Allocation Fund

Consolidated Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Dividends from affiliates	$	6,472,237
Dividends (net of foreign withholding taxes of $280,247)		6,144,927
Interest		1,551,242
Total investment income		14,168,406
Expenses:
Advisory fees		5,282,957
Administrative services fees		98,113
Custodian fees		72,803
Distribution fees:
Class A		1,416,197
Class C		395,579
Class R		95,156
Transfer agent fees – A, C, R and Y		1,169,762
Transfer agent fees – R5		2
Transfer agent fees – R6		8,109
Trustees’ and officers’ fees and benefits		7,425
Registration and filing fees		39,146
Reports to shareholders		71,658
Professional services fees		108,080
Other		13,937
Total expenses		8,778,924
Less: Fees waived and/or expense offset arrangement(s)		(721,973	)
Net expenses		8,056,951
Net investment income		6,111,455
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $2,792)		87,425,439
Affiliated investment securities		34,171,181
Foreign currencies		(364,580	)
Forward foreign currency contracts		(3,686,085	)
Futures contracts		13,324,307
Swap agreements		487,567
		131,357,829
Change in net unrealized appreciation of:
Unaffiliated investment securities (net of foreign taxes of $369,072)		29,010,421
Affiliated investment securities		82,374,600
Foreign currencies		54,455
Forward foreign currency contracts		5,603,973
Futures contracts		6,583,037
Swap agreements		4,727,473
		128,353,959
Net realized and unrealized gain		259,711,788
Net increase in net assets resulting from operations	$	265,823,243

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

17                      Invesco Global Allocation Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income	$	6,111,455		$	10,267,820
Net realized gain		131,357,829			7,745,488
Change in net unrealized appreciation		128,353,959			18,185,090
Net increase in net assets resulting from operations		265,823,243			36,198,398
Distributions to shareholders from distributable earnings:
Class Y		–			(57,508	)
Class R5		–			(11	)
Class R6		–			(42,744	)
Total distributions from distributable earnings		–			(100,263	)
Share transactions–net:
Class A		(46,853,670	)		(123,474,843	)
Class C		(17,449,419	)		(16,119,298	)
Class R		(2,009,676	)		(5,536,981	)
Class Y		(7,017,349	)		(11,326,834	)
Class R5		665			–
Class R6		(47,762	)		(2,645,192	)
Net increase (decrease) in net assets resulting from share transactions		(73,377,211	)		(159,103,148	)
Net increase (decrease) in net assets		192,446,032			(123,005,013	)
Net assets:
Beginning of period		1,212,726,784			1,335,731,797
End of period	$	1,405,172,816		$	1,212,726,784

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

18                      Invesco Global Allocation Fund

Consolidated Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/21		$	18.75		$	0.10		$	4.08			$	4.18			$	–			$	–			$	–			$	22.93		22.29	%		$	1,172,680		1.16	%(e)		1.27	%(e)		0.92	%(e)		45	%
Year ended 10/31/20			18.21			0.15			0.39				0.54				–				–				–				18.75		2.97				999,336		1.20			1.32			0.85			82
Year ended 10/31/19			18.48			0.13			1.16				1.29				(0.39	)			(1.17	)			(1.56	)			18.21		8.05				1,093,027		1.21			1.31			0.75			52
Year ended 10/31/18			19.48			0.21			(1.21	)			(1.00	)			(0.00	)			–				(0.00	)			18.48		(5.12	)			1,050,082		1.25			1.32			1.06			151
Year ended 10/31/17			17.77			0.28			1.94				2.22				(0.51	)			–				(0.51	)			19.48		12.84				1,193,012		1.27			1.34			1.51			40
Year ended 10/31/16			17.58			0.23			0.23				0.46				(0.27	)			–				(0.27	)			17.77		2.72				1,139,315		1.28			1.34			1.33			84
Class C
Six months ended 04/30/21			17.66			0.02			3.83				3.85				–				–				–				21.51		21.80				76,242		1.91	(e)		2.02	(e)		0.17	(e)		45
Year ended 10/31/20			17.28			0.02			0.36				0.38				–				–				–				17.66		2.20				77,710		1.95			2.07			0.10			82
Year ended 10/31/19			17.59			0.00			1.10				1.10				(0.24	)			(1.17	)			(1.41	)			17.28		7.22				92,142		1.96			2.06			0.00			52
Year ended 10/31/18			18.67			0.06			(1.14	)			(1.08	)			–				–				–				17.59		(5.84	)			209,903		2.01			2.08			0.31			151
Year ended 10/31/17			17.13			0.14			1.85				1.99				(0.45	)			–				(0.45	)			18.67		11.99				237,072		2.02			2.09			0.77			40
Year ended 10/31/16			17.00			0.10			0.23				0.33				(0.20	)			–				(0.20	)			17.13		1.97				238,771		2.03			2.09			0.58			84
Class R
Six months ended 04/30/21			18.28			0.07			3.97				4.04				–				–				–				22.32		22.10				39,385		1.41	(e)		1.52	(e)		0.67	(e)		45
Year ended 10/31/20			17.79			0.11			0.38				0.49				–				–				–				18.28		2.75				34,012		1.45			1.57			0.60			82
Year ended 10/31/19			18.10			0.09			1.11				1.20				(0.34	)			(1.17	)			(1.51	)			17.79		7.68				38,552		1.46			1.56			0.50			52
Year ended 10/31/18			19.12			0.16			(1.18	)			(1.02	)			–				–				–				18.10		5.34				39,909		1.50			1.57			0.82			151
Year ended 10/31/17			17.47			0.23			1.90				2.13				(0.48	)			–				(0.48	)			19.12		12.55				42,854		1.52			1.59			1.26			40
Year ended 10/31/16			17.29			0.18			0.24				0.42				(0.24	)			–				(0.24	)			17.47		2.51				37,321		1.53			1.59			1.09			84
Class Y
Six months ended 04/30/21			18.78			0.13			4.08				4.21				–				–				–				22.99		22.42				72,520		0.91	(e)		1.02	(e)		1.17	(e)		45
Year ended 10/31/20			18.21			0.20			0.38				0.58				(0.01	)			–				(0.01	)			18.78		3.27				65,397		0.95			1.07			1.10			82
Year ended 10/31/19			18.49			0.18			1.14				1.32				(0.43	)			(1.17	)			(1.60	)			18.21		8.27				74,260		0.96			1.06			0.99			52
Year ended 10/31/18			19.47			0.26			(1.21	)			(0.95	)			(0.03	)			–				(0.03	)			18.49		(4.88	)			114,493		1.01			1.08			1.31			151
Year ended 10/31/17			17.75			0.32			1.94				2.26				(0.54	)			–				(0.54	)			19.47		13.13				121,039		1.03			1.10			1.72			40
Year ended 10/31/16			17.56			0.28			0.23				0.51				(0.32	)			–				(0.32	)			17.75		2.97				60,771		1.03			1.09			1.63			84
Class R5
Six months ended 04/30/21			18.85			0.14			4.10				4.24				–				–				–				23.09		22.49				14		0.77	(e)		0.88	(e)		1.31	(e)		45
Year ended 10/31/20			18.24			0.24			0.39				0.63				(0.02	)			–				(0.02	)			18.85		3.45				11		0.76			0.87			1.29			82
Period ended 10/31/19(f)			17.36			0.09			0.79				0.88				–				–				–				18.24		5.07				11		0.85	(g)		0.93	(g)		1.11	(g)		52
Class R6
Six months ended 04/30/21			18.83			0.14			4.09				4.23				–				–				–				23.06		22.46				44,331		0.77	(e)		0.88	(e)		1.31	(e)		45
Year ended 10/31/20			18.22			0.24			0.39				0.63				(0.02	)			–				(0.02	)			18.83		3.46				36,260		0.76			0.87			1.29			82
Year ended 10/31/19			18.51			0.21			1.14				1.35				(0.47	)			(1.17	)			(1.64	)			18.22		8.48				37,741		0.79			0.88			1.17			52
Year ended 10/31/18			19.48			0.29			(1.21	)			(0.92	)			(0.05	)			–				(0.05	)			18.51		(4.75	)			33,300		0.84			0.91			1.48			151
Year ended 10/31/17			17.75			0.36			1.93				2.29				(0.56	)			–				(0.56	)			19.48		13.33				28,163		0.84			0.90			1.93			40
Year ended 10/31/16			17.56			0.29			0.25				0.54				(0.35	)			–				(0.35	)			17.75		3.18				23,444		0.79			0.85			1.66			84

^(a)  Calculated using average shares outstanding.

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

^(c)  Does not include estimated acquired fund fees from underlying funds of 0.14%, 0.14%, 0.08%, 0.02%, 0.02% and 0.01% for the six months ended April 30, 2021, and the years ended October 31, 2020, 2019, 2018, 2017 and 2016 respectively.

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

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,142,347, $79,772, $38,378, $72,193, $13 and $42,473 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date after the close of business on May 24, 2019.

^(g)  Annualized.

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

19                      Invesco Global Allocation Fund

Notes to Consolidated Financial Statements

April 30, 2021

(Unaudited)

NOTE 1 – Significant Accounting Policies

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

The Fund will invest in the Invesco Global Allocation Fund (Cayman) Ltd., formerly Invesco Oppenheimer Global Allocation Fund (Cayman) Ltd., (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. The Subsidiary invests in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts), and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions.

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 a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. 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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

20                      Invesco Global Allocation Fund

other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

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

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

G. Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

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

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

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

21                      Invesco Global Allocation Fund

of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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

M. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the 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

22                      Invesco Global Allocation Fund

having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

N. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

O. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

P. Other Risks - The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

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

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

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

23                      Invesco Global Allocation Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
Up to $1.0 billion		0.800	%
Next $2 billion		0.760	%
Next $1 billion		0.710	%
Next $1 billion		0.660	%
Next $1 billion		0.600	%
Next $1 billion		0.550	%
Next $2 billion		0.500	%
Over $9 billion		0.480	%

* 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 six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.77%.

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

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

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.31%, 2.06%, 1.56%, 1.06%, 0.94% and 0.89%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2022, the Adviser has agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00%, and 2.00%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $717,567.

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 six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $43,189 in front-end sales commissions from the sale of Class A shares and $52 and $1,997 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

24                      Invesco Global Allocation Fund

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
Exchange-Traded Funds	$	674,418,821		$	–		$	–	$	674,418,821
Common Stocks & Other Equity Interests		189,482,984			243,287,074			–		432,770,058
U.S. Treasury Securities		–			260,550,725			–		260,550,725
Preferred Stocks		16,322			–			6,083,189		6,099,511
Event-Linked Bonds		–			–			1,572,730		1,572,730
U.S. Dollar Denominated Bonds & Notes		–			219,587			–		219,587
Money Market Funds		14,035,855			–			–		14,035,855
Total Investments in Securities		877,953,982			504,057,386			7,655,919		1,389,667,287
Other Investments - Assets*
Futures Contracts		3,265,024			–			–		3,265,024
Forward Foreign Currency Contracts		–			3,006,052			–		3,006,052
Swap Agreements		–			7,093,928			–		7,093,928
		3,265,024			10,099,980			–		13,365,004
Other Investments - Liabilities*
Futures Contracts		(579,822	)		–			–		(579,822	)
Forward Foreign Currency Contracts		–			(3,815,462	)		–		(3,815,462	)
Swap Agreements		–			(9,414,049	)		–		(9,414,049	)
		(579,822	)		(13,229,511	)		–		(13,809,333	)
Total Other Investments		2,685,202			(3,129,531	)		–		(444,329	)
Total Investments	$	880,639,184		$	500,927,855		$	7,655,919	$	1,389,222,958

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

NOTE 4—Derivative Investments

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

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

25                      Invesco Global Allocation Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2021:

	Value
Derivative Assets	Commodity Risk			Currency Risk		Equity Risk			Interest Rate Risk		Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	11,771		$	-	$	3,253,253		$-	��	$	3,265,024
Unrealized appreciation on forward foreign currency contracts outstanding		-			3,006,052		-		-			3,006,052
Unrealized appreciation on swap agreements – OTC		-			-		7,093,928		-			7,093,928
Total Derivative Assets		11,771			3,006,052		10,347,181		-			13,365,004
Derivatives not subject to master netting agreements		(11,771	)		-		(3,253,253	)	-			(3,265,024	)
Total Derivative Assets subject to master netting agreements	$	-		$	3,006,052	$	7,093,928		$-		$	10,099,980

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

	Value
Derivative Liabilities	Commodity Risk	Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$-	$	-		$	(241,061)		$	(338,761	)	$	(579,822)
Unrealized depreciation on forward foreign currency contracts outstanding	-		(3,815,462	)		-			-			(3,815,462	)
Unrealized depreciation on swap agreements – OTC	-		-			(9,414,049	)		-			(9,414,049	)
Total Derivative Liabilities	-		(3,815,462	)		(9,655,110	)		(338,761	)		(13,809,333	)
Derivatives not subject to master netting agreements	-		-			241,061			338,761			579,822
Total Derivative Liabilities subject to master netting agreements	$-	$	(3,815,462	)	$	(9,414,049	)	$	-		$	(13,229,511	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2021.

	Financial Derivative Assets						Financial Derivative Liabilities												Collateral (Received)/Pledged
	Forward Foreign						Forward Foreign									Net Value of Derivatives
Counterparty	Currency Contracts		Swap Agreements		Total Assets		Currency Contracts			Swap Agreements			Total Liabilities						Non-Cash		Cash		Net Amount
Bank of America, N.A.	$	-	$	-	$	-		$ (157,762	)	$	-		$	(157,762	)	$	(157,762)		$	-	$	-	$	(157,762	)
Barclays Bank PLC		-		-		-		(1,871,414	)		-			(1,871,414	)		(1,871,414	)		1,871,414		-		-
BNP Paribas S.A.		332,272		-		332,272		(145,441	)		-			(145,441	)		186,831			-		-		186,831
Citibank, N.A.		193,262		-		193,262		(503,489	)		-			(503,489	)		(310,227	)		-		310,227		-
Deutsche Bank AG		30,258		-		30,258		(54,751	)		-			(54,751	)		(24,493	)		-		-		(24,493	)
Goldman Sachs International		33,356		7,093,928		7,127,284		(535,303	)		(9,414,049	)		(9,949,352	)		(2,822,068	)		2,822,068		-		-
J.P. Morgan Chase Bank, N.A.		1,214,769		-		1,214,769		(100,233	)		-			(100,233	)		1,114,536			-		-		1,114,536
Morgan Stanley and Co. International PLC		1,110,611		-		1,110,611		(294,512	)		-			(294,512	)		816,099			-		-		816,099
State Street Bank & Trust Co.		1,047		-		1,047		(2,068	)		-			(2,068	)		(1,021	)		-		-		(1,021	)
UBS AG		90,477		-		90,477		(150,489	)		-			(150,489	)		(60,012	)		60,012		-		-
Total	$	3,006,052	$	7,093,928	$	10,099,980	$	(3,815,462	)	$	(9,414,049	)$		(13,229,511	)	$	(3,129,531	)	$	4,753,494	$	310,227	$	1,934,190

26                      Invesco Global Allocation Fund

Effect of Derivative Investments for the six months ended April 30, 2021

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

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity			Currency			Equity		Interest
	Risk			Risk			Risk		Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	(3,686,085	)	$	-	$	-		$	(3,686,085	)
Futures contracts		3,128,602			-			13,817,456		(3,621,751	)		13,324,307
Swap agreements		-			-			487,567		-			487,567
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			5,603,973			-		-			5,603,973
Futures contracts		(1,589,573	)		-			7,802,084		370,526			6,583,037
Swap agreements		-			-			4,727,473		-			4,727,473
Total	$	1,539,029		$	1,917,888		$	26,834,580	$	(3,251,225	)	$	27,040,272

The table below summarizes the average notional value of derivatives held during the period.

	Forward         Foreign Currency         Contracts	Futures         Contracts	Swap         Agreements
Average notional value	$571,610,389	$303,152,931	$638,264,617

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,406.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$18,875,931	$–	$18,875,931

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

27                      Invesco Global Allocation Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $395,176,356 and $564,694,810, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$268,857,438
Aggregate unrealized (depreciation) of investments	(27,090,085	)
Net unrealized appreciation of investments	$241,767,353

Cost of investments for tax purposes is $1,147,455,605.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2021(a)						October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		1,082,143		$	23,810,298			2,181,862		$	40,190,761
Class C		272,709			5,630,940			539,284			9,405,715
Class R		134,544			2,886,327			288,979			5,175,168
Class Y		505,584			11,031,244			754,258			13,316,347
Class R5		29			665			-			-
Class R6		190,052			4,232,361			270,990			5,027,686
Issued as reinvestment of dividends:
Class Y		-			-			2,780			52,465
Class R6		-			-			2,246			42,431
Automatic conversion of Class C shares to Class A shares:
Class A		616,151			13,347,308			331,247			6,137,088
Class C		(655,401	)		(13,347,308	)		(350,625	)		(6,137,088	)
Reacquired:
Class A		(3,843,539	)		(84,011,276	)		(9,255,096	)		(169,802,692	)
Class C		(473,782	)		(9,733,051	)		(1,121,018	)		(19,387,925	)
Class R		(230,726	)		(4,896,003	)		(594,951	)		(10,712,149	)
Class Y		(833,516	)		(18,048,593	)		(1,354,038	)		(24,695,646	)
Class R6		(193,882	)		(4,280,123	)		(418,602	)		(7,715,309	)
Net increase (decrease) in share activity		(3,429,634	)	$	(73,377,211	)		(8,722,684	)	$	(159,103,148	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 12% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

28                      Invesco Global Allocation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning Account Value     (11/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending Account Value     (04/30/21)1	Expenses Paid During     Period2	Ending Account Value     (04/30/21)	Expenses Paid During     Period2
Class A	$1,000.00	$1,222.90	$6.39	$1,019.04	$5.81	1.16%
Class C	1,000.00	1,218.00	10.50	1,015.32	9.54	1.91
Class R	1,000.00	1,221.00	7.76	1,017.80	7.05	1.41
Class Y	1,000.00	1,223.50	5.02	1,020.28	4.56	0.91
Class R5	1,000.00	1,224.90	4.25	1,020.98	3.86	0.77
Class R6	1,000.00	1,224.60	4.25	1,020.98	3.86	0.77

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

29                      Invesco Global Allocation Fund

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc.             O-GLAL-SAR-1

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Global Infrastructure Fund
	Nasdaq:
	A: GIZAX  ∎  C: GIZCX  ∎  R: GIZRX  ∎  Y: GIZYX  ∎  R5: GIZFX  ∎  R6: GIZSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	18.42	%
Class C Shares	18.02
Class R Shares	18.29
Class Y Shares	18.56
Class R5 Shares	18.65
Class R6 Shares	18.57
MSCI World Indexq (Broad Market Index)	29.10
Dow Jones Brookfield Global Infrastructure Indexq (Style-Specific Index)	20.18
Lipper Global Infrastructure Funds Classification Average∎ (Peer Group)	19.81
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The MSCI World IndexSM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Dow Jones Brookfield Global Infrastructure Index is designed to measure the stock performance of infrastructure companies domiciled globally and covers all sectors of the infrastructure market. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Lipper Global Infrastructure Funds Classification Average represents an average of all the funds in the Lipper Global Infrastructure Funds classification.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Global Infrastructure Fund

Average Annual Total Returns

As of 4/30/21, including maximum applicable sales charges

Class A Shares

Inception (5/2/14)	4.36	%
5 Years	6.75
1 Year	11.62
Class C Shares
Inception (5/2/14)	4.42	%
5 Years	7.17
1 Year	16.25
Class R Shares
Inception (5/2/14)	4.94	%
5 Years	7.71
1 Year	17.82
Class Y Shares
Inception (5/2/14)	5.47	%
5 Years	8.24
1 Year	18.39
Class R5 Shares
Inception (5/2/14)	5.48	%
5 Years	8.26
1 Year	18.48
Class R6 Shares
Inception (5/2/14)	5.47	%
5 Years	8.25
1 Year	18.41

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco Global Infrastructure Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Global Infrastructure Fund

Schedule of Investments

April 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.05%
Australia–3.55%
Sydney Airport(a)		409,969	$	1,956,832
Transurban Group		167,991		1,835,439
				3,792,271
Belgium–0.73%
Elia Group S.A./N.V.		7,222		781,929
Brazil–0.73%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		99,573		782,644
Canada–13.64%
Canadian National Railway Co.		4,880		525,380
Enbridge, Inc.		153,978		5,939,143
Fortis, Inc.		13,937		621,703
Keyera Corp.		67,351		1,540,281
Pembina Pipeline Corp.		118,713		3,664,297
TC Energy Corp.		46,073		2,279,379
				14,570,183
China–5.97%
China Gas Holdings Ltd.		433,800		1,566,491
China Merchants Port Holdings Co. Ltd.		148,000		236,580
China Resources Gas Group Ltd.		60,000		325,092
China Tower Corp. Ltd., H Shares(b)		3,404,000		489,159
COSCO SHIPPING Ports Ltd.		556,000		467,082
ENN Energy Holdings Ltd.		42,300		720,165
Kunlun Energy Co. Ltd.		1,098,000		1,176,709
Shenzhen Expressway Co. Ltd., H Shares		550,000		570,235
Yuexiu Transport Infrastructure Ltd.		1,340,000		824,588
				6,376,101
France–7.21%
Eiffage S.A.(a)		26,432		2,894,710
Getlink SE(a)		25,205		400,809
Vinci S.A.		40,126		4,407,899
				7,703,418
Hong Kong–0.38%
China Water Affairs Group Ltd.		498,000		403,800
Italy–3.65%
Atlantia S.p.A.(a)		45,408		887,718
Enel S.p.A.		74,363		740,698
Snam S.p.A.		402,173		2,265,293
				3,893,709
Japan–0.69%
Japan Airport Terminal Co. Ltd.		7,700		345,591
Tokyo Gas Co. Ltd.		19,300		390,898
				736,489
Luxembourg–0.24%
SES S.A., FDR		33,808		256,176

	Shares		Value
Mexico–1.27%
Grupo Aeroportuario del Centro Norte S.A.B. de C.V., ADR(a)(c)		21,272	$	1,057,856
Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR(a)		1,776		302,098
				1,359,954
Spain–6.58%
Aena SME S.A.(a)(b)		9,913		1,724,084
Atlantica Sustainable Infrastructure PLC		24,499		944,437
Cellnex Telecom S.A.(b)		77,015		4,357,056
				7,025,577
Switzerland–0.29%
Flughafen Zurich AG(a)		1,707		306,858
United Kingdom–5.38%
National Grid PLC		216,330		2,727,073
Pennon Group PLC		53,183		759,398
Severn Trent PLC		44,937		1,537,004
United Utilities Group PLC		53,986		721,731
				5,745,206
United States–48.74%
American Tower Corp.		31,222		7,954,429
American Water Works Co., Inc.		5,829		909,266
Avangrid, Inc.		49,925		2,541,182
CenterPoint Energy, Inc.		147,309		3,607,597
Cheniere Energy, Inc.(a)		42,596		3,302,042
Crown Castle International Corp.		39,896		7,542,738
CSX Corp.		15,817		1,593,563
Dominion Energy, Inc.		6,751		539,405
Edison International		20,003		1,189,178
Essential Utilities, Inc.		7,646		360,356
Eversource Energy		11,609		1,000,928
Kinder Morgan, Inc.		88,488		1,508,720
National Fuel Gas Co.		28,713		1,425,888
NextEra Energy, Inc.		7,083		549,003
NiSource, Inc.		42,507		1,106,032
Norfolk Southern Corp.		6,448		1,800,539
ONE Gas, Inc.		3,570		287,278
ONEOK, Inc.		38,931		2,037,649
PG&E Corp.(a)		199,826		2,262,030
SBA Communications Corp., Class A		7,926		2,375,581
Sempra Energy		18,719		2,575,173
SJW Group		12,751		835,828
Targa Resources Corp.		56,630		1,964,495
Williams Cos., Inc. (The)		113,847		2,773,313
				52,042,213
Total Common Stocks & Other Equity Interests (Cost $87,904,940)				105,776,528
Money Market Funds–0.33%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		113,415		113,415
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		105,378		105,420

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

5 Invesco Global Infrastructure Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		129,618	$	129,618
Total Money Market Funds (Cost $348,425)				348,453
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.38% (Cost $88,253,365)				106,124,981
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.25%
Invesco Private Government Fund, 0.01%(d)(e)(f)		107,744		107,744

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%(d)(e)(f)		161,551	$	161,616
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $269,360)				269,360
TOTAL INVESTMENTS IN SECURITIES–99.63% (Cost $88,522,725)				106,394,341
OTHER ASSETS LESS LIABILITIES–0.37%				390,644
NET ASSETS–100.00%			$	106,784,985

Investment Abbreviations:

ADR – American Depositary Receipt

FDR – Fiduciary Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $6,570,299, which represented 6.15% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at April 30, 2021.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value April 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$256,583		$ 7,024,869		$ (7,168,037)		$    -		$    -		$113,415		$  36
Invesco Liquid Assets Portfolio, Institutional Class		320,208		5,017,763		(5,232,597)		(13)		59		105,420		87
Invesco Treasury Portfolio, Institutional Class		293,238		8,028,421		(8,192,041)		-		-		129,618		17
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		137,924		(30,180)		-		-		107,744		1*
Invesco Private Prime Fund		-		205,076		(43,460)		-		-		161,616		12*
Total		$870,029		$20,414,053		$(20,666,315)		$(13)		$59		$617,813		$153

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.

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

6                                    Invesco Global Infrastructure Fund

Portfolio Composition

By infrastructure sector, based on Net Assets

as of April 30, 2021

Midstream Services	23.42	%
Towers	21.28
Gas Utilities	17.52
Electric Utilities	9.07
Diversified	6.84
Water Utilities	5.91
Airports	5.33
Rails	4.05
Tolls	3.86
Infrastructure Sectors each less than 2.0% of net assets	1.78
Money Market Funds Plus Other Assets Less Liabilities	0.94

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

7                                    Invesco Global Infrastructure Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $87,904,940)*	$	105,776,528
Investments in affiliated money market funds, at value (Cost $617,785)		617,813
Foreign currencies, at value (Cost $161,563)		161,674
Receivable for:
Investments sold		848,685
Fund shares sold		53,582
Dividends		151,234
Investment for trustee deferred compensation and retirement plans		21,332
Other assets		69,412
Total assets		107,700,260
Liabilities:
Payable for:
Investments purchased		542,329
Fund shares reacquired		1,081
Amount due custodian		16,524
Collateral upon return of securities loaned		269,360
Accrued fees to affiliates		32,037
Accrued trustees’ and officers’ fees and benefits		490
Accrued other operating expenses		32,122
Trustee deferred compensation and retirement plans		21,332
Total liabilities		915,275
Net assets applicable to shares outstanding	$	106,784,985
Net assets consist of:
Shares of beneficial interest	$	99,574,923
Distributable earnings		7,210,062
	$	106,784,985

Net Assets:
Class A	$	15,608,817
Class C	$	2,527,479
Class R	$	4,025,518
Class Y	$	14,898,059
Class R5	$	13,146
Class R6	$	69,711,966
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,300,559
Class C		211,057
Class R		335,689
Class Y		1,241,110
Class R5		1,094
Class R6		5,802,413
Class A:
Net asset value per share	$	12.00
Maximum offering price per share
(Net asset value of $12.00 ÷ 94.50%)	$	12.70
Class C:
Net asset value and offering price per share	$	11.98
Class R:
Net asset value and offering price per share	$	11.99
Class Y:
Net asset value and offering price per share	$	12.00
Class R5:
Net asset value and offering price per share	$	12.02
Class R6:
Net asset value and offering price per share	$	12.01

* At April 30, 2021, a security with a value of $258,596 was on loan to brokers.

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

8                                    Invesco Global Infrastructure Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $87,116)	$	1,148,242
Dividends from affiliated money market funds		140
Total investment income		1,148,382
Expenses:
Advisory fees		398,041
Administrative services fees		6,643
Custodian fees		5,257
Distribution fees:
Class A		17,026
Class C		11,611
Class R		9,095
Transfer agent fees – A, C, R and Y		38,086
Transfer agent fees – R6		124
Trustees’ and officers’ fees and benefits		13,339
Registration and filing fees		40,223
Reports to shareholders		68,006
Professional services fees		28,907
Taxes		17,853
Other		15,979
Total expenses		670,190
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(136,256	)
Net expenses		533,934
Net investment income		614,448
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		983,565
Affiliated investment securities		59
Foreign currencies		18,029
	1,001,653
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		14,093,661
Affiliated investment securities		(13	)
Foreign currencies		1,204
		14,094,852
Net realized and unrealized gain		15,096,505
Net increase in net assets resulting from operations	$	15,710,953

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

9                                    Invesco Global Infrastructure Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income	$	614,448		$	1,248,330
Net realized gain (loss)		1,001,653			(6,917,771	)
Change in net unrealized appreciation		14,094,852			3,692,208
Net increase (decrease) in net assets resulting from operations		15,710,953			(1,977,233	)
Distributions to shareholders from distributable earnings:
Class A		(129,632	)		(414,643	)
Class C		(13,354	)		(45,124	)
Class R		(30,036	)		(40,389	)
Class Y		(138,994	)		(473,196	)
Class R5		(114	)		(563	)
Class R6		(646,073	)		(609,687	)
Total distributions from distributable earnings		(958,203	)		(1,583,602	)
Share transactions–net:
Class A		1,219,940			4,945,617
Class C		25,535			1,155,085
Class R		119,257			2,967,165
Class Y		890,331			2,417,693
Class R5		1,728			(372	)
Class R6		12,167,646			47,947,662
Net increase in net assets resulting from share transactions		14,424,437			59,432,850
Net increase in net assets		29,177,187			55,872,015
Net assets:
Beginning of period		77,607,798			21,735,783
End of period	$	106,784,985		$	77,607,798

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

10                                  Invesco Global Infrastructure Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Return of capital			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/21	$	10.23	$	0.06		$	1.82		$	1.88		$	(0.11	)	$	–		$	–		$	(0.11	)	$	12.00		18.42	%	$	15,609		1.32	%(d)		1.74	%(d)		1.10	%(d)		49	%
Year ended 10/31/20		11.88		0.19			(1.38	)		(1.19	)		(0.20	)		(0.26	)		–			(0.46	)		10.23		(10.28	)		12,198		1.28			1.58			1.77			244
Year ended 10/31/19		10.01		0.19			1.85			2.04			(0.17	)		–			–			(0.17	)		11.88		20.55			8,918		1.28			2.35			1.77			106
Year ended 10/31/18		10.74		0.18			(0.45	)		(0.27	)		(0.19	)		(0.25	)		(0.02	)		(0.46	)		10.01		(2.65	)		8,098		1.28			2.56			1.76			114
Year ended 10/31/17		9.62		0.25	(e)		1.06			1.31			(0.19	)		–			–			(0.19	)		10.74		13.74			8,899		1.29			2.87			2.40	(e)		99
Year ended 10/31/16		9.50		0.17			0.11			0.28			(0.16	)		–			–			(0.16	)		9.62		3.01			4,194		1.40			4.29			1.76			85
Class C
Six months ended 04/30/21		10.21		0.02			1.81			1.83			(0.06	)		–			–			(0.06	)		11.98		18.02			2,527		2.07	(d)		2.49	(d)		0.35	(d)		49
Year ended 10/31/20		11.85		0.11			(1.37	)		(1.26	)		(0.12	)		(0.26	)		–			(0.38	)		10.21		(10.94	)		2,130		2.03			2.33			1.02			244
Year ended 10/31/19		9.99		0.11			1.84			1.95			(0.09	)		–			–			(0.09	)		11.85		19.60			1,191		2.03			3.10			1.02			106
Year ended 10/31/18		10.72		0.10			(0.44	)		(0.34	)		(0.13	)		(0.25	)		(0.01	)		(0.39	)		9.99		(3.39	)		1,579		2.03			3.31			1.01			114
Year ended 10/31/17		9.60		0.17	(e)		1.06			1.23			(0.11	)		–			–			(0.11	)		10.72		12.92			2,016		2.04			3.62			1.65	(e)		99
Year ended 10/31/16		9.48		0.10			0.11			0.21			(0.09	)		–			–			(0.09	)		9.60		2.24			428		2.15			5.04			1.01			85
Class R
Six months ended 04/30/21		10.22		0.05			1.81			1.86			(0.09	)		–			–			(0.09	)		11.99		18.29			4,026		1.57	(d)		1.99	(d)		0.85	(d)		49
Year ended 10/31/20		11.87		0.16			(1.37	)		(1.21	)		(0.18	)		(0.26	)		–			(0.44	)		10.22		(10.53	)		3,326		1.53			1.83			1.52			244
Year ended 10/31/19		10.01		0.17			1.84			2.01			(0.15	)		–			–			(0.15	)		11.87		20.15			495		1.53			2.60			1.52			106
Year ended 10/31/18		10.73		0.16			(0.44	)		(0.28	)		(0.18	)		(0.25	)		(0.01	)		(0.44	)		10.01		(2.80	)		351		1.53			2.81			1.51			114
Year ended 10/31/17		9.61		0.22	(e)		1.06			1.28			(0.16	)		–			–			(0.16	)		10.73		13.47			296		1.54			3.12			2.15	(e)		99
Year ended 10/31/16		9.49		0.14			0.11			0.25			(0.13	)		–			–			(0.13	)		9.61		2.76			69		1.65			4.54			1.51			85
Class Y
Six months ended 04/30/21		10.23		0.08			1.81			1.89			(0.12	)		–			–			(0.12	)		12.00		18.56			14,898		1.07	(d)		1.49	(d)		1.35	(d)		49
Year ended 10/31/20		11.89		0.22			(1.39	)		(1.17	)		(0.23	)		(0.26	)		–			(0.49	)		10.23		(10.11	)		11,910		1.03			1.33			2.02			244
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)		–			–			(0.20	)		11.89		20.82			11,108		1.03			2.10			2.02			106
Year ended 10/31/18		10.74		0.21			(0.44	)		(0.23	)		(0.22	)		(0.25	)		(0.02	)		(0.49	)		10.02		(2.31	)		9,775		1.03			2.31			2.01			114
Year ended 10/31/17		9.62		0.27	(e)		1.06			1.33			(0.21	)		–			–			(0.21	)		10.74		14.02			10,685		1.04			2.62			2.65	(e)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		–			–			(0.18	)		9.62		3.27			5,177		1.15			4.04			2.01			85
Class R5
Six months ended 04/30/21		10.24		0.08			1.82			1.90			(0.12	)		–			–			(0.12	)		12.02		18.65			13		1.07	(d)		1.26	(d)		1.35	(d)		49
Year ended 10/31/20		11.89		0.22			(1.39	)		(1.17	)		(0.22	)		(0.26	)		–			(0.48	)		10.24		(10.11	)		10		1.03			1.15			2.02			244
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)		–			–			(0.20	)		11.89		20.82			12		1.03			2.00			2.02			106
Year ended 10/31/18		10.74		0.21			(0.44	)		(0.23	)		(0.22	)		(0.25	)		(0.02	)		(0.49	)		10.02		(2.31	)		10		1.03			2.19			2.01			114
Year ended 10/31/17		9.62		0.27	(e)		1.06			1.33			(0.21	)		–			–			(0.21	)		10.74		14.02			11		1.04			2.54			2.65	(e)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		–			–			(0.18	)		9.62		3.27			10		1.15			4.02			2.01			85
Class R6
Six months ended 04/30/21		10.24		0.08			1.81			1.89			(0.12	)		–			–			(0.12	)		12.01		18.57			69,712		1.04	(d)		1.26	(d)		1.38	(d)		49
Year ended 10/31/20		11.89		0.22			(1.39	)		(1.17	)		(0.22	)		(0.26	)		–			(0.48	)		10.24		(10.10	)		48,033		1.00			1.15			2.05			244
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)		–			–			(0.20	)		11.89		20.82			12		1.03			2.00			2.02			106
Year ended 10/31/18		10.74		0.21			(0.44	)		(0.23	)		(0.22	)		(0.25	)		(0.02	)		(0.49	)		10.02		(2.31	)		229		1.03			2.19			2.01			114
Year ended 10/31/17		9.62		0.27	(e)		1.06			1.33			(0.21	)		–			–			(0.21	)		10.74		14.02			194		1.04			2.54			2.65	(e)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		–			–			(0.18	)		9.62		3.27			114		1.15			4.02			2.01			85

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $109,495,771 and sold of $26,558,548 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Oppenheimer Global Infrastructure Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $13,895, $2,341, $3,668, $13,139, $11 and $62,503 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.20 and 1.88%, $0.12 and 1.13%, $0.17 and 1.63%, $0.22 and 2.13%, $0.22 and 2.13% and $0.22 and 2.13% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

11                                  Invesco Global Infrastructure Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from

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settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

E. Master Limited Partnerships – The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

F. Return of Capital – Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

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

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

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

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

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

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

K. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the

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collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

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

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

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

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

N. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $1 billion		0.840%
Next $1 billion		0.800%
Next $3 billion		0.780%
Over $5 billion		0.733%

For the six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.84%.

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

The Adviser has contractually agreed, through 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) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least February 28, 2022, the Adviser has agreed to limit expenses for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.25%, 2.00%, 1.50%, 1.00%, 1.00% and 1.00% respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate February 28, 2022. 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. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

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For the six months ended April 30, 2021, the Adviser waived advisory fees of $97,914 and reimbursed class level expenses of $16,015, $2,699, $4,228, $15,144, $0 and $124 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $4,390 in front-end sales commissions from the sale of Class A shares and $1 and $26 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3	Total
Investments in Securities
Australia	$	–	$	3,792,271	$–	$	3,792,271
Belgium		–		781,929	–		781,929
Brazil		782,644		–	–		782,644
Canada		14,570,183		–	–		14,570,183
China		824,588		5,551,513	–		6,376,101
France		–		7,703,418	–		7,703,418
Hong Kong		–		403,800	–		403,800
Italy		–		3,893,709	–		3,893,709
Japan		–		736,489	–		736,489
Luxembourg		–		256,176	–		256,176
Mexico		1,359,954		–	–		1,359,954
Spain		944,437		6,081,140	–		7,025,577
Switzerland		–		306,858	–		306,858
United Kingdom		–		5,745,206	–		5,745,206
United States		52,042,213		–	–		52,042,213
Money Market Funds		348,453		269,360	–		617,813
Total Investments	$	70,872,472	$	35,521,869	$–	$	106,394,341

15                                  Invesco Global Infrastructure Fund

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $132.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	8,094,511	$	105,608	$	8,200,119

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $58,009,513 and $43,625,352, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	15,008,169
Aggregate unrealized (depreciation) of investments		(493,447	)
Net unrealized appreciation of investments	$	14,514,722

Cost of investments for tax purposes is $91,879,619.

NOTE 9–Share Information

				Summary of Share Activity
	Six months ended April 30, 2021(a)				Year ended October 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Class A		269,302	$	3,019,894		345,800	$	3,844,613
Class C		50,575		564,334		45,951		508,506
Class R		36,918		416,236		35,978		397,759
Class Y		209,000		2,365,018		576,913		6,139,269
Class R5		147		1,728		-		-
Class R6		1,262,895		13,940,355		904,739		9,862,383

16                                  Invesco Global Infrastructure Fund

					Summary of Share Activity
	Six months ended April 30, 2021(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		10,613		$	118,513			28,115		$	310,338
Class C		1,148			12,777			3,720			41,763
Class R		2,693			30,036			3,663			39,943
Class Y		10,162			113,227			35,075			384,633
Class R6		57,766			645,951			56,840			609,205
Automatic conversion of Class C shares to Class A shares:
Class A		13,293			145,998			1,906			19,882
Class C		(13,318	)		(145,998	)		(1,910	)		(19,882	)
Issued in connection with acquisitions:(b)
Class A		-			-			1,471,848			15,406,180
Class C		-			-			106,043			1,108,073
Class R		-			-			302,950			3,168,253
Class Y		-			-			144,045			1,507,977
Class R5		-			-			829			8,687
Class R6		-			-			8,189,334			85,839,760
Reacquired:
Class A		(185,278	)		(2,064,465	)		(1,405,490	)		(14,635,396	)
Class C		(36,012	)		(405,578	)		(45,616	)		(483,375	)
Class R		(29,390	)		(327,015	)		(58,807	)		(638,790	)
Class Y		(142,217	)		(1,587,914	)		(526,317	)		(5,614,186	)
Class R5		-			-			(883	)		(9,059	)
Class R6		(209,057	)		(2,418,660	)		(4,461,105	)		(48,363,686	)
Net increase in share activity		1,309,240		$	14,424,437			5,753,621		$	59,432,850

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 8% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

In addition, 65% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Global Infrastructure Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 10,215,049 shares of the Fund for 11,052,718 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $107,038,932, including $(3,148,121) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $22,613,908 and $129,652,840 immediately after the acquisition.

    The pro forma results of operations for the year ended October 31, 2020 assuming the reorganization had been completed on November 1, 2019, the beginning of the annual reporting period are as follows:

Net investment income	$	2,184,681
Net realized/unrealized gains (losses)		(24,946,439	)
Change in net assets resulting from operations	$	(22,761,758	)

    As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 18, 2020.

17                                  Invesco Global Infrastructure Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning     Account Value     (11/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending     Account Value     (04/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/21)	Expenses     Paid During     Period2
Class A	$1,000.00	$1,184.20	$7.15	$1,018.25	$6.61	1.32%
Class C	1,000.00	1,180.20	11.19	1,014.53	10.34	2.07
Class R	1,000.00	1,182.90	8.50	1,017.01	7.85	1.57
Class Y	1,000.00	1,185.60	5.80	1,019.49	5.36	1.07
Class R5	1,000.00	1,186.50	5.80	1,019.49	5.36	1.07
Class R6	1,000.00	1,185.70	5.64	1,019.64	5.21	1.04

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

18                                  Invesco Global Infrastructure Fund

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Global Strategic Income Fund
	Nasdaq:
	A: OPSIX ∎ C: OSICX ∎ R: OSINX ∎ Y: OSIYX ∎ R5: GLSSX ∎ R6: OSIIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
36	Consolidated Financial Statements
39	Consolidated Financial Highlights
40	Notes to Consolidated Financial Statements
50	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	4.30	%
Class C Shares	3.64
Class R Shares	4.17
Class Y Shares	4.43
Class R5 Shares	4.49
Class R6 Shares	4.51
Bloomberg Barclays U.S. Aggregate Bond Index▼	-1.52
Source(s): ▼RIMES Technologies Corp.
The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Global Strategic Income Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (10/16/89)	6.35	%
10 Years	2.28
5 Years	2.35
1 Year	11.46
Class C Shares
Inception (5/26/95)	5.36	%
10 Years	2.11
5 Years	2.40
1 Year	14.11
Class R Shares
Inception (3/1/01)	4.88	%
10 Years	2.41
5 Years	2.97
1 Year	15.95
Class Y Shares
Inception (1/26/98)	5.24	%
10 Years	2.95
5 Years	3.42
1 Year	16.21
Class R5 Shares
10 Years	2.80	%
5 Years	3.37
1 Year	16.71
Class R6 Shares
Inception (1/27/12)	3.49	%
5 Years	3.63
1 Year	16.76

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Global Strategic Income Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Global Strategic Income Fund. Note: The Fund was subsequently renamed the Invesco Global Strategic Income Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction

of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco Global Strategic Income Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Global Strategic Income Fund

Consolidated Schedule of Investments

April 30, 2021

(Unaudited)

	Principal
	Amount		Value
U.S. Dollar Denominated Bonds & Notes–36.16%
Argentina–0.25%
Argentine Bonad Bonds, 0.10%, 11/30/2021	$	10,869,375	$      6,562,385
Australia–0.13%
Santos Finance Ltd., 3.65%, 04/29/2031(a)		3,318,000	3,315,791
Belgium–0.00%
Telenet Finance Luxembourg Notes S.a r.l., 5.50%, 03/01/2028(a)		125,000	132,688
Brazil–0.81%
B2W Digital Lux S.a.r.l., 4.38%, 12/20/2030(a)		2,320,000	2,292,160
Banco do Brasil S.A., 6.25%(a)(b)(c)		1,875,000	1,856,550
Brazilian Government International Bond,
3.88%, 06/12/2030		5,400,000	5,369,814
5.00%, 01/27/2045		1,850,000	1,829,659
BRF S.A., 4.88%, 01/24/2030(a)		1,850,000	1,902,133
CSN Inova Ventures, 6.75%, 01/28/2028(a)		2,240,000	2,437,378
Minerva Luxembourg S.A., 4.38%, 03/18/2031(a)		3,700,000	3,608,943
Natura Cosmeticos S.A., 4.13%, 05/03/2028(a)		1,694,000	1,721,527
			21,018,164
Canada–0.15%
Transcanada Trust, Series 16-A, 5.88%, 08/15/2076(b)		3,545,000	3,939,381
Chile–0.38%
AES Gener S.A., 6.35%, 10/07/2079(a)(b)		1,750,000	1,867,574
Antofagasta PLC, 2.38%, 10/14/2030(a)		1,850,000	1,811,529
Inversiones CMPC S.A., 3.00%, 04/06/2031(a)		2,411,000	2,393,882
Kenbourne Invest S.A., 4.70%, 01/22/2028(a)		3,650,000	3,751,433
			9,824,418
China–0.93%
CIFI Holdings Group Co. Ltd.,
6.45%, 11/07/2024(a)		2,150,000	2,287,073
6.00%, 07/16/2025(a)		1,850,000	1,956,375
Country Garden Holdings Co. Ltd., 5.40%, 05/27/2025(a)		4,810,000	5,158,879
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC, 7.50%, 05/01/2025(a)		492,000	448,950

	Principal
	Amount		Value
China–(continued)
Logan Group Co. Ltd.,
7.50%, 08/25/2022(a)	$	1,695,000	$      1,736,527
5.25%, 02/23/2023(a)		3,750,000	3,806,335
Prosus N.V., 4.03%, 08/03/2050(a)		3,700,000	3,460,348
Tencent Holdings Ltd., 3.84%, 04/22/2051(a)		5,217,000	5,330,915
			24,185,402
Colombia–0.21%
Colombia Government International Bond, 4.13%, 02/22/2042		5,475,000	5,373,713
Denmark–0.03%
Danske Bank A/S, 6.13%(a)(b)(c)		750,000	812,177
Dominican Republic–0.41%
Dominican Republic International Bond,
5.95%, 01/25/2027(a)		1,850,000	2,104,375
4.50%, 01/30/2030(a)		2,960,000	3,078,400
5.30%, 01/21/2041(a)		1,560,000	1,589,640
6.40%, 06/05/2049(a)		3,490,000	3,815,443
			10,587,858
Egypt–0.39%
Egypt Government International Bond,
8.50%, 01/31/2047(a)		3,700,000	3,828,856
8.70%, 03/01/2049(a)		2,564,000	2,679,501
7.50%, 02/16/2061(a)		3,842,000	3,576,422
			10,084,779
France–1.38%
Altice France S.A.,
8.13%, 02/01/2027(a)		1,226,000	1,345,535
5.13%, 07/15/2029(a)		766,000	767,915
BNP Paribas S.A.,
6.75%(a)(b)(c)		6,000,000	6,223,140
7.38%(a)(b)(c)		3,700,000	4,320,138
Credit Agricole S.A.,
8.13%(a)(b)(c)		1,172,000	1,423,535
7.88%(a)(b)(c)		6,250,000	7,078,125
Societe Generale S.A., 8.00%(a)(b)(c)		6,455,000	7,619,708
Total Capital International S.A., 3.13%, 05/29/2050		7,400,000	7,111,175
			35,889,271
Ghana–0.37%
Ghana Government International Bond,
7.88%, 03/26/2027(a)		5,550,000	5,800,710
7.75%, 04/07/2029(a)		3,650,000	3,739,881
			9,540,591

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

5 Invesco Global Strategic Income Fund

	Principal
	Amount		Value
Hong Kong–0.47%
AIA Group Ltd., 2.70%(a)(b)(c)	$	2,555,000	$      2,571,710
Melco Resorts Finance Ltd., 4.88%, 06/06/2025(a)		9,250,000	9,502,987
			12,074,697
India–0.76%
Azure Power Energy Ltd., 5.50%, 11/03/2022(a)		3,485,000	3,554,805
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024(a)		3,475,000	3,570,322
Muthoot Finance Ltd., 4.40%, 09/02/2023(a)		3,700,000	3,745,695
Oil India International Pte. Ltd., 4.00%, 04/21/2027(a)		4,881,000	5,159,095
Power Finance Corp. Ltd., 3.95%, 04/23/2030(a)		1,800,000	1,822,473
UPL Corp. Ltd., 4.50%, 03/08/2028(a)		1,850,000	1,929,477
			19,781,867
Indonesia–1.02%
PT Cikarang Listrindo Tbk, 4.95%, 09/14/2026(a)		4,475,000	4,600,300
PT Indonesia Asahan Aluminium (Persero),
4.75%, 05/15/2025(a)		7,400,000	8,053,272
5.45%, 05/15/2030(a)		3,700,000	4,264,416
PT Pertamina (Persero), 5.63%, 05/20/2043(a)		1,850,000	2,139,851
PT Tower Bersama Infrastructure Tbk, 4.25%, 01/21/2025(a)		1,110,000	1,170,345
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara,
4.13%, 05/15/2027(a)		3,700,000	3,975,243
3.00%, 06/30/2030(a)		2,200,000	2,175,250
			26,378,677
Ireland–0.57%
AerCap Global Aviation Trust, 6.50%, 06/15/2045(a)(b)		1,157,000	1,233,651
Coriolanus DAC, Series 116, 0.00%, 04/30/2025(a)(d)		1,509,014	1,498,195
Series 119, 0.00%, 04/30/2025(a)(d)		1,605,407	1,593,897
Series 120, 0.00%, 04/30/2025(a)(d)		2,009,566	1,995,157
Series 122, 0.00%, 04/30/2025(a)(d)		1,760,694	1,748,070
Series 124, 0.00%, 04/30/2025(a)(d)		1,414,129	1,403,990
Series 126, 0.00%, 04/30/2025(a)		1,779,765	1,767,004
Series 127, 0.00%, 04/30/2025(a)(d)		1,832,434	1,819,295
0.00%, 04/30/2025(a)(d)		1,617,927	1,606,326
			14,665,585
Japan–0.14%
Takeda Pharmaceutical Co. Ltd., 3.18%, 07/09/2050		3,700,000	3,526,477

	Principal
	Amount		Value
Kazakhstan–0.07%
Astana-Finance JSC, 0.00%, 12/22/2024(a)(d)(e)	$	1,186,225	$                        0
KazMunayGas National Co. JSC, 3.50%, 04/14/2033(a)		1,850,000	1,919,616
			1,919,616
Kuwait–0.06%
Equate Petrochemical B.V., 2.63%, 04/28/2028(a)		1,467,000	1,473,418
Luxembourg–0.02%
Intelsat Jackson Holdings S.A., 8.50%, 10/15/2024(a)(f)		976,000	607,462
Macau–0.65%
MGM China Holdings Ltd.,
5.38%, 05/15/2024(a)		3,495,000	3,600,217
5.88%, 05/15/2026(a)		3,200,000	3,367,488
Sands China Ltd.,
3.80%, 01/08/2026		1,480,000	1,574,454
4.38%, 06/18/2030		1,850,000	1,978,112
Wynn Macau Ltd.,
4.88%, 10/01/2024(a)		5,987,000	6,097,131
5.50%, 10/01/2027(a)		164,000	172,282
			16,789,684
Malaysia–0.30%
Petronas Capital Ltd., 3.40%, 04/28/2061(a)		7,841,000	7,663,102
Mexico–1.82%
Alpek S.A.B. de C.V., 3.25%, 02/25/2031(a)		1,782,000	1,757,765
Banco Mercantil del Norte S.A., 8.38%(a)(b)(c)		1,850,000	2,200,945
Cemex S.A.B. de C.V.,
5.45%, 11/19/2029(a)		2,590,000	2,844,247
3.88%, 07/11/2031(a)		2,590,000	2,566,910
Mexico Remittances Funding Fiduciary Estate Management S.a.r.l., 4.88%, 01/15/2028(a)		11,125,000	10,485,312
Petroleos Mexicanos,
6.88%, 10/16/2025(a)		7,350,000	8,033,256
4.50%, 01/23/2026		5,469,000	5,510,017
6.50%, 03/13/2027		3,700,000	3,917,375
6.38%, 01/23/2045		3,700,000	3,196,689
6.35%, 02/12/2048		3,700,000	3,158,191
7.69%, 01/23/2050		3,650,000	3,519,513
			47,190,220
Netherlands–0.97%
ING Groep N.V.,
6.88%(a)(b)(c)		7,400,000	7,737,825
6.75%(a)(b)(c)		1,500,000	1,653,750
UPC Holding B.V., 5.50%, 01/15/2028(a)		8,610,000	8,959,781
VEON Holdings B.V., 3.38%, 11/25/2027(a)		6,745,000	6,802,130
			25,153,486

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

6 Invesco Global Strategic Income Fund

	Principal
	Amount		Value
Oman–0.42%
Oman Government International Bond,
4.75%, 06/15/2026(a)	$	6,982,000	$      7,265,644
6.75%, 01/17/2048(a)		3,700,000	3,700,925
			10,966,569
Peru–0.24%
Camposol S.A., 6.00%, 02/03/2027(a)		3,700,000	3,788,411
Nexa Resources S.A., 6.50%, 01/18/2028(a)		2,220,000	2,480,251
			6,268,662
Saudi Arabia–0.05%
ADES International Holding PLC, 8.63%, 04/24/2024(a)		1,300,000	1,341,015
South Africa–0.24%
Eskom Holdings SOC Ltd., 7.13%, 02/11/2025(a)		3,700,000	3,883,427
Sasol Financing USA LLC, 4.38%, 09/18/2026		2,403,000	2,462,234
			6,345,661
Sweden–0.15%
Svenska Handelsbanken AB, 4.38%(a)(b)(c)		3,600,000	3,773,268
Switzerland–1.31%
Argentum Netherlands B.V. for Swiss Re Ltd., 5.75%, 08/15/2050(a)(b)		4,440,000	5,000,736
Credit Suisse Group AG,
7.13%(a)(b)(c)		5,280,000	5,510,208
7.50%(a)(b)(c)		4,000,000	4,410,000
6.25%(a)(b)(c)		3,430,000	3,712,611
7.50%(a)(b)(c)		1,475,000	1,581,643
Oriflame Investment Holding PLC, 5.13%, 05/04/2026(a)		3,429,000	3,443,916
UBS Group AG,
7.00%(a)(b)(c)		1,850,000	2,042,058
7.00%(a)(b)(c)		7,195,000	8,314,722
			34,015,894
Tanzania–0.14%
HTA Group Ltd., 7.00%, 12/18/2025(a)		3,330,000	3,565,231
Thailand–0.09%
Krung Thai Bank PCL, 4.40%(a)(b)(c)		2,220,000	2,240,013
Ukraine–0.82%
Metinvest B.V.,
8.50%, 04/23/2026(a)		3,750,000	4,162,275
7.65%, 10/01/2027(a)		555,000	594,938
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.63%, 11/08/2026(a)		1,800,000	1,804,246

	Principal
	Amount		Value
Ukraine–(continued)
Ukraine Government International Bond,
8.99%, 02/01/2024(a)	$	2,850,000	$      3,140,007
7.75%, 09/01/2024(a)		1,850,000	1,989,940
6.88%, 05/21/2029(a)		3,650,000	3,657,300
0.00%, 05/31/2040(a)		5,700,000	6,032,909
			21,381,615
United Arab Emirates–0.11%
Emirate of Dubai Government International Bond, 3.90%, 09/09/2050(a)		3,000,000	2,777,121
United Kingdom–1.15%
BP Capital Markets PLC, 4.88%(b)(c)		2,590,000	2,786,840
HSBC Holdings PLC, 6.38%(b)(c)		3,650,000	4,045,934
M&G PLC, 6.50%, 10/20/2048(a)(b)		1,825,000	2,154,310
Natwest Group PLC, 6.00%(b)(c)		1,460,000	1,618,702
Series U, 2.52% (3 mo. USD LIBOR + 2.32%)(c)(g)		3,700,000	3,684,275
Standard Chartered PLC,
4.30%, 02/19/2027(a)		6,480,000	7,075,193
7.50%(a)(b)(c)		4,625,000	4,837,773
Standard Life Aberdeen PLC, 4.25%, 06/30/2028(a)		1,825,000	1,942,253
TechnipFMC PLC, 6.50%, 02/01/2026(a)		1,519,000	1,622,082
			29,767,362
United States–19.03%
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029(a)		1,327,000	1,375,568
AECOM, 5.13%, 03/15/2027		528,000	588,060
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(a)		2,815,000	2,996,216
Akumin, Inc., 7.00%, 11/01/2025(a)		3,110,000	3,250,650
Alcoa Nederland Holding B.V., 6.13%, 05/15/2028(a)		6,930,000	7,532,044
Allison Transmission, Inc., 3.75%, 01/30/2031(a)		2,082,000	2,011,732
Ally Financial, Inc., 8.00%, 11/01/2031		783,000	1,102,228
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/2026(a)		1,460,000	1,534,825
5.75%, 04/20/2029(a)		519,000	556,757
Amsted Industries, Inc., 5.63%, 07/01/2027(a)		485,000	515,827
Applied Materials, Inc., 2.75%, 06/01/2050		3,700,000	3,532,757
Arconic Corp., 6.13%, 02/15/2028(a)		9,500,000	10,105,625
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028(a)		1,400,000	1,382,500

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

7 Invesco Global Strategic Income Fund

	Principal
	Amount		Value
United States–(continued)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(a)	$	1,300,000	$      1,366,228
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/2028(a)		183,000	196,796
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(a)		1,159,000	1,321,040
Bausch Health Cos., Inc.,
7.00%, 03/15/2024(a)		929,000	953,707
5.75%, 08/15/2027(a)		495,000	532,006
5.25%, 02/15/2031(a)		7,300,000	7,321,900
Becton, Dickinson and Co., 3.79%, 05/20/2050		7,400,000	7,883,042
Blue Racer Midstream LLC/ Blue Racer Finance Corp., 7.63%, 12/15/2025(a)		1,172,000	1,268,397
Boeing Co. (The),
2.75%, 02/01/2026		3,067,000	3,182,212
3.10%, 05/01/2026		9,044,000	9,514,401
Bonanza Creek Energy, Inc., 7.50%, 04/30/2026		34,421	34,593
Boxer Parent Co., Inc., 9.13%, 03/01/2026(a)		1,030,000	1,089,632
Brink’s Co. (The),
5.50%, 07/15/2025(a)		149,000	157,474
4.63%, 10/15/2027(a)		1,822,000	1,902,851
Bristow Group, Inc., 6.88%, 03/01/2028(a)		1,509,000	1,531,665
Broadcom, Inc., 3.75%, 02/15/2051(a)		3,155,000	3,053,635
Calpine Corp.,
5.25%, 06/01/2026(a)		495,000	509,174
3.75%, 03/01/2031(a)		1,532,000	1,466,400
Calumet Specialty Products Partners L.P./Calumet Finance Corp.,
7.63%, 01/15/2022		404,000	405,925
9.25%, 07/15/2024(a)		743,000	821,015
Camelot Finance S.A., 4.50%, 11/01/2026(a)		3,258,000	3,376,102
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025(a)		1,956,000	2,014,680
Carnival Corp.,
11.50%, 04/01/2023(a)		15,085,000	17,354,538
10.50%, 02/01/2026(a)		915,000	1,079,654
Carriage Services, Inc., 4.25%, 05/15/2029(a)		1,388,000	1,382,795
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.00%, 03/01/2023(a)		293,000	296,664
5.75%, 02/15/2026(a)		890,000	922,405
5.13%, 05/01/2027(a)		777,000	814,326
5.88%, 05/01/2027(a)		175,000	180,852
5.00%, 02/01/2028(a)		917,000	959,411
4.75%, 03/01/2030(a)		3,650,000	3,814,250
4.50%, 08/15/2030(a)		5,297,000	5,395,736
Celanese US Holdings LLC, 5.88%, 06/15/2021		3,441,000	3,462,347

	Principal
	Amount		Value
United States–(continued)
Centene Corp.,
5.38%, 06/01/2026(a)	$	1,452,000	$      1,514,509
5.38%, 08/15/2026(a)		1,210,000	1,270,802
4.63%, 12/15/2029		1,373,000	1,488,119
3.38%, 02/15/2030		1,000,000	1,005,005
2.50%, 03/01/2031		2,367,000	2,266,402
Charles Schwab Corp. (The), Series G, 5.38%(b)(c)		7,500,000	8,358,000
Choice Hotels International, Inc., 3.70%, 01/15/2031		11,100,000	11,775,490
Cinemark USA, Inc., 5.88%, 03/15/2026(a)		300,000	311,250
Citigroup, Inc., 3.88%(b)(c)		4,336,000	4,352,260
Clarios Global L.P., 6.75%, 05/15/2025(a)		345,000	370,985
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(a)		282,000	304,913
Clearway Energy Operating LLC,
4.75%, 03/15/2028(a)		1,516,000	1,590,898
3.75%, 02/15/2031(a)		1,178,000	1,162,615
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(a)		755,000	752,248
Cleveland-Cliffs, Inc., 9.88%, 10/17/2025(a)		674,000	791,950
CNX Resources Corp., 7.25%, 03/14/2027(a)		1,333,000	1,441,600
Commercial Metals Co., 3.88%, 02/15/2031		1,378,000	1,379,888
Cox Communications, Inc., 2.95%, 10/01/2050(a)		2,720,000	2,483,020
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		1,635,000	1,622,410
Crown Castle International Corp., 3.25%, 01/15/2051		3,700,000	3,501,045
CSC Holdings LLC,
5.88%, 09/15/2022		293,000	308,133
5.50%, 04/15/2027(a)		1,195,000	1,254,904
Dana Financing Luxembourg S.a.r.l., 6.50%, 06/01/2026(a)		559,000	581,290
Dana, Inc.,
5.38%, 11/15/2027		477,000	509,097
5.63%, 06/15/2028		749,000	807,984
DaVita, Inc.,
4.63%, 06/01/2030(a)		805,000	816,069
3.75%, 02/15/2031(a)		2,615,000	2,487,532
Dell International LLC/EMC Corp.,
7.13%, 06/15/2024(a)		1,226,000	1,260,910
6.20%, 07/15/2030(a)		7,400,000	9,313,219
Delta Air Lines, Inc.,
7.00%, 05/01/2025(a)		2,281,000	2,653,804
7.38%, 01/15/2026		8,550,000	10,049,469
Discovery Communications LLC, 3.63%, 05/15/2030		2,960,000	3,170,591
DISH DBS Corp., 7.75%, 07/01/2026		400,000	461,500
DISH Network Corp., Conv., 3.38%, 08/15/2026		300,000	316,500

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

8 Invesco Global Strategic Income Fund

	Principal
	Amount		Value
United States–(continued)
Diversified Healthcare Trust, 9.75%, 06/15/2025	$	1,463,000	$      1,640,389
4.38%, 03/01/2031		438,000	424,150
Dun & Bradstreet Corp. (The), 6.88%, 08/15/2026(a)		441,000	469,941
Embarq Corp., 8.00%, 06/01/2036		939,000	1,094,822
Encompass Health Corp., 4.75%, 02/01/2030		1,297,000	1,363,471
Energizer Holdings, Inc., 4.38%, 03/31/2029(a)		1,356,000	1,347,606
EnerSys, 5.00%, 04/30/2023(a)		820,000	860,488
EnPro Industries, Inc., 5.75%, 10/15/2026		1,157,000	1,227,646
Entercom Media Corp., 6.75%, 03/31/2029(a)		1,308,000	1,351,556
EPR Properties, 3.75%, 08/15/2029		5,110,000	4,974,526
EQM Midstream Partners L.P., 5.50%, 07/15/2028		1,682,000	1,788,723
Expedia Group, Inc., 2.95%, 03/15/2031(a)		3,113,000	3,100,545
Ford Motor Co.,
8.50%, 04/21/2023		2,709,000	3,037,466
9.00%, 04/22/2025		5,563,000	6,800,767
9.63%, 04/22/2030		244,000	342,516
4.75%, 01/15/2043		698,000	704,928
Ford Motor Credit Co. LLC,
5.13%, 06/16/2025		417,000	456,052
4.13%, 08/04/2025		7,500,000	7,912,500
3.38%, 11/13/2025		501,000	513,365
4.39%, 01/08/2026		698,000	746,420
5.11%, 05/03/2029		1,782,000	1,949,615
Freeport-McMoRan, Inc.,
4.63%, 08/01/2030		6,290,000	6,950,450
5.40%, 11/14/2034		2,161,000	2,604,697
5.45%, 03/15/2043		205,000	250,613
Gartner, Inc., 4.50%, 07/01/2028(a)		1,306,000	1,374,591
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.50%, 10/01/2025		442,000	444,763
6.25%, 05/15/2026		861,000	844,749
8.00%, 01/15/2027		551,000	568,354
7.75%, 02/01/2028		308,000	311,483
Global Medical Response, Inc., 6.50%, 10/01/2025(a)		647,000	663,175
Group 1 Automotive, Inc., 4.00%, 08/15/2028(a)		1,248,000	1,248,000
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(a)		788,000	820,355
HCA, Inc.,
5.88%, 02/15/2026		231,000	265,650
5.38%, 09/01/2026		1,624,000	1,845,855
5.63%, 09/01/2028		924,000	1,078,770
4.13%, 06/15/2029		1,458,000	1,622,135
Hess Midstream Operations L.P., 5.63%, 02/15/2026(a)		1,433,000	1,488,529

	Principal
	Amount		Value
United States–(continued)
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028(a)	$	850,000	$      883,868
5.75%, 02/01/2029(a)		469,000	478,312
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(a)		1,413,000	1,461,572
Host Hotels & Resorts L.P., Series D, 3.75%, 10/15/2023		9,337,000	9,894,522
Intrado Corp., 5.38%, 07/15/2022(a)		975,000	928,687
IRB Holding Corp., 6.75%, 02/15/2026(a)		455,000	471,949
iStar, Inc., 4.75%, 10/01/2024		1,353,000	1,413,222
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(a)		979,000	1,036,516
Jabil, Inc., 3.00%, 01/15/2031		3,700,000	3,769,456
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(a)		822,000	824,055
Kraft Heinz Foods Co. (The),
6.88%, 01/26/2039		1,000,000	1,374,774
5.00%, 06/04/2042		809,000	935,759
5.20%, 07/15/2045		9,490,000	11,250,460
4.38%, 06/01/2046		1,130,000	1,213,573
5.50%, 06/01/2050		1,800,000	2,240,845
L Brands, Inc.,
7.50%, 06/15/2029		470,000	545,877
6.88%, 11/01/2035		673,000	816,911
Lamar Media Corp., 4.88%, 01/15/2029		1,861,000	1,963,355
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(a)		1,390,000	1,423,596
Lennar Corp.,
4.75%, 05/30/2025		760,000	856,220
5.00%, 06/15/2027		1,173,000	1,357,865
Level 3 Financing, Inc., 3.75%, 07/15/2029(a)		2,152,000	2,100,890
Macy’s, Inc., 8.38%, 06/15/2025(a)		4,908,000	5,424,174
Marriott International, Inc., Series FF, 4.63%, 06/15/2030		745,000	837,260
Series GG, 3.50%, 10/15/2032		10,360,000	10,829,510
Mattel, Inc., 5.88%, 12/15/2027(a)		5,627,000	6,193,217
MEDNAX, Inc., 6.25%, 01/15/2027(a)		1,315,000	1,395,544
Meredith Corp., 6.88%, 02/01/2026		696,000	715,140
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc.,
5.63%, 05/01/2024		740,000	798,808
5.75%, 02/01/2027		228,000	254,649

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

9 Invesco Global Strategic Income Fund

	Principal
	Amount		Value
United States–(continued)
MGM Resorts International,
6.00%, 03/15/2023	$	2,335,000	$          2,502,268
5.75%, 06/15/2025		251,000	276,728
Midwest Gaming Borrower LLC, 4.88%, 05/01/2029(a)		1,637,000	1,638,539
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026(a)		1,350,000	1,372,005
MPT Operating Partnership L.P./MPT Finance Corp., 4.63%, 08/01/2029		1,323,000	1,402,592
Murphy Oil Corp., 6.38%, 12/01/2042		545,000	512,300
Murray Energy Corp., 12.00%, 04/15/2024(a)(f)		5,744,632	29,298
Navient Corp.,
6.50%, 06/15/2022		470,000	493,500
6.13%, 03/25/2024		889,000	941,775
5.88%, 10/25/2024		651,000	686,229
6.75%, 06/25/2025		615,000	670,043
6.75%, 06/15/2026		346,000	374,113
5.00%, 03/15/2027		862,000	869,543
5.63%, 08/01/2033		1,107,000	1,037,951
NESCO Holdings II, Inc., 5.50%, 04/15/2029(a)		1,206,000	1,243,687
Netflix, Inc.,
5.88%, 11/15/2028		2,996,000	3,649,128
5.38%, 11/15/2029(a)		799,000	949,811
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/2026(a)		713,000	735,727
9.75%, 07/15/2028(a)		606,000	678,720
New Fortress Energy, Inc., 6.50%, 09/30/2026(a)		2,312,000	2,362,344
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(a)		1,095,000	1,148,381
NGL Energy Partners L.P./NGL Energy Finance Corp.,
6.13%, 03/01/2025		774,000	689,971
7.50%, 04/15/2026		313,000	279,838
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(a)		644,000	659,546
NMI Holdings, Inc., 7.38%, 06/01/2025(a)		872,000	1,004,060
Northern Oil and Gas, Inc., 8.13%, 03/01/2028(a)		2,157,000	2,219,650
Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029(a)		1,308,000	1,340,321
Occidental Petroleum Corp.,
2.70%, 02/15/2023		213,000	213,994
6.95%, 07/01/2024		466,000	516,724
2.90%, 08/15/2024		2,700,000	2,696,625
8.50%, 07/15/2027		238,000	289,914
6.38%, 09/01/2028		568,000	636,893
6.13%, 01/01/2031		720,000	801,900
6.45%, 09/15/2036		79,000	89,864
6.20%, 03/15/2040		719,000	765,735
4.10%, 02/15/2047		545,000	454,432

	Principal
	Amount		Value
United States–(continued)
Omnicare, Inc., 4.75%12/01/2022	$	5,295,000	$          5,536,725
OneMain Finance Corp.,
6.88%, 03/15/2025		1,336,000	1,519,700
7.13%, 03/15/2026		1,673,000	1,957,410
5.38%, 11/15/2029		836,000	903,302
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		823,000	918,520
Penske Automotive Group, Inc., 5.50%, 05/15/2026		489,000	505,504
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(a)		761,000	825,578
Plains All American Pipeline L.P./PAA Finance Corp.,
4.50%, 12/15/2026		900,000	997,537
3.80%, 09/15/2030		2,220,000	2,289,148
Prestige Brands, Inc., 3.75%, 04/01/2031(a)		1,630,000	1,566,780
PulteGroup, Inc.,
7.88%, 06/15/2032		450,000	636,660
6.38%, 05/15/2033		450,000	582,885
6.00%, 02/15/2035		450,000	574,920
QVC, Inc., 5.45%, 08/15/2034		1,366,000	1,407,711
Radian Group, Inc., 4.88%, 03/15/2027		900,000	955,129
Range Resources Corp., 8.25%, 01/15/2029(a)		1,242,000	1,348,980
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(a)		1,319,000	1,404,570
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027		1,280,000	1,319,437
Rockies Express Pipeline LLC,
4.80%, 05/15/2030(a)		1,210,000	1,193,362
6.88%, 04/15/2040(a)		953,000	1,025,666
RR Donnelley & Sons Co., 8.25%, 07/01/2027		447,000	492,538
SBA Communications Corp., 3.88%, 02/15/2027		1,307,000	1,338,858
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(a)		4,310,000	4,573,169
Scientific Games International, Inc.,
8.63%, 07/01/2025(a)		381,000	417,182
8.25%, 03/15/2026(a)		1,475,000	1,591,156
Scripps Escrow II, Inc., 3.88%, 01/15/2029(a)		1,386,000	1,379,313
Seagate HDD Cayman, 4.13%, 01/15/2031(a)		2,960,000	3,001,425
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028(a)		1,904,000	2,006,340
Sensata Technologies B.V.,
4.88%, 10/15/2023(a)		1,776,000	1,909,644
5.63%, 11/01/2024(a)		149,000	166,601
4.00%, 04/15/2029(a)		633,000	637,716
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(a)		1,965,000	1,982,606

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

10 Invesco Global Strategic Income Fund

	Principal Amount		Value
United States–(continued)
SM Energy Co., 10.00%, 01/15/2025(a)	$	1,500,000	$      1,708,125
Southern Co. (The), Series B, 4.00%, 01/15/2051(b)		8,100,000	8,667,000
Southwestern Energy Co., 4.10%, 03/15/2022		945,000	955,409
Sprint Capital Corp., 8.75%, 03/15/2032		957,000	1,420,164
Sprint Corp.,
7.88%, 09/15/2023		1,260,000	1,437,975
7.63%, 02/15/2025		1,121,000	1,332,589
7.63%, 03/01/2026		1,183,000	1,452,132
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(a)		2,562,000	2,673,178
Sunoco L.P./Sunoco Finance Corp.,
6.00%, 04/15/2027		230,000	242,144
5.88%, 03/15/2028		1,500,000	1,591,590
Sysco Corp., 3.30%, 02/15/2050		11,105,000	10,761,629
Talen Energy Supply LLC,
7.25%, 05/15/2027(a)		280,000	288,403
7.63%, 06/01/2028(a)		1,957,000	2,032,198
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
6.50%, 07/15/2027		228,000	248,518
5.00%, 01/15/2028		760,000	801,078
5.50%, 03/01/2030		243,000	263,380
4.88%, 02/01/2031(a)		231,000	241,770
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027(a)		1,917,000	2,077,549
Teleflex, Inc., 4.88%, 06/01/2026		1,209,000	1,243,771
Terminix Co. LLC (The), 7.45%, 08/15/2027		1,200,000	1,408,272
Terraform Global Operating LLC, 6.13%, 03/01/2026(a)		696,000	715,878
Titan International, Inc., 6.50%, 11/30/2023		1,033,000	1,069,904
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(a)		1,515,000	1,540,899
Uber Technologies, Inc., Conv., 0.00%, 12/15/2025(a)(d)		3,600,000	3,794,498
United Airlines, Inc., 4.38%, 04/15/2026(a)		1,364,000	1,417,155
Universal Health Services, Inc., 2.65%, 10/15/2030(a)		4,156,000	4,050,521
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		1,400,000	1,474,907
Valvoline, Inc., 3.63%, 06/15/2031(a)		1,233,000	1,206,799
Viatris, Inc., 3.85%, 06/22/2040(a)		2,220,000	2,265,462

		Principal Amount		Value
United States–(continued)
Vistra Operations Co. LLC,
5.50%, 09/01/2026(a)		$	258,000	$      266,870
5.63%, 02/15/2027(a)			460,000	478,975
5.00%, 07/31/2027(a)			969,000	1,005,124
WRKCo, Inc., 3.00%, 06/15/2033			5,180,000	5,356,002
Wynn Resorts Finance LLC/ Wynn Resorts Capital Corp., 5.13%, 10/01/2029(a)			1,298,000	1,343,385
XPO Logistics, Inc.,
6.13%, 09/01/2023(a)			991,000	1,005,989
6.75%, 08/15/2024(a)			458,000	479,183
				493,483,946
Zambia–0.12%
First Quantum Minerals Ltd., 6.88%, 10/15/2027(a)			2,880,000	3,164,400
Total U.S. Dollar Denominated Bonds & Notes (Cost $921,885,364)				937,581,666
Non-U.S. Dollar Denominated Bonds & Notes–29.78%(h)
Argentina–1.55%
Argentina Treasury Bond BONCER,
1.00%, 08/05/2021	ARS		1,918,753,423	31,844,975
1.40%, 03/25/2023	ARS		207,540,000	3,115,438
1.50%, 03/25/2024	ARS		151,530,000	2,136,739
4.00%, 04/27/2025	ARS		88,500,000	2,916,452
Argentine Bonos del Tesoro, 18.20%, 10/03/2021	ARS		25,715,000	255,551
				40,269,155
Austria–0.05%
Erste Group Bank AG, 6.50%(a)(b)(c)	EUR		1,000,000	1,357,490
Belgium–0.46%
KBC Group N.V., 4.75%(a)(b)(c)	EUR		1,800,000	2,324,137
Kingdom of Belgium Government Bond, Series 93, 0.65%, 06/22/2071(a)	EUR		9,695,000	9,530,895
				11,855,032
Brazil–1.41%
Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2025	BRL		173,250,000	34,535,572
Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032(a)	BRL		9,909,375	1,937,802
				36,473,374
Chile–0.56%
Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033(a)	CLP		12,000,000,000	14,552,848

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

11 Invesco Global Strategic Income Fund

		Principal Amount		Value
Colombia–1.52%
Colombian TES,
Series B, 10.00%, 07/24/2024	COP		14,854,000,000	$      4,617,058
Series B, 6.25%, 11/26/2025	COP		25,410,000,000	34,832,548
				39,449,606
Czech Republic–0.19%
CPI Property Group S.A., 4.88%(a)(b)(c)	EUR		3,800,000	4,812,107
Egypt–0.73%
Egypt Government Bond, 14.48%, 04/06/2026	EGP		200,000,000	12,803,173
Egypt Government International Bond, 4.75%, 04/16/2026(a)	EUR		4,800,000	6,009,017
				18,812,190
France–0.27%
Accor S.A., 2.63%(a)(b)(c)	EUR		1,800,000	2,096,639
Electricite de France S.A., 2.88%(a)(b)(c)	EUR		3,800,000	4,771,004
				6,867,643
Germany–0.17%
Commerzbank AG, 6.13%(a)(b)(c)	EUR		1,800,000	2,339,199
Volkswagen International Finance N.V., 4.63%(a)(b)(c)	EUR		1,480,000	2,021,028
				4,360,227
Greece–3.79%
Hellenic Republic Government Bond,
0.75%, 06/18/2031(a)	EUR		21,460,000	25,219,988
1.88%, 02/04/2035(a)	EUR		34,754,000	45,028,051
1.88%, 01/24/2052(a)	EUR		23,725,000	27,794,601
Series GDP, 1.00%, 10/15/2042	EUR		76,770,000	293,042
				98,335,682
India–3.17%
India Government Bond,
7.59%, 01/11/2026	INR		700,000,000	10,155,638
7.27%, 04/08/2026	INR		1,700,000,000	24,384,893
8.24%, 02/15/2027	INR		400,000,000	5,956,327
7.17%, 01/08/2028	INR		360,000,000	5,133,484
6.45%, 10/07/2029	INR		1,100,000,000	15,024,064
5.77%, 08/03/2030	INR		1,100,000,000	14,354,360
NTPC Ltd., 2.75%, 02/01/2027(a)	EUR		5,550,000	7,105,830
				82,114,596
Italy–1.54%
Intesa Sanpaolo S.p.A.,
6.25%(a)(b)(c)	EUR		1,800,000	2,350,699
5.50%(a)(b)(c)	EUR		3,700,000	4,850,595
5.88%(a)(b)(c)	EUR		1,800,000	2,353,793
Italy Buoni Poliennali Del Tesoro, 2.15%, 03/01/2072(a)	EUR		16,425,000	18,968,131

		Principal Amount		Value
Italy–(continued)
UniCredit S.p.A.,
6.63%(a)(b)(c)	EUR		3,600,000	$      4,639,250
9.25%(a)(b)(c)	EUR		5,100,000	6,652,648
				39,815,116
Ivory Coast–0.93%
Ivory Coast Government International Bond,
5.25%, 03/22/2030(a)	EUR		4,395,000	5,567,632
4.88%, 01/30/2032(a)	EUR		7,940,000	9,604,903
6.88%, 10/17/2040(a)	EUR		6,950,000	9,057,592
				24,230,127
Luxembourg–0.09%
Matterhorn Telecom S.A., 4.00%, 11/15/2027(a)	EUR		1,850,000	2,274,590
Mexico–0.62%
J.P. Morgan S.A./Hipotecaria Su Casita S.A. de C.V., 6.47%, 08/26/2035(a)(e)	MXN		20,232,960	149,170
Mexican Bonos, 8.50%, 11/18/2038	MXN		120,000,000	6,434,956
Series M, 7.75%, 05/29/2031	MXN		154,350,000	8,093,524
Series M, 7.75%, 11/13/2042	MXN		30,000,000	1,476,095
				16,153,745
Netherlands–0.51%
Cooperatieve Rabobank U.A., 4.38%(a)(b)(c)	EUR		3,400,000	4,527,071
Maxeda DIY Holding B.V., 5.88%, 10/01/2026(a)	EUR		1,142,000	1,426,687
Stichting AK Rabobank Certificaten, 6.50%(a)(c)(i)	EUR		4,626,800	7,312,080
				13,265,838
Portugal–6.13%
Banco Comercial Portugues S.A., 4.50%, 12/07/2027(a)(b)	EUR		1,200,000	1,468,336
Caixa Geral de Depositos S.A., 10.75%(a)(b)(c)	EUR		11,400,000	14,894,104
Novo Banco S.A.,
3.50%, 02/19/2043(a)	EUR		1,510,000	1,623,146
3.50%, 03/18/2043(a)	EUR		1,130,000	1,213,844
Portugal Obrigacoes do Tesouro OT,
2.13%, 10/17/2028(a)	EUR		45,000,000	62,296,219
0.30%, 10/17/2031(a)	EUR		65,700,000	77,529,687
				159,025,336
Romania–0.14%
Romanian Government International Bond, 2.00%, 04/14/2033(a)	EUR		2,997,000	3,558,442
Russia–0.66%
Mos.ru, 5.00%, 08/22/2034	RUB		72,806,608	0

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

12 Invesco Global Strategic Income Fund

		Principal Amount		Value
Russia–(continued)
Russian Federal Bond - OFZ,
Series 6212, 7.05%, 01/19/2028	RUB		750,000,000	$      10,161,686
Series 6225, 7.25%, 05/10/2034	RUB		520,000,000	7,026,214
				17,187,900
Slovenia–0.21%
Slovenia Government Bond, 0.69%, 03/03/2081(a)	EUR		5,550,000	5,388,900
South Africa–2.36%
Republic of South Africa Government Bond,
Series 2035, 8.88%, 02/28/2035	ZAR		333,000,000	19,766,128
Series 2037, 8.50%, 01/31/2037	ZAR		337,700,000	18,909,146
Series 2048, 8.75%, 02/28/2048	ZAR		130,000,000	7,142,404
Series R186, 10.50%, 12/21/2026	ZAR		196,025,000	15,448,162
				61,265,840
Spain–1.10%
Banco Bilbao Vizcaya Argentaria S.A., 6.00%(a)(b)(c)	EUR		1,800,000	2,459,773
Banco Santander S.A.,
4.38%(a)(b)(c)	EUR		3,000,000	3,745,930
6.25%(a)(b)(c)	EUR		11,100,000	13,566,031
Bankinter S.A., 8.63%(a)(b)(c)	EUR		3,255,000	3,920,496
Telefonica Europe B.V., 4.38%(a)(b)(c)	EUR		3,700,000	4,837,881
				28,530,111
Supranational–0.62%
African Development Bank, 0.00%, 01/17/2050(d)	ZAR		222,000,000	1,206,859
Corp. Andina de Fomento, 6.82%, 02/22/2031(a)	MXN		221,200,000	9,960,388
European Bank for Reconstruction and Development, 6.85%, 06/21/2021	IDR		20,200,000,000	1,395,502
International Finance Corp.,
02/15/2029(a)(d)	TRY		10,300,000	378,346
03/23/2038(d)	MXN		260,000,000	3,254,332
				16,195,427
Sweden–0.09%
Heimstaden Bostad AB, 3.38%(a)(b)(c)	EUR		1,850,000	2,321,958
Thailand–0.16%
Thailand Government Bond, 3.30%, 06/17/2038	THB		115,000,000	4,182,229
Ukraine–0.09%
Ukraine Government International Bond, 6.75%, 06/20/2026(a)	EUR		1,900,000	2,452,331

		Principal Amount		Value
United Kingdom–0.66%
Gatwick Airport Finance PLC, 4.38%, 04/07/2026(a)	GBP		5,925,000	$      8,299,118
Gatwick Funding Ltd.,
3.13%, 09/28/2039(a)	GBP		475,000	669,130
3.25%, 02/26/2048(a)	GBP		1,825,000	2,597,603
HSBC Holdings PLC, 6.00%(a)(b)(c)	EUR		3,045,000	4,038,189
Iceland Bondco PLC, 4.63%, 03/15/2025(a)	GBP		1,069,000	1,459,461
				17,063,501
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $797,278,024)				772,171,341
Asset-Backed Securities–8.11%
American Credit Acceptance Receivables Trust, Series 2019-2, Class D, 3.41%, 06/12/2025(a)	$		3,925,000	4,061,257
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(g)			20,394	21,164
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.65%, 01/15/2051(j)			13,087,215	364,234
Capital Auto Receivables Asset Trust, Series 2017-1, Class D, 3.15%, 02/20/2025(a)			290,000	292,239
Capital Lease Funding Securitization L.P., Series 1997-CTL1, Class IO, 1.51%, 06/22/2024(a)(j)			15,114	126
CarMax Auto Owner Trust,
Series 2019-3, Class D, 2.85%, 01/15/2026			2,285,000	2,381,356
Series 2017-4, Class D, 3.30%, 05/15/2024			750,000	761,509
Series 2018-1, Class D, 3.37%, 07/15/2024			510,000	521,304
CCG Receivables Trust,
Series 2018-1, Class C, 3.42%, 06/16/2025(a)			175,000	175,516
Series 2019-1, Class B, 3.22%, 09/14/2026(a)			335,000	346,348
Series 2019-1, Class C, 3.57%, 09/14/2026(a)			80,000	82,731
Series 2018-1, Class B, 3.09%, 06/16/2025(a)			515,048	516,442
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 1.06%, 11/13/2050			5,237,856	205,543
Chase Funding Trust, Series 2003-2, Class 2A2, 0.67% (1 mo. USD LIBOR + 0.56%), 02/25/2033(g)			15,456	14,894

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

13 Invesco Global Strategic Income Fund

	Principal Amount		Value
CHL Mortgage Pass-Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035	$	515,381	$          519,756
Series 2005-JA, Class A7, 5.50%, 11/25/2035		607,096	601,321
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.23%, 10/12/2050(j)		14,762,455	732,751
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-2, Class 1A3, 2.84%, 05/25/2035(k)		690,190	710,519
Series 2006-AR1, Class 1A1, 2.48% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(g)		170,279	177,876
Series 2014-8, Class 1A2, 0.70% (1 mo. USD LIBOR + 0.58%), 07/20/2036(a)(g)		531,985	527,564
CNH Equipment Trust, Series 2017-C, Class B, 2.54%, 05/15/2025		495,000	501,731
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.65%, 12/10/2045(j)		6,546,847	130,248
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		4,690,000	5,105,052
Series 2014-CR21, Class AM, 3.99%, 12/10/2047		70,000	76,087
Credit Acceptance Auto Loan Trust,
Series 2019-1A, Class B, 3.75%, 04/17/2028(a)		200,000	207,406
Series 2019-1A, Class C, 3.94%, 06/15/2028(a)		1,240,000	1,287,154
Series 2018-1A, Class B, 3.60%, 04/15/2027(a)		365,198	365,673
Series 2018-1A, Class C, 3.77%, 06/15/2027(a)		2,535,000	2,548,875
CWHEQ Revolving Home Equity Loan Trust,
Series 2005-G, Class 2A, 0.34% (1 mo. USD LIBOR + 0.23%), 12/15/2035(g)		21,842	21,652
Series 2006-H, Class 2A1A, 0.26% (1 mo. USD LIBOR + 0.15%), 11/15/2036(g)		31,176	25,138
Dell Equipment Finance Trust,
Series 2019-1, Class C, 3.14%, 03/22/2024(a)		650,000	660,262
Series 2019-2, Class D, 2.48%, 04/22/2025(a)		2,980,000	3,022,516
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Class 1A2, 0.56% (1 mo. USD LIBOR + 0.44%), 07/22/2036(a)(g)		203,610	204,009
DT Auto Owner Trust,
Series 2019-2A, Class D, 3.48%, 02/18/2025(a)		655,000	678,572
Series 2019-4A, Class D, 2.85%, 07/15/2025(a)		6,025,000	6,229,919

	Principal Amount		Value
Exeter Automobile Receivables Trust,
Series 2019-1A, Class D, 4.13%, 12/16/2024(a)	$	5,000,000	$       5,195,900
Series 2019-4A, Class D, 2.58%, 09/15/2025(a)		6,290,000	6,479,514
FREMF Mortgage Trust,
Series 2017-K62, Class B, 4.00%, 01/25/2050(a)(k)		840,000	917,945
Series 2016-K54, Class C, 4.19%, 04/25/2048(a)(k)		4,190,000	4,516,525
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.27%, 07/25/2035(k)		80,123	83,176
HomeBanc Mortgage Trust, Series 2005-3, Class A2, 0.73% (1 mo. USD LIBOR + 0.62%), 07/25/2035(g)		5,401	5,424
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046		425,000	442,182
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 2.58%, 07/25/2035(k)		77,653	79,541
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B, 4.12%, 11/15/2047(k)		1,655,000	1,735,742
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(a)(k)		24,904	16,200
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 0.21% (1 mo. USD LIBOR + 0.10%), 08/25/2036(g)		3,353,323	1,566,667
Morgan Stanley BAML Trust,
Series 2013-C9, Class AS, 3.46%, 05/15/2046		1,565,000	1,632,004
Series 2014-C14, Class B, 5.03%, 02/15/2047(k)		680,000	738,193
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.93%, 12/15/2050(j)		4,941,496	207,929
Morgan Stanley ReRemic Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036(a)(k)		8,020,095	7,757,444
Navistar Financial Dealer Note Master Owner Trust II,
Series 2019-1, Class C, 1.06% (1 mo. USD LIBOR + 0.95%), 05/25/2024(a)(g)		605,000	605,108
Series 2019-1, Class D, 1.56% (1 mo. USD LIBOR + 1.45%), 05/25/2024(a)(g)		580,000	580,023
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024(a)		3,250,000	3,313,046

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

14 Invesco Global Strategic Income Fund

		Principal Amount		Value
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		$	36,648	$            34,810
Residential Asset Securitization Trust, Series 2005-A6CB, Class A7, 6.00%, 06/25/2035			3,374,119	3,071,155
Santander Retail Auto Lease Trust,
Series 2019-B, Class C, 2.77%, 08/21/2023(a)			3,250,000	3,329,309
Series 2019-C, Class C, 2.39%, 11/20/2023(a)			5,490,000	5,619,462
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.14%, 11/15/2050(j)			9,586,738	433,443
Vendee Mortgage Trust,
Series 1995-2B, Class 2, IO, 0.79%, 06/15/2025(j)			105,136	1,135
Series 1992-2, Class IO, 0.00%, 09/15/2022(j)			383,507	7
Series 1995-3, Class 1, IO, 0.00%, 09/15/2025(j)			2,928,336	3
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003- AR10, Class A7, 2.57%, 10/25/2033(k)			47,108	47,661
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 1.03%, 12/15/2050(j)			6,480,401	315,046
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046			1,800,000	1,873,356
Series 2014-LC14, Class AS, 4.35%, 03/15/2047(k)			1,135,000	1,225,498
Series 2014-C20, Class AS, 4.18%, 05/15/2047			1,455,000	1,562,349
Alba PLC, Series 2007-1, Class F, 3.33% (3 mo. GBP LIBOR + 3.25%), 03/17/2039(a)(g)	GBP		1,179,671	1,560,745
Eurosail PLC,
Series 2006-2X, Class E1C, 3.33% (3 mo. GBP LIBOR + 3.25%), 12/15/2044(a)(g)	GBP		5,550,000	7,020,658
Series 2006-3X, Class D1C, 0.98% (3 mo. GBP LIBOR + 0.90%), 09/10/2044(a)(g)	GBP		4,000,000	4,611,269
Gemgarto PLC, Series 2018-1, Class E, 2.35% (3 mo. SONIA + 2.30%), 09/16/2065(a)(g)	GBP		6,523,475	8,823,111
Ludgate Funding PLC, Series 2007-1, Class MA, 0.33% (3 mo. GBP LIBOR + 0.24%), 01/01/2061(a)(g)	GBP		3,472,143	4,533,537

		Principal Amount		Value
Stratton Mortgage Funding PLC,
Series 2021-1, Class D, 2.15% (3 mo. SONIA + 2.10%), 09/25/2051(a)(g)	GBP		3,700,000	$       5,128,202
Series 2021-1, Class E, 2.80% (3 mo. SONIA + 2.75%), 09/25/2051(a)(g)	GBP		2,220,000	3,069,465
Series 2021-2X, Class F, 3.30% (3 mo. SONIA + 3.25%), 07/20/2060(a)(g)	GBP		5,100,000	7,189,474
Prosil Acquisition S.A., Series 2019-1, Class A, 1.47% (3 mo. EURIBOR + 2.00%), 10/31/2039(a)(g)	EUR		6,464,071	7,033,693
Alhambra SME Funding DAC,
Series 2019-1, Class A, 2.00% (1 mo. EURIBOR + 2.00%), 11/30/2028(a)(g)	EUR		12,330,740	14,810,826
Series 2019-1, Class B, 2.50% (1 mo. EURIBOR + 2.50%), 11/30/2028(a)(g)	EUR		1,875,000	2,200,209
Series 2019-1, Class D, 8.69% (1 mo. EURIBOR + 9.25%), 11/30/2028(a)(g)	EUR		424,276	474,775
Lusitano Mortgages No. 5 PLC, 0.42% (3 mo. EURIBOR + 0.96%), 07/15/2059(a)(g)	EUR		2,507,601	2,374,686
Futura S.r.l., Series 2019-1, Class A, 2.47% (6 mo. EURIBOR + 3.00%), 07/31/2044(a)(g)	EUR		6,232,542	7,523,134
Taurus, Series 2018-IT1, Class A, 1.00% (3 mo. EURIBOR + 1.00%), 05/18/2030(g)	EUR		20,444,530	24,479,366
BBVA Consumer Auto, Series 2018-1, Class C, 2.30%, 07/20/2031(a)	EUR		15,000,000	18,275,613
IM Pastor 4, FTA, Series A, 0.00% (3 mo. EURIBOR + 0.14%), 03/22/2044(a)(g)	EUR		3,232,897	3,591,283
Total Asset-Backed Securities (Cost $203,843,114)				210,164,587
U.S. Government Sponsored Agency Mortgage-Backed Securities–4.34%
Fannie Mae Grantor Trust, IO,
0.64%, 11/25/2040(j)	$		2,861,122	95,145
0.37%, 12/25/2041(j)			18,008,436	196,969
Fannie Mae Interest STRIPS, IO,
7.50%, 05/25/2023(l)			23,349	1,212
7.50%, 10/25/2023(l)			12,090	559
7.50%, 11/25/2023(l)			3,168	210
7.50%, 01/25/2024(l)			11,528	772
6.50%, 04/25/2029(l)			64,062	8,746
7.50%, 11/25/2029(l)			74,664	15,108
6.50%, 06/25/2031(l)			567,177	80,841
6.50%, 02/25/2032(l)			205,588	41,919
6.50%, 04/25/2032(l)			354,217	61,525
6.50%, 07/25/2032(l)			148,439	23,385
6.00%, 12/25/2032(l)			131,366	20,384
6.00%, 02/25/2033(l)			310,229	53,602
6.00%, 02/25/2033(l)			254,570	44,893

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

15 Invesco Global Strategic Income Fund

	Principal Amount		Value
6.00%, 03/25/2033(l)	$	606,538	$          100,003
6.00%, 03/25/2033(l)		359,482	61,179
5.50%, 11/25/2033(l)		739,418	127,584
5.50%, 01/25/2034(l)		217,312	35,860
5.50%, 04/25/2034(l)		172,122	29,717
5.50%, 04/25/2034(l)		90,798	15,555
5.50%, 02/25/2035(l)		58,177	9,809
5.50%, 06/25/2035(l)		118,709	18,841
6.00%, 08/25/2035(l)		8,403	1,633
Fannie Mae REMICs, IO,
5.50%, 06/25/2023(l)		11,502	437
6.59% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024(g)(l)		920	32
7.49% (7.60% - (1.00 x 1 mo. USD LIBOR)), 06/25/2026(g)(l)		110,811	14,420
7.79% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/18/2031(g)(l)		175,366	35,251
7.79% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031(g)(l)		3,460	707
7.79% (7.90% - (1.00 x 1 mo. USD LIBOR)), 12/18/2031(g)(l)		4,395	798
7.84% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032(g)(l)		43,356	8,402
7.89% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032(g)(l)		80,555	17,884
7.99% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032(g)(l)		67,827	14,633
6.89% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(g)(l)		51,776	9,411
7.69% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(g)(l)		39,671	8,115
7.99% (8.10% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(g)(l)		50,214	10,741
7.89% (8.00% - (1.00 x 1 mo. USD LIBOR)), 07/25/2032(g)(l)		59,403	12,843
7.89% (8.00% - (1.00 x 1 mo. USD LIBOR)), 07/25/2032(g)(l)		81,468	18,098
7.89% (8.00% - (1.00 x 1 mo. USD LIBOR)), 09/25/2032(g)(l)		37,819	7,949
7.99% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032(g)(l)		56,008	7,936
7.99% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032(g)(l)		88,210	18,280
8.09% (8.20% - (1.00 x 1 mo. USD LIBOR)), 01/25/2033(g)(l)		437,283	93,863
8.14% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033(g)(l)		94,701	21,707

	Principal Amount		Value
7.00%, 03/25/2033(l)	$	365,349	$          63,808
7.00%, 04/25/2033(l)		227,198	44,495
7.00%, 04/25/2033(l)		39,816	7,395
8.14% (8.25% - (1.00 x 1 mo. USD LIBOR)), 05/25/2033(g)(l)		192,827	45,881
7.44% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033(g)(l)		217,248	47,846
5.94% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035(g)(l)		144,692	23,526
6.64% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035(g)(l)		16,774	2,826
6.49% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(g)(l)		460,031	71,995
6.59% (6.70% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(g)(l)		818,169	147,707
6.64% (6.75% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(g)(l)		335,607	46,261
7.12% (7.23% - (1.00 x 1 mo. USD LIBOR)), 09/25/2036(g)(l)		921,711	140,817
6.43% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037(g)(l)		1,224,516	225,766
5.94% (6.05% - (1.00 x 1 mo. USD LIBOR)), 07/25/2038(g)(l)		42,135	5,875
4.00%, 04/25/2041(l)		1,516,575	151,064
6.44% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041(g)(l)		226,003	44,164
6.04% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042(g)(l)		604,070	125,814
7.00%, 07/25/2026		14,760	16,223
4.00%, 08/25/2026		465	470
6.50%, 10/25/2028		113,726	129,265
6.50%, 04/25/2029		5,089	5,632
6.00%, 05/25/2031		57,821	65,691
6.00%, 01/25/2032		149,443	170,073
1.11% (1 mo. USD LIBOR + 1.00%), 04/25/2032(g)		81,259	83,169
1.11% (1 mo. USD LIBOR + 1.00%), 04/25/2032(g)		24,976	25,563
1.11% (1 mo. USD LIBOR + 1.00%), 09/25/2032(g)		21,495	22,006
0.62% (1 mo. USD LIBOR + 0.50%), 10/18/2032(g)		54,413	54,780
0.61% (1 mo. USD LIBOR + 0.50%), 12/25/2032(g)		94,835	94,252
1.11% (1 mo. USD LIBOR + 1.00%), 12/25/2032(g)		15,752	16,126
0.51% (1 mo. USD LIBOR + 0.40%), 11/25/2033(g)		53,562	53,860
24.18% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036(g)		191,223	298,374

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

16 Invesco Global Strategic Income Fund

	Principal Amount		Value
23.81% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(g)	$	218,199	$          316,104
1.05% (1 mo. USD LIBOR + 0.94%), 06/25/2037(g)		95,600	96,320
4.00%, 03/25/2041		114,602	125,166
Federal Home Loan Mortgage Corp.,
7.00%, 08/01/2021		807	809
7.00%, 12/01/2021		650	653
7.00%, 01/01/2022		3,619	3,643
6.50%, 02/01/2022		1,952	1,993
6.50%, 09/01/2022		4,424	4,539
6.00%, 10/01/2022		3,392	3,813
8.50%, 08/01/2031		28,004	32,454
Federal National Mortgage Association,
7.00%, 09/01/2021		134	134
5.00%, 11/01/2021		117	123
5.00%, 12/01/2021		74	78
5.50%, 01/01/2022		600	604
5.50%, 02/01/2022		967	973
5.50%, 02/01/2022		82	82
5.50%, 02/01/2022		3,890	3,920
5.50%, 02/01/2022		217	218
5.50%, 04/01/2022		470	474
5.50%, 05/01/2022		715	719
5.50%, 05/01/2022		822	827
5.50%, 05/01/2022		2,315	2,351
7.00%, 06/01/2022		4,395	4,485
5.50%, 07/01/2022		1,323	1,334
5.50%, 07/01/2022		833	846
7.00%, 07/01/2022		2,549	2,606
5.50%, 08/01/2022		3,007	3,025
7.00%, 08/01/2022		7,487	7,665
8.50%, 07/01/2032		2,990	3,001
7.50%, 03/01/2033		24,646	28,857
7.00%, 12/01/2033		14,760	16,811
5.50%, 02/01/2035		34,534	40,104
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series K734, Class X1, IO, 0.79%, 02/25/2026(j)		4,052,345	109,363
Series K735, Class X1, IO, 1.10%, 05/25/2026(j)		6,800,998	297,330
Series K093, Class X1, IO, 1.09%, 05/25/2029(j)		45,736,773	3,083,848
Freddie Mac REMICs,
1.50%, 07/15/2023		106,583	107,490
5.00%, 09/15/2023		74,089	76,908
6.75%, 02/15/2024		8,588	9,098
6.50%, 02/15/2028		3,028	3,407
6.50%, 03/15/2028		2,950	3,312
6.50%, 04/15/2028		2,738	3,143
0.56% (1 mo. USD LIBOR + 0.45%), 02/15/2029(g)		9,539	9,580
0.76% (1 mo. USD LIBOR + 0.65%), 07/15/2029(g)		15,476	15,623
6.50%, 01/15/2031		5,919	6,740
6.50%, 06/15/2031		49,385	57,271
6.50%, 10/15/2031		7,237	8,491
1.11% (1 mo. USD LIBOR + 1.00%), 02/15/2032(g)		75,971	77,747

	Principal Amount		Value
1.11% (1 mo. USD LIBOR + 1.00%), 02/15/2032(g)	$	77,697	$            79,513
1.11% (1 mo. USD LIBOR + 1.00%), 02/15/2032(g)		64,242	65,743
1.11% (1 mo. USD LIBOR + 1.00%), 03/15/2032(g)		77,181	77,797
3.50%, 05/15/2032		102,352	109,952
6.50%, 06/15/2032		29,536	34,585
0.61% (1 mo. USD LIBOR + 0.50%), 01/15/2033(g)		8,707	8,837
24.33% (24.75% - (3.67x 1 mo. USD LIBOR)), 08/15/2035(g)		154,911	244,096
4.00%, 06/15/2038		108,393	118,946
4.00%, 04/15/2040		80,038	81,291
3.00%, 05/15/2040		3,703	3,811
IO,
5.89% (6.00% - (1.00 x 1 mo. USD LIBOR)), 03/15/2024(g)(l)		282,597	19,176
7.00%, 03/15/2028(l)		7,705	1,105
7.00%, 04/15/2028(l)		44,773	6,716
8.59% (8.70% - (1.00 x 1 mo. USD LIBOR)), 07/17/2028(g)(l)		17,276	1,243
8.59% (8.70% - (1.00 x 1 mo. USD LIBOR)), 07/17/2028(g)(l)		39,881	3,711
7.99% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029(g)(l)		76,934	13,242
8.84% (8.95% - (1.00 x 1 mo. USD LIBOR)), 08/15/2029(g)(l)		38,402	6,188
6.94% (7.05% - (1.00 x 1 mo. USD LIBOR)), 10/15/2033(g)(l)		331,684	60,095
6.59% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035(g)(l)		598,027	95,692
6.64% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035(g)(l)		39,224	6,268
6.61% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035(g)(l)		735,904	129,010
6.61% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035(g)(l)		239,492	35,929
6.04% (6.15% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035(g)(l)		758,392	96,610
6.89% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037(g)(l)		185,489	37,135
5.89% (6.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2038(g)(l)		63,689	10,221
5.96% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(g)(l)		326,316	57,764
6.14% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039(g)(l)		151,688	25,969

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

17 Invesco Global Strategic Income Fund

	Principal Amount		Value
Freddie Mac STRIPS, IO,
7.00%, 04/01/2027(l)	$	54,872	$              7,045
7.00%, 04/01/2030(l)		51,282	9,093
6.50%, 06/01/2031(l)		44,587	8,084
6.50%, 02/01/2028(l)		22,422	3,072
7.00%, 09/01/2029(l)		148,406	25,376
7.50%, 12/15/2029(l)		69,710	12,747
6.00%, 12/15/2032(l)		129,245	20,050
Government National Mortgage Association, ARM, 2.25% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2027(g)		1,222	1,262
7.00%, 01/15/2028		8,359	9,231
7.00%, 01/15/2028		3,481	3,627
7.00%, 01/15/2028		4,314	4,370
7.00%, 01/15/2028		7,995	8,713
8.00%, 01/15/2028		7,773	7,806
7.00%, 02/15/2028		3,545	3,862
8.00%, 02/15/2028		1,359	1,365
8.00%, 02/15/2028		8,544	9,589
8.00%, 04/15/2028		4,083	4,102
8.00%, 05/15/2028		9,055	10,288
7.00%, 06/15/2028		383	384
7.00%, 06/15/2028		2,265	2,299
8.00%, 06/15/2028		41,733	47,013
7.00%, 07/15/2028		3,536	3,906
7.00%, 07/15/2028		599	601
7.00%, 07/15/2028		2,191	2,200
7.00%, 07/15/2028		539	598
7.00%, 07/15/2028		10,945	10,988
7.00%, 07/15/2028		3,292	3,306
7.00%, 07/15/2028		10,891	11,995
8.00%, 07/15/2028		14,147	14,208
7.00%, 08/15/2028		61,340	67,676
7.00%, 08/15/2028		3,008	3,059
7.00%, 08/15/2028		21,964	22,052
7.00%, 08/15/2028		19,805	19,882
8.00%, 09/15/2028		9,024	9,035
7.00%, 01/20/2030		25,019	29,218
IO,
6.43% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037(g)(l)		607,244	116,232
6.53% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041(g)(l)		1,061,495	168,275
TBA, 2.50%, 05/01/2051(m)		30,200,000	31,393,843
Uniform Mortgage-Backed Securities,
TBA, 2.00%, 05/01/2036(m)		28,350,000	29,285,772
2.50%, 05/01/2051(m)		40,000,000	41,500,000
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $112,591,251)			112,444,633

	Principal Amount		Value
Affiliated Issuers–2.80%
United States–2.80%
Invesco Senior Loan ETF(n) (Cost $73,099,936)	$	3,280,299	$     72,658,623
Variable Rate Senior Loan Interests–1.90%(o)(p)
Canada–0.05%
Four Seasons Hotels Ltd., First Lien Term Loan, 2.11% (1 mo USD LIBOR + 2.00%), 11/30/2023		1,361,445	1,360,118
Colombia–1.14%
Avianca Holdings S.A., Term Loan A-1, 12.11% (1 mo. USD LIBOR + 10.50%), 11/10/2021		16,252,414	16,376,907
Avianca Holdings S.A., Term Loan A-1 (1 mo. USD LIBOR + 10.50%), 11/10/2021(q)		144,017	145,120
Avianca Holdings S.A., Term Loan A-2, 11.09% (1 mo. USD LIBOR + 10.50%), 11/10/2021		13,000,000	13,099,580
			29,621,607
United States–0.71%
Boxer Parent Co., Inc., Term Loan B, 3.86% (1 mo. USD LIBOR + 3.75%), 10/02/2025		609,118	606,950
Claire’s Stores, Inc., Term Loan B, 6.61% (1 mo. USD LIBOR + 6.50%), 12/18/2026		188,602	181,247
Dun & Bradstreet Corp. (The), Term Loan, 3.36% (1 mo. USD LIBOR + 3.25%), 02/06/2026		1,032,590	1,028,072
Endo Luxembourg Finance Co. I S.a.r.l., Term Loan, 5.75% (1 mo. USD LIBOR + 5.00%), 03/10/2028		1,370,000	1,338,832
Flex Acquisition Co., Inc., Incremental Term Loan B, 3.45% (3 mo. USD LIBOR + 3.25%), 06/29/2025		1,364,134	1,345,896
Global Medical Response, Inc., Term Loan, 5.75% (1 mo. USD LIBOR + 4.75%), 10/02/2025		1,364,580	1,368,844
Graham Packaging Co., Inc., Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), 08/04/2027		1,375,000	1,373,364
IRB Holding Corp., First Lien Term Loan B, 4.25% (1 mo. USD LIBOR + 3.25%), 12/15/2027		2,238,000	2,235,907
PetSmart, Inc., First Lien Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 02/12/2028		1,879,000	1,886,751

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

18 Invesco Global Strategic Income Fund

	Principal Amount		Value
United States–(continued)
Radiology Partners, Inc., First Lien Term Loan B, 4.36% (1 mo. USD LIBOR + 4.25%), 07/09/2025	$	1,370,000	$       1,367,109
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 01/27/2028(e)		1,376,667	1,368,063
Surgery Center Holdings, Inc., Term Loan, 4.25% (3 mo. USD LIBOR + 3.25%), 09/03/2024		1,364,465	1,361,477
United Natural Foods, Inc., Term Loan B, 3.61% (3 mo. USD LIBOR + 3.50%), 10/22/2025		1,589,302	1,590,375
Valeant Pharmaceuticals International, Inc., First Lien Incremental Term Loan, 2.86% (3 mo. USD LIBOR + 2.75%), 11/27/2025		1,329,429	1,327,355
			18,380,242
Total Variable Rate Senior Loan Interests (Cost $48,540,668)			49,361,967
Agency Credit Risk Transfer Notes–1.24%
United States–1.24%
Connecticut Avenue Securities Trust, Series 2018-R07, Class 1M2, 2.51% (1 mo. USD LIBOR + 2.40%), 04/25/2031(a)(g)		2,471,476	2,488,871
Fannie Mae Connecticut Avenue Securities,
Series 2017-C04, Class 2M2, 2.96% (1 mo. USD LIBOR + 2.85%), 11/25/2029(g)		2,560,030	2,622,982
Series 2017-C07, Class 1M2, 2.51% (1 mo. USD LIBOR + 2.40%), 05/25/2030(g)		1,071,875	1,081,223
Series 2018-C04, Class 2M2, 2.66% (1 mo. USD LIBOR + 2.55%), 12/25/2030(g)		1,632,982	1,668,166
Series 2018-C06, Class 2M2, 2.21% (1 mo. USD LIBOR + 2.10%), 03/25/2031(g)		4,590,842	4,648,871
Series 2019-R02, Class 1M2, 2.41% (1 mo. USD LIBOR + 2.30%), 08/25/2031(a)(g)		675,484	680,957
Series 2019-R03, Class 1M2, 2.26% (1 mo. USD LIBOR + 2.15%), 09/25/2031(a)(g)		1,411,996	1,423,771

	Principal Amount		Value
United States–(continued)
Freddie Mac,
Series 2016-DNA2, Class M3, STACR® , 4.76% (1 mo. USD LIBOR + 4.65%), 10/25/2028(g)	$	1,691,595	$       1,770,830
Series 2016-DNA3, Class M3, STACR® , 5.11% (1 mo. USD LIBOR + 5.00%), 12/25/2028(g)		5,636,446	5,978,204
Series 2017-DNA1, Class M2, STACR® , 3.36% (1 mo. USD LIBOR + 3.25%), 07/25/2029(g)		5,111,650	5,312,282
Series 2018-DNA1, Class M2, STACR® , 1.91% (1 mo. USD LIBOR + 1.80%), 07/25/2030(g)		2,661,277	2,663,528
Series 2019-HRP1, Class M2, STACR® , 1.51% (1 mo. USD LIBOR + 1.40%), 02/25/2049(a)(g)		1,700,686	1,702,075
Total Agency Credit Risk Transfer Notes (Cost $30,947,769)			32,041,760
	Shares
Preferred Stocks–1.18%
United States–1.18%
AT&T, Inc., 2.88%, Pfd.		9,000,000	10,881,392
AT&T, Inc., 2.88%, Series B, Pfd.(b)		2,100,000	2,538,991
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(b)		3,700,000	4,088,500
Claire’s Holdings LLC, Series A, Pfd.		195	44,363
MetLife, Inc., 3.85%, Series G, Pfd.(b)		12,332,000	13,010,260
Total Preferred Stocks (Cost $28,920,472)			30,563,506
Common Stocks & Other Equity Interests–0.02%
Kazakhstan–0.00%
Astana-Finance JSC, GDR(a)(e)(r)		1,681,848	2
United States–0.02%
ACNR Holdings, Inc.		2,129	30,870
Bonanza Creek Energy, Inc.(r)		3,206	106,086
Claire’s Holdings LLC		614	144,290
Cxloyalty Group, Inc., Wts., expiring 04/10/2024(e)		2,297	0
McDermott International Ltd.(r)		38,319	17,244
McDermott International Ltd., Series A, Wts., expiring 06/30/2027(e)(r)		76,715	9,973
McDermott International Ltd., Series B, Wts., expiring 06/30/2027(e)(r)		85,239	11,081
McDermott International Ltd., Wts., expiring 12/31/2049(e)		55,393	24,927
Party City Holdco, Inc.(r)		10,188	71,317
Sabine Oil & Gas Holdings, Inc.(r)		2,510	31,375
Windstream Services LLC, Wts., expiring 09/20/2055(e)		399	6,085
			453,248
Total Common Stocks & Other Equity Interests (Cost $8,246,340)			453,250

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

19 Invesco Global Strategic Income Fund

	Shares		Value
Money Market Funds–12.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(n)(s)		110,030,474	$   110,030,474
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(n)(s)		78,553,232	78,584,653
Invesco Treasury Portfolio, Institutional Class, 0.01%(n)(s)		125,749,113	125,749,113
Total Money Market Funds (Cost $314,365,350)			314,364,240

	Shares	Value
Options Purchased–1.84% (Cost $67,673,576)(t)		$     47,672,444
TOTAL INVESTMENTS IN SECURITIES–99.49% (Cost $2,607,391,864)		2,579,478,017
OTHER ASSETS LESS LIABILITIES–0.51%		13,226,642
NET ASSETS–100.00%		$2,592,704,659

Investment Abbreviations:
ARM	– Adjustable Rate Mortgage
ARS	– Argentina Peso
BRL	– Brazilian Real
CLP	– Chile Peso
Conv.	– Convertible
COP	– Colombia Peso
Ctfs.	– Certificates
DAC	– Designated Activity Co.
EGP	– Egypt Pound
ETF	– Exchange-Traded Fund
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
GDR	– Global Depositary Receipt
IDR	– Indonesian Rupiah
INR	– Indian Rupee
IO	– Interest Only
LIBOR	– London Interbank Offered Rate
MXN	– Mexican Peso
Pfd.	– Preferred
REMICs	– Real Estate Mortgage Investment Conduits
RUB	– Russian Ruble
SONIA	– Sterling Overnight Index Average
STACR®	– Structured Agency Credit Risk
STRIPS	– Separately Traded Registered Interest and Principal Security
TBA	– To Be Announced
THB	– Thai Baht
TRY	– Turkish Lira
USD	– U.S. Dollar
Wts.	– Warrants
ZAR	– South African Rand

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

20 Invesco Global Strategic Income Fund

Notes to Consolidated Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $1,229,359,910, which represented 47.42% of the Fund’s Net Assets.

^(b)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(c)  Perpetual bond with no specified maturity date.

^(d)  Zero coupon bond issued at a discount.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(f)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, 2021 was $636,760, which represented less than 1% of the Fund’s Net Assets.

^(g)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2021.

^(h)  Foreign denominated security. Principal amount is denominated in the currency indicated.

⁽ⁱ⁾  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(j)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2021.

^(k)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2021.

^(l)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(m)  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1R.

⁽ⁿ⁾  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

								Change in
								Unrealized			Realized
	Value		Purchases		Proceeds			Appreciation			Gain			Value
	October 31, 2020		at Cost		from Sales			(Depreciation)			(Loss)			April 30, 2021		Dividend Income
Invesco Master Event-Linked Bond Fund		$  7,986,838	$	-	$	(7,608,739	)		$(1,694,822	)	$	1,316,723		$	-		$  72,745
Invesco Senior Loan ETF		-		73,099,936		-			(441,313	)		-			72,658,623		441,226
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		24,182,945		441,284,312		(355,436,783	)		-			-			110,030,474		9,030
Invesco Liquid Assets Portfolio, Institutional Class		17,264,568		315,203,078		(253,883,416	)		789			(366	)		78,584,653		8,493
Invesco Treasury Portfolio, Institutional Class		27,637,651		504,324,928		(406,213,466	)		-			-			125,749,113		3,801
Total		$77,072,002	$	1,333,912,254	$	(1,023,142,404	)		$(2,135,346	)	$	1,316,357		$	387,022,863		$535,295

^(o)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(p)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(q)  All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 8.

^(r)  Non-income producing security.

^(s)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(t)  The table below details options purchased.

Open Exchange-Traded Index Options Purchased

Type of

Expiration

Number of

Exercise

Notional

Description

Contract

Date

Contracts

Price

Value*

Value

Equity Risk

S&P 500 Index

Put

06/18/2021

252

USD 4,070.00

USD 102,564,000

$1,546,020

* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

21 Invesco Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Purchased(a)
	Type of			Expiration		Exercise		Notional
Description	Contract		Counterparty	Date		Price		Value		Value
Currency Risk
AUD versus USD		Call	Bank of America, N.A.		07/16/2021	USD	0.80	AUD	120,000,000	$	407,669
EUR versus USD		Call	Bank of America, N.A.		06/11/2021	USD	1.21	EUR	51,000,000		199,334
EUR versus USD		Call	Bank of America, N.A.		11/02/2021	USD	1.30	EUR	5,750,000		302,987
EUR versus USD		Call	J.P. Morgan Chase Bank, N.A.		09/07/2021	USD	1.26	EUR	2,600,000		268,573
GBP versus USD		Call	Morgan Stanley & Co. International PLC		07/14/2021	USD	1.40	GBP	30,000,000		293,086
USD versus CHF		Call	Morgan Stanley & Co. International PLC		06/09/2021	CHF	0.97	USD	3,000,000		13,200
USD versus JPY		Call	Goldman Sachs International		04/06/2026	JPY	115.00	USD	43,000,000		794,769
USD versus JPY		Call	Goldman Sachs International		04/09/2026	JPY	115.00	USD	43,000,000		793,608
Subtotal – Foreign Currency Call Options Purchased											3,073,226
Currency Risk
EUR versus NOK		Put	J.P. Morgan Chase Bank, N.A.		08/26/2021	NOK	8.90	EUR	8,750,000		113,981
EUR versus NOK		Put	Morgan Stanley & Co. International PLC		10/05/2021	NOK	9.50	EUR	2,400,000		394,359
EUR versus PLN		Put	Morgan Stanley & Co. International PLC		10/28/2021	PLN	4.20	EUR	7,500,000		158,922
USD versus BRL		Put	Goldman Sachs International		07/12/2021	BRL	4.75	USD	3,750,000		108,488
USD versus BRL		Put	Goldman Sachs International		08/17/2021	BRL	3.85	USD	3,540,000		3,763
USD versus BRL		Put	Goldman Sachs International		12/16/2021	BRL	5.00	USD	2,700,000		601,268
USD versus BRL		Put	J.P. Morgan Chase Bank, N.A.		03/09/2022	BRL	4.75	USD	3,700,000		505,168
USD versus BRL		Put	J.P. Morgan Chase Bank, N.A.		03/30/2022	BRL	4.75	USD	3,700,000		518,189
USD versus BRL		Put	Morgan Stanley & Co. International PLC		03/08/2022	BRL	5.25	USD	4,250,000		1,533,192
USD versus CAD		Put	Bank of America, N.A.		07/14/2021	CAD	1.23	USD	4,500,000		2,212,367
USD versus CLP		Put	J.P. Morgan Chase Bank, N.A.		10/15/2021	CLP	670.00	USD	60,000,000		635,400
USD versus CLP		Put	Morgan Stanley & Co. International PLC		10/07/2021	CLP	670.00	USD	90,000,000		897,660
USD versus CNH		Put	J.P. Morgan Chase Bank, N.A.		07/15/2021	CNH	6.35	USD	1,875,000		187,039
USD versus CNH		Put	Standard Chartered Bank PLC		07/28/2021	CNH	6.40	USD	4,300,000		2,035,973
USD versus COP		Put	Morgan Stanley & Co. International PLC		09/22/2021	COP	3,450.00	USD	60,000,000		322,260
USD versus IDR		Put	Goldman Sachs International		05/10/2021	IDR	13,960.00	USD	36,500,000		438
USD versus IDR		Put	J.P. Morgan Chase Bank, N.A.		05/05/2021	IDR	14,020.00	USD	56,250,000		56
USD versus INR		Put	Goldman Sachs International		05/21/2021	INR	72.60	USD	60,000,000		22,620
USD versus INR		Put	Goldman Sachs International		06/11/2021	INR	71.00	USD	3,750,000		116,378
USD versus INR		Put	Goldman Sachs International		07/29/2021	INR	73.50	USD	75,000,000		301,425
USD versus INR		Put	Standard Chartered Bank PLC		08/03/2021	INR	73.00	USD	63,000,000		175,770
USD versus INR		Put	Standard Chartered Bank PLC		02/24/2022	INR	74.50	USD	74,000,000		677,618
USD versus KRW		Put	Goldman Sachs International		05/31/2021	KRW	1,083.00	USD	60,000,000		32,580
USD versus KRW		Put	Goldman Sachs International		07/20/2021	KRW	1,080.00	USD	60,000,000		149,580
USD versus MXN		Put	J.P. Morgan Chase Bank, N.A.		06/14/2021	MXN	20.50	USD	90,000,000		584,100
USD versus MXN		Put	J.P. Morgan Chase Bank, N.A.		01/06/2022	MXN	20.10	USD	75,000,000		1,776,000
USD versus NOK		Put	J.P. Morgan Chase Bank, N.A.		07/28/2021	NOK	8.02	USD	26,000,000		165,620
USD versus RUB		Put	Bank of America, N.A.		03/23/2022	RUB	72.00	USD	29,200,000		203,407
USD versus RUB		Put	Goldman Sachs International		11/29/2021	RUB	75.00	USD	72,000,000		1,948,752
USD versus RUB		Put	Goldman Sachs International		03/08/2022	RUB	74.60	USD	36,000,000		982,836
USD versus RUB		Put	J.P. Morgan Chase Bank, N.A.		06/02/2021	RUB	67.00	USD	9,000,000		19,341
USD versus RUB		Put	Morgan Stanley & Co. International PLC		10/27/2021	RUB	72.00	USD	60,000,000		316,260
USD versus SEK		Put	Morgan Stanley & Co. International PLC		07/16/2021	SEK	8.40	USD	45,000,000		525,240

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

22 Invesco Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Purchased(a)–(continued)
	Type of		Expiration		Exercise		Notional
Description	Contract	Counterparty	Date		Price		Value		Value
USD versus SGD	Put	Goldman Sachs International		08/12/2021	SGD	1.32	USD	60,000,000		$     229,440
USD versus ZAR	Put	Goldman Sachs International		06/11/2021	ZAR	14.65	USD	90,000,000		375,030
USD versus ZAR	Put	J.P. Morgan Chase Bank, N.A.		06/17/2021	ZAR	14.15	USD	45,000,000		125,775
Subtotal – Foreign Currency Put Options Purchased										18,956,295
Total Foreign Currency Options Purchased										$22,029,521

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $5,339,027.

Open Over-The-Counter Interest Rate Swaptions Purchased(a)

Pay/

Receive

Type of

Exercise

Exercise

Floating Rate

Payment

Expiration

Notional

Description

Contract

Counterparty

Rate

Rate

Index

Frequency

Date

Value

Value

Interest Rate Risk

10 Year Interest Rate Swap

Call

Bank of America, N.A.

1.37

%

Receive

3 Month USD LIBOR

Quarterly

07/23/2021

USD

365,000,000

$  1,026,084

3 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

0.80

Receive

3 Month USD LIBOR

Quarterly

04/28/2022

USD

360,000,000

1,863,306

30 Year Interest Rate Swap

Call

Bank of America, N.A.

1.38

Receive

3 Month USD LIBOR

Quarterly

01/14/2022

USD

74,000,000

789,126

30 Year Interest Rate Swap

Call

Goldman Sachs International

1.38

Receive

3 Month USD LIBOR

Quarterly

01/11/2022

USD

148,000,000

1,569,155

5 Year Interest Rate Swap

Call

Goldman Sachs International

1.20

Receive

3 Month USD LIBOR

Quarterly

03/28/2022

USD

438,000,000

4,450,649

5 Year Interest Rate Swap

Call

Morgan Stanley & Co. International PLC

1.12

Receive

3 Month USD LIBOR

Quarterly

06/30/2021

USD

260,975,000

2,128,885

5 Year Interest Rate Swap

Call

Morgan Stanley & Co. International PLC

0.98

Receive

3 Month USD LIBOR

Quarterly

07/15/2021

USD

270,100,000

1,105,055

5 Year Interest Rate Swap

Call

Morgan Stanley & Co. International PLC

1.04

Receive

3 Month USD LIBOR

Quarterly

07/30/2021

USD

259,200,000

1,552,380

Subtotal – Interest Rate Call Swaptions Purchased

14,484,640

Interest Rate Risk

30 Year Interest Rate Swap

Put

Goldman Sachs International

2.50

Pay

3 Month USD LIBOR

Quarterly

06/30/2022

USD

238,500,000

9,612,263

Total Interest Rate Swaptions Purchased

$24,096,903

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $5,339,027.

Open Exchange-Traded Index Options Written

Unrealized

Type of

Expiration

Number of

Exercise

Premiums

Notional

Appreciation

Description

Contract

Date

Contracts

Price

Received

Value*

Value

(Depreciation)

Equity Risk

S&P 500 Index

Put

06/18/2021

252

$

3,875.00

$

(785,475

)

$

97,650,000

$

(786,240

)

$

(765

)

* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Over-The-Counter Credit Default Swaptions Written(a)

(Pay)/

Receive

Implied

Unrealized

Type of

Exercise

Reference

Fixed

Payment

Expiration

Credit

Premiums

Notional

Appreciation

Counterparty

Contract

Rate

Entity

Rate

Frequency

Date

Spread(b)

Received

Value

Value

(Depreciation)

Credit Risk

J.P. Morgan Chase Bank, N.A.

Call

2.38

%

Markit iTraxx Europe Crossover Index, Series 35, Version 1

5.00

%

Quarterly

06/16/2021

2.490

%

$

(197,716

)

EUR 73,000,000

$ (222,368)

$

(24,652

)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

23 Invesco Global Strategic Income Fund

Open Over-The-Counter Credit Default Swaptions Written(a)–(continued)
							(Pay)/
							Receive							Implied												Unrealized
	Type of		Exercise		Reference		Fixed			Payment		Expiration		Credit			Premiums				Notional					Appreciation
Counterparty	Contract		Rate		Entity		Rate			Frequency		Date		Spread(b)			Received				Value		Value			(Depreciation)
Credit Risk
Goldman Sachs International		Put		1.06		Markit CDX North America High Yield Index, Series 35, Version 1		(5.00	)		Quarterly		05/19/2021		2.674	%	$	(1,405,250	)	USD		182,500,000	$	(99,001	)		$1,306,249
Goldman Sachs International		Put		1.06		Markit CDX North America High Yield Index, Series 36, Version 1		(5.00	)		Quarterly		06/16/2021		2.873			(350,400	)	USD		73,000,000		(179,163	)		171,237
Goldman Sachs International		Put		1.07		Markit CDX North America High Yield Index, Series 36, Version 1		(5.00	)		Quarterly		07/21/2021		2.873			(719,415	)	USD		98,550,000		(578,148	)		141,267
J.P. Morgan Chase Bank, N.A.		Put		2.88		Markit iTraxx Europe Crossover Index, Series 35, Version 1		(5.00	)		Quarterly		06/16/2021		2.490			(461,337	)	EUR		73,000,000		(344,488	)		116,849
Morgan Stanley & Co. International PLC		Put		1.07		Markit CDX North America High Yield Index, Series 36, Version 1		(5.00	)		Quarterly		06/16/2021		2.873			(492,750	)	USD		109,500,000		(305,693	)		187,057
Morgan Stanley & Co. International PLC		Put		1.06		Markit CDX North America High Yield Index, Series 36, Version 1		(5.00	)		Quarterly		05/19/2021		2.873			(219,000	)	USD		73,000,000		(49,447	)		169,553
Subtotal – Credit Default Put Swaptions Written																		(3,648,152	)					(1,555,940	)		2,092,212
Total Credit Default Swaptions Written																	$	(3,845,868	)				$	(1,778,308	)		$2,067,560

^(a) Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $5,339,027.

^(b) Implied credit spreads represent the current level, as of April 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Over-The-Counter Foreign Currency Options Written(a)
																		Unrealized
	Type of			Expiration			Exercise		Premiums				Notional					Appreciation
Description	Contract	Counterparty		Date			Price		Received				Value		Value			(Depreciation)
Currency Risk
GBP versus USD	Call		Morgan Stanley & Co. International PLC		07/14/2021	USD		1.44	$	(105,233	)	GBP		45,000,000	$	(91,170	)	$	14,063
USD versus BRL	Call		Goldman Sachs International		12/16/2021	BRL		6.70		(453,681	)	USD		2,700,000		(203,064	)		250,617
USD versus BRL	Call		J.P. Morgan Chase Bank, N.A.		03/09/2022	BRL		7.00		(296,740	)	USD		1,480,000		(104,472	)		192,268
USD versus BRL	Call		Morgan Stanley & Co. International PLC		03/08/2022	BRL		6.75		(1,087,150	)	USD		4,250,000		(408,803	)		678,347
USD versus CLP	Call		J.P. Morgan Chase Bank, N.A.		05/20/2021	CLP		760.00		(343,200	)	USD		60,000,000		(38,520	)		304,680
USD versus CLP	Call		Morgan Stanley & Co. International PLC		07/14/2021	CLP		780.00		(1,134,840	)	USD		60,000,000		(202,620	)		932,220
USD versus CNH	Call		Standard Chartered Bank PLC		07/28/2021	CNH		6.64		(153,596	)	USD		21,500,000		(63,575	)		90,021
USD versus CNH	Call		Standard Chartered Bank PLC		11/08/2021	CNH		6.90		(1,710,000	)	USD		90,000,000		(289,890	)		1,420,110
USD versus COP	Call		Morgan Stanley & Co. International PLC		09/22/2021	COP		3,850.00		(1,125,600	)	USD		60,000,000		(1,671,480	)		(545,880	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

24 Invesco Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Written(a)–(continued)
																	Unrealized
	Type of		Expiration			Exercise		Premiums				Notional					Appreciation
Description	Contract	Counterparty	Date			Price		Received				Value		Value			(Depreciation)
USD Versus IDR	Call	J.P. Morgan Chase Bank, N.A.		05/05/2021	IDR		15,120.00	$	(596,250	)	USD		56,250,000	$	(56	)	$	596,194
USD versus INR	Call	Goldman Sachs International		06/11/2021	INR		83.00		(630,000	)	USD		3,750,000		(6,889	)		623,111
USD versus INR	Call	Goldman Sachs International		07/02/2021	INR		84.05		(373,125	)	USD		3,750,000		(12,540	)		360,585
USD versus INR	Call	Standard Chartered Bank PLC		08/03/2021	INR		76.50		(349,398	)	USD		42,000,000		(293,748	)		55,650
USD versus INR	Call	Standard Chartered Bank PLC		02/24/2022	INR		79.50		(887,334	)	USD		74,000,000		(1,089,576	)		(202,242	)
USD versus KRW	Call	Goldman Sachs International		05/31/2021	KRW		1,165.00		(216,000	)	USD		60,000,000		(29,340	)		186,660
USD versus KRW	Call	Goldman Sachs International		07/20/2021	KRW		1,140.00		(489,000	)	USD		60,000,000		(372,060	)		116,940
USD versus MXN	Call	J.P. Morgan Chase Bank, N.A.		01/06/2022	MXN		23.09		(1,710,375	)	USD		75,000,000		(1,172,400	)		537,975
USD versus NOK	Call	J.P. Morgan Chase Bank, N.A.		07/28/2021	NOK		8.62		(362,960	)	USD		52,000,000		(464,360	)		(101,400	)
USD versus NOK	Call	Morgan Stanley & Co. International PLC		09/08/2021	NOK		9.00		(571,200	)	USD		30,000,000		(193,080	)		378,120
USD versus NOK	Call	Morgan Stanley & Co. International PLC		10/05/2021	NOK		9.50		(274,800	)	USD		30,000,000		(110,670	)		164,130
USD versus RUB	Call	Goldman Sachs International		08/23/2021	RUB		85.00		(864,000	)	USD		3,750,000		(391,069	)		472,931
USD versus RUB	Call	Goldman Sachs International		11/29/2021	RUB		80.00		(2,340,720	)	USD		72,000,000		(2,391,912	)		(51,192	)
USD versus RUB	Call	Goldman Sachs International		03/08/2022	RUB		87.20		(979,560	)	USD		36,000,000		(940,176	)		39,384
USD versus RUB	Call	J.P. Morgan Chase Bank, N.A.		06/02/2021	RUB		82.00		(1,116,720	)	USD		72,000,000		(140,040	)		976,680
USD versus SEK	Call	Morgan Stanley & Co. International PLC		07/16/2021	SEK		8.70		(396,000	)	USD		60,000,000		(341,700	)		54,300
USD versus SGD	Call	Goldman Sachs International		08/12/2021	SGD		1.36		(311,700	)	USD		60,000,000		(171,000	)		140,700
USD versus ZAR	Call	Goldman Sachs International		11/22/2021	ZAR		15.85		(1,487,612	)	USD		54,750,000		(1,415,397	)		72,215
USD versus ZAR	Call	J.P. Morgan Chase Bank, N.A.		06/22/2021	ZAR		15.85		(644,850	)	USD		45,000,000		(197,415	)		447,435
Subtotal – Foreign Currency Call Options Written									(21,011,644	)					(12,807,022	)		8,204,622

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

25 Invesco Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Written(a)–(continued)
																		Unrealized
	Type of			Expiration			Exercise		Premiums				Notional					Appreciation
Description	Contract	Counterparty		Date			Price		Received				Value		Value			(Depreciation)
Currency Risk
USD versus CHF	Put		Morgan Stanley & Co. International PLC		06/09/2021	CHF		0.90	$	(117,510	)	USD		30,000,000	$	(89,760	)		$       27,750
USD versus COP	Put		Morgan Stanley & Co. International PLC		09/22/2021	COP		3,185.00		(231,000	)	USD		60,000,000		(46,080	)		184,920
USD versus IDR	Put		Goldman Sachs International		05/10/2021	IDR		13,575.00		(105,668	)	USD		36,500,000		(37	)		105,631
USD versus INR	Put		Goldman Sachs International		05/21/2021	INR		71.20		(82,800	)	USD		60,000,000		(2,760	)		80,040
USD versus INR	Put		Goldman Sachs International		07/29/2021	INR		71.50		(178,500	)	USD		75,000,000		(53,475	)		125,025
USD versus INR	Put		Standard Chartered Bank PLC		08/03/2021	INR		71.00		(133,749	)	USD		63,000,000		(32,445	)		101,304
USD versus INR	Put		Standard Chartered Bank PLC		02/24/2022	INR		71.00		(361,342	)	USD		74,000,000		(136,604	)		224,738
USD versus MXN	Put		J.P. Morgan Chase Bank, N.A.		01/06/2022	MXN		18.40		(673,800	)	USD		75,000,000		(291,975	)		381,825
USD versus RUB	Put		Goldman Sachs International		11/29/2021	RUB		70.00		(987,840	)	USD		72,000,000		(533,592	)		454,248
USD versus RUB	Put		Goldman Sachs International		03/08/2022	RUB		68.00		(345,600	)	USD		36,000,000		(218,952	)		126,648
USD versus SEK	Put		Morgan Stanley & Co. International PLC		07/16/2021	SEK		8.00		(117,480	)	USD		60,000,000		(66,660	)		50,820
USD versus SGD	Put		Goldman Sachs International		08/12/2021	SGD		1.28		(150,480	)	USD		60,000,000		(38,460	)		112,020
USD versus ZAR	Put		Goldman Sachs International		11/22/2021	ZAR		13.50		(523,246	)	USD		54,750,000		(536,057	)		(12,811	)
USD versus ZAR	Put		J.P. Morgan Chase Bank, N.A.		06/22/2021	ZAR		13.70		(251,550	)	USD		45,000,000		(114,525	)		137,025
Subtotal – Foreign Currency Put Options Written										(4,260,565	)					(2,161,382	)		2,099,183
Total – Foreign Currency Options Written									$	(25,272,209	)				$	(14,968,404	)		$10,303,805

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $5,339,027.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

26 Invesco Global Strategic Income Fund

Open Over-The-Counter Interest Rate Swaptions Written(a)
Description	Type of Contract		Counterparty		Exercise Rate			Floating Rate Index		Pay/ Receive Exercise Rate		Payment Frequency		Expiration Date		Premiums Received			Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
5 Year Interest Rate Swap		Call		Goldman Sachs International		0.85	%		3 Month USD LIBOR		Receive		Quarterly		03/28/2022	$	(2,409,000	)		USD	657,000,000	$	(2,473,920	)	$	(64,920	)
3 Year Interest Rate Swap		Call		J.P. Morgan Chase Bank, N.A.		0.60			3 Month USD LIBOR		Receive		Quarterly		04/28/2022		(1,256,400	)		USD	540,000,000		(1,414,751	)		(158,351	)
30 Year Interest Rate Swap		Call		Morgan Stanley & Co. International PLC		1.97			3 Month USD LIBOR		Receive		Quarterly		07/15/2021		(2,095,100	)		USD	59,130,000		(1,174,080	)		921,020
30 Year Interest Rate Swap		Call		Morgan Stanley & Co. International PLC		2.07			3 Month USD LIBOR		Receive		Quarterly		07/30/2021		(1,985,400	)		USD	58,320,000		(1,978,372	)		7,028
30 Year Interest Rate Swap		Call		Morgan Stanley & Co. International PLC		2.20			3 Month USD LIBOR		Receive		Quarterly		06/30/2021		(2,226,500	)		USD	59,130,000		(2,736,606	)		(510,106	)
Subtotal–Interest Rate Call Swaptions Written																	(9,972,400	)					(9,777,729	)		194,671
Interest Rate Risk
10 Year Interest Rate Swap		Put		Bank of America, N.A.		1.87			3 Month USD LIBOR		Pay		Quarterly		07/23/2021		(2,277,600	)		USD	365,000,000		(2,574,513	)		(296,913	)
Total Open Over-The-Counter Interest Rate Swaptions Written																$	(12,250,000	)				$	(12,352,242	)	$	(102,242	)

^(a) Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $ 5,339,027.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		585		June-2021	$	129,143,320		$	(110,817	)		$  (110,817)
U.S. Treasury 10 Year Notes		924		June-2021		121,996,875			26,940			26,940
Subtotal–Long Futures Contracts									(83,877	)		(83,877	)
Short Futures Contracts
Interest Rate Risk
Euro-Bobl		16		June-2021		(2,591,666	)		4,974			4,974
Euro-Bund		1,735		June-2021		(354,603,534	)		3,071,509			3,071,509
Long Gilt		37		June-2021		(6,523,788	)		22,360			22,360
U.S. Treasury 5 Year Notes		379		June-2021		(46,972,313	)		349,548			349,548
U.S. Treasury 10 Year Ultra Bonds		511		June-2021		(74,374,453	)		1,374,794			1,374,794
U.S. Treasury Long Bonds		219		June-2021		(34,437,750	)		251,071			251,071
U.S. Treasury Ultra Bonds		414		June-2021		(76,965,187	)		(406,298	)		(406,298	)
Subtotal–Short Futures Contracts									4,667,958			4,667,958
Total Futures Contracts								$	4,584,081			$4,584,081

Open Forward Foreign Currency Contracts
Settlement Date			Contract to					Unrealized Appreciation (Depreciation)
	Counterparty		Deliver			Receive
Currency Risk
05/28/2021	Bank of America, N.A.	USD		20,657,533	ZAR		341,500,000	$	2,811,953
06/16/2021	Bank of America, N.A.	AUD		28,714,000	USD		22,215,160		90,983
06/16/2021	Bank of America, N.A.	GBP		29,880,534	USD		41,785,238		514,567

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

27 Invesco Global Strategic Income Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to							Unrealized Appreciation
	Counterparty			Deliver			Receive		(Depreciation)
06/16/2021	Bank of America, N.A.		JPY		888,105,738	USD		8,196,562	$	67,854
06/16/2021	Bank of America, N.A.		USD		5,738,695	AUD		7,523,000		57,787
06/16/2021	Bank of America, N.A.		USD		5,338,011	CAD		6,698,190		111,940
06/16/2021	Bank of America, N.A.		USD		46,658,592	EUR		39,040,791		318,833
06/16/2021	Bank of America, N.A.		USD		6,043,610	GBP		4,399,000		32,241
06/16/2021	Bank of America, N.A.		USD		28,714,000	KRW		32,449,691,400		312,408
06/16/2021	Bank of America, N.A.		USD		4,125,000	MXN		86,109,375		105,715
06/16/2021	Bank of America, N.A.		USD		42,829,434	NOK		362,379,845		707,586
06/16/2021	Bank of America, N.A.		USD		13,981,525	RUB		1,071,600,000		194,856
06/16/2021	Bank of America, N.A.		USD		26,981,689	SEK		229,398,320		126,802
03/24/2022	Bank of America, N.A.		USD		440,000	RUB		35,275,900		7,070
05/04/2021	Barclays Bank PLC		BRL		7,319,557	USD		1,354,570		7,094
05/04/2021	Barclays Bank PLC		USD		1,280,930	BRL		7,319,557		66,545
06/16/2021	Citibank, N.A.		GBP		9,281,000	USD		12,974,467		155,650
06/16/2021	Citibank, N.A.		RUB		5,206,505,000	USD		69,861,123		983,370
06/16/2021	Citibank, N.A.		USD		10,150,235	EUR		8,485,000		59,686
06/16/2021	Citibank, N.A.		USD		12,447,199	MXN		260,493,738		351,346
05/10/2021	Goldman Sachs International		USD		24,500,000	MXN		536,530,400		1,968,589
05/13/2021	Goldman Sachs International		TWD		368,810,000	USD		13,285,663		73,553
05/13/2021	Goldman Sachs International		USD		13,000,000	TWD		368,810,000		212,110
05/17/2021	Goldman Sachs International		TWD		369,135,000	USD		13,302,162		73,710
05/17/2021	Goldman Sachs International		USD		13,000,000	TWD		369,135,000		228,452
05/25/2021	Goldman Sachs International		USD		28,393,000	INR		2,150,727,161		509,168
06/16/2021	Goldman Sachs International		EUR		16,512,000	USD		20,029,799		161,062
06/16/2021	Goldman Sachs International		KRW		21,055,726,200	USD		18,857,000		22,550
06/16/2021	Goldman Sachs International		USD		4,688,616	EUR		3,905,000		10,234
06/16/2021	Goldman Sachs International		USD		15,642,153	KRW		17,747,900,000		233,430
06/16/2021	Goldman Sachs International		USD		4,320,000	RUB		331,557,840		66,236
06/17/2021	Goldman Sachs International		USD		28,652,500	ZAR		420,658,814		178,141
09/03/2021	Goldman Sachs International		BRL		38,233,540	USD		7,185,000		226,814
11/12/2021	Goldman Sachs International		TRY		93,450,000	USD		10,500,000		319,835
05/04/2021	J.P. Morgan Chase Bank, N.A.		BRL		37,055,000	USD		6,857,465		35,916
05/04/2021	J.P. Morgan Chase Bank, N.A.		USD		41,117,324	BRL		224,295,000		173,717
05/07/2021	J.P. Morgan Chase Bank, N.A.		IDR		118,511,250,000	USD		8,250,000		45,569
06/16/2021	J.P. Morgan Chase Bank, N.A.		AUD		101,645,000	USD		79,111,320		793,705
06/16/2021	J.P. Morgan Chase Bank, N.A.		COP		164,236,300,000	USD		46,512,687		2,848,730
06/16/2021	J.P. Morgan Chase Bank, N.A.		GBP		30,730,000	USD		42,962,815		518,871
06/16/2021	J.P. Morgan Chase Bank, N.A.		IDR		1,497,398,250,000	USD		103,505,532		538,487
06/16/2021	J.P. Morgan Chase Bank, N.A.		INR		8,284,300,900	USD		111,939,858		973,640
06/16/2021	J.P. Morgan Chase Bank, N.A.		NOK		46,005,972	USD		5,570,000		42,753
06/16/2021	J.P. Morgan Chase Bank, N.A.		THB		115,000,000	USD		3,734,069		41,710
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		18,363,654	AUD		24,077,000		187,707
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		1,337,577	BRL		7,319,557		4,718
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		26,647,906	CAD		33,438,299		559,011
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		26,345,498	CNY		172,489,247		207,138
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		232,511,748	EUR		194,254,113		1,232,434
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		9,187,079	GBP		6,686,000		47,552
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		4,370,821	MXN		91,460,662		122,812
06/17/2021	J.P. Morgan Chase Bank, N.A.		USD		36,645,266	ZAR		545,473,500		739,784
08/30/2021	J.P. Morgan Chase Bank, N.A.		USD		42,144,165	EUR		36,225,000		1,513,844

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

28 Invesco Global Strategic Income Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to							Unrealized Appreciation (Depreciation)
	Counterparty			Deliver			Receive
08/30/2021	J.P. Morgan Chase Bank, N.A.		USD		40,072,873	NOK		382,538,562	$	5,888,435
01/10/2022	J.P. Morgan Chase Bank, N.A.		MXN		421,076,475	USD		20,250,000		62,737
05/10/2021	Morgan Stanley & Co. International PLC		MXN		564,313,122	USD		28,023,354		184,163
05/11/2021	Morgan Stanley & Co. International PLC		USD		15,050,000	MXN		311,986,500		339,489
06/16/2021	Morgan Stanley & Co. International PLC		GBP		5,135,000	USD		7,181,874		89,468
06/16/2021	Morgan Stanley & Co. International PLC		RUB		1,595,691,900	USD		21,213,383		103,700
06/16/2021	Morgan Stanley & Co. International PLC		USD		81,090,987	CAD		101,614,089		1,586,847
06/16/2021	Morgan Stanley & Co. International PLC		USD		13,000,000	CLP		9,486,750,000		344,493
06/16/2021	Morgan Stanley & Co. International PLC		USD		2,100,000	MXN		43,980,300		60,834
06/16/2021	Morgan Stanley & Co. International PLC		USD		26,500,000	NOK		224,518,600		474,102
06/16/2021	Morgan Stanley & Co. International PLC		USD		39,843,416	RUB		3,062,973,616		677,191
06/16/2021	Morgan Stanley & Co. International PLC		USD		27,020,601	SEK		229,574,531		108,714
06/16/2021	Royal Bank of Canada		GBP		1,885,000	USD		2,619,803		16,262
06/16/2021	Royal Bank of Canada		JPY		93,526,076	USD		863,378		7,347
06/16/2021	Royal Bank of Canada		USD		127,397,154	EUR		107,007,824		1,364,373
06/16/2021	Royal Bank of Scotland PLC		USD		2,447,095	EUR		2,060,000		31,684
06/16/2021	Standard Chartered Bank PLC		USD		88,538,715	IDR		1,297,913,000,000		710,931
11/10/2021	Standard Chartered Bank PLC		USD		33,499,170	CNY		227,121,020		1,069,071
Subtotal–Appreciation										35,116,109
Currency Risk
05/19/2021	Bank of America, N.A.		INR		1,377,966,250	USD		18,250,000		(283,466	)
05/28/2021	Bank of America, N.A.		ZAR		341,500,000	USD		20,000,000		(3,469,485	)
06/16/2021	Bank of America, N.A.		EUR		57,571,320	USD		69,125,355		(149,681	)
06/16/2021	Bank of America, N.A.		GBP		1,545,000	USD		2,117,268		(16,669	)
06/16/2021	Bank of America, N.A.		MXN		65,929,568	USD		3,149,176		(90,067	)
06/16/2021	Bank of America, N.A.		USD		5,857,182	AUD		7,523,000		(60,700	)
06/16/2021	Bank of America, N.A.		USD		5,909,091	COP		21,390,909,420		(222,092	)
06/16/2021	Bank of America, N.A.		USD		7,774,015	EUR		6,455,000		(6,773	)
06/16/2021	Bank of America, N.A.		USD		4,765,964	GBP		3,420,000		(42,298	)
06/17/2021	Bank of America, N.A.		ZAR		659,872,250	USD		44,000,000		(1,225,582	)
08/30/2021	Bank of America, N.A.		EUR		36,421,200	USD		42,777,792		(1,116,675	)
05/04/2021	Barclays Bank PLC		BRL		37,055,000	USD		6,484,666		(336,884	)
05/04/2021	Barclays Bank PLC		USD		6,857,465	BRL		37,055,000		(35,916	)
06/16/2021	Citibank, N.A.		EUR		109,850,000	USD		131,839,224		(342,267	)
06/16/2021	Citibank, N.A.		MXN		2,100,000	USD		100,345		(2,832	)
06/15/2021	Goldman Sachs International		INR		2,033,775,000	USD		25,875,000		(1,371,050	)
06/16/2021	Goldman Sachs International		BRL		38,195,850	USD		6,959,505		(45,036	)
06/16/2021	Goldman Sachs International		EUR		1,563,812	USD		1,877,622		(4,098	)
06/16/2021	Goldman Sachs International		MXN		440,628,000	USD		21,057,385		(591,494	)
06/16/2021	Goldman Sachs International		TRY		85,011,948	USD		9,774,297		(271,264	)
06/16/2021	Goldman Sachs International		USD		5,015,970	EUR		4,135,000		(40,363	)
06/16/2021	Goldman Sachs International		USD		1,410,729	TRY		11,154,634		(92,625	)
08/19/2021	Goldman Sachs International		USD		10,900,000	BRL		55,120,210		(852,391	)
08/24/2021	Goldman Sachs International		RUB		466,800,000	USD		6,000,000		(112,892	)
11/12/2021	Goldman Sachs International		USD		11,208,408	TRY		93,450,000		(1,028,243	)
05/04/2021	J.P. Morgan Chase Bank, N.A.		BRL		194,559,557	USD		33,881,490		(1,935,478	)
05/04/2021	J.P. Morgan Chase Bank, N.A.		USD		1,354,570	BRL		7,319,557		(7,094	)
05/07/2021	J.P. Morgan Chase Bank, N.A.		USD		8,218,533	IDR		118,511,250,000		(14,102	)
05/19/2021	J.P. Morgan Chase Bank, N.A.		IDR		420,131,250,000	USD		26,250,000		(2,785,310	)
06/03/2021	J.P. Morgan Chase Bank, N.A.		RUB		1,662,998,400	USD		20,160,000		(1,880,667	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

29 Invesco Global Strategic Income Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to							Unrealized Appreciation (Depreciation)
	Counterparty			Deliver			Receive
06/16/2021	J.P. Morgan Chase Bank, N.A.		BRL		224,295,000	USD		40,987,711	$	(144,599	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		CAD		67,528,566	USD		54,000,000		(944,305	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		EUR		558,942,123	USD		669,511,703		(3,058,193	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		GBP		4,870,000	USD		6,677,012		(49,379	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		MXN		473,837,000	USD		22,644,237		(636,261	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		NOK		29,050,000	USD		3,431,090		(59,033	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		SEK		233,246,644	USD		27,430,863		(132,393	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		TRY		266,844,335	USD		30,040,345		(1,491,705	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		89,458,613	AUD		115,547,391		(429,188	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		8,937,355	COP		31,557,800,000		(547,380	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		76,144,736	EUR		62,840,000		(529,945	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		29,699,997	GBP		21,244,937		(356,720	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		67,673,931	IDR		978,835,737,500		(365,302	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		87,364,943	INR		6,450,940,000		(956,153	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		1,403,147	JPY		152,043,575		(11,513	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		43,280,168	TRY		342,714,007		(2,782,866	)
06/17/2021	J.P. Morgan Chase Bank, N.A.		ZAR		1,255,575,000	USD		82,916,738		(3,136,449	)
08/30/2021	J.P. Morgan Chase Bank, N.A.		NOK		378,550,000	USD		42,143,994		(3,338,095	)
01/10/2022	J.P. Morgan Chase Bank, N.A.		USD		13,500,000	MXN		280,724,400		(41,501	)
06/16/2021	Morgan Stanley & Co. International PLC		CAD		32,784,700	USD		26,000,000		(675,120	)
06/16/2021	Morgan Stanley & Co. International PLC		CLP		18,920,300,000	USD		26,311,083		(303,068	)
06/16/2021	Morgan Stanley & Co. International PLC		EUR		1,086,484	USD		1,304,631		(2,725	)
06/16/2021	Morgan Stanley & Co. International PLC		GBP		5,786,000	USD		7,980,051		(11,509	)
06/16/2021	Morgan Stanley & Co. International PLC		MXN		1,114,836,154	USD		53,116,907		(1,657,078	)
06/16/2021	Morgan Stanley & Co. International PLC		RUB		1,000,451,400	USD		13,000,000		(235,144	)
06/16/2021	Morgan Stanley & Co. International PLC		SEK		225,477,767	USD		26,500,000		(145,191	)
06/16/2021	Morgan Stanley & Co. International PLC		USD		17,570,000	CLP		12,448,345,000		(59,593	)
06/16/2021	Morgan Stanley & Co. International PLC		USD		7,090,909	COP		25,630,090,580		(276,878	)
06/16/2021	Morgan Stanley & Co. International PLC		USD		7,482,279	JPY		810,479,971		(64,068	)
06/16/2021	Morgan Stanley & Co. International PLC		USD		13,886,000	MXN		276,914,612		(280,667	)
06/16/2021	Morgan Stanley & Co. International PLC		USD		4,752,506	RUB		355,905,684		(44,169	)
08/26/2021	Morgan Stanley & Co. International PLC		EUR		19,210,000	USD		22,975,160		(174,588	)
08/26/2021	Morgan Stanley & Co. International PLC		USD		22,980,000	BRL		124,161,170		(364,265	)
06/16/2021	Royal Bank of Canada		EUR		172,624,652	USD		207,027,034		(690,616	)
06/16/2021	Royal Bank of Canada		USD		13,579,047	GBP		9,710,000		(167,700	)
06/16/2021	Royal Bank of Scotland PLC		EUR		2,410,000	USD		2,893,639		(6,292	)
06/16/2021	Standard Chartered Bank PLC		INR		1,096,518,400	USD		14,600,000		(87,600	)
11/10/2021	Standard Chartered Bank PLC		CNY		197,918,880	USD		29,140,000		(983,621	)
Subtotal–Depreciation										(43,674,366	)
Total Forward Foreign Currency Contracts									$	(8,558,257	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

30 Invesco Global Strategic Income Fund

Open Centrally Cleared Credit Default Swap Agreements
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread(a)			Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Credit Risk
Markit iTraxx Europe Senior Financials Index, Series 34, Version 1		Sell		1.00	%		Quarterly		12/20/2025		0.517	%		EUR	18,500,000	$	411,863		$	500,281			$   88,418
Assicurazioni Generali S.p.A.		Sell		1.00			Quarterly		06/20/2026		0.549			EUR	13,140,000		353,008			365,508			12,500
South Africa Republic International Bonds		Sell		1.00			Quarterly		06/20/2026		2.154			USD	4,440,000		(273,840	)		(248,467	)		25,373
Subtotal - Appreciation																	491,031			617,322			126,291
Credit Risk
Host Hotels & Resorts, L.P.		Buy		(1.00	)		Quarterly		12/20/2023		0.642			USD	9,337,000		26,460			(87,581	)		(114,041	)
Intesa Sanpaolo S.p.A.		Buy		(1.00	)		Quarterly		06/20/2026		0.671			EUR	10,950,000		(201,895	)		(223,680	)		(21,785	)
Indonesia Government International Bonds		Buy		(1.00	)		Quarterly		06/20/2026		0.775			USD	13,325,000		(94,827	)		(151,852	)		(57,025	)
Markit iTraxx Europe Sub Financials, Series 35, Version 1		Buy		(1.00	)		Quarterly		06/20/2026		1.077			EUR	23,125,000		185,259			109,957			(75,302	)
Markit iTraxx Europe Index, Series 35, Version 1		Buy		(1.00	)		Quarterly		06/20/2026		0.500			EUR	22,200,000		(616,407	)		(687,427	)		(71,020	)
South Africa Republic International Bonds		Buy		(1.00	)		Quarterly		06/20/2023		1.045			USD	16,900,000		72,120			18,743			(53,377	)
Markit CDX North America High Yield Index, Series 36, Version 1		Buy		(5.00	)		Quarterly		06/20/2026		2.873			USD	109,500,000		(10,412,846	)		(10,804,365	)		(391,519	)
Subtotal - Depreciation																	(11,042,136	)		(11,826,205	)		(784,069	)
Total Centrally Cleared Credit Default Swap Agreements																$	(10,551,105	)	$	(11,208,883	)		$(657,778	)

^(a)  Implied credit spreads represent the current level, as of April 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Centrally Cleared Interest Rate Swap Agreements

Pay/ Receive Floating Rate

Floating Rate Index

Payment Frequency

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Interest Rate Risk

Pay

3 Month CZKPRIBR

Quarterly

0.61

%

Annually

01/20/2022

CZK

4,641,000,000

$

–

$

1,215

$

1,215

Pay

3 Month WIBOR

Quarterly

0.89

Annually

05/05/2023

PLN

273,890,000

–

11,807

11,807

Pay

FBIL Overnight MIBOR

At Maturity

4.62

At Maturity

04/25/2023

INR

8,030,000,000

–

13,352

13,352

Receive

6 Month BUBOR

Semi-Annually

(2.46

)

Annually

04/26/2031

HUF

2,445,500,000

–

66,695

66,695

Pay

28 Day MXN TIIE

28 Day

5.58

28 Day

04/03/2023

MXN

1,570,000,000

–

87,256

87,256

Pay

6 Month AUD BBSW

Semi-Annually

1.23

Semi- Annually

02/27/2026

AUD

153,300,000

–

87,389

87,389

Receive

3 Month JIBAR

Quarterly

(7.15

)

Quarterly

02/24/2031

ZAR

51,150,000

333

101,250

100,917

Receive

6 Month BUBOR

Semi-Annually

(2.41

)

Annually

04/23/2031

HUF

2,455,000,000

–

103,190

103,190

Receive

6 Month FBIL Overnight MIBOR

Semi-Annually

(5.05

)

Semi- Annually

04/23/2026

INR

1,703,000,000

–

114,915

114,915

Pay

28 Day MXN TIIE

28 Day

5.74

28 Day

03/24/2023

MXN

803,000,000

–

115,212

115,212

Pay

BZDIOVRA

At Maturity

6.63

At Maturity

01/02/2025

BRL

27,736,204

–

125,162

125,162

Receive

3 Month CZKPRIBR

Quarterly

(1.28

)

Annually

10/20/2022

CZK

4,666,500,000

–

128,177

128,177

Pay

IN00O/N

At Maturity

4.69

At Maturity

04/08/2023

INR

5,840,000,000

–

129,112

129,112

Receive

6 Month IN00O/N

Semi-Annually

(5.08

)

Semi- Annually

04/16/2026

INR

3,140,000,000

–

139,162

139,162

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

31 Invesco Global Strategic Income Fund

Open Centrally Cleared Interest Rate Swap Agreements–(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Pay	6 Month AUD BBSW	Semi- Annually		1.71	%		Semi- Annually		03/22/2026		AUD	60,590,000	$	–	$	150,254		$	150,254
Pay	3 Month CDOR	Annually		1.49			Annually		02/27/2024		CAD	405,515,000		–		154,750			154,750
Pay	BZDIOVRA	At Maturity		6.53			At Maturity		01/02/2024		BRL	34,406,328		–		266,791			266,791
Receive	3 Month JIBAR	Quarterly		(6.75	)		Quarterly		02/15/2031		ZAR	68,625,000		–		267,963			267,963
Receive	6 Month CLICP	Semi- Annually		(2.35	)		Semi- Annually		03/11/2026		CLP	22,500,000,000		–		306,865			306,865
Pay	6 Month AUD BBSW	Semi- Annually		1.36			Semi- Annually		03/31/2026		AUD	162,790,000		–		356,275			356,275
Receive	28 Day MXN TIIE	28 Day		(7.07	)		28 Day		12/12/2029		MXN	321,750,000		–		384,534			384,534
Pay	3 Month COOVIBR	Quarterly		5.56			Quarterly		08/26/2026		COP	29,197,000,000		–		403,903			403,903
Pay	6 Month AUD BBSW	Semi- Annually		1.52			Semi- Annually		03/08/2026		AUD	60,103,000		–		405,793			405,793
Receive	3 Month USD LIBOR	Semi- Annually		(2.26	)		Quarterly		04/23/2031		USD	91,250,000		–		446,357			446,357
Pay	6 Month AUD BBSW	Semi- Annually		1.40			Semi- Annually		03/06/2026		AUD	143,769,000		–		590,018			590,018
Receive	3 Month JIBAR	Quarterly		(6.70	)		Quarterly		01/29/2031		ZAR	145,000,000		–		591,566			591,566
Receive	3 Month JIBAR	Quarterly		(6.70	)		Quarterly		01/27/2031		ZAR	148,000,000		–		602,757			602,757
Pay	BZDIOVRA	At Maturity		8.27			At Maturity		01/02/2025		BRL	119,056,885		–		609,919			609,919
Receive	3 Month JIBAR	Quarterly		(6.63	)		Quarterly		02/11/2031		ZAR	136,500,000		–		610,700			610,700
Receive	28 Day MXN TIIE	28 Day		(5.62	)		28 Day		01/29/2031		MXN	187,500,000		–		872,908			872,908
Receive	28 Day MXN TIIE	28 Day		(5.63	)		28 Day		05/29/2031		MXN	187,500,000		–		910,450			910,450
Receive	28 Day MXN TIIE	28 Day		(5.50	)		28 Day		11/29/2030		MXN	186,650,000		–		926,011			926,011
Pay	IN00O/N	At Maturity		4.62			At Maturity		04/29/2023		INR	8,730,000,000		–		988,384			988,384
Receive	3 Month USD LIBOR	Semi- Annually		(2.29	)		Quarterly		04/23/2031		USD	271,930,000		–		1,040,037			1,040,037
Receive	3 Month USD LIBOR	Semi- Annually		(2.22	)		Quarterly		04/20/2031		USD	158,775,000		–		1,097,756			1,097,756
Pay	1 Month BZDIOVRA	At Maturity		8.68			At Maturity		01/04/2027		BRL	56,292,938		–		1,479,807			1,479,807
Pay	1 Month BZDIOVRA	At Maturity		8.42			At Maturity		01/02/2025		BRL	60,391,035		–		1,512,546			1,512,546
Receive	28 Day MXN TIIE	28 Day		(5.53	)		28 Day		05/29/2031		MXN	326,250,000		–		1,716,423			1,716,423
Subtotal – Appreciation														333		17,916,661			17,916,328
Interest Rate Risk
Pay	3 Month CDOR	Semi- Annually		1.14			Semi- Annually		02/24/2024		CAD	1,091,350,000		–		(2,599,831	)		(2,599,831	)
Pay	28 Day MXN TIIE	28 Day		4.81			28 Day		07/23/2025		MXN	982,000,000		–		(1,940,933	)		(1,940,933	)
Pay	3 Month CDOR	Semi- Annually		0.98			Semi- Annually		02/16/2024		CAD	465,375,000		–		(1,639,370	)		(1,639,370	)
Pay	3 Month CDOR	Semi- Annually		1.04			Semi- Annually		02/18/2024		CAD	465,375,000		–		(1,447,374	)		(1,447,374	)
Pay	3 Month CDOR	Semi- Annually		1.06			Semi- Annually		02/19/2024		CAD	465,375,000		–		(1,376,517	)		(1,376,517	)
Pay	3 Month CDOR	Semi- Annually		1.09			Semi- Annually		02/22/2024		CAD	323,850,000		–		(885,597	)		(885,597	)
Pay	BZDIOVRA	At Maturity		6.61			At Maturity		01/02/2023		BRL	717,750,992		–		(785,518	)		(785,518	)
Pay	BZDIOVRA	At Maturity		5.10			At Maturity		01/02/2024		BRL	123,546,629		–		(741,547	)		(741,547	)
Pay	BZDIOVRA	At Maturity		7.26			At Maturity		01/02/2029		BRL	50,267,476		–		(609,846	)		(609,846	)
Pay	3 Month JIBAR	Quarterly		7.48			Quarterly		02/15/2036		ZAR	108,925,000		–		(548,786	)		(548,786	)
Pay	28 Day MXN TIIE	28 Day		4.67			28 Day		07/02/2024		MXN	429,450,000		–		(542,006	)		(542,006	)
Pay	28 Day MXN TIIE	28 Day		4.80			28 Day		07/23/2025		MXN	223,500,000		–		(445,140	)		(445,140	)
Pay	3 Month CNRR007	Quarterly		1.99			Quarterly		06/15/2022		CNY	525,000,000		–		(419,740	)		(419,740	)
Pay	3 Month CNRR007	Quarterly		2.23			Quarterly		07/07/2022		CNY	681,820,000		–		(284,904	)		(284,904	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

32 Invesco Global Strategic Income Fund

Open Centrally Cleared Interest Rate Swap Agreements–(continued)

Pay/ Receive Floating Rate

Floating Rate Index

Payment Frequency

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Pay

3 Month COOVIBR

Quarterly

2.53

%

Quarterly

12/23/2023

COP

48,460,000,000

$

–

$

(264,519)

$

(264,519)

Pay

28 Day MXN TIIE

28 Day

6.91

28 Day

12/16/2026

MXN

741,375,000

–

(251,947)

(251,947)

Pay

BZDIOVRA

At Maturity

5.75

At Maturity

01/02/2025

BRL

39,321,559

–

(213,438)

(213,438)

Pay

BZDIOVRA

At Maturity

6.03

At Maturity

01/02/2025

BRL

69,882,169

–

(151,257)

(151,257)

Pay

3 Month USD LIBOR

Semi- Annually

0.90

Quarterly

03/09/2026

USD

242,360,000

–

(141,320)

(141,320)

Pay

3 Month CDOR

Semi- Annually

1.41

Semi- Annually

02/27/2024

CAD

405,515,000

–

(105,269)

(105,269)

Receive

6 Month IN00O/N

Semi- Annually

(5.26)

Semi- Annually

03/18/2026

INR

1,141,250,000

–

(102,959)

(102,959)

Pay

BZDIOVRA

At Maturity

7.12

At Maturity

01/02/2025

BRL

57,988,470

–

(102,765)

(102,765)

Pay

3 Month KWKDC

Quarterly

1.19

Quarterly

03/14/2023

KRW

343,100,000,000

–

(90,008)

(90,008)

Pay

3 Month CNRR007

Quarterly

2.40

Quarterly

07/13/2022

CNY

675,000,000

–

(84,326)

(84,326)

Pay

3 Month CNRR007

Quarterly

2.13

Quarterly

06/29/2022

CNY

135,000,000

–

(80,075)

(80,075)

Pay

28 Day MXN TIIE

28 Day

5.41

28 Day

04/27/2023

MXN

1,518,000,000

–

(71,039)

(71,039)

Receive

6 Month IN00O/N

Semi- Annually

(5.26)

Semi- Annually

03/17/2026

INR

687,500,000

–

(65,784)

(65,784)

Pay

28 Day MXN TIIE

28 Day

5.39

28 Day

04/11/2023

MXN

1,533,000,000

–

(63,400)

(63,400)

Pay

BZDIOVRA

At Maturity

7.28

At Maturity

01/02/2025

BRL

57,899,421

–

(40,927)

(40,927)

Pay

6 Month BUBOR

Semi- Annually

1.30

Annually

04/23/2023

HUF

11,240,000,000

–

(34,785)

(34,785)

Pay

28 Day MXN TIIE

28 Day

5.40

28 Day

04/05/2023

MXN

1,167,500,000

–

(32,672)

(32,672)

Pay

6 Month BUBOR

Semi- Annually

1.32

Annually

04/26/2023

HUF

11,315,000,000

–

(21,078)

(21,078)

Receive

6 Month WIBOR

Annually

(1.45)

Semi- Annually

05/05/2026

PLN

55,700,000

–

(12,855)

(12,855)

Pay

3 Month WIBOR

Quarterly

0.85

Annually

05/04/2023

PLN

273,600,000

–

(12,031)

(12,031)

Pay

28 Day MXN TIIE

28 Day

5.44

28 Day

04/05/2023

MXN

1,167,500,000

–

(10,919)

(10,919)

Pay

28 Day MXN TIIE

28 Day

5.02

28 Day

04/03/2023

MXN

766,500,000

–

(1,633)

(1,633)

Receive

6 Month WIBOR

Annually

(1.44)

Semi- Annually

05/04/2026

PLN

56,160,000

–

(144)

(144)

Subtotal – Depreciation

–

(16,222,259)

(16,222,259)

Total Centrally Cleared Interest Rate Swap Agreements

$

333

$

1,694,402

$

1,694,069

Open Over-The-Counter Credit Default Swap Agreements(a)
Counterparty	Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread(b)			Notional Value			Upfront Payments Paid (Received)			Value		Unrealized Appreciation (Depreciation)
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.		Sell		1.00	%		Quarterly		12/20/2024		0.412	%		EUR	7,500,000	$	108,382		$	195,675	$	87,293
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9		Sell		5.00			Quarterly		12/20/2022		0.321			EUR	10,000,000		782,790			939,190		156,400
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9		Sell		5.00			Quarterly		12/20/2022		0.321			EUR	35,000,000		2,774,149			3,287,165		513,016
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Index, Series 32, Version 1		Sell		5.00			Quarterly		12/20/2021		4.404			EUR	7,500,000		(98,593	)		34,529		133,122
J.P. Morgan Chase Bank, N.A.	Deutsche Bank AG		Sell		1.00			Quarterly		12/20/2025		0.471			EUR	14,800,000		306,954			441,428		134,474
J.P. Morgan Chase Bank, N.A.	Markit CDX North America High Yield Index, Series 35, Version 1		Sell		5.00			Quarterly		12/20/2025		2.674			USD	14,600,000		2,320,929			2,327,214		6,285
Subtotal–Appreciation																		6,194,611			7,225,201		1,030,590

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

33 Invesco Global Strategic Income Fund

Open Over-The-Counter Credit Default Swap Agreements(a) –(continued)
Counterparty	Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread(b)			Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.		Buy		(1.00	)%		Quarterly		12/20/2024		0.797	%		EUR	3,750,000	$	35,203	$	(33,600	)	$	(68,803	)
J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)		Buy		(1.00	)		Quarterly		12/20/2021		0.205			EUR	7,500,000		29,079		(46,685	)		(75,764	)
J.P. Morgan Chase Bank, N.A.	Deutsche Bank AG		Buy		(1.00	)		Quarterly		12/20/2025		1.491			EUR	3,700,000		274,188		100,706			(173,482	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 1		Sell		5.00			Quarterly		12/20/2028		0.321			EUR	10,000,000		68,228		67,626			(602	)
Subtotal–Depreciation																		406,698		88,047			(318,651	)
Total Open Over-The-Counter Credit Default Swap Agreements																	$	6,601,309	$	7,313,248		$	711,939

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $5,339,027.

^(b)  Implied credit spreads represent the current level, as of April 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Over-The-Counter Interest Rate Swap Agreements(a)
Counterparty	Pay/ Receive Floating Rate	Floating Rate Index		Payment Frequency		(Pay)/ Received Fixed Rate			Payment Frequency		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Bank of America, N.A.	Pay		FBIL Overnight MIBOR		Semi- Annually		6.33	%		Semi- Annually		01/31/2022	INR	590,000,000		$–	$	215,318		$	215,318
Interest Rate Risk
Goldman Sachs International	Pay		3 Month RUBMOS		Quarterly		6.77			Annually		01/14/2030	RUB	595,000,000		–		(280,214	)		(280,214	)
Goldman Sachs International	Pay		3 Month RUBMOS		Quarterly		6.98			Annually		03/25/2026	RUB	2,000,000,000		–		(171,724	)		(171,724	)
Subtotal–Depreciation																–		(451,938	)		(451,938	)
Total Over-The-Counter Interest Rate Swap Agreements																$–	$	(236,620	)	$	(236,620	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $ 5,339,027.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

34 Invesco Global Strategic Income Fund

Abbreviations:
AUD	–Australian Dollar
BBSW	–Bank Bill Swap Rate
BRL	–Brazilian Real
BUBOR	–Budapest Interbank Offered Rate
CAD	–Canadian Dollar
CDOR	–Canadian Dealer Offered Rate
CHF	–Swiss Franc
CLP	–Chile Peso
CNH	–Chinese Renminbi
IN00O/N	–FBIL Overnight MIBOR
CNRR007	–China 7-Day Reverse Repo Rate
CNY	–Chinese Yuan Renminbi
COP	–Colombia Peso
CZK	–Czech Koruna
CZKPRIBR	–Prague Interbank Offered Rate
EUR	–Euro
FBIL	–Financial Benchmarks India Private Ltd.
GBP	–British Pound Sterling
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
JPY	–Japanese Yen
KRW	–South Korean Won
LIBOR	–London Interbank Offered Rate
MIBOR	–Mumbai Interbank Offered Rate
MXN	–Mexican Peso
NOK	–Norwegian Krone
PLN	–Polish Zloty
RUB	–Russian Ruble
SEK	–Swedish Krona
SGD	–Singapore Dollar
THB	–Thai Baht
TIIE	–Interbank Equilibrium Interest Rate
TRY	–Turkish Lira
TWD	–New Taiwan Dollar
USD	–U.S. Dollar
WIBOR	–Warsaw Interbank Offered Rate
ZAR	–South African Rand

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2021

U.S. Dollar Denominated Bonds & Notes	36.16%
Non-U.S. Dollar Denominated Bonds & Notes	29.78
Asset-Backed Securities	8.11
U.S. Government Sponsored Agency Mortgage-Backed Securities	4.34
Affiliated Issuers	2.80
Variable Rate Senior Loan Interests	1.90
Agency Credit Risk Transfer Notes	1.24
Preferred Stocks	1.18
Security Types Each Less Than 1% of Portfolio	0.02
Money Market Funds Plus Other Assets Less Liabilities	14.47

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

35 Invesco Global Strategic Income Fund

Consolidated Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $2,219,926,578)	$	2,192,455,154
Investments in affiliates, at value (Cost $387,465,286)		387,022,863
Other investments:
Variation margin receivable — futures contracts		320,289
Variation margin receivable—centrally cleared swap agreements		1,515,396
Swaps receivable — OTC		172,087
Unrealized appreciation on swap agreements — OTC		1,245,908
Premiums paid on swap agreements — OTC		6,601,309
Unrealized appreciation on forward foreign currency contracts outstanding		35,116,109
Deposits with brokers:
Cash collateral — exchange-traded futures contracts		11,654,861
Cash collateral — centrally cleared swap agreements		54,459,093
Cash collateral — OTC Derivatives		5,339,027
Cash		89,850,104
Foreign currencies, at value (Cost $9,074,957)		9,010,472
Receivable for:
Investments sold		67,075,773
Fund shares sold		566,798
Dividends		11,110
Interest		22,781,581
Investments matured, at value (Cost $1,963)		0
Investment for trustee deferred compensation and retirement plans		589,906
Other assets		916,390
Total assets		2,886,704,230
Liabilities:
Other investments:
Options written, at value (premiums received $42,153,552)		29,885,194
Unrealized depreciation on forward foreign currency contracts outstanding		43,674,366
Swaps payable — OTC		117,505
Unrealized depreciation on swap agreements—OTC		770,589
Payable for:
Investments purchased		212,374,683
Dividends		1,075,580
Fund shares reacquired		2,647,358
Accrued foreign taxes		332,560
Accrued fees to affiliates		1,283,035
Accrued trustees’ and officers’ fees and benefits		424
Accrued other operating expenses		1,103,251
Trustee deferred compensation and retirement plans		589,906
Unfunded loan commitments		145,120
Total liabilities		293,999,571
Net assets applicable to shares outstanding	$	2,592,704,659

Net assets consist of:
Shares of beneficial interest	$	3,435,242,310
Distributable earnings (loss)		(842,537,651	)
	$	2,592,704,659
Net Assets:
Class A	$	2,209,874,748
Class C	$	93,474,672
Class R	$	76,134,006
Class Y	$	188,650,954
Class R5	$	10,028
Class R6	$	24,560,251
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		597,779,060
Class C		25,363,384
Class R		20,579,867
Class Y		51,108,899
Class R5		2,710
Class R6		6,677,628
Class A:
Net asset value per share	$	3.70
Maximum offering price per share (Net asset value of $3.70 ÷ 95.75%)	$	3.86
Class C:
Net asset value and offering price per share	$	3.69
Class R:
Net asset value and offering price per share	$	3.70
Class Y:
Net asset value and offering price per share	$	3.69
Class R5:
Net asset value and offering price per share	$	3.70
Class R6:
Net asset value and offering price per share	$	3.68

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

36 Invesco Global Strategic Income Fund

Consolidated Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $1,009,267)	$	45,711,242
Dividends from affiliates		535,295
Total investment income		46,246,537
Expenses:
Advisory fees		7,433,130
Administrative services fees		192,861
Custodian fees		140,261
Distribution fees:
Class A		2,680,021
Class C		593,278
Class R		198,481
Transfer agent fees — A, C, R and Y		2,296,302
Transfer agent fees — R5		2
Transfer agent fees — R6		4,997
Trustees’ and officers’ fees and benefits		23,904
Registration and filing fees		44,628
Reports to shareholders		136,371
Professional services fees		59,107
Other		26,693
Total expenses		13,830,036
Less: Fees waived and/or expense offset arrangement(s)		(151,247	)
Net expenses		13,678,789
Net investment income		32,567,748
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $474,113)		26,897,158
Affiliated investment securities		1,316,357
Foreign currencies		381,725
Forward foreign currency contracts		(14,788,193	)
Futures contracts		52,376,634
Option contracts written		32,979,952
Swap agreements		(61,001,779	)
		38,161,854
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $559,273)		45,608,956
Affiliated investment securities		(2,135,346	)
Foreign currencies		(1,456,175	)
Forward foreign currency contracts		(22,521,187	)
Futures contracts		7,261,582
Option contracts written		16,375,407
Swap agreements		4,668,827
		47,802,064
Net realized and unrealized gain		85,963,918
Net increase in net assets resulting from operations	$	118,531,666

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

37 Invesco Global Strategic Income Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income		$     32,567,748			$     79,705,355
Net realized gain (loss)		38,161,854			(140,323,908	)
Change in net unrealized appreciation (depreciation)		47,802,064			(12,314,057	)
Net increase (decrease) in net assets resulting from operations		118,531,666			(72,932,610	)
Distributions to shareholders from distributable earnings:
Class A		(27,216,535	)		(32,840,824	)
Class C		(973,315	)		(2,533,763	)
Class R		(852,514	)		(1,182,445	)
Class Y		(2,645,578	)		(4,013,668	)
Class R5		(139	)		(134	)
Class R6		(328,305	)		(325,758	)
Total distributions from distributable earnings		(32,016,386	)		(40,896,592	)
Return of capital:
Class A		–			(42,081,663	)
Class C		–			(1,895,583	)
Class R		–			(1,311,576	)
Class Y		–			(5,925,941	)
Class R5		–			(208	)
Class R6		–			(520,291	)
Total return of capital		–			(51,735,262	)
Total distributions		(32,016,386	)		(92,631,854	)
Share transactions–net:
Class A		(97,472,816	)		(306,195,365	)
Class C		(67,141,971	)		(54,967,634	)
Class R		(5,548,356	)		(15,853,398	)
Class Y		(19,642,384	)		(111,534,682	)
Class R6		3,064,405			(14,544,657	)
Net increase (decrease) in net assets resulting from share transactions		(186,741,122	)		(503,095,736	)
Net increase (decrease) in net assets		(100,225,842	)		(668,660,200	)
Net assets:
Beginning of period		2,692,930,501			3,361,590,701
End of period		$2,592,704,659			$2,692,930,501

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38 Invesco Global Strategic Income Fund

Consolidated Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of capital			Total distributions			Net asset value, end of period		Total return			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(b)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)(d)
Class A
Six months ended 04/30/21		$3.58		$0.05		$0.11			$0.16			$(0.04	)		$      –			$(0.04	)		$3.70		4.59	%(e)		$2,209,875		1.00	%(e)(f)		1.01	%(e)(f)		2.44	%(e)(f)		140	%
Year ended 10/31/20		3.75		0.10		(0.16	)		(0.06	)		(0.05	)		(0.06	)		(0.11	)		3.58		(1.47	)(e)		2,236,548		0.98	(e)		0.99	(e)		2.70	(e)		273
One month ended 10/31/19		3.72		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.75		(1.11	)		2,669,175		0.96	(g)		1.00	(g)		3.80	(g)		25
Year ended 09/30/19		3.73		0.19		(0.01	)		0.18			(0.13	)		(0.06	)		(0.19	)		3.72		5.08			2,671,046		0.95			1.00			5.25			114
Year ended 09/30/18		3.96		0.18		(0.23	)		(0.05	)		(0.18	)		–			(0.18	)		3.73		(1.49	)		2,699,688		1.00			1.07			4.79			67
Year ended 09/30/17		3.95		0.16		0.01			0.17			(0.11	)		(0.05	)		(0.16	)		3.96		4.45			3,124,887		1.01			1.08			4.13			69
Year ended 09/30/16		3.87		0.15		0.08			0.23			(0.14	)		(0.01	)		(0.15	)		3.95		6.07			3,607,387		1.02			1.06			3.87			78
Class C
Six months ended 04/30/21		3.57		0.03		0.12			0.15			(0.03	)		–			(0.03	)		3.69		4.21			93,475		1.76	(f)		1.77	(f)		1.68	(f)		140
Year ended 10/31/20		3.74		0.07		(0.16	)		(0.09	)		(0.03	)		(0.05	)		(0.08	)		3.57		(2.23	)		154,642		1.74			1.75			1.94			273
One month ended 10/31/19		3.71		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.74		1.04			220,077		1.72	(g)		1.76	(g)		3.03	(g)		25
Year ended 09/30/19		3.72		0.17		(0.02	)		0.15			(0.11	)		(0.05	)		(0.16	)		3.71		4.28			224,035		1.71			1.76			4.49			114
Year ended 09/30/18		3.95		0.16		(0.24	)		(0.08	)		(0.15	)		–			(0.15	)		3.72		(2.26	)		540,465		1.76			1.83			4.03			67
Year ended 09/30/17		3.94		0.13		0.01			0.14			(0.09	)		(0.04	)		(0.13	)		3.95		3.67			696,936		1.77			1.84			3.37			69
Year ended 09/30/16		3.87		0.12		0.07			0.19			(0.11	)		(0.01	)		(0.12	)		3.94		5.01			850,319		1.77			1.81			3.12			78
Class R
Six months ended 04/30/21		3.59		0.04		0.11			0.15			(0.04	)		–			(0.04	)		3.70		4.17			76,134		1.26	(f)		1.27	(f)		2.18	(f)		140
Year ended 10/31/20		3.75		0.09		(0.15	)		(0.06	)		(0.04	)		(0.06	)		(0.10	)		3.59		(1.45	)		79,116		1.24			1.25			2.44			273
One month ended 10/31/19		3.72		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.75		1.09			99,920		1.22	(g)		1.26	(g)		3.53	(g)		25
Year ended 09/30/19		3.73		0.18		(0.01	)		0.17			(0.12	)		(0.06	)		(0.18	)		3.72		4.81			100,112		1.21			1.26			4.99			114
Year ended 09/30/18		3.96		0.17		(0.23	)		(0.06	)		(0.17	)		–			(0.17	)		3.73		(1.75	)		111,816		1.26			1.33			4.53			67
Year ended 09/30/17		3.95		0.15		0.01			0.16			(0.10	)		(0.05	)		(0.15	)		3.96		4.19			123,825		1.27			1.34			3.87			69
Year ended 09/30/16		3.88		0.14		0.07			0.21			(0.13	)		(0.01	)		(0.14	)		3.95		5.53			149,098		1.27			1.31			3.61			78
Class Y
Six months ended 04/30/21		3.58		0.05		0.11			0.16			(0.05	)		–			(0.05	)		3.69		4.43			188,651		0.76	(f)		0.77	(f)		2.68	(f)		140
Year ended 10/31/20		3.75		0.11		(0.16	)		(0.05	)		(0.05	)		(0.07	)		(0.12	)		3.58		(1.24	)		201,675		0.74			0.75			2.94			273
One month ended 10/31/19		3.71		0.01		0.04			0.05			(0.00	)		(0.01	)		(0.01	)		3.75		1.40			335,775		0.72	(g)		0.77	(g)		4.03	(g)		25
Year ended 09/30/19		3.73		0.20		(0.02	)		0.18			(0.13	)		(0.07	)		(0.20	)		3.71		5.05			329,963		0.72			0.77			5.49			114
Year ended 09/30/18		3.96		0.19		(0.23	)		(0.04	)		(0.19	)		–			(0.19	)		3.73		(1.26	)		371,434		0.76			0.83			5.03			67
Year ended 09/30/17		3.95		0.17		0.01			0.18			(0.11	)		(0.06	)		(0.17	)		3.96		4.70			494,017		0.77			0.84			4.43			69
Year ended 09/30/16		3.87		0.16		0.08			0.24			(0.15	)		(0.01	)		(0.16	)		3.95		6.33			369,088		0.77			0.81			4.11			78
Class R5
Six months ended 04/30/21		3.59		0.05		0.11			0.16			(0.05	)		–			(0.05	)		3.70		4.49			10		0.63	(f)		0.64	(f)		2.81	(f)		140
Year ended 10/31/20		3.75		0.11		(0.14	)		(0.03	)		(0.06	)		(0.07	)		(0.13	)		3.59		(0.81	)		10		0.64			0.64			3.04			273
One month ended 10/31/19		3.72		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.75		1.14			10		0.70	(g)		0.72	(g)		4.05	(g)		25
Period ended 09/30/19(h)		3.69		0.07		0.02			0.09			(0.04	)		(0.02	)		(0.06	)		3.72		2.40			10		0.63	(g)		0.68	(g)		5.58	(g)		114
Class R6
Six months ended 04/30/21		3.57		0.05		0.11			0.16			(0.05	)		–			(0.05	)		3.68		4.51			24,560		0.63	(f)		0.64	(f)		2.81	(f)		140
Year ended 10/31/20		3.73		0.11		(0.15	)		(0.04	)		(0.05	)		(0.07	)		(0.12	)		3.57		(0.86	)		20,939		0.63			0.63			3.05			273
One month ended 10/31/19		3.70		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.73		1.14			36,634		0.57	(g)		0.62	(g)		4.18	(g)		25
Year ended 09/30/19		3.71		0.21		(0.01	)		0.20			(0.14	)		(0.07	)		(0.21	)		3.70		5.49			36,479		0.57			0.62			5.63			114
Year ended 09/30/18		3.94		0.20		(0.23	)		(0.03	)		(0.20	)		–			(0.20	)		3.71		(1.15	)		41,461		0.61			0.68			5.18			67
Year ended 09/30/17		3.93		0.18		0.01			0.19			(0.12	)		(0.06	)		(0.18	)		3.94		4.89			47,348		0.59			0.65			4.57			69
Year ended 09/30/16		3.86		0.16		0.07			0.23			(0.15	)		(0.01	)		(0.16	)		3.93		6.27			45,840		0.58			0.62			4.30			78

^(a) Calculated using average shares outstanding.

^(b) Does not include indirect expenses from affiliated fund fees and expenses of 0.04%, 0.04%, 0.01%, 0.01% and 0.01% for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018, 2017 and 2016, respectively.

^(c)  The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $$364,949,527 and $405,130,315, $5,760,311,794 and $5,754,174,138, $6,366,360,171 and $6,415,700,475, $5,559,676,349 and $5,415,035,851 and $4,468,857,111 and $4,304,402,600 for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018, 2017 and 2016, respectively.

^(d) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e) The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2021 and the year ended October 31, 2020.

^(f) Ratios are annualized and based on average daily net assets (000’s omitted) of $2,281,888, $119,639, $80,050, $202,264, $10 and $23,824 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g) Annualized.

^(h) Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

39 Invesco Global Strategic Income Fund

Notes to Consolidated Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Global Strategic Income Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company 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 the Fund or each class.

    The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Invesco 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 five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

    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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. 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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

40 Invesco Global Strategic Income Fund

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates –The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

J. Treasury Inflation-Protected Securities – The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

K. 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

41 Invesco Global Strategic Income Fund

(i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

L. 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.

M. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

N. Futures Contracts – The Fund may enter into futures contracts to equitize the Fund’s cash holdings or to manage exposure to interest rate, equity, commodity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

O. Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

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.

42 Invesco Global Strategic Income Fund

P. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of 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.

Q. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income generated and capital gains, if any. The unrealized appreciation (depreciation) on total return swaps includes dividends on the underlying securities and financing rate payable from the Counterparty. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain

43 Invesco Global Strategic Income Fund

(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. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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. These transactions increase the Fund’s portfolio turnover rate. 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 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. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

T. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

U. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government.

V. 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.

W. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
Up to $200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $200 million		0.600%
Next $4 billion		0.500%
Next $5 billion		0.480%
Over $10 billion		0.460%

    Prior to May 7, 2021, the Fund accrued daily and paid monthly an advisory fee to the Adviser less the amount paid by the Subsidiary to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

    For the six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.55%.

44 Invesco Global Strategic Income Fund

    The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

    The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.04%, 1.79%, 1.29%, 0.79%, 0.70% and 0.65%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $144,078.

    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 six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $50,850 in front-end sales commissions from the sale of Class A shares and $294 and $2,724 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

.

45 Invesco Global Strategic Income Fund

    The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–		$	937,581,666		$	0	$	937,581,666
Non-U.S. Dollar Denominated Bonds & Notes		–			772,022,171			149,170		772,171,341
Asset-Backed Securities		–			210,164,587			–		210,164,587
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			112,444,633			–		112,444,633
Affiliated Issuers		72,658,623			–			–		72,658,623
Variable Rate Senior Loan Interests		–			47,993,904			1,368,063		49,361,967
Agency Credit Risk Transfer Notes		–			32,041,760			–		32,041,760
Preferred Stocks		–			30,563,506			–		30,563,506
Common Stocks & Other Equity Interests		194,647			206,535			52,068		453,250
Money Market Funds		314,364,240			–			–		314,364,240
Options Purchased		1,546,020			46,126,424			–		47,672,444
Total Investments in Securities		388,763,530			2,189,145,186			1,569,301		2,579,478,017
Other Investments - Assets*
Investments Matured		–			–			0		–
Futures Contracts		5,101,196			–			–		5,101,196
Forward Foreign Currency Contracts		–			35,116,109			–		35,116,109
Swap Agreements		–			19,288,527			–		19,288,527
		5,101,196			54,404,636			0		59,505,832
Other Investments - Liabilities*
Futures Contracts		(517,115	)		–			–		(517,115	)
Forward Foreign Currency Contracts		–			(43,674,366	)		–		(43,674,366	)
Options Written		(786,240	)		(29,098,954	)		–		(29,885,194	)
Swap Agreements		–			(17,776,917	)		–		(17,776,917	)
		(1,303,355	)		(90,550,237	)		–		(91,853,592	)
Total Other Investments		3,797,841			(36,145,601	)		–		(32,347,760	)
Total Investments	$	392,561,371		$	2,152,999,585		$	1,569,301	$	2,547,130,257

* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured and options written are shown at value.

NOTE 4–Derivative Investments

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

    For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2021:

	Value
Derivative Assets	Credit Risk			Currency Risk		Equity Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange- Traded(a)	$	-		$	-	$	-	$	5,101,196		$	5,101,196
Unrealized appreciation on swap agreements – Centrally Cleared(a)		126,291			-		-		17,916,328			18,042,619
Unrealized appreciation on forward foreign currency contracts outstanding		-			35,116,109		-		-			35,116,109
Unrealized appreciation on swap agreements – OTC		1,030,590			-		-		215,318			1,245,908
Options purchased, at value – OTC(b)		-			22,029,521		1,546,020		24,096,903			47,672,444
Total Derivative Assets		1,156,881			57,145,630		1,546,020		47,329,745			107,178,276
Derivatives not subject to master netting agreements		(126,291	)		-		-		(23,017,524	)		(23,143,815	)
Total Derivative Assets subject to master netting agreements	$	1,030,590		$	57,145,630	$	1,546,020	$	24,312,221		$	84,034,461

^(a)  The daily variation margin receivable at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

^(b)  Options purchased, at value as reported in the Consolidated Schedule of Investments.

46 Invesco Global Strategic Income Fund

	Value
Derivative Liabilities	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange- Traded(a)	$	-		$	-		$	-		$	(517,115	)	$	(517,115	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		(784,069	)		-			-			(16,222,259	)		(17,006,328	)
Unrealized depreciation on forward foreign currency contracts outstanding		-			(43,674,366	)		-			-			(43,674,366	)
Unrealized depreciation on swap agreements – OTC		(318,651	)		-			-			(451,938	)		(770,589	)
Options written, at value – OTC		(1,778,308	)		(14,968,404	)		(786,240	)		(12,352,242	)		(29,885,194	)
Total Derivative Liabilities		(2,881,028	)		(58,642,770	)		(786,240	)		(29,543,554	)		(91,853,592	)
Derivatives not subject to master netting agreements		784,069			-			-			16,739,374			17,523,443
Total Derivative Liabilities subject to master netting agreements	$	(2,096,959	)	$	(58,642,770	)	$	(786,240	)	$	(12,804,180	)	$	(74,330,149	)

^(a)  The daily variation margin receivable at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2021.

																								Collateral
	Financial Derivative Assets								Financial Derivative Liabilities															(Received/Pledged)
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash			Net Amount
Bank of America, N.A.	$	5,460,595	$	5,140,974	$	215,318	$	10,816,887	$	(6,683,488	)	$	(2,574,513	)	$	-		$	(9,258,001	)	$	1,558,886			$-	$	(1,490,000	)	$	68,886
Barclays Bank PLC		73,639		-		-		73,639		(372,800	)		-			-			(372,800	)		(299,161	)		-		299,161			-
Citibank, N.A.		1,550,052		-		87,293		1,637,345		(345,099	)		-			(68,803	)		(413,902	)		1,223,443			-		-			1,223,443
Goldman Sachs International		4,283,884		22,093,042		-		26,376,926		(4,409,456	)		(10,647,012	)		(569,443	)		(15,625,911	)		10,751,015			-		(10,751,015	)		-
J.P. Morgan Chase Bank, N.A.		16,579,270		6,762,548		1,115,384		24,457,202		(25,633,631	)		(4,641,210	)		(249,848	)		(30,524,689	)		(6,067,487	)		-		3,230,000			(2,837,487	)
Morgan Stanley and Co. International PLC		3,969,001		9,240,499		-		13,209,500		(4,294,063	)		(9,330,381	)		-			(13,624,444	)		(414,944	)		-		420,000			5,056
Royal Bank of Canada		1,387,982		-		-		1,387,982		(858,316	)		-			-			(858,316	)		529,666			-		-			529,666
Royal Bank of Scotland PLC		31,684		-		-		31,684		(6,292	)		-			-			(6,292	)		25,392			-		-			25,392
Standard Chartered Bank PLC		1,780,002		2,889,361		-		4,669,363		(1,071,221	)		(1,905,838	)		-			(2,977,059	)		1,692,304			-		(1,692,304	)		-
Total	$	35,116,109	$	46,126,424	$	1,417,995	$	82,660,528	$	(43,674,366	)	$	(29,098,954	)	$	(888,094	)	$	(73,661,414	)	$	8,999,114			$-	$	(9,984,158	)	$	(985,044	)

Effect of Derivative Investments for the six months ended April 30, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Consolidated Statement of Operations
	Credit			Currency			Equity			Interest
	Risk			Risk			Risk			Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	(14,788,193	)	$	-		$	-		$	(14,788,193	)
Futures contracts		-			-			-			52,376,634			52,376,634
Options purchased(a)		-			3,556,798			(469,457	)		15,938,942			19,026,283
Options written		-			18,677,490			141,846			14,160,616			32,979,952
Swap agreements		(2,926,376	)		-			80,995			(58,156,398	)		(61,001,779	)

47 Invesco Global Strategic Income Fund

	Location of Gain (Loss) on
	Consolidated Statement of Operations
	Credit		Currency			Equity			Interest
	Risk		Risk			Risk			Rate Risk			Total
Change in Net Unrealized Appreciation
(Depreciation):
Forward foreign currency contracts	$	-	$	(22,521,187	)	$	-		$	-		$	(22,521,187	)
Futures contracts		-		-			-			7,261,582			7,261,582
Options purchased(a)		-		198,889			(22,185	)		(8,597,736	)		(8,421,032	)
Options written		1,751,773		10,974,636			(765	)		3,649,763			16,375,407
Swap agreements		2,735,078		-			-			1,933,749			4,668,827
Total	$	1,560,475	$	(3,901,567	)	$	(269,566	)	$	28,567,152		$	25,956,494

^(a) Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

    The table below summarizes the average notional value of derivatives held during the period.

									Foreign						Foreign
	Forward				Equity				Currency		Equity				Currency
	Foreign Currency		Futures		Options		Swaptions		Options		Options		Swaptions		Options		Swap
	Contracts		Contracts		Purchased		Purchased		Purchased		Written		Written		Written		Agreements
Average notional value	$	6,054,080,336	$	1,239,016,398	$	102,564,000	$	2,554,402,061	$	2,046,691,626	$	97,650,000	$	1,566,442,924	$	1,984,421,410	$	7,494,472,646
Average Contracts		-		-		252		-		-		252		-		-		-

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $7,169.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8—Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of April 30, 2021. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve.

		Principal
Borrower	Type	Amount		Value
Avianca Holdings S.A.	Term Loan A-1	$	144,017	$	145,120

NOTE 9—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$465,996,317	$389,580,617	$855,576,934

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

48 Invesco Global Strategic Income Fund

NOTE 10—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $3,491,193,593 and $4,138,599,072, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	135,096,039
Aggregate unrealized (depreciation) of investments		(160,045,247	)
Net unrealized appreciation (depreciation) of investments	$	(24,949,208	)

Cost of investments for tax purposes is $2,568,130,002.

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2021(a)						October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		12,669,928		$	47,286,560			29,832,443		$	107,578,242
Class C		1,565,986			5,829,577			4,765,288			17,064,552
Class R		1,422,594			5,313,693			2,784,068			9,976,042
Class Y		4,937,827			18,344,874			39,906,017			140,851,296
Class R6		1,909,645			7,167,734			1,455,833			5,101,504
Issued as reinvestment of dividends:
Class A		5,959,799			22,164,364			17,183,869			60,767,093
Class C		221,586			821,921			1,166,147			4,127,050
Class R		224,929			837,388			685,844			2,429,219
Class Y		519,431			1,930,654			2,452,224			8,694,339
Class R6		78,606			290,631			224,553			799,363
Automatic conversion of Class C shares to Class A shares:
Class A		14,618,613			55,072,085			7,225,200			25,774,220
Class C		(14,658,405	)		(55,072,085	)		(7,245,597	)		(25,774,220	)
Reacquired:
Class A		(59,553,126	)		(221,995,825	)		(142,057,208	)		(500,314,920	)
Class C		(5,036,317	)		(18,721,384	)		(14,281,260	)		(50,385,016	)
Class R		(3,127,367	)		(11,699,437	)		(8,038,707	)		(28,258,659	)
Class Y		(10,705,693	)		(39,917,912	)		(75,626,117	)		(261,080,317	)
Class R6		(1,182,513	)		(4,393,960	)		(5,622,436	)		(20,445,524	)
Net increase (decrease) in share activity		(50,134,477	)	$	(186,741,122	)		(145,189,839	)	$	(503,095,736	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

49 Invesco Global Strategic Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/20)	Ending     Account Value     (04/30/21)1	Expenses     Paid During     Period	Ending     Account Value     (04/30/21)2	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$1,045.90	$5.07	$1,019.84	$5.01	1.00%
Class C	1,000.00	1,042.10	8.91	1,016.07	8.80	1.76
Class R	1,000.00	1,041.70	6.38	1,018.55	6.31	1.26
Class Y	1,000.00	1,044.30	3.85	1,021.03	3.81	0.76
Class R5	1,000.00	1,044.90	3.19	1,021.67	3.16	0.63
Class R6	1,000.00	1,045.10	3.19	1,021.67	3.16	0.63

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

50 Invesco Global Strategic Income Fund

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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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.  

SEC file numbers: 811-05426 and 033-19338                             Invesco Distributors, Inc.                                                                                                   O-GLSI-SAR-1

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Global Targeted Returns Fund
	Nasdaq:
	A: GLTAX ∎ C: GLTCX ∎ R: GLTRX ∎ Y: GLTYX ∎ R5: GLTFX ∎ R6: GLTSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
27	Consolidated Financial Statements
30	Consolidated Financial Highlights
31	Notes to Consolidated Financial Statements
41	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	1.31	%
Class C Shares	0.89
Class R Shares	1.10
Class Y Shares	1.41
Class R5 Shares	1.41
Class R6 Shares	1.52
FTSE US 3-Month Treasury Bill Indexq (Broad Market/Style-Specific Index)	0.04
Source(s): qRIMES Technologies Corp.

The FTSE US 3-Month Treasury Bill Index is an unmanaged index representative of three-month US Treasury bills.

The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their in-sights about market and economic news and trends.

2                                 Invesco Global Targeted Returns Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	0.08	%
5 Years	-1.25
1 Year	-7.40
Class C Shares
Inception (12/19/13)	0.10	%
5 Years	-0.87
1 Year	-3.67
Class R Shares
Inception (12/19/13)	0.59	%
5 Years	-0.38
1 Year	-2.24
Class Y Shares
Inception (12/19/13)	1.11	%
5 Years	0.13
1 Year	-1.69
Class R5 Shares
Inception (12/19/13)	1.11	%
5 Years	0.13
1 Year	-1.69
Class R6 Shares
Inception (12/19/13)	1.12	%
5 Years	0.16
1 Year	-1.48

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

  Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

  The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

  Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                                 Invesco Global Targeted Returns Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                                 Invesco Global Targeted Returns Fund

Consolidated Schedule of Investments

April 30, 2021

(Unaudited)

	Principal Amount				Value
Non-U.S. Dollar Denominated Bonds & Notes–20.71%(a)
Belgium–0.36%
Solvay Finance S.A., 5.87%(b)(c)(d)		EUR		100,000	$	136,133
France–1.41%
Burger King France S.A.S, 5.25% (3 mo. EURIBOR + 5.25%), 05/01/2023(b)(e)		EUR		100,000		120,835
Electricite de France S.A., 5.88%(b)(c)(d)		GBP		100,000		156,755
La Financiere Atalian S.A.S.U., 6.63%, 05/15/2025(b)		GBP		100,000		138,623
Picard Groupe S.A.S., 3.00% (3 mo. EURIBOR + 3.00%), 11/30/2023(b)(e)		EUR	��	100,000		120,355
						536,568
Germany–0.40%
Volkswagen International Finance N.V., 3.38%, 11/16/2026(b)		GBP		100,000		152,172
Italy–0.49%
Italy Buoni Poliennali Del Tesoro, 1.45%, 03/01/2036(b)		EUR		60,000		73,636
Pro-Gest S.p.A., 3.25%, 12/15/2024(b)		EUR		100,000		114,623
						188,259
Luxembourg–0.33%
Cidron Aida Finco S.a.r.l, 5.00%, 04/01/2028(b)		EUR		100,000		122,795
Helix Holdco S.A., 10.00% 9.75% PIK Rate, 0.25% Cash Rate, 04/19/2026(f)		EUR		15,898		1,290
						124,085
Mexico–10.35%
Mexican Bonos,
Series M, 7.75%, 05/29/2031		MXN		32,500,000		1,704,176
Series M 20, 7.50%, 06/03/2027		MXN		1,500,000		78,678
Series M 20, 8.50%, 05/31/2029		MXN		37,890,000		2,086,084
Petroleos Mexicanos, 8.25%, 06/02/2022(b)		GBP		50,000		73,247
						3,942,185
Portugal–0.22%
Portugal Obrigacoes do Tesouro OT, 2.88%, 10/15/2025(b)		EUR		60,000		82,431
Russia–0.07%
Russian Federal Bond - OFZ, Series 6225, 7.25%, 05/10/2034		RUB		2,000,000		27,024

	Principal Amount			Value
South Africa–3.72%
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030		ZAR	11,568,000	$	737,817
Series 2032, 8.25%, 03/31/2032		ZAR	10,612,000		644,694
Series 2048, 8.75%, 02/28/2048		ZAR	650,000		35,712
					1,418,223
Spain–0.86%
Banco de Sabadell S.A., 5.63%, 05/06/2026(b)		EUR	100,000		140,588
Codere Finance 2 (Luxembourg) S.A.,
10.75%, 09/30/2023(b)		EUR	15,000		19,342
10.75%, 09/30/2023(b)		EUR	9,000		11,577
10.75%, 6.25% PIK Rate, 4.5% Cash Rate, 11/01/2023(b)(f)		EUR	100,000		81,413
Spain Government Bond, 1.95%, 04/30/2026(b)		EUR	55,000		73,246
					326,166
United Kingdom–2.50%
Barclays PLC, 7.88%(b)(c)(d)		GBP	200,000		297,431
Modulaire Global Finance PLC, 6.50%, 02/15/2023(b)		EUR	100,000		122,547
Nationwide Building SocietySeries CCDS, 10.25%(b)(d)		GBP	38,000		98,130
Next Group PLC, 3.63%, 05/18/2028(b)		GBP	100,000		151,455
Rl Finance Bonds No. 3 PLC, 6.13%, 11/13/2028(b)		GBP	100,000		170,359
Tesco Property Finance 2 PLC, 6.05%, 10/13/2039(b)		GBP	40,289		73,516
United Kingdom Gilt Inflation-Linked, 0.13%, 03/22/2026(b)		GBP	22,921		36,663
					950,101
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $7,674,133)					7,883,347
	Shares
Common Stocks & Other Equity Interests–18.78%
Australia–0.73%
Alumina Ltd.			35,323		46,878
AMP Ltd.			21,595		18,552
BHP Group PLC			763		23,051
Glencore PLC			9,511		38,740
Newcrest Mining Ltd.			1,741		35,336
Origin Energy Ltd.			6,401		20,493
QBE Insurance Group Ltd.			4,984		37,769
Woodside Petroleum Ltd.			2,057		35,939
Worley Ltd.			2,450		20,374
					277,132
Austria–0.01%
Wienerberger AG			127		4,980
Belgium–0.09%
Ageas S.A./N.V.			85		5,147

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

5                        Invesco Global Targeted Returns Fund

	Shares		Value
Belgium–(continued)
Etablissements Franz Colruyt N.V.		153	$	9,074
Proximus SADP		515		10,975
Telenet Group Holding N.V.		175		7,493
				32,689
Brazil–0.12%
Itau Unibanco Holding S.A., Preference Shares		600		3,041
Wheaton Precious Metals Corp.		320		13,222
Yara International ASA		562		29,327
				45,590
Canada–0.19%
Agnico Eagle Mines Ltd.		187		11,676
Alimentation Couche-Tard, Inc., Class B		242		8,200
Barrick Gold Corp.		1,947		41,374
Dollarama, Inc.		215		10,019
				71,269
China–1.91%
Alibaba Group Holding Ltd.(g)		4,280		123,639	��
Alibaba Group Holding Ltd., ADR(g)		212		48,961
Autohome, Inc., ADR		602		55,824
BeiGene Ltd., ADR(g)		51		17,521
China Mobile Ltd.		2,500		16,644
China Overseas Land & Investment Ltd.		18,500		46,733
China Pacific Insurance (Group) Co. Ltd., H Shares		5,800		20,916
COSCO SHIPPING Ports Ltd.		14,000		11,761
Dongfeng Motor Group Co. Ltd., H Shares		30,000		25,993
JD.com, Inc., ADR(g)		546		42,239
Ming Yang Smart Energy Group Ltd., A Shares		1,756		4,801
Ming Yang Smart Energy Group Ltd., A Shares		7,400		20,230
NetEase, Inc., ADR		653		73,175
Suofeiya Home Collection Co. Ltd., A Shares		2,700		12,144
Tencent Holdings Ltd.		300		23,992
Tencent Holdings Ltd., ADR		1,300		103,558
Tingyi Cayman Islands Holding Corp.		18,000		32,480
Wuxi Biologics Cayman, Inc.(b)(g)		2,500		35,067
Youdao, Inc., ADR(g)		419		10,944
				726,622
Denmark–0.33%
AP Moller - Maersk A/S, Class B		6		14,894
Carlsberg A/S, Class B		117		20,495
GN Store Nord A/S		130		11,736
Novo Nordisk A/S, Class B		468		34,590
Pandora A/S		108		12,250
Royal Unibrew A/S		75		9,148
Vestas Wind Systems A/S		560		23,249
				126,362
Finland–0.22%
Elisa OYJ		92		5,221
Kesko OYJ, Class B		361		10,996
Orion OYJ, Class B		216		9,572
Stora Enso OYJ, Class R		988		18,912
UPM-Kymmene OYJ		709		27,732
Valmet OYJ		296		12,401
				84,834

	Shares		Value
France–1.13%
Atos SE(g)		111	$	7,546
AXA S.A.		748		21,161
BNP Paribas S.A.(g)		277		17,786
Capgemini SE		122		22,346
Carrefour S.A.		1,233		23,868
Cie de Saint-Gobain(g)		474		29,910
Cie Generale des Etablissements Michelin S.C.A.		33		4,774
Electricite de France S.A.(g)		1,036		15,132
ENGIE S.A.(g)		913		13,574
Faurecia SE(g)		19		1,025
Hermes International		24		30,116
Iliad S.A.		53		9,627
L’Oreal S.A.		36		14,785
Orange S.A.		1,163		14,495
Publicis Groupe S.A.		229		14,824
Sanofi		618		64,804
Sartorius Stedim Biotech		24		11,027
Sopra Steria Group SACA(g)		15		2,791
TOTAL SE		2,162		95,718
Veolia Environnement S.A.		429		13,660
				428,969
Germany–0.64%
BASF SE		141		11,371
Brenntag SE		115		10,326
Covestro AG(b)		143		9,356
Daimler AG		147		13,083
Deutsche Post AG		691		40,667
Deutsche Telekom AG		1,137		21,900
HeidelbergCement AG		85		7,789
HelloFresh SE(g)		71		5,890
Henkel AG & Co. KGaA, Preference Shares		108		12,405
Infineon Technologies AG		700		28,268
Merck KGaA		167		29,397
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		65		18,800
TAG Immobilien AG		376		11,639
Telefonica Deutschland Holding AG		1,067		3,103
Volkswagen AG, Preference Shares		20		5,223
Zalando SE(b)(g)		131		13,626
				242,843
Hong Kong–0.44%
AIA Group Ltd.		3,600		45,765
CK Asset Holdings Ltd.		9,000		56,432
CK Hutchison Holdings Ltd.		5,500		45,068
Pacific Basin Shipping Ltd.		53,000		18,578
				165,843
India–0.49%
Housing Development Finance Corp. Ltd.		1,359		44,348
ICICI Bank Ltd., ADR		2,334		38,044
Kotak Mahindra Bank Ltd.(g)		176		4,153
Larsen & Toubro Ltd.		2,069		37,424
Mahindra & Mahindra Ltd.		3,657		37,141
Shriram Transport Finance Co. Ltd.		1,511		27,342
				188,452

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

6                        Invesco Global Targeted Returns Fund

	Shares		Value
Indonesia–0.10%
PT Astra International Tbk		101,000	$	38,337
Ireland–0.11%
CRH PLC		516		24,409
ICON PLC(g)		60		13,017
Ryanair Holdings PLC, ADR(g)		45		5,258
				42,684
Israel–0.06%
Nice Ltd., ADR(g)		90		21,711
Italy–0.19%
Buzzi Unicem S.p.A.		368		9,849
De Longhi S.p.A.		119		5,210
Enel S.p.A.		1,183		11,783
Intesa Sanpaolo S.p.A.(g)		2,906		8,129
Iren S.p.A.		1,976		5,890
Reply S.p.A.		51		6,927
Telecom Italia S.p.A.		30,838		16,962
UniCredit S.p.A.		804		8,305
				73,055
Japan–0.03%
Sony Group Corp., ADR		100		10,016
Jordan–0.03%
Hikma Pharmaceuticals PLC		298		10,049
Luxembourg–0.07%
ArcelorMittal S.A.(g)		557		16,246
Eurofins Scientific SE(g)		117		11,581
Helix Holdco S.A.(h)		500		0
				27,827
Netherlands–0.28%
Adyen N.V.(b)(g)		6		14,733
BE Semiconductor Industries N.V.		151		12,228
Boskalis Westminster		64		2,043
ING Groep N.V.		1,408		18,001
Koninklijke Ahold Delhaize N.V.		393		10,578
Koninklijke KPN N.V.		3,361		11,579
Randstad N.V.		136		9,825
SBM Offshore N.V.		948		16,460
Wolters Kluwer N.V.		134		12,130
				107,577
Norway–0.04%
Entra ASA(b)		132		2,980
Equinor ASA		103		2,083
Orkla ASA		1,127		11,508
				16,571
Portugal–0.04%
EDP-Energias de Portugal S.A.		2,784		15,494
Russia–0.03%
Evraz PLC		649		5,756
Sberbank of Russia PJSC, ADR		372		5,853
				11,609
Singapore–0.24%
ComfortDelGro Corp. Ltd.		8,400		10,844

	Shares		Value
Singapore–(continued)
Genting Singapore Ltd.		32,300	$	20,968
United Overseas Bank Ltd.		2,900		57,972
				89,784
South Africa–0.27%
Anglo American PLC		1,229		52,187
Naspers Ltd., Class N		226		51,635
				103,822
South Korea–0.91%
Hyundai Motor Co.		11		2,086
Hyundai Motor Co., Second Pfd.		359		34,062
KB Financial Group, Inc.		552		27,122
LG Corp.		540		61,411
POSCO		74		24,168
Samsung Electronics Co. Ltd.		1,650		120,569
Samsung Electronics Co. Ltd., Preference Shares		395		25,922
Samsung Fire & Marine Insurance Co. Ltd.		296		52,655
				347,995
Spain–0.38%
Acciona S.A.		55		9,567
Amadeus IT Group S.A.(g)		428		29,145
Banco Bilbao Vizcaya Argentaria S.A.		2,996		16,787
CaixaBank S.A.		5,189		16,643
Cellnex Telecom S.A.(b)		519		29,362
Endesa S.A.		436		11,458
Industria de Diseno Textil S.A.		362		12,888
Repsol S.A.		833		9,929
Viscofan S.A.		113		7,732
				143,511
Sweden–0.28%
Axfood AB		317		7,947
Biotage AB		201		4,352
Electrolux AB, Series B		405		11,365
Getinge AB, Class B		377		12,795
Husqvarna AB, Class B		833		11,601
Lundin Energy AB		269		8,586
Sandvik AB		710		17,538
SSAB AB, Class A(g)		548		2,980
SSAB AB, Class B(g)		2,536		12,755
Swedish Match AB		157		12,893
Thule Group AB(b)		76		3,461
				106,273
Switzerland–1.00%
ABB Ltd.		386		12,531
Adecco Group AG		162		10,967
Allreal Holding AG		18		3,644
Bachem Holding AG, Class B		9		4,571
BKW AG		38		4,252
Bucher Industries AG		10		5,246
EMS-Chemie Holding AG		11		10,273
Forbo Holding AG		6		11,509
Galenica AG(b)		149		10,082
Geberit AG		17		11,206
Kuehne + Nagel International AG, Class R		35		10,461
LafargeHolcim Ltd.(g)		162		9,982

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

7                        Invesco Global Targeted Returns Fund

	Shares		Value
Switzerland–(continued)
Logitech International S.A., Class R		105	$	11,747
Lonza Group AG		28		17,817
Nestle S.A.		264		31,473
Novartis AG		473		40,403
PSP Swiss Property AG		93		11,480
Roche Holding AG		175		57,017
SFS Group AG		34		4,378
SGS S.A.		5		14,809
Sonova Holding AG, Class A(g)		45		13,320
Swatch Group AG (The), BR		59		18,094
Swisscom AG		20		10,846
Tecan Group AG, Class R		66		32,141
Zurich Insurance Group AG		27		11,080
				379,329
Taiwan–0.96%
Asustek Computer, Inc.		5,000		67,578
Delta Electronics, Inc.		2,000		21,835
Hon Hai Precision Industry Co. Ltd.		8,400		35,161
MediaTek, Inc.		1,000		42,895
Sea Ltd., ADR(g)		38		9,597
Taiwan Semiconductor Manufacturing Co. Ltd.		7,000		151,689
Uni-President Enterprises Corp.		14,000		37,759
				366,514
Thailand–0.13%
Kasikornbank PCL, NVDR		11,700		49,559
United Kingdom–4.57%
3i Group PLC		823		14,567
Ashtead Group PLC		560		35,960
AstraZeneca PLC		815		86,826
Aviva PLC		5,452		30,129
B&M European Value Retail S.A.		1,484		11,594
Babcock International Group PLC(g)		4,092		16,272
BAE Systems PLC		7,959		55,697
Balfour Beatty PLC(g)		2,799		12,070
Barclays PLC		41,261		99,960
Barratt Developments PLC		3,954		42,142
Berkeley Group Holdings PLC		197		12,585
BP PLC		22,337		93,245
British American Tobacco PLC		1,572		58,327
Bunzl PLC		919		29,529
Centrica PLC(g)		32,047		25,065
Compass Group PLC(g)		1,063		23,076
Computacenter PLC		142		5,251
ConvaTec Group PLC(b)		2,901		8,747
Cranswick PLC		92		4,739
Croda International PLC		128		11,955
Dechra Pharmaceuticals PLC		91		5,069
Diageo PLC		155		6,958
easyJet PLC(g)		1,815		25,950
Experian PLC		667		25,743
Farfetch Ltd., Class A(g)		181		8,867
Fevertree Drinks PLC		486		16,835
Games Workshop Group PLC		16		2,399
GlaxoSmithKline PLC		884		16,351
Hays PLC(g)		6,438		14,544

	Shares		Value
United Kingdom–(continued)
Imperial Brands PLC		449	$	9,345
International Consolidated Airlines Group S.A.(g)		1,906		5,335
J Sainsbury PLC		12,469		40,924
JD Sports Fashion PLC(g)		2,857		36,223
Kingfisher PLC(g)		2,590		12,778
Legal & General Group PLC		5,936		22,339
Marks & Spencer Group PLC(g)		9,487		20,696
Meggitt PLC(g)		2,924		18,811
Melrose Industries PLC		4,034		9,082
National Grid PLC		6,172		77,805
Natwest Group PLC		12,065		32,750
Next PLC(g)		472		50,895
Pennon Group PLC		576		8,225
Persimmon PLC		233		10,074
Phoenix Group Holdings PLC		1,018		9,999
RELX PLC		2,336		60,622
RELX PLC		150		3,905
Rolls-Royce Holdings PLC(g)		4,194		6,069
Royal Dutch Shell PLC, Class B		3,246		58,120
Royal Mail PLC(g)		1,512		10,355
Severn Trent PLC		401		13,716
Shaftesbury PLC(g)		591		5,129
Smith & Nephew PLC		1,648		35,733
SSE PLC		3,839		77,810
Standard Chartered PLC		5,427		38,953
Tate & Lyle PLC		1,059		11,699
Tesco PLC		11,633		35,494
Travis Perkins PLC(g)		1,028		21,843
Ultra Electronics Holdings PLC		647		18,066
Unilever PLC		196		11,448
United Utilities Group PLC		1,920		25,668
Vectura Group PLC(g)		3,058		4,758
Vodafone Group PLC		52,647		99,037
Whitbread PLC(g)		530		23,736
Wickes Group PLC(g)		1,152		3,977
WM Morrison Supermarkets PLC		3,874		9,300
				1,741,171
United States–2.76%
ABIOMED, Inc.(g)		14		4,490
Accenture PLC, Class A		33		9,569
Alphabet, Inc., Class A(g)		16		37,656
Alphabet, Inc., Class C(g)		14		33,742
Alteryx, Inc., Class A(g)		91		7,439
Amazon.com, Inc.(g)		14		48,544
American Express Co.		156		23,923
American Tower Corp.		51		12,993
Berkshire Hathaway, Inc., Class B(g)		24		6,599
Citigroup, Inc.		18		1,282
CME Group, Inc., Class A		24		4,848
Coca-Cola Co. (The)		407		21,970
Colgate-Palmolive Co.		173		13,961
Copart, Inc.(g)		35		4,358
Costco Wholesale Corp.		14		5,209
Crowdstrike Holdings, Inc., Class A(g)		218		45,455
Danaher Corp.		28		7,110
Edwards Lifesciences Corp.(g)		92		8,788
Equifax, Inc.		39		8,940

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

8                        Invesco Global Targeted Returns Fund

	Shares		Value
United States–(continued)
Facebook, Inc., Class A(g)		309	$	100,450
Ferguson PLC		201		25,345
Home Depot, Inc. (The)		66		21,362
Illumina, Inc.(g)		79		31,034
Installed Building Products, Inc.		113		15,215
Intercontinental Exchange, Inc.		47		5,532
JPMorgan Chase & Co.		195		29,993
Markel Corp.(g)		8		9,411
Mastercard, Inc., Class A		106		40,498
Microsoft Corp.		146		36,818
Moody’s Corp.		20		6,534
Newmont Corp.		435		27,148
Okta, Inc.(g)		47		12,676
Old Dominion Freight Line, Inc.		25		6,445
PayPal Holdings, Inc.(g)		120		31,475
PepsiCo, Inc.		66		9,515
Progressive Corp. (The)		303		30,524
QIAGEN N.V.(g)		222		10,818
salesforce.com, Inc.(g)		168		38,694
ServiceNow, Inc.(g)		39		19,748
Sims Ltd.		2,083		25,382
Splunk, Inc.(g)		104		13,148
Stellantis N.V.		1,138		18,912
Texas Instruments, Inc.		135		24,369
Thermo Fisher Scientific, Inc.		81		38,089
TJX Cos., Inc. (The)		177		12,567
Twilio, Inc., Class A(g)		177		65,101
Twist Bioscience Corp.(g)		103		13,822
Uber Technologies, Inc.(g)		243		13,309
Union Pacific Corp.		43		9,550
				1,050,360
Total Common Stocks & Other Equity Interests (Cost $4,850,040)				7,148,833
	Principal
	Amount
U.S. Dollar Denominated Bonds & Notes–13.08%
Argentina–0.09%
Argentine Republic Government International Bond,
1.00%, 07/09/2029	$	4,402		1,677
1.13%, 07/09/2035(i)		97,000		30,750
				32,427
Brazil–0.50%
MARB BondCo PLC, 3.95%, 01/29/2031(b)		200,000		190,317
Canada–0.30%
Bombardier, Inc., 6.00%, 10/15/2022(b)		7,000		7,011
Precision Drilling Corp., 5.25%, 11/15/2024		12,000		11,557
Primo Water Holdings, Inc., 4.38%, 04/30/2029(b)		94,000		93,912
				112,480
France–0.57%
Societe Generale S.A., 7.38%(b)(c)(d)		200,000		218,395

	Principal Amount		Value
Luxembourg–0.02%
Intelsat Jackson Holdings S.A., 8.50%, 10/15/2024(b)(j)	$	13,000	$	8,091
Netherlands–0.19%
Shell International Finance B.V., 2.75%, 04/06/2030		69,000		71,836
Saudi Arabia–0.00%
Valaris PLC, 7.75%, 02/01/2026(j)		18,000		1,845
Switzerland–0.50%
Credit Suisse Group AG, 4.50%(b)(c)(d)		200,000		191,500
United Kingdom–0.63%
Barclays Bank PLC, 0.44%(d)		20,000		19,198
National Westminster Bank PLC, Series B, 0.50% (6 mo. USD LIBOR + 0.25%)(d)(e)		100,000		99,500
Natwest Group PLC, Series U, 2.52% (3 mo. USD LIBOR + 2.32%)(d)(e)		100,000		99,575
TechnipFMC PLC, 6.50%, 02/01/2026(b)		21,000		22,425
				240,698
United States–10.28%
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029(b)		27,000		27,988
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)		45,000		47,897
Akumin, Inc., 7.00%, 11/01/2025(b)		43,000		44,945
Allison Transmission, Inc., 3.75%, 01/30/2031(b)		18,000		17,393
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/2026(b)		20,000		21,025
5.75%, 04/20/2029(b)		7,000		7,509
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.75%, 01/15/2028(b)		22,000		22,446
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027(b)		14,000		18,235
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(b)		32,000		36,474
Bausch Health Americas, Inc., 9.25%, 04/01/2026(b)		18,000		19,969
Bausch Health Cos., Inc.,
6.13%, 04/15/2025(b)		20,000		20,446
5.75%, 08/15/2027(b)		7,000		7,523
6.25%, 02/15/2029(b)		14,000		14,823
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025(b)		18,000		19,481
Boeing Co. (The), 5.15%, 05/01/2030		100,000		116,403
Boxer Parent Co., Inc., 9.13%, 03/01/2026(b)		33,000		34,911
Brink’s Co. (The),
5.50%, 07/15/2025(b)		12,000		12,683
4.63%, 10/15/2027(b)		28,000		29,242

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

9                        Invesco Global Targeted Returns Fund

	Principal Amount		Value
United States–(continued)
Bristow Group, Inc., 6.88%, 03/01/2028(b)	$	20,000	$	20,300
Calpine Corp., 3.75%, 03/01/2031(b)		30,000		28,715
Calumet Specialty Products Partners L.P./Calumet Finance Corp.,
7.63%, 01/15/2022		8,000		8,038
9.25%, 07/15/2024(b)		14,000		15,470
Camelot Finance S.A., 4.50%, 11/01/2026(b)		44,000		45,595
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025(b)		29,000		29,870
Carnival Corp.,
11.50%, 04/01/2023(b)		15,000		17,257
10.50%, 02/01/2026(b)		17,000		20,059
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.75%, 02/15/2026(b)		13,000		13,473
5.13%, 05/01/2027(b)		100,000		104,804
5.00%, 02/01/2028(b)		36,000		37,665
4.50%, 08/15/2030(b)		24,000		24,447
Centene Corp.,
5.38%, 06/01/2026(b)		21,000		21,904
4.63%, 12/15/2029		7,000		7,587
3.00%, 10/15/2030		13,000		12,919
2.50%, 03/01/2031		18,000		17,235
Cinemark USA, Inc., 5.88%, 03/15/2026(b)		19,000		19,713
Clarios Global L.P., 6.75%, 05/15/2025(b)		6,000		6,452
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		18,000		19,463
Clearway Energy Operating LLC,
4.75%, 03/15/2028(b)		22,000		23,087
3.75%, 02/15/2031(b)		15,000		14,804
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b)		13,000		12,953
Cleveland Cliffs, Inc.,
9.88%, 10/17/2025(b)		9,000		10,575
5.88%, 06/01/2027		13,000		13,650
6.25%, 10/01/2040		6,000		6,084
CNX Resources Corp., 7.25%, 03/14/2027(b)		19,000		20,548
Colony-Capital, Inc., Conv., 5.00%, 04/15/2023		9,000		9,255
Commercial Metals Co., 3.88%, 02/15/2031		19,000		19,026
Community Health Systems, Inc.,
6.63%, 02/15/2025(b)		12,000		12,673
8.00%, 03/15/2026(b)		23,000		24,811
8.00%, 12/15/2027(b)		3,000		3,306
Core & Main Holdings L.P., 9.38% PIK Rate, 8.63% Cash Rate, 09/15/2024(b)(f)		42,000		42,914
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		19,000		18,854
CSC Holdings LLC, 6.75%, 11/15/2021		42,000		43,207
Dana, Inc.,
5.50%, 12/15/2024		14,000		14,312
5.38%, 11/15/2027		8,000		8,538
5.63%, 06/15/2028		2,000		2,158

	Principal Amount		Value
United States–(continued)
DaVita, Inc.,
4.63%, 06/01/2030(b)	$	10,000	$	10,138
3.75%, 02/15/2031(b)		36,000		34,245
Dell International LLC/EMC Corp.,
7.13%, 06/15/2024(b)		22,000		22,626
8.10%, 07/15/2036(b)		100,000		148,139
Delta Air Lines, Inc.,
7.00%, 05/01/2025(b)		30,000		34,903
7.38%, 01/15/2026		19,000		22,332
DISH Network Corp., Conv., 3.38%, 08/15/2026		21,000		22,155
Diversified Healthcare Trust, 4.38%, 03/01/2031		19,000		18,399
Dun & Bradstreet Corp. (The),
6.88%, 08/15/2026(b)		6,000		6,394
10.25%, 02/15/2027(b)		6,000		6,666
Embarq Corp., 8.00%, 06/01/2036		28,000		32,646
Encompass Health Corp., 4.75%, 02/01/2030		18,000		18,923
Energizer Holdings, Inc.,
4.75%, 06/15/2028(b)		8,000		8,199
4.38%, 03/31/2029(b)		19,000		18,882
EnerSys, 5.00%, 04/30/2023(b)		29,000		30,432
EnPro Industries, Inc., 5.75%, 10/15/2026		22,000		23,343
Entercom Media Corp., 6.75%, 03/31/2029(b)		18,000		18,599
EQM Midstream Partners L.P., 5.50%, 07/15/2028		13,000		13,825
Ford Motor Co.,
8.50%, 04/21/2023		134,000		150,247
9.00%, 04/22/2025		17,000		20,782
9.63%, 04/22/2030		14,000		19,653
4.75%, 01/15/2043		11,000		11,109
Gartner, Inc., 4.50%, 07/01/2028(b)		18,000		18,945
GCP Applied Technologies, Inc., 5.50%, 04/15/2026(b)		29,000		29,901
Genesis Energy L.P./Genesis Energy Finance Corp.,
5.63%, 06/15/2024		5,000		5,009
6.25%, 05/15/2026		4,000		3,925
8.00%, 01/15/2027		7,000		7,220
7.75%, 02/01/2028		12,000		12,136
Global Medical Response, Inc., 6.50%, 10/01/2025(b)		26,000		26,650
Gray Television, Inc., 7.00%, 05/15/2027(b)		17,000		18,590
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)		12,000		12,000
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)		43,000		44,766
Hanesbrands, Inc., 5.38%, 05/15/2025(b)		48,000		50,580
HCA, Inc.,
5.88%, 02/15/2026		12,000		13,800
5.38%, 09/01/2026		14,000		15,913
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028(b)		11,000		11,438
5.75%, 02/01/2029(b)		6,000		6,119

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

10                        Invesco Global Targeted Returns Fund

	Principal Amount		Value
United States–(continued)
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(b)	$	20,000	$	20,687
IRB Holding Corp.,
7.00%, 06/15/2025(b)		4,000		4,310
6.75%, 02/15/2026(b)		24,000		24,894
iStar, Inc., 4.75%, 10/01/2024		17,000		17,757
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		16,000		16,940
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(b)		21,000		21,052
Kraft Heinz Foods Co. (The),
6.88%, 01/26/2039		10,000		13,748
5.00%, 06/04/2042		18,000		20,820
5.50%, 06/01/2050		23,000		28,633
L Brands, Inc., 6.88%, 11/01/2035		15,000		18,208
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)		17,000		17,411
Level 3 Financing, Inc., 3.75%, 07/15/2029(b)		28,000		27,335
Macy’s, Inc., 8.38%, 06/15/2025(b)		67,000		74,046
MEDNAX, Inc., 6.25%, 01/15/2027(b)		18,000		19,103
Meredith Corp., 6.88%, 02/01/2026		31,000		31,852
MGM Resorts International,
6.00%, 03/15/2023		9,000		9,645
4.63%, 09/01/2026		30,000		31,631
Midwest Gaming Borrower LLC, 4.88%, 05/01/2029(b)		22,000		22,021
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026(b)		28,000		28,456
Nabors Industries, Inc., 5.75%, 02/01/2025		24,000		19,890
Navient Corp.,
7.25%, 01/25/2022		30,000		31,162
7.25%, 09/25/2023		16,000		17,420
5.00%, 03/15/2027		12,000		12,105
NCL Corp. Ltd., 12.25%, 05/15/2024(b)		22,000		26,863
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)		17,000		17,531
Netflix, Inc.,
5.88%, 11/15/2028		19,000		23,142
5.38%, 11/15/2029(b)		9,000		10,699
New Enterprise Stone & Lime Co., Inc.,
6.25%, 03/15/2026(b)		10,000		10,319
9.75%, 07/15/2028(b)		8,000		8,960
New Fortress Energy, Inc., 6.50%, 09/30/2026(b)		33,000		33,719
NFP Corp., 6.88%, 08/15/2028(b)		20,000		21,015
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(b)		15,000		15,731
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		13,000		11,623
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)		19,000		19,459

	Principal Amount		Value
United States–(continued)
NMI Holdings, Inc., 7.38%, 06/01/2025(b)	$	13,000	$	14,969
Northern Oil and Gas, Inc., 8.13%, 03/01/2028(b)		16,000		16,465
Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029(b)		17,000		17,420
Occidental Petroleum Corp.,
8.50%, 07/15/2027		1,000		1,218
6.38%, 09/01/2028		7,000		7,849
6.13%, 01/01/2031		21,000		23,389
6.45%, 09/15/2036		2,000		2,275
6.20%, 03/15/2040		12,000		12,780
4.10%, 02/15/2047		17,000		14,175
OneMain Finance Corp.,
5.38%, 11/15/2029		18,000		19,449
4.00%, 09/15/2030		40,000		38,750
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		11,000		12,277
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)		34,000		35,827
Penske Automotive Group, Inc., 5.50%, 05/15/2026		15,000		15,506
Post Holdings, Inc.,
5.63%, 01/15/2028(b)		8,000		8,440
4.63%, 04/15/2030(b)		12,000		12,135
Prestige Brands, Inc., 3.75%, 04/01/2031(b)		24,000		23,069
Range Resources Corp., 8.25%, 01/15/2029(b)		16,000		17,378
Rayonier A.M. Products, Inc.,
5.50%, 06/01/2024(b)		12,000		11,730
7.63%, 01/15/2026(b)		17,000		18,103
Rockies Express Pipeline LLC,
4.80%, 05/15/2030(b)		20,000		19,725
6.88%, 04/15/2040(b)		14,000		15,068
Royal Caribbean Cruises Ltd., 9.13%, 06/15/2023(b)		8,000		8,842
RP Escrow Issuer LLC, 5.25%, 12/15/2025(b)		18,000		18,762
SBA Communications Corp., 3.88%, 02/15/2027		17,000		17,414
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(b)		26,000		27,588
Scientific Games International, Inc.,
8.63%, 07/01/2025(b)		5,000		5,475
8.25%, 03/15/2026(b)		19,000		20,496
Scripps Escrow II, Inc., 3.88%, 01/15/2029(b)		19,000		18,908
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028(b)		25,000		26,344
Sensata Technologies B.V., 4.88%, 10/15/2023(b)		16,000		17,204
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(b)		25,000		25,224
SM Energy Co.,
5.00%, 01/15/2024		15,000		14,392
10.00%, 01/15/2025(b)		5,000		5,694
6.75%, 09/15/2026		5,000		4,844
6.63%, 01/15/2027		11,000		10,643

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

11                        Invesco Global Targeted Returns Fund

	Principal Amount		Value
United States–(continued)
Southwestern Energy Co., 4.10%, 03/15/2022	$	10,000	$	10,110
Sprint Corp., 7.63%, 02/15/2025		31,000		36,851
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(b)		33,000		34,432
Sysco Corp., 5.65%, 04/01/2025		10,000		11,707
Talen Energy Supply LLC, 7.63%, 06/01/2028(b)		27,000		28,037
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027(b)		26,000		28,177
Titan International, Inc., 6.50%, 11/30/2023		28,000		29,000
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(b)		21,000		21,359
United Airlines, Inc., 4.38%, 04/15/2026(b)		18,000		18,701
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		20,000		21,070
Verizon Communications, Inc., 0.75%, 03/22/2024		35,000		35,148
Vistra Operations Co. LLC,
5.63%, 02/15/2027(b)		6,000		6,248
5.00%, 07/31/2027(b)		12,000		12,447
Waste Pro USA, Inc., 5.50%, 02/15/2026(b)		28,000		28,641
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029(b)		18,000		18,629
Yum! Brands, Inc., 7.75%, 04/01/2025(b)		4,000		4,375
				3,913,689
Total U.S. Dollar Denominated Bonds & Notes (Cost $4,686,412)				4,981,278

Investment Abbreviations:
ADR	– American Depositary Receipt
BR	– Bearer Shares
Conv.	– Convertible
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
LIBOR	– London Interbank Offered Rate
MXN	– Mexican Peso
NVDR	– Non-Voting Depositary Receipt
Pfd.	– Preferred
PIK	– Pay-in-Kind
RUB	– Russian Ruble
USD	– U.S. Dollar
ZAR	– South African Rand

	Principal Amount		Value
U.S. Treasury Securities–0.70%
U.S. Treasury Inflation – Indexed Bonds–0.21%
0.75%, 07/15/2028(k)	$	69,400		$       80,986
U.S. Treasury Inflation – Indexed Notes–0.08%
0.13%, 01/15/2023(k)		28,527		29,849
U.S. Treasury Notes–0.41%
2.75%, 07/31/2023		52,878		52,854
1.63%, 05/15/2026		105,509		103,771
				156,625
Total U.S. Treasury Securities (Cost $256,314)				267,460
	Shares
Money Market Funds–37.55%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(l)(m)		3,195,617		3,195,617
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(l)(m)		2,350,874		2,351,814
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.02%(l)(m)		5,095,014		5,095,014
Invesco Treasury Portfolio, Institutional Class, 0.01%(l)(m)		3,652,134		3,652,134
Total Money Market Funds (Cost $14,294,502)				14,294,579
Options Purchased–1.58%
(Cost $683,115)(n)				599,743
TOTAL INVESTMENTS IN SECURITIES—92.40% (Cost $32,444,516)				35,175,240
OTHER ASSETS LESS LIABILITIES–7.60%				2,894,972
NET ASSETS–100.00%				$38,070,212

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

12                        Invesco Global Targeted Returns Fund

Notes to Consolidated Schedule of Investments:

^(a)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $6,005,460, which represented 15.77% of the Fund’s Net Assets.

^(c)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)  Perpetual bond with no specified maturity date.

^(e)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2021.

^(f)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(g)  Non-income producing security.

^(h)  Security valued using significant unobservable inputs (Level 3). See Note 3.

⁽ⁱ⁾  Step coupon bond. Rate shown is the rate in effect on April 30, 2021.

^(j)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, 2021 was $9,936, which represented less than 1% of the Fund’s Net Assets.

^(k)  Principal amount of security and interest payments are adjusted for inflation. See Note 1I.

^(l)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,847,029		$	9,012,557		$	(8,663,969	)		$	-			$	-		$	3,195,617		$	334
Invesco Liquid Assets Portfolio, Institutional Class			2,125,627			6,437,541			(6,211,353	)			(459	)			458			2,351,814			382
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class			6,509,172			2,667,363			(4,081,521	)			-				-			5,095,014			1,604
Invesco Treasury Portfolio, Institutional Class			3,253,747			10,300,065			(9,901,678	)			-				-			3,652,134			151
Total		$	14,735,575		$	28,417,526		$	(28,858,521	)		$	(459	)		$	458		$	14,294,579		$	2,471

^(m)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

⁽ⁿ⁾  The table below details options purchased.

Open Over-The-Counter Index Options Purchased(a)

Description

Type of Contract

Counterparty

Expiration Date

Number of Contracts

Exercise Price

Notional Value(b)

Value

Equity Risk

EURO STOXX 50 Index

Call

Barclays Bank PLC

07/16/2021

184

EUR

4,050.00

EUR

7,452,000

$

129,002

S&P 500 Index

Call

Barclays Bank PLC

07/16/2021

5

USD

4,270.00

USD

2,135,000

35,875

S&P 500 Index

Call

Barclays Bank PLC

07/16/2021

39

USD

4,270.00

USD

16,653,000

279,827

Subtotal – Index Call Options Purchased

228

444,704

Equity Risk

FTSE China A50 Index

Put

Goldman Sachs International

12/30/2021

176

CNY

16,307.00

CNY

2,870,032

25,515

FTSE China A50 Index

Put

Goldman Sachs International

12/30/2021

170

CNY

16,512.00

CNY

2,807,040

26,982

FTSE China A50 Index

Put

J.P. Morgan Chase Bank, N.A.

12/30/2021

167

CNY

16,120.00

CNY

2,692,040

22,255

FTSE China A50 Index

Put

J.P. Morgan Chase Bank, N.A.

12/30/2021

176

CNY

16,358.00

CNY

2,879,008

26,101

FTSE China A50 Index

Put

UBS AG

12/30/2021

176

CNY

16,290.00

CNY

2,867,040

25,321

FTSE China A50 Index

Put

UBS AG

12/30/2021

167

CNY

16,529.00

CNY

2,760,343

26,704

Subtotal – Index Put Options Purchased

1,032

152,878

Total Index Options Purchased

1,260

$

597,582

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $676,132.

^(b)  Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Over-The-Counter Foreign Currency Options Purchased^(a)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

USD versus CAD

Call

Goldman Sachs International

01/21/2022

CAD

1.33

USD 600,000

$

2,161

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $676,132.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

13                        Invesco Global Targeted Returns Fund

Open Over-The-Counter Index Options Written^(a)

Description	Type of Contract		Counterparty		Expiration Date		Number of Contracts		Exercise Price			Premiums Received				Notional Value(b)			Value				Unrealized Appreciation (Depreciation)
Equity Risk
EURO STOXX 50 Index		Call		Barclays Bank PLC		07/16/2021		92		EUR	3,900.00		$	(139,677	)		EUR	3,588,000		$	(155,429	)		$	(15,752	)
S&P 500 Index		Call		Barclays Bank PLC		07/16/2021		2		USD	4,120.00			(26,146	)		USD	824,000			(30,833	)			(4,687	)
S&P 500 Index		Call		Barclays Bank PLC		07/16/2021		20		USD	4,120.00			(256,000	)		USD	8,240,000			(308,330	)			(52,330	)
Subtotal – Index Call Options Written								114						(421,823	)						(494,592	)			(72,769	)
Equity Risk
EURO STOXX 50 Index		Put		Barclays Bank PLC		06/18/2021		46		EUR	3,525.00			(10,998	)		EUR	1,621,500			(13,164	)			(2,166	)
S&P 500 Index		Put		Barclays Bank PLC		06/18/2021		1		USD	3,710.00			(2,972	)		USD	371,000			(1,795	)			1,177
S&P 500 Index		Put		Barclays Bank PLC		06/18/2021		10		USD	3,710.00			(30,463	)		USD	3,710,000			(17,948	)			12,515
Subtotal – Index Put Options Written								57						(44,433	)						(32,907	)			11,526
Total Index Options Written								171					$	(466,256	)					$	(527,499	)		$	(61,243	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $676,132

^(b)  Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Over-The-Counter Foreign Currency Options Written^(a)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Premiums Received

Notional Value

Value

Unrealized Appreciation (Depreciation)

Currency Risk

USD versus CAD

Put

Goldman Sachs International

01/21/2022

CAD 1.20

$

(5,238

)

USD 600,000

$

(7,626

)

$

(2,388

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $676,132.

Open Futures Contracts^(a)

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		7		June-2021		$	1,461,040			$	20,776			$	20,776
FTSE 100 Index		1		June-2021			95,810				655				655
FTSE UK Mid Cap Tradeable Plus Index		12		June-2021			828,904				38,039				38,039
Nikkei 225 Index		15		June-2021			1,984,628				6,252				6,252
SPI 200 Index		15		June-2021			2,022,747				64,103				64,103
Subtotal											129,825				129,825
Interest Rate Risk
Euro-Bobl		5		June-2021			809,895				(1,437	)			(1,437	)
Euro-Bund		2		June-2021			408,765				(3,613	)			(3,613	)
Subtotal											(5,050	)			(5,050	)
Subtotal–Long Futures Contracts											124,775				124,775
Short Futures Contracts
Equity Risk
EURO STOXX 600 Index		72		June-2021			(1,880,126	)			(69,013	)			(69,013	)
EURO STOXX Mid Index		6		June-2021			(183,331	)			815				815
MSCI AC Asia ex Japan Index		31		June-2021			(2,079,585	)			13,376				13,376
MSCI World Index		19		June-2021			(1,670,860	)			(71,084	)			(71,084	)
Subtotal											(125,906	)			(125,906	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

14                        Invesco Global Targeted Returns Fund

Open Futures Contracts^(a) –(continued)

Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
Long Gilt		2		June-2021		$	(352,637	)		$	3,463			$	3,463
U.S. Treasury 10 Year Notes		3		June-2021			(396,094	)			6,087				6,087
Subtotal											9,550				9,550
Subtotal-Short Futures Contracts											(116,356	)			(116,356	)
Total Futures Contracts										$	8,419			$	8,419

^(a)  Futures contracts collateralized by $205,201 cash held with Bank of America, the futures commission merchant.

Open Centrally Cleared Credit Default Swap Agreements^(a)

Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread(b)			Notional Value			Upfront Payments Paid (Received)				Value				Unrealized Appreciation (Depreciation)
Credit Risk
Markit iTraxx Europe Crossover Index, Series 35, Version 1		Buy		(5.00	)%		Quarterly		06/20/2026		2.490	%		EUR	25,000		$	(3,601	)		$	(3,566	)		$	35
Markit iTraxx Europe Crossover Index, Series 35, Version 1		Sell		5.00			Quarterly		06/20/2026		2.490			EUR	533,000			71,600				76,028				4,428
Markit CDX North America High Yield Index, Series 36, Version 1		Sell		5.00			Quarterly		06/20/2026		2.873			USD	521,000			44,448				51,407				6,959
Subtotal - Appreciation																		112,447				123,869				11,422
Credit Risk
Markit iTraxx Europe Crossover Index, Series 35, Version 1		Buy		(5.00	)		Quarterly		06/20/2026		2.490			EUR	38,000			(5,408	)			(5,420	)			(12	)
Markit CDX North America High Yield Index, Series 36, Version 1		Buy		(5.00	)		Quarterly		06/20/2026		2.873			USD	48,000			(4,597	)			(4,736	)			(139	)
Subtotal - Depreciation																		(10,005	)			(10,156	)			(151	)
Total Centrally Cleared Credit Default Swap Agreements																	$	102,442			$	113,713			$	11,271

^(a)  Centrally cleared swap agreements collateralized by $1,246,225 cash held with Credit Suisse.

^(b)  Implied credit spreads represent the current level, as of April 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Centrally Cleared Interest Rate Swap Agreements(a)

Pay/Receive Floating Rate

Floating Rate Index

Payment Frequency

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Interest Rate Risk

Pay

28 Day MXN TIIE

28 Day

6.93

%

28 Day

06/16/2021

MXN

1,500,000

$

–

$   248

$   248

Receive

6 Month AUD BBSW

Semi-Annually

(1.22

)

Semi-Annually

03/15/2026

AUD

2,138,000

–

611

611

Pay

3 Month USD LIBOR

Quarterly

2.47

Semi-Annually

03/19/2041

USD

1,321,460

–

801

801

Pay

6 Month AUD BBSW

Semi-Annually

1.28

Semi-Annually

03/15/2026

AUD

973,102

–

1,049

1,049

Pay

6 Month AUD BBSW

Semi-Annually

1.29

Semi-Annually

03/15/2026

AUD

973,102

–

1,187

1,187

Pay

6 Month AUD BBSW

Semi-Annually

1.27

Semi-Annually

03/15/2026

AUD

1,946,205

–

1,489

1,489

Receive

3 Month USD LIBOR

Quarterly

(2.39

)

Semi-Annually

03/19/2041

USD

492,061

–

2,839

2,839

Pay

6 Month AUD BBSW

Semi-Annually

1.30

Semi-Annually

03/15/2026

AUD

1,946,204

–

3,071

3,071

Receive

6 Month EUR LIBOR

Semi-Annually

(0.38

)

Yearly

12/18/2040

EUR

129,375

–

8,608

8,608

Receive

6 Month EUR LIBOR

Semi-Annually

(0.37

)

Yearly

12/18/2040

EUR

129,375

–

8,765

8,765

Receive

6 Month EUR LIBOR

Semi-Annually

(0.33

)

Yearly

12/18/2040

EUR

129,375

–

9,228

9,228

Pay

6 Month AUD BBSW

Semi-Annually

1.34

Semi-Annually

03/15/2026

AUD

3,891,387

–

9,371

9,371

Receive

6 Month EUR LIBOR

Semi-Annually

(0.35

)

Yearly

03/19/2041

EUR

134,320

–

9,392

9,392

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

15                        Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements(a)–(continued)
Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value				Unrealized Appreciation (Depreciation)
Receive	3 Month USD LIBOR		Quarterly		(0.60	)%		Semi-Annually		03/17/2026		USD	711,205		$	–		$	11,050			$	11,050
Receive	3 Month USD LIBOR		Quarterly		(0.75	)		Semi-Annually		03/17/2026		USD	1,464,829			–			11,798				11,798
Receive	6 Month EUR LIBOR		Semi-Annually		(0.29	)		Yearly		06/16/2026		EUR	4,902,000			–			12,993				12,993
Receive	3 Month USD LIBOR		Quarterly		(0.54	)		Semi-Annually		03/17/2026		USD	722,717			–			13,060				13,060
Receive	6 Month EUR LIBOR		Semi-Annually		(0.79	)		Yearly		03/19/2041		EUR	725,000			–			13,870				13,870
Receive	6 Month EUR LIBOR		Semi-Annually		(0.35	)		Yearly		12/18/2040		EUR	258,750			–			17,959				17,959
Receive	6 Month EUR LIBOR		Semi-Annually		(0.33	)		Yearly		03/19/2041		EUR	268,680			–			19,329				19,329
Receive	3 Month USD LIBOR		Quarterly		(0.56	)		Semi-Annually		03/17/2026		USD	1,202,624			–			21,123				21,123
Receive	3 Month USD LIBOR		Quarterly		(0.61	)		Semi-Annually		03/17/2026		USD	1,428,241			–			21,328				21,328
Receive	6 Month EUR LIBOR		Semi-Annually		(0.37	)		Yearly		09/19/2040		EUR	322,428			–			21,858				21,858
Receive	6 Month EUR LIBOR		Semi-Annually		(0.36	)		Yearly		09/19/2040		EUR	322,429			–			22,138				22,138
Receive	3 Month USD LIBOR		Quarterly		(0.58	)		Semi-Annually		03/17/2026		USD	1,335,546			–			22,168				22,168
Receive	6 Month EUR LIBOR		Semi-Annually		(0.35	)		Yearly		09/19/2040		EUR	322,428			–			22,512				22,512
Receive	6 Month EUR LIBOR		Semi-Annually		(0.33	)		Yearly		09/19/2040		EUR	322,429			–			23,090				23,090
Receive	3 Month USD LIBOR		Quarterly		(0.74	)		Semi-Annually		03/17/2026		USD	2,934,171			–			25,545				25,545
Receive	6 Month EUR LIBOR		Semi-Annually		(0.36	)		Yearly		12/18/2040		EUR	388,125			–			26,497				26,497
Receive	6 Month EUR LIBOR		Semi-Annually		(0.29	)		Yearly		12/18/2040		EUR	374,500			–			28,470				28,470
Receive	3 Month USD LIBOR		Quarterly		(0.59	)		Semi-Annually		03/17/2026		USD	2,226,160			–			35,337				35,337
Receive	6 Month EUR LIBOR		Semi-Annually		(0.34	)		Yearly		12/18/2040		EUR	517,500			–			36,558				36,558
Receive	3 Month USD LIBOR		Quarterly		(0.57	)		Semi-Annually		03/17/2026		USD	2,740,465			–			45,888				45,888
Receive	3 Month USD LIBOR		Quarterly		(0.55	)		Semi-Annually		03/17/2026		USD	2,596,042			–			46,231				46,231
Receive	6 Month EUR LIBOR		Semi-Annually		(0.32	)		Yearly		12/18/2040		EUR	776,272			–			56,899				56,899
Receive	6 Month EUR LIBOR		Semi-Annually		(0.34	)		Yearly		09/19/2040		EUR	967,286			–			68,242				68,242
Receive	6 Month EUR LIBOR		Semi-Annually		(0.31	)		Yearly		12/18/2040		EUR	1,035,068			–			76,411				76,411
Receive	6 Month EUR LIBOR		Semi-Annually		(0.30	)		Yearly		12/18/2040		EUR	1,150,750			–			86,548				86,548
Subtotal - Appreciation																–			843,561				843,561
Interest Rate Risk
Pay	3 Month USD LIBOR		Quarterly		1.64			Semi-Annually		12/18/2040		USD	4,400,000			–			(282,423	)			(282,423	)
Pay	3 Month USD LIBOR		Quarterly		1.58			Semi-Annually		12/18/2040		USD	1,436,263			–			(98,976	)			(98,976	)
Pay	3 Month USD LIBOR		Quarterly		1.61			Semi-Annually		12/18/2040		USD	1,444,000			–			(96,209	)			(96,209	)
Pay	3 Month USD LIBOR		Quarterly		0.55			Semi-Annually		03/17/2026		USD	3,256,000			–			(58,288	)			(58,288	)
Pay	3 Month USD LIBOR		Quarterly		1.53			Semi-Annually		12/18/2040		USD	722,000			–			(52,403	)			(52,403	)
Pay	3 Month USD LIBOR		Quarterly		1.55			Semi-Annually		12/18/2040		USD	722,000			–			(51,585	)			(51,585	)
Pay	3 Month USD LIBOR		Quarterly		1.60			Semi-Annually		12/18/2040		USD	722,000			–			(48,570	)			(48,570	)
Pay	3 Month USD LIBOR		Quarterly		1.99			Semi-Annually		03/19/2041		USD	866,351			–			(31,301	)			(31,301	)
Pay	6 Month AUD BBSW		Semi-Annually		0.85			Semi-Annually		03/15/2026		AUD	2,764,266			–			(23,988	)			(23,988	)
Pay	3 Month USD LIBOR		Quarterly		1.71			Semi-Annually		12/18/2040		USD	350,909			–			(20,757	)			(20,757	)
Pay	6 Month AUD BBSW		Semi-Annually		0.84			Semi-Annually		03/15/2026		AUD	1,842,844			–			(16,509	)			(16,509	)
Pay	6 Month AUD BBSW		Semi-Annually		1.04			Semi-Annually		03/15/2026		AUD	3,685,770			–			(16,483	)			(16,483	)
Pay	6 Month AUD BBSW		Semi-Annually		0.92			Semi-Annually		03/15/2026		AUD	1,842,886			–			(13,114	)			(13,114	)
Pay	3 Month USD LIBOR		Quarterly		2.14			Semi-Annually		03/19/2041		USD	508,828			–			(12,675	)			(12,675	)
Pay	3 Month USD LIBOR		Quarterly		1.62			Semi-Annually		12/18/2040		USD	163,955			–			(10,773	)			(10,773	)
Pay	6 Month AUD BBSW		Semi-Annually		0.80			Semi-Annually		03/15/2026		AUD	921,422			–			(9,093	)			(9,093	)
Pay	6 Month AUD BBSW		Semi-Annually		0.87			Semi-Annually		03/15/2026		AUD	921,422			–			(7,730	)			(7,730	)
Pay	6 Month AUD BBSW		Semi-Annually		0.90			Semi-Annually		03/15/2026		AUD	921,443			–			(6,913	)			(6,913	)
Pay	6 Month AUD BBSW		Semi-Annually		0.91			Semi-Annually		03/15/2026		AUD	921,443			–			(6,725	)			(6,725	)
Pay	6 Month AUD BBSW		Semi-Annually		0.93			Semi-Annually		03/15/2026		AUD	921,443			–			(6,389	)			(6,389	)
Pay	6 Month AUD BBSW		Semi-Annually		0.94			Semi-Annually		03/15/2026		AUD	921,443			–			(6,159	)			(6,159	)
Pay	6 Month AUD BBSW		Semi-Annually		0.96			Semi-Annually		03/15/2026		AUD	921,443			–			(5,782	)			(5,782	)
Pay	6 Month AUD BBSW		Semi-Annually		1.20			Semi-Annually		03/15/2026		AUD	1,843,175			–			(1,399	)			(1,399	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

16                        Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements(a)–(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value				Unrealized  Appreciation  (Depreciation)
Pay	6 Month EUR LIBOR		Semi-Annually		(0.30	)%		Yearly		06/16/2026		EUR	293,000		$	–		$	(995	)		$	(995	)
Receive	6 Month AUD BBSW		Semi-Annually		(1.26	)		Semi-Annually		03/15/2026		AUD	1,509,000			–			(907	)			(907	)
Pay	6 Month EUR LIBOR		Semi-Annually		(0.27	)		Yearly		06/16/2026		EUR	296,000			–			(364	)			(364	)
Pay	3 Month USD LIBOR		Quarterly		0.99			Semi-Annually		06/17/2026		USD	1,071,000			–			(235	)			(235	)
Subtotal – Depreciation																–			(886,745	)			(886,745	)
Total Centrally Cleared Interest Rate Swap Agreements															$	–		$	(43,184	)		$	(43,184	)

^(a)  Centrally cleared swap agreements collateralized by $1,246,225 cash held with Credit Suisse.

Open Centrally Cleared Inflation Rate Swap Agreements(a)
Pay/Receive	Floating Rate Index	Payment Frequency	Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Pay	United Kingdom RPI	At Maturity		3.96	%		At Maturity		04/15/2028		GBP	10,930,000		$–		$ 355,085			$ 355,085
Receive	United States CPI Urban Consumers NSA	At Maturity		(2.52	)		At Maturity		04/08/2026		USD	810,000		–		7,687			7,687
Receive	United States CPI Urban Consumers NSA	At Maturity		(2.60	)		At Maturity		04/29/2026		USD	629,000		–		2,552			2,552
Receive	United Kingdom RPI	At Maturity		(3.63	)		At Maturity		04/15/2028		GBP	538,000		–		2,514			2,514
Subtotal – Appreciation														–		367,838			367,838
Interest Rate Risk
Pay	United States CPI Urban Consumers NSA	At Maturity		2.31			At Maturity		02/26/2026		USD	872,790		–		(18,935	)		(18,935	)
Pay	United States CPI Urban Consumers NSA	At Maturity		2.31			At Maturity		02/26/2026		USD	872,790		–		(19,051	)		(19,051	)
Pay	United States CPI Urban Consumers NSA	At Maturity		2.30			At Maturity		02/26/2026		USD	875,420		–		(19,687	)		(19,687	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.90			At Maturity		12/04/2025		USD	464,286		–		(20,589	)		(20,589	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.93			At Maturity		11/18/2025		USD	498,283		–		(21,263	)		(21,263	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.93			At Maturity		11/18/2025		USD	498,283		–		(21,263	)		(21,263	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.87			At Maturity		12/03/2025		USD	464,357		–		(21,324	)		(21,324	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.84			At Maturity		12/02/2025		USD	464,357		–		(22,055	)		(22,055	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.83			At Maturity		11/30/2025		USD	496,412		–		(23,756	)		(23,756	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.82			At Maturity		11/17/2025		USD	498,283		–		(24,128	)		(24,128	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.82			At Maturity		11/17/2025		USD	498,283		–		(24,128	)		(24,128	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.80			At Maturity		11/27/2025		USD	496,412		–		(24,610	)		(24,610	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.80			At Maturity		11/27/2025		USD	496,412		–		(24,610	)		(24,610	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.79			At Maturity		11/19/2025		USD	498,283		–		(25,043	)		(25,043	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.79			At Maturity		11/19/2025		USD	498,284		–		(25,043	)		(25,043	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.79			At Maturity		11/20/2025		USD	498,283		–		(25,046	)		(25,046	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.79			At Maturity		11/20/2025		USD	498,284		–		(25,046	)		(25,046	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.79			At Maturity		11/24/2025		USD	498,283		–		(25,056	)		(25,056	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.79			At Maturity		11/24/2025		USD	498,283		–		(25,056	)		(25,056	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.78			At Maturity		11/25/2025		USD	498,283		–		(25,189	)		(25,189	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.78			At Maturity		11/23/2025		USD	498,283		–		(25,212	)		(25,212	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.78			At Maturity		11/23/2025		USD	498,284		–		(25,212	)		(25,212	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.77			At Maturity		11/25/2025		USD	498,284		–		(25,448	)		(25,448	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.83			At Maturity		09/14/2025		USD	493,783		–		(25,621	)		(25,621	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.73			At Maturity		09/23/2025		USD	744,382		–		(41,536	)		(41,536	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.72			At Maturity		09/23/2025		USD	744,382		–		(42,118	)		(42,118	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.70			At Maturity		09/24/2025		USD	744,383		–		(42,547	)		(42,547	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.68			At Maturity		09/24/2025		USD	743,853		–		(43,243	)		(43,243	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

17                        Invesco Global Targeted Returns Fund

Open Centrally Cleared Inflation Rate Swap Agreements(a)–(continued)
Pay/Receive	Floating Rate Index	Payment Frequency	Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.80	%		At Maturity		09/14/2025		USD	896,853		$–	$	(47,943	)	$	(47,943	)
Receive	United Kingdom RPI	At Maturity		(3.75	)		At Maturity		04/15/2028		GBP	602,000		–		(5,099	)		(5,099	)
Subtotal – Depreciation														–		(784,857	)		(784,857	)
Total – Centrally Cleared Inflation Swap Agreements														$–	$	(417,019	)	$	(417,019	)

^(a)  Centrally cleared swap agreements collateralized by $1,246,225 cash held with Credit Suisse.

Open Over-The-Counter Variance Swap Agreements(a)

Counterparty

Reference Entity

Pay/ Receive Variance

Volatility Strike Rate

Payment Frequency

Maturity Date

Notional Value

Unrealized Appreciation (Depreciation)

Equity Risk

Goldman Sachs International

S&P 500 Index

Pay

29.20

%

At Maturity

12/17/2021

USD

1,282

$

8,601

Goldman Sachs International

S&P 500 Index

Pay

29.86

At Maturity

12/17/2021

USD

338

2,628

Merrill Lynch International

S&P 500 Index

Pay

29.50

At Maturity

12/17/2021

USD

1,282

8,897

Merrill Lynch International

S&P 500 Index

Pay

29.25

At Maturity

12/17/2021

USD

1,282

8,649

Merrill Lynch International

S&P 500 Index

Pay

29.00

At Maturity

12/17/2021

USD

1,282

8,403

Merrill Lynch International

S&P 500 Index

Pay

29.00

At Maturity

12/15/2023

USD

7,520

27,080

Merrill Lynch International

S&P 500 Index

Pay

29.00

At Maturity

12/15/2023

USD

5,241

19,023

Societe Generale

S&P 500 Index

Pay

30.50

At Maturity

12/17/2021

USD

686

5,643

Societe Generale

S&P 500 Index

Pay

30.60

At Maturity

12/17/2021

USD

569

4,688

Societe Generale

S&P 500 Index

Pay

32.85

At Maturity

12/17/2021

USD

338

3,310

Societe Generale

S&P 500 Index

Pay

31.00

At Maturity

12/17/2021

USD

338

2,824

Subtotal – Appreciation

99,746

Equity Risk

Goldman Sachs International

Russell 2000 Index

Receive

33.00

At Maturity

12/17/2021

USD

1,282

(5,856

)

Goldman Sachs International

Russell 2000 Index

Receive

33.56

At Maturity

12/17/2021

USD

333

(1,896

)

Merrill Lynch International

Russell 2000 Index

Receive

32.25

At Maturity

12/17/2021

USD

1,282

(5,023

)

Merrill Lynch International

Russell 2000 Index

Receive

32.90

At Maturity

12/17/2021

USD

1,282

(5,746

)

Merrill Lynch International

Russell 2000 Index

Receive

33.25

At Maturity

12/17/2021

USD

1,282

(6,133

)

Societe Generale

Russell 2000 Index

Receive

33.60

At Maturity

12/17/2021

USD

588

(3,359

)

Societe Generale

Russell 2000 Index

Receive

34.25

At Maturity

12/17/2021

USD

586

(3,651

)

Societe Generale

Russell 2000 Index

Receive

35.35

At Maturity

12/17/2021

USD

333

(2,372

)

Societe Generale

Russell 2000 Index

Receive

37.25

At Maturity

12/17/2021

USD

333

(2,880

)

Subtotal – Depreciation

(36,916

)

Total – Variance Swap Agreements

$

62,830

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $676,132.

Open Over-The-Counter Volatility Swap Agreements(a)

Counterparty

Reference Entity

Pay/ Receive Variance

Volatility Strike Rate

Payment Frequency

Maturity Date

Notional Value

Unrealized Appreciation (Depreciation)

Currency Risk

Barclays Bank PLC

EUR/USD

Receive

6.45

%

At Maturity

12/14/2022

EUR

7,698

$

4,531

BNP Paribas S.A.

EUR/USD

Pay

7.63

At Maturity

12/14/2022

EUR

4,334

5,584

BNP Paribas S.A.

EUR/USD

Receive

6.75

At Maturity

12/14/2022

EUR

7,965

1,884

BNP Paribas S.A.

USD/JPY

Receive

7.25

At Maturity

01/23/2023

USD

6,316

922

BNP Paribas S.A.

USD/JPY

Receive

7.33

At Maturity

01/23/2023

USD

12,985

1,439

BNP Paribas S.A.

USD/JPY

Receive

7.40

At Maturity

01/23/2023

USD

6,316

136

J.P. Morgan Chase Bank, N.A.

EUR/USD

Receive

5.98

At Maturity

12/14/2022

EUR

3,746

4,885

J.P. Morgan Chase Bank, N.A.

EUR/USD

Receive

6.31

At Maturity

12/14/2022

EUR

8,559

7,894

Morgan Stanley and Co. International PLC

EUR/USD

Pay

9.40

At Maturity

12/14/2022

EUR

4,645

15,396

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

18                        Invesco Global Targeted Returns Fund

Open Over-The-Counter Volatility Swap Agreements(a)–(continued)

Counterparty

Reference Entity

Pay/ Receive Variance

Volatility Strike Rate

Payment Frequency

Maturity Date

Notional Value

Unrealized Appreciation (Depreciation)

Morgan Stanley and Co. International PLC

EUR/USD

Receive

6.50

%

At Maturity

12/14/2022

EUR

4,280

$

3,052

Morgan Stanley and Co. International PLC

USD/JPY

Pay

7.60

At Maturity

01/23/2023

USD

2,808

2,429

Societe Generale

EUR/USD

Receive

6.50

At Maturity

12/14/2022

EUR

8,340

4,427

Societe Generale

EUR/USD

Receive

6.80

At Maturity

12/14/2022

EUR

4,673

862

Subtotal – Appreciation

53,441

Currency Risk

Barclays Bank PLC

EUR/USD

Receive

6.58

At Maturity

11/16/2021

EUR

1,851

(1,934

)

Barclays Bank PLC

EUR/USD

Receive

6.68

At Maturity

11/16/2021

EUR

1,851

(2,123

)

Barclays Bank PLC

EUR/USD

Receive

6.68

At Maturity

11/16/2021

EUR

1,851

(2,154

)

BNP Paribas S.A.

EUR/USD

Pay

6.70

At Maturity

12/14/2022

EUR

2,778

(910

)

BNP Paribas S.A.

EUR/USD

Receive

7.85

At Maturity

11/13/2023

EUR

8,119

(10,824

)

BNP Paribas S.A.

USD/JPY

Receive

7.98

At Maturity

06/10/2021

USD

6,404

(14,755

)

BNP Paribas S.A.

USD/JPY

Receive

8.08

At Maturity

06/10/2021

USD

6,404

(15,466

)

BNP Paribas S.A.

USD/JPY

Receive

8.05

At Maturity

07/07/2021

USD

7,643

(17,842

)

BNP Paribas S.A.

USD/JPY

Receive

7.80

At Maturity

11/13/2023

USD

1,505

(1,309

)

BNP Paribas S.A.

USD/JPY

Receive

7.85

At Maturity

11/13/2023

USD

1,505

(1,372

)

BNP Paribas S.A.

USD/JPY

Receive

7.95

At Maturity

01/10/2024

USD

1,567

(1,474

)

BNP Paribas S.A.

USD/JPY

Receive

7.95

At Maturity

01/10/2024

USD

1,567

(1,474

)

BNP Paribas S.A.

USD/JPY

Receive

7.95

At Maturity

01/10/2024

USD

3,134

(2,948

)

Citibank, N.A.

EUR/USD

Receive

7.50

At Maturity

11/13/2023

EUR

8,118

(7,390

)

Goldman Sachs International

EUR/USD

Receive

7.19

At Maturity

06/10/2021

EUR

4,994

(6,070

)

Goldman Sachs International

EUR/USD

Receive

7.74

At Maturity

06/10/2021

EUR

4,994

(9,871

)

Goldman Sachs International

EUR/USD

Receive

7.18

At Maturity

11/05/2021

EUR

2,303

(4,201

)

Goldman Sachs International

USD/JPY

Receive

7.60

At Maturity

11/13/2023

USD

1,148

(805

)

Goldman Sachs International

USD/JPY

Receive

7.68

At Maturity

11/13/2023

USD

1,148

(885

)

Goldman Sachs International

USD/JPY

Receive

7.73

At Maturity

11/13/2023

USD

1,466

(1,178

)

Goldman Sachs International

USD/JPY

Receive

7.80

At Maturity

11/13/2023

USD

1,466

(1,297

)

Goldman Sachs International

USD/JPY

Receive

7.85

At Maturity

11/13/2023

USD

1,466

(1,371

)

Goldman Sachs International

USD/JPY

Receive

7.90

At Maturity

11/13/2023

USD

1,505

(1,459

)

Goldman Sachs International

USD/JPY

Receive

7.85

At Maturity

01/10/2024

USD

3,103

(2,525

)

Goldman Sachs International

USD/JPY

Receive

7.95

At Maturity

01/10/2024

USD

3,103

(2,877

)

J.P. Morgan Chase Bank, N.A.

USD/JPY

Receive

8.74

At Maturity

01/23/2023

USD

3,734

(7,723

)

J.P. Morgan Chase Bank, N.A.

USD/JPY

Receive

8.93

At Maturity

01/23/2023

USD

3,734

(8,400

)

J.P. Morgan Chase Bank, N.A.

USD/JPY

Receive

9.00

At Maturity

01/23/2023

USD

3,734

(8,507

)

J.P. Morgan Chase Bank, N.A.

USD/JPY

Receive

9.10

At Maturity

01/23/2023

USD

3,734

(8,952

)

J.P. Morgan Chase Bank, N.A.

USD/JPY

Receive

9.14

At Maturity

01/23/2023

USD

3,734

(9,087

)

Morgan Stanley and Co. International PLC

EUR/USD

Receive

6.70

At Maturity

11/16/2021

EUR

1,851

(2,185

)

Morgan Stanley and Co. International PLC

EUR/USD

Receive

7.00

At Maturity

12/14/2022

EUR

23,893

(1,276

)

Morgan Stanley and Co. International PLC

USD/JPY

Receive

8.00

At Maturity

01/23/2023

USD

3,160

(4,030

)

Morgan Stanley and Co. International PLC

USD/JPY

Receive

7.80

At Maturity

11/13/2023

USD

1,148

(1,025

)

Morgan Stanley and Co. International PLC

USD/JPY

Receive

7.80

At Maturity

11/13/2023

USD

1,148

(1,028

)

Standard Chartered Bank PLC

USD/JPY

Receive

7.53

At Maturity

01/10/2024

USD

6,917

(3,168

)

UBS AG

USD/JPY

Receive

7.08

At Maturity

11/16/2021

USD

2,188

(2,829

)

UBS AG

USD/JPY

Receive

7.23

At Maturity

11/16/2021

USD

2,189

(3,205

)

UBS AG

USD/JPY

Receive

7.30

At Maturity

11/16/2021

USD

2,188

(3,319

)

UBS AG

USD/JPY

Receive

7.33

At Maturity

11/16/2021

USD

2,188

(3,395

)

Subtotal – Depreciation

(182,643

)

Total – Volatility Swap Agreements

$

(129,202

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $676,132.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

19                        Invesco Global Targeted Returns Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)

Counterparty

Pay/ Receive

Reference Entity

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation

Equity Risk

BNP Paribas S.A.

Receive

EURO STOXX Mid Net Return EUR Index

3 Month EURIBOR - 0.25%

Quarterly

585

November–2021

$

671,898

$

–

$

22,242

$  22,242

BNP Paribas S.A.

Receive

EURO STOXX Mid Net Return EUR Index

3 Month EURIBOR - 0.25%

Quarterly

581

November–2021

667,215

–

22,087

22,087

BNP Paribas S.A.

Receive

EURO STOXX Mid Net Return EUR Index

3 Month EURIBOR - 0.25%

Quarterly

580

November–2021

665,069

–

22,016

22,016

BNP Paribas S.A.

Receive

FTSE Taiwan RIC Capped Price Index

3 Month USD LIBOR + 0.03%

Quarterly

235

November–2021

638,556

–

56,741

56,741

BNP Paribas S.A.

Receive

FTSE Taiwan RIC Capped Price Index

3 Month USD LIBOR + 0.03%

Quarterly

233

November–2021

638,474

–

50,905

50,905

BNP Paribas S.A.

Receive

FTSE Taiwan RIC Capped Price Index

3 Month USD LIBOR + 0.05%

Quarterly

140

November–2021

640,521

–

32,632

32,632

Goldman Sachs International

Receive

China Securities Index 500 Net Total Return Index

3 Month USD LIBOR - 10.250%

Quarterly

48

December–2021

423,493

–

20,808

20,808

Goldman Sachs International

Receive

China Securities Index 500 Net Total Return Index

3 Month USD LIBOR - 11.250%

Quarterly

49

December–2021

429,863

–

21,120

21,120

J.P. Morgan Chase Bank, N.A.

Receive

China Securities Index 500 Net Total Return Index

3 Month EURIBOR - 10.50%

Quarterly

49

December–2021

434,226

–

21,303

21,303

J.P. Morgan Chase Bank, N.A.

Receive

China Securities Index 500 Net Total Return Index

3 Month USD LIBOR - 10.750%

Quarterly

49

December–2021

430,973

–

21,123

21,123

J.P. Morgan Chase Bank, N.A.

Receive

FTSE Taiwan RIC Capped Price Index

3 Month USD LIBOR + 0.04%

Quarterly

235

November–2021

638,105

–

57,192

57,192

UBS AG

Receive

China Securities Index 500 Net Total Return Index

3 Month USD LIBOR - 10.250%

Quarterly

48

December–2021

428,399

–

21,006

21,006

UBS AG

Receive

China Securities Index 500 Net Total Return Index

3 Month USD LIBOR - 11.250%

Quarterly

49

December–2021

432,878

–

21,260

21,260

Total – Total Return Swap  Agreements

$–

$390,435

$390,435

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $676,132.

^(b)  The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
Currency Risk
05/12/2021	Barclays Bank PLC		AUD	1,472,333		USD	1,145,186		$     10,939
05/12/2021	Barclays Bank PLC		EUR	133,473		SEK	1,362,000		406
05/12/2021	Barclays Bank PLC		KRW	22,846,000		USD	20,517		80
05/12/2021	Barclays Bank PLC		TWD	600,000		USD	21,498		5
05/12/2021	Barclays Bank PLC		USD	216,990		CNY	1,407,200		222
06/11/2021	Barclays Bank PLC		EUR	90,053		CHF	100,000		1,259
06/11/2021	Barclays Bank PLC		JPY	89,100,845		USD	823,726		8,239
07/12/2021	Barclays Bank PLC		USD	116,011		KRW	130,041,000		316
08/10/2021	Barclays Bank PLC		TWD	4,498,832		USD	165,886		3,214

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

20                        Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
05/14/2021	BNP Paribas S.A.		USD	130,621		EUR	110,000		$       1,652
06/11/2021	BNP Paribas S.A.		AUD	1,472,333		USD	1,146,308		11,899
06/11/2021	BNP Paribas S.A.		USD	367,174		MXN	7,739,500		13,294
07/12/2021	BNP Paribas S.A.		EUR	1,409,241		PLN	6,493,036		16,173
05/12/2021	Citibank, N.A.		GBP	18,000		EUR	20,730		67
05/14/2021	Citibank, N.A.		EUR	560,000		USD	679,006		5,616
08/10/2021	Citibank, N.A.		TWD	11,640,727		USD	428,914		7,999
08/10/2021	Citibank, N.A.		USD	179,178		CNY	1,179,082		1,525
05/12/2021	Deutsche Bank AG		JPY	54,301,484		USD	499,891		3,017
05/12/2021	Goldman Sachs International		EUR	118,259		GBP	104,333		1,893
05/12/2021	Goldman Sachs International		HUF	800,846,263		EUR	2,245,827		26,074
05/12/2021	Goldman Sachs International		USD	126,702		BRL	717,400		5,271
05/12/2021	Goldman Sachs International		USD	377,006		MXN	8,017,112		18,413
06/11/2021	Goldman Sachs International		EUR	567,106		NOK	5,713,000		4,048
06/11/2021	Goldman Sachs International		USD	115,664		KRW	130,041,000		658
06/11/2021	Goldman Sachs International		USD	428,157		MXN	9,132,654		20,798
08/10/2021	Goldman Sachs International		TWD	22,494,344		USD	825,633		12,264
08/20/2021	Goldman Sachs International		HKD	34,484,000		USD	4,442,069		1,559
09/10/2021	Goldman Sachs International		TWD	45,922,967		USD	1,676,354		9,842
10/14/2021	Goldman Sachs International		TWD	23,993,766		USD	885,391		11,215
05/12/2021	J.P. Morgan Chase Bank, N.A.		EUR	1,131,741		NOK	11,426,000		11,835
05/12/2021	J.P. Morgan Chase Bank, N.A.		GBP	1,166,880		NOK	13,750,000		40,332
05/12/2021	J.P. Morgan Chase Bank, N.A.		JPY	37,712,700		EUR	287,786		961
05/12/2021	J.P. Morgan Chase Bank, N.A.		USD	181,621		BRL	988,016		135
05/12/2021	J.P. Morgan Chase Bank, N.A.		USD	1,531,371		MXN	31,156,058		5,308
06/11/2021	J.P. Morgan Chase Bank, N.A.		GBP	340,000		USD	472,797		3,202
07/12/2021	J.P. Morgan Chase Bank, N.A.		EUR	95,675		CHF	106,000		1,093
08/10/2021	J.P. Morgan Chase Bank, N.A.		TWD	35,331,790		USD	1,288,151		10,596
09/10/2021	J.P. Morgan Chase Bank, N.A.		TWD	19,494,935		USD	720,368		12,911
01/12/2022	J.P. Morgan Chase Bank, N.A.		HKD	12,316,990		USD	1,589,115		2,839
05/12/2021	Merrill Lynch International		EUR	221,364		PLN	1,017,011		2,018
05/12/2021	Merrill Lynch International		JPY	53,460,507		USD	491,884		2,705
05/12/2021	Morgan Stanley and Co. International PLC		EUR	13,572		CHF	15,000		109
05/12/2021	Morgan Stanley and Co. International PLC		JPY	20,369,708		USD	187,594		1,206
05/12/2021	Morgan Stanley and Co. International PLC		USD	124,203		MXN	2,579,124		3,005
06/11/2021	Morgan Stanley and Co. International PLC		EUR	511,733		NOK	5,141,700		2,034
06/11/2021	Morgan Stanley and Co. International PLC		JPY	35,318,319		USD	325,358		2,110
07/12/2021	Morgan Stanley and Co. International PLC		EUR	62,400		NOK	628,430		376
08/20/2021	Morgan Stanley and Co. International PLC		HKD	3,220,750		USD	414,794		57
10/14/2021	Morgan Stanley and Co. International PLC		TWD	12,449,433		USD	454,641		1,066
06/11/2021	Natwest Group PLC		EUR	56,922		NOK	571,300		150
05/12/2021	Royal Bank of Canada		USD	364,999		MXN	7,628,781		11,267
05/25/2021	Societe Generale		DKK	589,010		USD	95,678		421
05/25/2021	Societe Generale		USD	14,583		CHF	13,316		6
07/12/2021	Standard Chartered Bank PLC		USD	119,185		TWD	3,361,667		1,962
08/10/2021	Standard Chartered Bank PLC		TWD	54,911,998		USD	2,012,129		26,575
08/10/2021	Standard Chartered Bank PLC		USD	856,062		TWD	24,079,300		14,618
09/10/2021	Standard Chartered Bank PLC		TWD	11,005,166		USD	408,507		9,137
10/14/2021	Standard Chartered Bank PLC		TWD	59,821,278		USD	2,206,858		27,364
01/12/2022	Standard Chartered Bank PLC		HKD	14,793,630		USD	1,908,518		3,283

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

21                        Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
05/12/2021	State Street Bank & Trust Co.		EUR	318,554		HUF	114,895,106		$        646
05/12/2021	State Street Bank & Trust Co.		EUR	134,643		SEK	1,383,000		1,479
05/12/2021	State Street Bank & Trust Co.		GBP	23,000		EUR	26,927		614
05/12/2021	State Street Bank & Trust Co.		INR	1,158,000		USD	15,691		100
05/12/2021	State Street Bank & Trust Co.		JPY	27,962,500		EUR	214,158		1,646
05/12/2021	State Street Bank & Trust Co.		USD	184,302		AUD	242,000		2,128
05/12/2021	State Street Bank & Trust Co.		USD	275,320		CNY	1,809,100		3,928
05/25/2021	State Street Bank & Trust Co.		AUD	857,062		USD	665,858		5,559
05/25/2021	State Street Bank & Trust Co.		DKK	26,000		USD	4,214		10
05/25/2021	State Street Bank & Trust Co.		EUR	1,553,169		USD	1,868,779		719
05/25/2021	State Street Bank & Trust Co.		GBP	1,586,682		USD	2,202,502		11,129
05/25/2021	State Street Bank & Trust Co.		HKD	56,658		USD	7,299		4
05/25/2021	State Street Bank & Trust Co.		JPY	34,928,552		USD	322,952		3,315
05/25/2021	State Street Bank & Trust Co.		KRW	425,360,667		USD	381,272		779
05/25/2021	State Street Bank & Trust Co.		MXN	36,095,648		USD	1,810,739		32,971
05/25/2021	State Street Bank & Trust Co.		NOK	549,683		USD	66,050		12
05/25/2021	State Street Bank & Trust Co.		SEK	1,064,194		USD	126,584		853
05/25/2021	State Street Bank & Trust Co.		USD	2,259		CAD	2,805		23
05/25/2021	State Street Bank & Trust Co.		USD	53,483		CNY	347,740		137
05/25/2021	State Street Bank & Trust Co.		USD	1,131		DKK	7,000		1
05/25/2021	State Street Bank & Trust Co.		USD	24,028		EUR	20,000		27
05/25/2021	State Street Bank & Trust Co.		USD	186		INR	14,000		2
05/25/2021	State Street Bank & Trust Co.		USD	1,435		NOK	12,000		7
05/25/2021	State Street Bank & Trust Co.		USD	1,943		THB	61,000		16
05/25/2021	State Street Bank & Trust Co.		USD	12,107		TWD	339,000		50
05/25/2021	State Street Bank & Trust Co.		ZAR	22,893,027		USD	1,602,626		28,665
05/26/2021	State Street Bank & Trust Co.		USD	1,283		CAD	1,591		12
08/20/2021	State Street Bank & Trust Co.		USD	649,046		HKD	5,046,000		728
05/12/2021	UBS AG		JPY	20,369,709		USD	188,116		1,727
05/12/2021	UBS AG		USD	465,888		MXN	9,644,764		9,810
06/11/2021	UBS AG		JPY	35,318,320		USD	326,265		3,017
08/20/2021	UBS AG		HKD	3,468,500		USD	446,684		45
09/10/2021	UBS AG		TWD	4,498,832		USD	166,840		3,580
01/12/2022	UBS AG		HKD	6,164,379		USD	795,294		1,399
Subtotal–Appreciation									511,776
Currency Risk
05/12/2021	Barclays Bank PLC		CHF	13,000		EUR	11,816		(30	)
05/12/2021	Barclays Bank PLC		NOK	13,750,000		GBP	1,149,323		(64,580	)
05/12/2021	Barclays Bank PLC		PLN	750,482		EUR	164,313		(333	)
06/11/2021	Barclays Bank PLC		CNY	4,838,067		USD	742,804		(2,227	)
06/11/2021	Barclays Bank PLC		EUR	1,451,492		PLN	6,620,054		(387	)
06/11/2021	Barclays Bank PLC		USD	82,826		INR	6,108,000		(949	)
06/11/2021	Barclays Bank PLC		USD	115,812		TWD	3,180,667		(1,564	)
07/12/2021	Barclays Bank PLC		HUF	536,845,263		EUR	1,482,723		(5,972	)
08/10/2021	Barclays Bank PLC		CNY	5,789,223		USD	865,142		(22,100	)
08/10/2021	Barclays Bank PLC		USD	143,028		TWD	3,914,094		(1,499	)
10/14/2021	Barclays Bank PLC		USD	402,128		TWD	10,916,107		(4,417	)
05/12/2021	BNP Paribas S.A.		EUR	88,876		CHF	96,000		(1,728	)
05/12/2021	BNP Paribas S.A.		MXN	12,160,791		USD	563,875		(35,919	)
05/12/2021	BNP Paribas S.A.		USD	292,966		AUD	377,000		(2,535	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

22                        Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
05/12/2021	BNP Paribas S.A.		USD	79,408		INR	5,873,000		$        (338)
05/12/2021	BNP Paribas S.A.		USD	107,613		KRW	119,939,000		(321)
05/14/2021	BNP Paribas S.A.		USD	153,363		GBP	110,000		(1,444)
06/11/2021	BNP Paribas S.A.		EUR	128,640		GBP	111,333		(1,005)
06/11/2021	BNP Paribas S.A.		MXN	10,952,654		USD	518,030		(20,394)
06/11/2021	BNP Paribas S.A.		SEK	5,736,167		EUR	559,079		(5,157)
06/11/2021	BNP Paribas S.A.		USD	145,556		EUR	120,000		(1,177)
06/11/2021	BNP Paribas S.A.		USD	1,489,941		JPY	159,737,484		(27,959)
07/12/2021	BNP Paribas S.A.		AUD	2,289,333		USD	1,746,365		(17,764)
07/12/2021	BNP Paribas S.A.		EUR	1,815,712		JPY	237,046,366		(15,846)
07/12/2021	BNP Paribas S.A.		USD	88,784		INR	6,595,000		(788)
07/12/2021	Canadian Imperial Bank of Commerce		SEK	630,978		EUR	61,407		(652)
05/12/2021	Citibank, N.A.		CHF	11,000		EUR	9,967		(62)
05/12/2021	Citibank, N.A.		EUR	155,212		SEK	1,574,000		(689)
05/12/2021	Citibank, N.A.		MXN	6,417,319		USD	295,659		(20,856)
05/14/2021	Citibank, N.A.		GBP	450,000		USD	620,089		(1,395)
05/12/2021	Deutsche Bank AG		EUR	569,627		JPY	71,996,300		(26,152)
05/12/2021	Deutsche Bank AG		USD	1,415,365		JPY	148,501,408		(56,536)
06/11/2021	Deutsche Bank AG		EUR	1,149,666		JPY	148,532,367		(23,805)
06/11/2021	Deutsche Bank AG		SEK	573,617		EUR	55,929		(490)
07/12/2021	Deutsche Bank AG		EUR	1,078,140		NOK	10,797,570		(756)
07/12/2021	Deutsche Bank AG		SEK	10,841,355		EUR	1,058,447		(7,157)
05/12/2021	Goldman Sachs International		CNY	15,786,684		USD	2,427,451		(9,340)
05/12/2021	Goldman Sachs International		EUR	605,796		JPY	76,536,067		(28,103)
05/12/2021	Goldman Sachs International		MXN	6,417,319		USD	299,251		(17,264)
05/12/2021	Goldman Sachs International		USD	72,737		MXN	1,465,715		(445)
05/12/2021	Goldman Sachs International		USD	107,081		TWD	2,963,667		(921)
05/25/2021	Goldman Sachs International		USD	16,163		AUD	20,862		(91)
05/25/2021	Goldman Sachs International		USD	4,246		EUR	3,515		(19)
05/25/2021	Goldman Sachs International		USD	3,771		SEK	31,603		(37)
05/25/2021	Goldman Sachs International		USD	3,369		ZAR	48,513		(34)
06/11/2021	Goldman Sachs International		CNY	4,524,900		USD	691,730		(5,075)
07/12/2021	Goldman Sachs International		BRL	4,714,242		USD	827,801		(34,843)
08/10/2021	Goldman Sachs International		USD	783,525		TWD	21,327,013		(12,366)
08/20/2021	Goldman Sachs International		USD	66,449		HKD	515,000		(132)
09/10/2021	Goldman Sachs International		USD	401,882		TWD	10,916,107		(5,744)
05/12/2021	J.P. Morgan Chase Bank, N.A.		BRL	4,714,242		USD	844,223		(23,009)
05/12/2021	J.P. Morgan Chase Bank, N.A.		EUR	1,964,806		PLN	8,829,465		(34,152)
05/12/2021	J.P. Morgan Chase Bank, N.A.		MXN	51,519,575		USD	2,532,272		(8,777)
05/12/2021	J.P. Morgan Chase Bank, N.A.		SEK	11,472,334		EUR	1,122,693		(5,304)
05/14/2021	J.P. Morgan Chase Bank, N.A.		USD	27,704		GBP	20,000		(83)
05/18/2021	J.P. Morgan Chase Bank, N.A.		USD	78,136		JPY	8,500,000		(355)
05/18/2021	J.P. Morgan Chase Bank, N.A.		USD	25,516		TRY	200,000		(1,535)
06/11/2021	J.P. Morgan Chase Bank, N.A.		BRL	4,714,242		USD	842,699		(22,166)
06/11/2021	J.P. Morgan Chase Bank, N.A.		CNY	2,000,000		USD	305,070		(2,917)
06/11/2021	J.P. Morgan Chase Bank, N.A.		EUR	540,000		USD	643,629		(6,078)
06/11/2021	J.P. Morgan Chase Bank, N.A.		HUF	413,225,934		EUR	1,129,097		(20,843)
06/11/2021	J.P. Morgan Chase Bank, N.A.		MXN	7,739,500		USD	359,986		(20,482)
06/11/2021	J.P. Morgan Chase Bank, N.A.		ZAR	609,968		USD	39,289		(2,550)
07/12/2021	J.P. Morgan Chase Bank, N.A.		CNY	3,628,200		USD	552,028		(5,392)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

23                        Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
07/12/2021	J.P. Morgan Chase Bank, N.A.		EUR	145,612		GBP	124,333		$       (3,567)
07/12/2021	J.P. Morgan Chase Bank, N.A.		MXN	23,649,787		USD	1,158,015		(554)
07/16/2021	J.P. Morgan Chase Bank, N.A.		EUR	200,000		USD	238,319		(2,493)
07/16/2021	J.P. Morgan Chase Bank, N.A.		GBP	370,000		USD	507,903		(3,188)
08/20/2021	J.P. Morgan Chase Bank, N.A.		USD	454,786		HKD	3,529,000		(356)
05/12/2021	Merrill Lynch International		HUF	82,530,519		EUR	224,316		(5,881)
05/12/2021	Morgan Stanley and Co. International PLC		EUR	242,463		HUF	87,074,619		(765)
05/12/2021	Morgan Stanley and Co. International PLC		MXN	6,160,628		USD	285,262		(18,592)
05/12/2021	Morgan Stanley and Co. International PLC		NOK	2,482,000		EUR	247,579		(482)
05/12/2021	Morgan Stanley and Co. International PLC		PLN	1,191,274		EUR	261,090		(205)
06/11/2021	Morgan Stanley and Co. International PLC		SEK	5,162,550		EUR	502,677		(5,236)
08/10/2021	Morgan Stanley and Co. International PLC		CNY	9,835,812		USD	1,475,223		(32,188)
08/10/2021	Morgan Stanley and Co. International PLC		USD	511,808		TWD	13,982,760		(6,208)
08/20/2021	Morgan Stanley and Co. International PLC		USD	137,928		HKD	1,069,000		(272)
05/25/2021	Societe Generale		USD	1,653		DKK	10,175		(7)
07/12/2021	Standard Chartered Bank PLC		CNY	6,746,067		USD	1,022,039		(14,396)
08/10/2021	Standard Chartered Bank PLC		CNY	2,858,092		USD	426,783		(11,241)
08/10/2021	Standard Chartered Bank PLC		USD	116,625		TWD	3,147,700		(2,807)
08/20/2021	Standard Chartered Bank PLC		HKD	3,220,750		USD	414,714		(23)
09/10/2021	Standard Chartered Bank PLC		USD	513,574		TWD	13,982,760		(6,149)
10/14/2021	Standard Chartered Bank PLC		USD	516,293		TWD	13,982,760		(6,853)
05/12/2021	State Street Bank & Trust Co.		CHF	16,000		EUR	14,435		(166)
05/12/2021	State Street Bank & Trust Co.		KRW	20,208,000		USD	18,017		(60)
05/12/2021	State Street Bank & Trust Co.		NOK	1,957,000		EUR	193,676		(2,225)
05/12/2021	State Street Bank & Trust Co.		PLN	1,052,611		EUR	228,710		(2,573)
05/12/2021	State Street Bank & Trust Co.		TWD	450,000		USD	15,831		(288)
05/12/2021	State Street Bank & Trust Co.		USD	133,334		MXN	2,699,910		(169)
05/25/2021	State Street Bank & Trust Co.		CAD	50,795		USD	40,692		(635)
05/25/2021	State Street Bank & Trust Co.		CHF	383,032		USD	418,238		(1,406)
05/25/2021	State Street Bank & Trust Co.		CNY	3,831,569		USD	587,166		(3,644)
05/25/2021	State Street Bank & Trust Co.		DKK	821,621		USD	132,868		(8)
05/25/2021	State Street Bank & Trust Co.		HKD	5,005,361		USD	644,163		(254)
05/25/2021	State Street Bank & Trust Co.		INR	12,480,000		USD	165,935		(1,776)
05/25/2021	State Street Bank & Trust Co.		SGD	129,034		USD	96,862		(94)
05/25/2021	State Street Bank & Trust Co.		THB	1,710,000		USD	54,589		(321)
05/25/2021	State Street Bank & Trust Co.		TWD	11,077,602		USD	394,863		(2,401)
05/25/2021	State Street Bank & Trust Co.		USD	131,401		AUD	169,521		(799)
05/25/2021	State Street Bank & Trust Co.		USD	9,408		CHF	8,581		(7)
05/25/2021	State Street Bank & Trust Co.		USD	18,690		CNY	120,940		(42)
05/25/2021	State Street Bank & Trust Co.		USD	100,781		DKK	620,459		(437)
05/25/2021	State Street Bank & Trust Co.		USD	261,442		EUR	216,601		(926)
05/25/2021	State Street Bank & Trust Co.		USD	155,735		GBP	111,939		(1,135)
05/25/2021	State Street Bank & Trust Co.		USD	4,745		HKD	36,827		(3)
05/25/2021	State Street Bank & Trust Co.		USD	103,973		JPY	11,241,000		(1,106)
05/25/2021	State Street Bank & Trust Co.		USD	13,437		KRW	14,959,000		(57)
05/25/2021	State Street Bank & Trust Co.		USD	1,814		NOK	15,000		(12)
05/25/2021	State Street Bank & Trust Co.		USD	1,673		SEK	14,000		(18)
05/25/2021	State Street Bank & Trust Co.		USD	5,319		SGD	7,052		(20)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

24                        Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
05/25/2021	State Street Bank & Trust Co.		USD	123,220		ZAR	1,756,000		$       (2,490)
Subtotal–Depreciation									(787,575)
Total Forward Foreign Currency Contracts									$   (275,799)

Abbreviations:

AUD	– Australian Dollar
BBSW	– Bank Bill Swap Rate
BRL	– Brazilian Real
CAD	– Canadian Dollar
CHF	– Swiss Franc
CNY	– Chinese Yuan Renminbi
CPI	– Consumer Price Index
DKK	– Danish Krone
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
HKD	– Hong Kong Dollar
HUF	– Hungarian Forint
INR	– Indian Rupee
JPY	– Japanese Yen
KRW	– South Korean Won
LIBOR	– London Interbank Offered Rate
MXN	– Mexican Peso
NOK	– Norwegian Krone
NSA	– Non– Seasonally Adjusted
PLN	– Polish Zloty
RPI	– Retail Price Index
SEK	– Swedish Krona
SGD	– Singapore Dollar
THB	– Thai Baht
TIIE	– Interbank Equilibrium Interest Rate
TRY	– Turkish Lira
TWD	– New Taiwan Dollar
USD	– U.S. Dollar
ZAR	– South African Rand

Portfolio Composition

By asset type

	Risk Allocation(1)			Notional Value as % of Total Net Assets(2)			Value as % of Total Net Assets(3)
Commodity		8.18	%		3.38	%		19.08	%
Currency		38.97			375.26			(0.73	)
Equity		21.67			341.15			21.22
Inflation		13.65			91.82			(0.39	)
Interest Rate		14.11			204.70			14.64
Volatility(4)		3.42			0.74			(0.17	)
Money Market Funds Plus Other Assets Less Liabilities		-			-			46.35

⁽¹⁾  The values in this column represent the Adviser’s proprietary measure of risk that each asset type contributes to the Fund. The risk associated with each asset type is calculated by aggregating the independent risk, as of the end of the fiscal period, of each of the Fund’s investment ideas that are included in that asset type. Independent risk is determined by measuring the historical price volatility of the assets or asset classes that comprise the investment idea using a statistical measurement called standard deviation. Standard deviation measures how much historical prices vary from their average over a certain period of time. The risk of each investment idea takes into account the Adviser’s evaluation of the risk dynamics and expected correlation of the components of the investment idea based on historical price movements. Historical price movements may not be representative of future price movements and, therefore, the actual risk of each asset type may be much greater or lower than the values shown. In addition, there are ways to measure risk other than standard deviation which, if used, may have resulted in a different risk allocation.

⁽²⁾  The values in this column represent the gross notional amount of the derivative instruments and other investments held by the Fund, including purchased and written options, futures,

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

25                        Invesco Global Targeted Returns Fund

swaps and investment companies. The notional amount of a derivative is the nominal or face amount used to calculate payments made on the instrument. The gross notional amount does not reflect any offsetting or netting of long and short positions. The notional amounts of derivatives and other investments denominated in foreign currencies have been adjusted to the U.S. dollar equivalent using spot exchange rates. See the Consolidated Schedule of Investments for a complete list of derivative instruments held by the Fund as of April 30, 2021.

⁽³⁾  The percentages in this column were calculated by adding the market value of purchased options, the net unrealized appreciation/depreciation of written options, futures, swaps and forwards, and the net asset value of affiliated money market funds held by the Fund. See the Consolidated Schedule of Investments for the complete list of derivative instruments held by the Fund as of April 30, 2021.

⁽⁴⁾  Includes the volatility and variance swaps held by the Fund, the gains and losses on which are driven by the volatility (i.e., the positive and negative changes in value over time) of a particular asset, such as stocks or currencies, and not by the asset itself.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

26                        Invesco Global Targeted Returns Fund

Consolidated Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $18,150,014)	$	20,880,661
Investments in affiliated money market funds, at value (Cost $14,294,502)		14,294,579
Other investments:
Variation margin receivable – futures contracts		8,857
Swaps receivable – OTC		28,573
Unrealized appreciation on swap agreements – OTC		543,622
Unrealized appreciation on forward foreign currency contracts outstanding		511,776
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		205,201
Cash collateral – centrally cleared swap agreements		1,246,225
Cash collateral – OTC Derivatives		676,132
Cash		167,339
Foreign currencies, at value (Cost $1,058,282)		1,056,921
Receivable for:
Investments sold		205,866
Fund shares sold		12,462
Dividends		47,020
Interest		272,537
Investment for trustee deferred compensation and retirement plans		20,878
Other assets		56,917
Total assets		40,235,566
Liabilities:
Other investments:
Options written, at value (premiums received $471,494)		535,125
Variation margin payable – centrally cleared swap agreements		15,816
Unrealized depreciation on forward foreign currency contracts outstanding		787,575
Swaps payable – OTC		3,620
Unrealized depreciation on swap agreements–OTC		219,559
Payable for:
Investments purchased		124,633
Fund shares reacquired		15,318
Accrued foreign taxes		4,660
Accrued fees to affiliates		73,904
Accrued other operating expenses		364,266
Trustee deferred compensation and retirement plans		20,878
Total liabilities		2,165,354
Net assets applicable to shares outstanding	$	38,070,212

Net assets consist of:
Shares of beneficial interest	$	46,633,864
Distributable earnings (loss)		(8,563,652	)
	$	38,070,212
Net Assets:
Class A	$	10,885,356
Class C	$	2,415,995
Class R	$	42,242
Class Y	$	23,530,429
Class R5	$	9,313
Class R6	$	1,186,877
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,177,393
Class C		268,098
Class R		4,608
Class Y		2,527,268
Class R5		1,000
Class R6		127,257
Class A:
Net asset value per share	$	9.25
Maximum offering price per share (Net asset value of $9.25 ÷ 94.50%)	$	9.79
Class C:
Net asset value and offering price per share	$	9.01
Class R:
Net asset value and offering price per share	$	9.17
Class Y:
Net asset value and offering price per share	$	9.31
Class R5:
Net asset value and offering price per share	$	9.31
Class R6:
Net asset value and offering price per share	$	9.33

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

27                        Invesco Global Targeted Returns Fund

Consolidated Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Interest	$	414,482
Dividends (net of foreign withholding taxes of $9,019)		105,125
Dividends from affiliated money market funds		2,471
Total investment income		522,078
Expenses:
Advisory fees		229,649
Administrative services fees		3,220
Custodian fees		69,998
Distribution fees:
Class A		13,889
Class C		14,015
Class R		134
Transfer agent fees — A, C, R and Y		32,025
Transfer agent fees — R6		2
Trustees’ and officers’ fees and benefits		8,972
Registration and filing fees		36,446
Index review fees		106,861
Reports to shareholders		12,677
Professional services fees		55,010
Other		(25,193	)
Total expenses		557,705
Less: Fees waived and/or expenses reimbursed		(290,223	)
Net expenses		267,482
Net investment income		254,596
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $3,305)		2,448,847
Affiliated investment securities		458
Foreign currencies		207,378
Forward foreign currency contracts		(1,663,130	)
Futures contracts		(1,499,797	)
Option contracts written		(527,484	)
Swap agreements		1,184,660
		150,932
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $3,531)		1,575,918
Affiliated investment securities		(459	)
Foreign currencies		8,866
Forward foreign currency contracts		(207,194	)
Futures contracts		(20,885	)
Option contracts written		(264,568	)
Swap agreements		(1,022,683	)
		68,995
Net realized and unrealized gain		219,927
Net increase in net assets resulting from operations	$	474,523

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

28                        Invesco Global Targeted Returns Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income	$	254,596		$	762,279
Net realized gain (loss)		150,932			(3,937,948	)
Change in net unrealized appreciation		68,995			2,150,345
Net increase (decrease) in net assets resulting from operations		474,523			(1,025,324	)
Distributions to shareholders from distributable earnings:
Class A		—			(478,375	)
Class C		—			(129,371	)
Class R		—			(1,429	)
Class Y		—			(1,634,267	)
Class R5		—			(424	)
Class R6		—			(514,506	)
Total distributions from distributable earnings		—			(2,758,372	)
Share transactions–net:
Class A		(645,240	)		624,835
Class C		(780,862	)		(990,135	)
Class R		(8,899	)		18,497
Class Y		(3,793,926	)		(10,377,556	)
Class R6		10,003			(10,073,223	)
Net increase (decrease) in net assets resulting from share transactions		(5,218,924	)		(20,797,582	)
Net increase (decrease) in net assets		(4,744,401	)		(24,581,278	)
Net assets:
Beginning of period		42,814,613			67,395,891
End of period	$	38,070,212		$	42,814,613

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

29                        Invesco Global Targeted Returns Fund

Consolidated Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Return of capital			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/21		$9.14		$0.05			$0.06			$0.11			$      –			$      –			$      –			$      –			$9.25		1.20	%	$	10,885		1.40	%(d)		2.80	%(d)		1.10	%(d)		56	%
Year ended 10/31/20		9.76		0.11			(0.34	)		(0.23	)		(0.39)			–			–			(0.39)			9.14		(2.47	)		11,403		1.40			2.60			1.20			145
Year ended 10/31/19		9.64		0.17			0.13			0.30			(0.18)			–			–			(0.18)			9.76		3.14			11,566		1.39			2.52			1.77			77
Year ended 10/31/18		10.00		0.13			(0.49	)		(0.36	)		–			–			–			–			9.64		(3.60	)		11,416		1.40			2.69			1.26			67
Year ended 10/31/17		10.32		0.12			0.00			0.12			(0.12)			(0.31	)		(0.01	)		(0.44)			10.00		1.32			19,360		1.29			2.16			1.24			121
Year ended 10/31/16		10.33		0.05			0.14			0.19			(0.06	)		(0.14	)		–			(0.20	)		10.32		1.90			29,309		1.31	(e)		2.35			0.51			23
Class C
Six months ended 04/30/21		8.95		0.02			0.04			0.06			–			–			–			–			9.01		0.67			2,416		2.15	(d)		3.55	(d)		0.35	(d)		56
Year ended 10/31/20		9.52		0.04			(0.32	)		(0.28	)		(0.29	)		–			–			(0.29	)		8.95		(3.11	)		3,166		2.15			3.35			0.45			145
Year ended 10/31/19		9.38		0.10			0.12			0.22			(0.08	)		–			–			(0.08	)		9.52		2.38			4,388		2.14			3.27			1.02			77
Year ended 10/31/18		9.80		0.05			(0.47	)		(0.42	)		–			–			–			–			9.38		(4.29	)		7,351		2.15			3.44			0.51			67
Year ended 10/31/17		10.13		0.05			(0.01	)		0.04			(0.06	)		(0.31	)		(0.00	)		(0.37	)		9.80		0.52			12,263		2.04			2.91			0.49			121
Year ended 10/31/16		10.19		(0.02	)		0.14			0.12			(0.04	)		(0.14	)		–			(0.18	)		10.13		1.17			16,428		2.06	(e)		3.10			(0.24	)		23
Class R
Six months ended 04/30/21		9.08		0.04			0.05			0.09			–			–			–			–			9.17		0.99			42		1.65	(d)		3.05	(d)		0.85	(d)		56
Year ended 10/31/20		9.69		0.09			(0.34	)		(0.25	)		(0.36	)		–			–			(0.36	)		9.08		(2.74	)		51		1.65			2.85			0.95			145
Year ended 10/31/19		9.56		0.15			0.12			0.27			(0.14	)		–			–			(0.14	)		9.69		2.92			35		1.64			2.77			1.52			77
Year ended 10/31/18		9.94		0.10			(0.48	)		(0.38	)		–			–			–			–			9.56		(3.82	)		20		1.65			2.94			1.01			67
Year ended 10/31/17		10.27		0.10			(0.01	)		0.09			(0.10	)		(0.31	)		(0.01	)		(0.42	)		9.94		0.99			26		1.54			2.41			0.99			121
Year ended 10/31/16		10.29		0.03			0.14			0.17			(0.05	)		(0.14	)		–			(0.19	)		10.27		1.65			17		1.56	(e)		2.60			0.26			23
Class Y
Six months ended 04/30/21		9.20		0.06			0.05			0.11			–			–			–			–			9.31		1.20			23,530		1.15	(d)		2.55	(d)		1.35	(d)		56
Year ended 10/31/20		9.82		0.14			(0.34	)		(0.20	)		(0.42	)		–			–			(0.42	)		9.20		(2.16	)		27,023		1.15			2.35			1.45			145
Year ended 10/31/19		9.70		0.20			0.13			0.33			(0.21	)		–			–			(0.21	)		9.82		3.48			39,571		1.14			2.27			2.02			77
Year ended 10/31/18		10.04		0.15			(0.49	)		(0.34	)		–			–			–			–			9.70		(3.39	)		70,488		1.15			2.44			1.51			67
Year ended 10/31/17		10.37		0.15			(0.01	)		0.14			(0.15	)		(0.31	)		(0.01	)		(0.47	)		10.04		1.48			108,068		1.04			1.91			1.49			121
Year ended 10/31/16		10.37		0.08			0.15			0.23			(0.09	)		(0.14	)		–			(0.23	)		10.37		2.24			175,284		1.06	(e)		2.10			0.76			23
Class R5
Six months ended 04/30/21		9.20		0.06			0.05			0.11			–			–			–			–			9.31		1.20			9		1.15	(d)		2.40	(d)		1.35	(d)		56
Year ended 10/31/20		9.83		0.14			(0.35	)		(0.21	)		(0.42	)		–			–			(0.42	)		9.20		(2.25	)		9		1.15			2.25			1.45			145
Year ended 10/31/19		9.71		0.20			0.13			0.33			(0.21	)		–			–			(0.21	)		9.83		3.47			10		1.13			2.17			2.03			77
Year ended 10/31/18		10.05		0.15			(0.49	)		(0.34	)		–			–			–			–			9.71		(3.38	)		10		1.15			2.35			1.51			67
Year ended 10/31/17		10.37		0.15			0.00			0.15			(0.15	)		(0.31	)		(0.01	)		(0.47	)		10.05		1.58			10		1.04			1.87			1.49			121
Year ended 10/31/16		10.38		0.08			0.14			0.22			(0.09	)		(0.14	)		–			(0.23	)		10.37		2.15			63		1.06	(e)		2.09			0.76			23
Class R6
Six months ended 04/30/21		9.21		0.06			0.06			0.12			–			–			–			–			9.33		1.30			1,187		1.15	(d)		2.40	(d)		1.35	(d)		56
Year ended 10/31/20		9.82		0.14			(0.33	)		(0.19	)		(0.42	)		–			–			(0.42	)		9.21		(2.04	)		1,163		1.15			2.25			1.45			145
Year ended 10/31/19		9.70		0.20			0.13			0.33			(0.21	)		–			–			(0.21	)		9.82		3.48			11,826		1.13			2.17			2.03			77
Year ended 10/31/18		10.04		0.15			(0.49	)		(0.34	)		–			–			–			–			9.70		(3.39	)		10,839		1.15			2.35			1.51			67
Year ended 10/31/17		10.36		0.15			0.00			0.15			(0.15	)		(0.31	)		(0.01	)		(0.47	)		10.04		1.59			8,626		1.04			1.81			1.49			121
Year ended 10/31/16		10.37		0.08			0.14			0.22			(0.09	)		(0.14	)		–			(0.23	)		10.36		2.14			10		1.06	(e)		2.00			0.76			23

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $11,203, $2,826, $54, $26,817, $9 and $1,190 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund’s total return. Estimated acquired fund fees from underlying funds was 0.44% for the year ended October 31, 2016.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

30                        Invesco Global Targeted Returns Fund

Notes to Consolidated Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Global Targeted Returns Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Subsidiary. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund VII Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek a positive total return over the long term in all market environments.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

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other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Treasury Inflation-Protected Securities – The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

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 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.

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K. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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.

L. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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.

M. Futures Contracts – The Fund may enter into futures contracts to equitize the Fund’s cash holdings or to manage exposure to interest rate, equity, commodity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

N. Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

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.

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 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.

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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. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, volatility, variance, index and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index, such as the Consumer Price Index, over the term of the swap, and the other party pays a compounded fixed rate.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund will initially enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated, at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

A volatility swap involves an exchange between the Fund and a Counterparty of periodic payments based on the measured volatility of an underlying security, currency, commodity, interest rate, index or other reference asset over a specified time frame. Depending on the structure of the swap, either the Fund’s or the Counterparty’s payment obligation will typically be based on the realized volatility of the reference asset as measured by changes in its price or level over a specified time period, while the other party’s payment obligation will be based on a specified rate representing expected volatility for the reference asset at the time the swap is executed, or the measured volatility of a different reference asset over a specified time period. The Fund will typically make or lose money on a volatility swap depending on the magnitude of the reference asset’s volatility, or size of the movements in its price, over a specified time period, rather than general increases or decreases in the price of the reference asset. Volatility swaps are often used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of other investments held by the Fund. Variance swaps are similar to volatility swaps, except payments are based on the difference between the implied and measured volatility mathematically squared.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of the Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and

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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. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Q. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

R. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

S. Other Risks - The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in exchange-traded funds and commodity-linked derivatives. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser less the amount paid by the Subsidiary to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million		1.100%
Next $250 million		1.080%
Next $500 million		1.050%
Next $1.5 billion		1.030%
Next $2.5 billion		1.000%
Next $2.5 billion		0.980%
Next $2.5 billion		0.950%
Over $10 billion		0.930%

For the six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 1.10%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the

35                                 Invesco Global Targeted Returns Fund

Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. 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. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $260,406 and reimbursed class level expenses of $8,167, $2,060, $39, $19,549, $0 and $2 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $22 in front-end sales commissions from the sale of Class A shares and $69 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

36                                 Invesco Global Targeted Returns Fund

The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes		$        98,130			$   7,785,217			$–		$   7,883,347
Common Stocks & Other Equity Interests		1,520,144			5,628,689			0		7,148,833
U.S. Dollar Denominated Bonds & Notes		–			4,981,278			–		4,981,278
U.S. Treasury Securities		–			267,460			–		267,460
Money Market Funds		14,294,579			–			–		14,294,579
Options Purchased		–			599,743			–		599,743
Total Investments in Securities		15,912,853			19,262,387			0		35,175,240
Other Investments - Assets*
Futures Contracts		153,566			–			–		153,566
Forward Foreign Currency Contracts		–			511,776			–		511,776
Swap Agreements		–			1,766,443			–		1,766,443
		153,566			2,278,219			–		2,431,785
Other Investments - Liabilities*
Futures Contracts		(145,147	)		–			–		(145,147	)
Forward Foreign Currency Contracts		–			(787,575	)		–		(787,575	)
Options Written		–			(535,125	)		–		(535,125	)
Swap Agreements		–			(1,891,312	)		–		(1,891,312	)
		(145,147	)		(3,214,012	)		–		(3,359,159	)
Total Other Investments		8,419			(935,793	)		–		(927,374	)
Total Investments		$15,921,272			$18,326,594			$0		$34,247,866

* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4–Derivative Investments

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2021:

	Value
Derivative Assets	Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-		$	-	$	144,016		$	9,550		$	153,566
Unrealized appreciation on swap agreements – Centrally Cleared(a)		11,422			-		-			1,211,399			1,222,821
Unrealized appreciation on forward foreign currency contracts outstanding		-			511,776		-			-			511,776
Unrealized appreciation on swap agreements – OTC		-			53,441		490,181			-			543,622
Options purchased, at value – OTC(b)		-			2,161		597,582			-			599,743
Total Derivative Assets		11,422			567,378		1,231,779			1,220,949			3,031,528
Derivatives not subject to master netting agreements		(11,422	)		-		(144,016	)		(1,220,949	)		(1,376,387	)
Total Derivative Assets subject to master netting agreements	$	-		$	567,378	$	1,087,763		$	-		$	1,655,141

37                                 Invesco Global Targeted Returns Fund

	Value
Derivative Liabilities	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-		$	-		$	(140,097	)	$	(5,050	)	$	(145,147	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		(151	)		-			-			(1,671,602	)		(1,671,753	)
Unrealized depreciation on forward foreign currency contracts outstanding		-			(787,575	)		-			-			(787,575	)
Unrealized depreciation on swap agreements – OTC		-			(182,643	)		(36,916	)		-			(219,559	)
Options written, at value – OTC		-			(7,626	)		(527,499	)		-			(535,125	)
Total Derivative Liabilities		(151	)		(977,844	)		(704,512	)		(1,676,652	)		(3,359,159	)
Derivatives not subject to master netting agreements		151			-			140,097			1,676,652			1,816,900
Total Derivative Liabilities subject to master netting agreements	$	-		$	(977,844	)	$	(564,415	)	$	-		$	(1,542,259	)

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

^(b)  Options purchased, at value as reported in the Consolidated Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2021.

	Financial Derivative Assets								Financial Derivative Liabilities															Collateral (Received/Pledged)
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash			Net Amount
Barclays Bank PLC	$	24,680	$	444,704	$	4,531	$	473,915	$	(104,058	)	$	(527,499	)	$	(6,211	)	$	(637,768	)	$	(163,853	)	$	-	$	163,853		$	-
BNP Paribas S.A.		43,018		-		245,161		288,179		(132,375	)		-			(71,994	)		(204,369	)		83,810			-		-			83,810
Canadian Imperial Bank of Commerce		-		-		-		-		(652	)		-			-			(652	)		(652	)		-		-			(652	)
Citibank, N.A.		15,207		-		-		15,207		(23,002	)		-			(7,390	)		(30,392	)		(15,185	)		-		-			(15,185	)
Deutsche Bank AG		3,017		-		-		3,017		(114,896	)		-			-			(114,896	)		(111,879	)		-		-			(111,879	)
Goldman Sachs International		112,035		54,658		53,157		219,850		(114,414	)		-			(40,291	)		(154,705	)		65,145			-		(65,145	)		-
J.P. Morgan Chase Bank, N.A.		89,212		48,356		112,397		249,965		(163,801	)		(7,626	)		(42,669	)		(214,096	)		35,869			-		(20,000	)		15,869
Merrill Lynch International		4,723		-		72,052		76,775		(5,881	)		-			(16,902	)		(22,783	)		53,992			-		(20,000	)		33,992
Morgan Stanley and Co. International PLC		9,963		-		20,877		30,840		(63,948	)		-			(9,544	)		(73,492	)		(42,652	)		-		-			(42,652	)
Natwest Group PLC		150		-		-		150		-			-			-			-			150			-		-			150
Royal Bank of Canada		11,267		-		-		11,267		-			-			-			-			11,267			-		-			11,267
Societe Generale		427		-		21,754		22,181		(7	)		-			(12,262	)		(12,269	)		9,912			-		-			9,912
Standard Chartered Bank PLC		82,939		-		-		82,939		(41,469	)		-			(3,168	)		(44,637	)		38,302			-		-			38,302
State Street Bank & Trust Co.		95,560		-		-		95,560		(23,072	)		-			-			(23,072	)		72,488			-		-			72,488
UBS AG		19,578		52,025		42,266		113,869		-			-			(12,748	)		(12,748	)		101,121			-		-			101,121
Total	$	511,776	$	599,743	$	572,195	$	1,683,714	$	(787,575	)	$	(535,125	)	$	(223,179	)	$	(1,545,879	)	$	137,835		$	-	$	58,708		$	196,543

Effect of Derivative Investments for the six months ended April 30, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk			Credit Risk		Currency Risk			Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	-	$	(1,663,130	)	$	-		$	-		$	(1,663,130	)
Futures contracts		-			-		-			(1,380,987	)		(118,810	)		(1,499,797	)
Options purchased(a)		-			-		(146,102	)		561,936			352,866			768,700
Options written		-			-		137,665			(208,050	)		(457,099	)		(527,484	)
Swap agreements		(344,803	)		112,924		-			1,376,104			40,435			1,184,660

38                                 Invesco Global Targeted Returns Fund

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk			Credit Risk		Currency Risk			Equity Risk			Interest Rate Risk			Total
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	-		$	-	$	(207,194	)	$	-		$	-		$	(207,194	)
Futures contracts		-			-		-			(56,537	)		35,652			(20,885	)
Options purchased(a)		-			-		41,414			314,816			(69,288	)		286,942
Options written		-			-		(23,414	)		(313,127	)		71,973			(264,568	)
Swap agreements		(69,107	)		98,361		(196,216	)		(43,074	)		(812,647	)		(1,022,683	)
Total	$	(413,910	)	$	211,285	$	(2,056,977	)	$	251,081		$	(956,918	)	$	(2,965,439	)

^(a)  Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.

Forward Foreign Currency Contracts

Futures Contracts

Index Options Purchased

Swaptions Purchased

Foreign Currency Options Purchased

Index Options Written

Swaptions Written

Foreign Currency Options Written

Swap Agreements

Average notional value

$129,537,799

$23,006,645

$37,713,659

$14,043,100

$1,003,321

$25,305,968

$12,650,667

$600,000

$175,165,757

Average Contracts

–

–

1,227

–

–

148

–

–

–

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$3,811,388		$6,043,715		$9,855,103

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $11,084,622 and $16,408,375, respectively. Cost of investments, including any derivatives, on a tax basis    includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 4,184,471
Aggregate unrealized (depreciation) of investments	(3,286,949	)
Net unrealized appreciation of investments	$     897,522

Cost of investments for tax purposes is $33,452,756.

39                                 Invesco Global Targeted Returns Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2021(a)						October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		110,600		$	1,025,462			436,719		$	4,146,614
Class C		1,867			17,107			9,558			88,981
Class R		1,253			11,497			1,858			17,427
Class Y		448,741			4,206,839			731,103			6,920,432
Class R6		1,495			13,972			167,660			1,588,441
Issued as reinvestment of dividends:
Class A		-			-			45,176			429,626
Class C		-			-			12,050			112,908
Class R		-			-			113			1,070
Class Y		-			-			163,363			1,558,482
Class R6		-			-			53,887			514,082
Automatic conversion of Class C shares to Class A shares:
Class A		31,893			298,644			8,584			80,174
Class C		(32,646	)		(298,644	)		(8,761	)		(80,174	)
Reacquired:
Class A		(212,221	)		(1,969,346	)		(427,897	)		(4,031,579	)
Class C		(55,056	)		(499,325	)		(119,638	)		(1,111,850	)
Class R		(2,234	)		(20,396	)		-			-
Class Y		(860,076	)		(8,000,765	)		(1,984,148	)		(18,856,470	)
Class R6		(430	)		(3,969	)		(1,299,622	)		(12,175,746	)
Net increase (decrease) in share activity		(566,814	)	$	(5,218,924	)		(2,209,995	)	$	(20,797,582	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 85% 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.

40                                 Invesco Global Targeted Returns Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value         (11/01/20)	Ending         Account Value         (04/30/21)1	Expenses         Paid During         Period2	Ending         Account Value         (04/30/21)	Expenses         Paid During         Period2	Annualized Expense Ratio
Class A	$1,000.00	$1,013.10	$6.99	$1,017.85	$7.00	1.40%
Class C	1,000.00	1,008.90	10.71	1,014.13	10.74	2.15
Class R	1,000.00	1,011.00	8.23	1,016.61	8.25	1.65
Class Y	1,000.00	1,014.10	5.74	1,019.09	5.76	1.15
Class R5	1,000.00	1,014.10	5.74	1,019.09	5.76	1.15
Class R6	1,000.00	1,015.20	5.75	1,019.09	5.76	1.15

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

41                                 Invesco Global Targeted Returns Fund

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

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∎ Fund reports and prospectuses

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. GTR-SAR-1

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Greater China Fund
	Nasdaq:
	A: AACFX  ∎  C: CACFX  ∎  R: IGCRX  ∎  Y: AMCYX  ∎  R5: IACFX  ∎  R6: CACSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
17	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	9.55	%
Class C Shares	9.17
Class R Shares	9.36
Class Y Shares	9.68
Class R5 Shares	9.75
Class R6 Shares	9.82
MSCI China Index▼ (Broad Market Index)	6.63
MSCI China All Shares Index⬛ (Style-Specific Index)	9.10
Lipper China Region Funds Index◆(Peer Group Index)	15.41
Source(s): ▼RIMES Technologies Corp.; ⬛Bloomberg L.P.; Lipper Inc.
The MSCI China Index is an unmanaged index considered representative of Chinese stocks. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The MSCI China All Shares Index is composed of large- and mid-cap stocks issued as China A-shares, B-shares, H-shares, Red-chips, P-chips and foreign listings. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper China Region Funds Index is an unmanaged index considered representative of China region funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                      Invesco Greater China Fund

Average Annual Total Returns

As of 4/30/21, including maximum applicable sales charges

Class A Shares

Inception (3/31/06)	9.80	%
10 Years	5.70
5 Years	12.84
1 Year	28.42
Class C Shares
Inception (3/31/06)	9.77	%
10 Years	5.67
5 Years	13.28
1 Year	33.90
Class R Shares
10 Years	6.03	%
5 Years	13.83
1 Year	35.47
Class Y Shares
Inception (10/3/08)	10.67	%
10 Years	6.57
5 Years	14.42
1 Year	36.25
Class R5 Shares
Inception (3/31/06)	10.71	%
10 Years	6.77
5 Years	14.60
1 Year	36.45
Class R6 Shares
10 Years	6.48	%
5 Years	14.51
1 Year	36.51

Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

    Class R shares incepted on April 23, 2021. Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent monthend performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end

sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco Greater China Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                      Invesco Greater China Fund

Schedule of Investments^(a)

April 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-97.04%(b)
Apparel Retail-1.59%
Pou Sheng International (Holdings) Ltd. (Hong Kong)(c)		11,922,000	$	2,895,695
Automobile Manufacturers-0.24%
Jiangling Motors Corp. Ltd., B Shares		311,100		440,926
Construction Materials-1.18%
Asia Cement China Holdings Corp.(d)		2,090,500		2,144,931
Electronic Components-0.18%
Largan Precision Co. Ltd. (Taiwan)		3,000		333,121
Electronic Manufacturing Services-0.07%
FIH Mobile Ltd.(c)		877,000		123,773
Footwear-0.99%
Stella International Holdings Ltd.(c)		1,472,000		1,814,782
Gas Utilities-0.97%
Towngas China Co. Ltd.(c)		3,609,000		1,778,906
Health Care Equipment-3.67%
MicroPort CardioFlow Medtech Corp.(c)(e)		4,645		10,399
MicroPort Scientific Corp.		929,000		6,683,275
				6,693,674
Health Care Supplies-5.03%
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		4,104,000		9,182,246
Hotels, Resorts & Cruise Lines-0.45%
Shanghai Jinjiang International Hotels Co. Ltd., B Shares		381,578		812,897
Household Products-4.68%
Vinda International Holdings Ltd. (Hong Kong)		2,395,000		8,530,169
Hypermarkets & Super Centers-2.08%
Sun Art Retail Group Ltd.		4,120,500		3,792,634
Interactive Home Entertainment-4.94%
NetEase, Inc.		88,034		9,021,990
Interactive Media & Services-20.81%
Autohome, Inc., ADR		59,287		5,497,684
JOYY, Inc., ADR		43,834		4,166,860
Kuaishou Technology(c)(e)		107,800		3,467,392
Tencent Holdings Ltd.		231,100		18,481,774
Weibo Corp., ADR(c)		126,196		6,360,278
				37,973,988
Internet & Direct Marketing Retail-20.77%
Alibaba Group Holding Ltd.(c)		324,069		17,498,416

Investment Abbreviations:

ADR - American Depositary Receipt

	Shares		Value
Internet & Direct Marketing Retail-(continued)
JD.com, Inc., A Shares(c)		135,828	$	9,033,979
Meituan, B Shares(c)(e)		298,400		11,361,552
				37,893,947
Life & Health Insurance-6.68%
AIA Group Ltd. (Hong Kong)		708,800		9,010,527
Ping An Insurance (Group) Co. of China Ltd., H Shares		291,500		3,184,918
				12,195,445
Marine Ports & Services-0.12%
Qingdao Port International Co. Ltd., H Shares(e)		347,000		213,252
Movies & Entertainment-2.83%
iQIYI, Inc., ADR(c)		350,542		5,156,473
Packaged Foods & Meats-4.71%
Dali Foods Group Co. Ltd.(e)		844,500		502,245
Uni-President China Holdings Ltd.		6,647,000		8,084,710
				8,586,955
Pharmaceuticals-8.04%
China Animal Healthcare Ltd.(d)		349,000		0
Jiangsu Hengrui Medicine Co. Ltd., A Shares		681,669		8,846,276
Shanghai Fudan-Zhangjiang Bio- Pharmaceutical Co. Ltd., H Shares		615,000		393,208
Sino Biopharmaceutical Ltd.		5,040,500		5,421,111
				14,660,595
Restaurants-3.56%
Ajisen (China) Holdings Ltd. (Hong Kong)		3,929,000		686,708
Gourmet Master Co. Ltd. (Taiwan)		872,000		5,810,494
				6,497,202
Technology Hardware, Storage & Peripherals-3.45%
Asustek Computer, Inc. (Taiwan)		466,000		6,298,260
Total Common Stocks & Other Equity Interests (Cost $131,686,487)				177,041,861
Money Market Funds-0.66%
Invesco Government & Agency Portfolio,Institutional Class, 0.03%(f)(g)		424,899		424,899
Invesco Liquid Assets Portfolio,Institutional Class, 0.01%(f)(g)		303,339		303,461
Invesco Treasury Portfolio,Institutional Class, 0.01%(f)(g)		485,599		485,599
Total Money Market Funds (Cost $1,213,959)				1,213,959
TOTAL INVESTMENTS IN SECURITIES-97.70% (Cost $132,900,446)				178,255,820
OTHER ASSETS LESS LIABILITIES-2.30%				4,188,338
NET ASSETS-100.00%			$	182,444,158

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5                      Invesco Greater China Fund

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.

^(c) Non-income producing security.

^(d) Security valued using significant unobservable inputs (Level 3). See Note 3.

^(e)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $15,554,840, which represented 8.53% of the Fund’s Net Assets.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$835,025		$18,097,814		$(18,507,940)		$    -		$    -		$424,899		$175
Invesco Liquid Assets Portfolio, Institutional Class		530,329		12,921,817		(13,148,691)		74		(68)		303,461		104
Invesco Treasury Portfolio, Institutional Class		954,314		20,683,216		(21,151,931)		-		-		485,599		67
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		172,334		(172,334)		-		-		-		-
Invesco Private Prime Fund		-		258,501		(258,501)		-		-		-		3*
Total		$2,319,668		$52,133,682		$(53,239,397)		$74		$(68)		$1,213,959		$349

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(g) The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021

Communication Services	28.58	%
Consumer Discretionary	27.60
Health Care	16.74
Consumer Staples	11.47
Financials	6.68
Information Technology	3.70
Other Sectors, Each Less than 2% of Net Assets	2.27
Money Market Funds Plus Other Assets Less Liabilities	2.96

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                      Invesco Greater China Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $131,686,487)	$	177,041,861
Investments in affiliated money market funds, at value (Cost $1,213,959)		1,213,959
Foreign currencies, at value (Cost $2,237,370)		2,237,385
Receivable for:
Investments sold		10,782,110
Fund shares sold		18,870
Dividends		59,815
Investment for trustee deferred compensation and retirement plans		90,592
Other assets		305,834
Total assets		191,750,426
Liabilities:
Payable for:
Investments purchased		3,406,074
Fund shares reacquired		5,398,462
Amount due custodian		127,704
Accrued fees to affiliates		71,743
Accrued trustees’ and officers’ fees and benefits		938
Accrued other operating expenses		160,580
Trustee deferred compensation and retirement plans		140,767
Total liabilities		9,306,268
Net assets applicable to shares outstanding	$	182,444,158
Net assets consist of:
Shares of beneficial interest	$	136,021,332
Distributable earnings		46,422,826
	$	182,444,158

Net Assets:
Class A	$	153,176,020
Class C	$	6,401,731
Class R	$	1,022,016
Class Y	$	20,125,507
Class R5	$	139,754
Class R6	$	1,579,130
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,778,349
Class C		207,866
Class R		31,896
Class Y		626,476
Class R5		4,347
Class R6		49,127
Class A:
Net asset value per share	$	32.06
Maximum offering price per share (Net asset value of $32.06 ÷ 94.50%)	$	33.93
Class C:
Net asset value and offering price per share	$	30.80
Class R:
Net asset value and offering price per share	$	32.04
Class Y:
Net asset value and offering price per share	$	32.12
Class R5:
Net asset value and offering price per share	$	32.15
Class R6:
Net asset value and offering price per share	$	32.14

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                      Invesco Greater China Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,658)	$	92,930
Dividends from affiliates (includes securities lending income of $3)		349
Total investment income		93,279
Expenses:
Advisory fees		425,216
Administrative services fees		6,249
Distribution fees: Class A		97,551
Class C		16,335
Class R		72
Transfer agent fees – A, C, R and Y		104,416
Transfer agent fees – R5		37
Transfer agent fees – R6		306
Trustees’ and officers’ fees and benefits		13,859
Registration and filing fees		37,711
Reports to shareholders		12,620
Professional services fees		29,896
Other		647
Total expenses		744,915
Less: Fees waived and/or expense offset arrangement(s)		(985	)
Net expenses		743,930
Net investment income (loss)		(650,651	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		2,932,251
Affiliated investment securities		(68	)
Foreign currencies		(24,153	)
		2,908,030
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		3,878,600
Affiliated investment securities		74
Foreign currencies		(14,735	)
		3,863,939
Net realized and unrealized gain		6,771,969
Net increase in net assets resulting from operations	$	6,121,318

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                      Invesco Greater China Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021		October 31, 2020
Operations:
Net investment income (loss)	$	(650,651)	$	(4,545)
Net realized gain		2,908,030		3,106,953
Change in net unrealized appreciation		3,863,939		15,717,415
Net increase in net assets resulting from operations		6,121,318		18,819,823
Distributions to shareholders from distributable earnings:
Class A		(368,979)		(682,071)
Class C		(19,714)		(1,933)
Class Y		(40,345)		(125,477)
Class R5		(427)		(360)
Class R6		(4,688)		(8,603)
Total distributions from distributable earnings		(434,153)		(818,444)
Share transactions–net:
Class A		79,392,797		(8,989,218)
Class C		2,585,041		(2,495,312)
Class R		1,039,568		–
Class Y		11,824,463		(3,466,519)
Class R5		101,164		4,750
Class R6		639,212		46,889
Net increase (decrease) in net assets resulting from share transactions		95,582,245		(14,899,410)
Net increase in net assets		101,269,410		3,101,969
Net assets:
Beginning of period		81,174,748		78,072,779
End of period	$	182,444,158	$	81,174,748

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                      Invesco Greater China Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/21		$	29.41		$	(0.23	)		$	3.04			$	2.81			$	-			$	(0.16	)		$	(0.16	)		$	32.06		9.59	%		$	153,176		1.63	%(d)		1.63	%(d)		(1.43	)%(d)		47	%
Year ended 10/31/20			23.24			0.00	(e)			6.42				6.42				(0.25	)			-				(0.25	)			29.41		27.92				68,875		1.66			1.67			0.02	(e)		59
Year ended 10/31/19			25.52			0.20	(e)			1.77				1.97				(0.21	)			(4.04	)			(4.25	)			23.24		9.33				62,869		1.76			1.76			0.86	(e)		59
Year ended 10/31/18			29.40			0.34	(e)			(4.06	)(f)			(3.72	)			(0.16	)			-				(0.16	)			25.52		(12.71	)(f)			59,615		1.79			1.80			1.15	(e)		45
Year ended 10/31/17			22.23			0.05				7.27				7.32				(0.15	)			-				(0.15	)			29.40		33.19				69,843		1.93			1.93			0.22			56
Year ended 10/31/16			21.10			0.15				1.20				1.35				(0.22	)			-				(0.22	)			22.23		6.51				52,479		1.93			1.93			0.74			52
Class C
Six months ended 04/30/21			28.37			(0.33	)			2.92				2.59				-				(0.16	)			(0.16	)			30.80		9.16				6,402		2.38	(d)		2.38	(d)		(2.18	)(d)		47
Year ended 10/31/20			22.35			(0.18	)(e)			6.21				6.03				(0.01	)			-				(0.01	)			28.37		26.98				3,647		2.41			2.42			(0.73	)(e)		59
Year ended 10/31/19			24.65			0.02	(e)			1.72				1.74				-				(4.04	)			(4.04	)			22.35		8.51				5,198		2.51			2.51			0.11	(e)		59
Year ended 10/31/18			28.45			0.11	(e)			(3.91	)(f)			(3.80	)			-				-				-				24.65		(13.36	)(f)			10,155		2.54			2.55			0.40	(e)		45
Year ended 10/31/17			21.52			(0.13	)			7.06				6.93				-				-				-				28.45		32.20				13,422		2.68			2.68			(0.53	)		56
Year ended 10/31/16			20.39			(0.00	)			1.16				1.16				(0.03	)			-				(0.03	)			21.52		5.73				11,879		2.68			2.68			(0.01	)		52
Class R
Period ended 04/30/21(g)			32.59			(0.01	)			(0.54	)			(0.55	)			-				-				-				32.04		(1.69	)			1,022		1.69	(d)(h)		1.69	(d)(h)		(1.49	)(d)(h)		47
Class Y
Six months ended 04/30/21			29.44			(0.19	)			3.03				2.84				-				(0.16	)			(0.16	)			32.12		9.68				20,126		1.38	(d)		1.38	(d)		(1.18	)(d)		47
Year ended 10/31/20			23.26			0.06	(e)			6.43				6.49				(0.31	)			-				(0.31	)			29.44		28.26				7,754		1.41			1.42			0.27	(e)		59
Year ended 10/31/19			25.57			0.26	(e)			1.76				2.02				(0.29	)			(4.04	)			(4.33	)			23.26		9.56				9,339		1.51			1.51			1.11	(e)		59
Year ended 10/31/18			29.44			0.42	(e)			(4.07	)(f)			(3.65	)			(0.22	)			-				(0.22	)			25.57		(12.48	)(f)			7,801		1.54			1.55			1.40	(e)		45
Year ended 10/31/17			22.26			0.12				7.27				7.39				(0.21	)			-				(0.21	)			29.44		33.53				11,444		1.68			1.68			0.47			56
Year ended 10/31/16			21.14			0.21				1.19				1.40				(0.28	)			-				(0.28	)			22.26		6.77				5,216		1.68			1.68			0.99			52
Class R5
Six months ended 04/30/21			29.45			(0.16	)			3.02				2.86				-				(0.16	)			(0.16	)			32.15		9.75				140		1.23	(d)		1.23	(d)		(1.03	)(d)		47
Year ended 10/31/20			23.27			0.11	(e)			6.43				6.54				(0.36	)			-				(0.36	)			29.45		28.49				32		1.26			1.27			0.42	(e)		59
Year ended 10/31/19			25.58			0.30	(e)			1.77				2.07				(0.34	)			(4.04	)			(4.38	)			23.27		9.79				23		1.33			1.33			1.29	(e)		59
Year ended 10/31/18			29.46			0.46	(e)			(4.08	)(f)			(3.62	)			(0.26	)			-				(0.26	)			25.58		(12.38	)(f)			25		1.40			1.40			1.54	(e)		45
Year ended 10/31/17			22.28			0.16				7.28				7.44				(0.26	)			-				(0.26	)			29.46		33.80				72		1.50			1.50			0.65			56
Year ended 10/31/16			21.17			0.25				1.19				1.44				(0.33	)			-				(0.33	)			22.28		7.00				54		1.45			1.45			1.22			52
Class R6
Six months ended 04/30/21			29.43			(0.16	)			3.03				2.87				-				(0.16	)			(0.16	)			32.14		9.79				1,579		1.21	(d)		1.21	(d)		(1.01	)(d)		47
Year ended 10/31/20			23.26			0.11	(e)			6.42				6.53				(0.36	)			-				(0.36	)			29.43		28.46				867		1.25			1.26			0.43	(e)		59
Year ended 10/31/19			25.57			0.30	(e)			1.77				2.07				(0.34	)			(4.04	)			(4.38	)			23.26		9.79				642		1.33			1.33			1.29	(e)		59
Year ended 10/31/18			29.45			0.46	(e)			(4.07	)(f)			(3.61	)			(0.27	)			-				(0.27	)			25.57		(12.36	)(f)			629		1.40			1.40			1.54	(e)		45
Period ended 10/31/17(g)			23.28			0.25				5.92				6.17				-				-				-				29.45		26.50				107		1.47	(h)		1.47	(h)		0.68	(h)		56

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended April 30, 2021, the portfolio turnover calculation excludes the value of securities purchased of $64,937,627 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Pacific Growth Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $78,688, $3,294, $1,052, $8,997, $100 and $970 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2020. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.05) and (0.17)%, $(0.23) and (0.92)%, $0.01 and 0.08%, $0.06 and 0.23% and $0.06 and 0.24% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.05 and 0.20%, $(0.13) and (0.55)%, $0.11 and 0.45%, $0.15 and 0.63% and $0.15 and 0.63% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2018. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.18 and 0.60%, $(0.05) and (0.15)%, $0.26 and 0.85%, $0.30 and 0.99% and $0.30 and 0.99% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Includes litigation proceeds received during the year. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(4.16), $(4.01), $(4.17), $(4.18) and $(4.17) for Class A, Class C, Class Y, Class R5, and Class R6 shares, respectively. Total returns would have been lower.

^(g)  Commencement date of April 23, 2021 and April 04, 2017 for Class R and Class R6 shares, respectively.

^(h)  Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                      Invesco Greater China Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Greater China Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. On April 23, 2021, the Fund began offering Class R shares. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from

11                      Invesco Greater China Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with

12                      Invesco Greater China Fund

forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

L. Other Risks - Investing in a single-country mutual fund involves greater risk than investing in a more diversified fund due to lack of exposure to other countries. The political and economic conditions and changes in regulatory, tax or economic policy in a single country could significantly affect the market in that country and in surrounding or related countries.

Investing in developing countries can add additional risk, such as high rates of inflation or sharply devalued currencies against the U.S. dollar.

Transaction costs are often higher and there may be delays in settlement procedures.

Certain securities issued by companies in China may be less liquid, harder to sell or more volatile than U.S. securities.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million		0.935	%
Next $250 million		0.910	%
Next $500 million		0.885	%
Next $1.5 billion		0.860	%
Next $2.5 billion		0.835	%
Next $2.5 billion		0.810	%
Next $2.5 billion		0.785	%
Over $10 billion		0.760	%

Effective April 23, 2021, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 1 billion		0.870	%
Next $1 billion		0.820	%
Next $49 billion		0.770	%
Over $51 billion		0.760	%

For the six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.93%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective April 23, 2021, the Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to April 23, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net asset. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, a could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $736.

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 six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and

13                      Invesco Greater China Fund

Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $10,541 in front-end sales commissions from the sale of Class A shares and $189 and $727 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

During the six months ended April 30, 2021, there were transfers from Level 2 to Level 3 of $1,233,095, due to lack of availability of market data for this security.

	Level 1			Level 2			Level 3			Total
Investments in Securities
Common Stocks & Other Equity Interests		$	46,857,252		$	128,039,678		$	2,144,931		$	177,041,861
Money Market Funds			1,213,959			–			–			1,213,959
Total Investments		$	48,071,211		$	128,039,678		$	2,144,931		$	178,255,820

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended April 30, 2021:

	Value 10/31/20	Purchases at Cost	Proceeds from Sales	Accrued Discounts/ Premiums	Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Transfers into Level 3	Transfers out of Level 3	Value 04/30/21
Common Stocks & Other Equity Interests	$-	$1,438,239	$-	$-	$-	$(526,403)	$1,233,095	$-	$2,144,931

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:

	Fair Value at 04/30/21	Valuation Technique	Unobservable Inputs	Range of Unobservable Inputs	Unobservable Input Used
Asia Cement China Holdings Corp.	$2,144,931	Trading Halt Price	N/A	N/A		7.97 HKD/share (a)

^(a)  The Fund fair values certain common equity securities that have halted from trading at the last traded price. The Adviser monitors the security daily for company news, additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $249.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under

14                      Invesco Greater China Fund

such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of October 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $44,736,263 and $40,156,550, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	51,121,189
Aggregate unrealized (depreciation) of investments		(6,744,908	)
Net unrealized appreciation of investments	$	44,376,281

Cost of investments for tax purposes is $133,879,539.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2021(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		304,741		$	9,800,676			342,657		$	8,833,626
Class C		24,168			748,834			22,769			582,376
Class R(b)		318			10,291			-			-
Class Y		63,731			2,021,191			110,005			2,686,790
Class R5		2,694			82,805			674			18,633
Class R6		4,519			139,617			19,521			484,229
Issued as reinvestment of dividends:
Class A		11,997			350,678			27,259			641,679
Class C		654			18,429			74			1,688
Class Y		1,258			36,821			5,031			118,279
Class R5		11			313			4			97
Class R6		157			4,589			350			8,219
Automatic conversion of Class C shares to Class A shares:
Class A		32,540			973,194			26,492			681,501
Class C		(33,789	)		(973,194	)		(27,405	)		(681,501	)
Issued in connection with acquisitions:(c)
Class A		2,392,360			77,968,123			-			-
Class C		118,746			3,718,418			-			-
Class R(b)		31,836			1,037,560			-			-
Class Y		523,086			17,086,005			-			-
Class R5		553			18,086			-			-
Class R6		19,702			643,779			-			-

15                      Invesco Greater China Fund

					Summary of Share Activity
	Six months ended April 30, 2021(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(305,045	)	$	(9,699,874	)		(759,987	)	$	(19,146,024	)
Class C		(30,463	)		(927,446	)		(99,526	)		(2,397,875	)
Class R(b)		(258	)		(8,283	)		-			-
Class Y		(224,967	)		(7,319,554	)		(253,128	)		(6,271,588	)
Class R5		(1	)		(40	)		(592	)		(13,980	)
Class R6		(4,708	)		(148,773	)		(18,026	)		(445,559	)
Net increase (decrease) in share activity		2,933,840		$	95,582,245			(603,828	)	$	(14,899,410	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date of April 23, 2021.

^(c)  After the close of business on April 23, 2021, the Fund acquired all the net assets of Invesco Pacific Growth Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on January 22, 2021. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 3,086,284 shares of the Fund for 3,002,204 shares outstanding of the Target Fund as of the close of business on April 23, 2021. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 23, 2021. The Target Fund’s net assets as of the close of business on April 23, 2021 of $100,471,971, including $21,757,300 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $92,373,846 and $192,845,817 immediately after the acquisition.

    The pro forma results of operations for the six months ended April 30, 2021 assuming the reorganization had been completed on November 1, 2020, the beginning of the semi-annual reporting period are as follows:

Net investment income (loss)	$(1,377,006)
Net realized/unrealized gains	19,667,370
Change in net assets resulting from operations	$18,290,364

    As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 24, 2021.

16                      Invesco Greater China Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. With the exception of the actual ending account value and expenses of the Class R shares, the example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021. The actual ending account value and expenses for the Class R shares in the example below are based on an investment of $1,000 invested as of close of business April 23, 2021 (commencement date) and held through April 30, 2021.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period (as of close of business April 23, 2021 through April 30, 2021 for the Class R shares). Because the actual ending account value and expense information in the example is not based upon a six month period for the Class R shares, the ending account value and expense information may not provide a meaningful comparison to mutual funds that provide such information for a full six month period.

	Beginning     Account Value     (11/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio2
		Ending     Account Value     (04/30/21)1	Expenses     Paid During     Period2,3	Ending     Account Value     (04/30/21)	Expenses     Paid During     Period2,4
Class A	$1,000.00	$1,095.90	$8.47	$1,016.71	$8.15	1.63%
Class C	1,000.00	1,091.60	12.34	1,012.99	11.88	2.38
Class R	1,000.00	1,006.90	0.23	1,016.41	8.45	1.69
Class Y	1,000.00	1,096.80	7.17	1,017.95	6.90	1.38
Class R5	1,000.00	1,097.50	6.40	1,018.70	6.16	1.23
Class R6	1,000.00	1,097.90	6.29	1,018.79	6.06	1.21

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Actual expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. For the Class R shares actual expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 8 (as of close of business April 23, 2021 through April 30, 2021)/365. Because the Class R shares have not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods. Effective April 23, 2021, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.50%, 2.25%, 1.69%, 1.25%, 1.23% and 1.21%.

³ The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.78, $10.69, $0.23, $5.56, $6.40 and $6.29 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.75, $10.63, $8.45, $5.53, $6.16 and $6.06 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

17                      Invesco Greater China Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. CHI-SAR-1                    

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Health Care Fund
	Nasdaq:
	A: GGHCX ◾C: GTHCX ◾ Y: GGHYX ◾ Investor: GTHIX ◾  R6: GGHSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares		18.29	%
Class C Shares		17.87
Class Y Shares		18.45
Investor Class Shares		18.29
Class R6 Shares		18.51
MSCI World Indexq (Broad Market Index)	��	29.10
MSCI World Health Care Indexq (Style-Specific Index)		17.45
Lipper Global Health/Biotechnology Funds Index∎ (Peer Group Index)		16.40
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The MSCI World IndexSM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The MSCI World Health Care Index is an unmanaged index considered representative of health care stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The Lipper Global Health/Biotechnology Funds Index is an unmanaged index considered representative of global health/biotechnology funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                          Invesco Health Care Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (8/7/89)	10.83	%
10 Years	11.35
5 Years	10.78
1 Year	17.37
Class C Shares
Inception (3/1/99)	9.23	%
10 Years	11.32
5 Years	11.20
1 Year	22.26
Class Y Shares
Inception (10/3/08)	11.92	%
10 Years	12.27
5 Years	12.32
1 Year	24.55
Investor Class Shares
Inception (7/15/05)	9.53	%
10 Years	11.98
5 Years	12.04
1 Year	24.19
Class R6 Shares
10 Years	12.13	%
5 Years	12.33
1 Year	24.59

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares, Investor Class shares and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in

the past, returns would have been lower. See current prospectus for more information.

3                             Invesco Health Care Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                         Invesco Health Care Fund

Schedule of Investments^(a)

April 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.73%
Application Software–0.10%
Privia Health Group, Inc.(b)		44,215	$	1,605,889
Biotechnology–21.35%
AbbVie, Inc.		394,296		43,964,004
Acceleron Pharma, Inc.(b)		82,671		10,331,395
Allakos, Inc.(b)		52,327		5,709,922
Alnylam Pharmaceuticals, Inc.(b)		49,238		6,924,832
Amgen, Inc.		31,424		7,530,447
Arcus Biosciences, Inc.(b)		201,316		6,794,415
Argenx SE, ADR (Netherlands)(b)		40,862		11,715,544
Ascendis Pharma A/S, ADR (Denmark)(b)		51,887		7,522,058
Biogen, Inc.(b)		29,660		7,929,008
Biomea Fusion, Inc.(b)(c)		146,400		2,481,480
CareDx, Inc.(b)		144,432		11,420,238
Cogent Biosciences, Inc.(b)(c)		521,535		4,532,139
CRISPR Therapeutics AG (Switzerland)(b)		24,779		3,252,739
Exact Sciences Corp.(b)		106,048		13,979,247
Fate Therapeutics, Inc.(b)		88,416		7,726,674
Forte Biosciences, Inc.(b)		176,418		6,384,567
Genmab A/S, ADR (Denmark)(b)		247,769		9,135,243
Gilead Sciences, Inc.		54,816		3,479,172
Halozyme Therapeutics, Inc.(b)		206,530		10,316,174
Horizon Therapeutics PLC(b)		172,084		16,282,588
Immunocore Holdings PLC, ADR (United Kingdom)(b)		110,186		4,447,107
Insmed, Inc.(b)		189,818		6,402,561
Iovance Biotherapeutics, Inc.(b)		112,149		3,525,965
Kadmon Holdings, Inc.(b)		940,006		3,816,424
Keros Therapeutics, Inc.(b)		106,746		6,276,665
Kronos Bio, Inc.(b)(c)		179,079		4,847,669
Mirati Therapeutics, Inc.(b)		48,293		8,027,262
Natera, Inc.(b)		126,392		13,905,648
Olema Pharmaceuticals, Inc.(b)(c)		178,040		4,994,022
PMV Pharmaceuticals, Inc.(b)		173,359		5,847,399
Rocket Pharmaceuticals, Inc.(b)		169,019		7,747,831
Seagen, Inc.(b)		79,894		11,485,561
SpringWorks Therapeutics, Inc.(b)		68,306		4,908,469
Sutro Biopharma, Inc.(b)		230,102		4,719,392
TG Therapeutics, Inc.(b)		182,817		8,173,748
Trillium Therapeutics, Inc. (Canada)(b)(c)		575,564		5,473,614
Twist Bioscience Corp.(b)		33,524		4,498,586
Ultragenyx Pharmaceutical, Inc.(b)		78,350		8,746,994
United Therapeutics Corp.(b)		48,917		9,859,711
Veracyte, Inc.(b)		152,349		7,579,363
Vertex Pharmaceuticals, Inc.(b)		46,398		10,124,044
Zentalis Pharmaceuticals, Inc.(b)		132,355		7,851,299
				350,671,220
Health Care Equipment–24.33%
Abbott Laboratories		481,595		57,829,928
ABIOMED, Inc.(b)		10,250		3,287,482
Becton, Dickinson and Co.		31,110		7,740,479
Danaher Corp.		218,016		55,362,983

	Shares		Value
Health Care Equipment–(continued)
DexCom, Inc.(b)		23,847	$	9,207,327
Globus Medical, Inc., Class A(b)		205,270		14,732,228
IDEXX Laboratories, Inc.(b)		87,770		48,184,852
Inari Medical, Inc.(b)		75,487		8,627,409
Insulet Corp.(b)		64,659		19,088,630
Intuitive Surgical, Inc.(b)		57,861		50,049,765
Koninklijke Philips N.V. (Netherlands)(b)		263,576		14,852,187
Masimo Corp.(b)		61,176		14,233,820
Medtronic PLC		226,062		29,596,037
Penumbra, Inc.(b)		33,406		10,221,902
Stryker Corp.		97,173		25,520,545
Zimmer Biomet Holdings, Inc.		175,391		31,072,269
				399,607,843
Health Care Facilities–3.34%
HCA Healthcare, Inc.		195,565		39,320,299
Surgery Partners, Inc.(b)		254,583		12,270,901
Tenet Healthcare Corp.(b)		54,813		3,248,218
				54,839,418
Health Care Services–3.31%
1Life Healthcare, Inc.(b)		207,162		9,013,619
Amedisys, Inc.(b)		65,138		17,577,489
Guardant Health, Inc.(b)		88,664		14,095,803
Oak Street Health, Inc.(b)		136,049		8,384,700
Signify Health, Inc., Class A(b)		189,746		5,379,299
				54,450,910
Health Care Supplies–5.85%
Alcon, Inc. (Switzerland)		139,187		10,498,876
Align Technology, Inc.(b)		63,046		37,545,784
Cooper Cos., Inc. (The)		45,225		18,582,500
Pulmonx Corp.(b)		136,366		6,410,566
Silk Road Medical, Inc.(b)		72,557		4,436,135
West Pharmaceutical Services, Inc.		56,554		18,579,120
				96,052,981
Health Care Technology–3.78%
Inspire Medical Systems, Inc.(b)		123,320		29,204,642
Phreesia, Inc.(b)		147,938		7,655,791
Teladoc Health, Inc.(b)		29,176		5,028,484
Veeva Systems, Inc., Class A(b)		71,471		20,186,984
				62,075,901
Life Sciences Tools & Services–14.75%
10X Genomics, Inc., Class A(b)		64,869		12,831,088
Agilent Technologies, Inc.		190,221		25,421,134
Bio-Rad Laboratories, Inc., Class A(b)		25,129		15,834,537
Bio-Techne Corp.		16,971		7,254,933
Charles River Laboratories International, Inc.(b)		76,154		25,317,397
Illumina, Inc.(b)		18,941		7,440,782
IQVIA Holdings, Inc.(b)		36,553		8,578,624
Lonza Group AG (Switzerland)		14,704		9,356,630
Maravai LifeSciences Holdings, Inc., Class A(b)		281,176		10,940,558

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5                         Invesco Health Care Fund

	Shares		Value
Life Sciences Tools & Services–(continued)
Medpace Holdings, Inc.(b)		23,753	$	4,030,409
Mettler-Toledo International, Inc.(b)		12,324		16,185,356
NeoGenomics, Inc.(b)		158,911		7,785,050
Quanterix Corp.(b)		89,626		5,479,734
Repligen Corp.(b)		81,151		17,180,478
Thermo Fisher Scientific, Inc.		146,089		68,695,431
				242,332,141
Managed Health Care–9.59%
Anthem, Inc.		24,608		9,336,029
HealthEquity, Inc.(b)		78,079		5,931,662
Humana, Inc.		100,230		44,626,405
UnitedHealth Group, Inc.		244,952		97,686,857
				157,580,953
Pharmaceuticals–12.33%
AstraZeneca PLC, ADR (United Kingdom)		695,136		36,890,867
Bristol-Myers Squibb Co.		535,476		33,424,412
Catalent, Inc.(b)		195,341		21,970,002
Eli Lilly and Co.		249,026		45,514,482
Novartis AG, ADR (Switzerland)		202,157		17,231,863
Roche Holding AG (Switzerland)		71,575		23,319,816
Royalty Pharma PLC, Class A		164,500		7,238,000
Zoetis, Inc.		98,205		16,992,411
				202,581,853
Total Common Stocks & Other Equity Interests (Cost $1,107,732,495)				1,621,799,109

	Shares		Value
Money Market Funds–1.51%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		8,173,717	$	8,173,717
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		7,354,182		7,357,123
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		9,341,391		9,341,391
Total Money Market Funds (Cost $24,870,054)				24,872,231
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.24% (Cost $1,132,602,549)				1,646,671,340
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.41%
Invesco Private Government Fund, 0.01%(d)(e)(f)		2,686,872		2,686,872
Invesco Private Prime Fund, 0.11%(d)(e)(f)		4,028,697		4,030,309
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,717,181)				6,717,181
TOTAL INVESTMENTS IN SECURITIES–100.65% (Cost $1,139,319,730)				1,653,388,521
OTHER ASSETS LESS LIABILITIES—(0.65)%				(10,755,225	)
NET ASSETS–100.00%			$	1,642,633,296

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2021.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	9,212,825		$	73,009,783		$	(74,048,891)		$	-		$	-		$	8,173,717		$	935
Invesco Liquid Assets Portfolio, Institutional Class			8,099,318			52,149,844			(52,892,065)			(559)			585			7,357,123			1,426
Invesco Treasury Portfolio, Institutional Class			10,528,943			83,439,752			(84,627,304)			-			-			9,341,391			433
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,336,493			72,577,518			(72,227,139)			-			-			2,686,872			399	*
Invesco Private Prime Fund			3,504,739			106,681,687			(106,157,209)			-			1,092			4,030,309			3,836	*
Total		$	33,682,318		$	387,858,584		$	(389,952,608)		$	(559)		$	1,677		$	31,589,412		$	7,029

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                         Invesco Health Care Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021

Health Care	98.63	%
Information Technology	0.10
Money Market Funds Plus Other Assets Less Liabilities	1.27

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                         Invesco Health Care Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,107,732,495)*	$	1,621,799,109
Investments in affiliated money market funds, at value (Cost $31,587,235)		31,589,412
Foreign currencies, at value (Cost $1,116)		1,122
Receivable for:
Investments sold		7,753,433
Fund shares sold		99,481
Dividends		3,253,043
Investment for trustee deferred compensation and retirement plans		264,130
Other assets		161,939
Total assets		1,664,921,669
Liabilities:
Payable for:
Investments purchased		12,553,458
Fund shares reacquired		987,149
Amount due custodian		801,919
Collateral upon return of securities loaned		6,717,181
Accrued fees to affiliates		688,152
Accrued trustees’ and officers’ fees and benefits		773
Accrued other operating expenses		207,385
Trustee deferred compensation and retirement plans		332,356
Total liabilities		22,288,373
Net assets applicable to shares outstanding	$	1,642,633,296
Net assets consist of:
Shares of beneficial interest	$	848,814,477
Distributable earnings		793,818,819
	$	1,642,633,296

Net Assets:
Class A	$	852,499,725
Class C	$	29,075,257
Class Y	$	54,919,676
Investor Class	$	705,248,879
Class R6	$	889,759
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		18,365,872
Class C		1,010,463
Class Y		1,152,739
Investor Class		15,190,722
Class R6		18,640
Class A:
Net asset value per share	$	46.42
Maximum offering price per share
(Net asset value of $46.42 ÷ 94.50%)	$	49.12
Class C:
Net asset value and offering price per share	$	28.77
Class Y:
Net asset value and offering price per share	$	47.64
Investor Class:
Net asset value and offering price per share	$	46.43
Class R6:
Net asset value and offering price per share	$	47.73

* At April 30, 2021, securities with an aggregate value of $ 6,608,415 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                         Invesco Health Care Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $254,829)		$ 7,055,577
Dividends from affiliated money market funds (includes securities lending income of $73,887)		76,681
Total investment income		7,132,258
Expenses:
Advisory fees		4,880,570
Administrative services fees		113,294
Custodian fees		9,485
Distribution fees:
Class A		1,027,325
Class C		145,586
Investor Class		852,135
Transfer agent fees – A, C, Y and Investor		970,757
Transfer agent fees – R6		178
Trustees’ and officers’ fees and benefits		28,481
Registration and filing fees		60,903
Reports to shareholders		35,421
Professional services fees		63,464
Other		30,010
Total expenses		8,217,609
Less: Fees waived and/or expense offset arrangement(s)		(12,220	)
Net expenses		8,205,389
Net investment income (loss)		(1,073,131	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		281,103,797
Affiliated investment securities		1,677
Foreign currencies		45,994
	281,151,468
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(20,049,551	)
Affiliated investment securities		(559	)
Foreign currencies		(10,455	)
	(20,060,565)
Net realized and unrealized gain		261,090,903
Net increase in net assets resulting from operations		$260,017,772

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                         Invesco Health Care Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income (loss)		$  (1,073,131)			$  1,130,113
Net realized gain		281,151,468			99,547,594
Change in net unrealized appreciation (depreciation)		(20,060,565	)		62,553,401
Net increase in net assets resulting from operations		260,017,772			163,231,108
Distributions to shareholders from distributable earnings:
Class A		(51,038,739	)		(26,366,873	)
Class C		(3,032,486	)		(1,306,960	)
Class Y		(3,235,578	)		(1,567,121	)
Investor Class		(42,472,982	)		(22,563,713	)
Class R6		(48,621	)		(3,940	)
Total distributions from distributable earnings		(99,828,406	)		(51,808,607	)
Share transactions–net:
Class A		28,157,452			(18,107,030	)
Class C		(468,416	)		1,624,450
Class Y		5,964,217			2,617,317
Investor Class		16,704,981			(27,198,605	)
Class R6		473,444			329,365
Net increase (decrease) in net assets resulting from share transactions		50,831,678			(40,734,503	)
Net increase in net assets		211,021,044			70,687,998
Net assets:
Beginning of period		1,431,612,252			1,360,924,254
End of period	$	1,642,633,296		$	1,431,612,252

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                         Invesco Health Care Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/21		$	41.82		$	(0.03	)		$	7.53			$	7.50			$	(0.01	)		$	(2.89	)		$	(2.90	)		$	46.42		18.32	%		$	852,500		1.03	%(d)		1.03	%(d)		(0.13	)%(d)		55	%
Year ended 10/31/20			38.59			0.03				4.67				4.70				(0.10	)			(1.37	)			(1.47	)			41.82		12.32				740,884		1.06			1.06			0.08			17
Year ended 10/31/19			37.89			0.08				3.52				3.60				-				(2.90	)			(2.90	)			38.59		10.46				700,483		1.08			1.08			0.22			11
Year ended 10/31/18			37.84			(0.02	)			2.52				2.50				-				(2.45	)			(2.45	)			37.89		7.03				687,513		1.09			1.09			(0.06	)		36
Year ended 10/31/17			32.93			(0.05	)			5.77				5.72				(0.07	)			(0.74	)			(0.81	)			37.84		17.73				722,643		1.12			1.12			(0.12	)		36
Year ended 10/31/16			43.70			0.08				(5.09	)			(5.01	)			-				(5.76	)			(5.76	)			32.93		(12.87	)			725,053		1.09			1.09			0.23			21
Class C
Six months ended 04/30/21			26.99			(0.12	)			4.79				4.67				(0.00	)			(2.89	)			(2.89	)			28.77		17.87				29,075		1.78	(d)		1.78	(d)		(0.88	)(d)		55
Year ended 10/31/20			25.48			(0.18	)			3.06				2.88				-				(1.37	)			(1.37	)			26.99		11.46				27,720		1.81			1.81			(0.67	)		17
Year ended 10/31/19			26.20			(0.13	)			2.31				2.18				-				(2.90	)			(2.90	)			25.48		9.62				24,570		1.83			1.83			(0.53	)		11
Year ended 10/31/18			27.10			(0.21	)			1.76				1.55				-				(2.45	)			(2.45	)			26.20		6.24				45,895		1.84			1.84			(0.81	)		36
Year ended 10/31/17			23.91			(0.22	)			4.15				3.93				-				(0.74	)			(0.74	)			27.10		16.84				56,741		1.87			1.87			(0.87	)		36
Year ended 10/31/16			33.56			(0.14	)			(3.75	)			(3.89	)			-				(5.76	)			(5.76	)			23.91		(13.53	)			66,699		1.84			1.84			(0.52	)		21
Class Y
Six months ended 04/30/21			42.90			0.03				7.71				7.74				(0.11	)			(2.89	)			(3.00	)			47.64		18.45				54,920		0.78	(d)		0.78	(d)		0.12	(d)		55
Year ended 10/31/20			39.54			0.14				4.79				4.93				(0.20	)			(1.37	)			(1.57	)			42.90		12.62				43,816		0.81			0.81			0.33			17
Year ended 10/31/19			38.67			0.18				3.59				3.77				-				(2.90	)			(2.90	)			39.54		10.70				38,519		0.83			0.83			0.47			11
Year ended 10/31/18			38.47			0.07				2.58				2.65				-				(2.45	)			(2.45	)			38.67		7.32				36,930		0.84			0.84			0.19			36
Year ended 10/31/17			33.48			0.05				5.85				5.90				(0.17	)			(0.74	)			(0.91	)			38.47		18.01				35,924		0.87			0.87			0.13			36
Year ended 10/31/16			44.24			0.17				(5.17	)			(5.00	)			-				(5.76	)			(5.76	)			33.48		(12.67	)			22,548		0.84			0.84			0.48			21
Investor Class
Six months ended 04/30/21			41.83			(0.03	)			7.53				7.50				(0.01	)			(2.89	)			(2.90	)			46.43		18.31				705,249		1.03	(d)		1.03	(d)		(0.13	)(d)		55
Year ended 10/31/20			38.60			0.03				4.67				4.70				(0.10	)			(1.37	)			(1.47	)			41.83		12.33				618,818		1.06			1.06			0.08			17
Year ended 10/31/19			37.90			0.08				3.52				3.60				-				(2.90	)			(2.90	)			38.60		10.45				597,301		1.08			1.08			0.22			11
Year ended 10/31/18			37.85			(0.02	)			2.52				2.50				-				(2.45	)			(2.45	)			37.90		7.03				583,069		1.09			1.09			(0.06	)		36
Year ended 10/31/17			32.94			(0.04	)			5.76				5.72				(0.07	)			(0.74	)			(0.81	)			37.85		17.72				595,801		1.12			1.12			(0.12	)		36
Year ended 10/31/16			43.71			0.08				(5.09	)			(5.01	)			-				(5.76	)			(5.76	)			32.94		(12.87	)			563,411		1.09			1.09			0.23			21
Class R6
Six months ended 04/30/21			42.97			0.04				7.74				7.78				(0.13	)			(2.89	)			(3.02	)			47.73		18.51				890		0.71	(d)		0.71	(d)		0.19	(d)		55
Year ended 10/31/20			39.61			0.16				4.79				4.95				(0.22	)			(1.37	)			(1.59	)			42.97		12.65				374		0.77			0.77			0.37			17
Year ended 10/31/19			38.71			0.20				3.60				3.80				-				(2.90	)			(2.90	)			39.61		10.77				52		0.77			0.77			0.53			11
Year ended 10/31/18			38.49			0.09				2.58				2.67				-				(2.45	)			(2.45	)			38.71		7.37				41		0.79			0.79			0.24			36
Period ended 10/31/17(e)			36.35			0.05				2.09				2.14				-				-				-				38.49		5.89				14		0.78	(f)		0.78	(f)		0.22	(f)		36

^(a) Calculated using average of Units outstanding.

^(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $828,671, $29,358, $52,423, $687,357 and $741 for Class A, Class C, Class Y, Investor Class and Class R6 shares, respectively.

^(e) Commencement date of April 04, 2017.

^(f) Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                         Invesco Health Care Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Health Care Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Investor Class and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Investor Class and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from

12                         Invesco Health Care Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

J. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized

13                         Invesco Health Care Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

K. Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

M. Other Risks - The Fund’s performance is vulnerable to factors affecting the health care industry, including government regulation, obsolescence caused by scientific advances and technological innovations.

The Fund has invested in non-publicly traded companies, some of which are in the startup or development stages. These investments are inherently risky, as the market for the technologies or products these companies are developing are typically in the early stages and may never materialize. The Fund could lose its entire investment in these companies. These investments are valued at fair value as determined in good faith in accordance with procedures approved by the Board of Trustees. Investments in privately held venture capital securities are illiquid.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 350 million	0.750%
Next $350 million	0.650%
Next $1.3 billion	0.550%
Next $2 billion	0.450%
Next $2 billion	0.400%
Next $2 billion	0.375%
Over $8 billion	0.350%

For the six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.62%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00% and 1.75% of the Fund’s average daily net assets (the “expense limits”), respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $9,700.

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 six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to

14                         Invesco Health Care Fund

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plan are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $57,699 in front-end sales commissions from the sale of Class A shares and $626 and $912 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2021, the Fund incurred $21,025 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$1,574,270,476	$	47,528,633		$ –	$	1,621,799,109
Money Market Funds		24,872,231		6,717,181		–		31,589,412
Total Investments		$1,599,142,707	$	54,245,814		$ –	$	1,653,388,521

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,520.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

15                         Invesco Health Care Fund

NOTE 7—Tax Information    

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of October 31, 2020.

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $851,039,360 and $892,115,389, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$542,129,729
Aggregate unrealized (depreciation) of investments	(28,068,890)
Net unrealized appreciation of investments	$514,060,839

Cost of investments for tax purposes is $1,139,327,682.

NOTE 9—Share Information    

	Summary of Share Activity
	Six months ended April 30, 2021(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		647,932		$	29,373,044			1,293,821		$	51,850,610
Class C		175,143			4,987,879			366,145			9,605,592
Class Y		214,025			9,921,943			410,958			17,042,917
Investor Class		82,611			3,747,713			150,759			5,981,461
Class R6		9,257			442,470			7,776			345,817
Issued as reinvestment of dividends:
Class A		1,048,935			46,121,671			588,599			23,755,862
Class C		103,744			2,835,324			47,165			1,236,669
Class Y		62,753			2,829,545			33,361			1,378,148
Investor Class		899,683			39,568,061			522,381			21,083,288
Class R6		981			44,284			40			1,655
Automatic conversion of Class C shares to Class A shares:
Class A		111,691			5,047,959			42,503			1,734,470
Class C		(179,713	)		(5,047,959	)		(65,583	)		(1,734,470	)
Reacquired:
Class A		(1,159,362	)		(52,385,222	)		(2,360,788	)		(95,447,972	)
Class C		(115,677	)		(3,243,660	)		(285,183	)		(7,483,341	)
Class Y		(145,436	)		(6,787,271	)		(397,046	)		(15,803,748	)
Investor Class		(586,861	)		(26,610,793	)		(1,353,682	)		(54,263,354	)
Class R6		(294	)		(13,310	)		(421	)		(18,107	)
Net increase (decrease) in share activity		1,169,412		$	50,831,678			(999,195	)	$	(40,734,503	)

^(a) There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 8% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

16                         Invesco Health Care Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/20)	Ending     Account Value     (04/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/21)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$1,182.90	$5.57	$1,019.69	$5.16	1.03%
Class C	1,000.00	1,178.70	9.62	1,015.97	8.90	1.78
Class Y	1,000.00	1,184.50	4.22	1,020.93	3.91	0.78
Investor Class	1,000.00	1,182.90	5.57	1,019.69	5.16	1.03
Class R6	1,000.00	1,185.10	3.85	1,021.27	3.56	0.71

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

17                         Invesco Health Care Fund

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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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338         Invesco Distributors, Inc.                          GHC-SAR-1                         

	Semiannual Report to Shareholders	April 30, 2021
	Invesco International Bond Fund
	Nasdaq:
	A: OIBAX ∎ C: OIBCX ∎ R: OIBNX ∎ Y: OIBYX ∎ R5: INBQX ∎ R6: OIBIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
25	Consolidated Financial Statements
28	Consolidated Financial Highlights
29	Notes to Consolidated Financial Statements
39	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	3.16	%
Class C Shares	2.78
Class R Shares	3.04
Class Y Shares	3.29
Class R5 Shares	3.54
Class R6 Shares	3.36
FTSE Non-U.S. Dollar World Government Bond Index▼	-0.83
JP Morgan Government Bond Index - Emerging Markets (GBI-EM)   Global Diversified Index▼	4.17
JP Morgan EMBI Global Diversified Index▼	3.26
Custom Invesco International Bond Index∎	1.49
Source(s): ▼ RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.
The Custom Invesco International Bond Index is composed of 50% FTSE Non-U.S. Dollar World Government Bond Index, 30% JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index and 20% JP Morgan EMBI Global Diversified Index.
The FTSE Non-U.S. Dollar World Government Bond Index is a broad benchmark providing exposure to the global sovereign fixed income market, excluding the US.
The JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index is a comprehensive global local emerging markets index comprising liquid, fixed-rate, domestic currency government bonds.
The JP Morgan EMBI Global Diversified Index is an unmanaged index that tracks the traded market for US-dollar-denominated Brady bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their in-sights about market and economic news and trends.

2                     Invesco International Bond Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (6/15/95)	6.54	%
10 Years	1.51
5 Years	2.33
1 Year	12.81
Class C Shares
Inception (6/15/95)	6.46	%
10 Years	1.37
5 Years	2.45
1 Year	15.93
Class R Shares
Inception (3/1/01)	6.08	%
10 Years	1.65
5 Years	2.97
1 Year	17.27
Class Y Shares
Inception (9/27/04)	5.22	%
10 Years	2.21
5 Years	3.49
1 Year	18.04
Class R5 Shares
10 Years	2.03	%
5 Years	3.39
1 Year	18.43
Class R6 Shares
Inception (1/27/12)	2.80	%
5 Years	3.65
1 Year	18.00

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer International Bond Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer International Bond Fund. Note: The Fund was subsequently renamed the Invesco International Bond Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on

Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                     Invesco International Bond Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                     Invesco International Bond Fund

Consolidated Schedule of Investments

April 30, 2021

(Unaudited)

		Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–50.57%(a)
Argentina–2.30%
Argentina Treasury Bond BONCER,
1.00%, 08/05/2021	ARS		2,032,583,408	$     33,734,177
1.40%, 03/25/2023	ARS		677,070,000	10,163,678
1.50%, 03/25/2024	ARS		496,990,000	7,008,103
4.00%, 04/27/2025	ARS		117,500,000	3,872,125
Argentine Bonos del Tesoro,
18.20%, 10/03/2021	ARS		212,805,000	2,114,818
15.50%, 10/17/2026	ARS		135,000,000	568,469
Provincia de Buenos Aires Government Bonds, 37.85%, 04/12/2025(b)	ARS		120,000,000	1,073,693
				58,535,063
Belgium–0.64%
KBC Group N.V., 4.75%(b)(c)(d)	EUR		2,600,000	3,357,087
Kingdom of Belgium Government Bond, Series 93, 0.65%, 06/22/2071(b)	EUR		13,100,000	12,878,259
				16,235,346
Brazil–2.29%
Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2025	BRL		279,000,000	55,604,735
Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032(b)	BRL		14,156,250	2,768,288
				58,373,023
Chile–0.76%
Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033(b)	CLP		16,000,000,000	19,403,798
Colombia–4.57%
Colombian TES, Series B, 6.25%, 11/26/2025	COP		60,000,000,000	99,989,772
Series B, 7.75%, 09/18/2030	COP		45,000,000,000	12,657,573
Fideicomiso PA Concesion Ruta al Mar, 6.75%, 02/15/2044(b)	COP		8,000,000,000	2,152,913
Fideicomiso PA Costera, Series B, 6.25%, 01/15/2034(b)	COP		5,916,031,565	1,631,324
				116,431,582
Egypt–1.54%
Egypt Government Bond,
16.30%, 01/01/2023	EGP		10,200,000	676,833
14.35%, 09/10/2024	EGP		50,000,000	3,209,851
14.48%, 04/06/2026	EGP		300,000,000	19,204,760

		Principal Amount		Value
Egypt–(continued)
Egypt Government International Bond, 4.75%, 04/16/2026(b)	EUR		12,900,000	$     16,149,233
				39,240,677
France–0.36%
Accor S.A., 2.63%(b)(c)(d)	EUR		2,500,000	2,911,999
Electricite de France S.A., 2.88%(b)(c)(d)	EUR		5,000,000	6,277,637
				9,189,636
Germany–0.13%
Commerzbank AG, 6.13%(b)(c)(d)	EUR		2,600,000	3,378,843
Greece–5.71%
Hellenic Republic Government Bond, 0.75%, 06/18/2031(b)	EUR		22,110,000	25,983,874
1.88%, 02/04/2035(b)	EUR		62,500,000	80,976,383
1.88%, 01/24/2052(b)	EUR		32,500,000	38,074,796
Series GDP, 1.00%, 10/15/2042	EUR		107,000,000	408,434
				145,443,487
India–7.99%
India Government Bond,
8.40%, 07/28/2024	INR		1,997,000,000	29,486,062
8.15%, 11/24/2026	INR		500,000,000	7,431,700
8.24%, 02/15/2027	INR		4,935,000,000	73,486,179
7.17%, 01/08/2028	INR		1,955,000,000	27,877,670
6.45%, 10/07/2029	INR		1,500,000,000	20,487,360
5.77%, 08/03/2030	INR		1,500,000,000	19,574,127
NTPC Ltd., 2.75%, 02/01/2027(b)	EUR		2,500,000	3,200,824
State of Gujarat India, 7.52%, 05/24/2027	INR		500,000,000	7,082,395
State of Maharashtra India, 7.99%, 10/28/2025	INR		500,000,000	7,423,195
State of Tamil Nadu India, 8.53%, 03/09/2026	INR		500,000,000	7,467,167
				203,516,679
Italy–1.80%
Intesa Sanpaolo S.p.A.,
6.25%(b)(c)(d)	EUR		2,600,000	3,395,454
5.50%(b)(c)(d)	EUR		5,000,000	6,554,857
5.88%(b)(c)(d)	EUR		2,600,000	3,399,923
Italy Buoni Poliennali Del Tesoro, 2.15%, 03/01/2072(b)	EUR		22,500,000	25,983,741
UniCredit S.p.A., 6.63%(b)(c)(d)	EUR		5,000,000	6,443,403
				45,777,378

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

5 Invesco International Bond Fund

		Principal Amount		Value
Ivory Coast–1.28%
Ivory Coast Government International Bond,
5.25%, 03/22/2030(b)	EUR		5,636,000	$       7,139,744
4.88%, 01/30/2032(b)	EUR		10,838,000	13,110,572
6.88%, 10/17/2040(b)	EUR		9,500,000	12,380,881
				32,631,197
Luxembourg–0.12%
Matterhorn Telecom S.A.,
4.00%, 11/15/2027(b)	EUR		2,500,000	3,073,771
Mexico–2.11%
J.P. Morgan S.A./ Hipotecaria Su Casita S.A. de C.V., 6.47%, 08/26/2035(b)(e)	MXN		34,101,099	251,416
Mexican Bonos, 8.50%, 11/18/2038	MXN		160,000,000	8,579,941
Series M, 8.00%, 12/07/2023	MXN		190,000,000	10,019,248
Series M, 5.75%, 03/05/2026	MXN		560,000,000	27,422,224
Series M, 7.75%, 11/13/2042	MXN		150,000,000	7,380,474
				53,653,303
Netherlands–0.63%
Cooperatieve Rabobank U.A., 4.38%(b)(c)(d)	EUR		4,600,000	6,124,861
Stichting AK Rabobank Certificaten, 6.50%(b)(d)(f)	EUR		6,252,450	9,881,217
				16,006,078
Portugal–8.17%
Banco Comercial Portugues S.A., 4.50%, 12/07/2027(b)(c)	EUR		2,100,000	2,569,588
Caixa Geral de Depositos S.A., 10.75%(b)(c)(d)	EUR		7,000,000	9,145,502
Novo Banco S.A.,
3.50%, 02/19/2043(b)	EUR		2,000,000	2,149,863
3.50%, 03/18/2043(b)	EUR		1,500,000	1,611,297
Portugal Obrigacoes do Tesouro OT,
2.13%, 10/17/2028(b)	EUR		62,500,000	86,522,526
0.30%, 10/17/2031(b)	EUR		90,000,000	106,205,051
				208,203,827
Romania–0.19%
Romanian Government International Bond, 2.00%, 04/14/2033(b)	EUR		4,106,000	4,875,196
Russia–1.24%
Mos.ru, 5.00%, 08/22/2034	RUB		103,214,253	0
Russian Federal Bond - OFZ,
4.50%, 07/16/2025	RUB		2,000,000,000	24,736,963
Series 6221, 7.70%, 03/23/2033	RUB		500,000,000	6,996,111
				31,733,074

		Principal Amount		Value
Slovenia–0.29%
Slovenia Government Bond, 0.69%, 03/03/2081(b)	EUR		7,500,000	$       7,282,297
South Africa–4.56%
Republic of South Africa Government Bond,
Series 2032, 8.25%, 03/31/2032	ZAR		187,300,000	11,378,742
Series 2037, 8.50%, 01/31/2037	ZAR		1,380,000,000	77,271,607
Series 2048, 8.75%, 02/28/2048	ZAR		272,000,000	14,944,107
Series R186, 10.50%, 12/21/2026	ZAR		160,000,000	12,609,136
				116,203,592
Spain–0.94%
Banco Bilbao Vizcaya Argentaria S.A., 6.00%(b)(c)(d)	EUR		3,200,000	4,372,930
Banco Santander S.A.,
4.38%(b)(c)(d)	EUR		5,800,000	7,242,131
6.25%(b)(c)(d)	EUR		10,000,000	12,221,649
				23,836,710
Supranational–0.57%
African Development Bank,
0.00%, 04/05/2046(g)	ZAR		600,000,000	4,368,902
0.00%, 01/17/2050(g)	ZAR		310,000,000	1,685,254
European Bank for Reconstruction and Development, 6.85%, 06/21/2021	IDR		60,400,000,000	4,172,689
International Finance Corp., 0.00%, 03/23/2038(g)	MXN		350,000,000	4,380,832
				14,607,677
Sweden–0.12%
Heimstaden Bostad AB, 3.38%(b)(c)(d)	EUR		2,500,000	3,137,781
Thailand–1.36%
Thailand Government Bond, 3.30%, 06/17/2038	THB		950,000,000	34,548,844
Ukraine–0.13%
Ukraine Government International Bond, 6.75%, 06/20/2026(b)	EUR		2,500,000	3,226,751
United Kingdom–0.77%
Gatwick Airport Finance PLC, 4.38%, 04/07/2026(b)	GBP		5,400,000	7,563,753
Gatwick Funding Ltd.,
3.13%, 09/28/2039(b)	GBP		650,000	915,652
3.25%, 02/26/2048(b)	GBP		2,500,000	3,558,361
HSBC Holdings PLC, 6.00%(b)(c)(d)	EUR		5,750,000	7,625,479
				19,663,245
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,353,083,985)				1,288,208,855

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

6 Invesco International Bond Fund

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–12.34%
Argentina–0.27%
Argentine Bonad Bonds, 0.10%, 11/30/2021	$	11,514,175	$6,951,683
Australia–0.18%
Santos Finance Ltd., 3.65%, 04/29/ 2031(b)		4,546,000	4,542,973
Brazil–1.10%
B2W Digital Lux S.a.r.l., 4.38%, 12/20/2030(b)		3,135,000	3,097,380
Banco do Brasil S.A., 6.25%(b)(c)(d)		2,500,000	2,475,400
Brazilian Government International Bond,
3.88%, 06/12/2030		7,500,000	7,458,075
5.00%, 01/27/2045		2,500,000	2,472,513
BRF S.A., 4.88%, 01/24/2030(b)		2,500,000	2,570,450
CSN Inova Ventures, 6.75%, 01/28/2028(b)		2,500,000	2,720,287
Minerva Luxembourg S.A., 4.38%, 03/18/2031(b)		5,000,000	4,876,950
Natura Cosmeticos S.A., 4.13%, 05/03/2028(b)		2,316,000	2,353,635
			28,024,690
Chile–0.33%
AES Gener S.A., 6.35%, 10/07/2079(b)(c)		2,500,000	2,667,962
Antofagasta PLC, 2.38%, 10/14/2030(b)		2,500,000	2,448,013
Inversiones CMPC S.A., 3.00%, 04/06/2031(b)		3,259,000	3,235,861
			8,351,836
China–0.83%
CIFI Holdings Group Co. Ltd.,
6.45%, 11/07/2024(b)		450,000	478,690
6.00%, 07/16/2025(b)		2,500,000	2,643,750
Country Garden Holdings Co. Ltd., 5.40%, 05/27/2025(b)		3,500,000	3,753,862
Logan Group Co. Ltd., 7.50%, 08/25/2022(b)		2,260,000	2,315,370
Prosus N.V., 4.03%, 08/03/2050(b)		5,000,000	4,676,146
Tencent Holdings Ltd., 3.84%, 04/22/2051(b)		7,120,000	7,275,467
			21,143,285
Colombia–0.29%
Colombia Government International Bond, 4.13%, 02/22/2042		7,500,000	7,361,250
Denmark–0.04%
Danske Bank A/S, 6.13%(b)(c)(d)		1,000,000	1,082,903

	Principal Amount		Value
Dominican Republic–0.57%
Dominican Republic International Bond,
5.95%, 01/25/2027(b)	$	2,500,000	$2,843,750
4.50%, 01/30/2030(b)		4,000,000	4,160,000
5.30%, 01/21/2041(b)		2,110,000	2,150,090
6.40%, 06/05/2049(b)		5,000,000	5,466,250
			14,620,090
Egypt–0.56%
Egypt Government International Bond,
8.50%, 01/31/2047(b)		5,000,000	5,174,130
8.70%, 03/01/2049(b)		4,059,000	4,241,846
7.50%, 02/16/2061(b)		5,271,000	4,906,642
			14,322,618
France–0.41%
Credit Agricole S.A., 7.88%(b)(c)(d)		2,500,000	2,831,250
Societe Generale S.A., 8.00%(b)(c)(d)		6,400,000	7,554,784
			10,386,034
Ghana–0.51%
Ghana Government International Bond,
7.88%, 03/26/2027(b)		7,500,000	7,838,797
7.75%, 04/07/2029(b)		5,000,000	5,123,125
			12,961,922
Hong Kong–0.24%
AIA Group Ltd., 2.70%(b)(c)(d)		3,500,000	3,522,890
Melco Resorts Finance Ltd., 4.88%, 06/06/2025(b)		2,500,000	2,568,375
			6,091,265
India–0.39%
Power Finance Corp. Ltd.,
3.95%, 04/23/2030(b)		2,500,000	2,531,212
3.35%, 05/16/2031(b)		5,000,000	4,814,346
UPL Corp. Ltd., 4.50%, 03/08/2028(b)		2,500,000	2,607,401
			9,952,959
Indonesia–0.41%
PT Indonesia Asahan Aluminium (Persero), 5.45%, 05/15/2030(b)		2,500,000	2,881,363
PT Pertamina (Persero), 5.63%, 05/20/2043(b)		2,500,000	2,891,690
PT Tower Bersama Infrastructure Tbk, 4.25%, 01/21/2025(b)		1,500,000	1,581,547
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 3.00%, 06/30/2030(b)		3,000,000	2,966,250
			10,320,850

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

7 Invesco International Bond Fund

	Principal Amount		Value
Ireland–0.48%
Coriolanus DAC,
Series 116, 0.00%, 04/30/2025(b)(g)	$	1,386,604	$1,376,662
Series 119, 0.00%, 04/30/2025(b)(g)		1,475,178	1,464,601
Series 120, 0.00%, 04/30/2025(b)(g)		1,846,551	1,833,311
Series 122, 0.00%, 04/30/2025(b)(g)		1,617,868	1,606,268
Series 124, 0.00%, 04/30/2025(b)(g)		1,299,416	1,290,099
Series 126, 0.00%, 04/30/2025(b)(g)		1,635,391	1,623,666
Series 127, 0.00%, 04/30/2025(b)(g)		1,683,788	1,671,715
0.00%, 04/30/2025(b)(g)		1,486,682	1,476,022
			12,342,344
Kazakhstan–0.10%
Astana-Finance JSC, 0.00%, 12/22/2024(b)(e)(g)		612,810	0
KazMunayGas National Co. JSC, 3.50%, 04/14/2033(b)		2,500,000	2,594,075
			2,594,075
Kuwait–0.08%
Equate Petrochemical B.V., 2.63%, 04/28/2028(b)		2,000,000	2,008,750
Macau–0.21%
MGM China Holdings Ltd., 5.88%, 05/15/2026(b)		2,500,000	2,630,850
Sands China Ltd., 4.38%, 06/18/2030		2,500,000	2,673,125
			5,303,975
Malaysia–0.41%
Petronas Capital Ltd., 3.40%, 04/28/2061(b)		10,743,000	10,499,261
Mexico–0.87%
Alpek S.A.B. de C.V., 3.25%, 02/25/2031(b)		2,443,000	2,409,775
Banco Mercantil del Norte S.A., 8.38%(b)(c)(d)		2,500,000	2,974,250
Cemex S.A.B. de C.V., 3.88%, 07/11/2031(b)		3,500,000	3,468,798
Petroleos Mexicanos, 6.38%, 01/23/2045		5,000,000	4,319,850
6.35%, 02/12/2048		5,000,000	4,267,825
7.69%, 01/23/2050		5,000,000	4,821,250
			22,261,748
Netherlands–0.09%
ING Groep N.V., 6.75%(b)(c)(d)		2,000,000	2,205,000
Oman–0.20%
Oman Government International Bond, 6.75%, 01/17/2048(b)		5,000,000	5,001,250

	Principal Amount		Value
Peru–0.13%
Nexa Resources S.A., 6.50%, 01/18/2028(b)	$	3,000,000	$3,351,690
Saudi Arabia–0.11%
ADES International Holding PLC, 8.63%, 04/24/2024(b)		2,750,000	2,836,762
South Africa–0.34%
Eskom Holdings SOC Ltd., 7.13%, 02/11/2025(b)		5,000,000	5,247,875
Sasol Financing USA LLC, 4.38%, 09/18/2026		3,249,000	3,329,088
			8,576,963
Switzerland–1.09%
Credit Suisse Group AG, 7.13%(b)(c)(d)		5,000,000	5,218,000
7.50%(b)(c)(d)		4,500,000	4,961,250
6.25%(b)(c)(d)		5,300,000	5,736,688
UBS Group AG, 7.00%(b)(c)(d)		2,500,000	2,759,538
7.00%(b)(c)(d)		7,900,000	9,129,437
			27,804,913
Tanzania–0.19%
HTA Group Ltd., 7.00%, 12/18/2025(b)		4,500,000	4,817,880
Thailand–0.12%
Krung Thai Bank PCL, 4.40%(b)(c)(d)		3,000,000	3,027,045
Ukraine–0.90%
Metinvest B.V., 7.65%, 10/01/2027(b)		745,000	798,610
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.63%, 11/08/2026(b)		2,400,000	2,405,662
Ukraine Government International Bond, 8.99%, 02/01/2024(b)		3,750,000	4,131,589
7.75%, 09/01/2024(b)		2,500,000	2,689,108
6.88%, 05/21/2029(b)		5,000,000	5,010,000
0.00%, 05/31/2040(b)(g)		7,500,000	7,938,037
			22,973,006
United Arab Emirates–0.15%
Emirate of Dubai Government International Bond, 3.90%, 09/09/2050(b)		4,000,000	3,702,828
United Kingdom–0.74%
BP Capital Markets PLC, 4.88%(c)(d)		3,500,000	3,766,000
HSBC Holdings PLC, 6.38%(c)(d)		5,000,000	5,542,375
M&G PLC, 6.50%, 10/20/2048(b)(c)		2,500,000	2,951,110
Standard Chartered PLC, 7.50%(b)(c)(d)		3,750,000	3,922,519

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

8 Invesco International Bond Fund

		Principal Amount		Value
United Kingdom–(continued)
Standard Life Aberdeen PLC, 4.25%, 06/30/2028(b)		$	2,500,000	$2,660,620
				18,842,624
Total U.S. Dollar Denominated Bonds & Notes (Cost $311,279,583)				314,264,472
U.S. Treasury Securities–10.60%
U.S. Treasury Bills–10.60%
0.01%, 06/24/2021(h)(i)			99,998,200	99,998,200
0.01%, 07/22/2021(h)(i)			169,996,902	169,996,223
Total U.S. Treasury Securities (Cost $269,995,102)				269,994,423
Asset-Backed Securities–6.19%
Alba PLC, Series 2007-1, Class F, 3.33% (3 mo. GBP LIBOR + 3.25%), 03/17/2039(b)(j)	GBP		1,577,100	2,086,557
Eurohome UK Mortgages PLC,
Series 2007-1, Class M2, 0.58% (3 mo. GBP LIBOR + 0.50%), 06/15/2044(b)(j)	GBP		4,000,000	4,917,282
Series 2007-1, Class B1, 0.98% (3 mo. GBP LIBOR + 0.90%), 06/15/2044(b)(j)	GBP		5,275,000	6,014,213
Series 2007-2, Class B1, 1.48% (3 mo. GBP LIBOR + 1.40%), 09/15/2044(b)(j)	GBP		4,000,000	4,852,848
Series 2007-1, Class M1, 0.38% (3 mo. GBP LIBOR + 0.30%), 06/15/2044(b)(j)	GBP		5,200,000	6,715,912
Series 2007-2, Class B2, 4.08% (3 mo. GBP LIBOR + 4.00%), 09/15/2044(b)(j)	GBP		3,750,000	4,707,797
Eurosail PLC,
Series 2007-4X, Class D1A, 1.83% (3 mo. GBP LIBOR + 1.75%), 06/13/2045(b)(j)	GBP		5,669,433	7,238,041
Series 2006-3X, Class D1C, 0.98% (3 mo. GBP LIBOR + 0.90%), 09/10/2044(b)(j)	GBP		5,500,000	6,340,495
Grifonas Finance No. 1 PLC, Class B, 0.00% (6 mo. EURIBOR + 0.52%), 08/28/2039(b)(j)	EUR		5,000,000	5,620,956
Ludgate Funding PLC, Series 2007-1, Class RES, 1.00%, 01/01/2061(b)(k)	GBP		207,500,000	12,474,009
Mansard Mortgages PLC, Series 2007-2X, Class B2, 3.08% (3 mo. GBP LIBOR + 3.00%), 12/15/2049(b)(j)	GBP		6,791,774	8,992,260

		Principal Amount		Value
Newgate Funding PLC,
Series 2006-2, Class CB, 0.00% (3 mo. EURIBOR + 0.43%), 12/01/2050(b)(j)	EUR		2,018,745	$2,241,653
Series 2007-2X, Class CB, 0.00% (3 mo. EURIBOR + 0.44%), 12/15/2050(b)(j)	EUR		2,729,813	2,863,197
Series 2007-1X, Class CB, 0.00% (3 mo. EURIBOR + 0.38%), 12/01/2050(b)(j)	EUR		1,535,559	1,615,471
BBVA Consumer Auto, Series 2018-1, Class C, 2.30%, 07/20/2031(b)	EUR		11,100,000	13,523,954
IM Pastor 4, FTA,
Series A, 0.00% (3 mo. EURIBOR + 0.14%), 03/22/2044(b)(j)	EUR		12,037,382	13,371,796
Series B, 0.00% (3 mo. EURIBOR + 0.19%), 03/22/2044(b)(j)	EUR		3,800,000	2,708,044
Titulizacion de Activos Sociedad Gestora de Fondos de Titulizacion S.A., Series 27, Class A3, 0.00% (3 mo. EURIBOR + 0.19%), 12/28/2050(b)(j)	EUR		35,000,000	34,914,790
Capital Mortgage S.r.l., Series 2007-1, Class B, 0.00% (3 mo. EURIBOR + 0.22%), 01/30/2047(b)(j)	EUR		8,000,000	7,524,053
Sestante Finance S.r.l., Series 2005, Class C1, 0.26% (3 mo. EURIBOR + 0.80%), 07/15/2045(b)(j)	EUR		9,700,000	5,668,462
Lusitano Mortgages No. 5 PLC, 0.42% (3 mo. EURIBOR + 0.96%), 07/15/2059(b)(j)	EUR		3,434,501	3,252,456
Total Asset-Backed Securities (Cost $148,129,299)				157,644,246
		Shares
Preferred Stocks–0.13%
United States–0.13%
AT&T, Inc., 2.88%, Series B, Pfd.(c) (Cost $2,941,785)			2,700,000	3,264,418
Common Stocks & Other Equity Interests–0.00%
Kazakhstan–0.00%
Astana-Finance JSC, GDR(b)(e)(l) (Cost $0)			868,851	1
Money Market Funds–11.52%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(m)(n)			102,744,618	102,744,618
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(m)(n)			73,342,361	73,371,698
Invesco Treasury Portfolio, Institutional Class, 0.01%(m)(n)			117,422,421	117,422,421
Total Money Market Funds (Cost $293,541,806)				293,538,737

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

9 Invesco International Bond Fund

	Shares	Value
Options Purchased–2.34%
(Cost $83,086,672)(o)		$     59,698,106
TOTAL INVESTMENTS IN SECURITIES–93.69% (Cost $2,462,058,232)		2,386,613,258
OTHER ASSETS LESS LIABILITIES–6.31%		160,731,341
NET ASSETS–100.00%		$2,547,344,599

Investment Abbreviations:

ARS	– Argentina Peso
BRL	– Brazilian Real
CLP	– Chile Peso
COP	– Colombia Peso
EGP	– Egypt Pound
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
GDR	– Global Depositary Receipt
IDR	– Indonesian Rupiah
INR	– Indian Rupee
LIBOR	– London Interbank Offered Rate
MXN	– Mexican Peso
Pfd.	– Preferred
RUB	– Russian Ruble
THB	– Thai Baht
ZAR	– South African Rand

Notes to Consolidated Schedule of Investments:

^(a)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $1,007,130,283, which represented 39.54% of the Fund’s Net Assets.

^(c)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)  Perpetual bond with no specified maturity date.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(f)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(g)  Zero coupon bond issued at a discount.

^(h)  All or a portion of the value was pledged and/or designated as collateral to cover margin requirements for open futures contracts and swap agreements. See Note 1L and Note 10.

⁽ⁱ⁾  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(j)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2021.

^(k)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2021.

^(l)  Non-income producing security.

^(m)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	95,184,516		$	471,673,993		$	(464,113,891	)		$	-		$	-			$	102,744,618		$	9,243
Invesco Liquid Assets Portfolio, Institutional Class			67,971,646			336,909,995			(331,509,922	)			4,006			(4,027	)			73,371,698			11,224
Invesco Treasury Portfolio, Institutional Class			108,782,305			539,055,992			(530,415,876	)			-			-				117,422,421			4,344
Total		$	271,938,467		$	1,347,639,980		$	(1,326,039,689	)		$	4,006		$	(4,027	)		$	293,538,737		$	24,811

⁽ⁿ⁾ The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(o) The table below details options purchased.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

10 Invesco International Bond Fund

Open Exchange-Traded Index Options Purchased

Description

Type of Contract

Expiration Date

Number of Contracts

Exercise Price

Notional Value(a)

Value

Equity Risk

S&P 500 Index

Put

06/18/2021

350

USD

4,070.00

USD

142,450,000

$

2,147,250

^(a)  Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Over-The-Counter Foreign Currency Options Purchased(a)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

AUD versus USD

Call

Bank of America, N.A.

07/16/2021

USD

0.80

AUD

120,000,000

$

407,669

EUR versus USD

Call

Bank of America, N.A.

05/17/2021

USD

1.23

EUR

5,000,000

199,285

EUR versus USD

Call

Bank of America, N.A.

06/11/2021

USD

1.21

EUR

51,000,000

199,334

EUR versus USD

Call

Bank of America, N.A.

11/02/2021

USD

1.30

EUR

12,000,000

632,321

EUR versus USD

Call

J.P. Morgan Chase Bank, N.A.

09/07/2021

USD

1.26

EUR

2,600,000

268,573

GBP versus USD

Call

Morgan Stanley and Co. International PLC

07/14/2021

USD

1.40

GBP

30,000,000

293,086

USD versus CHF

Call

Morgan Stanley and Co. International PLC

06/09/2021

CHF

0.97

USD

3,000,000

13,200

USD versus JPY

Call

Goldman Sachs International

04/06/2026

JPY

115.00

USD

43,000,000

794,769

USD versus JPY

Call

Goldman Sachs International

04/09/2026

JPY

115.00

USD

43,000,000

793,608

USD versus PHP

Call

Bank of America, N.A.

07/09/2021

PHP

50.00

USD

50,000,000

74,550

Subtotal — Foreign Currency Call Options Purchased

3,676,395

Currency Risk

EUR versus NOK

Put

J.P. Morgan Chase Bank, N.A.

08/26/2021

NOK

8.90

EUR

12,500,000

162,830

EUR versus NOK

Put

Morgan Stanley and Co. International PLC

10/05/2021

NOK

9.50

EUR

2,400,000

394,359

EUR versus PLN

Put

Morgan Stanley and Co. International PLC

10/28/2021

PLN

4.20

EUR

7,500,000

158,922

USD versus BRL

Put

Goldman Sachs International

07/12/2021

BRL

4.75

USD

5,000,000

144,650

USD versus BRL

Put

Goldman Sachs International

08/17/2021

BRL

3.85

USD

5,000,000

5,315

USD versus BRL

Put

Goldman Sachs International

12/16/2021

BRL

5.00

USD

3,600,000

801,691

USD versus BRL

Put

Goldman Sachs International

03/02/2022

BRL

5.25

USD

10,000,000

3,612,210

USD versus BRL

Put

J.P. Morgan Chase Bank, N.A.

03/09/2022

BRL

4.75

USD

5,000,000

682,660

USD versus BRL

Put

J.P. Morgan Chase Bank, N.A.

03/30/2022

BRL

4.75

USD

5,000,000

700,255

USD versus BRL

Put

Morgan Stanley and Co. International PLC

03/08/2022

BRL

5.25

USD

4,250,000

1,533,192

USD versus CAD

Put

Bank of America, N.A.

07/14/2021

CAD

1.23

USD

4,500,000

2,212,366

USD versus CLP

Put

J.P. Morgan Chase Bank, N.A.

10/15/2021

CLP

670.00

USD

60,000,000

635,400

USD versus CLP

Put

Morgan Stanley and Co. International PLC

10/07/2021

CLP

670.00

USD

90,000,000

897,660

USD versus CNH

Put

J.P. Morgan Chase Bank, N.A.

07/15/2021

CNH

6.35

USD

2,500,000

249,385

USD versus CNH

Put

Standard Chartered Bank PLC

07/20/2021

CNH

6.25

USD

8,000,000

249,336

USD versus CNH

Put

Standard Chartered Bank PLC

07/28/2021

CNH

6.40

USD

4,300,000

2,035,973

USD versus COP

Put

Morgan Stanley and Co. International PLC

09/22/2021

COP

3,450.00

USD

60,000,000

322,260

USD versus IDR

Put

Goldman Sachs International

05/10/2021

IDR

13,960.00

USD

50,000,000

600

USD versus IDR

Put

Standard Chartered Bank PLC

05/20/2021

IDR

14,095.00

USD

100,000,000

��

29,300

USD versus INR

Put

Goldman Sachs International

05/21/2021

INR

72.60

USD

60,000,000

22,620

USD versus INR

Put

Goldman Sachs International

06/11/2021

INR

71.00

USD

5,000,000

155,170

USD versus INR

Put

Goldman Sachs International

07/29/2021

INR

73.50

USD

100,000,000

401,900

USD versus INR

Put

Standard Chartered Bank PLC

08/03/2021

INR

73.00

USD

64,500,000

179,955

USD versus INR

Put

Standard Chartered Bank PLC

02/24/2022

INR

74.50

USD

100,000,000

915,700

USD versus JPY

Put

Bank of America, N.A.

05/26/2021

JPY

104.50

USD

200,000,000

20,200

USD versus JPY

Put

Bank of America, N.A.

09/08/2021

JPY

102.00

USD

25,000,000

1,273,800

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

11 Invesco International Bond Fund

Open Over-The-Counter Foreign Currency Options Purchased(a) —(continued)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

USD versus KRW

Put

Goldman Sachs International

05/31/2021

KRW

1,083.00

USD

60,000,000

$

32,580

USD versus KRW

Put

Goldman Sachs International

07/20/2021

KRW

1,080.00

USD

60,000,000

149,580

USD versus KRW

Put

Standard Chartered Bank PLC

09/13/2021

KRW

1,110.00

USD

70,000,000

1,029,420

USD versus MXN

Put

J.P. Morgan Chase Bank, N.A.

06/14/2021

MXN

20.50

USD

90,000,000

584,100

USD versus MXN

Put

J.P. Morgan Chase Bank, N.A.

07/30/2021

MXN

20.00

USD

50,000,000

717,400

USD versus MXN

Put

J.P. Morgan Chase Bank, N.A.

01/06/2022

MXN

20.10

USD

100,000,000

2,368,000

USD versus NOK

Put

J.P. Morgan Chase Bank, N.A.

07/28/2021

NOK

8.02

USD

35,000,000

222,950

USD versus RUB

Put

Bank of America, N.A.

03/23/2022

RUB

72.00

USD

60,000,000

417,960

USD versus RUB

Put

Goldman Sachs International

11/29/2021

RUB

75.00

USD

100,000,000

2,706,600

USD versus RUB

Put

Goldman Sachs International

03/08/2022

RUB

74.60

USD

50,000,000

1,365,050

USD versus RUB

Put

J.P. Morgan Chase Bank, N.A.

06/02/2021

RUB

67.00

USD

12,500,000

26,863

USD versus RUB

Put

Morgan Stanley and Co. International PLC

10/27/2021

RUB

72.00

USD

60,000,000

316,260

USD versus SEK

Put

Morgan Stanley and Co. International PLC

07/16/2021

SEK

8.40

USD

45,000,000

525,240

USD versus SGD

Put

Goldman Sachs International

08/12/2021

SGD

1.32

USD

60,000,000

229,440

USD versus ZAR

Put

Goldman Sachs International

06/11/2021

ZAR

14.65

USD

90,000,000

375,030

USD versus ZAR

Put

J.P. Morgan Chase Bank, N.A.

06/17/2021

ZAR

14.15

USD

45,000,000

125,775

Subtotal — Foreign Currency Put Options Purchased

28,989,957

Total Foreign Currency Options Purchased

$

32,666,352

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $9,662,000.

Open Over-The-Counter Interest Rate Swaptions Purchased(a)

Pay/

Receive

Type of

Exercise

Exercise

Floating Rate

Payment

Expiration

Notional

Description

Contract

Counterparty

Rate

Rate

Index

Frequency

Date

Value

Value

Interest Rate Risk

3 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

0.80

%

Receive

3 Month USD LIBOR

Quarterly

04/28/2022

USD

500,000,000

$

2,587,925

30 Year Interest Rate Swap

Call

Bank of America, N.A.

1.38

Receive

3 Month USD LIBOR

Quarterly

01/14/2022

USD

100,000,000

1,066,386

5 Year Interest Rate Swap

Call

Goldman Sachs International

1.20

Receive

3 Month USD LIBOR

Quarterly

03/28/2022

USD

400,000,000

4,064,520

5 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.12

Receive

3 Month USD LIBOR

Quarterly

06/30/2021

USD

357,500,000

2,916,281

5 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

0.98

Receive

3 Month USD LIBOR

Quarterly

07/15/2021

USD

370,000,000

1,513,774

5 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.04

Receive

3 Month USD LIBOR

Quarterly

07/30/2021

USD

360,000,000

2,156,083

Subtotal — Interest Rate Call Swaptions Purchased

14,304,969

Interest Rate Risk

30 Year Interest Rate Swap

Put

Goldman Sachs International

2.50

Pay

3 Month USD LIBOR

Quarterly

06/30/2022

USD

262,500,000

10,579,535

Total Interest Rate Swaptions Purchased

$

24,884,504

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $9,662,000.

Open Exchange-Traded Index Options Written

Unrealized

Type of

Expiration

Number of

Exercise

Premiums

Notional

Appreciation

Description

Contract

Date

Contracts

Price

Received

Value(a)

Value

(Depreciation)

Equity Risk

S&P 500 Index

Put

06/18/2021

350

$

3,875.00

$

(1,090,938

)

$

135,625,000

$

(1,092,000

)

$

(1,062

)

^(a)  Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

12 Invesco International Bond Fund

Open Over-The-Counter Credit Default Swaptions Written(a)
Counterparty	Type of Contract	Exercise Rate			Reference Entity	(Pay)/ Receive Fixed Rate			Payment Frequency	Expiration Date		Implied Credit Spread(b)			Premiums Received				Notional Value		Value			Unrealized Appreciation (Depreciation)
Credit Risk
J.P. Morgan Chase Bank, N.A.	Call		2.38	%	Markit iTraxx Europe Crossover Index, Series 35, Version 1		5.00	%	Quarterly		06/16/2021		2.490	%	$	(270,844	)	EUR		100,000,000	$	(304,614	)	$	(33,770	)
Credit Risk
Goldman Sachs International	Put		1.06		Markit CDX North America High Yield Index, Series 36, Version 1		(5.00	)	Quarterly		06/16/2021		2.873			(240,000	)	USD		50,000,000		(122,715	)		117,285
Goldman Sachs International	Put		1.07		Markit CDX North America High Yield Index, Series 36, Version 1		(5.00	)	Quarterly		07/21/2021		2.873			(474,500	)	USD		65,000,000		(381,325	)		93,175
J.P. Morgan Chase Bank, N.A.	Put		2.88		Markit iTraxx Europe Crossover Index, Series 35, Version 1		(5.00	)	Quarterly		06/16/2021		2.490			(631,969	)	EUR		100,000,000		(471,901	)		160,068
Morgan Stanley and Co. International PLC	Put		1.06		Markit CDX North America High Yield Index, Series 36, Version 1		(5.00	)	Quarterly		05/19/2021		2.873			(150,000	)	USD		50,000,000		(33,868	)		116,132
Morgan Stanley and Co. International PLC	Put		1.07		Markit CDX North America High Yield Index, Series 36, Version 1		(5.00	)	Quarterly		06/16/2021		2.873			(225,000	)	USD		50,000,000		(139,586	)		85,414
Subtotal — Credit Default Put Swaptions Written																(1,721,469	)					(1,149,395	)		572,074
Total Credit Default Swaptions Written															$	(1,992,313	)				$	(1,454,009	)	$	538,304

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $9,662,000.

^(b)  Implied credit spreads represent the current level, as of April 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Over-The-Counter Foreign Currency Options Written(a)
																	Unrealized
	Type of		Expiration			Exercise		Premiums				Notional					Appreciation
Description	Contract	Counterparty	Date			Price		Received				Value		Value			(Depreciation)
Currency Risk
GBP versus USD	Call	Morgan Stanley and Co. International PLC		07/14/2021	USD		1.44	$	(105,233	)	GBP		45,000,000	$	(91,170	)	$	14,063
USD versus BRL	Call	Goldman Sachs International		12/16/2021	BRL		6.70		(604,908	)	USD		3,600,000		(270,752	)		334,156
USD versus BRL	Call	Goldman Sachs International		03/02/2022	BRL		6.50		(2,744,000	)	USD		10,000,000		(1,307,270	)		1,436,730
USD versus BRL	Call	J.P. Morgan Chase Bank, N.A.		03/09/2022	BRL		7.00		(401,000	)	USD		2,000,000		(141,178	)		259,822
USD versus BRL	Call	Morgan Stanley and Co. International PLC		03/08/2022	BRL		6.75		(1,087,150	)	USD		4,250,000		(408,803	)		678,347
USD versus CLP	Call	J.P. Morgan Chase Bank, N.A.		05/20/2021	CLP		760.00		(343,200	)	USD		60,000,000		(38,520	)		304,680
USD versus CLP	Call	Morgan Stanley and Co. International PLC		07/14/2021	CLP		780.00		(1,134,840	)	USD		60,000,000		(202,620	)		932,220
USD versus CNH	Call	Standard Chartered Bank PLC		07/20/2021	CNH		6.70		(617,760	)	USD		80,000,000		(126,240	)		491,520
USD versus CNH	Call	Standard Chartered Bank PLC		07/28/2021	CNH		6.64		(153,596	)	USD		21,500,000		(63,576	)		90,020

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

13 Invesco International Bond Fund

Open Over-The-Counter Foreign Currency Options Written(a) —(continued)
																	Unrealized
	Type of		Expiration			Exercise		Premiums				Notional					Appreciation
Description	Contract	Counterparty	Date			Price		Received				Value		Value			(Depreciation)
USD versus CNH	Call	Standard Chartered Bank PLC		11/08/2021	CNH		6.90	$	(1,710,000	)	USD		90,000,000	$	(289,890	)	$	1,420,110
USD versus COP	Call	Morgan Stanley and Co. International PLC		09/22/2021	COP		3,850.00		(1,125,600	)	USD		60,000,000		(1,671,480	)		(545,880	)
USD versus INR	Call	Goldman Sachs International		06/11/2021	INR		83.00		(840,000	)	USD		5,000,000		(9,185	)		830,815
USD versus INR	Call	Goldman Sachs International		07/02/2021	INR		84.05		(497,500	)	USD		5,000,000		(16,720	)		480,780
USD versus INR	Call	Standard Chartered Bank PLC		08/03/2021	INR		76.50		(357,717	)	USD		43,000,000		(300,742	)		56,975
USD versus INR	Call	Standard Chartered Bank PLC		02/24/2022	INR		79.50		(1,199,100	)	USD		100,000,000		(1,472,400	)		(273,300	)
USD versus KRW	Call	Goldman Sachs International		05/31/2021	KRW		1,165.00		(216,000	)	USD		60,000,000		(29,340	)		186,660
USD versus KRW	Call	Goldman Sachs International		07/20/2021	KRW		1,140.00		(489,000	)	USD		60,000,000		(372,060	)		116,940
USD versus KRW	Call	Standard Chartered Bank PLC		09/13/2021	KRW		1,190.00		(620,550	)	USD		70,000,000		(254,940	)		365,610
USD versus MXN	Call	J.P. Morgan Chase Bank, N.A.		07/30/2021	MXN		22.30		(962,000	)	USD		50,000,000		(294,550	)		667,450
USD versus MXN	Call	J.P. Morgan Chase Bank, N.A.		01/06/2022	MXN		23.09		(2,280,500	)	USD		100,000,000		(1,563,200	)		717,300
USD versus NOK	Call	J.P. Morgan Chase Bank, N.A.		07/28/2021	NOK		8.62		(488,600	)	USD		70,000,000		(625,100	)		(136,500	)
USD versus NOK	Call	Morgan Stanley and Co. International PLC		09/08/2021	NOK		9.00		(571,200	)	USD		30,000,000		(193,080	)		378,120
USD versus NOK	Call	Morgan Stanley and Co. International PLC		10/05/2021	NOK		9.50		(274,800	)	USD		30,000,000		(110,670	)		164,130
USD versus RUB	Call	Goldman Sachs International		08/23/2021	RUB		85.00		(1,152,000	)	USD		5,000,000		(521,425	)		630,575
USD versus RUB	Call	Goldman Sachs International		11/29/2021	RUB		80.00		(3,251,000	)	USD		100,000,000		(3,322,100	)		(71,100	)
USD versus RUB	Call	Goldman Sachs International		03/08/2022	RUB		87.20		(1,360,500	)	USD		50,000,000		(1,305,800	)		54,700
USD versus RUB	Call	J.P. Morgan Chase Bank, N.A.		06/02/2021	RUB		82.00		(1,551,000	)	USD		100,000,000		(194,500	)		1,356,500
USD versus SEK	Call	Morgan Stanley and Co. International PLC		07/16/2021	SEK		8.70		(396,000	)	USD		60,000,000		(341,700	)		54,300
USD versus SGD	Call	Goldman Sachs International		08/12/2021	SGD		1.36		(311,700	)	USD		60,000,000		(171,000	)		140,700
USD versus ZAR	Call	Goldman Sachs International		11/22/2021	ZAR		15.85		(2,037,825	)	USD		75,000,000		(1,938,900	)		98,925
USD versus ZAR	Call	J.P. Morgan Chase Bank, N.A.		06/22/2021	ZAR		15.85		(644,850	)	USD		45,000,000		(197,415	)		447,435
Subtotal — Foreign Currency Call Options Written									(29,529,129	)					(17,846,326	)		11,682,803

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

14 Invesco International Bond Fund

Open Over-The-Counter Foreign Currency Options Written(a) —(continued)
																	Unrealized
	Type of		Expiration			Exercise		Premiums				Notional					Appreciation
Description	Contract	Counterparty	Date			Price		Received				Value		Value			(Depreciation)
Currency Risk
USD versus CHF	Put	Morgan Stanley and Co. International PLC		06/09/2021	CHF		0.90	$	(117,510	)	USD		30,000,000	$	(89,760	)	$	27,750
USD versus COP	Put	Morgan Stanley and Co. International PLC		09/22/2021	COP		3,185.00		(231,000	)	USD		60,000,000		(46,080	)		184,920
USD versus IDR	Put	Goldman Sachs International		05/10/2021	IDR		13,575.00		(144,750	)	USD		50,000,000		(50	)		144,700
USD versus IDR	Put	Standard Chartered Bank PLC		05/20/2021	IDR		13,675.00		(306,100	)	USD		100,000,000		(1,500	)		304,600
USD versus INR	Put	Goldman Sachs International		05/21/2021	INR		71.20		(82,800	)	USD		60,000,000		(2,760	)		80,040
USD versus INR	Put	Goldman Sachs International		07/29/2021	INR		71.50		(238,000	)	USD		100,000,000		(71,300	)		166,700
USD versus INR	Put	Standard Chartered Bank PLC		08/03/2021	INR		71.00		(136,934	)	USD		64,500,000		(33,218	)		103,716
USD versus INR	Put	Standard Chartered Bank PLC		02/24/2022	INR		71.00		(488,300	)	USD		100,000,000		(184,600	)		303,700
USD versus JPY	Put	Bank of America, N.A.		05/26/2021	JPY		102.50		(782,000	)	USD		200,000,000		(5,000	)		777,000
USD versus KRW	Put	Standard Chartered Bank PLC		09/13/2021	KRW		1,070.00		(276,850	)	USD		70,000,000		(243,950	)		32,900
USD versus MXN	Put	J.P. Morgan Chase Bank, N.A.		01/06/2022	MXN		18.40		(898,400	)	USD		100,000,000		(389,300	)		509,100
USD versus RUB	Put	Goldman Sachs International		11/29/2021	RUB		70.00		(1,372,000	)	USD		100,000,000		(741,100	)		630,900
USD versus RUB	Put	Goldman Sachs International		03/08/2022	RUB		68.00		(480,000	)	USD		50,000,000		(304,100	)		175,900
USD versus SEK	Put	Morgan Stanley and Co. International PLC		07/16/2021	SEK		8.00		(117,480	)	USD		60,000,000		(66,660	)		50,820
USD versus SGD	Put	Goldman Sachs International		08/12/2021	SGD		1.28		(150,480	)	USD		60,000,000		(38,460	)		112,020
USD versus ZAR	Put	Goldman Sachs International		11/22/2021	ZAR		13.50		(716,775	)	USD		75,000,000		(734,325	)		(17,550	)
USD versus ZAR	Put	J.P. Morgan Chase Bank, N.A.		06/22/2021	ZAR		13.70		(251,550	)	USD		45,000,000		(114,525	)		137,025
Subtotal — Foreign Currency Put Options Written									(6,790,929	)					(3,066,688	)		3,724,241
Total – Foreign Currency Options Written								$	(36,320,058	)				$	(20,913,014	)	$	15,407,044

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $9,662,000.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

15 Invesco International Bond Fund

Open Over-The-Counter Interest Rate Swaptions Written(a)
Description	Type of Contract	Counterparty		Exercise Rate			Floating Rate Index		Pay/ Receive Exercise Rate		Payment Frequency		Expiration Date		Premiums Received				Notional Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
5 Year Interest Rate Swap	Call		Goldman Sachs International		0.85	%		3 Month USD LIBOR		Receive		Quarterly		03/28/2022	$	(2,200,000	)	USD		600,000,000	$	(2,259,288	)	$	(59,288	)
3 Year Interest Rate Swap	Call		J.P. Morgan Chase Bank, N.A.		0.60			3 Month USD LIBOR		Receive		Quarterly		04/28/2022		(1,745,000	)	USD		750,000,000		(1,964,932	)		(219,932	)
30 Year Interest Rate Swap	Call		Morgan Stanley and Co. International PLC		1.97			3 Month USD LIBOR		Receive		Quarterly		07/15/2021		(2,870,000	)	USD		81,000,000		(1,608,329	)		1,261,671
30 Year Interest Rate Swap	Call		Morgan Stanley and Co. International PLC		2.07			3 Month USD LIBOR		Receive		Quarterly		07/30/2021		(2,757,500	)	USD		81,000,000		(2,747,739	)		9,762
30 Year Interest Rate Swap	Call		Morgan Stanley and Co. International PLC		2.20			3 Month USD LIBOR		Receive		Quarterly		06/30/2021		(3,050,000	)	USD		81,000,000		(3,748,775	)		(698,775	)
Total Open Over-The-Counter Interest Rate Swaptions Written															$	(12,622,500	)				$	(12,329,063	)	$	293,438

^(a) Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $9,662,000.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Euro-BTP		275		June-2021	$	48,630,698		$	(681,405	)	$	(681,405	)
Short Futures Contracts
Interest Rate Risk
Euro-Bobl		22		June-2021		(3,563,540	)		6,744			6,744
Euro-Bund		2,014		June-2021		(411,626,235	)		3,629,402			3,629,402
Long Gilt		52		June-2021		(9,168,567	)		31,472			31,472
U.S. Treasury 5 Year Notes		30		June-2021		(3,718,125	)		(15,049	)		(15,049	)
U.S. Treasury 10 Year Notes		68		June-2021		(8,978,125	)		1,984			1,984
U.S. Treasury 10 Year Ultra Bonds		217		June-2021		(31,583,672	)		395,315			395,315
U.S. Treasury Ultra Bonds		184		June-2021		(34,206,750	)		12,025			12,025
Subtotal—Short Futures Contracts									4,061,893			4,061,893
Total Futures Contracts								$	3,380,488		$	3,380,488

Open Forward Foreign Currency Contracts
									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
Currency Risk
05/28/2021	Bank of America, N.A.		USD		27,887,669	ZAR		461,025,000	$	3,796,136
06/16/2021	Bank of America, N.A.		AUD		28,714,000	USD		22,215,160		90,983
06/16/2021	Bank of America, N.A.		GBP		4,588,000	USD		6,381,307		44,411
06/16/2021	Bank of America, N.A.		USD		5,338,011	CAD		6,698,190		111,940
06/16/2021	Bank of America, N.A.		USD		192,675,378	EUR		160,598,340		571,119
06/16/2021	Bank of America, N.A.		USD		28,714,000	KRW		32,449,691,400		312,408
06/16/2021	Bank of America, N.A.		USD		55,286,516	MXN		1,157,118,100		1,564,861
06/16/2021	Bank of America, N.A.		USD		95,125,193	NOK		804,854,253		1,571,566
06/16/2021	Bank of America, N.A.		USD		26,981,690	SEK		229,398,328		126,802
06/17/2021	Bank of America, N.A.		USD		209,070,250	EUR		175,000,000		1,510,172

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

16 Invesco International Bond Fund

Open Forward Foreign Currency Contracts—(continued)
									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
08/30/2021	Bank of America, N.A.		EUR		22,854,185	USD		27,814,000	$	270,364
03/24/2022	Bank of America, N.A.		USD		900,000	RUB		72,155,250		14,461
05/04/2021	Barclays Bank PLC		BRL		23,817,297	USD		4,407,672		23,085
05/04/2021	Barclays Bank PLC		USD		4,168,053	BRL		23,817,297		216,534
06/16/2021	Citibank, N.A.		GBP		4,175,000	USD		5,836,483		70,018
06/16/2021	Citibank, N.A.		RUB		10,241,364,000	USD		137,419,093		1,934,321
06/16/2021	Citibank, N.A.		USD		139,330,158	EUR		116,321,000		637,828
06/16/2021	Citibank, N.A.		USD		53,783,515	GBP		39,194,746		351,844
06/16/2021	Citibank, N.A.		USD		54,292,189	MXN		1,136,221,519		1,532,498
05/10/2021	Goldman Sachs International		USD		35,000,000	MXN		766,472,000		2,812,270
05/13/2021	Goldman Sachs International		TWD		368,810,000	USD		13,285,663		73,553
05/13/2021	Goldman Sachs International		USD		13,000,000	TWD		368,810,000		212,110
05/17/2021	Goldman Sachs International		TWD		369,135,000	USD		13,302,162		73,710
05/17/2021	Goldman Sachs International		USD		13,000,000	TWD		369,135,000		228,452
05/25/2021	Goldman Sachs International		USD		28,393,000	INR		2,150,727,160		509,168
06/16/2021	Goldman Sachs International		EUR		23,615,000	USD		28,646,058		230,346
06/16/2021	Goldman Sachs International		GBP		3,312,000	USD		4,577,336		2,838
06/16/2021	Goldman Sachs International		KRW		21,055,726,200	USD		18,857,000		22,550
06/16/2021	Goldman Sachs International		USD		120,666,608	EUR		100,499,394		263,385
06/16/2021	Goldman Sachs International		USD		10,653,748	GBP		7,754,000		55,993
06/16/2021	Goldman Sachs International		USD		17,547,725	KRW		19,910,000,000		261,867
06/16/2021	Goldman Sachs International		USD		16,414,819	MXN		343,481,830		461,086
06/16/2021	Goldman Sachs International		USD		6,000,000	RUB		460,497,000		91,994
06/17/2021	Goldman Sachs International		USD		39,250,000	ZAR		576,244,950		244,028
09/03/2021	Goldman Sachs International		BRL		50,978,054	USD		9,580,000		302,418
11/12/2021	Goldman Sachs International		TRY		124,600,000	USD		14,000,000		426,446
05/04/2021	J.P. Morgan Chase Bank, N.A.		BRL		372,634,704	USD		68,960,453		361,176
05/04/2021	J.P. Morgan Chase Bank, N.A.		USD		68,310,670	BRL		372,634,704		288,608
06/16/2021	J.P. Morgan Chase Bank, N.A.		AUD		47,263,000	USD		36,785,266		369,058
06/16/2021	J.P. Morgan Chase Bank, N.A.		COP		483,137,200,000	USD		136,827,301		8,380,166
06/16/2021	J.P. Morgan Chase Bank, N.A.		GBP		254,842,062	USD		356,288,061		4,302,967
06/16/2021	J.P. Morgan Chase Bank, N.A.		IDR		2,875,318,500,000	USD		198,791,378		1,073,071
06/16/2021	J.P. Morgan Chase Bank, N.A.		INR		18,502,855,000	USD		250,240,187		2,398,894
06/16/2021	J.P. Morgan Chase Bank, N.A.		JPY		521,245,482	USD		4,810,357		39,469
06/16/2021	J.P. Morgan Chase Bank, N.A.		NOK		61,947,000	USD		7,500,000		57,567
06/16/2021	J.P. Morgan Chase Bank, N.A.		THB		1,166,090,000	USD		37,863,138		422,934
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		4,352,377	BRL		23,817,297		15,355
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		26,647,906	CAD		33,438,299		559,011
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		86,920,594	CNY		570,781,514		944,327
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		784,116,981	EUR		653,980,280		2,811,450
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		8,170,262	GBP		5,946,000		42,289
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		110,924,970	MXN		2,321,258,844		3,122,820
06/17/2021	J.P. Morgan Chase Bank, N.A.		USD		69,578,465	ZAR		1,037,932,970		1,558,217
08/30/2021	J.P. Morgan Chase Bank, N.A.		EUR		23,139,451	USD		28,279,209		391,773
08/30/2021	J.P. Morgan Chase Bank, N.A.		USD		60,205,950	EUR		51,750,000		2,162,634
01/10/2022	J.P. Morgan Chase Bank, N.A.		MXN		561,435,300	USD		27,000,000		83,649
06/27/2022	J.P. Morgan Chase Bank, N.A.		USD		70,563,204	IDR		1,127,600,000,000		3,343,603
05/10/2021	Morgan Stanley and Co. International PLC		MXN		564,313,122	USD		28,023,354		184,163
05/11/2021	Morgan Stanley and Co. International PLC		USD		21,500,000	MXN		445,695,000		484,985
06/16/2021	Morgan Stanley and Co. International PLC		RUB		2,571,874,206	USD		34,211,930		188,162

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

17 Invesco International Bond Fund

Open Forward Foreign Currency Contracts—(continued)
									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
06/16/2021	Morgan Stanley and Co. International PLC		USD		81,090,987	CAD		101,614,089	$	1,586,847
06/16/2021	Morgan Stanley and Co. International PLC		USD		40,789,737	CLP		29,470,350,000		664,594
06/16/2021	Morgan Stanley and Co. International PLC		USD		132,000,000	JPY		14,450,040,000		259,215
06/16/2021	Morgan Stanley and Co. International PLC		USD		3,000,000	MXN		62,829,000		86,906
06/16/2021	Morgan Stanley and Co. International PLC		USD		26,500,000	NOK		224,518,600		474,102
06/16/2021	Morgan Stanley and Co. International PLC		USD		65,108,173	RUB		5,007,374,560		1,135,250
06/16/2021	Morgan Stanley and Co. International PLC		USD		27,020,600	SEK		229,574,523		108,714
06/16/2021	Royal Bank of Canada		GBP		2,580,000	USD		3,585,725		22,257
06/16/2021	Royal Bank of Canada		USD		143,424,383	EUR		120,409,588		1,463,362
05/24/2021	Standard Chartered Bank PLC		IDR		498,610,000,000	USD		35,000,000		578,435
06/16/2021	Standard Chartered Bank PLC		USD		149,713,208	IDR		2,195,830,000,000		1,280,776
06/17/2021	Standard Chartered Bank PLC		USD		27,519,977	ZAR		416,724,000		1,040,984
11/10/2021	Standard Chartered Bank PLC		USD		33,741,536	CNY		228,764,240		1,076,806
Subtotal—Appreciation										64,388,161
Currency Risk
05/19/2021	Bank of America, N.A.		INR		1,887,625,000	USD		25,000,000		(388,309	)
05/28/2021	Bank of America, N.A.		ZAR		461,025,000	USD		27,000,000		(4,683,805	)
06/16/2021	Bank of America, N.A.		EUR		227,733,083	USD		271,858,001		(2,171,113	)
06/16/2021	Bank of America, N.A.		MXN		1,369,682,200	USD		65,423,907		(1,871,142	)
06/16/2021	Bank of America, N.A.		USD		11,818,182	COP		42,781,818,840		(444,183	)
06/16/2021	Bank of America, N.A.		USD		15,232,857	EUR		12,629,000		(36,499	)
06/16/2021	Bank of America, N.A.		USD		6,393,775	GBP		4,588,000		(56,879	)
06/16/2021	Bank of America, N.A.		USD		4,611,920	JPY		499,706,136		(38,179	)
06/17/2021	Bank of America, N.A.		EUR		175,000,000	USD		205,531,500		(5,048,922	)
06/17/2021	Bank of America, N.A.		ZAR		395,716,220	USD		26,000,000		(1,121,153	)
05/04/2021	Barclays Bank PLC		BRL		71,134,704	USD		12,448,651		(646,719	)
05/04/2021	Barclays Bank PLC		USD		13,164,317	BRL		71,134,704		(68,948	)
06/16/2021	Citibank, N.A.		EUR		72,691,000	USD		87,241,921		(226,488	)
06/16/2021	Citibank, N.A.		MXN		1,661,570,000	USD		79,394,970		(2,241,072	)
06/16/2021	Citibank, N.A.		USD		5,955,310	GBP		4,260,000		(71,444	)
06/16/2021	Citibank, N.A.		USD		73,162,298	RUB		5,452,530,000		(1,029,837	)
06/15/2021	Goldman Sachs International		INR		2,711,700,000	USD		34,500,000		(1,828,066	)
06/16/2021	Goldman Sachs International		BRL		50,927,800	USD		9,279,340		(60,048	)
06/16/2021	Goldman Sachs International		EUR		10,104,394	USD		12,116,341		(42,184	)
06/16/2021	Goldman Sachs International		MXN		245,608,980	USD		11,734,884		(332,345	)
06/16/2021	Goldman Sachs International		TRY		10,697,925	USD		1,230,000		(34,136	)
06/16/2021	Goldman Sachs International		USD		2,221,067	TRY		17,561,976		(145,830	)
08/19/2021	Goldman Sachs International		USD		15,400,000	BRL		77,876,260		(1,204,296	)
08/24/2021	Goldman Sachs International		RUB		622,400,000	USD		8,000,000		(150,522	)
11/12/2021	Goldman Sachs International		USD		14,937,129	TRY		124,600,000		(1,363,575	)
05/04/2021	J.P. Morgan Chase Bank, N.A.		BRL		325,317,297	USD		56,690,557		(3,197,939	)
05/04/2021	J.P. Morgan Chase Bank, N.A.		USD		60,203,808	BRL		325,317,297		(315,314	)
06/03/2021	J.P. Morgan Chase Bank, N.A.		RUB		2,309,720,000	USD		28,000,000		(2,612,038	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		BRL		372,634,704	USD		68,095,336		(240,231	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		CAD		67,561,082	USD		54,026,002		(944,760	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		CNY		184,569,717	USD		28,190,634		(221,645	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		EUR		581,014,571	USD		695,734,029		(3,395,440	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		GBP		670,000	USD		920,632		(4,765	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		MXN		2,026,501,972	USD		96,574,329		(2,991,503	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		NOK		9,940,000	USD		1,174,012		(20,199	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

18 Invesco International Bond Fund

Open Forward Foreign Currency Contracts–(continued)
									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
06/16/2021	J.P. Morgan Chase Bank, N.A.		SEK		233,246,644	USD		27,430,863	$	(132,393	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		TRY		274,554,875	USD		30,990,084		(1,453,093	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		84,128,636	AUD		108,663,391		(403,341	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		9,006,231	COP		31,801,000,000		(551,598	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		79,832,012	EUR		65,883,000		(555,607	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		286,976,199	GBP		205,267,541		(3,462,895	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		5,346,827	IDR		77,336,500,000		(28,862	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		129,783,556	INR		9,583,088,000		(1,420,397	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		6,420,508	JPY		695,719,854		(52,681	)
06/16/2021	J.P. Morgan Chase Bank, N.A.		USD		33,838,857	TRY		267,952,992		(2,175,801	)
06/17/2021	J.P. Morgan Chase Bank, N.A.		ZAR		2,871,009,180	USD		190,197,694		(6,572,304	)
08/30/2021	J.P. Morgan Chase Bank, N.A.		NOK		540,775,000	USD		60,204,513		(4,768,613	)
01/10/2022	J.P. Morgan Chase Bank, N.A.		USD		18,000,000	MXN		374,299,200		(55,335	)
06/16/2021	Morgan Stanley and Co. International PLC		CAD		32,784,700	USD		26,000,000		(675,120	)
06/16/2021	Morgan Stanley and Co. International PLC		CLP		22,574,600,000	USD		31,392,852		(361,604	)
06/16/2021	Morgan Stanley and Co. International PLC		GBP		5,786,000	USD		7,980,051		(11,509	)
06/16/2021	Morgan Stanley and Co. International PLC		MXN		2,075,569,043	USD		99,056,194		(2,920,396	)
06/16/2021	Morgan Stanley and Co. International PLC		RUB		2,000,902,800	USD		26,000,000		(470,289	)
06/16/2021	Morgan Stanley and Co. International PLC		SEK		225,477,768	USD		26,500,000		(145,191	)
06/16/2021	Morgan Stanley and Co. International PLC		USD		17,570,000	CLP		12,448,345,000		(59,593	)
06/16/2021	Morgan Stanley and Co. International PLC		USD		14,181,818	COP		51,260,181,161		(553,757	)
06/16/2021	Morgan Stanley and Co. International PLC		USD		13,886,000	MXN		276,914,612		(280,667	)
06/16/2021	Morgan Stanley and Co. International PLC		USD		25,598,001	RUB		1,911,709,320		(307,669	)
06/17/2021	Morgan Stanley and Co. International PLC		ZAR		412,003,106	USD		27,001,087		(1,236,318	)
08/26/2021	Morgan Stanley and Co. International PLC		EUR		27,500,000	USD		32,890,000		(249,931	)
08/26/2021	Morgan Stanley and Co. International PLC		USD		32,890,000	BRL		177,704,999		(521,353	)
06/16/2021	Royal Bank of Canada		EUR		300,606,957	USD		360,594,278		(1,123,298	)
06/16/2021	Royal Bank of Canada		GBP		3,442,000	USD		4,734,337		(19,716	)
06/16/2021	Royal Bank of Canada		USD		65,322,067	GBP		46,710,000		(806,721	)
06/16/2021	Standard Chartered Bank PLC		IDR		29,455,000,000	USD		2,010,717		(14,725	)
06/16/2021	Standard Chartered Bank PLC		INR		1,502,080,000	USD		20,000,000		(120,000	)
11/10/2021	Standard Chartered Bank PLC		CNY		197,918,880	USD		29,140,000		(983,621	)
Subtotal-Depreciation										(71,743,926	)
Total Forward Foreign Currency Contracts									$	(7,355,765	)

	Open Centrally Cleared Credit Default Swap Agreements(a)
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Implied Credit Spread(b)		Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Credit Risk
Markit iTraxx Europe Senior Financials Index, Series 34, Version 1		Sell		1.00%		Quarterly		12/20/2025		0.517%		EUR   25,000,000		$ 556,572		$	676,055			$  119,484
Assicurazioni Generali S.p.A.		Sell		1.00		Quarterly		06/20/2026		0.549		EUR   18,000,000		483,573			500,696			17,123
South Africa Republic International Bonds		Sell		1.00		Quarterly		06/20/2026		2.154		USD     6,000,000		(370,054	)		(335,766	)		34,289
Subtotal - Appreciation														670,091			840,985			170,896

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

19 Invesco International Bond Fund

	Open Centrally Cleared Credit Default Swap Agreements(a) –(continued)
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread(b)			Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Credit Risk
Intesa Sanpaolo S.p.A.		Buy		(1.00	)%		Quarterly		06/20/2026		0.671	%		EUR   15,000,000	$	(276,570	)	$	(306,411	)	$	(29,841	)
Indonesia Government International Bonds		Buy		(1.00	)		Quarterly		06/20/2026		0.775			USD   16,500,000		(118,574	)		(188,034	)		(69,460	)
Markit iTraxx Europe Sub Financials, Series 35, Version 1		Buy		(1.00	)		Quarterly		06/20/2026		1.077			EUR   31,250,000		250,351			148,591			(101,760	)
Markit iTraxx Europe Index, Series 35, Version 1		Buy		(1.00	)		Quarterly		06/20/2026		0.500			EUR   30,000,000		(832,984	)		(928,954	)		(95,971	)
South Africa Republic International Bonds		Buy		(1.00	)		Quarterly		06/20/2023		1.045			USD   22,900,000		97,724			25,396			(72,328	)
Markit CDX North America High Yield Index, Series 36, Version 1		Buy		(5.00	)		Quarterly		06/20/2026		2.873			USD   50,000,000		(4,754,724	)		(4,933,500	)		(178,776	)
Subtotal - Depreciation																(5,634,777	)		(6,182,912	)		(548,136	)
Total Centrally Cleared Credit Default Swap Agreements															$	(4,964,686	)	$	(5,341,927	)	$	(377,240	)

^(a)  Centrally cleared swap agreements collateralized by $60,299,105 cash held with Counterparties.

^(b)  Implied credit spreads represent the current level, as of April 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Centrally Cleared Interest Rate Swap Agreements(a)

Pay/ Receive Floating Rate

Floating Rate Index

Payment Frequency

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Interest Rate Risk

Pay

3 Month CZKPRIBR

Quarterly

0.61

%

Annually

01/20/2022

CZK

6,357,500,000

$

–

$         1,664

$         1,664

Pay

3 Month WIBOR

Quarterly

0.89

Annually

05/05/2023

PLN

380,400,000

–

16,399

16,399

Pay

FBIL Overnight MIBOR

At Maturity

4.62

At Maturity

04/25/2023

INR

11,000,000,000

–

18,291

18,291

Receive

3 Month JIBAR

Quarterly

(7.50

)

Quarterly

03/01/2031

ZAR

310,000,000

2,149

75,886

73,738

Receive

6 Month BUBOR

Semi-Annually

(2.46

)

Annually

04/26/2031

HUF

3,350,000,000

–

91,363

91,363

Pay

28 Day MXN TIIE

28 Day

5.58

28 Day

04/03/2023

MXN

2,150,000,000

–

119,491

119,491

Pay

6 Month AUD BBSW

Semi-Annually

1.23

Semi-Annually

02/27/2026

AUD

210,000,000

–

119,711

119,711

Receive

6 Month BUBOR

Semi-Annually

(2.41

)

Annually

04/23/2031

HUF

3,360,000,000

–

141,230

141,230

Receive

6 Month FBIL Overnight MIBOR

Semi-Annually

(5.05

)

Semi-Annually

04/23/2026

INR

2,334,000,000

–

157,494

157,494

Pay

28 Day MXN TIIE

28 Day

5.74

28 Day

03/24/2023

MXN

1,100,000,000

–

157,825

157,825

Pay

3 Month CDOR

Annually

1.49

Annually

02/27/2024

CAD

444,500,000

–

169,627

169,627

Receive

3 Month CZKPRIBR

Quarterly

(1.28

)

Annually

10/20/2022

CZK

6,392,500,000

–

175,585

175,585

Receive

6 Month IN00O/N

Semi-Annually

(5.08

)

Semi-Annually

04/16/2026

INR

4,300,000,000

–

190,572

190,572

Pay

6 Month AUD BBSW

Semi-Annually

1.71

Semi-Annually

03/22/2026

AUD

83,000,000

–

205,828

205,828

Pay

3 Month CDOR

Semi-Annually

1.48

Semi-Annually

03/08/2024

CAD

1,280,000,000

–

218,761

218,761

Receive

3 Month JIBAR

Quarterly

(7.15

)

Quarterly

02/24/2031

ZAR

147,600,000

960

292,170

291,210

Pay

6 Month AUD BBSW

Semi-Annually

1.52

Semi-Annually

03/08/2026

AUD

47,667,000

–

321,830

321,830

Pay

IN00O/N

At Maturity

4.69

At Maturity

04/08/2023

INR

16,000,000,000

–

353,731

353,731

Pay

BZDIOVRA

At Maturity

6.63

At Maturity

01/02/2025

BRL

80,378,388

–

362,716

362,716

Receive

3 Month JIBAR

Quarterly

(6.75

)

Quarterly

02/15/2031

ZAR

94,000,000

–

367,046

367,046

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

20 Invesco International Bond Fund

Open Centrally Cleared Interest Rate Swap Agreements(a) —(continued)
Pay/			(Pay)/										Upfront
Receive			Receive										Payments					Unrealized
Floating	Floating Rate	Payment	Fixed			Payment		Maturity					Paid					Appreciation
Rate	Index	Frequency	Rate			Frequency		Date			Notional Value		(Received)		Value			(Depreciation)
Receive	6 Month CLICP	Semi-Annually		(2.34	)%		Semi-Annually		03/10/2026	CLP		30,000,000,000	$	–	$	427,061		$	427,061
Pay	6 Month AUD BBSW	Semi-Annually		1.36			Semi-Annually		03/31/2026	AUD		223,000,000		–		488,048			488,048
Pay	6 Month AUD BBSW	Semi-Annually		1.40			Semi-Annually		03/06/2026	AUD		125,611,000		–		515,499			515,499
Receive	3 Month USD LIBOR	Semi-Annually		(2.26	)		Quarterly		04/23/2031	USD		125,000,000		–		611,448			611,447
Receive	28 Day MXN TIIE	28 Day		(7.07	)		28 Day		12/12/2029	MXN		572,000,000		–		683,616			683,616
Pay	BZDIOVRA	At Maturity		6.53			At Maturity		01/02/2024	BRL		98,444,537		–		763,352			763,352
Pay	BZDIOVRA	At Maturity		8.27			At Maturity		01/02/2025	BRL		163,091,624		–		835,506			835,506
Pay	3 Month COOVIBR	Quarterly		5.70			Quarterly		11/15/2029	COP		109,300,000,000		–		985,074			985,073
Receive	3 Month USD LIBOR	Semi-Annually		(2.29	)		Quarterly		04/23/2031	USD		300,150,000		–		1,147,969			1,147,969
Receive	28 Day MXN TIIE	28 Day		(5.62	)		28 Day		01/29/2031	MXN		250,000,000		–		1,163,877			1,163,877
Receive	3 Month COOVIBR	Quarterly		(4.20	)		Quarterly		02/08/2031	COP		43,000,000,000		–		1,201,455			1,201,455
Receive	28 Day MXN TIIE	28 Day		(5.50	)		28 Day		11/29/2030	MXN		251,250,000		–		1,246,505			1,246,505
Pay	IN00O/N	At Maturity		4.62			At Maturity		04/29/2023	INR		12,125,000,000		–		1,372,755			1,372,755
Receive	3 Month USD LIBOR	Semi-Annually		(2.22	)		Quarterly		04/20/2031	USD		217,500,000		–		1,503,775			1,503,775
Subtotal – Appreciation														3,109		16,503,160			16,500,050
Interest Rate Risk
Pay	3 Month CDOR	Semi-Annually		1.09			Semi-Annually		02/23/2024	CAD		1,495,000,000		–		(4,100,544	)		(4,100,544	)
Pay	28 Day MXN TIIE	28 Day		4.81			28 Day		07/23/2025	MXN		1,704,500,000		–		(3,368,962	)		(3,368,962	)
Pay	3 Month CDOR	Semi-Annually		1.09			Semi-Annually		02/22/2024	CAD		844,050,000		–		(2,308,130	)		(2,308,130	)
Pay	3 Month CDOR	Semi-Annually		0.98			Semi-Annually		02/16/2024	CAD		637,500,000		–		(2,245,713	)		(2,245,713	)
Pay	3 Month CDOR	Semi-Annually		1.04			Semi-Annually		02/18/2024	CAD		637,500,000		–		(1,982,705	)		(1,982,705	)
Pay	3 Month CDOR	Semi-Annually		1.06			Semi-Annually		02/19/2024	CAD		637,500,000		–		(1,885,639	)		(1,885,639	)
Pay	28 Day MXN TIIE	28 Day		6.12			28 Day		02/11/2031	MXN		660,000,000		–		(1,876,961	)		(1,876,961	)
Pay	28 Day MXN TIIE	28 Day		4.67			28 Day		07/02/2024	MXN		1,295,250,000		–		(1,634,727	)		(1,634,727	)
Pay	BZDIOVRA	At Maturity		6.21			At Maturity		01/02/2025	BRL		142,530,857		–		(1,053,688	)		(1,053,688	)
Pay	BZDIOVRA	At Maturity		5.10			At Maturity		01/02/2024	BRL		164,728,839		–		(988,729	)		(988,729	)
Pay	BZDIOVRA	At Maturity		6.34			At Maturity		01/02/2025	BRL		141,796,024		–		(915,995	)		(915,995	)
Pay	BZDIOVRA	At Maturity		7.26			At Maturity		01/02/2029	BRL		67,929,021		–		(824,116	)		(824,116	)
Pay	3 Month JIBAR	Quarterly		7.48			Quarterly		02/15/2036	ZAR		149,200,000		–		(751,700	)		(751,700	)
Pay	BZDIOVRA	At Maturity		6.04			At Maturity		01/02/2025	BRL		69,209,727		–		(575,983	)		(575,983	)
Pay	3 Month CNRR007	Quarterly		1.99			Quarterly		06/15/2022	CNY		700,000,000		–		(559,653	)		(559,653	)
Pay	28 Day MXN TIIE	28 Day		4.80			28 Day		07/23/2025	MXN		268,700,000		–		(535,164	)		(535,164	)
Pay	28 Day MXN TIIE	28 Day		6.91			28 Day		12/16/2026	MXN		1,318,000,000		–		(447,907	)		(447,907	)
Pay	3 Month COOVIBR	Quarterly		2.53			Quarterly		12/23/2023	COP		71,670,000,000		–		(391,211	)		(391,211	)
Pay	3 Month CNRR007	Quarterly		2.23			Quarterly		07/07/2022	CNY		909,090,000		–		(379,871	)		(379,871	)
Pay	BZDIOVRA	At Maturity		5.75			At Maturity		01/02/2025	BRL		56,173,655		–		(304,912	)		(304,912	)
Pay	BZDIOVRA	At Maturity		6.03			At Maturity		01/02/2025	BRL		139,764,338		–		(302,514	)		(302,514	)
Pay	BZDIOVRA	At Maturity		7.12			At Maturity		01/02/2025	BRL		158,968,393		–		(281,718	)		(281,718	)
Receive	6 Month IN00O/N	Semi-Annually		(5.26	)		Semi-Annually		03/18/2026	INR		2,593,750,000		–		(233,997	)		(233,997	)
Receive	6 Month CDOR	Semi-Annually		(2.05	)		Semi-Annually		03/29/2031	CAD		47,000,000		1,637		(219,852	)		(221,489	)
Receive	6 Month IN00O/N	Semi-Annually		(5.26	)		Semi-Annually		03/17/2026	INR		1,562,500,000		–		(149,508	)		(149,508	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

21 Invesco International Bond Fund

Open Centrally Cleared Interest Rate Swap Agreements(a) —(continued)
Pay/			(Pay)/									Upfront
Receive			Receive									Payments					Unrealized
Floating	Floating Rate	Payment	Fixed			Payment	Maturity					Paid					Appreciation
Rate	Index	Frequency	Rate			Frequency	Date			Notional Value		(Received)		Value			(Depreciation)
Pay	28 Day MXN TIIE	28 Day		5.41	%	28 Day		04/27/2023	MXN		3,161,500,000	$	–	$	(147,951	)	$	(147,951	)
Pay	BZDIOVRA	At Maturity		6.61		At Maturity		01/02/2023	BRL		119,625,165		–		(130,920	)		(130,920	)
Pay	28 Day MXN TIIE	28 Day		5.39		28 Day		04/11/2023	MXN		3,150,000,000		–		(130,273	)		(130,273	)
Pay	3 Month KWKDC	Quarterly		1.19		Quarterly		03/14/2023	KRW		470,000,000,000		–		(123,298	)		(123,298	)
Pay	3 Month CDOR	Semi-Annually		1.41		Semi-Annually		02/27/2024	CAD		444,500,000		–		(115,390	)		(115,390	)
Pay	3 Month CNRR007	Quarterly		2.40		Quarterly		07/13/2022	CNY		900,000,000		–		(112,435	)		(112,435	)
Pay	BZDIOVRA	At Maturity		7.28		At Maturity		01/02/2025	BRL		158,554,160		–		(112,077	)		(112,077	)
Pay	3 Month CNRR007	Quarterly		2.13		Quarterly		06/29/2022	CNY		180,000,000		–		(106,766	)		(106,766	)
Pay	6 Month BUBOR	Semi-Annually		1.30		Annually		04/23/2023	HUF		15,400,000,000		–		(47,659	)		(47,659	)
Pay	28 Day MXN TIIE	28 Day		5.40		28 Day		04/05/2023	MXN		1,600,000,000		–		(44,776	)		(44,776	)
Pay	6 Month BUBOR	Semi-Annually		1.32		Annually		04/26/2023	HUF		15,500,000,000		–		(28,874	)		(28,874	)
Receive	6 Month WIBOR	Annually		(1.45	)	Semi-Annually		05/05/2026	PLN		77,360,000		–		(17,854	)		(17,854	)
Pay	3 Month WIBOR	Quarterly		0.85		Annually		05/04/2023	PLN		380,000,000		–		(16,709	)		(16,709	)
Pay	28 Day MXN TIIE	28 Day		5.44		28 Day		04/05/2023	MXN		1,600,000,000		–		(14,964	)		(14,964	)
Pay	28 Day MXN TIIE	28 Day		5.02		28 Day		04/03/2023	MXN		1,050,000,000		–		(2,237	)		(2,237	)
Receive	6 Month WIBOR	Annually		(1.44	)	Semi-Annually		05/04/2026	PLN		78,000,000		–		(200	)		(200	)
Subtotal – Depreciation													1,637		(29,472,282	)		(29,473,919	)
Total Centrally Cleared Interest Rate Swap Agreements												$	4,746	$	(12,969,122	)	$	(12,973,869	)

^(a)  Centrally cleared swap agreements collateralized by $60,299,105 cash held with Counterparties.

Open Over-The-Counter Credit Default Swap Agreements(a)
			(Pay)/						Implied						Upfront						Unrealized
Counterparty	Reference Entity	Buy/Sell Protection	Receive Fixed Rate			Payment Frequency	Maturity Date		Credit Spread(b)				Notional Value		Payments Paid (Received)			Value			Appreciation (Depreciation)
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.	Sell		1.00	%	Quarterly		12/20/2024		0.412	%	EUR		10,000,000	$	144,481		$	260,901		$	116,420
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Index, Series 32, Version 1	Sell		5.00		Quarterly		12/20/2021		4.404		EUR		5,000,000		(65,727	)		23,019			88,746
J.P. Morgan Chase Bank, N.A.	Deutsche Bank AG	Sell		1.00		Quarterly		12/20/2025		0.471		EUR		20,000,000		414,803			596,524			181,721
Subtotal—Appreciation																493,557			880,444			386,887
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.	Buy		(1.00	)	Quarterly		12/20/2024		0.797		EUR		5,000,000		46,928			(44,801	)		(91,729	)
J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)	Buy		(1.00	)	Quarterly		12/20/2021		0.205		EUR		5,000,000		19,362			(31,123	)		(50,486	)
J.P. Morgan Chase Bank, N.A.	Deutsche Bank AG	Buy		(1.00	)	Quarterly		12/20/2025		1.491		EUR		5,000,000		370,521			136,088			(234,432	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 1	Sell		5.00		Quarterly		12/20/2028		4.912		EUR		5,000,000		46,062			45,661			(978	)
Subtotal—Depreciation																482,873			105,825			(377,625	)
Total Open Over-The-Counter Credit Default Swap Agreements															$	976,430		$	986,269		$	9,262

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $9,662,000.

^(b)  Implied credit spreads represent the current level, as of April 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

22 Invesco International Bond Fund

Open Over-The-Counter Interest Rate Swap Agreements(a)

Pay/

(Pay)/

Upfront

Receive

Received

Payments

Unrealized

Floating

Floating Rate

Payment

Fixed

Payment

Maturity

Notional

Paid

Appreciation

Counterparty

Rate

Index

Frequency

Rate

Frequency

Date

Value

(Received)

Value

(Depreciation)

Interest Rate Risk

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

6.55

%

Annually

11/01/2021

RUB

694,000,000

$–

$

8,163

$

8,163

Interest Rate Risk

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

4.89

Annually

07/01/2023

RUB

3,850,000,000

–

(2,115,886

)

(2,115,886

)

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

4.97

Annually

07/07/2023

RUB

3,888,000,000

–

(2,062,633

)

(2,062,633

)

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

4.81

Annually

07/10/2023

RUB

2,555,000,000

–

(1,468,411

)

(1,468,411

)

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

6.35

Annually

02/28/2025

RUB

1,150,000,000

–

(380,922

)

(380,922

)

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

4.90

Annually

08/05/2023

RUB

1,700,000,000

–

(986,950

)

(986,950

)

Subtotal-Depreciation

–

(7,014,802

)

(7,014,802

)

Total Over-The-Counter Interest Rate Swap Agreements

$–

$

(7,006,639

)

$

(7,006,639

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $9,662,000.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

23 Invesco International Bond Fund

Abbreviations:

AUD	–Australian Dollar
BBSW	–Bank Bill Swap Rate
BRL	–Brazilian Real
BUBOR	–Budapest Interbank Offered Rate
BZDIOVRA	–Brazil Ceptip DI Interbank Deposit Rate
CAD	–Canadian Dollar
CDOR	–Canadian Dealer Offered Rate
CHF	–Swiss Franc
CLICP	–Sinacofi Chile Interbank Rate Avg (CAMARA)
CLP	–Chile Peso
CNH	–Chinese Renminbi
CNY	–Chinese Yuan Renminbi
COOVIBR	–Colombia IBR Overnight Nominal Interbank Reference Rate
COP	–Colombia Peso
CZK	–Czech Koruna
CZKPRIBR	–Prague Interbank Offered Rate
EUR	–Euro
FBIL	–Financial Benchmarks India Private Ltd.
GBP	–British Pound Sterling
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
IN00O/N	–FBIL Overnight MIBOR
CNRR007	–China 7-Day Reverse Repo Rate
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
JPY	–Japanese Yen
KRW	–South Korean Won
LIBOR	–London Interbank Offered Rate
MIBOR	–Mumbai Interbank Offered Rate
MOSKP	–Moscow Prime Offered Rate
MXN	–Mexican Peso
NOK	–Norwegian Krone
PHP	–Philippines Peso
PLN	–Polish Zloty
RUB	–Russian Ruble
SEK	–Swedish Krona
SGD	–Singapore Dollar
THB	–Thai Baht
TIIE	–Interbank Equilibrium Interest Rate
TRY	–Turkish Lira
TWD	–New Taiwan Dollar
USD	–U.S. Dollar
WIBOR	–Warsaw Interbank Offered Rate
ZAR	–South African Rand

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2021

Non-U.S. Dollar Denominated Bonds & Notes	50.57%
U.S. Dollar Denominated Bonds & Notes	12.34
U.S. Treasury Securities	10.60
Asset-Backed Securities	6.19
Security Types Each Less Than 1% of Portfolio	0.13
Money Market Funds Plus Other Assets Less Liabilities	20.17

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

24 Invesco International Bond Fund

Consolidated Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $2,168,516,426)	$	2,093,074,521
Investments in affiliated money market funds, at value (Cost $293,541,806)		293,538,737
Other investments:
Variation margin receivable – centrally cleared swap agreements		1,536,142
Swaps receivable – OTC		114,725
Unrealized appreciation on swap agreements – OTC		395,050
Premiums paid on swap agreements – OTC		976,430
Unrealized appreciation on forward foreign currency contracts outstanding		64,388,161
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		60,299,105
Cash collateral – OTC Derivatives		9,662,000
Cash		126,316,200
Foreign currencies, at value (Cost $18,189,491)		17,396,906
Receivable for:
Investments sold		95,971,683
Fund shares sold		1,032,733
Dividends		13,233
Interest		21,285,808
Investment for trustee deferred compensation and retirement plans		501,014
Other assets		117,859
Total assets		2,786,620,307
Liabilities:
Other investments:
Options written, at value (premiums received $52,025,809)		35,788,085
Variation margin payable – futures contracts		479,263
Unrealized depreciation on forward foreign currency contracts outstanding		71,743,926
Swaps payable – OTC		78,336
Unrealized depreciation on swap agreements – OTC		7,392,427
Payable for:
Investments purchased		117,175,747
Dividends		1,303,546
Fund shares reacquired		2,674,838
Accrued foreign taxes		395,454
Accrued fees to affiliates		260,424
Accrued trustees’ and officers’ fees and benefits		479
Accrued other operating expenses		1,482,169
Trustee deferred compensation and retirement plans		501,014
Total liabilities		239,275,708
Net assets applicable to shares outstanding	$	2,547,344,599

Net assets consist of:
Shares of beneficial interest	$	2,828,890,553
Distributable earnings (loss)		(281,545,954	)
	$	2,547,344,599
Net Assets:
Class A	$	813,122,392
Class C	$	39,131,491
Class R	$	72,923,267
Class Y	$	1,070,189,768
Class R5	$	10,192
Class R6	$	551,967,489
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		147,598,847
Class C		7,131,592
Class R		13,275,917
Class Y		194,317,911
Class R5		1,848
Class R6		100,332,296
Class A:
Net asset value per share	$	5.51
Maximum offering price per share
(Net asset value of $5.51 ÷ 95.75%)	$	5.75
Class C:
Net asset value and offering price per share	$	5.49
Class R:
Net asset value and offering price per share	$	5.49
Class Y:
Net asset value and offering price per share	$	5.51
Class R5:
Net asset value and offering price per share	$	5.52
Class R6:
Net asset value and offering price per share	$	5.50

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

25 Invesco International Bond Fund

Consolidated Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $1,959,748)	$	50,843,944
Dividends from affiliated money market funds		24,811
Total investment income		50,868,755
Expenses:
Advisory fees		7,487,484
Administrative services fees		194,423
Custodian fees		357,135
Distribution fees:
Class A		1,060,609
Class C		252,456
Class R		195,506
Transfer agent fees — A, C, R and Y		1,869,953
Transfer agent fees — R6		36,751
Trustees’ and officers’ fees and benefits		22,089
Registration and filing fees		47,036
Reports to shareholders		241,003
Professional services fees		60,635
Other		44,123
Total expenses		11,869,203
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(555,827	)
Net expenses		11,313,376
Net investment income		39,555,379
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $812,370)		64,340,480
Affiliated investment securities		(4,027	)
Foreign currencies		502,206
Forward foreign currency contracts		(40,739,351	)
Futures contracts		81,112,000
Option contracts written		25,678,119
Swap agreements		(73,891,358	)
		56,998,069
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $2,040,718)		(2,140,822	)
Affiliated investment securities		4,006
Foreign currencies		(636,114	)
Forward foreign currency contracts		(4,494,035	)
Futures contracts		2,499,949
Option contracts written		18,413,569
Swap agreements		(16,463,462	)
		(2,816,909	)
Net realized and unrealized gain		54,181,160
Net increase in net assets resulting from operations	$	93,736,539

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

26 Invesco International Bond Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income	$	39,555,379		$	104,297,439
Net realized gain (loss)		56,998,069			(163,389,675	)
Change in net unrealized appreciation (depreciation)		(2,816,909	)		39,254,450
Net increase (decrease) in net assets resulting from operations		93,736,539			(19,837,786	)
Distributions to shareholders from distributable earnings:
Class A		(11,001,927	)		(20,409,731	)
Class C		(450,711	)		(1,523,192	)
Class R		(899,978	)		(1,757,929	)
Class Y		(15,710,348	)		(31,683,922	)
Class R5		(153	)		(234	)
Class R6		(8,798,252	)		(17,704,326	)
Total distributions from distributable earnings		(36,861,369	)		(73,079,334	)
Return of capital:
Class A		—			(12,584,992	)
Class C		—			(939,221	)
Class R		—			(1,083,963	)
Class Y		—			(19,536,738	)
Class R5		—			(144	)
Class R6		—			(10,916,729	)
Total return of capital		—			(45,061,787	)
Total distributions		(36,861,369	)		(118,141,121	)
Share transactions–net:
Class A		(101,015,224	)		(118,606,584	)
Class C		(27,695,766	)		(45,052,132	)
Class R		(8,620,521	)		(16,467,445	)
Class Y		(58,715,679	)		(443,976,101	)
Class R6		(32,697,737	)		(276,644,428	)
Net increase (decrease) in net assets resulting from share transactions		(228,744,927	)		(900,746,690	)
Net increase (decrease) in net assets		(171,869,757	)		(1,038,725,597	)
Net assets:
Beginning of period		2,719,214,356			3,757,939,953
End of period	$	2,547,344,599		$	2,719,214,356

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

27 Invesco International Bond Fund

Consolidated Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/21		$	5.41		$	0.08		$	0.09			$	0.17			$	(0.07	)		$	–			$	(0.07	)		$	5.51		3.16	%		$	813,122		1.00	%(e)		1.05	%(e)		2.76	%(e)		102	%
Year ended 10/31/20			5.53			0.17			(0.10	)			0.07				(0.12	)			(0.07	)			(0.19	)			5.41		1.35				894,798		1.00			1.04			3.17			162
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.60				1,043,265		1.01	(f)		1.03	(f)		4.60	(f)		7
Year ended 09/30/19			5.47			0.28			(0.06	)			0.22				–				(0.28	)			(0.28	)			5.41		4.15				1,039,683		0.99			1.02			5.15			105
Year ended 09/30/18			5.95			0.25			(0.48	)			(0.23	)			(0.13	)			(0.12	)			(0.25	)			5.47		(4.20	)			1,082,539		0.99			1.01			4.31			115
Year ended 09/30/17			5.95			0.23			0.03				0.26				(0.10	)			(0.16	)			(0.26	)			5.95		4.67				1,280,770		1.02			1.05			3.94			96
Year ended 09/30/16			5.62			0.22			0.33				0.55				(0.10	)			(0.12	)			(0.22	)			5.95		9.95				1,611,584		1.03			1.05			3.78			128
Class C
Six months ended 04/30/21			5.39			0.06			0.09				0.15				(0.05	)			–				(0.05	)			5.49		2.78				39,131		1.75	(e)		1.80	(e)		2.01	(e)		102
Year ended 10/31/20			5.51			0.13			(0.10	)			0.03				(0.09	)			(0.06	)			(0.15	)			5.39		0.58				64,440		1.75			1.79			2.42			162
One month ended 10/31/19			5.39			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.51		2.55				113,329		1.77	(f)		1.79	(f)		3.84	(f)		7
Year ended 09/30/19			5.45			0.24			(0.06	)			0.18				–				(0.24	)			(0.24	)			5.39		3.36				116,134		1.74			1.77			4.39			105
Year ended 09/30/18			5.93			0.21			(0.48	)			(0.27	)			(0.11	)			(0.10	)			(0.21	)			5.45		(4.79	)			291,793		1.74			1.76			3.56			115
Year ended 09/30/17			5.92			0.18			0.05				0.23				(0.08	)			(0.14	)			(0.22	)			5.93		3.89				369,679		1.77			1.80			3.20			96
Year ended 09/30/16			5.60			0.17			0.32				0.49				(0.07	)			(0.10	)			(0.17	)			5.92		8.97				493,319		1.78			1.80			3.04			128
Class R
Six months ended 04/30/21			5.39			0.07			0.09				0.16				(0.06	)			–				(0.06	)			5.49		3.04				72,923		1.25	(e)		1.30	(e)		2.51	(e)		102
Year ended 10/31/20			5.51			0.15			(0.10	)			0.05				(0.10	)			(0.07	)			(0.17	)			5.39		1.09				79,763		1.25			1.29			2.92			162
One month ended 10/31/19			5.39			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.51		2.59				99,080		1.27	(f)		1.29	(f)		4.34	(f)		7
Year ended 09/30/19			5.45			0.27			(0.06	)			0.21				–				(0.27	)			(0.27	)			5.39		3.88				98,380		1.24			1.27			4.90			105
Year ended 09/30/18			5.93			0.24			(0.49	)			(0.25	)			(0.12	)			(0.11	)			(0.23	)			5.45		(4.47	)			117,668		1.23			1.25			4.06			115
Year ended 09/30/17			5.93			0.21			0.04				0.25				(0.09	)			(0.16	)			(0.25	)			5.93		4.41				131,112		1.27			1.30			3.67			96
Year ended 09/30/16			5.60			0.20			0.33				0.53				(0.09	)			(0.11	)			(0.20	)			5.93		9.70				146,479		1.27			1.29			3.54			128
Class Y
Six months ended 04/30/21			5.40			0.08			0.11				0.19				(0.08	)			–				(0.08	)			5.51		3.48				1,070,190		0.75	(e)		0.80	(e)		3.01	(e)		102
Year ended 10/31/20			5.53			0.18			(0.11	)			0.07				(0.12	)			(0.08	)			(0.20	)			5.40		1.41				1,105,508		0.75			0.79			3.42			162
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.62				1,623,640		0.77	(f)		0.79	(f)		4.84	(f)		7
Year ended 09/30/19			5.47			0.29			(0.05	)			0.24				–				(0.30	)			(0.30	)			5.41		4.40				1,611,797		0.74			0.77			5.39			105
Year ended 09/30/18			5.95			0.26			(0.48	)			(0.22	)			(0.14	)			(0.12	)			(0.26	)			5.47		(3.80	)			2,597,821		0.74			0.76			4.56			115
Year ended 09/30/17			5.95			0.24			0.04				0.28				(0.11	)			(0.17	)			(0.28	)			5.95		4.75				2,345,993		0.77			0.80			4.13			96
Year ended 09/30/16			5.61			0.23			0.34				0.57				(0.10	)			(0.13	)			(0.23	)			5.95		10.42				2,072,160		0.78			0.80			4.03			128
Class R5
Six months ended 04/30/21			5.41			0.09			0.10				0.19				(0.08	)			–				(0.08	)			5.52		3.54				10		0.54	(e)		0.55	(e)		3.22	(e)		102
Year ended 10/31/20			5.53			0.19			(0.11	)			0.08				(0.12	)			(0.08	)			(0.20	)			5.41		1.71				10		0.61			0.62			3.56			162
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.62				10		0.68	(f)		0.68	(f)		4.93	(f)		7
Period ended 09/30/19(g)			5.41			0.11			(0.01	)			0.10				–				(0.10	)			(0.10	)			5.41		1.74				10		0.65	(f)		0.67	(f)		5.48	(f)		105
Class R6
Six months ended 04/30/21			5.40			0.09			0.09				0.18				(0.08	)			–				(0.08	)			5.50		3.36				551,967		0.61	(e)		0.63	(e)		3.15	(e)		102
Year ended 10/31/20			5.52			0.19			(0.10	)			0.09				(0.13	)			(0.08	)			(0.21	)			5.40		1.75				574,695		0.61			0.62			3.56			162
One month ended 10/31/19			5.40			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.52		2.64				878,616		0.60	(f)		0.62	(f)		5.01	(f)		7
Year ended 09/30/19			5.46			0.30			(0.06	)			0.24				–				(0.30	)			(0.30	)			5.40		4.55				857,498		0.60			0.62			5.53			105
Year ended 09/30/18			5.94			0.27			(0.48	)			(0.21	)			(0.14	)			(0.13	)			(0.27	)			5.46		(3.83	)			1,404,290		0.58			0.60			4.71			115
Year ended 09/30/17			5.94			0.25			0.04				0.29				(0.11	)			(0.18	)			(0.29	)			5.94		5.12				1,194,372		0.59			0.61			4.37			96
Year ended 09/30/16			5.61			0.24			0.33				0.57				(0.10	)			(0.14	)			(0.24	)			5.94		10.45				1,631,480		0.58			0.60			4.28			128

^(a) Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Does not include estimated acquired fund fees from underlying funds of 0.01%, 0.01%, 0.01%, 0.01% and 0.00% for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018, 2017 and 2016 respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $869,147, $50,910, $78,851, $1,128,775, $10 and $602,535 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

28 Invesco International Bond Fund

Notes to Consolidated Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco International Bond Fund, formerly Invesco Oppenheimer International Bond Fund, (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company 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 the Fund or each class.

    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 a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

    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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. 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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

29 Invesco International Bond Fund

other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the 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 Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Structured Securities – The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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

30 Invesco International Bond Fund

currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Consolidated Statement of Operations.

K. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

L. Futures Contracts – The Fund may enter into futures contracts to equitize the Fund’s cash holdings or to manage exposure to interest rate, equity, commodity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

M. Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

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.

N. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

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

31 Invesco International Bond Fund

net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

O. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income generated and capital gains, if any. The unrealized appreciation (depreciation) on total return swaps includes dividends on the underlying securities and financing rate payable from the Counterparty. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront

32 Invesco International Bond Fund

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.

P. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

Q. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

R. Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

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:

Average Daily Net Assets*	Rate
First $ 200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $200 million		0.600%
Next $4 billion		0.500%
Next $10 billion		0.480%
Over $15 billion		0.450%

* 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 six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.55%.

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

    The Adviser has contractually agreed, through 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) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.01%, 1.76%, 1.26%, 0.76%, 0.67% and 0.62%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least February 28, 2022, the Adviser has agreed to limit expenses for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.01%, 1.76%, 1.26%, 0.76%, 0.76% and 0.76% respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate February 28, 2022. 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. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year

    Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $83,365 and reimbursed class level expenses of $161,609, $10,497, $16,195, $231,776, $0 and $49,955 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

33 Invesco International Bond Fund

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $12,464 in front-end sales commissions from the sale of Class A shares and $108 and $395 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

    The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2				Level 3		Total
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes	$	–		$	1,287,957,439			$	251,416	$	1,288,208,855
U.S. Dollar Denominated Bonds & Notes		–			314,264,472				0		314,264,472
U.S. Treasury Securities		–			269,994,423				–		269,994,423
Asset-Backed Securities		–			157,644,246				–		157,644,246
Preferred Stocks		–			3,264,418				–		3,264,418
Common Stocks & Other Equity Interests		–			–		��		1		1
Money Market Funds		293,538,737			–				–		293,538,737
Options Purchased		2,147,250			57,550,856				–		59,698,106
Total Investments in Securities		295,685,987			2,090,675,854				251,417		2,386,613,258
Other Investments - Assets*
Futures Contracts		4,076,942			–				–		4,076,942
Forward Foreign Currency Contracts		–			64,388,161				–		64,388,161
Swap Agreements		–			17,065,996				–		17,065,996
		4,076,942			81,454,157				–		85,531,099
Other Investments - Liabilities*
Futures Contracts		(696,454	)		–				–		(696,454	)
Forward Foreign Currency Contracts		–			(71,743,926	)			–		(71,743,926	)
Options Written		(1,092,000	)		(34,696,086	)			–		(35,788,086	)
Swap Agreements		–			(37,414,482	)			–		(37,414,482	)
		(1,788,454	)		(143,854,494	)			–		(145,642,948	)
Total Other Investments		2,288,488			(62,400,337	)			–		(60,111,849	)
Total Investments	$	297,974,475		$	2,028,275,517			$	251,417	$	2,326,501,409

* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

34 Invesco International Bond Fund

NOTE 4—Derivative Investments

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

    For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2021:

	Value
	Credit			Currency			Equity			Interest
Derivative Assets	Risk			Risk			Risk			Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	-		$	-		$	-		$	4,076,909		$	4,076,909
Unrealized appreciation on swap agreements — Centrally Cleared(a)		170,896			-			-			16,500,050			16,670,946
Unrealized appreciation on forward foreign currency contracts outstanding		-			64,388,161			-			-			64,388,161
Unrealized appreciation on swap agreements — OTC		386,887			-			-			8,163			395,050
Options purchased, at value — Exchange-Traded(b)		-			-			2,147,250			-			2,147,250
Options purchased, at value — OTC(b)		-			32,666,352			-			24,884,504			57,550,856
Total Derivative Assets		557,783			97,054,513			2,147,250			45,469,626			145,229,172
Derivatives not subject to master netting agreements		(170,896	)		-			(2,147,250	)		(20,576,959	)		(22,895,105	)
Total Derivative Assets subject to master netting agreements	$	386,887		$	97,054,513		$	-		$	24,892,667		$	122,334,067
	Value
	Credit			Currency			Equity			Interest
Derivative Liabilities	Risk			Risk			Risk			Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	-		$	-		$	-		$	(696,454	)	$	(696,454	)
Unrealized depreciation on swap agreements — Centrally Cleared(a)		(548,136	)		-			-			(29,473,919	)		(30,022,055	)
Unrealized depreciation on forward foreign currency contracts outstanding		-			(71,743,926	)		-			-			(71,743,926	)
Unrealized depreciation on swap agreements — OTC		(377,625	)		-			-			(7,014,802	)		(7,392,427	)
Options written, at value — Exchange-Traded		-			-			(1,092,000	)		-			(1,092,000	)
Options written, at value — OTC		(1,454,009	)		(20,913,014	)		-			(12,329,063	)		(34,696,086	)
Total Derivative Liabilities		(2,379,770	)		(92,656,940	)		(1,092,000	)		(49,514,238	)		(145,642,948	)
Derivatives not subject to master netting agreements		548,136			-			1,092,000			30,170,373			31,810,509
Total Derivative Liabilities subject to master netting agreements	$	(1,831,634	)	$	(92,656,940	)	$	-		$	(19,343,865	)	$	(113,832,439	)

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

^(b)  Options purchased, at value as reported in the Consolidated Schedule of Investments.

35 Invesco International Bond Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2021.

																								Collateral
	Financial Derivative Assets								Financial Derivative Liabilities															(Received/Pledged)
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash			Net Amount
Bank of America, N.A.	$	9,985,223	$	6,503,871	$	-	$	16,489,094	$	(15,860,184	)	$	(5,000	)	$	-		$	(15,865,184	)	$	623,910		$	-	$	(623,910	)	$	-
Barclays Bank PLC		239,619		-		-		239,619		(715,667	)		-			-			(715,667	)		(476,048	)		-		370,000			(106,048	)
Citibank, N.A.		4,526,509		-		116,420		4,642,929		(3,568,841	)		-			(91,729	)		(3,660,570	)		982,359			-		(982,359	)		-
Goldman Sachs International		6,272,214		26,234,868		8,163		32,515,245		(5,161,002	)		(13,919,975	)		(7,093,138	)		(26,174,115	)		6,341,130			-		(6,341,130	)		-
J.P. Morgan Chase Bank, N.A.		32,729,038		9,332,116		385,192		42,446,346		(35,576,754	)		(6,299,735	)		(285,896	)		(42,162,385	)		283,961			-		-			283,961
Morgan Stanley and Co. International PLC		5,172,938		11,040,317		-		16,213,255		(7,793,397	)		(11,500,320	)		-			(19,293,717	)		(3,080,462	)		-		590,000			(2,490,462	)
Royal Bank of Canada		1,485,619		-		-		1,485,619		(1,949,735	)		-			-			(1,949,735	)		(464,116	)		-		464,116			-
Standard Chartered Bank PLC		3,977,001		4,439,684		-		8,416,685		(1,118,346	)		(2,971,056	)		-			(4,089,402	)		4,327,283			-		(4,327,283	)		-
Total	$	64,388,161	$	57,550,856	$	509,775	$	122,448,792	$	(71,743,926	)	$	(34,696,086	)	$	(7,470,763	)	$	(113,910,775	)	$	8,538,017		$	-	$	(10,850,566	)	$	(2,312,549	)

Effect of Derivative Investments for the six months ended April 30, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Consolidated Statement of Operations
	Credit			Currency			Equity			Interest
	Risk			Risk			Risk			Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	(40,739,351	)	$	-		$	-		$	(40,739,351	)
Futures contracts		-			-			-			81,112,000			81,112,000
Options purchased(a)		-			(1,496,064	)		-			15,363,258			13,867,194
Options written		-			21,644,570			-			4,033,549			25,678,119
Swap agreements		(1,295,726	)		-			(122,069	)		(72,473,563	)		(73,891,358	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(4,494,035	)		-			-			(4,494,035	)
Futures contracts		-			-			-			2,499,949			2,499,949
Options purchased(a)		-			(2,077,477	)		(30,812	)		(2,140,282	)		(4,248,571	)
Options written		253,811			14,220,168			(1,062	)		3,940,652			18,413,569
Swap agreements		930,523			-			-			(17,393,985	)		(16,463,462	)
Total	$	(111,392	)	$	(12,942,189	)	$	(153,943	)	$	14,941,578		$	1,734,054

^(a) Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

     The table below summarizes the average notional value of derivatives held during the period.

									Foreign						Foreign
	Forward				Index				Currency		Index				Currency
	Foreign Currency		Futures		Options		Swaptions		Options		Options		Swaptions		Options		Swap
	Contracts		Contracts		Purchased		Purchased		Purchased		Written		Written		Written		Agreements
Average notional value	$	11,636,580,116	$	1,021,362,923	$	142,450,000	$	3,869,462,090	$	1,729,161,443	$	135,625,000	$	1,843,024,910	$	2,693,697,696	$	11,199,981,925
Average Contracts		-		-		350		-		-		350		-		-		-

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,430.

36 Invesco International Bond Fund

NOTE 6—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund had a capital loss carryforward as of October 31, 2020, as follows:

	Capital Loss Carryforward*
Expiration		Short-Term		Long-Term		Total
Not subject to expiration		$	158,377,557	$	77,357,512	$	235,735,069

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $2,114,166,622 and $2,553,945,127, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	132,643,862
Aggregate unrealized (depreciation) of investments		(288,673,921	)
Net unrealized appreciation (depreciation) of investments	$	(156,030,059	)

    Cost of investments for tax purposes is $2,482,531,435.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2021(a)						October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		6,204,022		$	35,136,462			26,001,326		$	138,285,569
Class C		497,521			2,808,380			1,089,680			5,845,149
Class R		1,090,432			6,144,079			2,335,386			12,397,914
Class Y		25,330,272			143,219,671			54,924,076			292,087,108
Class R6		15,152,275			85,330,934			38,722,105			207,171,403
Issued as reinvestment of dividends:
Class A		1,619,311			9,086,851			5,196,346			27,241,863
Class C		64,027			358,357			413,899			2,157,374
Class R		159,575			892,779			532,941			2,784,152
Class Y		2,094,804			11,761,363			7,469,088			39,200,481
Class R6		1,413,997			7,928,043			4,911,505			25,788,764
Automatic conversion of Class C shares to Class A shares:
Class A		3,917,368			22,594,228			5,077,757			27,007,066
Class C		(3,931,174	)		(22,594,228	)		(5,096,737	)		(27,007,066	)

37 Invesco International Bond Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2021(a)						October 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(29,674,894	)	$	(167,832,765	)		(59,360,812	)	$	(311,141,082	)
Class C		(1,465,258	)		(8,268,275	)		(5,007,250	)		(26,047,589	)
Class R		(2,772,829	)		(15,657,379	)		(6,035,135	)		(31,649,511	)
Class Y		(37,673,252	)		(213,696,713	)		(151,453,160	)		(775,263,690	)
Class R6		(22,691,867	)		(125,956,714	)		(96,206,785	)		(509,604,595	)
Net increase (decrease) in share activity		(40,665,670	)	$	(228,744,927	)		(176,485,770	)	$	(900,746,690	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 41% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

38 Invesco International Bond Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/20)	Ending     Account Value     (04/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/21)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$1,031.60	$5.04	$1,019.84	$5.01	1.00%
Class C	1,000.00	1,027.80	8.80	1,016.12	8.75	1.75
Class R	1,000.00	1,030.40	6.29	1,018.60	6.26	1.25
Class Y	1,000.00	1,032.90	3.78	1,021.08	3.76	0.75
Class R5	1,000.00	1,035.40	2.73	1,022.12	2.71	0.54
Class R6	1,000.00	1,033.60	3.08	1,021.77	3.06	0.61

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

39 Invesco International Bond Fund

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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                             Invesco Distributors, Inc.                                                                                                   O-IBD-SAR-1

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Macro Allocation Strategy Fund
	Nasdaq:
	A: GMSDX  ∎  C: GMSEX  ∎  R: GMSJX  ∎  Y: GMSHX  ∎  R5: GMSKX  ∎  R6: GMSLX

2	Fund Performance
4	Liquidity Risk Management Program
5	Consolidated Schedule of Investments
12	Consolidated Financial Statements
15	Consolidated Financial Highlights
16	Notes to Consolidated Financial Statements
24	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	11.23	%
Class C Shares	10.89
Class R Shares	11.14
Class Y Shares	11.39
Class R5 Shares	11.38
Class R6 Shares	11.41
Bloomberg Barclays 3-Month Treasury Bellwether Index▼ (Broad Market/Style-Specific Index)	0.05
Lipper Absolute Return Funds Index∎ (Peer Group Index)	9.18
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The Bloomberg Barclays 3-Month Treasury Bellwether Index measures the performance of treasury bills with maturities of less than three months.   The Lipper Absolute Return Funds Index is an unmanaged index considered representative of absolute return funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                         Invesco Macro Allocation Strategy Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception	2.62	%
5 Years	2.40
1 Year	7.94
Class C Shares
Inception	2.53	%
5 Years	2.81
1 Year	12.42
Class R Shares
Inception	3.06	%
5 Years	3.31
1 Year	13.93
Class Y Shares
Inception (9/26/12)	3.56	%
5 Years	3.83
1 Year	14.45
Class R5 Shares
Inception	3.58	%
5 Years	3.85
1 Year	14.57
Class R6 Shares
Inception	3.55	%
5 Years	3.83
1 Year	14.46

On August 28, 2013, Class H1 shares converted to Class Y shares.

    Class A, Class C and Class R shares incepted on August 28, 2013. Performance shown prior to that date is that of Class Y shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class A, Class C and Class R shares.

    Class R5 shares and Class R6 shares incepted on August 28, 2013. Performance shown prior to that date is that of Class Y shares at net asset value and includes the 12b-1 fees applicable to that class.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end

sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                         Invesco Macro Allocation Strategy Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                         Invesco Macro Allocation Strategy Fund

Consolidated Schedule of Investments

April 30, 2021

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)	Value
U.S. Treasury Securities–36.87%
U.S. Treasury Bills–11.85%(a)
U.S. Treasury Bills		0.09%		06/03/2021	$ 15,580	$15,579,061
U.S. Treasury Bills		0.08%		06/10/2021	2,510	2,509,821
U.S. Treasury Bills		0.03%		10/21/2021	13,100	13,098,911
						31,187,793
U.S. Treasury Notes–25.02%(b)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)		0.17%		01/31/2022	32,900	32,938,418
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)		0.13%		04/30/2022	32,900	32,936,386
						65,874,804
Total U.S. Treasury Securities (Cost $97,045,850)						97,062,597
					Shares
Money Market Funds–52.20%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)					57,311,071	57,311,071
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(d)					21,233,107	21,241,600
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.02%(c)(d)					25,122,228	25,122,228
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)					33,774,939	33,774,939
Total Money Market Funds (Cost $137,449,671)						137,449,838
Options Purchased–0.45%
(Cost $1,460,412)(e)						1,177,520
TOTAL INVESTMENTS IN SECURITIES–89.52% (Cost $235,955,933)						235,689,955
OTHER ASSETS LESS LIABILITIES–10.48%						27,606,571
NET ASSETS–100.00%						$263,296,526

Notes to Consolidated Schedule of Investments:

^(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2021.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020		Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation		Realized Gain (Loss)	Value April 30, 2021	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	43,201,676	$  94,564,504	$  (80,455,109)	$	-	$    -	$57,311,071	$5,379
Invesco Liquid Assets Portfolio, Institutional Class		17,065,275	61,488,932	(57,312,652)		2,573	(2,528)	21,241,600	3,593
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class		10,541,153	45,149,854	(30,568,779)		-	-	25,122,228	4,220
Invesco Treasury Portfolio, Institutional Class		27,341,344	98,382,291	(91,948,696)		-	-	33,774,939	1,355
Total		$98,149,448	$299,585,581	$(260,285,236)		$2,573	$(2,528)	$137,449,838	$14,547

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(e)  The table below details options purchased.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

5                         Invesco Macro Allocation Strategy Fund

Open Exchange-Traded Index Options Purchased^(a)

Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price		Notional Value*		Value
Equity Risk
S&P 500 Index		Put		09/17/2021		16	USD	3,600.00	USD	5,760,000	$	97,600
S&P 500 Index		Put		05/21/2021		16	USD	3,650.00	USD	5,840,000		5,680
S&P 500 Index		Put		12/17/2021		16	USD	3,625.00	USD	5,800,000		173,200
S&P 500 Index		Put		06/18/2021		16	USD	3,665.00	USD	5,864,000		25,200
S&P 500 Index		Put		03/18/2022		16	USD	3,750.00	USD	6,000,000		277,680
S&P 500 Index		Put		07/16/2021		16	USD	3,790.00	USD	6,064,000		69,840
S&P 500 Index		Put		04/14/2022		16	USD	3,925.00	USD	6,280,000		369,040
S&P 500 Index		Put		08/20/2021		16	USD	3,975.00	USD	6,360,000		159,280
Total Index Options Purchased						128					$	1,177,520

^(a)  Open Exchange-Traded Index Options Purchased collateralized by $4,095,000 cash held with Morgan Stanley & Co.

* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts	Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Brent Crude	25		August-2021	$	1,632,500	$	101,515		$	101,515
Coffee ’C’	8		September-2021		430,200		35,050			35,050
Cotton No. 2	28		December-2021		1,190,840		43,026			43,026
Gasoline Reformulated Blendstock Oxygenate Blending	19		May-2021		1,656,888		52,790			52,790
Gold 100 oz.	18		June-2021		3,181,860		49,408			49,408
KC HRW Wheat	20		July-2021		703,500		131,175			131,175
Lean Hogs	39		December-2021		1,270,620		94,142			94,142
Live Cattle	13		December-2021		656,500		(11,977	)		(11,977	)
LME Nickel	6		June-2021		635,850		(17,110	)		(17,110	)
LME Zinc	8		June-2021		584,400		26,450			26,450
Silver	26		July-2021		3,363,490		(46,611	)		(46,611	)
Soybean Meal	67		July-2021		2,854,870		146,881			146,881
Soybeans	28		July-2021		2,147,950		374,269			374,269
WTI Crude	15		September-2021		931,500		61,538			61,538
Subtotal							1,040,546			1,040,546
Equity Risk
E-Mini Russell 2000 Index	135		June-2021		15,265,125		(150,956	)		(150,956	)
EURO STOXX 50 Index	300		June-2021		14,210,591		337,800			337,800
FTSE 100 Index	198		June-2021		18,970,441		468,191			468,191
S&P/TSX 60 Index	104		June-2021		19,213,538		156,815			156,815
Tokyo Stock Price Index	133		June-2021		23,140,223		(378,063	)		(378,063	)
Subtotal							433,787			433,787
Interest Rate Risk
Australia 10 Year Bonds	197		June-2021		21,153,721		125,266			125,266
Canada 10 Year Bonds	119		June-2021		13,492,121		(212,828	)		(212,828	)
Japan Mini 10 Year Bonds	13		June-2021		1,799,588		2,238			2,238
Long Gilt	31		June-2021		5,465,876		(9,437	)		(9,437	)
U.S. Treasury Long Bonds	35		June-2021		5,503,750		(94,078	)		(94,078	)
Subtotal							(188,839	)		(188,839	)
Subtotal—Long Futures Contracts							1,285,494			1,285,494

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

6                         Invesco Macro Allocation Strategy Fund

Open Futures Contracts(a)—(continued)
Short Futures Contracts	Number of Contracts	Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Cocoa	110		July-2021	$	(2,620,200	)	$	68,489		$	68,489
Corn	4		July-2021		(134,650	)		(26,346	)		(26,346	)
LME Nickel	15		June-2021		(1,589,625	)		(99,757	)		(99,757	)
LME Zinc	8		June-2021		(584,400	)		(17,575	)		(17,575	)
Low Sulphur Gas Oil	1		December-2021		(53,625	)		(3,303	)		(3,303	)
Natural Gas	58		November-2021		(1,841,500	)		(69,156	)		(69,156	)
New York Harbor Ultra-Low Sulfur Diesel	1		May-2021		(80,741	)		(6,438	)		(6,438	)
Soybean Oil	10		July-2021		(374,340	)		(68,966	)		(68,966	)
Sugar No. 11	3		February-2022		(56,482	)		(5,669	)		(5,669	)
Wheat	5		July-2021		(183,687	)		(29,323	)		(29,323	)
Subtotal								(258,044	)		(258,044	)
Equity Risk
E-Mini S&P 500 Index	73		June-2021		(15,236,560	)		(746,134	)		(746,134	)
MSCI EAFE Index	236		June-2021		(26,636,140	)		(587,863	)		(587,863	)
MSCI Emerging Markets Index Future	213		June-2021		(14,234,790	)		(3,564	)		(3,564	)
Subtotal								(1,337,561	)		(1,337,561	)
Interest Rate Risk
Euro-Bund	120		June-2021		(24,525,893	)		247,488			247,488
Subtotal—Short Futures Contracts								(1,348,117	)		(1,348,117	)
Total Futures Contracts							$	(62,623	)	$	(62,623)

^(a)  Futures contracts collateralized by $22,350,000 cash held with Goldman Sachs & Co. LLC, the futures commission merchant.    

Open Over-The-Counter Total Return Swap Agreements(a)(b)
Counterparty	Pay/ Receive		Reference Entity(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Barclays Bank PLC		Receive	Barclays Commodity Strategy 1452 Excess Return Index		0.26	%		Monthly		3,000		November-2021	$	2,200,516		$-	$	131,003		$	131,003
Morgan Stanley Capital Services LLC		Receive	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.30			Monthly		17,600		July-2021		1,805,646		-		51,359			51,359
Subtotal — Appreciation																-		182,362			182,362
Commodity Risk
Barclays Bank PLC		Receive	Barclays Commodity Strategy 1748 Excess Return Index		0.42			Monthly		153,200		April-2022		45,974,232		-		(128,535	)		(128,535	)
Macquarie Bank Ltd.		Receive	Macquarie F6 Carry Alpha Index		0.32			Monthly		325,400		April-2022		86,758,180		-		(1,124,355	)		(1,124,355	)
Subtotal — Depreciation																-		(1,252,890	)		(1,252,890	)
Total — Total Return Swap Agreements																$-	$	(1,070,528	)	$	(1,070,528	)

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $860,000.

^(b)  The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(c)  The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not publicly available.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

7                         Invesco Macro Allocation Strategy Fund

Open Over-The-Counter Total Return Swap Agreements(a)
Counterparty	Pay/ Receive		Reference Entity(c)	floating Rate Index	Payment Frequency	Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)			Value		Unrealized Appreciation (Depreciation)
Equity Risk
Goldman Sachs International		Receive	MSCI EAFE Minimum Volatility Index	1 Month USD LIBOR + 0.35%	Monthly		900		May-2021	$	1,874,187	$	-		$	16,263	$	16,263
Goldman Sachs International		Receive	MSCI EAFE Minimum Volatility Index	1 Month USD LIBOR + 0.40%	Monthly		2,300		July-2021		4,790,523		-			40,627		40,627
Goldman Sachs International		Receive	MSCI EAFE Minimum Volatility Index	1 Month USD LIBOR + 0.40%	Monthly		1,020		July-2021		2,140,541		-			1,969		1,969
Goldman Sachs International		Receive	MSCI EAFE Momentum Index	1 Month USD LIBOR + 0.40%	Monthly		280		July-2021		2,011,310		-			20,779		20,779
Goldman Sachs International		Receive	MSCI EAFE Quality Index	1 Month USD LIBOR + 0.30%	Monthly		430		May-2021		2,001,061		-			65,426		65,426
Goldman Sachs International		Receive	MSCI EAFE Quality Index	1 Month USD LIBOR + 0.35%	Monthly		1,020		July-2021		4,746,264		-			155,635		155,635
Goldman Sachs International		Receive	MSCI EAFE Quality Index	1 Month USD LIBOR + 0.35%	Monthly		430		July-2021		2,037,452		-			29,035		29,035
Goldman Sachs International		Receive	MSCI Emerging Markets Minimum Volatility Index	1 Month USD LIBOR + 0.90%	Monthly		4,900		May-2021		10,029,467		(10,778	)		57,918		68,696
Goldman Sachs International		Receive	MSCI Emerging Markets Minimum Volatility Index	1 Month USD LIBOR + 1.56%	Monthly		1,520		July-2021		3,120,834		-			8,314		8,314
Goldman Sachs International		Receive	MSCI Emerging Markets Momentum Index	1 Month USD LIBOR + 0.70%	Monthly		703		May-2021		9,454,309		-			239,773		239,773
Goldman Sachs International		Receive	MSCI Emerging Markets Momentum Index	1 Month USD LIBOR + 1.10%	Monthly		60		July-2021		805,099		-			22,277		22,277
Goldman Sachs International		Receive	MSCI Emerging Markets Momentum Index	1 Month USD LIBOR + 1.35%	Monthly		207		July-2021		2,812,025		-			42,421		42,421
Goldman Sachs International		Receive	MSCI USA Minimum Volatility Index	1 Month USD LIBOR - 0.19%	Monthly		950		June-2021		4,496,578		-			89,974		89,974
Goldman Sachs International		Receive	MSCI USA Minimum Volatility Index	1 Month USD LIBOR - 0.19%	Monthly		420		June-2021		1,985,902		-			41,837		41,837
Goldman Sachs International		Receive	MSCI USA Momentum Index	1 Month USD LIBOR + 0.16%	Monthly		470		June-2021		1,881,515		-			34,053		34,053
Goldman Sachs International		Receive	MSCI USA Quality Index	1 Month USD LIBOR - 0.12%	Monthly		1,180		June-2021		4,549,665		-			85,647		85,647
Goldman Sachs International		Receive	MSCI USA Quality Index	1 Month USD LIBOR - 0.12%	Monthly		510		June-2021		1,977,169		-			26,228		26,228
J.P. Morgan Chase Bank, N.A.		Receive	MSCI EAFE Momentum Index	1 Month USD LIBOR + 0.18%	Monthly		960		June-2021		6,806,889		-			160,272		160,272
J.P. Morgan Chase Bank, N.A.		Receive	MSCI USA Momentum Index	1 Month USD LIBOR + 0.33%	Monthly		1,760		June-2021		6,906,071		-			267,119		267,119
Subtotal - Appreciation													(10,778	)		1,405,567		1,416,345

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

8                         Invesco Macro Allocation Strategy Fund

Open Over-The-Counter Total Return Swap Agreements(a)—(continued)
Counterparty	Pay/ Receive		Reference Entity	Floating Rate Index	Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Equity Risk
Goldman Sachs International		Receive	MSCI USA Minimum Volatility Index	1 Month USD LIBOR - 0.23%		Monthly		490		July-2021	$	2,370,585	$	-	$	(4,889	)	$	(4,889	)
Goldman Sachs International		Receive	MSCI USA Quality Index	1 Month USD LIBOR - 0.16%		Monthly		600		July-2021		2,379,078		-		(22,140)			(22,140)
Subtotal - Depreciation														-		(27,029)			(27,029)
Total - Total Return Swap Agreements													$	(10,778)	$	1,378,538		$	1,389,316

^(a)  The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

	Reference Entity Components
Reference Entity	Underlying Components	Percentage

Barclays Commodity Strategy 1452 Excess Return Index

Long Futures Contracts
Copper	100.00	%

Barclays Commodity Strategy 1748 Excess Return Index

Long Futures Contracts
Aluminum	5.90	%
Coffee ’C’	3.77
Corn	6.52
Copper	7.36
Cotton No. 2	1.86
Gas Oil	3.83
Heating Oil	3.09
Kansas Wheat	1.94
Lean Hogs	2.63
Live Cattle	5.22
Natural Gas	14.17
Nickel	3.05
Soybean Meal	3.86
Soybean Oil	4.15
Soybeans	6.47
Sugar No. 11	3.62
Unleaded Gasoline	3.22
Wheat	3.48
WTI Crude	11.86
Xinc	4.00
Total	100.00	%

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

9                         Invesco Macro Allocation Strategy Fund

	Reference Entity Components—(continued)
Reference Entity	Underlying Components	Percentage

Short Futures Contracts
Aluminum	(5.61	)%
Coffee ’C’	(3.45	)
Corn	(7.42	)
Copper	(7.07	)
Cotton No. 2	(1.83	)
Gas Oil	(3.63	)
Heating Oil	(2.94	)
Kansas Wheat	(1.79	)
Lean Hogs	(3.15	)
Live Cattle	(4.92	)
Natural Gas	(9.55	)
Nickel	(2.91	)
Soybean Meal	(3.98	)
Soybean Oil	(4.64	)
Soybeans	(7.18	)
Sugar No. 11	(3.43	)
Unleaded Gasoline	(3.52	)
Wheat	(3.32	)
WTI Crude	(15.85	)
Xinc	(3.81	)
Total	(100.00	)%

Macquarie F6 Carry Alpha Index

Long Futures Contracts
Aluminum	5.90	%
Coffee ’C’	3.77
Corn	6.52
Copper	7.36
Cotton No. 2	1.86
Gas Oil	3.83
Heating Oil	3.09
Kansas Wheat	1.94
Lean Hogs	2.63
Live Cattle	5.22
Natural Gas	14.17
Nickel	3.05
Soybean Meal	3.86
Soybean Oil	4.15
Soybeans	6.47
Sugar No. 11	3.62
Unleaded Gasoline	3.22
Wheat	3.48
WTI Crude	11.86
Xinc	4.00
Total	100.00	%

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

10                         Invesco Macro Allocation Strategy Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage

S&P GSCI Aluminum Dynamic Roll Index Excess Return

Short Futures Contracts
Aluminum	(5.61	)%
Coffee ’C’	(3.45	)
Corn	(7.42	)
Copper	(7.07	)
Cotton No. 2	(1.83	)
Gas Oil	(3.63	)
Heating Oil	(2.94	)
Kansas Wheat	(1.79	)
Lean Hogs	(3.15	)
Live Cattle	(4.92	)
Natural Gas	(9.55	)
Nickel	(2.91	)
Soybean Meal	(3.98	)
Soybean Oil	(4.64	)
Soybeans	(7.18	)
Sugar No. 11	(3.43	)
Unleaded Gasoline	(3.52	)
Wheat	(3.32	)
WTI Crude	(15.85	)
Xinc	(3.81	)
Total	(100.00	)%
Long Futures Contracts
Aluminum	100.00	%

Abbreviations:

LIBOR –London Interbank Offered Rate

USD    –U.S. Dollar

Target Risk Contribution and Notional Asset Weights

By asset class, based on Net Assets as of April 30, 2021

Asset Class	Target Risk Contribution*		Notional Asset Weights**
Equities		52.57%		61.87	%
Fixed Income		28.52		8.78
Commodities		18.91		60.75
Total		100.00		131.40

* Reflects the risk that each asset class is expected to contribute to the overall risk of the Fund as measured by standard deviation and estimates of risk based on historical data. Standard deviation measures the annualized fluctuations (volatility) of monthly returns.

** Proprietary models determine the Notional Asset Weights necessary to achieve the Target Risk Contributions. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

11                         Invesco Macro Allocation Strategy Fund

Consolidated Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $98,506,262)	$  98,240,117
Investments in affiliated money market funds, at value (Cost $137,449,671)	137,449,838
Other investments:
Variation margin receivable – futures contracts	296,388
Unrealized appreciation on LME futures contracts	26,450
Swaps receivable – OTC	117,307
Unrealized appreciation on swap agreements – OTC	1,598,707
Deposits with brokers:
Cash collateral – exchange-traded futures contracts	22,350,000
Cash collateral – exchange-traded options contracts	4,095,000
Cash collateral – OTC Derivatives	860,000
Foreign currencies, at value (Cost $31)	4,636
Receivable for:
Fund shares sold	3,979
Dividends	4,400
Interest	281
Investment for trustee deferred compensation and retirement plans	25,906
Other assets	43,606
Total assets	265,116,615
Liabilities:
Other investments:
Premiums received on swap agreements – OTC	10,778
Swaps payable – OTC	37,298
Unrealized depreciation on LME futures contracts	134,442
Unrealized depreciation on swap agreements–OTC	1,279,919
Payable for:
Fund shares reacquired	8,827
Amount due custodian	160,856
Accrued fees to affiliates	29,371
Accrued trustees’ and officers’ fees and benefits	839
Accrued other operating expenses	129,717
Trustee deferred compensation and retirement plans	28,042
Total liabilities	1,820,089
Net assets applicable to shares outstanding	$263,296,526

Net assets consist of:
Shares of beneficial interest	$	247,049,473
Distributable earnings		16,247,053
	$	263,296,526
Net Assets:
Class A	$	2,192,454
Class C	$	479,420
Class R	$	153,205
Class Y	$	6,036,173
Class R5	$	8,754
Class R6	$	254,426,520
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		240,728
Class C		53,515
Class R		16,873
Class Y		656,875
Class R5		952
Class R6		27,724,954
Class A:
Net asset value per share	$	9.11
Maximum offering price per share
(Net asset value of $9.11 ÷ 94.50%)	$	9.64
Class C:
Net asset value and offering price per share	$	8.96
Class R:
Net asset value and offering price per share	$	9.08
Class Y:
Net asset value and offering price per share	$	9.19
Class R5:
Net asset value and offering price per share	$	9.20
Class R6:
Net asset value and offering price per share	$	9.18

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

12                         Invesco Macro Allocation Strategy Fund

Consolidated Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $3,089)	$	60,558
Interest		24,779
Dividends from affiliated money market funds		14,547
Total investment income		99,884
Expenses:
Advisory fees		1,129,583
Administrative services fees		18,486
Custodian fees		6,976
Distribution fees:
Class A		2,831
Class C		3,319
Class R		285
Transfer agent fees – A, C, R and Y		9,195
Trustees’ and officers’ fees and benefits		15,282
Registration and filing fees		38,934
Reports to shareholders		8,440
Professional services fees		34,322
Taxes		1,158
Other		(46,344	)
Total expenses		1,222,467
Less: Fees waived and/or expenses reimbursed		(48,900	)
Net expenses		1,173,567
Net investment income (loss)		(1,073,683	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		4,700,953
Affiliated investment securities		(2,528	)
Foreign currencies		(49,225	)
Futures contracts		7,202,980
Option contracts written		711,978
Swap agreements		6,043,792
		18,607,950
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		25,476
Affiliated investment securities		2,573
Foreign currencies		3,514
Futures contracts		2,932,655
Option contracts written		(11,910	)
Swap agreements		323,697
		3,276,005
Net realized and unrealized gain		21,883,955
Net increase in net assets resulting from operations	$	20,810,272

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

13                         Invesco Macro Allocation Strategy Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income (loss)	$	(1,073,683	)	$	(346,202	)
Net realized gain (loss)		18,607,950			(407,544	)
Change in net unrealized appreciation (depreciation)		3,276,005			(3,420,341	)
Net increase (decrease) in net assets resulting from operations		20,810,272			(4,174,087	)
Distributions to shareholders from distributable earnings:
Class A		–			(346,939	)
Class C		–			(189,555	)
Class R		–			(8,631	)
Class Y		–			(1,267,811	)
Class R5		–			(666	)
Class R6		–			(22,043	)
Total distributions from distributable earnings		–			(1,835,645	)
Share transactions–net:
Class A		(148,259	)		(2,219,668	)
Class C		(435,357	)		(2,100,202	)
Class R		43,799			(11,807	)
Class Y		(5,321,571	)		(4,743,301	)
Class R6		65,041,260			171,930,483
Net increase in net assets resulting from share transactions		59,179,872			162,855,505
Net increase in net assets		79,990,144			156,845,773
Net assets:
Beginning of period		183,306,382			26,460,609
End of period	$	263,296,526		$	183,306,382

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

14                         Invesco Macro Allocation Strategy Fund

Consolidated Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/21		$	8.18		$	(0.06	)		$	0.99			$	0.93			$	–			$	–			$	–			$	9.11		11.37	%		$	2,192		1.40	%(d)		1.63	%(d)		(1.30	)%(d)		95	%
Year ended 10/31/20			9.47			(0.06	)			(0.56	)			(0.62	)			(0.67	)			–				(0.67	)			8.18		(7.02	)			2,111		1.38			1.85			(0.75	)		120
Year ended 10/31/19			8.81			0.08				0.60				0.68				(0.02	)			–				(0.02	)			9.47		7.67				4,982		1.37	(e)		2.12	(e)		0.87	(e)		0
Year ended 10/31/18			9.60			0.03				(0.40	)			(0.37	)			–				(0.42	)			(0.42	)			8.81		(4.03	)			4,491		1.36			2.12			0.29			94
Year ended 10/31/17			10.26			(0.06	)			0.68				0.62				(1.28	)			–				(1.28	)			9.60		6.55				4,645		1.41			2.30			(0.66	)		25
Year ended 10/31/16			9.70			(0.13	)			0.91				0.78				(0.22	)			–				(0.22	)			10.26		8.21				5,865		1.63			2.19			(1.31	)		75
Class C
Six months ended 04/30/21			8.08			(0.09	)			0.97				0.88				–				–				–				8.96		10.89				479		2.15	(d)		2.38	(d)		(2.05	)(d)		95
Year ended 10/31/20			9.30			(0.13	)			(0.54	)			(0.67	)			(0.55	)			–				(0.55	)			8.08		(7.61	)			828		2.13			2.60			(1.50	)		120
Year ended 10/31/19			8.71			0.01				0.58				0.59				(0.00	)			–				(0.00	)			9.30		6.82				3,329		2.12	(e)		2.87	(e)		0.12	(e)		0
Year ended 10/31/18			9.57			(0.04	)			(0.40	)			(0.44	)			–				(0.42	)			(0.42	)			8.71		(4.80	)			6,167		2.11			2.87			(0.46	)		94
Year ended 10/31/17			10.20			(0.13	)			0.69				0.56				(1.19	)			–				(1.19	)			9.57		5.90				7,398		2.16			3.05			(1.41	)		25
Year ended 10/31/16			9.62			(0.20	)			0.90				0.70				(0.12	)			–				(0.12	)			10.20		7.41				7,540		2.38			2.94			(2.06	)		75
Class R
Six months ended 04/30/21			8.17			(0.07	)			0.98				0.91				–				–				–				9.08		11.14				153		1.65	(d)		1.88	(d)		(1.55	)(d)		95
Year ended 10/31/20			9.44			(0.08	)			(0.56	)			(0.64	)			(0.63	)			–				(0.63	)			8.17		(7.22	)			98		1.63			2.10			(1.00	)		120
Year ended 10/31/19			8.80			0.06				0.59				0.65				(0.01	)			–				(0.01	)			9.44		7.41				128		1.62	(e)		2.37	(e)		0.62	(e)		0
Year ended 10/31/18			9.61			0.00				(0.39	)			(0.39	)			–				(0.42	)			(0.42	)			8.80		(4.24	)			100		1.61			2.37			0.04			94
Year ended 10/31/17			10.25			(0.09	)			0.70				0.61				(1.25	)			–				(1.25	)			9.61		6.42				54		1.66			2.55			(0.91	)		25
Year ended 10/31/16			9.69			(0.15	)			0.90				0.75				(0.19	)			–				(0.19	)			10.25		7.86				42		1.88			2.44			(1.56	)		75
Class Y
Six months ended 04/30/21			8.25			(0.05	)			0.99				0.94				–				–				–				9.19		11.39				6,036		1.15	(d)		1.38	(d)		(1.05	)(d)		95
Year ended 10/31/20			9.54			(0.04	)			(0.55	)			(0.59	)			(0.70	)			–				(0.70	)			8.25		(6.66	)			10,377		1.13			1.60			(0.50	)		120
Year ended 10/31/19			8.87			0.10				0.60				0.70				(0.03	)			–				(0.03	)			9.54		7.88				17,768		1.12	(e)		1.87	(e)		1.12	(e)		0
Year ended 10/31/18			9.64			0.05				(0.40	)			(0.35	)			–				(0.42	)			(0.42	)			8.87		(3.80	)			30,581		1.11			1.87			0.54			94
Year ended 10/31/17			10.29			(0.04	)			0.70				0.66				(1.31	)			–				(1.31	)			9.64		6.93				30,657		1.16			2.05			(0.41	)		25
Year ended 10/31/16			9.73			(0.10	)			0.91				0.81				(0.25	)			–				(0.25	)			10.29		8.51				38,019		1.38			1.94			(1.06	)		75
Class R5
Six months ended 04/30/21			8.26			(0.05	)			0.99				0.94				–				–				–				9.20		11.38				9		1.14	(d)		1.18	(d)		(1.04	)(d)		95
Year ended 10/31/20			9.54			(0.04	)			(0.54	)			(0.58	)			(0.70	)			–				(0.70	)			8.26		(6.55	)			8		1.13			1.58			(0.50	)		120
Year ended 10/31/19			8.88			0.11				0.58				0.69				(0.03	)			–				(0.03	)			9.54		7.76				9		1.12	(e)		1.83	(e)		1.12	(e)		0
Year ended 10/31/18			9.65			0.05				(0.40	)			(0.35	)			–				(0.42	)			(0.42	)			8.88		(3.79	)			8		1.11			1.82			0.54			94
Year ended 10/31/17			10.30			(0.04	)			0.70				0.66				(1.31	)			–				(1.31	)			9.65		6.93				9		1.15			1.97			(0.40	)		25
Year ended 10/31/16			9.74			(0.10	)			0.91				0.81				(0.25	)			–				(0.25	)			10.30		8.50				10		1.38			1.83			(1.06	)		75
Class R6
Six months ended 04/30/21			8.23			(0.05	)			1.00				0.95				–				–				–				9.18		11.54				254,427		1.14	(d)		1.18	(d)		(1.04	)(d)		95
Year ended 10/31/20			9.53			(0.04	)			(0.56	)			(0.60	)			(0.70	)			–				(0.70	)			8.23		(6.77	)			169,884		1.13			1.58			(0.50	)		120
Year ended 10/31/19			8.86			0.10				0.60				0.70				(0.03	)			–				(0.03	)			9.53		7.89				244		1.12	(e)		1.83	(e)		1.12	(e)		0
Year ended 10/31/18			9.63			0.05				(0.40	)			(0.35	)			–				(0.42	)			(0.42	)			8.86		(3.80	)			440		1.11			1.82			0.54			94
Year ended 10/31/17			10.29			(0.04	)			0.69				0.65				(1.31	)			–				(1.31	)			9.63		6.83				345		1.15			1.97			(0.40	)		25
Year ended 10/31/16			9.73			(0.10	)			0.91				0.81				(0.25	)			–				(0.25	)			10.29		8.51				234		1.38			1.83			(1.06	)		75

^(a) Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $2,283, $669, $115, $6,967, $9 and $197,037 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.11% for the year ended October 31, 2019.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

15                         Invesco Macro Allocation Strategy Fund

Notes to Consolidated Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Macro Allocation Strategy Fund (the “Fund”), is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Subsidiary. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund V Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek a positive absolute return over a complete economic and market cycle.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. 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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

16                         Invesco Macro Allocation Strategy Fund

other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Structured Securities – The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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

17                         Invesco Macro Allocation Strategy Fund

foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Consolidated Statement of Operations.

K. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

L. Futures Contracts – The Fund may enter into futures contracts to equitize the Fund’s cash holdings or to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made on non-LME futures contracts depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as unrealized appreciation or depreciation on the Consolidated Statement of Assets and Liabilities. When LME or non-LME contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

M. Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

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.

N. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net

18                         Invesco Macro Allocation Strategy Fund

unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

O. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

P. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

Q. Other Risks - The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in exchange-traded funds and commodity-linked derivatives. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

R. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

S. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser less the amount paid by the Subsidiary to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million		1.100%
Next $250 million		1.080%
Next $500 million		1.050%
Next $1.5 billion		1.030%
Next $2.5 billion		1.000%
Next $2.5 billion		0.980%
Next $2.5 billion		0.950%
Over $10 billion		0.930%

For the six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 1.10%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate

19                         Invesco Macro Allocation Strategy Fund

sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. 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. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $41,992 and reimbursed class level expenses of $1,595, $453, $82, $4,778, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $617 in front-end sales commissions from the sale of Class A shares and $219 and $6 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
U.S. Treasury Securities		$	–		$	97,062,597		$	–		$	97,062,597
Money Market Funds			137,449,838			–			–			137,449,838
Options Purchased			1,177,520			–			–			1,177,520
Total Investments in Securities			138,627,358			97,062,597			–			235,689,955

20                         Invesco Macro Allocation Strategy Fund

	Level 1			Level 2			Level 3		Total
Other Investments - Assets*
Futures Contracts	$	2,522,531		$	–			$ –	$	2,522,531
Swap Agreements		–			1,598,707			–		1,598,707
		2,522,531			1,598,707			–		4,121,238
Other Investments - Liabilities*
Futures Contracts		(2,585,154	)		–			–		(2,585,154	)
Swap Agreements		–			(1,279,919	)		–		(1,279,919	)
		(2,585,154	)		(1,279,919	)		–		(3,865,073	)
Total Other Investments		(62,623	)		318,788			–		256,165
Total Investments	$	138,564,735		$	97,381,385			$ –	$	235,946,120

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2021:

Derivative Assets	Value
	Commodity Risk				Equity Risk				Interest Rate Risk				Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)		$	1,184,733			$	962,806			$	374,992			$	2,522,531
Unrealized appreciation on swap agreements – OTC			182,362				1,416,345				-				1,598,707
Options purchased, at value – OTC			-				1,177,520				-				1,177,520
Total Derivative Assets			1,367,095				3,556,671				374,992				5,298,758
Derivatives not subject to master netting agreements			(1,184,733	)			(2,140,326	)			(374,992	)			(3,700,051	)
Total Derivative Assets subject to master netting agreements		$	182,362			$	1,416,345			$	-			$	1,598,707
Derivative Liabilities	Value
	Commodity Risk				Equity Risk				Interest Rate Risk				Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)		$	(402,231	)		$	(1,866,580	)		$	(316,343	)		$	(2,585,154	)
Unrealized depreciation on swap agreements – OTC			(1,252,890	)			(27,029	)			-				(1,279,919	)
Total Derivative Liabilities			(1,655,121	)			(1,893,609	)			(316,343	)			(3,865,073	)
Derivatives not subject to master netting agreements			402,231				1,866,580				316,343				2,585,154
Total Derivative Liabilities subject to master netting agreements		$	(1,252,890	)		$	(27,029	)		$	-			$	(1,279,919	)

^(a) The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2021.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Barclays Bank PLC	$	131,003	$	(131,470	)	$	(467	)	$	-	$	-	$	(467	)
Goldman Sachs International		1,106,261		(51,033	)		1,055,228			-		-		1,055,228
J.P. Morgan Chase Bank, N.A.		427,391		(4,014	)		423,377			-		-		423,377
Macquarie Bank Ltd.		-		(1,124,580	)		(1,124,580	)		-		860,000		(264,580	)
Morgan Stanley Capital Services LLC		51,359		(6,120	)		45,239			-		-		45,239
Total	$	1,716,014	$	(1,317,217)		$	398,797			$-	$	860,000	$	1,258,797

21                         Invesco Macro Allocation Strategy Fund

Effect of Derivative Investments for the six months ended April 30, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk				Equity Risk				Interest Rate Risk				Total
Realized Gain (Loss):
Futures contracts		$	6,850,205			$	3,006,120			$	(2,653,345	)		$	7,202,980
Options written			-				711,978				-				711,978
Swap agreements			4,049,540				1,994,252				-				6,043,792
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts			3,291,950				(628,821	)			269,526				2,932,655
Options purchased(a)			-				(282,892	)			-				(282,892	)
Options written			-				(11,910	)			-				(11,910	)
Swap agreements			(1,065,619	)			1,389,316				-				323,697
Total		$	13,126,076			$	6,178,043			$	(2,383,819	)		$	16,920,300

^(a) Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts		Options Purchased		Options Written		Swap Agreements
Average notional value		$308,216,009		$47,968,000		$25,556,500		$127,327,920
Average Contracts		–		128		362		–

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$1,801,661		$1,432,485		$3,234,146

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

22                         Invesco Macro Allocation Strategy Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $4,559,715 and $44,482,888, respectively. Cost of investments, including any derivatives, on a tax basis    includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$   4,138,152
Aggregate unrealized (depreciation) of investments	(1,957,864	)
Net unrealized appreciation of investments	$   2,180,288

Cost of investments for tax purposes is $233,755,054.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2021(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		62,313			$        570,949			40,646			$        333,600
Class C		1,668			15,004			30,721			251,039
Class R		4,840			43,799			1,307			10,681
Class Y		104,941			959,193			312,667			2,686,841
Class R6(b)		7,191,615			65,918,547			20,736,821			173,033,857
Issued as reinvestment of dividends:
Class A		-			-			28,184			247,461
Class C		-			-			19,893			173,465
Class R		-			-			915			8,030
Class Y		-			-			117,375			1,036,418
Class R6		-			-			2,426			21,377
Automatic conversion of Class C shares to Class A shares:
Class A		28,427			256,458			21,452			178,384
Class C		(28,836	)		(256,458	)		(21,662	)		(178,384	)
Reacquired:
Class A		(107,923	)		(975,666	)		(358,612	)		(2,979,113	)
Class C		(21,759	)		(193,903	)		(284,321	)		(2,346,322	)
Class R		-			-			(3,791	)		(30,518	)
Class Y		(706,272	)		(6,280,764	)		(1,033,615	)		(8,466,560	)
Class R6		(98,549	)		(877,287	)		(132,923	)		(1,124,751	)
Net increase in share activity		6,430,465			$59,179,872			19,477,483			$162,855,505

(^a) 96% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b) On July 21, 2020 and August 5, 2020, 10,452,000 Class R6 shares valued at $86,438,040 and 10,173,395 Class R6 shares valued at $85,659,987, respectively, were sold to affiliated mutual funds.

23                         Invesco Macro Allocation Strategy Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)1		Expenses Paid During Period2		Ending Account Value (04/30/21)		Expenses Paid During Period2		Annualized Expense Ratio
Class A		$1,000.00		$1,112.30		$7.33		$1,017.85		$7.00		1.40%
Class C		1,000.00		1,108.90		11.24		1,014.13		10.74		2.15
Class R		1,000.00		1,111.40		8.64		1,016.61		8.25		1.65
Class Y		1,000.00		1,113.90		6.03		1,019.09		5.76		1.15
Class R5		1,000.00		1,113.80		5.97		1,019.14		5.71		1.14
Class R6		1,000.00		1,114.10		5.98		1,019.14		5.71		1.14

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

24                         Invesco Macro Allocation Strategy Fund

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                     Invesco Distributors, Inc.                                                                                       MAS-SAR-1            

	Semiannual Report to Shareholders	April 30, 2021
	Invesco Multi-Asset Income Fund
	Nasdaq:
	A: PIAFX  ∎  C: PICFX  ∎  R: PIRFX  ∎  Y: PIYFX  ∎  R5: IPNFX  ∎  R6: PIFFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
21	Financial Statements
24	Financial Highlights
25	Notes to Financial Statements
34	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.35	%
Class C Shares	8.06
Class R Shares	8.21
Class Y Shares	8.59
Class R5 Shares	8.49
Class R6 Shares	8.63
Bloomberg Barclays U.S. Aggregate Bond Index▼ (Broad Market Index)	-1.52
Custom Invesco Multi-Asset Income Index∎ (Style-Specific Index)	9.99
Lipper Mixed-Asset Target Allocation Conservative Funds Index◆ (Peer Group Index)	10.84
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆ Lipper Inc.
The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.     The Custom Invesco Multi-Asset Income Index comprises the following indexes: 60% of the Bloomberg Barclays U.S. Aggregate Bond Index and 40% of the MSCI World Index. The MSCI World Index is an unmanaged index considered representative of stocks of developed countries. The index return is computed using the net return, which withholds applicable taxes for non-resident investors.     The Lipper Mixed-Asset Target Allocation Conservative Funds Index is an unmanaged index considered representative of mixed-asset target allocation conservative funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Multi-Asset Income Fund

Average Annual Total Returns
As of 4/30/21, including maximum   applicable sales charges
Class A Shares
Inception (12/14/11)	4.56	%
5 Years	3.60
1 Year	10.15
Class C Shares
Inception (12/14/11)	4.51	%
5 Years	4.02
1 Year	14.86
Class R Shares
Inception (12/14/11)	4.94	%
5 Years	4.54
1 Year	16.42
Class Y Shares
Inception (12/14/11)	5.46	%
5 Years	5.07
1 Year	17.00
Class R5 Shares
Inception (12/14/11)	5.45	%
5 Years	5.03
1 Year	16.91
Class R6 Shares
Inception	5.45	%
5 Years	5.09
1 Year	17.10

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3 Invesco Multi-Asset Income Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4 Invesco Multi-Asset Income Fund

Schedule of Investments^(a)

April 30, 2021

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–36.76%
Aerospace & Defense–0.22%
Bombardier, Inc. (Canada), 6.00%, 10/15/2022(b)	$	790,000	$	791,185
TransDigm UK Holdings PLC, 6.88%, 05/15/2026		2,652,000		2,796,202
TransDigm, Inc., 6.25%, 03/15/2026(b)		420,000		445,200
				4,032,587
Agricultural & Farm Machinery–0.20%
Titan International, Inc., 6.50%, 11/30/2023		3,429,000		3,551,501
Airlines–0.65%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/2026(b)		2,255,000		2,370,569
5.75%, 04/20/2029(b)		786,000		843,181
Delta Air Lines, Inc.,
7.00%, 05/01/2025(b)		3,280,000		3,816,079
7.38%, 01/15/2026		2,180,000		2,562,321
United Airlines, Inc., 4.38%, 04/15/2026(b)		2,073,000		2,153,785
				11,745,935
Apparel Retail–0.12%
L Brands, Inc.,
6.88%, 11/01/2035		1,579,000		1,916,646
6.75%, 07/01/2036		190,000		229,359
				2,146,005
Auto Parts & Equipment–0.37%
Clarios Global L.P., 6.75%, 05/15/2025(b)		620,000		666,698
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		1,244,000		1,345,075
Dana, Inc.,
5.50%, 12/15/2024		1,302,000		1,331,002
5.38%, 11/15/2027		1,107,000		1,181,490
5.63%, 06/15/2028		245,000		264,294
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)		1,879,000		1,937,719
				6,726,278
Automobile Manufacturers–0.65%
Allison Transmission, Inc., 3.75%, 01/30/2031(b)		2,098,000		2,027,193
Ford Motor Co.,
8.50%, 04/21/2023		1,200,000		1,345,500
4.75%, 01/15/2043		1,475,000		1,489,639
Ford Motor Credit Co. LLC,
5.60%, 01/07/2022		37,000		38,118
5.13%, 06/16/2025		682,000		745,869
3.38%, 11/13/2025		811,000		831,016
5.11%, 05/03/2029		2,829,000		3,095,096

	Principal Amount		Value
Automobile Manufacturers–(continued)
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)	$	2,008,000	$	2,125,970
				11,698,401
Automotive Retail–0.32%
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)		1,465,000		1,465,000
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)		2,114,000		2,165,095
Penske Automotive Group, Inc., 5.50%, 05/15/2026		2,028,000		2,096,445
				5,726,540
Broadcasting–0.14%
Gray Television, Inc., 7.00%, 05/15/2027(b)		2,318,000		2,534,745
Cable & Satellite–0.68%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.00%, 02/01/2028(b)		4,065,000		4,253,006
4.50%, 08/15/2030(b)		290,000		295,405
CSC Holdings LLC,
5.50%, 05/15/2026(b)		623,000		641,472
4.63%, 12/01/2030(b)		1,471,000		1,439,741
DISH DBS Corp., 7.75%, 07/01/2026		169,000		194,984
DISH Network Corp., Conv., 3.38%, 08/15/2026		2,055,000		2,168,025
Intelsat Jackson Holdings S.A. (Luxembourg), 8.50%, 10/15/2024(b)(c)		1,613,000		1,003,931
UPC Holding B.V. (Netherlands), 5.50%, 01/15/2028(b)		2,081,000		2,165,541
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 08/15/2026(b)		16,000		16,622
				12,178,727
Casinos & Gaming–0.85%
Codere Finance 2 (Luxembourg) S.A. (Spain), 7.13% PIK Rate, 4.50% Cash Rate, 11/01/2023(b)(d)		375,000		262,500
MGM Resorts International,
7.75%, 03/15/2022		404,000		425,394
6.00%, 03/15/2023		1,004,000		1,075,922
4.63%, 09/01/2026		2,473,000		2,607,469
Midwest Gaming Borrower LLC, 4.88%, 05/01/2029(b)		2,485,000		2,487,336
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026(b)		3,155,000		3,206,426
Scientific Games International, Inc.,
8.63%, 07/01/2025(b)		626,000		685,448
8.25%, 03/15/2026(b)		1,298,000		1,400,217
7.00%, 05/15/2028(b)		918,000		989,274

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Casinos & Gaming–(continued)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029(b)	$	2,030,000	$	2,100,979
				15,240,965
Coal & Consumable Fuels–0.23%
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(b)		3,884,000		4,052,546
Construction & Engineering–0.13%
New Enterprise Stone & Lime Co., Inc.,
6.25%, 03/15/2026(b)		1,128,000		1,163,955
9.75%, 07/15/2028(b)		990,000		1,108,800
				2,272,755
Consumer Finance–0.74%
Navient Corp.,
7.25%, 01/25/2022		630,000		654,413
7.25%, 09/25/2023		2,349,000		2,557,474
5.00%, 03/15/2027		750,000		756,562
5.63%, 08/01/2033		3,100,000		2,906,637
OneMain Finance Corp.,
5.38%, 11/15/2029		2,219,000		2,397,641
4.00%, 09/15/2030		4,262,000		4,128,812
				13,401,539
Copper–0.17%
First Quantum Minerals Ltd. (Zambia), 7.50%, 04/01/2025(b)		2,993,000		3,110,849
Data Processing & Outsourced Services–0.19%
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025(b)		3,264,000		3,361,920
Department Stores–0.47%
Macy’s, Inc., 8.38%, 06/15/2025(b)		7,619,000		8,420,289
Distributors–0.20%
Core & Main Holdings L.P., 9.38% PIK Rate, 8.63% Cash Rate, 09/15/2024(b)(d)		3,499,000		3,575,173
Diversified Banks–0.83%
Banco Nacional de Desenvolvimento Economico e Social (Brazil), 5.75%, 09/26/2023(b)		1,637,000		1,821,416
Banque Centrale de Tunisie International Bond (Tunisia), 5.75%, 01/30/2025(b)		1,441,000		1,355,748
Credit Agricole S.A. (France), 8.13%(b)(e)(f)		1,939,000		2,355,148
Development Bank of Kazakhstan JSC (Kazakhstan), 4.13%, 12/10/2022(b)		1,250,000		1,303,410
Export-Import Bank of India (India), 3.88%, 02/01/2028(b)		1,961,000		2,094,220
Natwest Group PLC (United Kingdom), 6.00%(e)(f)		2,415,000		2,677,511

	Principal Amount		Value
Diversified Banks–(continued)
Vnesheconombank Via VEB Finance PLC (Russia),
5.94%, 11/21/2023(b)	$	1,450,000	$	1,589,964
6.80%, 11/22/2025(b)		1,418,000		1,669,695
				14,867,112
Diversified Capital Markets–0.12%
Credit Suisse Group AG (Switzerland), 7.50%(b)(e)(f)		2,045,000		2,192,854
Diversified Chemicals–0.13%
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(b)		2,362,000		2,402,378
Diversified Metals & Mining–0.33%
Corp. Nacional del Cobre de Chile (Chile),
5.63%, 09/21/2035(b)		1,450,000		1,891,558
6.15%, 10/24/2036(b)		1,390,000		1,878,273
5.63%, 10/18/2043(b)		95,000		122,899
4.88%, 11/04/2044(b)		105,000		124,774
4.50%, 08/01/2047(b)		1,740,000		1,975,621
				5,993,125
Diversified REITs–0.19%
Colony Capital, Inc., Conv., 5.00%, 04/15/2023		1,253,000		1,288,546
iStar, Inc., 4.75%, 10/01/2024		2,119,000		2,213,317
				3,501,863
Electric Utilities��0.38%
NextEra Energy Capital Holdings, Inc., Series K, Investment Units, 5.25%, 06/01/2076		59,354		1,503,437
Talen Energy Supply LLC, 7.63%, 06/01/2028(b)		3,009,000		3,124,621
Vistra Operations Co. LLC,
5.63%, 02/15/2027(b)		750,000		780,937
5.00%, 07/31/2027(b)		1,321,000		1,370,247
				6,779,242
Electrical Components & Equipment–0.24%
EnerSys, 5.00%, 04/30/2023(b)		2,194,000		2,302,329
Sensata Technologies B.V., 4.88%, 10/15/2023(b)		1,798,000		1,933,299
				4,235,628
Environmental & Facilities Services–0.18%
Waste Pro USA, Inc., 5.50%, 02/15/2026(b)		3,097,000		3,167,937
Food Distributors–0.11%
Prosperous Ray Ltd. (China), 4.63%, 11/12/2023(b)		1,750,000		1,892,381
Food Retail–0.39%
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(b)		810,000		878,737
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028(b)		2,893,000		3,048,499

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Food Retail–(continued)
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(b)	$	3,010,000	$	3,036,969
				6,964,205
Health Care Facilities–0.41%
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029(b)		2,211,000		2,291,923
Encompass Health Corp., 4.75%, 02/01/2030		2,095,000		2,202,369
HCA, Inc.,
5.88%, 02/15/2026		1,322,000		1,520,300
5.38%, 09/01/2026		1,261,000		1,433,265
				7,447,857
Health Care REITs–0.10%
Diversified Healthcare Trust, 4.38%, 03/01/2031		1,933,000		1,871,879
Health Care Services–1.17%
Akumin, Inc., 7.00%, 11/01/2025(b)		4,888,000		5,109,060
Community Health Systems, Inc.,
6.63%, 02/15/2025(b)		1,704,000		1,799,543
8.00%, 03/15/2026(b)		1,866,000		2,012,948
8.00%, 12/15/2027(b)		765,000		842,934
DaVita, Inc.,
4.63%, 06/01/2030(b)		1,083,000		1,097,891
3.75%, 02/15/2031(b)		4,180,000		3,976,246
Global Medical Response, Inc., 6.50%, 10/01/2025(b)		925,000		948,125
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)		3,021,000		3,145,042
MEDNAX, Inc., 6.25%, 01/15/2027(b)		2,022,000		2,145,848
				21,077,637
Homebuilding–0.40%
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(b)		3,560,000		4,057,724
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027(b)		2,372,000		2,570,655
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023(b)		600,000		646,437
		��		7,274,816
Hotels, Resorts & Cruise Lines–0.13%
Carnival Corp., 10.50%, 02/01/2026(b)		1,996,000		2,355,180
Household Products–0.25%
Energizer Holdings, Inc., 4.38%, 03/31/2029(b)		2,126,000		2,112,840
Prestige Brands, Inc., 3.75%, 04/01/2031(b)		2,496,000		2,399,193
				4,512,033

	Principal Amount		Value
Independent Power Producers & Energy Traders–0.41%
Calpine Corp.,
5.13%, 03/15/2028(b)	$	608,000	$	618,704
3.75%, 03/01/2031(b)		2,521,000		2,413,051
Clearway Energy Operating LLC,
4.75%, 03/15/2028(b)		2,443,000		2,563,696
3.75%, 02/15/2031(b)		1,814,000		1,790,309
				7,385,760
Industrial Machinery–0.25%
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b)(g)		1,467,000		1,461,653
EnPro Industries, Inc., 5.75%, 10/15/2026		2,826,000		2,998,555
				4,460,208
Integrated Oil & Gas–1.31%
KazMunayGas National Co. JSC (Kazakhstan), 6.38%, 10/24/2048(b)		1,000,000		1,288,588
Occidental Petroleum Corp.,
2.90%, 08/15/2024		952,000		950,810
8.50%, 07/15/2027		750,000		913,594
6.38%, 09/01/2028		1,193,000		1,337,699
6.13%, 01/01/2031		2,477,000		2,758,759
6.45%, 09/15/2036		249,000		283,242
4.10%, 02/15/2047		2,302,000		1,919,454
Petroleos Mexicanos (Mexico),
6.84%, 01/23/2030		3,100,000		3,189,125
6.63%, 06/15/2035		3,555,000		3,440,795
7.69%, 01/23/2050		4,600,000		4,435,550
Saudi Arabian Oil Co. (Saudi Arabia), 4.25%, 04/16/2039(b)		2,812,000		3,069,215
				23,586,831
Integrated Telecommunication Services–0.56%
Altice France S.A. (France),
7.38%, 05/01/2026(b)		2,220,000		2,304,471
8.13%, 02/01/2027(b)		945,000		1,037,138
5.13%, 07/15/2029(b)		1,193,000		1,195,983
Embarq Corp., 8.00%, 06/01/2036		2,050,000		2,390,187
Level 3 Financing, Inc., 3.75%, 07/15/2029(b)		3,170,000		3,094,712
				10,022,491
Interactive Media & Services–0.24%
Entercom Media Corp., 6.75%, 03/31/2029(b)		2,052,000		2,120,332
Scripps Escrow II, Inc., 3.88%, 01/15/2029(b)		2,253,000		2,242,129
				4,362,461
Internet & Direct Marketing Retail–0.12%
QVC, Inc., 5.45%, 08/15/2034		2,181,000		2,247,597
Investment Banking & Brokerage–0.32%
MDGH - GMTN B.V. (United Arab Emirates),
4.50%, 11/07/2028(b)		1,180,000		1,370,275
3.75%, 04/19/2029(b)		1,740,000		1,923,744

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Investment Banking & Brokerage–(continued)
NFP Corp., 6.88%, 08/15/2028(b)	$	2,265,000	$	2,379,926
				5,673,945
IT Consulting & Other Services–0.12%
Gartner, Inc., 4.50%, 07/01/2028(b)		2,120,000		2,231,342
Managed Health Care–0.36%
Centene Corp.,
5.38%, 08/15/2026(b)		645,000		677,411
4.63%, 12/15/2029		839,000		909,346
3.00%, 10/15/2030		1,434,000		1,425,038
2.50%, 03/01/2031		3,623,000		3,469,022
				6,480,817
Marine Ports & Services–0.19%
DP World PLC (United Arab Emirates), 6.85%, 07/02/2037(b)		2,590,000		3,451,175
Metal & Glass Containers–0.25%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028(b)		2,200,000		2,172,500
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(b)		2,200,000		2,312,079
				4,484,579
Movies & Entertainment–0.33%
Cinemark USA, Inc., 5.88%, 03/15/2026(b)		2,140,000		2,220,250
Netflix, Inc.,
5.88%, 11/15/2028		2,754,000		3,354,372
5.38%, 11/15/2029(b)		270,000		320,962
				5,895,584
Multi-Utilities–0.28%
Dominion Energy, Inc., Series A, Investment Units, 5.25%, 07/30/2076		83,304		2,108,424
DTE Energy Co.,
Series B, Investment Units, 5.38%, 06/01/2076		33,820		855,646
Series F, Investment Units, 6.00%, 12/15/2076		32,432		849,070
Series E, Investment Units, 5.25%, 12/01/2077		46,261		1,209,725
				5,022,865
Oil & Gas Drilling–0.52%
Nabors Industries, Inc., 5.75%, 02/01/2025		2,721,000		2,255,029
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(b)		1,705,000		1,788,119
Precision Drilling Corp. (Canada),
7.75%, 12/15/2023		144,000		145,170
5.25%, 11/15/2024(g)		1,351,000		1,301,182
Rockies Express Pipeline LLC,
4.80%, 05/15/2030(b)		2,000,000		1,972,500
6.88%, 04/15/2040(b)		1,577,000		1,697,246

	Principal Amount		Value
Oil & Gas Drilling–(continued)
Valaris PLC (Saudi Arabia), 7.75%, 02/01/2026(c)	$	2,387,000	$	244,667
				9,403,913
Oil & Gas Equipment & Services–0.48%
Bristow Group, Inc., 6.88%, 03/01/2028(b)		2,310,000		2,344,696
Oil and Gas Holding Co. BSCC (The) (Bahrain), 7.50%, 10/25/2027(b)		1,000,000		1,125,315
TechnipFMC PLC (United Kingdom), 6.50%, 02/01/2026(b)		2,360,000		2,520,154
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		2,500,000		2,633,762
				8,623,927
Oil & Gas Exploration & Production–1.52%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)		5,336,000		5,679,505
Ascent Resources Utica Holdings LLC/ ARU Finance Corp.,
9.00%, 11/01/2027(b)		898,000		1,169,645
8.25%, 12/31/2028(b)		291,000		312,939
CNX Resources Corp., 7.25%, 03/14/2027(b)		2,206,000		2,385,723
Genesis Energy L.P./Genesis Energy Finance Corp.,
5.63%, 06/15/2024		12,000		12,022
6.25%, 05/15/2026		812,000		796,673
8.00%, 01/15/2027		837,000		863,361
7.75%, 02/01/2028		1,691,000		1,710,125
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028(b)		1,164,000		1,210,380
5.75%, 02/01/2029(b)		721,000		735,315
Northern Oil and Gas, Inc., 8.13%, 03/01/2028(b)		3,319,000		3,415,400
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		1,285,000		1,434,142
Range Resources Corp., 8.25%, 01/15/2029(b)		1,889,000		2,051,709
SM Energy Co.,
5.00%, 01/15/2024		1,000,000		959,435
10.00%, 01/15/2025(b)		613,000		698,054
6.75%, 09/15/2026		725,000		702,344
6.63%, 01/15/2027(g)		1,796,000		1,737,648
Southwestern Energy Co., 4.10%, 03/15/2022		1,440,000		1,455,862
				27,330,282
Oil & Gas Refining & Marketing–0.50%
Calumet Specialty Products Partners L.P./Calumet Finance Corp.,
7.63%, 01/15/2022		925,000		929,408
9.25%, 07/15/2024(b)		1,703,000		1,881,815
New Fortress Energy, Inc., 6.50%, 09/30/2026(b)		3,614,000		3,692,695

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Oil & Gas Refining & Marketing–(continued)
Petroliam Nasional Bhd. (Malaysia), 7.63%, 10/15/2026(b)	$	1,920,000	$	2,520,964
				9,024,882
Oil & Gas Storage & Transportation–0.86%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), 4.60%, 11/02/2047(b)		1,587,000		1,824,844
Antero Midstream Partners L.P./Antero Midstream Finance Corp.,
5.38%, 09/15/2024		220,000		223,987
5.75%, 03/01/2027(b)		155,000		156,938
5.75%, 01/15/2028(b)		2,174,000		2,218,089
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025(b)		1,850,000		2,002,162
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(b)		2,339,000		2,419,403
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		1,420,000		1,269,551
Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029(b)		1,989,000		2,038,148
Southern Gas Corridor CJSC (Azerbaijan), 6.88%, 03/24/2026(b)		2,800,000		3,368,764
				15,521,886
Packaged Foods & Meats–0.61%
Kraft Heinz Foods Co. (The),
6.88%, 01/26/2039		1,581,000		2,173,518
5.00%, 06/04/2042		1,744,000		2,017,260
4.88%, 10/01/2049		1,065,000		1,224,438
5.50%, 06/01/2050		2,393,000		2,979,079
Post Holdings, Inc.,
5.63%, 01/15/2028(b)		1,905,000		2,009,775
4.63%, 04/15/2030(b)		654,000		661,358
				11,065,428
Paper Products–0.06%
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(b)		1,017,000		1,079,098
Pharmaceuticals–0.36%
Bausch Health Cos., Inc.,
6.13%, 04/15/2025(b)		913,000		933,342
9.00%, 12/15/2025(b)		1,632,000		1,773,086
5.75%, 08/15/2027(b)		135,000		145,093
6.25%, 02/15/2029(b)		1,522,000		1,611,440
Endo DAC/Endo Finance LLC/Endo Finco, Inc.,
9.50%, 07/31/2027(b)		849,000		901,001
6.00%, 06/30/2028(b)		10,000		7,614
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)		1,063,000		1,120,136
				6,491,712
Publishing–0.23%
Meredith Corp., 6.88%, 02/01/2026		4,084,000		4,196,310

	Principal Amount		Value
Railroads–0.23%
Empresa de Transporte de Pasajeros Metro S.A. (Chile), 4.70%, 05/07/2050(b)	$	1,550,000	$	1,767,225
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(b)		2,357,000		2,362,892
				4,130,117
Research & Consulting Services–0.08%
Dun & Bradstreet Corp. (The),
6.88%, 08/15/2026(b)		693,000		738,478
10.25%, 02/15/2027(b)		583,000		647,751
				1,386,229
Restaurants–0.04%
IRB Holding Corp.,
7.00%, 06/15/2025(b)		429,000		462,226
6.75%, 02/15/2026(b)		283,000		293,542
				755,768
Retail REITs–0.12%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)		2,086,000		2,136,356
Security & Alarm Services–0.14%
Brink’s Co. (The),
5.50%, 07/15/2025(b)		245,000		258,934
4.63%, 10/15/2027(b)		2,167,000		2,263,161
				2,522,095
Sovereign Debt–12.76%
Abu Dhabi Government International Bond (United Arab Emirates), 3.13%, 09/30/2049(b)		1,090,000		1,063,402
Angolan Government International Bond (Angola),
9.50%, 11/12/2025(b)		1,044,000		1,148,285
9.13%, 11/26/2049(b)		1,140,000		1,156,342
Argentine Republic Government International Bond (Argentina), 0.50%, 07/09/2030(h)		6,951,645		2,530,399
Bahrain Government International Bond (Bahrain),
6.13%, 07/05/2022(b)		2,800,000		2,946,720
7.00%, 01/26/2026(b)		1,000,000		1,153,604
Bolivian Government International Bond (Bolivia), 4.50%, 03/20/2028(b)		699,000		629,450
Brazilian Government International Bond (Brazil),
4.25%, 01/07/2025		4,600,000		4,969,725
5.63%, 01/07/2041		910,000		979,742
Chile Government International Bond (Chile), 3.24%, 02/06/2028		200,000		217,469
Colombia Government International Bond (Colombia),
3.88%, 04/25/2027		4,750,000		5,090,100
4.50%, 03/15/2029		1,640,000		1,791,388
7.38%, 09/18/2037		3,500,000		4,660,740
6.13%, 01/18/2041		1,950,000		2,343,880

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Costa Rica Government International Bond (Costa Rica),
5.63%, 04/30/2043(b)	$	1,300,000	$	1,215,500
7.16%, 03/12/2045(b)		800,000		830,000
Croatia Government International Bond (Croatia),
5.50%, 04/04/2023(b)		1,515,000		1,658,724
6.00%, 01/26/2024(b)		1,000,000		1,144,030
Dominican Republic International Bond (Dominican Republic),
5.95%, 01/25/2027(b)		2,228,000		2,534,350
7.45%, 04/30/2044(b)		2,935,000		3,551,350
6.85%, 01/27/2045(b)		2,902,000		3,308,280
6.40%, 06/05/2049(b)		935,000		1,022,189
Ecuador Government International Bond (Ecuador), 5.00%, 07/31/2030(b)(h)		3,135,000		2,633,400
Egypt Government International Bond (Egypt),
7.60%, 03/01/2029(b)		200,000		217,508
8.50%, 01/31/2047(b)		2,896,000		2,996,856
7.90%, 02/21/2048(b)		1,200,000		1,183,260
8.70%, 03/01/2049(b)		2,110,000		2,205,049
El Salvador Government International Bond (El Salvador),
7.65%, 06/15/2035(b)		1,110,000		1,167,054
7.12%, 01/20/2050(b)		1,120,000		1,075,200
Ghana Government International Bond (Ghana),
7.63%, 05/16/2029(b)		818,000		834,180
8.13%, 03/26/2032(b)		2,590,000		2,619,409
8.95%, 03/26/2051(b)		738,000		734,107
Hazine Mustesarligi Varlik Kiralama A.S. (Turkey), 5.00%, 04/06/2023(b)		320,000		325,228
Hungary Government International Bond (Hungary), 5.38%, 03/25/2024		1,210,000		1,374,100
Indonesia Government International Bond (Indonesia),
8.50%, 10/12/2035(b)		5,230,000		8,262,289
6.63%, 02/17/2037(b)		1,100,000		1,482,384
7.75%, 01/17/2038(b)		830,000		1,235,005
6.75%, 01/15/2044(b)		3,030,000		4,369,407
5.95%, 01/08/2046(b)		420,000		561,697
Ivory Coast Government International Bond (Ivory Coast), 6.38%, 03/03/2028(b)		650,000		721,267
Jamaica Government International Bond (Jamaica), 6.75%, 04/28/2028		1,600,000		1,901,280
Jordan Government International Bond (Jordan),
6.13%, 01/29/2026(b)		1,000,000		1,084,500
5.75%, 01/31/2027(b)		1,200,000		1,277,340
Kazakhstan Government International Bond (Kazakhstan),
3.88%, 10/14/2024(b)		1,650,000		1,812,772
6.50%, 07/21/2045(b)		700,000		1,013,705

	Principal Amount		Value
Sovereign Debt–(continued)
Kenya Government International Bond (Kenya),
6.88%, 06/24/2024(b)	$	1,100,000	$	1,222,551
7.25%, 02/28/2028(b)		1,100,000		1,196,205
Kuwait International Government Bond (Kuwait), 3.50%, 03/20/2027(b)		3,090,000		3,426,671
Malaysia Sukuk Global Bhd. (Malaysia), 3.18%, 04/27/2026(b)		250,000		273,668
Mexico Government International Bond (Mexico),
4.15%, 03/28/2027		2,500,000		2,804,687
5.55%, 01/21/2045		500,000		584,045
4.60%, 01/23/2046		1,050,000		1,087,511
5.75%, 10/12/2110		420,000		479,798
Series A, 6.05%, 01/11/2040		3,682,000		4,509,401
Mongolia Government International Bond (Mongolia), 8.75%, 03/09/2024(b)		1,716,000		1,985,411
Nigeria Government International Bond (Nigeria), 8.75%, 01/21/2031(b)		2,550,000		2,911,437
Oman Government International Bond (Oman),
4.75%, 06/15/2026(b)		3,310,000		3,444,469
5.63%, 01/17/2028(b)		3,725,000		3,925,983
6.75%, 01/17/2048(b)		2,054,000		2,054,513
Pakistan Government International Bond (Pakistan), 8.25%, 04/15/2024(b)		1,640,000		1,807,190
Panama Government International Bond (Panama),
4.00%, 09/22/2024		3,725,000		4,062,932
7.13%, 01/29/2026		1,110,000		1,381,184
3.88%, 03/17/2028		1,000,000		1,102,345
Paraguay Government International Bond (Paraguay), 5.00%, 04/15/2026(b)		1,000,000		1,127,500
Perusahaan Penerbit SBSN Indonesia III (Indonesia),
4.33%, 05/28/2025(b)		300,000		335,358
4.15%, 03/29/2027(b)		2,600,000		2,899,754
Peruvian Government International Bond (Peru),
7.35%, 07/21/2025		600,000		737,937
2.84%, 06/20/2030		1,170,000		1,187,959
8.75%, 11/21/2033		721,000		1,116,425
6.55%, 03/14/2037		1,084,000		1,458,311
Philippine Government International Bond (Philippines),
4.20%, 01/21/2024		100,000		109,962
10.63%, 03/16/2025		2,144,000		2,938,084
9.50%, 02/02/2030		80,000		125,706
6.38%, 10/23/2034		850,000		1,188,615
3.95%, 01/20/2040		900,000		985,805
Qatar Government International Bond (Qatar),
4.00%, 03/14/2029(b)		1,200,000		1,365,600
5.75%, 01/20/2042(b)		2,330,000		3,176,489
5.10%, 04/23/2048(b)		4,660,000		5,919,934
4.82%, 03/14/2049(b)		2,100,000		2,584,222

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
RAK Capital (United Arab Emirates), 3.09%, 03/31/2025(b)	$	743,000	$	789,889
Republic of Poland Government International Bond (Poland), 3.00%, 03/17/2023		599,000		628,419
Republic of South Africa Government International Bond (South Africa),
5.88%, 06/22/2030		3,200,000		3,538,080
5.75%, 09/30/2049		5,853,000		5,655,608
Romanian Government International Bond (Romania),
4.38%, 08/22/2023(b)		833,000		903,818
6.13%, 01/22/2044(b)		2,000,000		2,610,724
Russian Foreign Bond - Eurobond (Russia), 4.75%, 05/27/2026(b)		3,200,000		3,617,082
4.25%, 06/23/2027(b)		2,800,000		3,105,914
12.75%, 06/24/2028(b)		3,060,000		5,102,587
5.63%, 04/04/2042(b)		1,600,000		2,020,448
Saudi Government International Bond (Saudi Arabia),
3.25%, 10/26/2026(b)		500,000		538,424
3.63%, 03/04/2028(b)		3,100,000		3,400,898
4.38%, 04/16/2029(b)		538,000		616,289
4.50%, 10/26/2046(b)		1,000,000		1,118,730
4.63%, 10/04/2047(b)		4,640,000		5,300,574
5.00%, 04/17/2049(b)		1,548,000		1,872,631
5.25%, 01/16/2050(b)		2,680,000		3,348,014
Slovakia Government International Bond (Slovakia), 4.38%, 05/21/2022(b)		1,658,000		1,726,965
Sri Lanka Government International Bond (Sri Lanka),
6.83%, 07/18/2026(b)		903,000		601,915
6.20%, 05/11/2027(b)		923,000		610,103
6.75%, 04/18/2028(b)		1,012,000		668,173
7.85%, 03/14/2029(b)		1,041,000		689,392
Trinidad & Tobago Government International Bond (Trinidad), 4.50%, 08/04/2026(b)		1,730,000		1,849,889
Turkey Government International Bond (Turkey),
7.38%, 02/05/2025		527,000		560,905
4.88%, 10/09/2026		326,000		312,553
6.00%, 03/25/2027		1,890,000		1,886,768
7.63%, 04/26/2029		2,430,000		2,590,258
11.88%, 01/15/2030		1,920,000		2,591,848
8.00%, 02/14/2034		1,580,000		1,728,469
6.88%, 03/17/2036		1,218,000		1,196,575
7.25%, 03/05/2038		1,170,000		1,191,239
Ukraine Government International Bond (Ukraine),
7.75%, 09/01/2022(b)		657,000		688,181
7.75%, 09/01/2023(b)		650,000		692,961
7.75%, 09/01/2024(b)		650,000		699,168
7.75%, 09/01/2026(b)		4,450,000		4,806,756
7.75%, 09/01/2027(b)		1,090,000		1,171,815
9.75%, 11/01/2028(b)		900,000		1,043,858

	Principal Amount		Value
Sovereign Debt–(continued)
Uruguay Government International Bond (Uruguay),
4.50%, 08/14/2024	$	2,215,922	$	2,407,145
7.88%, 01/15/2033		1,430,000		2,154,023
Vietnam Government International Bond (Vietnam), 4.80%, 11/19/2024(b)		1,000,000		1,118,750
				229,706,166
Specialized Consumer Services–0.21%
Carriage Services, Inc., 4.25%, 05/15/2029(b)		2,125,000		2,117,031
Terminix Co. LLC (The), 7.45%, 08/15/2027		1,473,000		1,728,654
				3,845,685
Specialized REITs–0.31%
Rayonier A.M. Products, Inc.,
5.50%, 06/01/2024(b)		1,442,000		1,409,555
7.63%, 01/15/2026(b)		1,778,000		1,893,348
SBA Communications Corp., 3.88%, 02/15/2027		2,150,000		2,202,406
				5,505,309
Specialty Chemicals–0.08%
GCP Applied Technologies, Inc., 5.50%, 04/15/2026(b)		1,444,000		1,488,851
Steel–0.31%
Cleveland Cliffs, Inc.,
9.88%, 10/17/2025(b)		987,000		1,159,725
5.88%, 06/01/2027		1,436,000		1,507,800
6.25%, 10/01/2040		594,000		602,313
Commercial Metals Co., 3.88%, 02/15/2031		2,261,000		2,264,098
				5,533,936
Systems Software–0.58%
Boxer Parent Co., Inc., 9.13%, 03/01/2026(b)		2,889,000		3,056,259
Camelot Finance S.A., 4.50%, 11/01/2026(b)		5,057,000		5,240,316
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		2,173,000		2,156,268
				10,452,843
Textiles–0.14%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025(b)		2,783,000		2,539,488
Thrifts & Mortgage Finance–0.09%
NMI Holdings, Inc., 7.38%, 06/01/2025(b)		1,362,000		1,568,268
Trading Companies & Distributors–0.10%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045(b)(e)		1,615,000		1,721,994
Total U.S. Dollar Denominated Bonds & Notes (Cost $648,302,168)				661,649,080

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Multi-Asset Income Fund

	Shares		Value
Preferred Stocks–21.14%
Alternative Carriers–0.24%
Qwest Corp., 6.50%, Pfd.		101,788	$	2,597,630
Qwest Corp., 6.75%, Pfd.		68,726		1,797,185
				4,394,815
Asset Management & Custody Banks–0.74%
Affiliated Managers Group, Inc., 5.88%, Pfd.		31,239		861,572
Affiliated Managers Group, Inc., 4.75%, Pfd.		28,636		733,941
Apollo Global Management, Inc., 6.38%, Series A, Pfd.		28,636		745,681
Apollo Global Management, Inc., 6.38%, Series B, Pfd.		31,239		838,455
Ares Management Corp., 7.00%, Series A, Pfd.		32,280		819,912
Brightsphere Investment Group, Inc., 5.13%, Pfd.		13,515		341,659
KKR & Co., Inc., 6.75%, Series A, Pfd.		37,302		955,304
KKR & Co., Inc., 6.50%, Series B, Pfd.		16,759		430,371
Legg Mason, Inc., 5.45%, Pfd.		63,237		1,608,117
Northern Trust Corp., 4.70%, Series E, Pfd.		41,652		1,129,186
Oaktree Capital Group LLC, 6.63%, Series A, Pfd.		18,743		502,312
Oaktree Capital Group LLC, 6.55%, Series B, Pfd.		24,471		658,270
State Street Corp., 5.35%, Series G, Pfd.(e)(g)		52,065		1,521,339
State Street Corp., 5.90%, Series D, Pfd.(e)		78,098		2,205,488
				13,351,607
Automobile Manufacturers–0.24%
Ford Motor Co., 6.20%, Pfd.		78,098		2,075,845
Ford Motor Co., 6.00%, Pfd.		83,304		2,199,225
				4,275,070
Consumer Finance–0.75%
Capital One Financial Corp., 5.20%, Series G, Pfd.		62,478		1,595,688
Capital One Financial Corp., 6.00%, Series H, Pfd.		52,065		1,344,839
Capital One Financial Corp., 5.00%, Series I, Pfd.		156,196		4,061,096
Capital One Financial Corp., 4.80%, Series J, Pfd.		130,163		3,312,648
Capital One Financial Corp., 4.63%, Series K, Pfd.		13,016		333,861
Navient Corp., 6.00%, Pfd.		31,239		753,797
Synchrony Financial, 5.63%, Series A, Pfd.		78,098		2,063,349
				13,465,278
Department Stores–0.03%
Dillard’s Capital Trust I, 7.50%, Pfd.		20,826		535,020
Diversified Banks–4.66%
Bank of America Corp., 6.00%, Series GG, Pfd.		162,475		4,472,937
Bank of America Corp., 5.88%, Series HH, Pfd.		108,350		2,966,623

	Shares		Value
Diversified Banks–(continued)
Bank of America Corp., 5.38%, Series KK, Pfd.		167,053	$	4,632,380
Bank of America Corp., 5.00%, Series LL, Pfd.		158,200		4,312,532
Bank of America Corp., 4.38%, Series NN, Pfd.(g)		135,000		3,427,650
Bank of America Corp., 4.13%, Series PP, Pfd.(g)		91,500		2,313,120
Citigroup, Inc., 7.13%, Series J, Pfd.(e)		98,924		2,789,657
Citigroup, Inc., 6.88%, Series K, Pfd.(e)		155,675		4,428,954
JPMorgan Chase & Co., 6.10%, Series AA, Pfd.		148,695		3,761,983
JPMorgan Chase & Co., 6.15%, Series BB, Pfd.		119,841		3,034,374
JPMorgan Chase & Co., 5.75%, Series DD, Pfd.		177,332		4,819,884
JPMorgan Chase & Co., 6.00%, Series EE, Pfd.		193,130		5,328,457
JPMorgan Chase & Co., 4.75%, Series GG, Pfd.		93,810		2,459,698
JPMorgan Chase & Co., 4.55%, Series JJ, Pfd.		155,065		4,031,690
U.S. Bancorp, 5.50%, Series K, Pfd.		60,394		1,684,388
U.S. Bancorp, 3.75%, Series L, Pfd.		52,065		1,258,932
U.S. Bancorp, 4.00%, Series M, Pfd.		77,186		1,925,019
Wells Fargo & Co., 5.50%, Series X, Pfd.		154,223		3,975,869
Wells Fargo & Co., 5.63%, Series Y, Pfd.		84,537		2,230,931
Wells Fargo & Co., 5.20%, Pfd.(g)		39,907		1,030,399
Wells Fargo & Co., 5.13%, Series O, Pfd.		74,112		1,920,983
Wells Fargo & Co., 5.85%, Series Q, Pfd.(e)		179,634		4,844,729
Wells Fargo & Co., 6.63%, Series R, Pfd.(e)		92,748		2,688,764
Wells Fargo & Co., 4.75%, Series Z, Pfd.		150,464		3,871,439
Wells Fargo & Co., 4.70%, Series AA, Pfd.		125,000		3,187,500
Wells Fargo & Co., 4.38%, Series CC, Pfd.		102,000		2,552,040
				83,950,932
Diversified Chemicals–0.03%
EI du Pont de Nemours and Co., 4.50%, Series B, Pfd.		4,522		497,917
Diversified REITs–0.27%
Global Net Lease, Inc., 7.25%, Series A, Pfd.		18,000		481,140
iStar, Inc., 8.00%, Series D, Pfd.		10,812		278,625
iStar, Inc., 7.50%, Series I, Pfd.		13,515		351,390
PS Business Parks, Inc., 5.20%, Series W, Pfd.		20,516		528,903
PS Business Parks, Inc., 5.25%, Series X, Pfd.		23,950		639,465
PS Business Parks, Inc., 5.20%, Series Y, Pfd.		20,826		552,930
PS Business Parks, Inc., 4.88%, Series Z, Pfd.		33,842		914,072
VEREIT, Inc., 6.70%, Series F, Pfd.		44,392		1,127,113
				4,873,638

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Multi-Asset Income Fund

	Shares		Value
Electric Utilities–1.44%
Alabama Power Co., 5.00%, Series A, Pfd.		26,033	$	691,957
Duke Energy Corp., 5.13%, Pfd.		52,065		1,353,169
Duke Energy Corp., 5.63%, Pfd.		52,065		1,401,069
Duke Energy Corp., 5.75%, Series A, Pfd.		104,130		2,914,599
Entergy Arkansas LLC, 4.88%, Pfd.		42,693		1,087,818
Entergy Louisiana LLC, 4.88%, Pfd.		28,115		716,651
Entergy Mississippi LLC, 4.90%, Pfd.		27,074		698,509
Entergy New Orleans LLC, 5.50%, Pfd.		11,454		291,046
Georgia Power Co., 5.00%, Series 2017A, Pfd.		28,115		738,581
Interstate Power and Light Co., 5.10%, Series D, Pfd.		20,826		545,641
NextEra Energy Capital Holdings, Inc., 5.65%, Series N, Pfd.		71,590		2,023,849
PPL Capital Funding, Inc., 5.90%, Series B, Pfd.		46,859		1,194,905
SCE Trust II, 5.10%, Pfd.		15,526		382,405
SCE Trust III, 5.75%, Series H, Pfd.(e)		27,902		708,711
SCE Trust IV, 5.38%, Series J, Pfd.(e)		32,020		803,702
SCE Trust V, 5.45%, Series K, Pfd.(e)		28,611		729,867
SCE Trust VI, 5.00%, Pfd.		62,986		1,552,605
Southern Co. (The), 5.25%, Pfd.		136,242		3,537,127
Southern Co. (The), 4.95%, Series 2020, Pfd.		99,324		2,638,046
Southern Co. (The), 4.20%, Series C, Pfd.		75,000		1,887,000
				25,897,257
Gas Utilities–0.07%
South Jersey Industries, Inc., 5.63%, Pfd.		20,826		544,183
Spire, Inc., 5.90%, Series A, Pfd.		26,033		721,375
				1,265,558
Health Care REITs–0.08%
Diversified Healthcare Trust, 5.63%, Pfd.		63,801		1,454,663
Integrated Telecommunication Services–0.77%
AT&T, Inc., 5.35%, Pfd.		137,713		3,634,246
AT&T, Inc., 5.63%, Pfd.		85,908		2,319,516
AT&T, Inc., 5.00%, Series A, Pfd.		124,957		3,282,621
AT&T, Inc., 4.75%, Series C, Pfd.		182,228		4,634,058
				13,870,441
Internet & Direct Marketing Retail–0.30%
Qurate Retail, Inc., 8.00%, Pfd.		32,541		3,403,789
QVC, Inc., 6.38%, Pfd.		23,437		597,878
QVC, Inc., 6.25%, Pfd.		52,091		1,328,841
				5,330,508
Investment Banking & Brokerage–1.47%
Brookfield Finance I (UK) PLC, 4.50%, Pfd.		23,950		592,523
Brookfield Finance, Inc., 4.63%, Series 50, Pfd.		41,652		1,032,970
Charles Schwab Corp. (The), 5.95%, Series D, Pfd.		78,098		1,993,842
Charles Schwab Corp. (The), 6.00%, Series C, Pfd.		62,478		1,583,817

	Shares		Value
Investment Banking & Brokerage–(continued)
Goldman Sachs Group, Inc. (The), 6.30%, Series N, Pfd.		70,288	$	1,757,903
Goldman Sachs Group, Inc. (The), 5.50%, Series J, Pfd.(e)		104,130		2,821,923
Goldman Sachs Group, Inc. (The), 6.38%, Series K, Pfd.(e)		72,891		2,056,984
Morgan Stanley, 5.85%, Series K, Pfd.(e)		104,130		2,978,118
Morgan Stanley, 7.13%, Series E, Pfd.(e)		89,813		2,585,716
Morgan Stanley, 6.88%, Series F, Pfd.(e)		88,511		2,472,997
Morgan Stanley, 6.38%, Series I, Pfd.(e)		104,130		2,952,086
Morgan Stanley, 4.88%, Series L, Pfd.		52,065		1,378,681
Stifel Financial Corp., 6.25%, Series A, Pfd.		15,916		405,858
Stifel Financial Corp., 5.20%, Pfd.		23,874		633,139
Stifel Financial Corp., 6.25%, Series B, Pfd.		16,977		464,321
Stifel Financial Corp., 6.13%, Series C, Pfd.		23,874		663,458
				26,374,336
Leisure Products–0.09%
Brunswick Corp., 6.50%, Pfd.		19,264		519,935
Brunswick Corp., 6.63%, Pfd.		13,515		370,446
Brunswick Corp., 6.38%, Pfd.		23,950		657,428
				1,547,809
Life & Health Insurance–1.55%
AEGON Funding Co. LLC, 5.10%, Pfd.		96,321		2,524,573
American Equity Investment Life Holding Co., 5.95%, Series A, Pfd.(e)		41,652		1,147,096
American Equity Investment Life Holding Co., 6.63%, Series B, Pfd.(e)		31,239		876,566
Athene Holding Ltd., 6.35%, Series A, Pfd.(e)		89,865		2,563,848
Athene Holding Ltd., 5.63%, Series B, Pfd.		35,925		945,187
Athene Holding Ltd., 6.38%, Series C, Pfd.(e)		62,478		1,759,380
Athene Holding Ltd., 4.88%, Series D, Pfd.		59,875		1,508,850
Brighthouse Financial, Inc., 6.25%, Pfd.		39,049		1,050,809
Brighthouse Financial, Inc., 6.60%, Series A, Pfd.		44,255		1,192,230
Brighthouse Financial, Inc., 6.75%, Series B, Pfd.		41,913		1,176,498
Brighthouse Financial, Inc., 5.38%, Series C, Pfd.		59,875		1,570,521
CNO Financial Group, Inc., 5.13%, Pfd.		16,000		408,320
Globe Life, Inc., 6.13%, Pfd.		31,239		805,654
MetLife, Inc., 5.63%, Series E, Pfd.		92,786		2,559,966
MetLife, Inc., 4.75%, Series F, Pfd.		94,787		2,496,690
Prudential Financial, Inc., 5.63%, Pfd.		58,834		1,619,700
Prudential Financial, Inc., 4.13%, Pfd.		51,912		1,336,474
Prudential PLC, 6.75%, Pfd.		48,916		1,348,614
Prudential PLC, 6.50%, Pfd.		8,800		242,000
Unum Group, 6.25%, Pfd.		31,239		831,270
				27,964,246

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Multi-Asset Income Fund

	Shares		Value
Multi-line Insurance–0.37%
American Financial Group, Inc., 5.88%, Pfd.		13,515	$	380,582
American Financial Group, Inc., 5.13%, Pfd.		20,826		560,011
American Financial Group, Inc., 5.63%, Pfd.		15,620		441,109
American Financial Group, Inc., 4.50%, Pfd.		20,826		558,970
American International Group, Inc., 5.85%, Series A, Pfd.		52,065		1,443,762
Assurant, Inc., 5.25%, Pfd.		26,033		684,408
Hartford Financial Services Group, Inc. (The), 7.88%, Pfd.(e)		80,684		2,146,194
Hartford Financial Services Group, Inc. (The), 6.00%, Series G, Pfd.		17,937		501,698
				6,716,734
Multi-Sector Holdings–0.12%
PartnerRe Ltd., 7.25%, Series H, Pfd.		55,858		1,413,207
PartnerRe Ltd., 5.88%, Series I, Pfd.		7,000		176,960
PartnerRe Ltd., 6.50%, Series G, Pfd.		5,500		139,095
PartnerRe Ltd., 4.88%, Series J, Pfd.		13,349		354,283
				2,083,545
Multi-Utilities–0.62%
Algonquin Power & Utilities Corp., 6.88%, Pfd.(e)		29,938		826,289
Algonquin Power & Utilities Corp., 6.20%, Series 19-A, Pfd.(e)		36,446		1,010,283
Brookfield Infrastructure Partners L.P., 5.13%, Series 13, Pfd.		21,445		551,351
Brookfield Infrastructure Partners L.P., 5.00%, Series 14, Pfd.		20,000		502,000
CMS Energy Corp., 5.63%, Pfd.		12,500		333,750
CMS Energy Corp., 5.88%, Pfd.		104,509		2,873,319
DTE Energy Co., 4.38%, Series G, Pfd.		13,000		325,000
Integrys Holding, Inc., 6.00%, Pfd.(e)		40,250		1,050,525
NiSource, Inc., 6.50%, Series B, Pfd.(e)		52,065		1,431,787
Sempra Energy, 5.75%, Pfd.		78,879		2,159,707
				11,064,011
Office REITs–0.29%
Office Properties Income Trust, 5.88%, Pfd.		32,280		811,842
Office Properties Income Trust, 6.38%, Pfd.		17,000		456,110
SL Green Realty Corp., 6.50%, Series I, Pfd.		23,950		615,036
Vornado Realty Trust, 5.40%, Series L, Pfd.		80,052		2,061,339
Vornado Realty Trust, 5.25%, Series M, Pfd.		17,000		448,290
Vornado Realty Trust, 5.25%, Series N, Pfd.		30,000		797,700
				5,190,317
Office Services & Supplies–0.06%
Pitney Bowes, Inc., 6.70%, Pfd.		44,255		1,104,162
Oil & Gas Storage & Transportation–0.45%
DCP Midstream L.P., 7.88%, Series B, Pfd.(e)		16,791		407,182

	Shares		Value
Oil & Gas Storage & Transportation–(continued)
DCP Midstream L.P., 7.95%, Series C, Pfd.(e)		11,894	$	289,024
Enbridge, Inc., 6.38%, Series B, Pfd.(e)		62,478		1,655,667
Energy Transfer L.P., 7.63%, Series D, Pfd.(e)		41,778		1,013,534
Energy Transfer L.P., 7.38%, Series C, Pfd.(e)		37,128		892,186
Energy Transfer L.P., 7.60%, Series E, Pfd.(e)		102,948		2,499,577
NuStar Energy L.P., 9.00%, Series C, Pfd.(e)		17,963		444,944
NuStar Energy L.P., 7.63%, Series B, Pfd.(e)		40,090		833,872
				8,035,986
Other Diversified Financial Services–0.28%
Equitable Holdings, Inc., 5.25%, Series A, Pfd.		83,304		2,172,568
Equitable Holdings, Inc., 4.30%, Series C, Pfd.		31,239		771,291
KKR Group Finance Co. IX LLC, 4.63%, Pfd.		50,000		1,280,000
Voya Financial, Inc., 5.35%, Series B, Pfd.(e)		31,239		886,563
				5,110,422
Property & Casualty Insurance–1.05%
Allstate Corp. (The), 5.63%, Series G, Pfd.		59,875		1,662,729
Allstate Corp. (The), 5.10%, Pfd.(e)		52,065		1,399,507
Allstate Corp. (The), 5.10%, Series H, Pfd.		119,750		3,270,373
Allstate Corp. (The), 4.75%, Series I, Pfd.		31,239		830,645
Arch Capital Group Ltd., 5.25%, Series E, Pfd.		59,874		1,520,201
Arch Capital Group Ltd., 5.45%, Series F, Pfd.		20,374		531,558
Argo Group International Holdings Ltd., 7.00%, Pfd.(e)		15,620		427,519
Argo Group U.S., Inc., 6.50%, Pfd.		14,969		385,601
Aspen Insurance Holdings Ltd., 5.95%, Pfd.(e)		28,636		774,604
Aspen Insurance Holdings Ltd., 5.63%, Pfd.		52,066		1,365,691
Assured Guaranty Municipal Holdings, Inc., 6.25%, Pfd.		44,319		1,177,556
AXIS Capital Holdings Ltd., 5.50%, Series E, Pfd.		57,272		1,457,572
Selective Insurance Group, Inc., 4.60%, Series B, Pfd.		20,000		500,200
W R Berkley Corp., 4.13%, Pfd.		32,000		816,960
W.R. Berkley Corp., 5.75%, Pfd.		30,771		779,122
W.R. Berkley Corp., 5.70%, Pfd.		19,589		532,037
W.R. Berkley Corp., 5.10%, Pfd.		31,232		822,339
W.R. Berkley Corp., 4.25%, Pfd.		25,000		632,750
				18,886,964
Real Estate Operating Companies–0.10%
Brookfield Property Partners L.P., 6.50%, Series A-1, Pfd.		19,160		487,239
Brookfield Property Partners L.P., 6.38%, Series A2, Pfd.		26,033		657,593

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Multi-Asset Income Fund

	Shares		Value
Real Estate Operating Companies–(continued)
Brookfield Property Partners L.P., 5.75%, Series A, Pfd.		29,938	$	709,531
				1,854,363
Regional Banks–2.76%
Associated Banc-Corp., 5.88%, Series E, Pfd.		10,413		285,524
Associated Banc-Corp., 5.63%, Series F, Pfd.		10,413		295,937
BancorpSouth Bank, 5.50%, Series A, Pfd.		17,963		480,510
BOK Financial Corp., 5.38%, Pfd.		16,218		411,775
CIT Group, Inc., 5.63%, Series B, Pfd.		20,826		550,848
Citizens Financial Group, Inc., 6.35%, Series D, Pfd.(e)		21,249		595,397
Citizens Financial Group, Inc., 5.00%, Series E, Pfd.		56,474		1,465,500
Cullen/Frost Bankers, Inc., 4.45%, Series B, Pfd.		16,010		405,693
Dime Community Bancshares, Inc., 5.50%, Pfd.		14,324		365,692
F.N.B. Corp., 7.25%, Pfd.(e)		11,545		328,109
Fifth Third Bancorp, 6.63%, Series I, Pfd.(e)		54,274		1,533,783
Fifth Third Bancorp, 6.00%, Series A, Pfd.		12,500		332,500
Fifth Third Bancorp, 4.95%, Series K, Pfd.		27,315		736,686
First Citizens BancShares, Inc., 5.38%, Series A, Pfd.		35,925		965,305
First Horizon Corp., 6.20%, Series A, Pfd.		11,940		303,276
First Horizon Corp., 6.50%, Pfd.		16,869		472,163
First Horizon Corp., 6.10%, Series D, Pfd.(e)		7,500		200,850
First Midwest Bancorp, Inc., 7.00%, Series A, Pfd.		11,677		331,510
First Midwest Bancorp, Inc., 7.00%, Series C, Pfd.		13,245		376,158
First Republic Bank, 5.13%, Series H, Pfd.		20,826		544,392
First Republic Bank, 5.50%, Series I, Pfd.		31,239		850,013
First Republic Bank, 4.70%, Series J, Pfd.		41,132		1,065,319
First Republic Bank, 4.13%, Series K, Pfd.		52,065		1,299,022
First Republic Bank, 4.25%, Series L, Pfd.		77,838		2,000,437
Fulton Financial Corp., 5.13%, Series A, Pfd.		20,826		538,144
Hancock Whitney Corp., 5.95%, Pfd.		15,620		398,622
Hancock Whitney Corp., 6.25%, Pfd.		17,930		493,165
Huntington Bancshares, Inc., 6.25%, Series D, Pfd.		64,874		1,644,556
Huntington Bancshares, Inc., 5.88%, Series C, Pfd.		10,932		285,544
Huntington Bancshares, Inc., 4.50%, Series H, Pfd.		49,000		1,232,350
KeyCorp, 6.13%, Series E, Pfd.(e)		52,065		1,561,950
KeyCorp, 5.65%, Series F, Pfd.		44,255		1,199,753
KeyCorp, 5.63%, Series G, Pfd.		46,859		1,292,840

	Shares		Value
Regional Banks–(continued)
People’s United Financial, Inc., 5.63%, Series A, Pfd.(e)		26,033	$	715,907
PNC Financial Services Group, Inc. (The), 6.13%, Series P, Pfd.(e)		156,196		4,095,459
Popular Capital Trust I, 6.70%, Pfd.		18,854		490,015
Popular Capital Trust II, 6.13%, Pfd.		14,056		361,099
Regions Financial Corp., 6.38%, Series A, Pfd.		52,065		1,320,889
Regions Financial Corp., 6.38%, Series B, Pfd.(e)		52,065		1,483,332
Regions Financial Corp., 5.70%, Series C, Pfd.(e)		52,065		1,433,349
Signature Bank, 5.00%, Series A, Pfd.		76,015		1,949,785
SVB Financial Group, 5.25%, Series A, Pfd.		36,446		973,473
Synovus Financial Corp., 6.30%, Series D, Pfd.(e)		20,826		549,390
Synovus Financial Corp., 5.88%, Series E, Pfd.(e)		36,446		972,379
TCF Financial Corp., 5.70%, Series C, Pfd.		18,223		489,288
Texas Capital Bancshares, Inc., 6.50%, Series A, Pfd.		15,620		399,091
Texas Capital Bancshares, Inc., 6.50%, Pfd.		13,254		336,652
Texas Capital Bancshares, Inc., 5.75%, Series B, Pfd.		31,000		802,280
Truist Financial Corp., 5.63%, Series H, Pfd.		52,569		1,331,047
Truist Financial Corp., 5.25%, Series O, Pfd.(g)		59,875		1,668,117
Truist Financial Corp., 4.75%, Series R, Pfd.		96,321		2,554,433
Valley National Bancorp, 5.50%, Series B, Pfd.(e)		10,413		268,135
Valley National Bancorp, 6.25%, Series A, Pfd.(e)		11,975		335,180
Webster Financial Corp., 5.25%, Series F, Pfd.		15,620		409,869
Wintrust Financial Corp., 6.50%, Series D, Pfd.(e)		13,016		363,667
Wintrust Financial Corp., 6.88%, Series E, Pfd.(e)		29,938		834,671
Zions Bancorporation N.A., 6.30%, Series G, Pfd.(e)		14,524		397,522
Zions Bancorporation N.A., 5.75%, Series H, Pfd.		13,000		332,540
				49,710,892
Reinsurance–0.29%
Enstar Group Ltd., 7.00%, Series D, Pfd.(e)		44,195		1,273,258
Enstar Group Ltd., 7.00%, Series E, Pfd.		9,125		252,124
Reinsurance Group of America, Inc., 5.75%, Pfd.(e)		51,649		1,454,952
Reinsurance Group of America, Inc., 6.20%, Pfd.(e)		29,999		794,974
RenaissanceRe Holdings Ltd., 5.75%, Series F, Pfd.		26,527		735,859
RenaissanceRe Holdings Ltd., 5.38%, Series E, Pfd.		29,179		741,438
				5,252,605

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Multi-Asset Income Fund

	Shares		Value
Renewable Electricity–0.03%
Brookfield Renewable Partners L.P., 5.25%, Series 17, Pfd.		20,826	$	547,932
Residential REITs–0.11%
American Homes 4 Rent, 5.88%, Series F, Pfd.		16,759		442,270
American Homes 4 Rent, 5.88%, Series G, Pfd.		4,500		118,845
American Homes 4 Rent, 6.50%, Series D, Pfd.		29,058		734,005
American Homes 4 Rent, 6.35%, Series E, Pfd.		24,868		631,150
American Homes 4 Rent, 6.25%, Series H, Pfd.		4,000		108,760
				2,035,030
Retail REITs–0.20%
Federal Realty Investment Trust, 5.00%, Series C, Pfd.		15,620		415,804
Kimco Realty Corp., 5.13%, Series L, Pfd.		23,429		615,011
Kimco Realty Corp., 5.25%, Class M, Pfd.		27,543		733,746
National Retail Properties, Inc., 5.20%, Series F, Pfd.		35,925		926,865
SITE Centers Corp., 6.38%, Series A, Pfd.		18,223		482,181
Spirit Realty Capital, Inc., 6.00%, Series A, Pfd.		17,963		481,229
				3,654,836
Specialized Finance–0.04%
National Rural Utilities Cooperative Finance Corp., 5.50%, Pfd.		26,033		690,916
Specialized REITs–0.77%
Digital Realty Trust, Inc., 5.25%, Series J, Pfd.		20,826		553,347
Digital Realty Trust, Inc., 6.63%, Series C, Pfd.		20,956		527,882
Digital Realty Trust, Inc., 5.85%, Series K, Pfd.		21,867		611,183
Digital Realty Trust, Inc., 5.20%, Series L, Pfd.		35,925		978,956
EPR Properties, 5.75%, Series G, Pfd.		15,620		395,811
Public Storage, 5.13%, Series C, Pfd.		41,574		1,055,980
Public Storage, 4.95%, Series D, Pfd.		69,750		1,769,557
Public Storage, 4.90%, Series E, Pfd.		64,949		1,675,684
Public Storage, 5.15%, Series F, Pfd.		9,700		258,602
Public Storage, 5.05%, Series G, Pfd.		21,400		566,886
Public Storage, 5.60%, Series H, Pfd.		21,200		600,384
Public Storage, 4.88%, Series I, Pfd.(g)		33,500		923,260
Public Storage, 4.70%, Series J, Pfd.		10,000		273,900
Public Storage, 4.75%, Series K, Pfd.		18,500		513,745
Public Storage, 4.63%, Series L, Pfd.		59,564		1,595,719
Public Storage, 4.13%, Series M, Pfd.		20,000		521,600
Public Storage, 3.88%, Series N, Pfd.		10,000		253,000
Public Storage, 3.90%, Series O, Pfd.		16,500		430,650
QTS Realty Trust, Inc., 7.13%, Series A, Pfd.		11,142		312,310
				13,818,456

	Shares		Value
Thrifts & Mortgage Finance–0.13%
New York Community Bancorp, Inc., 6.38%, Series A, Pfd.(e)		53,627	$	1,489,222
Washington Federal, Inc., 4.88%, Series A, Pfd.		31,239		804,092
				2,293,314
Trading Companies & Distributors–0.27%
Air Lease Corp., 6.15%, Series A, Pfd.(e)		26,033		699,246
Fortress Transportation and Infrastructure Investors LLC, 8.00%, Series B, Pfd.(e)		12,500		322,500
Fortress Transportation and Infrastructure Investors LLC, 8.25%, Series A, Pfd.(e)		10,500		274,575
GATX Corp., 5.63%, Pfd.		15,620		395,967
Triton International Ltd., 8.00%, Pfd.		14,969		419,132
Triton International Ltd., 7.38%,Pfd.		18,223		498,946
Triton International Ltd., 6.88%, Pfd.		15,620		418,772
WESCO International, Inc., 10.63%, Series A, Pfd.(e)		56,260		1,785,693
				4,814,831
Wireless Telecommunication Services–0.47%
Telephone & Data Systems, Inc., 7.00%, Pfd.		31,832		803,440
Telephone & Data Systems, Inc., 5.88%, Pfd.		20,305		521,229
Telephone & Data Systems, Inc., 6.88%, Pfd.		23,874		605,922
Telephone & Data Systems, Inc., 6.63%, Pfd.		12,105		314,125
Telephone & Data Systems, Inc., 6.63%, Series UU, Pfd.		42,000		1,157,100
United States Cellular Corp., 7.25%, Pfd.		31,239		800,031
United States Cellular Corp., 6.95%, Pfd.		36,494		934,246
United States Cellular Corp., 7.25%, Pfd.		28,636		725,063
United States Cellular Corp., 6.25%, Pfd.		50,000		1,325,000
United States Cellular Corp., 5.50%, Pfd.		52,065		1,331,823
				8,517,979
Total Preferred Stocks (Cost $366,676,129)				380,432,390
	Principal Amount
Equity Linked Notes–19.82%
Diversified Banks–16.80%
Bank of Montreal (Canada),
9.93%, 05/12/2021(b)	$	15,204,000		15,511,247
10.75%, 05/27/2021(b)		15,176,000		15,161,910
9.58%, 06/02/2021(b)		15,204,000		15,217,401
Barclays Bank PLC (United Kingdom), 22.05%, 05/24/2021(b)		7,786,000		8,019,910
BNP Paribas Issuance B.V. (France),
13.90%, 05/04/2021		8,130,000		8,303,881
19.22%, 05/13/2021(b)		7,684,000		7,874,877
20.00%, 05/17/2021(b)		7,724,000		7,961,808
18.58%, 05/17/2021(b)		8,130,000		8,384,628

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Diversified Banks–(continued)
BofA Finance LLC, 13.10%, 06/01/2021(b)	$	15,340,000	$	15,294,163
Canadian Imperial Bank of Commerce (Canada),
Series 1, 9.50%, 05/10/2021(b)		15,340,000		15,336,372
Series DN0O, 12.85%, 05/25/2021(b)		15,014,000		14,492,429
12.24%, 06/08/2021(b)		15,420,000		15,420,000
Citigroup Global Markets Holdings, Inc., Series 1, 9.60%, 05/20/2021(b)		15,260,000		15,407,883
HSBC Bank USA N.A.,
Series DN3C, 13.55%, 05/05/2021(b)		15,215,000		15,605,989
Series 14, 14.45%, 05/07/2021(b)		15,312,000		15,560,190
Series 12, 10.46%, 05/14/2021(b)		15,340,000		15,206,724
JPMorgan Chase Bank N.A.,
15.04%, 05/03/2021		8,130,000		8,167,789
20.14%, 06/03/2021(b)		7,843,000		7,637,420
Series EMUU, 12.94%, 05/18/2021(b)		15,259,000		15,200,011
Royal Bank of Canada (Canada), Conv.,
20.80%, 05/03/2021(b)		8,130,000		8,671,753
16.34%, 05/13/2021(b)		7,956,000		8,270,521
11.76%, 05/19/2021(b)		15,272,000		15,052,709
47.86%, 05/24/2021(b)		8,024,000		8,091,092
35.48%, 06/03/2021(b)		7,910,000		7,647,858
Toronto-Dominion Bank (The) (Canada), 11.69%, 05/28/2021(b)		15,312,000		14,819,958
				302,318,523
Diversified Capital Markets–1.33%
Credit Suisse AG (Switzerland),
19.80%, 05/04/2021		8,130,000		8,671,556
Series MU06, 34.40%, 06/07/2021(b)		7,944,000		7,564,861
Series MU07, 17.10%, 06/07/2021(b)		7,843,000		7,684,506
				23,920,923
Investment Banking & Brokerage–1.69%
GS Finance Corp.,
Series EMV6, 8.44%, 05/11/2021(b)		15,368,000		15,372,952
Series MTT2, 8.65%, 05/21/2021(b)		15,124,000		15,039,619
				30,412,571
Total Equity Linked Notes (Cost $355,524,000)				356,652,017
U.S. Treasury Securities–7.54%
U.S. Treasury Bills–0.04%
0.06%, 07/15/2021(i)		670,000		669,988
U.S. Treasury Bonds–7.50%
4.25%, 11/15/2040(j)		100,300,000		134,989,696
Total U.S. Treasury Securities (Cost $126,333,197)				135,659,684

	Principal Amount		Value
Variable Rate Senior Loan Interests–1.72%(k)(l)
Casinos & Gaming–0.12%
Four Seasons Hotels Ltd. (Canada), First Lien Term Loan, 2.11% (3 mo. USD LIBOR + 2.00%), 11/30/2023	$	2,119,466	$	2,117,400
Food Distributors–0.14%
United Natural Foods, Inc., Term Loan B, 3.61% (3 mo. USD LIBOR + 3.50%), 10/22/2025		2,455,743		2,457,401
Health Care Services–0.36%
Global Medical Response, Inc., Term Loan, 5.75% (1 mo. USD LIBOR + 4.75%), 10/02/2025		2,188,515		2,195,354
Radiology Partners, Inc., First Lien Term Loan B, 4.36% (1 mo. USD LIBOR + 4.25%), 07/09/2025		2,195,000		2,190,369
Surgery Center Holdings, Inc., Term Loan, 4.25% (3 mo. USD LIBOR + 3.25%), 09/03/2024		2,188,331		2,183,538
				6,569,261
Metal & Glass Containers–0.23%
Flex Acquisition Co., Inc., Incremental Term Loan B, 3.45% (3 mo. USD LIBOR + 3.25%), 06/29/2025		2,103,247		2,075,126
Graham Packaging Co., Inc., Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), 08/04/2027		2,120,000		2,117,477
				4,192,603
Oil & Gas Exploration & Production–0.03%
Ascent Resources Utica Holdings LLC, Term Loan, 10.00% (1 mo. USD LIBOR + 9.00%), 11/01/2025		548,000		609,195
Packaged Foods & Meats–0.18%
PetSmart, Inc., First Lien Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 02/12/2028		3,224,667		3,237,969
Paper Products–0.12%
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 01/27/2028(m)		2,116,667		2,103,438
Pharmaceuticals–0.30%
Endo Luxembourg Finance Co. I S.a.r.l., Term Loan, 5.75% (1 mo. USD LIBOR + 5.00%), 03/10/2028		2,130,000		2,081,542
Valeant Pharmaceuticals International, Inc., First Lien Incremental Term Loan, 2.86% (3 mo. USD LIBOR + 2.75%), 11/27/2025(e)		3,297,643		3,292,499
				5,374,041

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Restaurants–0.19%
IRB Holding Corp., First Lien Term Loan B, 4.25% (1 mo. USD LIBOR + 3.25%), 12/15/2027	$	3,403,800	$	3,400,617
Systems Software–0.05%
Boxer Parent Co., Inc., Term Loan B, 3.86% (1 mo. USD LIBOR + 3.75%), 10/02/2025		975,923		972,449
Total Variable Rate Senior Loan Interests (Cost $31,038,751)				31,034,374
Non-U.S. Dollar Denominated Bonds & Notes–0.40%(n)
Building Products–0.13%
Maxeda DIY Holding B.V. (Netherlands), 5.88%, 10/01/2026(b)	EUR	1,858,000		2,321,177
Casinos & Gaming–0.01%
Codere Finance 2 (Luxembourg) S.A. (Spain), 10.75%, 09/30/2023(b)	EUR	211,000		272,072
Diversified Banks–0.12%
Erste Group Bank AG (Austria), 6.50%(b)(e)(f)	EUR	1,600,000		2,171,984
Food Retail–0.13%
Iceland Bondco PLC (United Kingdom), 4.63%, 03/15/2025(b)	GBP	1,738,000		2,372,819
Textiles–0.01%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 5.38%, 05/01/2023(b)	EUR	100,000		113,042
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $6,943,547)				7,251,094
Asset-Backed Securities–0.00%
Banc of America Funding Trust, Series 2007-1, Class 1A3, 6.00%, 01/25/2037		75,649		74,589
GMACM Home Equity Loan Trust, Series 2007-HE2, Class A2, 6.05%, 12/25/2037(o)		3,236		3,332
Total Asset-Backed Securities (Cost $71,836)				77,921

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.00%
Collateralized Mortgage Obligations–0.00%
Fannie Mae REMICs, IO,
6.59% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024(p)(q)	$	809	$	29
9.69% (9.80% - (1.00 x 1 mo. USD LIBOR)), 03/17/2031(p)(q)		32		2
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $1,236)				31
	Shares
Money Market Funds–16.23%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(r)(s)		100,419,995		100,419,995
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(r)(s)		76,861,573		76,892,318
Invesco Treasury Portfolio, Institutional Class, 0.01%(r)(s)		114,765,709		114,765,709
Total Money Market Funds (Cost $292,058,388)				292,078,022
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-103.61% (Cost $1,826,949,252)				1,864,834,613
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.45%
Invesco Private Government Fund, 0.01%(r)(s)(t)		3,248,136		3,248,136
Invesco Private Prime Fund, 0.11%(r)(s)(t)		4,870,257		4,872,205
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,120,341)				8,120,341
TOTAL INVESTMENTS IN SECURITIES–104.06% (Cost $1,835,069,593)				1,872,954,954
OTHER ASSETS LESS LIABILITIES–(4.06)%				(73,043,698	)
NET ASSETS–100.00%			$	1,799,911,256

Investment Abbreviations:
Conv.	- Convertible
EUR	- Euro
GBP	- British Pound Sterling
IO	- Interest Only
LIBOR	- London Interbank Offered Rate
Pfd.	- Preferred
PIK	- Pay-in-Kind
REIT	- Real Estate Investment Trust
REMICs	- Real Estate Mortgage Investment Conduits
USD	- U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco Multi-Asset Income Fund

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $781,416,568, which represented 43.41% of the Fund’s Net Assets.

^(c)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, 2021 was $1,248,598, which represented less than 1% of the Fund’s Net Assets.

^(d) All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(e)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(f)  Perpetual bond with no specified maturity date.

^(g)  All or a portion of this security was out on loan at April 30, 2021.

^(h)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

⁽ⁱ⁾  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(j)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1O.

^(k)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(l)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(m) Security valued using significant unobservable inputs (Level 3). See Note 3.

⁽ⁿ⁾  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(o) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2021.

^(p)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(q)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2021.

^(r)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	91,650,571	$	152,532,625	$	(143,763,201	)	$	-	$	-		$	100,419,995	$	12,990
Invesco Liquid Assets Portfolio, Institutional Class		70,629,080		108,951,875		(102,688,001	)		2,151		(2,787	)		76,892,318		17,004
Invesco Treasury Portfolio, Institutional Class		104,743,510		174,323,000		(164,300,801	)		-		-			114,765,709		6,040
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		3,753,133		25,132,874		(25,637,871	)		-		-			3,248,136		357	*
Invesco Private Prime Fund		5,629,700		35,851,506		(36,609,201	)		-		200			4,872,205		3,032	*
Total	$	276,405,994	$	496,791,880	$	(472,999,075	)	$	2,151	$	(2,587	)	$	300,198,363	$	39,423

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(s)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

^(t)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1L.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini Russell 2000 Index		200		June-2021	$	22,615,000	$	(645,555	)	$	(645,555	)
E-Mini S&P 500 Index		119		June-2021		24,837,680		1,709,808			1,709,808
EURO STOXX 50 Index		370		June-2021		17,526,396		692,075			692,075
FTSE 100 Index		258		June-2021		24,719,060		751,420			751,420
Hang Seng Index		80		May-2021		14,691,513		(180,594	)		(180,594	)
Tokyo Stock Price Index		130		June-2021		22,618,263		136,376			136,376
Subtotal								2,463,530			2,463,530

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Invesco Multi-Asset Income Fund

Open Futures Contracts(a) –(continued)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		9		June-2021	$	1,986,820		$	(1,565	)	$	(1,565	)
U.S. Treasury 10 Year Ultra Notes		136		June-2021		19,794,375			(398,738	)		(398,738	)
U.S. Treasury Long Bonds		215		June-2021		33,808,750			(792,982	)		(792,982	)
U.S. Treasury Ultra Bonds		81		June-2021		15,058,406			(474,690	)		(474,690	)
Subtotal									(1,667,975	)		(1,667,975	)
Subtotal–Long Futures Contracts									795,555			795,555
Short Futures Contracts
Interest Rate Risk
Euro-Bund		219		June-2021		(44,759,754	)		459,793			459,793
Long Gilt		195		June-2021		(34,382,125	)		308,930			308,930
U.S. Treasury 5 Year Notes		57		June-2021		(7,064,438	)		40,947			40,947
U.S. Treasury 10 Year Notes		36		June-2021		(4,753,125	)		77,782			77,782
U.S. Treasury Long Bonds		135		June-2021		(21,228,750	)		471,140			471,140
Subtotal–Short Futures Contracts									1,358,592			1,358,592
Total Futures Contracts								$	2,154,147		$	2,154,147

^(a) Futures contracts collateralized by $10,960,000 cash held with Goldman Sachs & Co. LLC, the futures commission merchant.

Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized
Date	Counterparty	Deliver		Receive		Appreciation
Currency Risk
05/17/2021	Citibank, N.A.	EUR	4,732,000	USD	5,745,120	$	54,643
05/17/2021	Goldman Sachs International	GBP	1,380,000	USD	1,909,282		3,388
Total Forward Foreign Currency Contracts						$	58,031

Abbreviations:

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2021

U.S. Dollar Denominated Bonds & Notes	36.76%
Preferred Stocks	21.14
Equity Linked Notes	19.82
U.S. Treasury Securities	7.54
Variable Rate Senior Loan Interests	1.72
Security Types Each Less Than 1% of Portfolio	0.40
Money Market Funds Plus Other Assets Less Liabilities	12.62

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Invesco Multi-Asset Income Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,534,890,864)*	$	1,572,756,591
Investments in affiliated money market funds, at value (Cost $300,178,729)		300,198,363
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		58,031
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		10,960,000
Cash		14,818,354
Foreign currencies, at value (Cost $1,622,141)		1,641,294
Receivable for:
Investments sold		7,251,024
Fund shares sold		862,094
Dividends		1,985,571
Interest		12,014,530
Investment for trustee deferred compensation and retirement plans		275,847
Other assets		80,252
Total assets		1,922,901,951
Liabilities:
Other investments:
Variation margin payable – futures contracts		914,606
Payable for:
Investments purchased		109,197,654
Fund shares reacquired		3,086,531
Collateral upon return of securities loaned		8,120,341
Accrued fees to affiliates		1,081,810
Accrued other operating expenses		265,409
Trustee deferred compensation and retirement plans		324,344
Total liabilities		122,990,695
Net assets applicable to shares outstanding	$	1,799,911,256
Net assets consist of:
Shares of beneficial interest	$	2,211,040,524
Distributable earnings (loss)		(411,129,268	)
	$	1,799,911,256

Net Assets:
Class A	$	1,205,360,321
Class C	$	166,779,227
Class R	$	52,707,456
Class Y	$	307,759,616
Class R5	$	91,521
Class R6	$	67,213,115
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		123,739,326
Class C		17,128,157
Class R		5,405,817
Class Y		31,570,108
Class R5		9,393
Class R6		6,895,215
Class A:
Net asset value per share	$	9.74
Maximum offering price per share (Net asset value of $9.74 ÷ 94.50%)	$	10.31
Class C:
Net asset value and offering price per share	$	9.74
Class R:
Net asset value and offering price per share	$	9.75
Class Y:
Net asset value and offering price per share	$	9.75
Class R5:
Net asset value and offering price per share	$	9.74
Class R6:
Net asset value and offering price per share	$	9.75

* At April 30, 2021, securities with an aggregate value of $7,926,537 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21 Invesco Multi-Asset Income Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Interest	$	42,843,454
Dividends (net of foreign withholding taxes of $1,988)		10,907,345
Dividends from affiliated money market funds (includes securities lending income of $78,409)		114,443
Total investment income		53,865,242
Expenses:
Advisory fees		4,075,843
Administrative services fees		147,358
Custodian fees		13,562
Distribution fees:
Class A		1,418,946
Class C		941,346
Class R		135,673
Transfer agent fees – A, C, R and Y		1,439,363
Transfer agent fees – R5		26
Transfer agent fees – R6		3,975
Trustees’ and officers’ fees and benefits		25,825
Registration and filing fees		64,845
Licensing fees		453,691
Reports to shareholders		32,745
Professional services fees		32,604
Taxes		32,108
Other		13,023
Total expenses		8,830,933
Less: Fees waived and/or expense offset arrangement(s)		(847,565	)
Net expenses		7,983,368
Net investment income		45,881,874
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		43,066,648
Affiliated investment securities		(2,787	)
Foreign currencies		(200,976	)
Forward foreign currency contracts		(203,636	)
Futures contracts		25,939,458
Swap agreements		(614,933	)
		67,983,774
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		30,523,501
Affiliated investment securities		2,151
Foreign currencies		(37,349	)
Forward foreign currency contracts		(8,338	)
Futures contracts		7,189,405
Swap agreements		307,585
		37,976,955
Net realized and unrealized gain		105,960,729
Net increase in net assets resulting from operations	$	151,842,603

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22 Invesco Multi-Asset Income Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income	$	45,881,874		$	89,487,820
Net realized gain (loss)		67,983,774			(136,463,179	)
Change in net unrealized appreciation		37,976,955			67,596,696
Net increase in net assets resulting from operations		151,842,603			20,621,337
Distributions to shareholders from distributable earnings:
Class A		(36,393,647	)		(43,417,650	)
Class C		(4,911,001	)		(9,182,693	)
Class R		(1,553,916	)		(1,823,413	)
Class Y		(10,365,812	)		(25,144,721	)
Class R5		(2,791	)		(5,020	)
Class R6		(2,099,309	)		(4,004,038	)
Total distributions from distributable earnings		(55,326,476	)		(83,577,535	)
Share transactions–net:
Class A		(65,566,401	)		1,000,267,355
Class C		(54,743,791	)		104,140,912
Class R		(5,951,760	)		49,020,979
Class Y		(70,877,211	)		27,485,746
Class R5		1,940			(9,326	)
Class R6		(1,787,418	)		14,917,961
Net increase (decrease) in net assets resulting from share transactions		(198,924,641	)		1,195,823,627
Net increase (decrease) in net assets		(102,408,514	)		1,132,867,429
Net assets:
Beginning of period		1,902,319,770			769,452,341
End of period	$	1,799,911,256		$	1,902,319,770

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23 Invesco Multi-Asset Income Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/21		$	9.26		$	0.24		$	0.53			$	0.77			$	(0.29	)		$	–			$	(0.29	)		$	9.74		8.35	%		$	1,205,360		0.82	%(d)		0.91	%(d)		4.97	%(d)		31	%
Year ended 10/31/20			10.79			0.58			(1.55	)			(0.97	)			(0.56	)			–				(0.56	)			9.26		(8.97	)(e)			1,209,154		0.82	(e)		0.92	(e)		6.13	(e)		117
Year ended 10/31/19			10.07			0.55			0.74				1.29				(0.57	)			–				(0.57	)			10.79		13.18				188,655		0.84			0.97			5.21			76
Year ended 10/31/18			11.01			0.51			(0.84	)			(0.33	)			(0.52	)			(0.09	)			(0.61	)			10.07		(3.13	)			131,971		0.85			1.00			4.76			59
Year ended 10/31/17			10.51			0.49			0.50				0.99				(0.49	)			–				(0.49	)			11.01		9.64				191,395		0.86			1.06			4.53			40
Year ended 10/31/16			10.09			0.47			0.45				0.92				(0.50	)			–				(0.50	)			10.51		9.44				91,585		1.04			1.28			4.60			101
Class C
Six months ended 04/30/21			9.26			0.20			0.53				0.73				(0.25	)			–				(0.25	)			9.74		7.94				166,779		1.59	(d)		1.68	(d)		4.20	(d)		31
Year ended 10/31/20			10.78			0.51			(1.54	)			(1.03	)			(0.49	)			–				(0.49	)			9.26		(9.58	)			210,967		1.59			1.69			5.36			117
Year ended 10/31/19			10.06			0.47			0.74				1.21				(0.49	)			–				(0.49	)			10.78		12.35				118,619		1.59			1.72			4.46			76
Year ended 10/31/18			11.00			0.43			(0.84	)			(0.41	)			(0.44	)			(0.09	)			(0.53	)			10.06		(3.87	)			85,370		1.60			1.75			4.01			59
Year ended 10/31/17			10.50			0.41			0.50				0.91				(0.41	)			–				(0.41	)			11.00		8.83				74,211		1.61			1.81			3.78			40
Year ended 10/31/16			10.08			0.39			0.45				0.84				(0.42	)			–				(0.42	)			10.50		8.62				24,238		1.79			2.03			3.85			101
Class R
Six months ended 04/30/21			9.27			0.23			0.53				0.76				(0.28	)			–				(0.28	)			9.75		8.21				52,707		1.09	(d)		1.18	(d)		4.70	(d)		31
Year ended 10/31/20			10.78			0.55			(1.52	)			(0.97	)			(0.54	)			–				(0.54	)			9.27		(9.02	)			55,930		1.09			1.19			5.86			117
Year ended 10/31/19			10.07			0.52			0.74				1.26				(0.55	)			–				(0.55	)			10.78		12.80				5,202		1.09			1.22			4.96			76
Year ended 10/31/18			11.01			0.48			(0.84	)			(0.36	)			(0.49	)			(0.09	)			(0.58	)			10.07		(3.38	)			2,220		1.10			1.25			4.51			59
Year ended 10/31/17			10.51			0.46			0.50				0.96				(0.46	)			–				(0.46	)			11.01		9.37				1,608		1.11			1.31			4.28			40
Year ended 10/31/16			10.08			0.44			0.46				0.90				(0.47	)			–				(0.47	)			10.51		9.28				538		1.29			1.53			4.35			101
Class Y
Six months ended 04/30/21			9.27			0.25			0.53				0.78				(0.30	)			–				(0.30	)			9.75		8.47				307,760		0.59	(d)		0.68	(d)		5.20	(d)		31
Year ended 10/31/20			10.79			0.62			(1.55	)			(0.93	)			(0.59	)			–				(0.59	)			9.27		(8.65	)			360,565		0.59			0.69			6.36			117
Year ended 10/31/19			10.07			0.57			0.75				1.32				(0.60	)			–				(0.60	)			10.79		13.47				397,303		0.59			0.72			5.46			76
Year ended 10/31/18			11.01			0.53			(0.83	)			(0.30	)			(0.55	)			(0.09	)			(0.64	)			10.07		(2.89	)			288,116		0.60			0.75			5.01			59
Year ended 10/31/17			10.51			0.52			0.50				1.02				(0.52	)			–				(0.52	)			11.01		9.91				328,798		0.61			0.81			4.78			40
Year ended 10/31/16			10.09			0.50			0.44				0.94				(0.52	)			–				(0.52	)			10.51		9.71				31,049		0.79			1.03			4.85			101
Class R5
Six months ended 04/30/21			9.27			0.25			0.52				0.77				(0.30	)			–				(0.30	)			9.74		8.38				92		0.57	(d)		0.58	(d)		5.22	(d)		31
Year ended 10/31/20			10.79			0.62			(1.55	)			(0.93	)			(0.59	)			–				(0.59	)			9.27		(8.63	)			85		0.59			0.63			6.36			117
Year ended 10/31/19			10.08			0.57			0.74				1.31				(0.60	)			–				(0.60	)			10.79		13.35				104		0.59			0.68			5.46			76
Year ended 10/31/18			11.01			0.53			(0.82	)			(0.29	)			(0.55	)			(0.09	)			(0.64	)			10.08		(2.79	)			150		0.60			0.69			5.01			59
Year ended 10/31/17			10.52			0.52			0.49				1.01				(0.52	)			–				(0.52	)			11.01		9.81				30		0.61			0.72			4.78			40
Year ended 10/31/16			10.09			0.50			0.45				0.95				(0.52	)			–				(0.52	)			10.52		9.82				19		0.79			0.90			4.85			101
Class R6
Six months ended 04/30/21			9.27			0.25			0.53				0.78				(0.30	)			–				(0.30	)			9.75		8.51				67,213		0.52	(d)		0.53	(d)		5.27	(d)		31
Year ended 10/31/20			10.79			0.62			(1.55	)			(0.93	)			(0.59	)			–				(0.59	)			9.27		(8.59	)			65,618		0.53			0.54			6.42			117
Year ended 10/31/19			10.07			0.57			0.75				1.32				(0.60	)			–				(0.60	)			10.79		13.47				59,569		0.59			0.60			5.46			76
Year ended 10/31/18			11.01			0.53			(0.83	)			(0.30	)			(0.55	)			(0.09	)			(0.64	)			10.07		(2.89	)			53,904		0.60			0.63			5.01			59
Year ended 10/31/17			10.51			0.52			0.50				1.02				(0.52	)			–				(0.52	)			11.01		9.91				61,077		0.61			0.69			4.78			40
Year ended 10/31/16			10.09			0.49			0.45				0.94				(0.52	)			–				(0.52	)			10.51		9.71				49,388		0.79			0.90			4.85			101

^(a) Calculated using average shares outstanding.

^(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,279,950,104 in connection with the acquisition of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund into the Fund.

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $1,227,834, $189,829, $54,719, $336,891, $90 and $67,364 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e) The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.23% for Class A for the year ended October 31, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24 Invesco Multi-Asset Income Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Multi-Asset Income Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to provide current income.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. 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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income

25 Invesco Multi-Asset Income Fund

and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Master Limited Partnerships – The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

F. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

H. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J. Exchange-traded Notes – The Fund may invest in exchange-traded notes (“ETNs”) which are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy, minus applicable fees. ETNs can be traded on an exchange and/or they can be held to maturity. At maturity, the issuer pays the investor a cash amount equal to the principal amount, subject to the day’s market benchmark or strategy factor. ETNs do not make periodic coupon payments or provide principal protection. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying market, changes in the applicable interest rates, and economic legal, political, or geographic events that affect the referenced underlying market or assets. ETNs are subject to credit risk, including the credit risk of the issuer, and counterparty risk.

K. Equity-Linked Notes – The Fund may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative-type instruments, in a single note form, that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund, exchange-traded note, or an index or basket of securities (underlying securities)) and a related equity derivative, such as a put or call option. Generally, when purchasing an ELN, a Fund pays the counterparty the current value of the underlying securities plus a commission. Upon the maturity of the note, the Fund generally receives the par value of the note plus a return based on the appreciation of the underlying securities. Investments in ELNs possess the risks associated with the underlying securities, such as management risk, market risk and, as applicable, foreign securities and currency risks. In addition, as a note, ELNs are also subject to certain debt securities

26 Invesco Multi-Asset Income Fund

risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the ELN issuer will default or become bankrupt. In such an event, the Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. As the holder of an ELN, the Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends. Should the prices of the underlying securities move in an unexpected manner, the Fund may not achieve the anticipated benefits of its ELN investments, and it may realize losses, which could be significant and could include the Fund’s entire principal investment.

L. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

M. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

N. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

O. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

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.

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When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Q. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

R. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

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An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

S. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

T. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

U. Other Risks – The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

V. 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.

W. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 500 million		0.500%
Next $500 million		0.450%
Next $500 million		0.400%
Over $1.5 billion		0.390%

For the six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.44% .

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.85%, 1.60%, 1.10%, 0.60%, 0.60% and 0.60%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. During its term,

29 Invesco Multi-Asset Income Fund

the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $106,579 and reimbursed class level expenses of $500,252, $77,341, $22,294, $137,258, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $60,214 in front-end sales commissions from the sale of Class A shares and $9,812 and $8,276 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of Invesco.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	6,526,302	$	655,122,778		$–	$	661,649,080
Preferred Stocks		380,432,390		–		–		380,432,390
Equity Linked Notes		–		356,652,017		–		356,652,017
U.S. Treasury Securities		–		135,659,684		–		135,659,684
Variable Rate Senior Loan Interests		–		28,930,936		2,103,438		31,034,374
Non-U.S. Dollar Denominated Bonds & Notes		–		7,251,094		–		7,251,094
Asset-Backed Securities		–		77,921		–		77,921
U.S. Government Sponsored Agency Mortgage-Backed Securities		–		31		–		31
Money Market Funds		292,078,022		8,120,341		–		300,198,363
Total Investments in Securities		679,036,714		1,191,814,802		2,103,438		1,872,954,954
Other Investments - Assets*
Futures Contracts		4,648,271		–		–		4,648,271
Forward Foreign Currency Contracts		–		58,031		–		58,031
		4,648,271		58,031		–		4,706,302

30 Invesco Multi-Asset Income Fund

	Level 1			Level 2		Level 3		Total
Other Investments - Liabilities*
Futures Contracts	$	(2,494,124	)	$	–		$–	$	(2,494,124	)
Total Other Investments		2,154,147			58,031		–		2,212,178
Total Investments	$	681,190,861		$	1,191,872,833		$2,103,438	$	1,875,167,132

*      Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2021:

	Value
Derivative Assets	Currency Risk		Equity Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-		$3,289,679	$	1,358,592		$	4,648,271
Unrealized appreciation on forward foreign currency contracts outstanding		58,031		-		-			58,031
Total Derivative Assets		58,031		3,289,679		1,358,592			4,706,302
Derivatives not subject to master netting agreements		-		(3,289,679)		(1,358,592	)		(4,648,271	)
Total Derivative Assets subject to master netting agreements	$	58,031	$	-	$	-		$	58,031
	Value
Derivative Liabilities	Currency Risk		Equity Risk		Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-		$(826,149)	$	(1,667,975	)	$	(2,494,124	)
Derivatives not subject to master netting agreements		-		826,149		1,667,975			2,494,124
Total Derivative Liabilities subject to master netting agreements	$	-	$	-	$	-		$	-

^(a)    The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2021.

	Financial		Financial
	Derivative		Derivative
	Assets		Liabilities
						Collateral
	Forward Foreign		Forward Foreign	Net Value of		(Received)/Pledged		Net
Counterparty	Currency Contracts		Currency Contracts	Derivatives		Non-Cash	Cash	Amount
Citibank, N.A.	$	54,643	$-	$	54,643	$-	$-	$	54,643
Goldman Sachs International		3,388	-		3,388	-	-		3,388
Total	$	58,031	$-	$	58,031	$-	$-	$	58,031

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Credit			Currency			Equity		Interest
	Risk			Risk			Risk		Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	(203,636	)	$	-	$	-		$	(203,636	)
Futures contracts		-			-			30,895,016		(4,955,558	)		25,939,458
Swap agreements		(614,933	)		-			-		-			(614,933	)

31 Invesco Multi-Asset Income Fund

	Location of Gain (Loss) on Statement of Operations
	Credit		Currency			Equity		Interest
	Risk		Risk			Risk		Rate Risk			Total
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	-	$	(8,338	)	$	-	$	-		$	(8,338	)
Futures contracts		-		-			5,776,414		1,412,991			7,189,405
Swap agreements		307,585		-			-		-			307,585
Total	$	(307,348)	$	(211,974	)	$	36,671,430	$	(3,542,567	)	$	32,609,541

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts	Futures Contracts
Average notional value	$7,583,834	$299,264,873

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,841.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	376,650,333	$	141,149,627	$	517,799,960

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $348,758,195 and $456,840,237, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	50,073,556
Aggregate unrealized (depreciation) of investments		(14,666,690	)
Net unrealized appreciation of investments	$	35,406,866

Cost of investments for tax purposes is $1,839,760,266.

32 Invesco Multi-Asset Income Fund

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2021(a)						October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		3,645,235		$	35,327,472			8,837,871		$	88,755,660
Class C		625,473			6,056,968			2,856,994			29,356,874
Class R		759,293			7,328,277			595,843			5,785,820
Class Y		3,334,088			32,307,204			16,440,584			167,316,372
Class R5		-			-			-			110
Class R6		285,214			2,753,161			1,764,474			16,779,029
Issued as reinvestment of dividends:
Class A		3,304,181			32,011,299			4,010,393			37,584,452
Class C		382,958			3,709,909			704,919			6,647,943
Class R		158,489			1,537,061			193,046			1,809,692
Class Y		737,442			7,150,316			1,927,191			18,384,754
Class R5		200			1,940			405			3,889
Class R6		212,947			2,064,460			419,206			3,980,308
Automatic conversion of Class C shares to Class A shares:
Class A		2,772,781			26,892,298			1,803,643			16,874,860
Class C		(2,773,152	)		(26,892,298	)		(1,803,869	)		(16,874,860	)
Issued in connection with acquisitions:(b)
Class A		-			-			124,864,023			1,103,134,519
Class C		-			-			17,661,349			155,963,156
Class R		-			-			5,864,869			51,826,412
Class Y		-			-			20,645,499			182,406,435
Class R5		-			-			1,827			16,146
Class R6		-			-			1,551,029			13,703,735
Reacquired:
Class A		(16,494,093	)		(159,797,470	)		(26,495,343	)		(246,082,136	)
Class C		(3,884,898	)		(37,618,370	)		(7,648,910	)		(70,952,201	)
Class R		(1,542,415	)		(14,817,098	)		(1,105,734	)		(10,400,945	)
Class Y		(11,383,411	)		(110,334,731	)		(36,959,975	)		(340,621,815	)
Class R5		-			-			(2,711	)		(29,471	)
Class R6		(679,308	)		(6,605,039	)		(2,179,968	)		(19,545,111	)
Net increase (decrease) in share activity		(20,538,976	)	$	(198,924,641	)		133,946,655		$	1,195,823,627

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 17% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 170,588,596 shares of the Fund for 178,589,134 and 8,056,589 shares outstanding of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund, respectively, as of the close of business on April 17, 2020. Shares of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund’s net assets as of the close of business on April 17, 2020 of $1,448,168,023 and $58,882,379, respectively, including $(83,083,525) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $646,225,063 and $2,153,275,466 immediately after the acquisition.

The pro forma results of operations for the year ended October 31, 2020 assuming the reorganization had been completed on November 1, 2019, the beginning of the annual reporting period are as follows:

Net investment income	$	135,024,573
Net realized/unrealized gains (losses)		(451,337,346	)
Change in net assets resulting from operations	$	(316,312,773	)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund that have been included in the Fund’s Statement of Operations since April 18, 2020.

33 Invesco Multi-Asset Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(11/01/20)	(04/30/21)1	Period2	(04/30/21)	Period2	Ratio
Class A	$1,000.00	$1,083.50	$4.24	$1,020.73	$4.11	0.82%
Class C	1,000.00	1,080.60	8.20	1,016.91	7.95	1.59
Class R	1,000.00	1,082.10	5.63	1,019.39	5.46	1.09
Class Y	1,000.00	1,085.90	3.05	1,021.87	2.96	0.59
Class R5	1,000.00	1,084.90	2.95	1,021.97	2.86	0.57
Class R6	1,000.00	1,086.30	2.69	1,022.22	2.61	0.52

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

34 Invesco Multi-Asset Income Fund

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                        Invesco Distributors, Inc.                                                                                     MAIN-SAR-1

	Semiannual Report to Shareholders	April 30, 2021
	Invesco U.S. Managed Volatility Fund
	Nasdaq:
	R6: USMVX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
12	Financial Statements
15	Financial Highlights
16	Notes to Financial Statements
21	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class R6 Shares	21.94	%
S&P 500 Indexq (Broad Market Index)	28.85
Invesco US Large Cap Indexq (Style-Specific Index)	28.79
Lipper S&P 500 Fund Index∎(Peer Group Index)	28.72
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The Invesco US Large Cap Index is a broad-based benchmark measuring the aggregate performance of US large-cap equities.     The Lipper S&P 500 Fund Index is an unmanaged index considered representative of S&P 500 funds tracked by Lipper.     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                      Invesco U.S. Managed Volatility Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class R6 Shares
Inception (12/18/17)	14.47	%
1 Year	34.57

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Performance figures reflect reinvested distributions and changes in net asset value. Shares of the Fund are sold at net asset value without a sales charge. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco U.S. Managed Volatility Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

    The  Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                      Invesco U.S. Managed Volatility Fund

Schedule of Investments^(a)

April 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.23%
Advertising–0.05%
Omnicom Group, Inc.		160	$	13,162
Aerospace & Defense–1.60%
Boeing Co. (The)(b)		468		109,657
General Dynamics Corp.		218		41,470
L3Harris Technologies, Inc.		157		32,849
Lockheed Martin Corp.		218		82,962
Northrop Grumman Corp.		130		46,077
Raytheon Technologies Corp.		1,182		98,390
TransDigm Group, Inc.(b)		39		23,936
				435,341
Agricultural & Farm Machinery–0.33%
Deere & Co.		242		89,746
Agricultural Products–0.10%
Archer-Daniels-Midland Co.		425		26,830
Air Freight & Logistics–0.71%
C.H. Robinson Worldwide, Inc.		96		9,320
Expeditors International of Washington, Inc.		127		13,952
FedEx Corp.		190		55,159
United Parcel Service, Inc., Class B		560		114,161
				192,592
Airlines–0.04%
Delta Air Lines, Inc.(b)		118		5,537
Southwest Airlines Co.		107		6,717
				12,254
Alternative Carriers–0.08%
Liberty Global PLC, Class C (United Kingdom)(b)		393		10,635
Lumen Technologies, Inc.		817		10,482
				21,117
Apparel Retail–0.37%
Ross Stores, Inc.		272		35,616
TJX Cos., Inc. (The)		932		66,172
				101,788
Apparel, Accessories & Luxury Goods–0.20%
lululemon athletica, inc.(b)		92		30,845
VF Corp.		278		24,369
				55,214
Application Software–2.86%
Adobe, Inc.(b)		372		189,102
ANSYS, Inc.(b)		67		24,499
Autodesk, Inc.(b)		170		49,625
C3.ai, Inc., Class A(b)		26		1,723
Cadence Design Systems, Inc.(b)		209		27,540
Citrix Systems, Inc.		90		11,146
DocuSign, Inc.(b)		139		30,989
Intuit, Inc.		216		89,026
Palantir Technologies, Inc., Class A(b)		1,057		24,353

	Shares		Value
Application Software–(continued)
RingCentral, Inc., Class A(b)		61	$	19,456
salesforce.com, Inc.(b)(c)		690		158,921
Slack Technologies, Inc., Class A(b)		385		16,324
Splunk, Inc.(b)		123		15,550
Synopsys, Inc.(b)		118		29,153
Unity Software, Inc.(b)		93		9,447
Workday, Inc., Class A(b)		139		34,333
Zoom Video Communications, Inc., Class A(b)		154		49,214
				780,401
Asset Management & Custody Banks–1.09%
Ameriprise Financial, Inc.		90		23,256
Bank of New York Mellon Corp. (The)		665		33,170
BlackRock, Inc.		111		90,942
Blackstone Group, Inc. (The), Class A		538		47,608
Franklin Resources, Inc.		207		6,210
KKR & Co., Inc., Class A		421		23,820
Northern Trust Corp.		160		18,208
State Street Corp.		272		22,834
T. Rowe Price Group, Inc.		174		31,181
				297,229
Auto Parts & Equipment–0.11%
Aptiv PLC(b)		204		29,354
Automobile Manufacturers–1.94%
Ford Motor Co.(b)		3,023		34,885
General Motors Co.(b)		1,128		64,544
Tesla, Inc.(b)		606		429,921
				529,350
Automotive Retail–0.26%
AutoZone, Inc.(b)		17		24,890
CarMax, Inc.(b)		121		16,122
O’Reilly Automotive, Inc.(b)		52		28,750
				69,762
Biotechnology–2.02%
AbbVie, Inc.		1,370		152,755
Alexion Pharmaceuticals, Inc.(b)		168		28,338
Amgen, Inc.		444		106,400
Biogen, Inc.(b)		115		30,743
BioMarin Pharmaceutical, Inc.(b)		135		10,519
Gilead Sciences, Inc.		974		61,820
Incyte Corp.(b)		165		14,088
Moderna, Inc.(b)		253		45,241
Regeneron Pharmaceuticals, Inc.(b)		80		38,504
Seagen, Inc.(b)		137		19,695
Vertex Pharmaceuticals, Inc.(b)		199		43,422
				551,525
Broadcasting–0.13%
Fox Corp., Class A		441		16,502
ViacomCBS, Inc., Class B		451		18,500
				35,002

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5                      Invesco U.S. Managed Volatility Fund

	Shares		Value
Building Products–0.35%
Carrier Global Corp.		679	$	29,591
Johnson Controls International PLC		546		34,037
Trane Technologies PLC		184		31,985
				95,613
Cable & Satellite–1.16%
Charter Communications, Inc., Class A(b)		98		65,998
Comcast Corp., Class A		3,529		198,153
Liberty Broadband Corp., Class C(b)		177		28,802
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		436		19,720
Sirius XM Holdings, Inc.		678		4,136
				316,809
Casinos & Gaming–0.13%
Las Vegas Sands Corp.(b)		583		35,715
Commodity Chemicals–0.21%
Dow, Inc.		571		35,688
LyondellBasell Industries N.V., Class A		195		20,229
				55,917
Communications Equipment–0.75%
Arista Networks, Inc.(b)		44		13,868
Cisco Systems, Inc.		3,287		167,341
Motorola Solutions, Inc.		127		23,914
				205,123
Computer & Electronics Retail–0.07%
Best Buy Co., Inc.		176		20,464
Construction Machinery & Heavy Trucks–0.54%
Caterpillar, Inc.		424		96,719
Cummins, Inc.		110		27,724
PACCAR, Inc.		257		23,099
				147,542
Construction Materials–0.13%
Martin Marietta Materials, Inc.		47		16,597
Vulcan Materials Co.		101		18,002
				34,599
Consumer Finance–0.73%
American Express Co.		627		96,150
Capital One Financial Corp.		350		52,178
Discover Financial Services		239		27,246
Synchrony Financial		441		19,289
Upstart Holdings, Inc.(b)		29		3,162
				198,025
Copper–0.16%
Freeport McMoRan, Inc.		1,135		42,801
Data Processing & Outsourced Services–4.41%
Affirm Holdings, Inc.(b)		68		4,794
Automatic Data Processing, Inc.		332		62,081
Concentrix Corp.(b)		29		4,506
Fidelity National Information Services, Inc.		482		73,698
Fiserv, Inc.(b)		447		53,694
FleetCor Technologies, Inc.(b)		59		16,975
Global Payments, Inc.		225		48,292
Mastercard, Inc., Class A		766		292,658
Paychex, Inc.		244		23,787

	Shares		Value
Data Processing & Outsourced Services– (continued)
PayPal Holdings, Inc.(b)		913	$	239,471
Square, Inc., Class A(b)		302		73,935
Visa, Inc., Class A		1,321		308,533
				1,202,424
Distillers & Vintners–0.18%
Brown Forman Corp., Class B		225		17,163
Constellation Brands, Inc., Class A		128		30,761
				47,924
Distributors–0.05%
Genuine Parts Co.		106		13,247
Diversified Banks–3.54%
Bank of America Corp.		6,726		272,605
Citigroup, Inc.		1,622		115,551
JPMorgan Chase & Co.		2,359		362,838
U.S. Bancorp		1,170		69,440
Wells Fargo & Co.		3,208		144,520
				964,954
Diversified Support Services–0.16%
Cintas Corp.		68		23,470
Copart, Inc.(b)		159		19,797
				43,267
Drug Retail–0.11%
Walgreens Boots Alliance, Inc.		549		29,152
Electric Utilities–1.55%
American Electric Power Co., Inc.		381		33,799
Avangrid, Inc.		34		1,731
Duke Energy Corp.		626		63,032
Edison International		281		16,705
Entergy Corp.		151		16,503
Eversource Energy		257		22,159
Exelon Corp.		744		33,435
FirstEnergy Corp.		403		15,282
NextEra Energy, Inc.		1,526		118,280
PPL Corp.		573		16,691
Southern Co. (The)		824		54,524
Xcel Energy, Inc.		417		29,732
				421,873
Electrical Components & Equipment–0.49%
AMETEK, Inc.		174		23,478
Eaton Corp. PLC		310		44,308
Emerson Electric Co.		459		41,535
Rockwell Automation, Inc.		91		24,048
				133,369
Electronic Components–0.21%
Amphenol Corp., Class A		456		30,707
Corning, Inc.		587		25,951
				56,658
Electronic Equipment & Instruments–0.06%
Keysight Technologies, Inc.(b)		121		17,466
Electronic Manufacturing Services–0.13%
TE Connectivity Ltd.		257		34,559

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                      Invesco U.S. Managed Volatility Fund

	Shares		Value
Environmental & Facilities Services –0.34%
Republic Services, Inc.		240	$	25,512
Waste Connections, Inc.		199		23,703
Waste Management, Inc.		324		44,702
				93,917
Fertilizers & Agricultural Chemicals–0.10%
Corteva, Inc.		563		27,452
Financial Exchanges & Data–1.04%
CME Group, Inc., Class A		277		55,951
Intercontinental Exchange, Inc.		430		50,615
MarketAxess Holdings, Inc.		29		14,166
Moody’s Corp.		145		47,373
MSCI, Inc.		61		29,632
Nasdaq, Inc.		87		14,054
S&P Global, Inc.		187		73,003
				284,794
Food Distributors–0.12%
Sysco Corp.		390		33,045
Food Retail–0.08%
Kroger Co. (The)		565		20,645
Footwear–0.47%
NIKE, Inc., Class B		970		128,641
General Merchandise Stores–0.52%
Dollar General Corp.		189		40,588
Dollar Tree, Inc.(b)		182		20,912
Target Corp.		389		80,624
				142,124
Gold–0.14%
Newmont Corp.		617		38,507
Health Care Distributors–0.18%
AmerisourceBergen Corp.		112		13,530
Cardinal Health, Inc.		224		13,516
McKesson Corp.		120		22,507
				49,553
Health Care Equipment–3.20%
Abbott Laboratories		1,371		164,630
Baxter International, Inc.		380		32,562
Becton, Dickinson and Co.		227		56,480
Boston Scientific Corp.(b)		1,089		47,480
Danaher Corp.		492		124,939
DexCom, Inc.(b)		72		27,799
Edwards Lifesciences Corp.(b)		481		45,945
IDEXX Laboratories, Inc.(b)		66		36,233
Intuitive Surgical, Inc.(b)		91		78,715
Medtronic PLC		1,048		137,204
ResMed, Inc.		109		20,489
Stryker Corp.		270		70,910
Zimmer Biomet Holdings, Inc.		162		28,700
				872,086
Health Care Facilities–0.15%
HCA Healthcare, Inc.		207		41,619
Health Care REITs–0.19%
Healthpeak Properties, Inc.		400		13,736

	Shares		Value
Health Care REITs–(continued)
Ventas, Inc.		277	$	15,363
Welltower, Inc.		313		23,484
				52,583
Health Care Services–0.65%
Cigna Corp.		273		67,980
CVS Health Corp.		1,011		77,241
Laboratory Corp. of America Holdings(b)		74		19,674
Quest Diagnostics, Inc.		100		13,188
				178,083
Health Care Supplies–0.12%
Align Technology, Inc.(b)		56		33,350
Health Care Technology–0.18%
Cerner Corp.		233		17,487
Certara, Inc.(b)		31		986
Veeva Systems, Inc., Class A(b)		104		29,375
				47,848
Home Improvement Retail–1.41%
Home Depot, Inc. (The)		840		271,883
Lowe’s Cos., Inc.		570		111,862
				383,745
Homebuilding–0.18%
D.R. Horton, Inc.		281		27,619
Lennar Corp., Class A		215		22,274
				49,893
Hotels, Resorts & Cruise Lines–0.61%
Airbnb, Inc., Class A(b)		63		10,881
Booking Holdings, Inc.(b)		32		78,915
Expedia Group, Inc.(b)		93		16,389
Hilton Worldwide Holdings, Inc.(b)		213		27,413
Marriott International, Inc., Class A		215		31,932
				165,530
Household Products–1.37%
Church & Dwight Co., Inc.		191		16,376
Clorox Co. (The)		95		17,337
Colgate Palmolive Co.		647		52,213
Kimberly Clark Corp.		255		33,997
Procter & Gamble Co. (The)		1,909		254,699
				374,622
Hypermarkets & Super Centers–1.04%
Costco Wholesale Corp.		345		128,371
Walmart, Inc.		1,113		155,720
				284,091
Industrial Conglomerates–1.22%
3M Co.		451		88,910
General Electric Co.		6,788		89,059
Honeywell International, Inc.		533		118,880
Roper Technologies, Inc.		80		35,715
				332,564
Industrial Gases–0.61%
Air Products and Chemicals, Inc.		172		49,618
Linde PLC (United Kingdom)		407		116,337
				165,955

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                      Invesco U.S. Managed Volatility Fund

	Shares		Value
Industrial Machinery–0.63%
Dover Corp.		106	$	15,814
Fortive Corp.		246		17,422
Illinois Tool Works, Inc.		246		56,693
Otis Worldwide Corp.		331		25,775
Parker Hannifin Corp.		100		31,381
Stanley Black & Decker, Inc.		122		25,226
				172,311
Industrial REITs–0.24%
Prologis, Inc.		573		66,772
Insurance Brokers–0.45%
Aon PLC, Class A		172		43,248
Marsh & McLennan Cos., Inc.		396		53,737
Willis Towers Watson PLC		100		25,886
				122,871
Integrated Oil & Gas–1.32%
Chevron Corp.		1,499		154,502
Exxon Mobil Corp.		3,303		189,063
Occidental Petroleum Corp.		691		17,524
				361,089
Integrated Telecommunication Services–1.32%
AT&T, Inc.		5,559		174,608
Verizon Communications, Inc.		3,218		185,968
				360,576
Interactive Home Entertainment–0.31%
Activision Blizzard, Inc.		582		53,073
Electronic Arts, Inc.		212		30,121
				83,194
Interactive Media & Services–6.61%
Alphabet, Inc., Class A(b)		463		1,089,670
Facebook, Inc., Class A(b)		1,861		604,974
Match Group, Inc.(b)		195		30,348
Snap, Inc., Class A(b)		734		45,376
Twitter, Inc.(b)		594		32,801
				1,803,169
Internet & Direct Marketing Retail–4.65%
Amazon.com, Inc.(b)		337		1,168,520
ContextLogic, Inc., Class A(b)		118		1,637
DoorDash, Inc., Class A(b)		74		10,595
eBay, Inc.		492		27,449
MercadoLibre, Inc. (Argentina)(b)		37		58,126
				1,266,327
Internet Services & Infrastructure–0.38%
Akamai Technologies, Inc.(b)		120		13,044
Okta, Inc.(b)		95		25,621
Twilio, Inc., Class A(b)		124		45,607
VeriSign, Inc.(b)		84		18,377
				102,649
Investment Banking & Brokerage–1.01%
Charles Schwab Corp. (The)		1,302		91,661
Goldman Sachs Group, Inc. (The)		258		89,900
Morgan Stanley		1,150		94,932
				276,493

	Shares		Value
IT Consulting & Other Services–1.02%
Accenture PLC, Class A		513	$	148,755
Cognizant Technology Solutions Corp., Class A		403		32,401
International Business Machines Corp.		692		98,181
				279,337
Life & Health Insurance–0.41%
Aflac, Inc.		485		26,059
MetLife, Inc.		665		42,314
Principal Financial Group, Inc.		199		12,710
Prudential Financial, Inc.		301		30,208
				111,291
Life Sciences Tools & Services–1.07%
Agilent Technologies, Inc.		236		31,539
Illumina, Inc.(b)		113		44,391
IQVIA Holdings, Inc.(b)		148		34,734
Mettler-Toledo International, Inc.(b)		17		22,327
Thermo Fisher Scientific, Inc.		306		143,890
Waters Corp.(b)		48		14,394
				291,275
Managed Health Care–1.59%
Anthem, Inc.		187		70,946
Centene Corp.(b)		429		26,487
Humana, Inc.		96		42,743
UnitedHealth Group, Inc.		733		292,320
				432,496
Metal & Glass Containers–0.09%
Ball Corp.		254		23,785
Movies & Entertainment–1.61%
Netflix, Inc.(b)		340		174,580
Walt Disney Co. (The)(b)		1,417		263,590
				438,170
Multi-line Insurance–0.18%
American International Group, Inc.		665		32,219
Hartford Financial Services Group, Inc. (The)		267		17,612
				49,831
Multi-Sector Holdings–1.52%
Berkshire Hathaway, Inc., Class B(b)		1,508		414,625
Multi-Utilities–0.74%
Ameren Corp.		202		17,138
CMS Energy Corp.		213		13,715
Consolidated Edison, Inc.		255		19,739
Dominion Energy, Inc.		622		49,698
DTE Energy Co.		144		20,163
Public Service Enterprise Group, Inc.		394		24,885
Sempra Energy		241		33,154
WEC Energy Group, Inc.		247		24,001
				202,493
Office REITs–0.12%
Alexandria Real Estate Equities, Inc.		103		18,653
Boston Properties, Inc.		117		12,794
				31,447
Oil & Gas Equipment & Services–0.15%
Baker Hughes Co., Class A		543		10,904

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                      Invesco U.S. Managed Volatility Fund

	Shares		Value
Oil & Gas Equipment & Services–(continued)
Schlumberger Ltd.		1,066	$	28,835
				39,739
Oil & Gas Exploration & Production–0.48%
ConocoPhillips		1,057		54,055
EOG Resources, Inc.		455		33,506
Hess Corp.		212		15,796
Pioneer Natural Resources Co.		170		26,151
				129,508
Oil & Gas Refining & Marketing–0.28%
Marathon Petroleum Corp.		491		27,324
Phillips 66		330		26,700
Valero Energy Corp.		305		22,558
				76,582
Oil & Gas Storage & Transportation–0.29%
Cheniere Energy, Inc.(b)		190		14,729
Kinder Morgan, Inc.		1,463		24,944
ONEOK, Inc.		337		17,638
Williams Cos., Inc. (The)		910		22,168
				79,479
Packaged Foods & Meats–0.89%
Campbell Soup Co.		145		6,924
Conagra Brands, Inc.		369		13,686
General Mills, Inc.		462		28,117
Hershey Co. (The)		108		17,744
Hormel Foods Corp.		408		18,850
JM Smucker Co. (The)		80		10,479
Kellogg Co.		256		15,979
Kraft Heinz Co. (The)		751		31,009
McCormick & Co., Inc.		189		17,078
Mondelez International, Inc., Class A		1,080		65,675
Tyson Foods, Inc., Class A		219		16,962
				242,503
Paper Packaging–0.12%
Amcor PLC		1,233		14,488
International Paper Co.		307		17,806
				32,294
Personal Products–0.20%
Estee Lauder Cos., Inc. (The), Class A		178		55,856
Pharmaceuticals–3.53%
Atea Pharmaceuticals, Inc.(b)		29		717
Bristol Myers Squibb Co.		1,732		108,112
Eli Lilly and Co.		707		129,218
Johnson & Johnson		2,047		333,108
Merck & Co., Inc.		1,966		146,467
Pfizer, Inc.		4,332		167,432
Royalty Pharma PLC, Class A		270		11,880
Zoetis, Inc.		370		64,021
				960,955
Property & Casualty Insurance–0.64%
Allstate Corp. (The)		230		29,164
Chubb Ltd.		346		59,370
Markel Corp.(b)		10		11,764
Progressive Corp. (The)		447		45,031

	Shares		Value
Property & Casualty Insurance–(continued)
Travelers Cos., Inc. (The)		196	$	30,313
				175,642
Railroads–0.91%
CSX Corp.		593		59,745
Kansas City Southern		67		19,578
Norfolk Southern Corp.		194		54,172
Union Pacific Corp.		519		115,265
				248,760
Real Estate Services–0.08%
CBRE Group, Inc., Class A(b)		249		21,215
Regional Banks–0.89%
Fifth Third Bancorp		555		22,500
First Republic Bank		135		24,737
KeyCorp		762		16,581
M&T Bank Corp.		95		14,981
PNC Financial Services Group, Inc. (The)		329		61,506
Regions Financial Corp.		707		15,413
SVB Financial Group(b)		41		23,445
Truist Financial Corp.		1,049		62,216
				241,379
Research & Consulting Services–0.38%
CoStar Group, Inc.(b)		30		25,633
Equifax, Inc.		91		20,860
IHS Markit Ltd.		300		32,274
Verisk Analytics, Inc.		126		23,713
				102,480
Residential REITs–0.22%
Apartment Income REIT Corp.		107		4,831
AvalonBay Communities, Inc.		103		19,776
Equity Residential		278		20,636
Essex Property Trust, Inc.		48		13,945
				59,188
Restaurants–1.11%
Chipotle Mexican Grill, Inc.(b)		22		32,825
McDonald’s Corp.		580		136,926
Starbucks Corp.		915		104,758
Yum! Brands, Inc.		229		27,370
				301,879
Retail REITs–0.19%
Realty Income Corp.		310		21,436
Simon Property Group, Inc.		255		31,044
				52,480
Semiconductor Equipment–0.73%
Applied Materials, Inc.		714		94,755
KLA Corp.		118		37,211
Lam Research Corp.		110		68,250
				200,216
Semiconductors–4.30%
Advanced Micro Devices, Inc.(b)		904		73,784
Analog Devices, Inc.		284		43,497
Broadcom, Inc.		313		142,791
Intel Corp.		3,131		180,126
Marvell Technology, Inc.		603		27,262

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                      Invesco U.S. Managed Volatility Fund

	Shares		Value
Semiconductors–(continued)
Maxim Integrated Products, Inc.		206	$	19,364
Microchip Technology, Inc.		213		32,012
Micron Technology, Inc.(b)		873		75,139
NVIDIA Corp.		464		278,576
QUALCOMM, Inc.		887		123,116
Skyworks Solutions, Inc.		124		22,485
Texas Instruments, Inc.		715		129,065
Xilinx, Inc.		186		23,801
				1,171,018
Soft Drinks–1.40%
Coca-Cola Co. (The)		3,330		179,753
Keurig Dr Pepper, Inc.		535		19,180
Monster Beverage Corp.(b)		291		28,241
PepsiCo, Inc.		1,067		153,819
				380,993
Specialized REITs–1.15%
American Tower Corp.		345		87,896
Crown Castle International Corp.		333		62,957
Digital Realty Trust, Inc.		215		33,177
Equinix, Inc.		69		49,732
Public Storage		116		32,614
SBA Communications Corp., Class A		82		24,577
Weyerhaeuser Co.		570		22,099
				313,052
Specialty Chemicals–0.67%
Celanese Corp.		86		13,472
DuPont de Nemours, Inc.		420		32,386
Ecolab, Inc.		221		49,531
PPG Industries, Inc.		180		30,823
Sherwin-Williams Co. (The)		205		56,143
				182,355
Specialty Stores–0.06%
Leslie’s, Inc.(b)		66		1,876
Ulta Beauty, Inc.(b)		42		13,832
				15,708
Steel–0.07%
Nucor Corp.		221		18,179
Systems Software–6.26%
Fortinet, Inc.(b)		106		21,648
Microsoft Corp.		5,790		1,460,122
NortonLifeLock, Inc.		420		9,076
Oracle Corp.		1,370		103,832
Palo Alto Networks, Inc.(b)		72		25,444

	Shares		Value
Systems Software–(continued)
ServiceNow, Inc.(b)		153	$	77,475
VMware, Inc., Class A(b)		56		9,007
				1,706,604
Technology Hardware, Storage & Peripherals–6.64%
Apple, Inc.		12,936		1,700,567
Dell Technologies, Inc., Class C (b)		197		19,371
Hewlett Packard Enterprise Co.		1,034		16,565
HP, Inc.		884		30,153
NetApp, Inc.		166		12,398
Seagate Technology PLC		157		14,576
Western Digital Corp.(b)		227		16,033
				1,809,663
Tobacco–0.67%
Altria Group, Inc.		1,437		68,617
Philip Morris International, Inc.		1,208		114,760
				183,377
Trading Companies & Distributors–0.13%
Fastenal Co.		437		22,847
W.W. Grainger, Inc.		32		13,873
				36,720
Trucking–0.29%
Old Dominion Freight Line, Inc.		79		20,367
Uber Technologies, Inc.(b)		1,080		59,152
				79,519
Water Utilities–0.08%
American Water Works Co., Inc.		141		21,995
Wireless Telecommunication Services–0.22%
T-Mobile US, Inc.(b)		456		60,251
Total Common Stocks & Other Equity Interests (Cost $20,143,422)				27,048,605
Money Market Funds–1.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		94,256		94,256
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		72,732		72,762
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		107,721		107,721
Total Money Market Funds (Cost $274,736)				274,739
TOTAL INVESTMENTS IN SECURITIES–100.24% (Cost $20,418,158)				27,323,344
OTHER ASSETS LESS LIABILITIES-(0.24)%				(64,461	)
NET ASSETS–100.00%			$	27,258,883

Investment Abbreviations:

REIT – Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                      Invesco U.S. Managed Volatility Fund

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of the value was pledged as collateral to cover margin requirements for futures contracts. See Note 1H.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$100,239		$	2,798,344		$	(2,804,327	)		$ -		$-		$  94,256		$18
Invesco Liquid Assets Portfolio, Institutional Class		80,355			1,998,817			(2,006,403	)		5		(12)		72,762		21
Invesco Treasury Portfolio, Institutional Class		114,558			3,198,107			(3,204,944	)		-		-		107,721		8
Total		$295,152		$	7,995,268		$	(8,015,674	)		$5		$(12)		$274,739		$47

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021

Information Technology	27.75	%
Health Care	12.69
Consumer Discretionary	12.14
Financials	11.51
Communication Services	11.49
Industrials	8.13
Consumer Staples	6.16
Energy	2.52
Utilities	2.37
Materials	2.28
Real Estate	2.19
Money Market Funds Plus Other Assets Less Liabilities	0.77

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                      Invesco U.S. Managed Volatility Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 20,143,422)	$	27,048,605
Investments in affiliated money market funds, at value (Cost $ 274,736)		274,739
Cash		11,011
Receivable for:
Fund shares sold		15,848
Fund expense absorbed		20,841
Dividends		18,801
Investment for trustee deferred compensation and retirement plans		12,198
Other assets		13,733
Total assets		27,415,776
Liabilities:
Payable for: Investments purchased		94,407
Accrued fees to affiliates		776
Accrued trustees’ and officers’ fees and benefits		776
Accrued other operating expenses		48,736
Trustee deferred compensation and retirement plans		12,198
Total liabilities		156,893
Net assets applicable to shares outstanding	$	27,258,883

Net assets consist of:
Shares of beneficial interest	$	23,533,262
Distributable earnings		3,725,621
	$	27,258,883
Net Assets:
Class R6	$	27,258,883
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		2,059,109
Class R6:
Net asset value and offering price per share	$	13.24

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                      Invesco U.S. Managed Volatility Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $9)	$	143,903
Dividends from affiliated money market funds		47
Total investment income		143,950
Expenses:
Advisory fees		10,035
Administrative services fees		1,566
Custodian fees		3,490
Transfer agent fees		504
Trustees’ and officers’ fees and benefits		10,295
Registration and filing fees		9,357
Reports to shareholders		7,310
Professional services fees		21,588
Other		4,119
Total expenses		68,264
Less: Fees waived and/or expenses reimbursed		(53,333	)
Net expenses		14,931
Net investment income		129,019
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		33,211
Affiliated investment securities		(12	)
Futures contracts		(852,174	)
Option contracts written		(31,672	)
		(850,647	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		4,580,798
Affiliated investment securities		5
Futures contracts		(85,378	)
Option contracts written		(22,194	)
		4,473,231
Net realized and unrealized gain		3,622,584
Net increase in net assets resulting from operations	$	3,751,603

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                      Invesco U.S. Managed Volatility Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31,   2020
Operations:
Net investment income	$	129,019		$	175,771
Net realized gain (loss)		(850,647	)		(339,277	)
Change in net unrealized appreciation		4,473,231			1,606,810
Net increase in net assets resulting from operations		3,751,603			1,443,304
Distributions to shareholders from distributable earnings:
Class R6		(1,821,222	)		(251,272	)
Share transactions–net:
Class R6		11,663,921			4,269,603
Net increase in net assets		13,594,302			5,461,635
Net assets:
Beginning of period		13,664,581			8,202,946
End of period	$	27,258,883			$13,664,581

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                      Invesco U.S. Managed Volatility Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations			Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class R6
Six months ended 04/30/21		$	12.27		$	0.08		$	2.41			$	2.49		$	(0.16	)		$	(1.36	)		$	(1.52	)		$	13.24		21.85	%		$	27,259		0.15	%(d)		0.68	%(d)		1.28	%(d)		11	%
Year ended 10/31/20			10.90			0.19			1.50				1.69			(0.17	)			(0.15	)			(0.32	)			12.27		15.78				13,665		0.15			1.12			1.63			23
Year ended 10/31/19			10.14			0.19			0.81				1.00			(0.19	)			(0.05	)			(0.24	)			10.90		10.13				8,203		0.15			2.10			1.89			7
Period ended 10/31/18 (e)			10.00			0.16			(0.02	)			0.14			–				–				–				10.14		1.40				5,910		0.15	(f)		3.40	(f)		1.74	(f)		9

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $20,236 for Class R6.

^(e)  Commencement date of December 18, 2017.

^(f)  Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                      Invesco U.S. Managed Volatility Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco U.S. Managed Volatility Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek to provide capital appreciation while managing portfolio volatility.

The Fund currently consists of one class of shares, Class R6. 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 financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations

16                             Invesco U.S. Managed Volatility Fund

and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

G. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

H. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

I. Call Options Purchased and Written – The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

J. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

K. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

17                             Invesco U.S. Managed Volatility Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser at the annual rate of 0.10% of the Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class R6 shares to 0.15% of the Fund’s average daily net assets (the “expense limit”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. 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. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $10,035 and reimbursed Fund expenses of $43,298.

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 six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund’s shares. The Fund does not pay a distribution fee to IDI under the agreement.

For the six months ended April 30, 2021, the Fund incurred $158 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of April 30, 2021, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

18                      Invesco U.S. Managed Volatility Fund

Effect of Derivative Investments for the six months ended April 30, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain (Loss):
Futures contracts		$  (852,174)
Options purchased(a)		162,895
Options written		(31,672)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(85,378)
Options purchased(a)		47,687
Options written		(22,194)
Total		$  (780,836)

^(a)  Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts		Index Options Purchased		Index Options Written
Average notional value	$	3,087,990	$	3,162,333	$	3,559,833
Average Contracts		–		9		9

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of October 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $11,666,541 and $2,176,298, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	4,533,925
Aggregate unrealized (depreciation) of investments		(40,290	)
Net unrealized appreciation of investments	$	4,493,635

Cost of investments for tax purposes is $ 22,829,709.

19                      Invesco U.S. Managed Volatility Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2021(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class R6		966,740		$	11,972,896			451,158		$	5,269,631
Issued as reinvestment of dividends:
Class R6		89,748			1,059,020			8,388			93,022
Reacquired:
Class R6		(111,272	)		(1,367,995	)		(97,991	)		(1,093,050	)
Net increase in share activity		945,216		$	11,663,921			361,555		$	4,269,603

^(a)  93% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

20                      Invesco U.S. Managed Volatility Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
	Beginning     Account Value     (11/01/20)	Ending     Account Value     (04/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/21)	Expenses     Paid During     Period2
Class R6	$1,000.00	$1,219.40	$0.83	$1,024.05	$0.75	0.15%

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

21                      Invesco U.S. Managed Volatility Fund

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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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. USMGV-SAR-1

	Semiannual Report to Shareholders	April 30, 2021
	Invesco World Bond Factor Fund
	Nasdaq:
	A: AUBAX   ∎  C: AUBCX   ∎  Y: AUBYX   ∎  R5: AUBIX   ∎  R6: AUBFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
16	Financial Statements
19	Financial Highlights
20	Notes to Financial Statements
28	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/31/20 to 4/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	0.51	%
Class C Shares	0.13
Class Y Shares	0.54
Class R5 Shares	0.54
Class R6 Shares	0.54
Bloomberg Barclays Global Aggregate Index▼ (Broad Market/Style-Specific Index)	-0.17
Lipper Global Income Funds Index⬛ (Peer Group Index)	1.25
Source(s): ▼RIMES Technologies Corp.;⬛Lipper Inc.
The Bloomberg Barclays Global Aggregate Index is an unmanaged index considered representative of global investment-grade, fixed-income markets.     The Lipper Global Income Funds Index is an unmanaged index considered representative of global income funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                      Invesco World Bond Factor Fund

Average Annual Total Returns
As of 4/30/21, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	3.31	%
10 Years	1.45
5 Years	2.11
1 Year	0.85
Class C Shares
Inception (3/31/06)	3.18	%
10 Years	1.28
5 Years	2.21
1 Year	3.57
Class Y Shares
Inception (10/3/08)	3.43	%
10 Years	2.15
5 Years	3.24
1 Year	5.61
Class R5 Shares
Inception (3/31/06)	3.81	%
10 Years	2.07
5 Years	3.10
1 Year	5.33
Class R6 Shares
10 Years	2.11	%
5 Years	3.26
1 Year	5.60

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in

the past, returns would have been lower. See current prospectus for more information.

3                      Invesco World Bond Factor Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

4                      Invesco World Bond Factor Fund

Schedule of Investments

April 30, 2021

(Unaudited)

	Principal Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes–50.82%(a)
Australia–2.26%
Australia Government Bond, Series 133, 5.50%, 04/21/2023(b)		AUD	914,000	$	779,046
Series 142, 4.25%, 04/21/2026(b)		AUD	63,000		56,960
Series 157, 1.50%, 06/21/2031(b)		AUD	163,000		123,380
Series 162, 1.75%, 06/21/2051(b)		AUD	66,000		41,249
					1,000,635
Austria–0.42%
OMV AG, 1.50%, 04/09/2024(b)		EUR	50,000		62,983
Raiffeisen Bank International AG, 1.50%, 03/12/2030(b)(c)		EUR	100,000		122,647
					185,630
Belgium–0.20%
Anheuser-Busch InBev S.A./N.V., 2.88%, 09/25/2024(b)		EUR	65,000		86,150
Canada–5.83%
Canadian Government Bond, 0.25%, 11/01/2022		CAD	358,000		291,302
0.50%, 09/01/2025		CAD	2,114,000		1,696,095
0.50%, 12/01/2030		CAD	369,000		272,163
2.00%, 12/01/2051		CAD	249,000		198,760
Canadian Imperial Bank of Commerce, 0.38%, 05/03/2024(b)		EUR	100,000		121,920
					2,580,240
China–0.30%
Bank of Communications Co. Ltd., 3.63%, 10/03/2026(b)(c)		EUR	110,000		134,122
Finland–0.28%
Transmission Finance DAC, 1.50%, 05/24/2023(b)		EUR	100,000		124,083
France–5.31%
Airbus Finance B.V., 2.38%, 04/02/2024(b)		EUR	100,000		128,169
Banque Federative du Credit Mutuel S.A., 3.00%, 05/21/2024(b)		EUR	100,000		130,982
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.38%(b)(c)(d)		EUR	100,000		139,230
Danone S.A., 1.25%, 05/30/2024(b)		EUR	100,000		125,485
Dassault Systemes SE, 0.13%, 09/16/2026(b)		EUR	100,000		120,875
French Republic Government Bond OAT, 0.01%, 11/25/2030(b)		EUR	1,000,000		1,194,801

	Principal Amount			Value
France–(continued)
Holding d’Infrastructures de Transport SASU, 1.63%, 09/18/2029(b)		EUR	100,000	$	125,796
La Mondiale SAM, 5.05%(b)(c)(d)		EUR	100,000		140,545
Societe Generale S.A., 1.25%, 02/15/2024(b)		EUR	100,000		124,517
Thales S.A., 0.01%, 05/31/2022(b)		EUR	100,000		120,619
					2,351,019
Germany–6.72%
Bayer AG, 3.13%, 11/12/2079(b)(c)		EUR	100,000		124,861
BMW Finance N.V., 0.75%, 07/12/2024(b)		EUR	50,000		61,841
Bundesrepublik Deutschland Bundesanleihe, 0.01%, 08/15/2030(b)		EUR	1,124,434		1,382,784
0.01%, 08/15/2050(b)		EUR	352,371		381,692
Commerzbank AG, 0.63%, 08/28/2024(b)		EUR	70,000		86,033
Daimler AG, 0.01%, 02/08/2024(b)		EUR	38,000		45,872
Daimler International Finance B.V., 0.25%, 11/06/2023(b)		EUR	101,000		122,518
Deutsche Telekom International Finance B.V., 2.75%, 10/24/2024(b)		EUR	50,000		66,386
0.63%, 12/13/2024(b)		EUR	80,000		98,832
E.ON International Finance B.V., 5.53%, 02/21/2023		EUR	50,000		66,307
E.ON SE, 0.88%, 05/22/2024(b)		EUR	75,000		92,818
Merck Financial Services GmbH, 0.13%, 07/16/2025(b)		EUR	100,000		121,395
Volkswagen Bank GmbH, 1.25%, 06/10/2024(b)		EUR	100,000		124,895
Volkswagen Financial Services AG, 1.50%, 10/01/2024(b)		EUR	60,000		75,650
Wintershall Dea Finance B.V., 1.82%, 09/25/2031(b)		EUR	100,000		124,333
					2,976,217
Indonesia–0.41%
Indonesia Treasury Bond, 6.50%, 06/15/2025		IDR	2,546,000,000		182,568
Italy–1.13%
2i Rete Gas S.p.A., 1.61%, 10/31/2027(b)		EUR	100,000		128,912
Enel Finance International N.V., 1.00%, 09/16/2024(b)		EUR	100,000		124,803
Eni S.p.A., 1.00%, 10/11/2034(b)		EUR	100,000		122,228
FCA Bank S.p.A., 0.63%, 11/24/2022(b)		EUR	103,000		125,142
					501,085

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5                      Invesco World Bond Factor Fund

	Principal Amount			Value
Japan–10.40%
Japan Government Bond, Series 146, 0.10%, 12/20/2025		JPY	153,300,000	$	1,416,188
Series 361, 0.10%, 12/20/2030		JPY	149,800,000		1,373,790
Series 420, 0.10%, 01/01/2023		JPY	81,300,000		746,781
Series 69, 0.70%, 12/20/2050		JPY	102,250,000		946,860
JT International Financial Services B.V., 1.13%, 09/28/2025(b)		EUR	100,000		125,326
					4,608,945
Malaysia–0.12%
Malaysia Government Bond, Series 120, 4.07%, 06/15/2050		MYR	222,000		51,742
Mexico–0.71%
Mexican Bonos, Series M 20, 10.00%, 12/05/2024		MXN	5,600,000		315,604
Netherlands–0.76%
Cooperatieve Rabobank U.A., 1.25%, 03/23/2026(b)		EUR	120,000		153,581
Heineken N.V., 3.50%, 03/19/2024(b)		EUR	45,000		59,850
Koninklijke KPN N.V., 4.25%, 03/01/2022(b)		EUR	100,000		124,462
					337,893
New Zealand–0.50%
New Zealand Government Bond, 1.50%, 05/15/2031		NZD	312,000		220,211
Norway–0.39%
Norway Government Bond, Series 475, 2.00%, 05/24/2023(b)		NOK	30,000		3,717
Series 478, 1.50%, 02/19/2026(b)		NOK	798,000		98,189
Series 483, 1.25%, 09/17/2031(b)		NOK	607,000		71,208
					173,114
Poland–0.51%
Republic of Poland Government Bond, Series 725, 3.25%, 07/25/2025		PLN	775,000		225,948
Russia–0.33%
Russian Federal Bond - OFZ, Series 6221, 7.70%, 03/23/2033		RUB	10,543,000		147,520
South Korea–0.82%
Korea Treasury Bond, Series 2512, 2.25%, 12/10/2025		KRW	176,130,000		162,667
Series 3012, 1.50%, 12/10/2030		KRW	112,340,000		95,495
Series 5003, 1.50%, 03/10/2050		KRW	140,830,000		106,310
					364,472

	Principal Amount			Value
Spain–0.86%
Banco Bilbao Vizcaya Argentaria S.A., 0.38%, 10/02/2024(b)		EUR	100,000	$	121,752
Banco Santander S.A., 3.25%, 04/04/2026(b)		EUR	100,000		135,649
Santander Consumer Finance S.A., 0.38%, 01/17/2025(b)		EUR	100,000		121,706
					379,107
Sweden–0.67%
Svenska Handelsbanken AB, 1.13%, 12/14/2022(b)		EUR	106,000		130,661
Swedbank AB, 0.75%, 05/05/2025(b)		EUR	100,000		124,118
Sweden Government Bond, Series 1058, 2.50%, 05/12/2025		SEK	325,000		42,541
					297,320
Switzerland–1.65%
Swiss Confederation Government Bond, 1.25%, 05/28/2026(b)		CHF	232,000		277,508
2.25%, 06/22/2031(b)		CHF	306,000		420,066
4.00%, 01/06/2049(b)		CHF	14,000		32,272
					729,846
Thailand–0.12%
Thailand Government Bond, 1.88%, 06/17/2049		THB	1,949,000		51,843
United Kingdom–7.03%
BAT International Finance PLC, 2.25%, 01/16/2030(b)		EUR	100,000		127,534
BP Capital Markets PLC, 0.90%, 07/03/2024(b)		EUR	100,000		124,477
CNH Industrial Finance Europe S.A., 1.63%, 07/03/2029(b)		EUR	100,000		127,719
Informa PLC, 1.50%, 07/05/2023(b)		EUR	100,000		124,053
Lloyds Banking Group PLC, 0.50%, 11/12/2025(b)(c)		EUR	100,000		121,996
NatWest Markets PLC, 1.00%, 05/28/2024(b)		EUR	100,000		124,336
Royal Mail PLC, 1.25%, 10/08/2026(b)		EUR	100,000		126,157
United Kingdom Gilt, 1.75%, 09/07/2022(b)		GBP	126,554		178,792
0.63%, 06/07/2025(b)		GBP	957,769		1,341,736
0.13%, 01/30/2026(b)		GBP	137,594		187,715
0.63%, 10/22/2050(b)		GBP	465,442		531,471
					3,115,986
United States–3.09%
Abbott Ireland Financing DAC, 0.88%, 09/27/2023(b)		EUR	100,000		123,441
Altria Group, Inc., 3.13%, 06/15/2031		EUR	100,000		136,284
American Honda Finance Corp., 0.35%, 08/26/2022		EUR	101,000		122,523
Apple, Inc., 0.88%, 05/24/2025		EUR	100,000		125,214
AT&T, Inc., 2.40%, 03/15/2024		EUR	116,000		148,512
Citigroup, Inc., 0.50%, 01/29/2022(b)		EUR	100,000		121,016

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                      Invesco World Bond Factor Fund

	Principal Amount			Value
United States–(continued)
Goldman Sachs Group, Inc. (The), 0.13%, 08/19/2024(b)		EUR	60,000	$	72,303
Johnson & Johnson, 0.65%, 05/20/2024		EUR	100,000		123,407
JPMorgan Chase & Co., 0.63%, 01/25/2024(b)		EUR	125,000		153,272
Toyota Motor Credit Corp., 0.25%, 07/16/2026(b)		EUR	100,000		121,852
Wells Fargo & Co., 0.50%, 04/26/2024(b)		EUR	100,000		122,073
					1,369,897
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $22,465,340)					22,511,197
U.S. Dollar Denominated Bonds & Notes–22.15%
Australia–0.16%
Westpac Banking Corp., 2.35%, 02/19/2025		$	65,000		68,411
Canada–0.42%
Brookfield Finance, Inc., 4.85%, 03/29/2029			90,000		104,563
Canadian Pacific Railway Co., 2.90%, 02/01/2025			25,000		26,605
Magna International, Inc., 3.63%, 06/15/2024			52,000		56,262
					187,430
France–0.25%
Sanofi, 3.38%, 06/19/2023			105,000		111,629
Ireland–0.35%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/23/2023			150,000		155,949
Japan–0.20%
ORIX Corp., 2.90%, 07/18/2022			86,000		88,549
Mexico–0.43%
America Movil S.A.B. de C.V., 6.38%, 03/01/2035			35,000		49,234
6.13%, 03/30/2040			100,000		139,022
					188,256
Netherlands–0.35%
Cooperatieve Rabobank U.A., 5.25%, 05/24/2041			85,000		112,697
Koninklijke KPN N.V., 8.38%, 10/01/2030			30,000		41,435
					154,132
Switzerland–0.15%
Tyco Electronics Group S.A., 3.45%, 08/01/2024			60,000		64,724
United Kingdom–1.98%
Barclays PLC, 4.84%, 05/09/2028			200,000		225,174
BAT Capital Corp., 5.28%, 04/02/2050			75,000		81,672
BP Capital Markets PLC, 2.75%, 05/10/2023			46,000		48,137

	Principal Amount		Value
United Kingdom–(continued)
British Airways Pass-Through Trust, Series 2019-1, Class A, 3.35%, 06/15/2029(b)	$	55,418	$	54,574
CNH Industrial N.V., 3.85%, 11/15/2027		24,000		26,644
HSBC Holdings PLC, 4.58%, 06/19/2029(c)		200,000		227,354
Mead Johnson Nutrition Co., 4.13%, 11/15/2025		95,000		107,022
United Utilities PLC, 6.88%, 08/15/2028		84,000		107,137
				877,714
United States–17.86%
3M Co., 3.05%, 04/15/2030		83,000		89,467
Adventist Health System/West, 2.95%, 03/01/2029		40,000		42,026
Aircastle Ltd., 4.40%, 09/25/2023		55,000		59,015
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/2025		32,000		34,655
Altria Group, Inc., 5.95%, 02/14/2049		10,000		12,316
American Express Co., 2.50%, 07/30/2024		90,000		95,591
3.00%, 10/30/2024		50,000		54,010
American Honda Finance Corp., 2.15%, 09/10/2024		65,000		68,118
American International Group, Inc., 4.13%, 02/15/2024		55,000		60,189
American Water Capital Corp., 6.59%, 10/15/2037		14,000		20,407
Ameriprise Financial, Inc., 4.00%, 10/15/2023		44,000		47,819
AmerisourceBergen Corp., 3.40%, 05/15/2024		50,000		53,608
Appalachian Power Co., 7.00%, 04/01/2038		25,000		36,673
Ares Capital Corp., 4.20%, 06/10/2024		47,000		50,728
AT&T, Inc., 3.95%, 01/15/2025		25,000		27,646
3.80%, 02/15/2027		16,000		17,814
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.77%, 12/15/2022		28,000		29,017
4.08%, 12/15/2047		75,000		80,825
Bank of America Corp., 4.20%, 08/26/2024		188,000		207,336
4.00%, 01/22/2025		30,000		33,037
Baxter International, Inc., 2.60%, 08/15/2026		103,000		109,830
BGC Partners, Inc., 3.75%, 10/01/2024		36,000		38,075
Boeing Co. (The), 2.25%, 06/15/2026		100,000		101,111
2.70%, 02/01/2027		29,000		29,857
6.63%, 02/15/2038		92,000		118,574
Booking Holdings, Inc., 4.63%, 04/13/2030		65,000		76,238

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                      Invesco World Bond Factor Fund

	Principal Amount		Value
United States–(continued)
California Institute of Technology, 4.70%, 11/01/2111	$	22,000	$	30,114
Capital One Financial Corp., 3.20%, 02/05/2025		75,000		80,840
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.05%, 03/30/2029		28,000		32,472
Cigna Corp., 4.50%, 02/25/2026		55,000		62,723
Citigroup, Inc., 3.75%, 06/16/2024		45,000		49,190
Comcast Corp., 3.70%, 04/15/2024		87,000		94,903
CommonSpirit Health, 2.76%, 10/01/2024		65,000		68,831
1.55%, 10/01/2025		82,000		82,790
Constellation Brands, Inc., 4.25%, 05/01/2023		25,000		26,801
Corning, Inc., 5.85%, 11/15/2068		13,000		18,107
Cummins, Inc., 4.88%, 10/01/2043		55,000		70,688
Deere & Co., 2.60%, 06/08/2022		12,000		12,247
Dell International LLC/EMC Corp., 6.02%, 06/15/2026(b)		75,000		89,531
Delta Air Lines, Inc., 3.63%, 03/15/2022		21,000		21,349
Dignity Health, 5.27%, 11/01/2064		25,000		32,167
Discovery Communications LLC, 3.95%, 06/15/2025		150,000		164,363
Duke Energy Corp., 3.75%, 04/15/2024		71,000		76,853
Eaton Vance Corp., 3.63%, 06/15/2023		52,000		55,409
Eli Lilly and Co., 5.50%, 03/15/2027		75,000		92,023
Exelon Generation Co. LLC, 4.25%, 06/15/2022		40,000		41,348
6.25%, 10/01/2039		60,000		71,411
Expedia Group, Inc., 4.63%, 08/01/2027(b)		16,000		18,013
Exxon Mobil Corp., 3.18%, 03/15/2024		52,000		55,747
Federal Realty Investment Trust, 3.95%, 01/15/2024		45,000		48,740
FedEx Corp., 4.75%, 11/15/2045		107,000		128,419
Fifth Third Bancorp, 2.38%, 01/28/2025		50,000		52,375
FS KKR Capital Corp., 4.63%, 07/15/2024		25,000		26,794
General Electric Co., 3.45%, 05/15/2024		60,000		64,741
6.15%, 08/07/2037		75,000		100,363
Series A, 6.88%, 01/10/2039		50,000		71,985
General Motors Co., 6.75%, 04/01/2046		93,000		128,298

	Principal Amount		Value
United States–(continued)
Gilead Sciences, Inc., 3.70%, 04/01/2024	$	84,000	$	90,851
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024		186,000		203,318
Harley-Davidson, Inc., 4.63%, 07/28/2045		26,000		27,544
Hasbro, Inc., 6.35%, 03/15/2040		50,000		66,017
HCA, Inc., 5.25%, 06/15/2026		100,000		116,133
Hewlett Packard Enterprise Co., 6.35%, 10/15/2045		30,000		39,767
Hexcel Corp., 4.20%, 02/15/2027		70,000		74,333
HP, Inc., 6.00%, 09/15/2041		31,000		40,667
Intel Corp., 2.88%, 05/11/2024		50,000		53,489
International Business Machines Corp., 7.13%, 12/01/2096		43,000		70,505
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030		40,000		46,587
IPALCO Enterprises, Inc., 4.25%, 05/01/2030(b)		68,000		75,737
JPMorgan Chase & Co., 3.88%, 09/10/2024		115,000		125,866
KLA Corp., 4.65%, 11/01/2024		47,000		52,637
Kohl’s Corp., 5.55%, 07/17/2045		68,000		81,442
Loews Corp., 4.13%, 05/15/2043		60,000		66,609
Marriott International, Inc., Series EE, 5.75%, 05/01/2025		9,000		10,365
MetLife, Inc., Series D, 4.37%, 09/15/2023		76,000		82,916
Microsoft Corp., 2.88%, 02/06/2024		71,000		75,609
3.13%, 11/03/2025		100,000		109,451
Morgan Stanley, 3.70%, 10/23/2024		85,000		93,026
6.38%, 07/24/2042		35,000		52,148
NextEra Energy Capital Holdings, Inc., 3.15%, 04/01/2024		70,000		75,041
Nordstrom, Inc., 5.00%, 01/15/2044		88,000		86,095
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		110,000		111,383
Oracle Corp., 3.63%, 07/15/2023		50,000		53,454
2.50%, 04/01/2025		85,000		89,423
Parker-Hannifin Corp., 3.30%, 11/21/2024		55,000		59,359
Patterson-UTI Energy, Inc., 5.15%, 11/15/2029		99,000		99,687
Philip Morris International, Inc., 2.50%, 08/22/2022		125,000		128,903
PNC Financial Services Group, Inc. (The), 3.90%, 04/29/2024		50,000		54,673
PSEG Power LLC, 8.63%, 04/15/2031		100,000		151,637
QUALCOMM, Inc., 2.90%, 05/20/2024		50,000		53,403

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                      Invesco World Bond Factor Fund

	Principal Amount		Value
United States–(continued)
Ralph Lauren Corp., 2.95%, 06/15/2030	$	44,000	$	45,823
Rockwell Collins, Inc., 3.20%, 03/15/2024		51,000		54,467
San Diego Gas & Electric Co., 6.00%, 06/01/2039		50,000		68,332
Seagate HDD Cayman, 4.75%, 01/01/2025		50,000		54,482
Sempra Energy, 4.05%, 12/01/2023		15,000		16,191
3.75%, 11/15/2025		30,000		33,080
Simon Property Group L.P., 2.63%, 06/15/2022		26,000		26,522
6.75%, 02/01/2040		38,000		54,615
Southern California Edison Co., 6.65%, 04/01/2029		75,000		92,215
6.00%, 01/15/2034		47,000		61,960
Series 2004-G, 5.75%, 04/01/2035		30,000		38,961
Southwest Airlines Co., 3.00%, 11/15/2026		100,000		107,117
Spectra Energy Partners L.P., 4.75%, 03/15/2024		63,000		69,594
Spirit Realty L.P., 3.20%, 02/15/2031		30,000		30,824
Starbucks Corp., 3.85%, 10/01/2023		22,000		23,669
Swiss Re America Holding Corp., 7.00%, 02/15/2026		47,000		58,861
Sysco Corp., 6.60%, 04/01/2050		50,000		74,498
Time Warner Entertainment Co. L.P., 8.38%, 03/15/2023		35,000		39,970
Truist Financial Corp., 2.50%, 08/01/2024		60,000		63,410
Union Electric Co., 8.45%, 03/15/2039		48,000		80,863
United Parcel Service, Inc., 2.20%, 09/01/2024		55,000		57,904
US Airways Pass-Through Trust, Series 2013-1A, Class PTT, 3.95%, 11/15/2025		40,641		40,467
ViacomCBS, Inc., 7.88%, 07/30/2030		35,000		49,020
Wachovia Corp., 7.57%, 08/01/2026(e)		82,000		104,916
Walmart, Inc., 3.30%, 04/22/2024		27,000		29,138
Walt Disney Co. (The), 1.65%, 09/01/2022		54,000		54,971
Waste Management, Inc., 3.13%, 03/01/2025		50,000		53,955
Wells Fargo & Co., 4.10%, 06/03/2026		76,000		85,474
5.38%, 02/07/2035		90,000		118,067
Xilinx, Inc., 2.95%, 06/01/2024		40,000		42,544
				7,913,602
Total U.S. Dollar Denominated Bonds & Notes (Cost $9,682,351)				9,810,396

	Principal Amount		Value
U.S. Treasury Securities–15.56%
U.S. Treasury Bills–0.29%
0.06%, 07/15/2021(f)(g)	$	129,986	$	129,998
U.S. Treasury Bonds–2.32%
1.63%, 11/15/2050		1,139,305		1,027,349
U.S. Treasury Notes–12.95%
0.13%, 12/31/2022		2,812,450		2,812,670
0.38%, 12/31/2025		1,952,114		1,923,939
1.13%, 02/15/2031		1,040,959		1,000,922
				5,737,531
Total U.S. Treasury Securities (Cost $7,074,814)				6,894,878
U.S. Government Sponsored Agency Mortgage-Backed Securities–9.93%
Federal Home Loan Mortgage Corp., 2.50%, 07/01/2035		152,230		161,075
4.50%, 09/01/2049		52,623		57,408
3.00%, 01/01/2050		43,206		45,940
4.50%, 01/01/2050		42,429		46,256
3.00%, 05/01/2050		235,423		251,980
2.50%, 07/01/2050		307,030		322,035
2.50%, 08/01/2050		309,448		323,689
3.00%, 10/01/2050		172,283		180,687
2.00%, 01/01/2051		442,252		448,570
Federal National Mortgage Association, 4.50%, 06/01/2049		34,736		37,783
3.00%, 10/01/2049		71,115		75,178
3.00%, 12/01/2049		83,422		89,081
2.50%, 01/01/2050		246,456		258,942
3.00%, 02/01/2050		61,723		64,817
2.50%, 03/01/2050		89,890		94,079
3.00%, 03/01/2050		40,177		42,734
2.50%, 08/01/2050		175,187		183,929
3.00%, 08/01/2050		250,937		263,001
2.00%, 03/01/2051		198,712		200,866
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K038, Class X1, IO, 1.26%, 03/25/2024(h)(i)		1,503,529		40,629
Uniform Mortgage-Backed Securities, TBA, 2.00%, 05/01/2036(j)		420,000		433,863
2.00%, 05/01/2051(j)		175,000		176,750
2.50%, 05/01/2051(j)		579,000		600,712
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $4,396,683)				4,400,004
	Shares
Exchange-Traded Funds–1.01%
United States–1.01%
Invesco High Yield Bond Factor ETF(k) (Cost $446,307)		17,500		447,912
Money Market Funds–3.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(k)(l)		477,862		477,862
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(k)(l)		307,667		307,790

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                      Invesco World Bond Factor Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%(k)(l)		546,128	$	546,128
Total Money Market Funds (Cost $1,331,780)				1,331,780
TOTAL INVESTMENTS IN SECURITIES–102.48% (Cost $45,397,275)				45,396,167
OTHER ASSETS LESS LIABILITIES–(2.48)%				(1,097,587	)
NET ASSETS–100.00%			$	44,298,580

Investment Abbreviations:

AUD   – Australian Dollar

CAD   – Canadian Dollar

CHF   – Swiss Franc

Ctfs.   – Certificates

ETF  – Exchange-Traded Fund

EUR   – Euro

GBP   – British Pound Sterling

IDR  – Indonesian Rupiah

IO    – Interest Only

JPY  – Japanese Yen

KRW  – South Korean Won

MXN  – Mexican Peso

MYR  – Malaysian Ringgit

NOK   – Norwegian Krone

NZD   – New Zealand Dollar

PLN – Polish Zloty

RUB   – Russian Ruble

SEK   – Swedish Krona

TBA – To Be Announced

THB   – Thai Baht

Notes to Schedule of Investments:

^(a) Foreign denominated security. Principal amount is denominated in the currency indicated.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $13,482,417, which represented 30.44% of the Fund’s Net Assets.

^(c)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d) Perpetual bond with no specified maturity date.

^(e)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(f)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

^(g)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(h)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2021.

⁽ⁱ⁾  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2021.

^(j)  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1M.

^(k)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021.

	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2021			Dividend Income
Invesco High Yield Bond Factor ETF		$	-		$	446,307		$	-			$	1,605		$	-			$	447,912		$	3,272
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			1,625,443			3,684,825			(4,832,406	)			-			-				477,862			102
Invesco Liquid Assets Portfolio, Institutional Class			1,023,375			2,632,018			(3,347,605	)			72			(70	)			307,790			141
Invesco Treasury Portfolio, Institutional Class			1,857,649			4,211,229			(5,522,750	)			-			-				546,128			49
Total		$	4,506,467		$	10,974,379		$	(13,702,761	)		$	1,677		$	(70	)		$	1,779,692		$	3,564

^(l)  The rate shown is the 7-day SEC standardized yield as of April 30, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                      Invesco World Bond Factor Fund

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Canada 10 Year Bonds		4		June-2021	$	453,517			$(10,251	)		$(10,251	)
Euro-Buxl 30 Year Bonds		3		June-2021		728,203			(23,449	)		(23,449	)
Euro-Schatz		2		June-2021		269,496			(110	)		(110	)
Japan 10 Year Bonds		1		June-2021		1,384,756			4,846			4,846
Long Gilt		8		June-2021		1,410,549			(16,008	)		(16,008	)
U.S. Treasury 10 Year Ultra Notes		8		June-2021		1,164,375			(23,882	)		(23,882	)
Subtotal–Long Futures Contracts									(68,854	)		(68,854	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 2 Year Notes		3		June-2021		(662,273	)		393			393
U.S. Treasury 5 Year Notes		1		June-2021		(123,938	)		1,021			1,021
U.S. Treasury 10 Year Notes		3		June-2021		(396,094	)		7,119			7,119
U.S. Treasury Long Bonds		5		June-2021		(786,250	)		16,395			16,395
Subtotal–Short Futures Contracts									24,928			24,928
Total Futures Contracts									$(43,926	)		$(43,926	)

Open Forward Foreign Currency Contracts
Settlement Date		Contract to							Unrealized Appreciation (Depreciation)
	Counterparty			Deliver			Receive
Currency Risk
05/17/2021	Bank of America, N.A.		GBP		289,283	USD		400,035		$	510
05/17/2021	Bank of America, N.A.		USD		2,095,477	AUD		2,733,683			10,532
05/17/2021	Bank of America, N.A.		USD		132,022	EUR		110,000			258
05/20/2021	Bank of America, N.A.		IDR		429,341,786	USD		30,417			752
05/17/2021	Barclays Bank PLC		USD		37,107	CAD		46,804			972
05/17/2021	Barclays Bank PLC		USD		8,933	KRW		10,085,499			89
05/17/2021	Barclays Bank PLC		USD		8,873	ZAR		133,890			342
05/20/2021	Barclays Bank PLC		USD		18,488	IDR		269,917,347			162
05/17/2021	BNP Paribas S.A.		AUD		1,328,724	USD		1,027,144			3,504
05/17/2021	BNP Paribas S.A.		PLN		573,000	USD		154,609			3,502
05/17/2021	BNP Paribas S.A.		SEK		618,311	USD		74,429			1,382
05/17/2021	Citibank, N.A.		BRL		89,286	USD		16,577			160
05/17/2021	Citibank, N.A.		EUR		6,044,490	USD		7,338,581			69,767
05/17/2021	Citibank, N.A.		TRY		28,130	USD		3,691			316
05/17/2021	Citibank, N.A.		USD		19,358	BRL		110,229			910
05/17/2021	Citibank, N.A.		USD		69,483	CLP		50,596,801			1,702
05/17/2021	Citibank, N.A.		USD		70,327	KRW		79,037,546			375
05/20/2021	Citibank, N.A.		IDR		239,355,090	USD		16,560			22
05/17/2021	Deutsche Bank AG		MXN		4,952,000	USD		244,489			381
05/17/2021	Deutsche Bank AG		SEK		9,600,751	USD		1,146,173			11,953
05/17/2021	Deutsche Bank AG		SGD		5,145	USD		3,870			4
05/17/2021	Deutsche Bank AG		USD		152,360	EUR		129,326			3,162
05/17/2021	Deutsche Bank AG		USD		4,602	PLN		17,942			129
05/17/2021	Goldman Sachs International		GBP		432,619	USD		598,499			1,017
05/17/2021	Goldman Sachs International		RUB		7,554,820	USD		101,319			1,000
05/17/2021	Goldman Sachs International		USD		164,956	AUD		216,860			2,111
05/17/2021	Goldman Sachs International		USD		1,587,689	CAD		2,017,053			53,363
05/17/2021	Goldman Sachs International		USD		201,718	CHF		189,606			5,966

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                      Invesco World Bond Factor Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to							Unrealized Appreciation (Depreciation)
	Counterparty			Deliver			Receive
05/17/2021	J.P. Morgan Chase Bank, N.A.		JPY		196,387,390	USD		1,841,427		$	44,363
05/17/2021	J.P. Morgan Chase Bank, N.A.		USD		27,936	JPY		3,088,318			324
05/17/2021	Morgan Stanley and Co. International PLC		AUD		2,203,833	USD		1,708,234			10,417
05/17/2021	Morgan Stanley and Co. International PLC		NZD		778,466	USD		562,441			5,404
05/17/2021	Morgan Stanley and Co. International PLC		USD		317,928	CAD		401,347			8,603
05/17/2021	Morgan Stanley and Co. International PLC		USD		4,493	MXN		91,775			31
05/17/2021	Morgan Stanley and Co. International PLC		USD		4,583	THB		143,355			20
05/17/2021	Morgan Stanley and Co. International PLC		USD		83,668	ZAR		1,238,860			1,600
05/18/2021	Morgan Stanley and Co. International PLC		USD		332,803	NOK		2,821,250			6,136
05/17/2021	Royal Bank of Canada		AUD		68,000	USD		53,270			883
05/17/2021	Royal Bank of Canada		CHF		218,300	USD		239,227			111
05/17/2021	Royal Bank of Canada		JPY		88,502,939	USD		845,473			35,617
05/17/2021	Royal Bank of Canada		NZD		511,070	USD		372,813			7,113
05/17/2021	State Street Bank & Trust Co.		GBP		766,000	USD		1,069,577			11,668
05/17/2021	State Street Bank & Trust Co.		USD		5,614	CZK		124,432			171
05/17/2021	State Street Bank & Trust Co.		USD		409,311	NZD		583,775			8,414
05/17/2021	State Street Bank & Trust Co.		USD		3,314	SGD		4,456			34
05/17/2021	UBS AG		CHF		2,072,192	USD		2,333,702			63,920
05/17/2021	UBS AG		RUB		2,685,030	USD		36,095			441
05/17/2021	UBS AG		USD		138,142	CNY		911,000			2,421
05/17/2021	UBS AG		USD		4,202	HUF		1,267,416			30
05/17/2021	UBS AG		USD		14,658	RUB		1,125,730			291
05/17/2021	UBS AG		USD		5,335	SEK		46,478			156
05/18/2021	UBS AG		USD		2,060,573	NOK		17,479,062			39,316
Subtotal–Appreciation											421,827
Currency Risk
05/17/2021	Bank of America, N.A.		CAD		1,579,812	USD		1,256,464			(28,853	)
05/17/2021	Bank of America, N.A.		USD		791,196	GBP		572,150			(1,009	)
05/20/2021	Bank of America, N.A.		USD		93,553	IDR		1,320,497,700			(2,313	)
05/17/2021	Barclays Bank PLC		CAD		405,090	USD		321,163			(8,414	)
05/17/2021	Barclays Bank PLC		USD		79,491	INR		5,887,740			(279	)
05/17/2021	Barclays Bank PLC		USD		416,831	SEK		3,469,609			(6,936	)
05/17/2021	Barclays Bank PLC		USD		27,113	THB		811,129			(1,065	)
05/17/2021	Barclays Bank PLC		ZAR		114,228	USD		7,570			(292	)
05/17/2021	BNP Paribas S.A.		USD		405,864	AUD		525,030			(1,385	)
05/17/2021	BNP Paribas S.A.		USD		123,644	SGD		163,765			(587	)
05/17/2021	Citibank, N.A.		BRL		49,100	USD		8,612			(416	)
05/17/2021	Citibank, N.A.		CLP		33,741,280	USD		46,815			(656	)
05/17/2021	Citibank, N.A.		TRY		40,020	USD		4,763			(38	)
05/17/2021	Citibank, N.A.		USD		47,454	BRL		255,590			(458	)
05/17/2021	Citibank, N.A.		USD		48,480	CZK		1,030,111			(592	)
05/17/2021	Citibank, N.A.		USD		7,885,784	EUR		6,495,521			(74,581	)
05/20/2021	Citibank, N.A.		USD		3,959	IDR		57,223,476			(5	)
05/17/2021	Deutsche Bank AG		EUR		41,520	USD		48,915			(1,015	)
05/17/2021	Deutsche Bank AG		USD		171,881	EUR		141,473			(1,752	)
05/17/2021	Deutsche Bank AG		USD		95,406	GBP		69,000			(111	)
05/17/2021	Deutsche Bank AG		USD		35,332	MXN		715,620			(55	)
05/17/2021	Deutsche Bank AG		USD		42,558	SGD		56,580			(42	)
05/18/2021	Deutsche Bank AG		NOK		2,888,514	USD		338,473			(8,546	)
05/17/2021	Goldman Sachs International		AUD		151,605	USD		115,320			(1,476	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                      Invesco World Bond Factor Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to							Unrealized Appreciation (Depreciation)
	Counterparty			Deliver			Receive
05/17/2021	Goldman Sachs International		CAD		1,180,875	USD		929,867		$	(30,880	)
05/17/2021	Goldman Sachs International		USD		404,445	GBP		292,327			(718	)
05/17/2021	Goldman Sachs International		USD		93,747	RUB		6,990,250			(926	)
05/18/2021	Goldman Sachs International		USD		47,389	COP		167,994,150			(2,662	)
05/17/2021	J.P. Morgan Chase Bank, N.A.		JPY		4,868,500	USD		44,039			(511	)
05/17/2021	J.P. Morgan Chase Bank, N.A.		USD		132,438	TRY		971,403			(15,903	)
05/17/2021	Morgan Stanley and Co. International PLC		MXN		715,620	USD		34,450			(827	)
05/17/2021	Morgan Stanley and Co. International PLC		NZD		70,589	USD		49,789			(722	)
05/17/2021	Morgan Stanley and Co. International PLC		THB		539,410	USD		17,245			(77	)
05/17/2021	Morgan Stanley and Co. International PLC		USD		3,001,897	CNY		19,395,000			(9,343	)
05/17/2021	Morgan Stanley and Co. International PLC		USD		35,927	HUF		10,585,455			(581	)
05/17/2021	Morgan Stanley and Co. International PLC		USD		710,757	NZD		983,113			(7,283	)
05/17/2021	Morgan Stanley and Co. International PLC		USD		73,843	THB		2,237,458			(1,992	)
05/17/2021	Morgan Stanley and Co. International PLC		ZAR		1,127,683	USD		76,164			(1,452	)
05/18/2021	Morgan Stanley and Co. International PLC		NOK		1,410,771	USD		166,214			(3,272	)
05/17/2021	Royal Bank of Canada		EUR		102,000	USD		121,187			(1,474	)
05/17/2021	Royal Bank of Canada		USD		154,804	AUD		197,610			(2,567	)
05/17/2021	Royal Bank of Canada		USD		624,532	CHF		569,900			(290	)
05/17/2021	Royal Bank of Canada		USD		13,150	INR		970,330			(96	)
05/17/2021	Royal Bank of Canada		USD		2,229,755	JPY		233,134,474			(96,432	)
05/17/2021	Royal Bank of Canada		USD		57,085	NZD		78,255			(1,089	)
05/17/2021	State Street Bank & Trust Co.		CAD		734,143	USD		584,158			(13,132	)
05/17/2021	State Street Bank & Trust Co.		CHF		257,000	USD		276,247			(5,258	)
05/17/2021	State Street Bank & Trust Co.		SGD		22,590	USD		16,800			(174	)
05/17/2021	State Street Bank & Trust Co.		USD		1,789,560	GBP		1,281,630			(19,522	)
05/17/2021	UBS AG		SEK		1,173,440	USD		134,697			(3,931	)
05/17/2021	UBS AG		USD		1,102,588	CHF		979,782			(29,381	)
05/17/2021	UBS AG		USD		35,807	INR		2,643,710			(240	)
05/17/2021	UBS AG		USD		1,669,468	JPY		180,685,845			(16,082	)
05/17/2021	UBS AG		USD		64,847	KRW		71,558,951			(835	)
05/17/2021	UBS AG		USD		4,113	PLN		15,441			(41	)
05/17/2021	UBS AG		USD		6,035	RUB		448,940			(74	)
05/18/2021	UBS AG		NOK		14,100,501	USD		1,667,053			(26,944	)
Subtotal–Depreciation											(435,587	)
Total Forward Foreign Currency Contracts										$	(13,760	)

Open Centrally Cleared Interest Rate Swap Agreements(a)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency	Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Receive	6 Month AUD BBSW	Semi-Annually		(0.08	)%	Semi-Annually		01/19/2023		AUD	922,000	$	-		$	951		$	951
Receive	3 Month STIBOR	Quarterly		(0.93	)	Annually		02/03/2031		SEK	1,435,616		(3,071	)		(2,031	)		1,040
Receive	3 Month STIBOR	Quarterly		(0.76	)	Annually		04/07/2031		SEK	2,268,248		252			1,385			1,133
Receive	3 Month STIBOR	Quarterly		(0.31	)	Annually		04/07/2026		SEK	8,385,799		185			1,663			1,478
Receive	3 Month USD LIBOR	Quarterly		(1.11	)	Semi-Annually		01/22/2031		USD	32,787		-			1,528			1,528
Receive	6 Month CHF LIBOR	Semi-Annually		(0.13	)	Annually		02/12/2031		CHF	126,495		-			2,374			2,374
Pay	China 7-Day Reverse Repo Rate	Quarterly		2.83		Quarterly		04/08/2026		CNY	7,065,538		-			3,757			3,757
Receive	3 Month NZD BBSW	Quarterly		(0.56	)	Semi-Annually		01/18/2026		NZD	267,925		-			4,008			4,008
Receive	6 Month EUR LIBOR	Semi-Annually		(0.44	)	Annually		01/22/2026		EUR	586,792		827			5,177			4,350

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                      Invesco World Bond Factor Fund

Open Centrally Cleared Interest Rate Swap Agreements(a) –(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency	Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Receive	3 Month STIBOR	Quarterly		(0.49	)%	Annually		02/08/2031		SEK	1,859,829	$	713		$	6,551		$	5,838
Receive	3 Month USD LIBOR	Quarterly		(0.61	)	Semi-Annually		02/17/2026		USD	872,000		-			12,265			12,265
Subtotal – Appreciation													(1,094	)		37,628			38,722
Interest Rate Risk
Pay	China 7-Day Reverse Repo Rate	Quarterly		2.59		Quarterly		10/29/2025		CNY	20,000,000		-			(19,258	)		(19,258	)
Receive	3 Month NZD BBSW	Quarterly		(1.07	)	Semi-Annually		04/09/2026		NZD	332,523		-			(208	)		(208	)
Subtotal – Depreciation													-			(19,466	)		(19,466	)
Total Centrally Cleared Interest Rate Swap Agreements												$	(1,094	)	$	18,162		$	19,256

^(a) Centrally cleared swap agreements collateralized by $ 100,000 cash held with Credit Suisse Securities (USA) LLC.

Abbreviations:

AUD -Australian Dollar

BBSW -Bank Bill Swap Rate

BRL -Brazilian Real

CAD -Canadian Dollar

CHF -Swiss Franc

CLP -Chile Peso

CNY -Chinese Yuan Renminbi

COP -Colombia Peso

CZK -Czech Koruna

EUR -Euro

GBP -British Pound Sterling

HUF -Hungarian Forint

IDR -Indonesian Rupiah

INR -Indian Rupee

JPY -Japanese Yen

KRW -South Korean Won

LIBOR -London Interbank Offered Rate

MXN -Mexican Peso

NOK -Norwegian Krone

NZD -New Zealand Dollar

PLN -Polish Zloty

RUB -Russian Ruble

SEK -Swedish Krona

SGD -Singapore Dollar

STIBOR -Stockholm Interbank Offered Rate

THB -Thai Baht

TRY -Turkish Lira

USD -U.S. Dollar

ZAR -South African Rand

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                      Invesco World Bond Factor Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2021

Sovereign Debt	35.32	%
U.S. Treasury Securities	15.56
Financials	13.25
Collateralized Mortgage Obligations	9.93
Industrials	4.62
Utilities	3.57
Communication Services	2.96
Consumer Discretionary	2.84
Health Care	2.80
Information Technology	2.60
Consumer Staples	2.54
Other Sectors, Each Less than 2% of Net Assets	3.48
Money Market Funds Plus Other Assets Less Liabilities	0.53

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                      Invesco World Bond Factor Fund

Statement of Assets and Liabilities

April 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $43,619,188)	$	43,616,475
Investments in affiliates, at value (Cost $1,778,087)		1,779,692
Other investments:
Variation margin receivable – futures contracts		3,097
Variation margin receivable – centrally cleared swap agreements		371
Unrealized appreciation on forward foreign currency contracts outstanding		421,827
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		100,000
Cash		21,695
Foreign currencies, at value (Cost $102,510)		102,390
Receivable for:
Fund shares sold		32,499
Dividends		35
Interest		231,195
Investment for trustee deferred compensation and retirement plans		36,140
Other assets		54,940
Total assets		46,400,356
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		435,587
Payable for:
Investments purchased		1,200,965
Fund shares reacquired		322,546
Accrued foreign taxes		474
Accrued fees to affiliates		27,334
Accrued trustees’ and officers’ fees and benefits		106
Accrued other operating expenses		76,278
Trustee deferred compensation and retirement plans		38,486
Total liabilities		2,101,776
Net assets applicable to shares outstanding	$	44,298,580

Net assets consist of:
Shares of beneficial interest	$	43,516,680
Distributable earnings		781,900
	$	44,298,580
Net Assets:
Class A	$	25,773,581
Class C	$	2,290,497
Class Y	$	15,237,260
Class R5	$	877
Class R6	$	996,365
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,369,759
Class C		211,118
Class Y		1,401,747
Class R5		81.2
Class R6		91,562
Class A:
Net asset value per share	$	10.88
Maximum offering price per share (Net asset value of $10.88 ÷ 95.75%)	$	11.36
Class C:
Net asset value and offering price per share	$	10.85
Class Y:
Net asset value and offering price per share	$	10.87
Class R5:
Net asset value and offering price per share	$	10.80
Class R6:
Net asset value and offering price per share	$	10.88

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                      Invesco World Bond Factor Fund

Statement of Operations

For the six months ended April 30, 2021

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $1,766)	$	226,167
Dividends from affiliates		3,564
Total investment income		229,731
Expenses:
Advisory fees		59,392
Administrative services fees		2,905
Custodian fees		8,272
Distribution fees:
Class A		33,433
Class C		11,854
Transfer agent fees – A, C and Y		47,427
Transfer agent fees – R6		305
Trustees’ and officers’ fees and benefits		12,540
Registration and filing fees		40,400
Reports to shareholders		14,692
Professional services fees		29,493
Other		6,667
Total expenses		267,380
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(159,252	)
Net expenses		108,128
Net investment income		121,603
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		727,170
Affiliated investment securities		(70	)
Foreign currencies		(9,913	)
Forward foreign currency contracts		274,902
Futures contracts		(9,232	)
Swap agreements		57,518
		1,040,375
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $96)		(868,505	)
Affiliated investment securities		1,677
Foreign currencies		4,620
Forward foreign currency contracts		(99,716	)
Futures contracts		(96,329	)
Swap agreements		21,318
		(1,036,935	)
Net realized and unrealized gain		3,440
Net increase in net assets resulting from operations	$	125,043

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17                      Invesco World Bond Factor Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2021 and the year ended October 31, 2020

(Unaudited)

	April 30, 2021			October 31, 2020
Operations:
Net investment income	$	121,603		$	354,293
Net realized gain		1,040,375			1,136,358
Change in net unrealized appreciation (depreciation)		(1,036,935	)		86,334
Net increase in net assets resulting from operations		125,043			1,576,985
Distributions to shareholders from distributable earnings:
Class A		(455,319	)		(347,746	)
Class C		(34,364	)		(19,553	)
Class Y		(248,654	)		(92,861	)
Class R5		(17	)		(17	)
Class R6		(8,511	)		(3,200	)
Total distributions from distributable earnings		(746,865	)		(463,377	)
Share transactions-net:
Class A		(32,840	)		4,873,802
Class C		(167,781	)		358,491
Class Y		3,746,989			8,736,215
Class R6		723,387			142,855
Net increase in net assets resulting from share transactions		4,269,755			14,111,363
Net increase in net assets		3,647,933			15,224,971
Net assets:
Beginning of period		40,650,647			25,425,676
End of period	$	44,298,580		$	40,650,647

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18                      Invesco World Bond Factor Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Return of capital			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 04/30/21		$11.01		$ 0.03			$ 0.03			$ 0.06			$(0.06	)		$(0.13	)		$     –			$(0.19	)		$10.88		0.51	%		$25,774		0.54	%(d)		1.26	%(d)		0.50	%(d)		104	%
Year ended 10/31/20		10.61		0.13			0.45			0.58			(0.18	)		–			–			(0.18	)		11.01		5.56			26,165		0.64			1.49			1.21			191
Year ended 10/31/19		9.66		0.30			0.92			1.22			(0.11	)		–			(0.16	)		(0.27	)		10.61		12.83			20,458		0.94			2.08			2.97			177
Year ended 10/31/18		10.43		0.33			(0.83	)		(0.50	)		(0.21	)		–			(0.06	)		(0.27	)		9.66		(4.89	)		18,347		0.93			2.21			3.25			131
Year ended 10/31/17		10.44		0.33			(0.07	)		0.26			(0.04	)		–			(0.23	)		(0.27	)		10.43		2.63			22,150		0.95			2.21			3.22			245
Year ended 10/31/16		9.81		0.25			0.54			0.79			(0.08	)		–			(0.08	)		(0.16	)		10.44		8.02			28,870		1.10			1.84			2.36			246
Class C
Six months ended 04/30/21		10.98		(0.01	)		0.03			0.02			(0.02	)		(0.13	)		–			(0.15	)		10.85		0.13			2,290		1.29	(d)		2.01	(d)		(0.25	)(d)		104
Year ended 10/31/20		10.59		0.05			0.45			0.50			(0.11	)		–			–			(0.11	)		10.98		4.74			2,482		1.39			2.24			0.46			191
Year ended 10/31/19		9.64		0.22			0.93			1.15			(0.08	)		–			(0.12	)		(0.20	)		10.59		12.01			2,046		1.69			2.83			2.22			177
Year ended 10/31/18		10.41		0.26			(0.84	)		(0.58	)		(0.15	)		–			(0.04	)		(0.19	)		9.64		(5.62	)		3,591		1.68			2.96			2.50			131
Year ended 10/31/17		10.42		0.25			(0.07	)		0.18			(0.03	)		–			(0.16	)		(0.19	)		10.41		1.80			4,147		1.70			2.96			2.47			245
Year ended 10/31/16		9.79		0.17			0.54			0.71			(0.05	)		–			(0.03	)		(0.08	)		10.42		7.24			5,121		1.85			2.59			1.61			246
Class Y
Six months ended 04/30/21		11.01		0.04			0.02			0.06			(0.07	)		(0.13	)		–			(0.20	)		10.87		0.54			15,237		0.29	(d)		1.01	(d)		0.75	(d)		104
Year ended 10/31/20		10.61		0.16			0.44			0.60			(0.20	)		–			–			(0.20	)		11.01		5.81			11,717		0.39			1.24			1.46			191
Year ended 10/31/19		9.65		0.33			0.93			1.26			(0.12	)		–			(0.18	)		(0.30	)		10.61		13.23			2,783		0.69			1.83			3.22			177
Year ended 10/31/18		10.42		0.36			(0.83	)		(0.47	)		(0.23	)		–			(0.07	)		(0.30	)		9.65		(4.66	)		2,903		0.68			1.96			3.50			131
Year ended 10/31/17		10.44		0.35			(0.07	)		0.28			(0.04	)		–			(0.26	)		(0.30	)		10.42		2.81			5,797		0.70			1.96			3.47			245
Year ended 10/31/16		9.80		0.27			0.55			0.82			(0.07	)		–			(0.11	)		(0.18	)		10.44		8.40			10,509		0.85			1.59			2.61			246
Class R5
Six months ended 04/30/21		10.94		0.04			0.02			0.06			(0.07	)		(0.13	)		–			(0.20	)		10.80		0.54			1		0.29	(d)		0.89	(d)		0.75	(d)		104
Year ended 10/31/20		10.56		0.15			0.43			0.58			(0.20	)		–			–			(0.20	)		10.94		5.64			1		0.39			1.11			1.46			191
Year ended 10/31/19		9.64		0.33			0.89			1.22			(0.12	)		–			(0.18	)		(0.30	)		10.56		12.81			1		0.69			1.60			3.22			177
Year ended 10/31/18		10.42		0.36			(0.84	)		(0.48	)		(0.23	)		–			(0.07	)		(0.30	)		9.64		(4.75	)		1		0.68			1.73			3.50			131
Year ended 10/31/17		10.44		0.36			(0.08	)		0.28			(0.04	)		–			(0.26	)		(0.30	)		10.42		2.81			1		0.70			1.77			3.47			245
Year ended 10/31/16		9.81		0.27			0.54			0.81			(0.07	)		–			(0.11	)		(0.18	)		10.44		8.29			1		0.85			1.30			2.61			246
Class R6
Six months ended 04/30/21		11.02		0.04			0.02			0.06			(0.07	)		(0.13	)		–			(0.20	)		10.88		0.54			996		0.29	(d)		0.89	(d)		0.75	(d)		104
Year ended 10/31/20		10.62		0.15			0.46			0.61			(0.21	)		–			–			(0.21	)		11.02		5.81			286		0.39			1.11			1.46			191
Year ended 10/31/19		9.66		0.33			0.93			1.26			(0.12	)		–			(0.18	)		(0.30	)		10.62		13.21			138		0.69			1.60			3.22			177
Year ended 10/31/18		10.43		0.35			(0.82	)		(0.47	)		(0.23	)		–			(0.07	)		(0.30	)		9.66		(4.65	)		106		0.68			1.73			3.50			131
Year ended 10/31/17		10.44		0.36			(0.07	)		0.29			(0.04	)		–			(0.26	)		(0.30	)		10.43		2.91			11		0.70			1.77			3.47			245
Year ended 10/31/16		9.81		0.25			0.56			0.81			(0.07	)		–			(0.11	)		(0.18	)		10.44		8.29			11		0.85			1.30			2.61			246

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $26,968, $2,390, $14,384, $1 and $615 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19                      Invesco World Bond Factor Fund

Notes to Financial Statements

April 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco World Bond Factor Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income

20                      Invesco World Bond Factor Fund

and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and

21                      Invesco World Bond Factor Fund

reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to

22                      Invesco World Bond Factor Fund

terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

M. Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. 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 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 borrowings.

N. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

O. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

P. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

Q. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

R. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $2 billion		0.270	%
Over $2 billion		0.250	%

For the six months ended April 30, 2021, the effective advisory fee rate incurred by the Fund was 0.27%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 0.54%, 1.29%, 0.29%, 0.29% and 0.29%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. 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. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended April 30, 2021, the Adviser waived advisory fees of $59,392 and reimbursed fund level expenses of $52,009 and reimbursed class level expenses of $29,240, $2,592, $15,596, $0 and $305 of Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

23                      Invesco World Bond Factor Fund

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2021, IDI advised the Fund that IDI retained $1,298 in front-end sales commissions from the sale of Class A shares and $478 and $148 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes	$	–		$	22,511,197			$–	$	22,511,197
U.S. Dollar Denominated Bonds & Notes		–			9,810,396			–		9,810,396
U.S. Treasury Securities		–			6,894,878			–		6,894,878
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			4,400,004			–		4,400,004
Exchange-Traded Funds		447,912			–			–		447,912
Money Market Funds		1,331,780			–			–	��	1,331,780
Total Investments in Securities		1,779,692			43,616,475			–		45,396,167
Other Investments - Assets*
Futures Contracts		29,774			–			–		29,774
Forward Foreign Currency Contracts		–			421,827			–		421,827
Swap Agreements		–			38,722			–		38,722
		29,774			460,549			–		490,323
Other Investments - Liabilities*
Futures Contracts		(73,700	)		–			–		(73,700	)
Forward Foreign Currency Contracts		–			(435,587	)		–		(435,587	)
Swap Agreements		–			(19,466	)		–		(19,466	)
		(73,700	)		(455,053	)		–		(528,753	)
Total Other Investments		(43,926	)		5,496			–		(38,430	)
Total Investments	$	1,735,766		$	43,621,971			$–	$	45,357,737

* Unrealized appreciation (depreciation).

24                      Invesco World Bond Factor Fund

NOTE 4–Derivative Investments

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2021:

	Value
Derivative Assets	Currency Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-		$	29,774		$	29,774
Unrealized appreciation on swap agreements – Centrally Cleared(a)		-			38,722			38,722
Unrealized appreciation on forward foreign currency contracts outstanding		421,827			-			421,827
Total Derivative Assets		421,827			68,496			490,323
Derivatives not subject to master netting agreements		-			(68,496	)		(68,496	)
Total Derivative Assets subject to master netting agreements	$	421,827		$	-		$	421,827
	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-		$	(73,700	)	$	(73,700	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		-			(19,466	)		(19,466	)
Unrealized depreciation on forward foreign currency contracts outstanding		(435,587	)		-			(435,587	)
Total Derivative Liabilities		(435,587	)		(93,166	)		(528,753	)
Derivatives not subject to master netting agreements		-			93,166			93,166
Total Derivative Liabilities subject to master netting agreements	$	(435,587	)	$	-		$	(435,587	)

^(a)  The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2021.

	Financial Derivative Assets	Financial Derivative Liabilities		Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Forward Foreign Currency Contracts	Net Value of Derivatives	Non-Cash	Cash	Net Amount
Bank of America, N.A.	$  12,052	$  (32,175)	$(20,123)	$-	$-	$(20,123)
Barclays Bank PLC	1,565	(16,986)	(15,421)	-	-	(15,421)
BNP Paribas S.A.	8,388	(1,972)	6,416	-	-	6,416
Citibank, N.A.	73,252	(76,746)	(3,494)	-	-	(3,494)
Deutsche Bank AG	15,629	(11,521)	4,108	-	-	4,108
Goldman Sachs International	63,457	(36,662)	26,795	-	-	26,795
J.P. Morgan Chase Bank, N.A.	44,687	(16,414)	28,273	-	-	28,273
Morgan Stanley and Co. International PLC	32,211	(25,549)	6,662	-	-	6,662
Royal Bank of Canada	43,724	(101,948)	(58,224)	-	-	(58,224)
State Street Bank & Trust Co.	20,287	(38,086)	(17,799)	-	-	(17,799)
UBS AG	106,575	(77,528)	29,047	-	-	29,047
Total	$421,827	$(435,587)	$(13,760)	$-	$-	$(13,760)

25                      Invesco World Bond Factor Fund

Effect of Derivative Investments for the six months ended April 30, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Currency     Risk			Interest         Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	274,902		$	-		$	274,902
Futures contracts		-			(9,232	)		(9,232	)
Swap agreements		-			57,518			57,518
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(99,716	)		-			(99,716	)
Futures contracts		-			(96,329	)		(96,329	)
Swap agreements		-			21,318			21,318
Total	$	175,186		$	(26,725	)	$	148,461

The table below summarizes the average notional value of derivatives held during the period.

	Forward         Foreign Currency         Contracts	Futures         Contracts	Swap         Agreements
Average notional value	$43,278,077	$9,363,296	$6,346,459

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $118.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of October 31, 2020.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2021 was $29,902,523 and $23,597,163, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	1,309,522
Aggregate unrealized (depreciation) of investments		(1,789,901	)
Net unrealized appreciation (depreciation) of investments	$	(480,379	)

26                      Invesco World Bond Factor Fund

Cost of investments for tax purposes is $45,838,116.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2021(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		353,908		$	3,933,849			1,116,052		$	11,975,564
Class C		37,466			413,067			110,646			1,185,774
Class Y		630,230			6,968,984			1,068,531			11,521,900
Class R6		67,521			744,621			16,109			176,431
Issued as reinvestment of dividends:
Class A		37,893			422,177			30,389			319,821
Class C		2,744			30,597			1,481			15,419
Class Y		18,389			204,580			7,013			74,502
Class R6		748			8,303			283			2,991
Automatic conversion of Class C shares to Class A shares:
Class A		32,313			360,110			15,908			168,477
Class C		(32,395	)		(360,110	)		(15,940	)		(168,477	)
Reacquired:
Class A		(430,533	)		(4,748,976	)		(713,541	)		(7,590,060	)
Class C		(22,694	)		(251,335	)		(63,360	)		(674,225	)
Class Y		(311,515	)		(3,426,575	)		(273,293	)		(2,860,187	)
Class R6		(2,688	)		(29,537	)		(3,405	)		(36,567	)
Net increase in share activity		381,387		$	4,269,755			1,296,873		$	14,111,363

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

27                      Invesco World Bond Factor Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value ��   (11/01/20)	Ending     Account Value     (04/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/21)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$1,005.10	$2.68	$1,022.12	$2.71	0.54%
Class C	1,000.00	1,001.30	6.40	1,018.40	6.46	1.29
Class Y	1,000.00	1,005.40	1.44	1,023.36	1.45	0.29
Class R5	1,000.00	1,005.40	1.44	1,023.36	1.45	0.29
Class R6	1,000.00	1,005.40	1.44	1,023.36	1.45	0.29

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2020 through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

28                      Invesco World Bond Factor Fund

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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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. WBD-SAR-1                                             

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of June 18, 2021, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 18, 2021, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1) Not applicable.

13(a) (2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3) Not applicable.

13(a) (4) Not applicable.

13(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:    AIM Investment Funds (Invesco Investment Funds)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	July 8, 2021

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:	July 8, 2021
By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	July 8, 2021