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:       04/30/22    

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, 2022

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
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 is 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, 10/31/21 to 4/30/22, 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	-3.76	%
Class C Shares	-4.20
Class R Shares	-3.94
Class Y Shares	-3.68
Class R5 Shares	-3.62
Class R6 Shares	-3.72
S&P 500 Indexq (Broad Market Index)	-9.65
Custom Invesco Balanced-Risk Allocation Style Index∎ (Style-Specific Index)	-10.39
Lipper Alternative Global Macro Funds Index◆ (Peer Group Index)	-5.52
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 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 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 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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (6/2/09)	6.20	%
10 Years	4.07
5 Years	4.06
1 Year	-5.93
Class C Shares
Inception (6/2/09)	6.15	%
10 Years	4.05
5 Years	4.43
1 Year	-2.03
Class R Shares
Inception (6/2/09)	6.38	%
10 Years	4.39
5 Years	4.97
1 Year	-0.75
Class Y Shares
Inception (6/2/09)	6.92	%
10 Years	4.92
5 Years	5.48
1 Year	-0.29
Class R5 Shares
Inception (6/2/09)	6.96	%
10 Years	4.97
5 Years	5.54
1 Year	-0.14
Class R6 Shares
10 Years	5.02	%
5 Years	5.61
1 Year	-0.18

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-34.28%
U.S. Treasury Bills-13.37%(a)
U.S. Treasury Bills		0.13	%		06/09/2022	$	111,300	$	111,284,204
U.S. Treasury Bills		0.37	%		07/21/2022		104,100		103,910,500
U.S. Treasury Bills		0.73	%		09/08/2022		77,000		76,708,563
									291,903,267
U.S. Treasury Floating Rate Notes-20.91%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)		0.96	%		07/31/2022		160,520		160,602,902
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)		0.90	%		01/31/2024		150,000		150,203,362
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)		0.84	%		04/30/2024		146,000		146,014,653
									456,820,917
Total U.S. Treasury Securities (Cost $748,618,198)									748,724,184
				Expiration Date
Commodity-Linked Securities-6.23%
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)					11/30/2022		34,050		58,567,142
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)					12/05/2022		44,800		77,627,328
Total Commodity-Linked Securities (Cost $99,639,550)									136,194,470
						Shares
Money Market Funds-50.79%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(e)(f)							267,682,801		267,682,801
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(e)(f)							66,213,724		66,200,481
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.32%(e)(f)							220,363,735		220,363,735
Invesco Treasury Obligations Portfolio, Institutional Class, 0.32%(e)(f)							501,000,000		501,000,000
Invesco Treasury Portfolio, Institutional Class, 0.23%(e)(f)							54,264,915		54,264,915
Total Money Market Funds (Cost $1,109,487,434)									1,109,511,932
Options Purchased-1.71% (Cost $32,792,317)(g)									37,412,507
TOTAL INVESTMENTS IN SECURITIES-93.01% (Cost $1,990,537,499)								��	2,031,843,093
OTHER ASSETS LESS LIABILITIES-6.99%									152,614,128
NET ASSETS-100.00%								$	2,184,457,221

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, 2022.

^(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, 2022 was $136,194,470, which represented 6.23% 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, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			$   389,413,824			$   377,435,251			$(499,166,274)			$	-			$	-			$267,682,801			$78,396
Invesco Liquid Assets Portfolio, Institutional Class			129,916,815			269,596,609			(333,261,625	)			(77,395	)			26,077			66,200,481			30,238
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class			143,068,345			670,835,161			(593,539,771	)			-				-			220,363,735			80,132
Invesco Treasury Obligations Portfolio, Institutional Class			524,000,000			-			(23,000,000	)			-				-			501,000,000			173,329
Invesco Treasury Portfolio, Institutional Class			156,128,941			431,354,573			(533,218,599	)			-				-			54,264,915			20,135
Total		$	1,342,527,925		$	1,749,221,594		$	(1,982,186,269	)		$	(77,395	)		$	26,077		$	1,109,511,932		$	382,230

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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		06/17/2022		140	EUR	3,750.00	EUR	5,250,000	$     220,801
EURO STOXX 50 Index		Put		06/17/2022		140	EUR	3,800.00	EUR	5,320,000	253,737
EURO STOXX 50 Index		Put		09/16/2022		140	EUR	3,850.00	EUR	5,390,000	427,424
EURO STOXX 50 Index		Put		12/16/2022		140	EUR	3,800.00	EUR	5,320,000	481,479
EURO STOXX 50 Index		Put		12/16/2022		140	EUR	4,050.00	EUR	5,670,000	678,206
EURO STOXX 50 Index		Put		12/16/2022		140	EUR	3,900.00	EUR	5,460,000	552,815
EURO STOXX 50 Index		Put		09/16/2022		140	EUR	3,900.00	EUR	5,460,000	465,528
EURO STOXX 50 Index		Put		09/16/2022		140	EUR	4,000.00	EUR	5,600,000	551,043
EURO STOXX 50 Index		Put		03/17/2023		130	EUR	4,150.00	EUR	5,395,000	774,312
EURO STOXX 50 Index		Put		01/20/2023		130	EUR	4,000.00	EUR	5,200,000	611,797
EURO STOXX 50 Index		Put		02/17/2023		140	EUR	3,600.00	EUR	5,040,000	406,008
EURO STOXX 50 Index		Put		04/21/2023		140	EUR	3,700.00	EUR	5,180,000	492,852
FTSE 100 Index		Put		05/20/2022		70	GBP	6,775.00	GBP	4,742,500	13,203
FTSE 100 Index		Put		06/17/2022		70	GBP	6,700.00	GBP	4,690,000	36,089
FTSE 100 Index		Put		07/15/2022		70	GBP	6,400.00	GBP	4,480,000	38,729
FTSE 100 Index		Put		08/19/2022		70	GBP	6,625.00	GBP	4,637,500	87,581
FTSE 100 Index		Put		09/16/2022		70	GBP	6,750.00	GBP	4,725,000	125,431
FTSE 100 Index		Put		10/21/2022		70	GBP	6,650.00	GBP	4,655,000	138,194
FTSE 100 Index		Put		11/18/2022		70	GBP	6,900.00	GBP	4,830,000	204,210
FTSE 100 Index		Put		12/16/2022		70	GBP	6,800.00	GBP	4,760,000	207,731
FTSE 100 Index		Put		01/20/2023		70	GBP	7,350.00	GBP	5,145,000	380,253
FTSE 100 Index		Put		02/17/2023		70	GBP	7,175.00	GBP	5,022,500	346,805
FTSE 100 Index		Put		03/17/2023		70	GBP	7,025.00	GBP	4,917,500	326,120
FTSE 100 Index		Put		04/21/2023		70	GBP	7,250.00	GBP	5,075,000	404,019
MSCI Emerging Markets Index		Put		05/20/2022		82	USD	1,280.00	USD	10,496,000	1,794,570

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

6 Invesco Balanced-Risk Allocation Fund

Open Exchange-Traded Index Options Purchased–(continued)
Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value*			Value
MSCI Emerging Markets Index		Put		06/17/2022		82		USD	1,330.00		USD	10,906,000	$  2,254,180
MSCI Emerging Markets Index		Put		07/15/2022		82		USD	1,310.00		USD	10,742,000	2,129,950
MSCI Emerging Markets Index		Put		04/21/2023		82		USD	1,110.00		USD	9,102,000	1,041,400
MSCI Emerging Markets Index		Put		08/19/2022		82		USD	1,220.00		USD	10,004,000	1,449,350
MSCI Emerging Markets Index		Put		09/16/2022		82		USD	1,250.00		USD	10,250,000	1,688,790
MSCI Emerging Markets Index		Put		10/21/2022		82		USD	1,180.00		USD	9,676,000	1,223,440
MSCI Emerging Markets Index		Put		11/18/2022		82		USD	1,210.00		USD	9,922,000	1,459,600
MSCI Emerging Markets Index		Put		12/16/2022		82		USD	1,170.00		USD	9,594,000	1,224,260
MSCI Emerging Markets Index		Put		01/20/2023		82		USD	1,180.00		USD	9,676,000	1,307,900
MSCI Emerging Markets Index		Put		02/17/2023		82		USD	1,170.00		USD	9,594,000	1,271,000
MSCI Emerging Markets Index		Put		03/17/2023		82		USD	1,130.00		USD	9,266,000	1,090,600
Nikkei 225 Index		Put		06/10/2022		40		JPY	27,250.00		JPY	1,090,000,000	309,767
Nikkei 225 Index		Put		06/10/2022		40		JPY	27,500.00		JPY	1,100,000,000	348,295
Nikkei 225 Index		Put		09/09/2022		40		JPY	27,500.00		JPY	1,100,000,000	540,936
Nikkei 225 Index		Put		09/09/2022		40		JPY	26,500.00		JPY	1,060,000,000	413,023
Nikkei 225 Index		Put		09/09/2022		40		JPY	27,250.00		JPY	1,090,000,000	502,408
Nikkei 225 Index		Put		12/09/2022		40		JPY	27,250.00		JPY	1,090,000,000	651,898
Nikkei 225 Index		Put		12/09/2022		40		JPY	26,750.00		JPY	1,070,000,000	577,923
Nikkei 225 Index		Put		12/09/2022		40		JPY	28,250.00		JPY	1,130,000,000	830,668
Nikkei 225 Index		Put		03/10/2023		40		JPY	28,500.00		JPY	1,140,000,000	986,323
Nikkei 225 Index		Put		03/10/2023		39		JPY	25,500.00		JPY	994,500,000	509,382
Nikkei 225 Index		Put		03/10/2023		39		JPY	25,750.00		JPY	1,004,250,000	537,931
Nikkei 225 Index		Put		06/09/2023		40		JPY	27,250.00		JPY	1,090,000,000	875,361
S&P 500 Index		Put		05/20/2022		10		USD	4,050.00		USD	4,050,000	83,250
S&P 500 Index		Put		06/17/2022		10		USD	4,050.00		USD	4,050,000	131,550
S&P 500 Index		Put		07/15/2022		10		USD	4,150.00		USD	4,150,000	204,350
S&P 500 Index		Put		08/19/2022		10		USD	4,250.00		USD	4,250,000	284,450
S&P 500 Index		Put		09/16/2022		10		USD	4,375.00		USD	4,375,000	369,850
S&P 500 Index		Put		10/21/2022		10		USD	4,175.00		USD	4,175,000	300,150
S&P 500 Index		Put		11/18/2022		10		USD	4,450.00		USD	4,450,000	449,400
S&P 500 Index		Put		12/16/2022		10		USD	4,475.00		USD	4,475,000	475,000
S&P 500 Index		Put		01/20/2023		10		USD	4,650.00		USD	4,650,000	586,850
S&P 500 Index		Put		02/17/2023		9		USD	4,375.00		USD	3,937,500	401,535
S&P 500 Index		Put		03/17/2023		10		USD	4,225.00		USD	4,225,000	391,400
S&P 500 Index		Put		04/21/2023		10		USD	4,425.00		USD	4,425,000	491,400
Total Index Options Purchased													$37,412,507

* 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		477		June-2022	$	50,299,650	$	1,779,556		$	1,779,556
Gasoline Reformulated Blendstock Oxygenate Blending		374		May-2022		54,073,219		2,644,567			2,644,567
Natural Gas		75		November-2022		5,619,750		1,059,975			1,059,975
New York Harbor Ultra-Low Sulfur Diesel		253		May-2022		42,686,767		7,809,090			7,809,090
Silver		370		July-2022		42,707,250		(3,887,471	)		(3,887,471	)
WTI Crude		504		July-2022		50,843,520		1,707,479			1,707,479
Subtotal								11,113,196			11,113,196

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

7 Invesco Balanced-Risk Allocation Fund

Open Futures Contracts(a)–(continued)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini Russell 2000 Index		1,835		June-2022	$	170,774,275	$	(13,292,507	)	$	(13,292,507	)
E-Mini S&P 500 Index		313		June-2022		64,595,375		(4,000,585	)		(4,000,585	)
EURO STOXX 50 Index		940		June-2022		37,048,165		503,192			503,192
FTSE 100 Index		530		June-2022		50,070,292		2,339,745			2,339,745
MSCI Emerging Market Index		1,035		June-2022		54,720,450		(2,562,654	)		(2,562,654	)
Nikkei 225 Index		387		June-2022		80,128,607		4,142,916			4,142,916
Subtotal								(12,869,893	)		(12,869,893	)
Interest Rate Risk
Australia 10 Year Bonds		3,805		June-2022		333,740,182		(17,167,588	)		(17,167,588	)
Canada 10 Year Bonds		2,825		June-2022		277,871,015		(21,227,807	)		(21,227,807	)
Euro-Bund		1,535		June-2022		248,715,756		(10,465,410	)		(10,465,410	)
Japan 10 Year Bonds		138		June-2022		159,102,755		(851,360	)		(851,360	)
Long Gilt		1,455		June-2022		216,696,678		(6,865,419	)		(6,865,419	)
U.S. Treasury Long Bonds		1,083		June-2022		152,364,563		(15,769,616	)		(15,769,616	)
Subtotal								(72,347,200	)		(72,347,200	)
Total Futures Contracts							$	(74,103,897	)	$	(74,103,897	)

^(a)  Futures contracts collateralized by $110,020,001 cash held with Merrill Lynch International, 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

J.P. Morgan Chase Bank, N.A.

Receive

J.P. Morgan Contag Beta Gas Oil Excess Return Index

0.25

%

Monthly

98,300

March-2023

USD

38,068,110

$–

$

3,269,055

$

3,269,055

Merrill Lynch International

Receive

Merrill Lynch Gold Excess Return Index

0.14

Monthly

178,300

February-2023

USD

39,273,570

–

0

0

Merrill Lynch International

Receive

MLCX Aluminum Annual Excess Return Index

0.28

Monthly

76,000

March-2023

USD

11,992,762

–

0

0

Merrill Lynch International

Receive

MLCX Dynamic Enhanced Copper Excess Return Index

0.25

Monthly

27,900

February-2023

USD

25,307,097

–

0

0

Merrill Lynch International

Receive

MLCX Natural Gas Annual Excess Return Index

0.25

Monthly

261,000

February-2023

USD

40,404,862

–

0

0

Royal Bank of Canada

Receive

RBC Enhanced Agricultural Basket 07 Excess Return Index

0.40

Monthly

306,000

July-2022

USD

45,030,623

–

0

0

Subtotal - Appreciation

–

3,269,055

3,269,055

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

8 Invesco Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)
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		31,500		November-2022	USD	26,622,112	$–	$	(1,391,616	)	$	(1,391,616	)
Canadian Imperial Bank of Commerce		Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30		Monthly		275,000		February-2023	USD	34,261,398	–		(1,452,770	)		(1,452,770	)
Cargill, Inc.		Receive	Single Commodity Index Excess Return		0.12		Monthly		22,900		December-2022	USD	27,777,379	–		(164,651	)		(164,651	)
J.P. Morgan Chase Bank, N.A.		Receive	J.P. Morgan Contag Copper Excess Return Index		0.25		Monthly		18,800		April-2023	USD	11,489,419	–		(386,445	)		(386,445	)
J.P. Morgan Chase Bank, N.A.		Receive	S&P GSCI Gold Index Excess Return		0.09		Monthly		223,500		March-2023	USD	31,783,622	–		(371,345	)		(371,345	)
Macquarie Bank Ltd.		Receive	Macquarie Aluminium Dynamic Selection Index		0.30		Monthly		398,000		February-2023	USD	28,582,649	–		(324,728	)		(324,728	)
Morgan Stanley and Co. International PLC		Receive	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.30		Monthly		207,000		July-2022	USD	207,000	–		(1,916,197	)		(1,916,197	)
Subtotal – Depreciation														–		(6,007,752	)		(6,007,752	)
Total – Total Return Swap Agreements														$–	$	(2,738,697	)	$	(2,738,697	)

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $26,480,000.

^(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.

Open Over-The-Counter Total Return Swap Agreements(a)(b)

Upfront

Floating

Payments

Unrealized

Pay/

Reference

Rate

Payment

Number of

Paid

Appreciation

Counterparty

Receive

Entity(c)

Index

Frequency

Contracts

Maturity Date

Notional Value

(Received)

Value

(Depreciation)

Equity Risk

BNP Paribas S.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.170%

Monthly

378,458

September-2022

JPY

980,085,113

$–

$

33,770

$

33,770

Citibank, N.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.440%

Monthly

2,074,732

July-2022

JPY

5,316,811,960

–

617,264

617,264

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.430%

Monthly

1,475,363

July-2022

JPY

3,780,838,992

–

438,942

438,942

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.450%

Monthly

120,000

July-2022

JPY

307,518,000

–

35,702

35,702

J.P. Morgan Chase Bank, N.A.

Receive

MSCI United Kingdom Minimum Volatility Index

SONIA + 0.155%

Monthly

3,300

May-2022

GBP

12,947,171

–

25,943

25,943

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

9 Invesco Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)

Upfront

Floating

Payments

Unrealized

Pay/

Reference

Rate

Payment

Number of

Paid

Appreciation

Counterparty

Receive

Entity(c)

Index

Frequency

Contracts

Maturity Date

Notional Value

(Received)

Value

(Depreciation)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI United Kingdom Minimum Volatility Index

SONIA + 0.160%

Monthly

3,300

May-2022

GBP

12,947,171

$–

$

25,943

$

25,943

J.P. Morgan Chase Bank, N.A.

Receive

MSCI United Kingdom Minimum Volatility Index

SONIA + 0.160%

Monthly

2,297

May-2022

GBP

9,012,015

–

18,058

18,058

Subtotal – Appreciation

–

1,195,622

1,195,622

Equity Risk

BNP Paribas S.A.

Receive

MSCI EMU Minimum Volatility Index

1 Month EURIBOR - 0.720%

Monthly

11,600

September-2022

EUR

36,109,524

–

(157,373

)

(157,373

)

BNP Paribas S.A.

Receive

MSCI EMU Momentum Index

1 Month EURIBOR - 0.380%

Monthly

6,300

June-2022

EUR

31,646,034

–

(377,971

)

(377,971

)

BNP Paribas S.A.

Receive

MSCI EMU Momentum Index

1 Month EURIBOR - 1.320%

Monthly

500

June-2022

EUR

2,511,590

–

(29,998

)

(29,998

)

BNP Paribas S.A.

Receive

MSCI EMU Quality Index

1 Month EURIBOR - 1.150%

Monthly

700

June-2022

EUR

2,673,972

–

(47,098

)

(47,098

)

BNP Paribas S.A.

Receive

MSCI Japan Quality Index

TONAR - 0.140%

Monthly

362,482

September-2022

JPY

1,004,060,641

–

(194,124

)

(194,124

)

BNP Paribas S.A.

Receive

MSCI USA Minimum Volatility Daily Net Total Return Index

SOFR - 0.250%

Monthly

5,420

September-2022

USD

28,393,971

–

(1,399,661

)

(1,399,661

)

BNP Paribas S.A.

Receive

MSCI USA Momentum Net Total Return Index

SOFR - 0.240%

Monthly

7,165

May-2022

USD

26,991,630

–

(2,098,513

)

(2,098,513

)

BNP Paribas S.A.

Receive

MSCI USA Quality Index

SOFR - 0.220%

Monthly

500

May-2022

USD

2,003,545

–

(94,505

)

(94,505

)

BNP Paribas S.A.

Receive

MSCI USA Quality Index

SOFR - 0.260%

Monthly

6,294

May-2022

USD

25,220,624

–

(1,189,629

)

(1,189,629

)

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

10 Invesco Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)

Upfront

Floating

Payments

Unrealized

Pay/

Reference

Rate

Payment

Number of

Paid

Appreciation

Counterparty

Receive

Entity(c)

Index

Frequency

Contracts

Maturity Date

Notional Value

(Received)

Value

(Depreciation)

Goldman Sachs International

Receive

Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index

SOFR + 0.760%

Monthly

1,750

November-2022

USD

12,398,943

$–

$

(497,742

)

$

(497,742

)

Goldman Sachs International

Receive

Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index

SOFR + 0.760%

Monthly

2,490

November-2022

USD

17,599,021

–

(665,313

)

(665,313

)

Goldman Sachs International

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

1 Month USD LIBOR + 0.720%

Monthly

13,229

June-2022

USD

26,839,524

–

(725,478

)

(725,478

)

Goldman Sachs International

Receive

MSCI Japan Quality Index

TONAR - 0.280%

Monthly

1,329,951

July-2022

JPY

3,611,854,327

–

(157,001

)

(157,001

)

Goldman Sachs International

Receive

MSCI Japan Quality Index

TONAR - 0.280%

Monthly

150,000

July-2022

JPY

407,367,000

–

(17,708

)

(17,708

)

Goldman Sachs International

Receive

MSCI Japan Quality Index

TONAR - 0.310%

Monthly

1,920,049

July-2022

JPY

5,214,430,673

–

(226,663

)

(226,663

)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

1 Month USD LIBOR + 0.790%

Monthly

3,155

May-2022

USD

6,400,990

–

(173,020

)

(173,020

)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

SOFR + 0.920%

Monthly

1,344

July-2022

USD

2,746,894

–

(93,838

)

(93,838

)

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

11 Invesco Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)

Upfront

Floating

Payments

Unrealized

Pay/

Reference

Rate

Payment

Number of

Paid

Appreciation

Counterparty

Receive

Entity(c)

Index

Frequency

Contracts

Maturity Date

Notional Value

(Received)

Value

(Depreciation)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

SOFR + 0.920%

Monthly

11,980

September-2022

USD

24,305,503

$–

$

(656,983

)

$

(656,983

)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Momentum Index

1 Month USD LIBOR + 0.785%

Monthly

1,938

June-2022

USD

22,657,720

–

(984,616

)

(984,616

)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Momentum Index

1 Month USD LIBOR + 0.785%

Monthly

2,196

June-2022

USD

25,674,073

–

(1,115,695

)

(1,115,695

)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Momentum Index

1 Month USD LIBOR + 0.785%

Monthly

580

June-2022

USD

6,780,948

–

(294,674

)

(294,674

)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI United Kingdom Index

SONIA + 0.155%

Monthly

1,837

May-2022

GBP

11,918,568

–

(247,794

)

(247,794

)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI United Kingdom Index

SONIA + 0.160%

Monthly

1,663

May-2022

GBP

10,789,645

–

(224,323

)

(224,323

)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI United Kingdom Index

SONIA + 0.160%

Monthly

1,838

May-2022

GBP

11,925,056

–

(247,929

)

(247,929

)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI United Kingdom Momentum Index

SONIA + 0.155%

Monthly

875

May-2022

GBP

11,834,454

–

(185,840

)

(185,840

)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI United Kingdom Momentum Index

SONIA + 0.160%

Monthly

826

May-2022

GBP

11,171,724

–

(175,433

)

(175,433

)

J.P. Morgan Chase Bank, N.A.

Receive

MSCI United Kingdom Momentum Index

SONIA + 0.160%

Monthly

875

May-2022

GBP

11,834,454

–

(185,840

)

(185,840

)

Merrill Lynch International

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

SOFR + 0.880%

Monthly

6,055

July-2022

USD

12,284,626

–

(332,056

)

(332,056

)

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

12 Invesco Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)

Upfront

Floating

Payments

Unrealized

Pay/

Reference

Rate

Payment

Number of

Paid

Appreciation

Counterparty

Receive

Entity(c)

Index

Frequency

Contracts

Maturity Date

Notional Value

(Received)

Value

(Depreciation)

Merrill Lynch International

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

SOFR + 0.950%

Monthly

8,017

September-2022

USD

16,265,210

$–

$

(439,652

)

$

(439,652

)

Merrill Lynch International

Receive

MSCI EMU Quality Index

1 Month EURIBOR - 0.950%

Monthly

8,888

July-2022

EUR

33,951,805

–

(598,011

)

(598,011

)

Subtotal – Depreciation

–

(13,834,481

)

(13,834,481

)

Total – Total Return Swap Agreements

$–

$

(12,638,859

)

$

(12,638,859

)

^(a) Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $26,480,000.

^(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
Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index
	Long Futures Contracts
	Coffee		5.48%
	Corn		5.99
	Cotton		20.30
	Lean Hogs		0.55
	Live Cattle		0.73
	Soybean		19.84
	Soybean Oil		12.84
	Soymeal		21.32
	Sugar		5.83
	Wheat		7.12
	Total		100.00%
RBC Enhanced Agricultural Basket 07 Excess Return Index
	Long Futures Contracts
	Coffee		5.48%
	Corn		5.99
	Cotton		20.30
	Lean Hogs		0.55
	Live Cattle		0.73
	Soybean		19.84
	Soybean Oil		12.84
	Soymeal		21.32
	Sugar		5.83
	Wheat		7.12
	Total		100.00%
J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts
	Gas Oil		100.00%

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

13 Invesco Balanced-Risk Allocation Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
Merrill Lynch Gold Excess Return Index
	Long Futures Contracts
	Gold		100.00%
MLCX Aluminum Annual Excess Return Index
	Long Futures Contracts
	Aluminum		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%
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%
Single Commodity Index Excess Return
	Long Futures Contracts
	Gold		100.00%
J.P. Morgan Contag Copper Excess Return Index
	Long Futures Contracts
	Copper		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%
S&P GSCI Aluminum Dynamic Roll Index Excess Return
	Long Futures Contracts
	Aluminum		100.00%

Abbreviations:
EMU	–European Economic and Monetary Union
EUR	–Euro
EURIBOR	–Euro Interbank Offered Rate
GBP	–British Pound Sterling
JPY	–Japanese Yen
LIBOR	–London Interbank Offered Rate
SOFR	–Secured Overnight Financing Rate
SONIA	–Sterling Overnight Index Average
TONAR	–Tokyo Overnight Average Rate
USD	–U.S. Dollar

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

14 Invesco Balanced-Risk Allocation Fund

Target Risk Contribution and Notional Asset Weights as of April 30, 2022

By asset class

Asset Class	Target Risk Contribution*		Notional Asset Weights**
Equities and Options		44.88%		71.22%
Fixed Income		16.96		65.29
Commodities		38.16		36.23
Total		100.00		172.74

* 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.

15 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $881,050,065)	$	922,331,161
Investments in affiliated money market funds, at value (Cost $1,109,487,434)		1,109,511,932
Other investments:
Swaps receivable – OTC		19,777,592
Unrealized appreciation on swap agreements – OTC		4,464,677
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		110,020,001
Cash collateral – OTC Derivatives		26,480,000
Foreign currencies, at value (Cost $43,678,329)		41,880,438
Due from broker		2,900,000
Receivable for:
Investments sold		150,829,695
Fund shares sold		1,344,370
Dividends		200,830
Interest		746,112
Investment for trustee deferred compensation and retirement plans		541,120
Other assets		93,441
Total assets		2,391,121,369
Liabilities:
Other investments:
Variation margin payable - futures contracts		11,454,657
Swaps payable – OTC		4,645,349
Unrealized depreciation on swap agreements–OTC		19,842,233
Payable for:
Investments purchased		146,006,613
Fund shares reacquired		1,831,026
Amount due custodian		12,634,529
Accrued fees to affiliates		1,198,542
Accrued other operating expenses		52,156
Collateral with broker - OTC Derivatives		8,400,000
Trustee deferred compensation and retirement plans		599,043
Total liabilities		206,664,148
Net assets applicable to shares outstanding	$	2,184,457,221

Net assets consist of:
Shares of beneficial interest	$	2,312,063,079
Distributable earnings (loss)		(127,605,858	)
	$	2,184,457,221
Net Assets:
Class A	$	994,614,079
Class C	$	134,360,968
Class R	$	17,774,698
Class Y	$	979,224,314
Class R5	$	14,749,684
Class R6	$	43,733,478
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		107,923,385
Class C		15,634,103
Class R		1,978,794
Class Y		103,713,393
Class R5		1,561,354
Class R6		4,616,796
Class A:
Net asset value per share	$	9.22
Maximum offering price per share (Net asset value of $9.22 ÷ 94.50%)	$	9.76
Class C:
Net asset value and offering price per share	$	8.59
Class R:
Net asset value and offering price per share	$	8.98
Class Y:
Net asset value and offering price per share	$	9.44
Class R5:
Net asset value and offering price per share	$	9.45
Class R6:
Net asset value and offering price per share	$	9.47

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

16 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	1,251,632
Dividends from affiliated money market funds (net of foreign withholding taxes of $ 12,341)		382,230
Total investment income		1,633,862
Expenses:
Advisory fees		10,239,070
Administrative services fees		164,199
Custodian fees		29,613
Distribution fees:
Class A		1,301,077
Class C		760,480
Class R		44,211
Transfer agent fees – A, C, R and Y		1,321,708
Transfer agent fees – R5		7,796
Transfer agent fees – R6		7,712
Trustees’ and officers’ fees and benefits		16,180
Registration and filing fees		66,866
Reports to shareholders		14,603
Professional services fees		33,644
Other		241,394
Total expenses		14,248,553
Less: Fees waived and/or expense offset arrangement(s)		(263,408	)
Net expenses		13,985,145
Net investment income (loss)		(12,351,283	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		13,270,883
Affiliated investment securities		26,077
Foreign currencies		(3,641,065	)
Futures contracts		(77,757,557	)
Swap agreements		2,309,730
		(65,791,932	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		46,991,039
Affiliated investment securities		(77,395	)
Foreign currencies		(3,702,099	)
Futures contracts		(31,969,521	)
Swap agreements		(19,073,190	)
		(7,831,166	)
Net realized and unrealized gain (loss)		(73,623,098	)
Net increase (decrease) in net assets resulting from operations	$	(85,974,381	)

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

17 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income (loss)	$	(12,351,283	)	$	(29,679,403	)
Net realized gain (loss)		(65,791,932	)		484,770,750
Change in net unrealized appreciation (depreciation)		(7,831,166	)		14,666,344
Net increase (decrease) in net assets resulting from operations		(85,974,381	)		469,757,691
Distributions to shareholders from distributable earnings:
Class A		(225,061,517	)		(10,563,728	)
Class C		(34,535,946	)		(1,416,700	)
Class R		(3,731,479	)		(148,478	)
Class Y		(220,623,925	)		(15,303,622	)
Class R5		(3,417,238	)		(246,913	)
Class R6		(9,736,632	)		(2,626,550	)
Total distributions from distributable earnings		(497,106,737	)		(30,305,991	)
Share transactions-net:
Class A		165,922,674			91,241,745
Class C		7,227,916			(235,030,332	)
Class R		4,551,927			(364,637	)
Class Y		174,759,285			(125,674,098	)
Class R5		1,976,869			(1,898,401	)
Class R6		6,089,474			(131,933,646	)
Net increase (decrease) in net assets resulting from share transactions		360,528,145			(403,659,369	)
Net increase (decrease) in net assets		(222,552,973	)		35,792,331
Net assets:
Beginning of period		2,407,010,194			2,371,217,863
End of period	$	2,184,457,221		$	2,407,010,194

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

18 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 04/30/22		$	12.09		$	(0.06	)		$	(0.29	)		$	(0.35	)		$	(1.43	)		$	(1.09	)		$	(2.52	)		$	9.22		(3.76	)%		$	994,614		1.29	%(d)			1.31	%(d)		(1.15	)%(d)		58	%
Year ended 10/31/21			10.12			(0.15	)			2.25				2.10				(0.13	)			–				(0.13	)			12.09		20.91				1,093,094		1.31				1.33			(1.26	)		16
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
Class C
Six months ended 04/30/22			11.36			(0.09	)			(0.28	)			(0.37	)			(1.31	)			(1.09	)			(2.40	)			8.59		(4.20	)			134,361		2.04	(d)			2.06	(d)		(1.90	)(d)		58
Year ended 10/31/21			9.50			(0.22	)			2.12				1.90				(0.04	)			–				(0.04	)			11.36		20.04				167,794		2.06				2.08			(2.01	)		16
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
Class R
Six months ended 04/30/22			11.82			(0.07	)			(0.29	)			(0.36	)			(1.39	)			(1.09	)			(2.48	)			8.98		(3.94	)			17,775		1.54	(d)			1.56	(d)		(1.40	)(d)		58
Year ended 10/31/21			9.90			(0.17	)			2.19				2.02				(0.10	)			–				(0.10	)			11.82		20.52				17,666		1.56				1.58			(1.51	)		16
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
Class Y
Six months ended 04/30/22			12.34			(0.05	)			(0.30	)			(0.35	)			(1.46	)			(1.09	)			(2.55	)			9.44		(3.68	)			979,224		1.04	(d)			1.06	(d)		(0.90	)(d)		58
Year ended 10/31/21			10.33			(0.12	)			2.29				2.17				(0.16	)			–				(0.16	)			12.34		21.18				1,062,698		1.06				1.08			(1.01	)		16
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
Class R5
Six months ended 04/30/22			12.35			(0.04	)			(0.30	)			(0.34	)			(1.47	)			(1.09	)			(2.56	)			9.45		(3.62	)			14,750		1.02	(d)			1.04	(d)		(0.88	)(d)		58
Year ended 10/31/21			10.34			(0.12	)			2.30				2.18				(0.17	)			–				(0.17	)			12.35		21.22				16,750		1.02				1.04			(0.97	)		16
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
Class R6
Six months ended 04/30/22			12.38			(0.04	)			(0.31	)			(0.35	)			(1.47	)			(1.09	)			(2.56	)			9.47		(3.65	)			43,733		0.95	(d)			0.97	(d)		(0.81	)(d)		58
Year ended 10/31/21			10.37			(0.11	)			2.30				2.19				(0.18	)			–				(0.18	)			12.38		21.26				49,008		0.95				0.97			(0.90	)		16
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

^(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) Annualized.

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

19 Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Financial Statements

April 30, 2022

(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 Invesco Cayman Commodity Fund I Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. 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 Subsidiary. 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 eight 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 eighth anniversary after a purchase of Class C shares.

    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 debt 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 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 may be valued up to 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.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

20 Invesco Balanced-Risk Allocation Fund

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 based on relative net assets of Class R5 and Class R6. 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 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

21 Invesco Balanced-Risk Allocation 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. 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 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

22 Invesco Balanced-Risk Allocation Fund

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 have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

Q. 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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. 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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 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, 2022, 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.

23 Invesco Balanced-Risk Allocation Fund

    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, 2023, 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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $263,196.

    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, 2022, 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, 2022, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $77,775 in front-end sales commissions from the sale of Class A shares and $1,142 and $6,441 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.

24 Invesco Balanced-Risk Allocation Fund

    The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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	$	–		$	748,724,184		$–	$	748,724,184
Commodity-Linked Securities		–			136,194,470		–		136,194,470
Money Market Funds		1,109,511,932			–		–		1,109,511,932
Options Purchased		37,412,507			–		–		37,412,507
Total Investments in Securities		1,146,924,439			884,918,654		–		2,031,843,093
Other Investments - Assets*
Futures Contracts		21,986,520			–		–		21,986,520
Swap Agreements		–			4,464,677		–		4,464,677
		21,986,520			4,464,677		–		26,451,197
Other Investments - Liabilities*
Futures Contracts		(96,090,417	)		–		–		(96,090,417	)
Swap Agreements		–			(19,842,233	)	–		(19,842,233	)
		(96,090,417	)		(19,842,233	)	–		(115,932,650	)
Total Other Investments		(74,103,897	)		(15,377,556	)	–		(89,481,453	)
Total Investments	$	1,072,820,542		$	869,541,098		$–	$	1,942,361,640

* 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, 2022:

				Value
Derivative Assets				Commodity Risk			Equity Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)				$	15,000,667		$	6,985,853		$	21,986,520
Unrealized appreciation on swap agreements – OTC					3,269,055			1,195,622			4,464,677
Options purchased, at value – Exchange-Traded(b)					–			37,412,507			37,412,507
Total Derivative Assets					18,269,722			45,593,982			63,863,704
Derivatives not subject to master netting agreements					(15,000,667	)		(44,398,360	)		(59,399,027	)
Total Derivative Assets subject to master netting agreements				$	3,269,055		$	1,195,622		$	4,464,677
	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(3,887,471	)	$	(19,855,746	)	$	(72,347,200	)	$	(96,090,417	)
Unrealized depreciation on swap agreements – OTC		(6,007,752	)		(13,834,481	)		–			(19,842,233	)
Total Derivative Liabilities		(9,895,223	)		(33,690,227	)		(72,347,200	)		(115,932,650	)
Derivatives not subject to master netting agreements		3,887,471			19,855,746			72,347,200			96,090,417
Total Derivative Liabilities subject to master netting agreements	$	(6,007,752	)	$	(13,834,481	)	$	–		$	(19,842,233	)

^(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.

25 Invesco Balanced-Risk Allocation Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2022.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash		Cash			Net Amount(a)
Fund
BNP Paribas S.A.	$	60,213	$	(5,589,515	)	$	(5,529,302	)		$–	$	3,030,000		$	(2,499,302	)
Citibank, N.A.		626,075		–			626,075			–		(620,000	)		6,075
Goldman Sachs International		491,777		(2,319,849	)		(1,828,072	)		–		1,828,072			–
J.P. Morgan Chase Bank, N.A.		9,325,501		(4,679,790	)		4,645,711			–		(1,960,000	)		2,685,711
Merrill Lynch International		15,080		(1,384,936	)		(1,369,856	)		–		1,369,856			–
Subtotal - Fund		10,518,646		(13,974,090	)		(3,455,444	)		–		3,647,928			192,484
Subsidary
Barclays Bank PLC		–		(1,394,116	)		(1,394,116	)		–		1,394,116			–
Canadian Imperial Bank of Commerce		–		(1,458,480	)		(1,458,480	)		–		1,458,480			–
Cargill, Inc.		–		(166,966	)		(166,966	)		–		166,966			–
J.P. Morgan Chase Bank, N.A.		3,269,055		(761,590	)		2,507,465			–		(1,770,000	)		737,465
Macquarie Bank Ltd.		–		(326,157	)		(326,157	)		–		326,157			–
Merrill Lynch International		8,315,016		(4,472,137	)		3,842,879			–		(1,410,000	)		2,432,879
Morgan Stanley Capital Services LLC		–		(1,919,462	)		(1,919,462	)		–		1,919,462			–
Royal Bank of Canada		2,139,552		(14,584	)		2,124,968			–		(2,124,968	)		–
Subtotal - Subsidary		13,723,623		(10,513,492	)		3,210,131			–		(39,787	)		3,170,344
Total		24,242,269		(24,487,582	)		(245,313	)		–		3,608,141			3,362,828

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

Effect of Derivative Investments for the six months ended April 30, 2022

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	$	49,759,915	$	(51,826,012	)	$	(75,691,460	)	$	(77,757,557	)
Options purchased(a)		-		(8,016,721	)		-			(8,016,721	)
Swap agreements		32,421,090		(30,111,360	)		-			2,309,730
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		6,647,898		(19,275,414	)		(19,342,005	)		(31,969,521	)
Options purchased(a)		-		(15,735,931	)		-			(15,735,931	)
Swap agreements		4,695,216		(23,768,406	)		-			(19,073,190	)
Total	$	93,524,119	$	(148,733,844	)	$	(95,033,465	)	$	(150,243,190	)

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

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

	Futures Contracts		Equity Options Purchased		Swap Agreements
Average notional value	$	2,100,958,631	$	441,244,269	$	1,028,409,239
Average contracts		–		4,217		–

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $212.

26 Invesco Balanced-Risk Allocation 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 carryforward 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, 2021.

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, 2022 was $16,500,320 and $3,675,724, 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	$	67,951,736
Aggregate unrealized (depreciation) of investments		(112,847,460	)
Net unrealized appreciation (depreciation) of investments	$	(44,895,724	)

Cost of investments for tax purposes is $1,987,257,364.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		4,391,476		$	44,377,177			7,717,868		$	89,718,206
Class C		983,981			9,287,829			1,858,756			20,404,306
Class R		274,323			2,623,182			395,503			4,525,565
Class Y		15,052,007			154,284,724			19,773,947			234,498,165
Class R5		54,712			566,023			128,696			1,486,744
Class R6		380,010			3,844,396			1,393,714			16,794,691
Issued as reinvestment of dividends:
Class A		21,402,812			205,895,058			882,471			9,645,406
Class C		3,455,498			31,099,481			121,143			1,251,404
Class R		393,370			3,693,741			13,746			147,216
Class Y		17,644,226			173,795,631			1,089,355			12,124,526
Class R5		330,794			3,258,322			22,093			245,897
Class R6		854,002			8,437,540			229,616			2,562,519
Automatic conversion of Class C shares to Class A shares:
Class A		1,712,343			16,865,881			18,455,595			209,165,274
Class C		(1,832,352	)		(16,865,881	)		(19,548,435	)		(209,165,274	)

27 Invesco Balanced-Risk Allocation Fund

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(9,982,260	)	$	(101,215,442	)		(18,796,945	)	$	(217,287,141	)
Class C		(1,742,209	)		(16,293,513	)		(4,412,659	)		(47,520,768	)
Class R		(183,285	)		(1,764,996	)		(451,008	)		(5,037,418	)
Class Y		(15,078,500	)		(153,321,070	)		(31,568,339	)		(372,296,789	)
Class R5		(180,054	)		(1,847,476	)		(313,605	)		(3,631,042	)
Class R6		(574,430	)		(6,192,462	)		(13,027,447	)		(151,290,856	)
Net increase (decrease) in share activity		37,356,464		$	360,528,145			(36,035,935	)	$	(403,659,369	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% 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 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, 2021 through April 30, 2022.

    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     (11/01/21)		Ending     Account Value     (04/30/22)1		Expenses     Paid During     Period2		Ending     Account Value     (04/30/22)		Expenses     Paid During     Period2		Annualized     Expense     Ratio
Class A	$	1,000.00	$	962.40		$6.28	$	1,018.40		$6.46	1.29%
Class C		1,000.00		958.00		9.90		1,014.68		10.19	2.04
Class R		1,000.00		960.60		7.49		1,017.16		7.70	1.54
Class Y		1,000.00		963.20		5.06		1,019.64		5.21	1.04
Class R5		1,000.00		963.80		4.97		1,019.74		5.11	1.02
Class R6		1,000.00		962.80		4.62		1,020.08		4.76	0.95

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, 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 Balanced-Risk 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 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 number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. IBRA-SAR-1

Semiannual Report to Shareholders	April 30, 2022
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
13	Consolidated Financial Statements
16	Consolidated Financial Highlights
17	Notes to Consolidated Financial Statements
25	Fund Expenses

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

Unless otherwise noted, all data is 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, 10/31/21 to 4/30/22, 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	19.08	%
Class C Shares	18.56
Class R Shares	18.90
Class Y Shares	19.33
Class R5 Shares	19.22
Class R6 Shares	19.20
Bloomberg Commodity Indexq (Broad Market/Style-Specific Index)	25.46
Source(s): qRIMES 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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (11/30/10)	-0.48	%
10 Years	-1.54
5 Years	6.98
1 Year	17.03
Class C Shares
Inception (11/30/10)	-0.51	%
10 Years	-1.59
5 Years	7.38
1 Year	21.86
Class R Shares
Inception (11/30/10)	-0.19	%
10 Years	-1.21
5 Years	7.96
1 Year	23.63
Class Y Shares
Inception (11/30/10)	0.30	%
10 Years	-0.73
5 Years	8.47
1 Year	24.32
Class R5 Shares
Inception (11/30/10)	0.34	%
10 Years	-0.68
5 Years	8.50
1 Year	24.18
Class R6 Shares
10 Years	-0.66	%
5 Years	8.53
1 Year	24.14

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
U.S. Treasury Securities–26.60%
U.S. Treasury Bills–8.55%(a)
U.S. Treasury Bills		0.10	%		05/26/2022	$	60,000	$	59,995,958
U.S. Treasury Bills		0.13	%		06/09/2022		59,900		59,891,499
									119,887,457
U.S. Treasury Floating Rate Notes–18.05%(b)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)		0.96	%		07/31/2022		80,600		80,641,627
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)		0.90	%		01/31/2024		80,200		80,308,731
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)		0.84	%		04/30/2024		92,000		92,009,233
									252,959,591
Total U.S. Treasury Securities (Cost $372,691,066)									372,847,048
				Expiration
				Date
Commodity-Linked Securities–7.43%
Barclays Bank PLC (United Kingdom), U.S. Federal Funds Effective Rate minus 0.06% (linked to the Barclays Gold Nearby Total Return Index, multiplied by 2.5)(c)					11/21/2022		15,200		17,417,369
Barclays Bank PLC (United Kingdom), U.S. Federal Funds Effective Rate minus 0.06% (linked to the Barclays Copper Roll Yield Total Return Index, multiplied by 2)(c)					12/16/2022		17,500		18,139,771
Citigroup Global Markets Holdings, Inc., 1 month USD LIBOR minus 0.03% (linked to the S&P GSCI Gold Excess Return Index, multiplied by 2.5)(c)					10/27/2022		36,000		43,768,987
Societe Generale S.A. (France), U.S. Federal Funds Effective Rate minus 0.02% (linked to the Societe Generale Soybean Meal Index, multiplied by 2)(c)					12/22/2022		17,500		24,841,039
Total Commodity-Linked Securities (Cost $86,200,000)									104,167,166
						Shares
Money Market Funds–60.42%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)							212,456,695		212,456,695
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(d)(e)							150,760,055		150,729,903
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.32%(d)(e)							240,908,304		240,908,304
Invesco Treasury Portfolio, Institutional Class, 0.23%(d)(e)							242,807,651		242,807,651
Total Money Market Funds (Cost $846,910,067)									846,902,553
TOTAL INVESTMENTS IN SECURITIES–94.45% (Cost $1,305,801,133)									1,323,916,767
OTHER ASSETS LESS LIABILITIES–5.55%									77,742,029
NET ASSETS–100.00%								$	1,401,658,796

Investment Abbreviations:

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.

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, 2022.

^(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, 2022 was $104,167,166, which represented 7.43% of the Fund’s Net Assets.

^(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, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$219,699,971		$   309,668,306		$   (316,911,582)		$        -		$            -		$212,456,695		$  48,963
Invesco Liquid Assets Portfolio, Institutional Class		155,968,493		221,191,647		(226,365,416)		7,386		(72,207)		150,729,903		57,496
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class		317,059,908		1,117,262,146		(1,193,413,750)		-		-		240,908,304		73,203
Invesco Treasury Portfolio, Institutional Class		251,085,682		353,906,636		(362,184,667)		-		-		242,807,651		64,022
Total		$943,814,054		$2,002,028,735		$(2,098,875,415)		$7,386		$(72,207)		$846,902,553		$243,684

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

Open Futures Contracts(a)
										Unrealized
	Number of		Expiration		Notional					Appreciation
Long Futures Contracts	Contracts		Month		Value		Value			(Depreciation)
Commodity Risk
Coffee ’C’		400		July-2022	$	33,315,000	$	(1,768,270	)	$	(1,768,270	)
Corn		975		July-2022		39,658,125		7,039,589			7,039,589
Cotton No. 2		516		December-2022		31,494,060		4,402,830			4,402,830
Gasoline Reformulated Blendstock Oxygenate Blending		725		May-2022		104,821,080		5,127,891			5,127,891
LME Nickel		122		June-2022		23,241,000		(1,427,778	)		(1,427,778	)
Natural Gas		229		November-2022		17,158,970		3,322,902			3,322,902
Soybeans		1,055		July-2022		88,870,563		17,649,921			17,649,921
Wheat		486		July-2022		25,654,725		4,760,768			4,760,768
Total Futures Contracts							$	39,107,853		$	39,107,853

^(a)  Futures contracts collateralized by $50,150,000 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

Counterparty

Pay/ Receive

Reference Entity(c)

Fixed Rate

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Paid (Received)

Value

Appreciation (Depreciation)

Commodity Risk

Barclays Bank PLC

Receive

Barclays Corn Seasonal Excess Return Index

0.38

%

Monthly

173,000

December-2022

USD

7,869,441

$–

$

63,387

$

63,387

Barclays Bank PLC

Receive

Barclays Heating Oil Roll Yield Excess Return Index

0.37

Monthly

5,200

November-2022

USD

2,149,089

–

220,424

220,424

BNP Paribas S.A.

Receive

BNP Paribas Commodity Daily Dynamic Curve CO Index

0.25

Monthly

51,900

August-2022

USD

30,318,226

–

1,478,683

1,478,683

Canadian Imperial Bank of Commerce

Pay

Canadian Imperial Bank of Commerce LME Copper Standard Roll Excess Return Index

0.06

Monthly

55,400

March-2023

USD

32,185,300

–

1,570,712

1,570,712

Canadian Imperial Bank of Commerce

Pay

Canadian Imperial Bank of Commerce Silver Index

0.10

Monthly

155,500

February-2023

USD

19,861,922

–

1,566,802

1,566,802

Goldman Sachs International

Receive

Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index

0.45

Monthly

859,500

December-2022

USD

65,314,488

–

4,528,216

4,528,216

J.P. Morgan Chase Bank, N.A.

Receive

J.P. Morgan Contag Beta Gas Oil Excess Return Index

0.25

Monthly

199,300

March-2023

USD

77,181,835

–

6,627,901

6,627,901

Macquarie Bank Ltd.

Pay

Macquarie Single Commodity Aluminium type A Excess Return Index

0.14

Monthly

125,000

March-2023

USD

10,377,012

–

133,488

133,488

Macquarie Bank Ltd.

Pay

Macquarie Single Commodity Nickel type A Excess Return Index

0.17

Monthly

53,200

February-2023

USD

11,117,624

–

297,356

297,356

Merrill Lynch International

Pay

MLCIAPLH Excess Return Index

0.00

Monthly

2,705,000

April-2023

USD

21,730,347

–

0

0

Merrill Lynch International

Pay

MLCX2CCER Excess Return Index

0.00

Monthly

395,000

December-2022

USD

22,074,772

–

0

0

Merrill Lynch International

Pay

MLCX2KCE Excess Return Index

0.00

Monthly

765,000

February-2023

USD

9,761,936

–

0

0

Merrill Lynch International

Pay

MLCX2LCER Excess Return Index

0.06

Monthly

394,000

March-2023

USD

22,957,040

–

0

0

Merrill Lynch International

Pay

Merrill Lynch Gold Excess Return Index

0.01

Monthly

164,300

February-2023

USD

36,189,835

–

0

0

Merrill Lynch International

Receive

MLCIRXB6 Excess Return Index

0.21

Monthly

123,000

February-2023

USD

21,873,311

–

0

0

Merrill Lynch International

Receive

MLCXLXAE Excess Return Index

0.25

Monthly

39,800

April-2023

USD

15,186,494

–

0

0

Merrill Lynch International

Receive

Merrill Lynch Gold Excess Return Index

0.14

Monthly

48,500

February-2023

USD

10,682,940

–

0

0

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
Counterparty	Pay/ Receive	Reference Entity(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value			Paid (Received)	Value			Appreciation (Depreciation)
Merrill Lynch International	Receive	Merrill Lynch Soybean Meal Index		0.30	%		Monthly		26,100		February-2023		USD	20,700,761	$–	$	0		$	0
Merrill Lynch International	Receive	MLCI3LXE Excess Return Index		0.18			Monthly		83,400		January-2023		USD	20,189,205	–		0			0
Merrill Lynch International	Receive	MLCX Aluminum Annual Excess Return Index		0.28			Monthly		142,500		March-2023		USD	22,486,429	–		0			0
Merrill Lynch International	Receive	MLCX Dynamic Enhanced Copper Excess Return Index		0.25			Monthly		66,000		February-2023		USD	59,866,250	–		0			0
Merrill Lynch International	Receive	MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		386,000		February-2023		USD	59,755,849	–		0			0
Morgan Stanley Capital Services LLC	Pay	Morgan Stanley MSCY2WH0 Index		0.05			Monthly		35,700		April-2023		USD	17,284,815	–		562,300			562,300
Morgan Stanley Capital Services LLC	Pay	Morgan Stanley MSCY2KW0 Index		0.05			Monthly		38,000		December-2022		USD	14,226,493	–		996,094			996,094
Morgan Stanley Capital Services LLC	Receive	MS Soybean Oil Dynamic Roll		0.30			Monthly		204,100		April-2023		USD	65,562,125	–		765,926			765,926
Royal Bank of Canada	Receive	RBC Enhanced Copper LME 01 Excess Return Index		0.28			Monthly		9,900		April-2023		USD	8,331,782	–		0			0
Royal Bank of Canada	Receive	RBC Enhanced Brent Crude Oil 01 Excess Return Index		0.35			Monthly		110,100		December-2022		USD	60,721,130	–		0			0
UBS AG	Receive	UBS Modified Roll Select Heating Oil Strategy		0.30			Monthly		616,000		December-2022		USD	67,516,372	–		9,302,401			9,302,401
Subtotal - Appreciation															–		28,113,690			28,113,690
Commodity Risk
Barclays Bank PLC	Receive	Barclays Brent Crude Roll Yield Index		0.35			Monthly		21,800		February-2023		USD	13,428,209	–		(32,364	)		(32,364	)
Barclays Bank PLC	Receive	Barclays Soybean Meal Seasonal Excess Return Index		0.52			Monthly		9,550		October-2022		USD	12,888,241	–		(783,979	)		(783,979	)
Barclays Bank PLC	Receive	Barclays Soybeans Seasonal Excess Return Index		0.30			Monthly		8,900		March-2023		USD	3,798,127	–		(19,067	)		(19,067	)
Barclays Bank PLC	Receive	Barclays WTI Crude Roll Yield Excess Return Index		0.35			Monthly		223,700		March-2023		USD	110,498,897	–		(5,122,752	)		(5,122,752	)
Canadian Imperial Bank of Commerce	Pay	Canadian Imperial Bank of Commerce Natural Gas Standard Roll Excess Return Index		0.10			Monthly		88,000		March-2023		USD	5,721,100	–		(440,352	)		(440,352	)

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

8                     Invesco Balanced-Risk Commodity Strategy Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)
															Upfront
															Payments				Unrealized
Counterparty	Pay/ Receive	Reference Entity(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value			Paid (Received)	Value			Appreciation (Depreciation)
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30	%		Monthly		501,000		February-2023		USD	62,418,037	$–	$	(2,646,683	)	$	(2,646,683	)
Goldman Sachs International	Receive	Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index		0.37			Monthly		150,000		December-2022		USD	36,654,150	–		(718,695	)		(718,695	)
Goldman Sachs International	Receive	S&P GSCI Soybean Meal Excess Return Index		0.42			Monthly		24,550		December-2022		USD	31,160,652	–		(1,589,588	)		(1,589,588	)
J.P. Morgan Chase Bank, N.A.	Receive	S&P GSCI Gold Index Excess Return		0.09			Monthly		421,000		March-2023		USD	59,869,821	–		(699,492	)		(699,492	)
Macquarie Bank Ltd.	Receive	Macquarie Aluminium Dynamic Selection Index		0.30			Monthly		1,374,000		February-2023		USD	98,674,772	–		(1,121,047	)		(1,121,047	)
Macquarie Bank Ltd.	Receive	Macquarie Single Commodity Silver type A Excess Return Index		0.16			Monthly		356,000		February-2023		USD	87,255,671	–		(2,371,672	)		(2,371,672	)
Subtotal - Depreciation															–		(15,545,691	)		(15,545,691	)
Total - Total Return Swap Agreements															$–	$	12,567,999		$	12,567,999

^(a) Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $27,570,000.

^(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		100.00%
Barclays Heating Oil Roll Yield Excess Return Index	Long Futures Contracts
	Heating Oil		100.00%
BNP Paribas Commodity Daily Dynamic Curve CO Index	Long Futures Contracts
	Brent Crude		100.00%
Canadian Imperial Bank of Commerce LME Copper Standard Roll Excess Return Index	Long Futures Contracts
	Copper		100.00%
Canadian Imperial Bank of Commerce Silver Index	Long Futures Contracts
	Silver		100.00%
Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index	Long Futures Contracts
	Cotton		100.00%
J.P. Morgan Contag Beta Gas Oil Excess Return Index	Long Futures Contracts
	Gas Oil		100.00%

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
Macquarie Single Commodity Aluminum type A Excess Return Index	Long Futures Contracts
	Aluminum		100.00%
Macquarie Single Commodity Nickel type A Excess Return Index	Long Futures Contracts
	Nickel		100.00%
MLCX2KCE Excess Return Index	Long Futures Contracts
	Coffee		100.00%
Merrill Lynch Gold Excess Return Index	Long Futures Contracts
	Gold		100.00%
MLCIAPLH Excess Return Index	Long Futures Contracts
	Lean Hogs		100.00%
MLCIRXB6 Excess Return Index	Long Futures Contracts
	Unleaded Gasoline		100.00%
MLCXLXAE Excess Return Index	Long Futures Contracts
	Zinc		100.00%
Merrill Lynch Soybean Meal Index	Long Futures Contracts
	Soybean Meal		100.00%
MLCI3LXE Excess Return Index	Long Futures Contracts
	Zinc		100.00%
MLCX Aluminum Annual Excess Return Index	Long Futures Contracts
	Aluminum		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%
MLCX2CCER Excess Return Index	Long Futures Contracts
	Cocoa		100.00%
MLCX2LCER Excess Return Index	Long Futures Contracts
	Live Cattle		100.00%
Morgan Stanley MSCY2WH0 Index	Long Futures Contracts
	Wheat		100.00%
Morgan Stanley MSCY2KW0 Index	Long Futures Contracts
	Kansas Wheat		100.00%
Morgan Stanley Soybean Oil Dynamic Roll Index	Long Futures Contracts
	Soybean Oil		100.00%
RBC Enhanced Copper LME 01 Excess Return Index	Long Futures Contracts
	Copper		100.00%

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
RBC Enhanced Brent Crude Oil 01 Excess Return Index	Long Futures Contracts
	Brent Crude		100.00%
UBS Modified Roll Select Heating Oil Strategy	Long Futures Contracts
	Heating Oil		100.00%
Barclays Brent Crude Roll Yield Index	Long Futures Contracts
	Brent Crude		100.00%
Barclays Soybeans Seasonal Excess Return Index	Long Futures Contracts
	Soybeans		100.00%
	��
Barclays Soybean Meal Excess Return Index	Long Futures Contracts
	Soybean Meal		100.00%
Barclays WTI Crude Roll Yield Excess Return Index	Long Futures Contracts
	WTI Crude		100.00%
Canadian Imperial Bank of Commerce Natural Gas Standard Roll Excess Return Index	Long Futures Contracts
	Natural Gas		100.00%
Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2	Long Futures Contracts
	Copper		100.00%
Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index	Long Futures Contracts
	Sugar		100.00%
S&P GSCI Soybean Meal Excess Return Index	Long Futures Contracts
	Soybean Meal		100.00%
S&P GSCI Gold Index Excess Return	Long Futures Contracts
	Gold		100.00%
Macquarie Aluminum Dynamic Selection Index	Long Futures Contracts
	Aluminum		100.00%
Macquarie Single Commodity Silver type A Excess Return Index	Long Futures Contracts
	Silver		100.00%

Target Risk Contribution and Notional Asset Weights

By asset class

	Target Risk			Notional Asset
Asset Class	Contribution*			Weights**
Agriculture		19.52	%		14.50	%
Energy		42.16			24.43
Industrial Metals		19.28			17.80
Precious Metals		19.04			22.92
Total		100.00			79.65

* 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.

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

11                     Invesco Balanced-Risk Commodity Strategy Fund

** 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.

12                     Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 458,891,066)	$   477,014,214
Investments in affiliated money market funds, at value (Cost $ 846,910,067)	846,902,553
Other investments:
Swaps receivable – OTC	18,410,301
Unrealized appreciation on swap agreements – OTC	28,113,690
Deposits with brokers:
Cash collateral – exchange-traded futures contracts	50,150,000
Cash collateral – OTC Derivatives	27,570,000
Receivable for:
Fund shares sold	2,048,992
Dividends	131,090
Interest	677,392
Investment for trustee deferred compensation and retirement plans	70,534
Other assets	125,100
Total assets	1,451,213,866
Liabilities:
Other investments:
Variation margin payable - futures contracts	1,101,366
Swaps payable – OTC	9,590,419
Unrealized depreciation on LME futures contracts	1,427,778
Unrealized depreciation on swap agreements–OTC	15,545,691
Payable for:
Investments purchased	11,904,167
Fund shares reacquired	1,703,341
Amount due custodian	5,251,723
Accrued fees to affiliates	909,665
Accrued other operating expenses	202,131
Collateral with broker - OTC Derivatives	1,800,000
Trustee deferred compensation and retirement plans	118,789
Total liabilities	49,555,070
Net assets applicable to shares outstanding	$1,401,658,796

Net assets consist of:
Shares of beneficial interest	$	1,167,996,969
Distributable earnings		233,661,827
	$	1,401,658,796
Net Assets:
Class A	$	80,281,681
Class C	$	26,367,223
Class R	$	8,612,100
Class Y	$	642,191,248
Class R5	$	186,653,230
Class R6	$	457,553,314
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		9,868,752
Class C		3,532,132
Class R		1,084,556
Class Y		76,660,391
Class R5		22,165,712
Class R6		54,205,309
Class A:
Net asset value per share	$	8.13
Maximum offering price per share (Net asset value of $8.13 ÷ 94.50%)	$	8.60
Class C:
Net asset value and offering price per share	$	7.46
Class R:
Net asset value and offering price per share	$	7.94
Class Y:
Net asset value and offering price per share	$	8.38
Class R5:
Net asset value and offering price per share	$	8.42
Class R6:
Net asset value and offering price per share	$	8.44

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

13                     Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	795,082
Dividends from affiliated money market funds		243,684
Total investment income		1,038,766
Expenses:
Advisory fees		7,146,228
Administrative services fees		105,349
Custodian fees		29,471
Distribution fees:
Class A		69,929
Class C		98,185
Class R		11,172
Transfer agent fees – A, C, R and Y		1,418,425
Transfer agent fees – R5		82,798
Transfer agent fees – R6		67,659
Trustees’ and officers’ fees and benefits		13,546
Registration and filing fees		80,305
Reports to shareholders		86,717
Professional services fees		37,139
Other		31,009
Total expenses		9,277,932
Less: Fees waived and/or expenses reimbursed		(1,499,634	)
Net expenses		7,778,298
Net investment income (loss)		(6,739,532	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		43,270,653
Affiliated investment securities		(72,207	)
Futures contracts		75,930,906
Swap agreements		108,308,273
		227,437,625
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(16,332,567	)
Affiliated investment securities		7,386
Futures contracts		13,462,876
Swap agreements		18,025,520
		15,163,215
Net realized and unrealized gain		242,600,840
Net increase in net assets resulting from operations	$	235,861,308

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

14                     Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income (loss)	$	(6,739,532	)	$	(11,587,526	)
Net realized gain		227,437,625			222,479,514
Change in net unrealized appreciation		15,163,215			62,178,589
Net increase in net assets resulting from operations		235,861,308			273,070,577
Distributions to shareholders from distributable earnings:
Class A		(6,880,800	)		–
Class C		(2,650,024	)		–
Class R		(435,804	)		–
Class Y		(128,443,740	)		–
Class R5		(22,431,534	)		–
Class R6		(53,113,623	)		–
Total distributions from distributable earnings		(213,955,525	)		–
Share transactions–net:
Class A		31,484,045			20,958,217
Class C		8,538,711			10,493,372
Class R		5,339,246			748,742
Class Y		(259,380,292	)		439,936,930
Class R5		22,542,941			(43,724,049	)
Class R6		(21,326,799	)		286,291,421
Net increase (decrease) in net assets resulting from share transactions		(212,802,148	)		714,704,633
Net increase (decrease) in net assets		(190,896,365	)		987,775,210
Net assets:
Beginning of period		1,592,555,161			604,779,951
End of period	$	1,401,658,796		$	1,592,555,161

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

15                     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 04/30/22	$8.01		$(0.04	)		$ 1.33			$ 1.29			$(1.17	)		$     –			$(1.17	)		$8.13		19.08	%		$ 80,282		1.32	%(d)		1.64	%(d)		(1.17	)%(d)		67	%
Year ended 10/31/21	5.81		(0.10	)		2.30			2.20			–			–			–			8.01		37.87			45,976		1.33			1.67			(1.29	)		14
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
Class C
Six months ended 04/30/22	7.44		(0.07	)		1.22			1.15			(1.13	)		–			(1.13	)		7.46		18.56			26,367		2.07	(d)		2.39	(d)		(1.92	)(d)		67
Year ended 10/31/21	5.43		(0.14	)		2.15			2.01			–			–			–			7.44		37.02			17,125		2.08			2.42			(2.04	)		14
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
Class R
Six months ended 04/30/22	7.85		(0.05	)		1.30			1.25			(1.16	)		–			(1.16	)		7.94		18.90			8,612		1.57	(d)		1.89	(d)		(1.42	)(d)		67
Year ended 10/31/21	5.70		(0.11	)		2.26			2.15			–			–			–			7.85		37.72			2,932		1.58			1.92			(1.54	)		14
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
Class Y
Six months ended 04/30/22	8.22		(0.04	)		1.38			1.34			(1.18	)		–			(1.18	)		8.38		19.33			642,191		1.07	(d)		1.39	(d)		(0.92	)(d)		67
Year ended 10/31/21	5.94		(0.08	)		2.36			2.28			–			–			–			8.22		38.38			896,762		1.08			1.42			(1.04	)		14
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
Class R5
Six months ended 04/30/22	8.26		(0.04	)		1.38			1.34			(1.18	)		–			(1.18	)		8.42		19.22			186,653		1.07	(d)		1.16	(d)		(0.92	)(d)		67
Year ended 10/31/21	5.97		(0.08	)		2.37			2.29			–			–			–			8.26		38.36			156,985		1.08			1.17			(1.04	)		14
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
Class R6
Six months ended 04/30/22	8.28		(0.04	)		1.38			1.34			(1.18	)		–			(1.18	)		8.44		19.20			457,553		1.04	(d)		1.09	(d)		(0.89	)(d)		67
Year ended 10/31/21	5.98		(0.08	)		2.38			2.30			–			–			–			8.28		38.46			472,776		1.04			1.08			(1.00	)		14
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

^(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)  Annualized.

^(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.

16                     Invesco Balanced-Risk Commodity Strategy Fund

Notes to Consolidated Financial Statements

April 30, 2022

(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 Invesco Cayman Commodity Fund III Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. 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 Subsidiary. 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 debt 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 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 may be valued up to 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.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

17                     Invesco Balanced-Risk Commodity Strategy Fund

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 based on relative net assets of Class R5 and Class R6. 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 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

18                     Invesco Balanced-Risk Commodity Strategy Fund

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.

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

M. 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social

19                     Invesco Balanced-Risk Commodity Strategy Fund

and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 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, 2022, the effective advisory fee rate incurred by the Fund was 1.01%.

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, 2023, 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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $309,415 and reimbursed class level expenses of $75,344, $26,445, $6,019, $1,049,416, $32,995 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, 2022, 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, 2022, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $23,054 in front-end sales commissions from the sale of Class A shares and $1,993 and $3,444 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.

20                     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, 2022. 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	$	–		$	372,847,048			$–	$	372,847,048
Commodity-Linked Securities		–			104,167,166			–		104,167,166
Money Market Funds		846,902,553			–			–		846,902,553
Total Investments in Securities		846,902,553			477,014,214			–		1,323,916,767
Other Investments - Assets*
Futures Contracts		42,303,901			–			–		42,303,901
Swap Agreements		–			28,113,690			–		28,113,690
		42,303,901			28,113,690			–		70,417,591
Other Investments - Liabilities*
Futures Contracts		(3,196,048	)		–			–		(3,196,048	)
Swap Agreements		–			(15,545,691	)		–		(15,545,691	)
		(3,196,048	)		(15,545,691	)		–		(18,741,739	)
Total Other Investments		39,107,853			12,567,999			–		51,675,852
Total Investments	$	886,010,406		$	489,582,213			$–	$	1,375,592,619

* 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, 2022:

	Value
	Commodity
Derivative Assets	Risk
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	42,303,901
Unrealized appreciation on swap agreements – OTC		28,113,690
Total Derivative Assets		70,417,591
Derivatives not subject to master netting agreements		(42,303,901	)
Total Derivative Assets subject to master netting agreements	$	28,113,690

21                     Invesco Balanced-Risk Commodity Strategy Fund

	Value
	Commodity
Derivative Liabilities	Risk
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	(3,196,048	)
Unrealized depreciation on swap agreements – OTC		(15,545,691	)
Total Derivative Liabilities		(18,741,739	)
Derivatives not subject to master netting agreements		3,196,048
Total Derivative Liabilities subject to master netting agreements	$	(15,545,691	)

^(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, 2022.

	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	$	283,811	$	(5,977,893	)	$	(5,694,082	)	$	–		$	5,694,082		$	–
BNP Paribas S.A.		1,478,683		(4,211	)		1,474,472			(1,474,472	)		–			–
Canadian Imperial Bank of Commerce		3,137,514		(3,100,814	)		36,700			–			–			36,700
Goldman Sachs International		4,528,216		(2,345,543	)		2,182,673			–			(2,182,673	)		–
J.P. Morgan Chase Bank, N.A.		6,627,901		(705,641	)		5,922,260			–			–			5,922,260
Macquarie Bank Ltd.		430,844		(3,500,519	)		(3,069,675	)		–			3,069,675			–
Merrill Lynch International		18,410,301		(8,832,042	)		9,578,259			–			(5,950,000	)		3,628,259
Morgan Stanley Capital Services LLC		2,324,320		(3,085	)		2,321,235			–			(550,000	)		1,771,235
Royal Bank of Canada		–		(655,672	)		(655,672	)		–			655,672			–
UBS AG		9,302,401		(10,690	)		9,291,711			–			(9,291,711	)		–
Total	$	46,523,991	$	(25,136,110	)	$	21,387,881		$	(1,474,472	)	$	(8,554,955	)	$	11,358,454

Effect of Derivative Investments for the six months ended April 30, 2022

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		$  75,930,906
Swap agreements		108,308,273
Change in Net Unrealized Appreciation:
Futures contracts		13,462,876
Swap agreements		18,025,520
Total		$215,727,575

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

	Futures	Swap
	Contracts	Agreements
Average notional value	$385,153,139	$1,137,335,946

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.

22                     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 carryforward 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, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$37,882,500	$–	$37,882,500

* 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, 2022 was $45,000,000 and $98,237,434, 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	$	69,862,241
Aggregate unrealized (depreciation) of investments		(18,749,253	)
Net unrealized appreciation of investments	$	51,112,988

Cost of investments for tax purposes is $1,324,479,631.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		5,001,521		$	38,974,033			5,621,619		$	42,637,268
Class C		1,281,201			9,112,823			1,726,047			12,129,709
Class R		777,793			5,926,501			182,131			1,380,411
Class Y		25,414,252			198,408,413			94,018,115			736,285,871
Class R5		1,819,089			14,853,084			1,368,949			10,698,962
Class R6		25,796,936			206,755,060			56,113,064			435,488,836
Issued as reinvestment of dividends:
Class A		879,856			5,930,231			-			-
Class C		374,025			2,318,957			-			-
Class R		66,005			434,310			-			-
Class Y		15,387,911			106,638,220			-			-
Class R5		3,217,990			22,429,386			-			-
Class R6		618,840			4,325,695			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		33,470			247,155			49,518			364,740
Class C		(36,345	)		(247,155	)		(53,128	)		(364,740	)

23                     Invesco Balanced-Risk Commodity Strategy Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(1,783,627	)	$	(13,667,374	)		(2,912,281	)	$	(22,043,791	)
Class C		(388,944	)		(2,645,914	)		(179,974	)		(1,271,597	)
Class R		(132,905	)		(1,021,565	)		(89,754	)		(631,669	)
Class Y		(73,207,858	)		(564,426,925	)		(38,297,924	)		(296,348,941	)
Class R5		(1,880,647	)		(14,739,529	)		(7,184,371	)		(54,423,011	)
Class R6		(29,317,957	)		(232,407,554	)		(18,482,950	)		(149,197,415	)
Net increase (decrease) in share activity		(26,079,394	)	$	(212,802,148	)		91,879,061		$	714,704,633

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 78% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

24                     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, 2021 through April 30, 2022.

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     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2	Annualized     Expense     Ratio
Class A	$1,000.00	$1,190.80	$7.17	$1,018.25	$6.61	1.32%
Class C	1,000.00	1,185.60	11.22	1,014.53	10.34	2.07
Class R	1,000.00	1,189.00	8.52	1,017.01	7.85	1.57
Class Y	1,000.00	1,193.30	5.82	1,019.49	5.36	1.07
Class R5	1,000.00	1,192.20	5.82	1,019.49	5.36	1.07
Class R6	1,000.00	1,192.00	5.65	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, 2021 through April 30, 2022, 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.

25                     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 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 number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. BRCS-SAR-1

Semiannual Report to Shareholders April 30, 2022

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
21	Financial Statements
24	Financial Highlights
25	Notes to 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 is 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, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-10.11	%
Class C Shares	-10.31
Class R Shares	-10.10
Class Y Shares	-9.92
Class R5 Shares	-9.99
Class R6 Shares	-9.84
Bloomberg U.S. Aggregate Bond Index▼	-9.47
Bloomberg U.S. Credit Index▼	-12.27
FTSE Broad Investment Grade Bond Index▼	-9.63
Source(s): ▼RIMES Technologies Corp.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.   The Bloomberg 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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (4/15/88)	3.90	%
10 Years	2.02
5 Years	0.56
1 Year	-13.36
Class C Shares
Inception (7/11/95)	2.57	%
10 Years	1.80
5 Years	0.63
1 Year	-11.13
Class R Shares
Inception (3/1/01)	1.76	%
10 Years	2.17
5 Years	1.13
1 Year	-9.81
Class Y Shares
Inception (4/27/98)	2.63	%
10 Years	2.70
5 Years	1.72
1 Year	-9.38
Class R5 Shares
10 Years	2.55	%
5 Years	1.60
1 Year	-9.31
Class R6 Shares
Inception (4/27/12)	2.84	%
10 Years	2.84
5 Years	1.81
1 Year	-9.28

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 Invesco 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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–44.66%
Aerospace & Defense–0.52%
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025(b)		$  1,209,000	$       1,194,842
Boeing Co. (The), 2.20%, 02/04/2026		1,991,000	1,818,157
L3Harris Technologies, Inc., 3.85%, 06/15/2023		1,499,000	1,511,657
Lockheed Martin Corp.,
3.90%, 06/15/2032		1,686,000	1,674,903
4.15%, 06/15/2053		1,173,000	1,139,564
4.30%, 06/15/2062		1,368,000	1,336,642
			8,675,765
Agricultural & Farm Machinery–0.45%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031		2,968,000	2,568,088
Cargill, Inc.,
3.63%, 04/22/2027(b)		1,612,000	1,601,146
4.00%, 06/22/2032(b)		1,950,000	1,930,225
4.38%, 04/22/2052(b)		1,373,000	1,372,911
			7,472,370
Airlines–0.75%
American Airlines Pass-Through Trust,
Series 2021-1, Class B, 3.95%, 07/11/2030		2,048,000	1,853,375
Series 2021-1, Class A, 2.88%, 07/11/2034		2,501,000	2,212,510
British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035(b)		1,133,244	1,016,054
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025(b)		1,689,813	1,679,944
4.75%, 10/20/2028(b)		3,286,220	3,252,563
United Airlines Pass-Through Trust,
Series 2020-1, Class A, 5.88%, 10/15/2027		2,329,662	2,382,085
Series 2019-2, Class AA, 2.70%, 05/01/2032		17,776	15,882
			12,412,413
Airport Services–0.18%
Airport Authority (Hong Kong), 3.25%, 01/12/2052(b)		3,573,000	2,965,974
Apparel Retail–0.12%
Ross Stores, Inc., 3.38%, 09/15/2024		1,933,000	1,927,695
Application Software–0.40%
salesforce.com, inc.,
2.90%, 07/15/2051		2,796,000	2,193,430
3.05%, 07/15/2061		1,696,000	1,298,163
Workday, Inc., 3.80%, 04/01/2032		3,252,000	3,079,226
			6,570,819

	Principal Amount		Value
Asset Management & Custody Banks–0.71%
Ares Capital Corp., 2.88%, 06/15/2028		$  1,885,000	$       1,630,296
Bank of New York Mellon Corp. (The), Series I, 3.75%(c)(d)		4,998,000	4,460,715
Blackstone Secured Lending Fund,
2.13%, 02/15/2027(b)		2,121,000	1,845,454
2.85%, 09/30/2028(b)		1,281,000	1,077,319
CI Financial Corp. (Canada), 3.20%, 12/17/2030		1,682,000	1,425,683
FS KKR Capital Corp., 1.65%, 10/12/2024		1,414,000	1,325,279
			11,764,746
Automobile Manufacturers–0.96%
BMW US Capital LLC (Germany), 1.14% (SOFR + 0.84%), 04/01/2025(b)(e)		1,051,000	1,054,515
3.45%, 04/01/2027(b)		1,456,000	1,433,015
3.70%, 04/01/2032(b)		1,678,000	1,619,245
Daimler Finance North America LLC (Germany), 2.55%, 08/15/2022(b)		1,987,000	1,990,258
General Motors Financial Co., Inc.,
4.15%, 06/19/2023		1,397,000	1,411,624
3.80%, 04/07/2025		1,520,000	1,502,662
Hyundai Capital America,
5.75%, 04/06/2023(b)		1,564,000	1,598,140
4.13%, 06/08/2023(b)		1,858,000	1,877,417
2.00%, 06/15/2028(b)		1,928,000	1,663,816
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026(b)		2,045,000	1,775,182
			15,925,874
Automotive Retail–0.15%
Advance Auto Parts, Inc., 1.75%, 10/01/2027		2,786,000	2,446,483
Biotechnology–0.41%
AbbVie, Inc., 3.85%, 06/15/2024		1,785,000	1,801,127
CSL UK Holdings Ltd. (Australia),
3.85%, 04/27/2027(b)		908,000	903,549
4.05%, 04/27/2029(b)		698,000	694,798
4.25%, 04/27/2032(b)		933,000	926,085
4.63%, 04/27/2042(b)		691,000	680,111
4.75%, 04/27/2052(b)		1,065,000	1,049,607
4.95%, 04/27/2062(b)		805,000	789,174
			6,844,451
Brewers–0.07%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039		883,000	1,198,595
Building Products–0.11%
Fortune Brands Home & Security, Inc., 4.50%, 03/25/2052		2,135,000	1,819,411

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

5 Invesco Core Bond Fund

	Principal Amount		Value
Cable & Satellite–0.75%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 2.94% (3 mo. USD LIBOR + 1.65%), 02/01/2024(e)		$  1,824,000	$       1,858,292
3.50%, 06/01/2041		1,300,000	951,746
3.50%, 03/01/2042		2,241,000	1,617,856
3.90%, 06/01/2052		1,765,000	1,276,239
3.85%, 04/01/2061		1,862,000	1,271,887
4.40%, 12/01/2061		847,000	634,547
Comcast Corp., 2.65%, 08/15/2062		1,274,000	843,721
Cox Communications, Inc.,
2.60%, 06/15/2031(b)		1,366,000	1,164,816
3.60%, 06/15/2051(b)		3,566,000	2,820,113
			12,439,217
Computer & Electronics Retail–0.23%
Dell International LLC/EMC Corp.,
5.30%, 10/01/2029		1,504,000	1,553,107
3.45%, 12/15/2051(b)		1,408,000	994,723
Leidos, Inc., 2.30%, 02/15/2031		1,599,000	1,318,765
			3,866,595
Construction Machinery & Heavy Trucks–0.08%
Daimler Trucks Finance North America LLC (Germany), 3.65%, 04/07/2027(b)		1,419,000	1,384,819
Distillers & Vintners–0.10%
Pernod Ricard S.A. (France), 4.25%, 07/15/2022(b)		1,685,000	1,693,153
Distributors–0.10%
Genuine Parts Co., 2.75%, 02/01/2032		1,856,000	1,591,796
Diversified Banks–7.02%
Bank of America Corp.,
4.38%, 04/27/2028(c)		3,718,000	3,715,360
2.69%, 04/22/2032(c)		2,826,000	2,428,054
2.30%, 07/21/2032(c)		1,375,000	1,136,988
2.57%, 10/20/2032(c)		1,705,000	1,442,510
2.97%, 02/04/2033(c)		1,911,000	1,665,197
4.57%, 04/27/2033(c)		3,095,000	3,084,113
2.48%, 09/21/2036(c)		2,347,000	1,881,478
3.85%, 03/08/2037(c)		655,000	583,678
Series RR, 4.38%(c)(d)		4,879,000	4,330,113
Series TT, 6.13%(c)(d)		6,198,000	6,213,495
BPCE S.A. (France), 0.87% (SOFR + 0.57%), 01/14/2025(b)(e)		2,634,000	2,617,324
2.05%, 10/19/2027(b)(c)		2,028,000	1,816,373
Citigroup, Inc.,
4.41%, 03/31/2031(c)		1,125,000	1,100,198
2.56%, 05/01/2032(c)		1,815,000	1,534,325
2.52%, 11/03/2032(c)		1,130,000	944,393
3.06%, 01/25/2033(c)		1,007,000	880,608
3.79%, 03/17/2033(c)		3,713,000	3,442,695
2.90%, 11/03/2042(c)		1,709,000	1,301,321
3.88%(c)(d)		5,479,000	4,962,988

	Principal Amount		Value
Diversified Banks–(continued)
Commonwealth Bank of Australia (Australia),
2.69%, 03/11/2031(b)		$  1,401,000	$       1,173,426
3.31%, 03/11/2041(b)		1,202,000	956,895
Cooperatieve Rabobank U.A. (Netherlands), 3.76%, 04/06/2033(b)(c)		2,428,000	2,262,106
Credit Agricole S.A. (France),
4.75%(b)(c)(d)		3,717,000	3,210,559
7.88%(b)(c)(d)		1,422,000	1,461,105
Danske Bank A/S (Denmark), 1.55%, 09/10/2027(b)(c)		1,669,000	1,480,587
HSBC Holdings PLC (United Kingdom), 1.69% (SOFR + 1.43%), 03/10/2026(e)		4,039,000	4,049,798
2.25%, 11/22/2027(c)		2,371,000	2,147,546
4.60%(c)(d)		1,507,000	1,280,950
6.25%(c)(d)		1,767,000	1,763,024
ING Groep N.V. (Netherlands), 1.30% (SOFR + 1.01%), 04/01/2027(e)		3,775,000	3,715,999
JPMorgan Chase & Co.,
3.80%, 07/23/2024(c)		1,683,000	1,691,030
2.08%, 04/22/2026(c)		1,733,000	1,630,842
4.32%, 04/26/2028(c)		3,669,000	3,656,845
2.96%, 01/25/2033(c)		564,000	496,899
4.59%, 04/26/2033(c)		2,217,000	2,229,112
Mizuho Financial Group, Inc. (Japan), 2.56%, 09/13/2031		1,565,000	1,297,848
Nordea Bank Abp (Finland),
3.75%(b)(c)(d)		1,605,000	1,316,100
6.63%(b)(c)(d)		1,870,000	1,902,725
PNC Bank N.A., 2.50%, 08/27/2024		1,730,000	1,696,096
Royal Bank of Canada (Canada), 1.01% (SOFR + 0.71%), 01/21/2027(e)		4,093,000	4,029,506
Standard Chartered PLC (United Kingdom), 2.68%, 06/29/2032(b)(c)		1,468,000	1,216,608
Sumitomo Mitsui Financial Group, Inc. (Japan),
1.47%, 07/08/2025		1,161,000	1,075,580
2.14%, 09/23/2030		2,534,000	2,071,538
2.22%, 09/17/2031		2,411,000	1,996,574
Sumitomo Mitsui Trust Bank Ltd. (Japan), 1.35%, 09/16/2026(b)		4,790,000	4,295,157
Truist Bank, 2.64%, 09/17/2029(c)		2,105,000	2,038,757
U.S. Bancorp,
2.49%, 11/03/2036(c)		3,525,000	2,966,761
3.70%(c)(d)		5,450,000	4,669,396
Wells Fargo & Co.,
3.53%, 03/24/2028(c)		1,900,000	1,826,260
4.75%, 12/07/2046		759,000	745,530
4.61%, 04/25/2053(c)		2,683,000	2,646,574
Series BB, 3.90%(c)(d)		2,208,000	2,016,070
			116,095,014
Diversified Capital Markets–0.45%
Credit Suisse AG (Switzerland), 3.63%, 09/09/2024		1,315,000	1,313,667

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

6 Invesco Core Bond Fund

	Principal Amount		Value
Diversified Capital Markets–(continued)
Credit Suisse Group AG (Switzerland),
4.55%, 04/17/2026		$  1,392,000	$       1,389,862
4.19%, 04/01/2031(b)(c)		1,365,000	1,266,555
3.09%, 05/14/2032(b)(c)		1,255,000	1,050,637
UBS Group AG (Switzerland),
4.13%, 04/15/2026(b)		1,014,000	1,006,866
4.38%(b)(c)(d)		1,718,000	1,438,310
			7,465,897
Diversified Metals & Mining–0.21%
Rio Tinto Finance USA Ltd. (Australia), 2.75%, 11/02/2051		2,154,000	1,642,175
South32 Treasury Ltd. (Australia), 4.35%, 04/14/2032(b)		1,859,000	1,794,772
			3,436,947
Diversified REITs–0.74%
Brixmor Operating Partnership L.P.,
4.13%, 05/15/2029		772,000	750,328
4.05%, 07/01/2030		870,000	823,617
2.50%, 08/16/2031		918,000	760,856
CubeSmart L.P.,
2.25%, 12/15/2028		569,000	500,197
2.50%, 02/15/2032		1,052,000	875,088
VICI Properties L.P.,
4.75%, 02/15/2028		2,492,000	2,485,770
4.95%, 02/15/2030		2,492,000	2,476,923
5.13%, 05/15/2032		1,807,000	1,796,339
5.63%, 05/15/2052		1,860,000	1,855,889
			12,325,007
Drug Retail–0.19%
CK Hutchison International 21 Ltd. (United Kingdom), 1.50%, 04/15/2026(b)		3,433,000	3,158,550
Electric Utilities–0.62%
AEP Texas, Inc., 3.95%, 06/01/2028(b)		2,489,000	2,452,877
Duke Energy Corp., 3.25%, 01/15/2082(c)		1,422,000	1,210,397
EDP Finance B.V. (Portugal), 3.63%, 07/15/2024(b)		1,372,000	1,360,866
Enel Finance International N.V. (Italy), 2.88%, 07/12/2041(b)		1,678,000	1,254,771
National Rural Utilities Cooperative Finance Corp., 2.75%, 04/15/2032		2,005,000	1,771,879
PacifiCorp, 2.90%, 06/15/2052		1,648,000	1,265,919
Southern Co. (The), Series 21-A, 3.75%, 09/15/2051(c)		1,103,000	995,458
			10,312,167
Electronic Equipment & Instruments–0.18%
Vontier Corp.,
2.40%, 04/01/2028		1,796,000	1,537,627
2.95%, 04/01/2031		1,614,000	1,362,386
			2,900,013
Electronic Manufacturing Services–0.07%
Jabil, Inc., 3.00%, 01/15/2031		1,337,000	1,164,180

	Principal Amount		Value
Financial Exchanges & Data–0.80%
Cboe Global Markets, Inc., 3.00%, 03/16/2032		$  4,546,000	$       4,154,644
FactSet Research Systems, Inc., 3.45%, 03/01/2032		1,720,000	1,579,479
Intercontinental Exchange, Inc., 3.00%, 09/15/2060		1,127,000	815,814
Moody’s Corp.,
2.00%, 08/19/2031		1,478,000	1,236,432
2.75%, 08/19/2041		1,729,000	1,325,738
3.75%, 02/25/2052		1,663,000	1,418,103
3.10%, 11/29/2061		3,789,000	2,692,421
			13,222,631
Food Retail–0.15%
Alimentation Couche-Tard, Inc. (Canada),
3.44%, 05/13/2041(b)		1,183,000	958,197
3.63%, 05/13/2051(b)		1,894,000	1,504,070
			2,462,267
Health Care Distributors–0.08%
McKesson Corp., 1.30%, 08/15/2026		1,427,000	1,282,453
Health Care REITs–0.16%
Healthcare Trust of America Holdings L.P., 3.50%, 08/01/2026		1,184,000	1,159,584
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033		1,884,000	1,503,644
			2,663,228
Health Care Services–0.77%
Cigna Corp., 4.13%, 11/15/2025		1,126,000	1,138,426
CVS Health Corp., 1.30%, 08/21/2027		1,142,000	1,000,777
Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026(b)		1,292,000	1,170,953
Piedmont Healthcare, Inc.,
Series 2032, 2.04%, 01/01/2032		1,105,000	931,472
Series 2042, 2.72%, 01/01/2042		1,067,000	821,472
2.86%, 01/01/2052		1,219,000	898,773
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		3,254,000	2,326,392
Roche Holdings, Inc. (Switzerland), 2.31%, 03/10/2027(b)		4,704,000	4,447,487
			12,735,752
Homebuilding–0.20%
D.R. Horton, Inc., 4.75%, 02/15/2023		1,369,000	1,383,377
M.D.C. Holdings, Inc., 3.97%, 08/06/2061		2,831,000	1,879,299
			3,262,676

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

7 Invesco Core Bond Fund

	Principal Amount		Value
Hotels, Resorts & Cruise Lines–0.57%
Expedia Group, Inc.,
4.63%, 08/01/2027		$    926,000	$          931,672
3.25%, 02/15/2030		6,663,000	5,956,515
2.95%, 03/15/2031		3,051,000	2,621,031
			9,509,218
Independent Power Producers & Energy Traders–0.10%
AES Corp. (The),
1.38%, 01/15/2026		911,000	817,094
2.45%, 01/15/2031		944,000	783,715
			1,600,809
Industrial REITs–0.06%
LXP Industrial Trust, 2.38%, 10/01/2031		1,147,000	932,004
Insurance Brokers–0.09%
Arthur J. Gallagher & Co., 3.50%, 05/20/2051		1,063,000	861,665
Assured Guaranty US Holdings, Inc., 3.60%, 09/15/2051		758,000	606,522
			1,468,187
Integrated Oil & Gas–0.88%
BP Capital Markets America, Inc.,
3.06%, 06/17/2041		2,293,000	1,872,630
2.94%, 06/04/2051		1,774,000	1,316,947
3.00%, 03/17/2052		1,180,000	885,619
BP Capital Markets PLC (United Kingdom),
4.38%(c)(d)		1,185,000	1,154,546
4.88%(c)(d)		3,756,000	3,612,615
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(b)		1,108,000	1,050,276
Shell International Finance B.V. (Netherlands),
2.88%, 11/26/2041		2,873,000	2,378,506
3.00%, 11/26/2051		2,873,000	2,247,504
			14,518,643
Integrated Telecommunication Services–1.46%
AT&T, Inc.,
0.93% (SOFR + 0.64%), 03/25/2024(e)		2,276,000	2,274,952
4.30%, 02/15/2030		1,107,000	1,112,050
2.55%, 12/01/2033		4,365,000	3,627,225
3.10%, 02/01/2043		1,369,000	1,061,133
3.50%, 09/15/2053		2,102,000	1,649,105
3.50%, 02/01/2061		877,000	651,015
Verizon Communications, Inc.,
1.75%, 01/20/2031		1,011,000	826,372
2.55%, 03/21/2031		814,000	709,144
2.36%, 03/15/2032		7,006,000	5,887,110
2.65%, 11/20/2040		805,000	610,153
3.40%, 03/22/2041		889,000	748,709
2.85%, 09/03/2041		2,467,000	1,928,287
2.88%, 11/20/2050		1,116,000	816,616
3.55%, 03/22/2051		511,000	420,570
3.00%, 11/20/2060		1,314,000	918,940
3.70%, 03/22/2061		1,211,000	976,034
			24,217,415

	Principal Amount		Value
Interactive Home Entertainment–0.21%
Electronic Arts, Inc., 1.85%, 02/15/2031		$  1,801,000	$       1,492,017
Take-Two Interactive Software, Inc., 4.00%, 04/14/2032		2,042,000	1,946,018
			3,438,035
Internet & Direct Marketing Retail–0.22%
Amazon.com, Inc.,
2.88%, 05/12/2041		2,025,000	1,681,557
3.10%, 05/12/2051		2,458,000	2,028,077
			3,709,634
Internet Services & Infrastructure–0.07%
VeriSign, Inc., 2.70%, 06/15/2031		1,276,000	1,103,333
Investment Banking & Brokerage–3.54%
Charles Schwab Corp. (The), 1.30% (SOFR + 1.05%), 03/03/2027(e)		3,086,000	3,089,616
2.45%, 03/03/2027		890,000	838,245
2.90%, 03/03/2032		1,874,000	1,678,586
5.00%(c)(d)		1,842,000	1,779,317
Goldman Sachs Group, Inc. (The), 0.84% (SOFR + 0.58%), 03/08/2024(e)		3,644,000	3,614,688
1.00% (SOFR + 0.70%), 01/24/2025(e)		2,370,000	2,348,158
3.50%, 04/01/2025		1,169,000	1,152,809
3.50%, 11/16/2026		749,000	731,129
1.06% (SOFR + 0.79%), 12/09/2026(e)		7,880,000	7,734,608
1.09%, 12/09/2026(c)		1,196,000	1,070,513
1.08% (SOFR + 0.81%), 03/09/2027(e)		6,200,000	6,057,107
1.22% (SOFR + 0.92%), 10/21/2027(e)		5,058,000	4,961,432
1.95%, 10/21/2027(c)		1,678,000	1,508,879
1.35% (SOFR + 1.12%), 02/24/2028(e)		1,165,000	1,145,169
1.99%, 01/27/2032(c)		1,228,000	993,028
2.62%, 04/22/2032(c)		699,000	591,831
2.65%, 10/21/2032(c)		2,038,000	1,720,824
3.10%, 02/24/2033(c)		1,327,000	1,160,989
3.44%, 02/24/2043(c)		1,599,000	1,328,579
Series V, 4.13%(c)(d)		1,743,000	1,565,338
Morgan Stanley, 0.92% (SOFR + 0.63%), 01/24/2025(e)		1,690,000	1,674,207
5.00%, 11/24/2025		1,229,000	1,262,426
2.19%, 04/28/2026(c)		866,000	817,191
3.62%, 04/01/2031(c)		1,125,000	1,054,081
2.24%, 07/21/2032(c)		2,270,000	1,875,770
2.51%, 10/20/2032(c)		1,270,000	1,068,747
2.94%, 01/21/2033(c)		1,554,000	1,356,454
2.48%, 09/16/2036(c)		3,028,000	2,425,477
5.30%, 04/20/2037(c)		1,922,000	1,924,089
			58,529,287
IT Consulting & Other Services–0.12%
DXC Technology Co., 2.38%, 09/15/2028		2,182,000	1,901,037

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

8 Invesco Core Bond Fund

	Principal Amount		Value
Leisure Products–0.38%
Brunswick Corp.,
4.40%, 09/15/2032		$  2,142,000		$       1,976,062
5.10%, 04/01/2052		5,024,000		4,237,919
				6,213,981
Life & Health Insurance–3.81%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		1,166,000		1,196,121
Athene Global Funding,
1.20%, 10/13/2023(b)		1,810,000		1,751,998
1.45%, 01/08/2026(b)		970,000		880,039
2.95%, 11/12/2026(b)		2,202,000		2,074,045
3.21%, 03/08/2027(b)		3,638,000		3,409,987
Athene Holding Ltd.,
6.15%, 04/03/2030		1,237,000		1,303,536
3.95%, 05/25/2051		330,000		267,962
3.45%, 05/15/2052		2,239,000		1,651,586
Brighthouse Financial Global Funding, 1.20%, 12/15/2023(b)		2,563,000		2,473,207
Brighthouse Financial, Inc., 3.85%, 12/22/2051		3,040,000		2,247,743
Delaware Life Global Funding,
Series 22-1, 3.31%, 03/10/2025(b)		3,826,000		3,714,357
Series 21-1, 2.66%, 06/29/2026(b)		10,423,000		9,665,144
F&G Global Funding, 2.00%, 09/20/2028(b)		2,550,000		2,196,360
GA Global Funding Trust,
2.25%, 01/06/2027(b)		3,157,000		2,880,483
1.95%, 09/15/2028(b)		2,702,000		2,338,466
2.90%, 01/06/2032(b)		2,764,000		2,369,388
MAG Mutual Holding Co., 4.75%, 04/30/2041(f)		9,203,000		8,340,223
Pacific Life Global Funding II,
1.09% (SOFR + 0.80%), 03/30/2025(b)(e)		4,261,000		4,269,046
0.87% (SOFR + 0.62%), 06/04/2026(b)(e)		2,052,000		2,032,031
Prudential Financial, Inc., 5.20%, 03/15/2044(c)		1,513,000		1,474,169
Reliance Standard Life Global Funding II, 2.75%, 01/21/2027(b)		1,726,000		1,625,311
Sammons Financial Group, Inc., 4.75%, 04/08/2032(b)		5,100,000		4,844,244
				63,005,446
Life Sciences Tools & Services–0.04%
Illumina, Inc., 2.55%, 03/23/2031		768,000		655,181
Managed Health Care–0.24%
Kaiser Foundation Hospitals,
Series 2021, 2.81%, 06/01/2041		2,490,000		1,975,587
3.00%, 06/01/2051		2,595,000		2,016,485
				3,992,072

	Principal Amount		Value
Movies & Entertainment–1.01%
Magallanes, Inc.,
4.28%, 03/15/2032(b)		$  2,834,000		$       2,634,186
5.05%, 03/15/2042(b)		4,722,000		4,310,178
5.14%, 03/15/2052(b)		5,858,000		5,233,383
5.39%, 03/15/2062(b)		5,175,000		4,602,225
				16,779,972
Multi-line Insurance–0.26%
Allianz SE (Germany), 3.20%(b)(c)(d)		3,090,000		2,517,423
Boardwalk Pipelines L.P., 3.60%, 09/01/2032		1,981,000		1,752,987
				4,270,410
Multi-Utilities–0.20%
Ameren Corp., 2.50%, 09/15/2024		1,065,000		1,045,998
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		943,000		875,198
WEC Energy Group, Inc.,
1.38%, 10/15/2027		851,000		745,381
1.80%, 10/15/2030		797,000		657,095
				3,323,672
Office REITs–0.36%
Office Properties Income Trust,
4.25%, 05/15/2024		2,666,000		2,665,851
4.50%, 02/01/2025		1,730,000		1,718,634
2.65%, 06/15/2026		357,000		320,139
2.40%, 02/01/2027		1,401,000		1,213,024
				5,917,648
Oil & Gas Exploration & Production–0.43%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025		1,656,000		1,561,525
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/2039		1,591,000		1,296,962
Continental Resources, Inc.,
2.27%, 11/15/2026(b)		763,000		697,874
2.88%, 04/01/2032(b)		957,000		792,204
Lundin Energy Finance B.V. (Netherlands),
2.00%, 07/15/2026(b)		1,535,000		1,386,548
3.10%, 07/15/2031(b)		1,535,000		1,339,862
				7,074,975
Oil & Gas Storage & Transportation–1.22%
El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032		888,000		1,086,486
Enbridge, Inc. (Canada),
0.84% (SOFR + 0.63%), 02/16/2024(e)		542,000		542,814
1.60%, 10/04/2026		981,000		887,437
3.40%, 08/01/2051		987,000		776,731
Energy Transfer L.P.,
4.25%, 03/15/2023		1,163,000		1,172,175
4.00%, 10/01/2027		919,000		890,517
Kinder Morgan, Inc., 7.75%, 01/15/2032		1,443,000		1,756,469
MPLX L.P.,
1.75%, 03/01/2026		1,033,000		944,195
4.25%, 12/01/2027		858,000		851,258
4.95%, 03/14/2052		4,415,000		4,055,422

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

9 Invesco Core Bond Fund

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
ONEOK, Inc., 6.35%, 01/15/2031		$  1,600,000		$       1,749,637
Williams Cos., Inc. (The),
3.70%, 01/15/2023		1,612,000		1,619,696
2.60%, 03/15/2031		3,089,000		2,679,382
3.50%, 10/15/2051		1,500,000		1,152,347
				20,164,566
Other Diversified Financial Services–2.35%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland),
2.45%, 10/29/2026		2,640,000		2,350,559
3.00%, 10/29/2028		1,499,000		1,304,969
3.30%, 01/30/2032		2,098,000		1,746,714
3.40%, 10/29/2033		2,277,000		1,870,894
3.85%, 10/29/2041		2,149,000		1,663,534
Avolon Holdings Funding Ltd. (Ireland),
2.13%, 02/21/2026(b)		1,183,000		1,060,729
2.75%, 02/21/2028(b)		1,233,000		1,062,567
Blackstone Holdings Finance Co. LLC,
1.60%, 03/30/2031(b)		1,678,000		1,355,716
2.55%, 03/30/2032(b)		1,098,000		944,592
2.80%, 09/30/2050(b)		764,000		543,469
3.20%, 01/30/2052(b)		2,244,000		1,712,689
Blackstone Private Credit Fund,
1.75%, 09/15/2024(b)		549,000		513,651
2.35%, 11/22/2024(b)		1,820,000		1,719,350
2.63%, 12/15/2026(b)		4,122,000		3,618,391
JAB Holdings B.V. (Austria), 4.50%, 04/08/2052(b)		5,791,000		4,980,394
LSEGA Financing PLC (United Kingdom),
1.38%, 04/06/2026(b)		1,523,000		1,378,418
2.00%, 04/06/2028(b)		1,346,000		1,190,572
2.50%, 04/06/2031(b)		1,005,000		877,859
Owl Rock Core Income Corp., 4.70%, 02/08/2027(b)		1,988,000		1,877,384
Pershing Square Holdings Ltd.,
3.25%, 11/15/2030(b)		3,900,000		3,424,933
3.25%, 10/01/2031(b)		4,300,000		3,611,609
				38,808,993
Packaged Foods & Meats–0.20%
Conagra Brands, Inc., 4.60%, 11/01/2025		1,454,000		1,473,494
JDE Peet’s N.V. (Netherlands),
1.38%, 01/15/2027(b)		1,197,000		1,045,607
2.25%, 09/24/2031(b)		1,073,000		864,729
				3,383,830
Paper Packaging–0.46%
Berry Global, Inc., 1.65%, 01/15/2027		5,972,000		5,299,837
Packaging Corp. of America, 3.65%, 09/15/2024		1,229,000		1,232,585
Sealed Air Corp., 1.57%, 10/15/2026(b)		1,246,000		1,101,890
				7,634,312
Pharmaceuticals–0.28%
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023(b)		1,536,000		1,548,859
Mayo Clinic, Series 2021, 3.20%, 11/15/2061		1,964,000		1,569,278

	Principal Amount		Value
Pharmaceuticals–(continued)
Mylan, Inc., 3.13%, 01/15/2023(b)		$  1,585,000		$       1,585,851
				4,703,988
Precious Metals & Minerals–0.07%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024(b)		1,168,000		1,162,243
Property & Casualty Insurance–0.47%
Chubb INA Holdings, Inc.,
2.85%, 12/15/2051		553,000		422,446
3.05%, 12/15/2061		1,261,000		944,908
CNA Financial Corp., 3.45%, 08/15/2027		1,028,000		1,001,279
Fidelity National Financial, Inc.,
2.45%, 03/15/2031		1,142,000		948,530
3.20%, 09/17/2051		755,000		532,755
First American Financial Corp., 2.40%, 08/15/2031		1,435,000		1,184,334
Stewart Information Services Corp., 3.60%, 11/15/2031		2,204,000		1,903,485
W.R. Berkley Corp., 3.15%, 09/30/2061		1,304,000		918,584
				7,856,321
Railroads–0.07%
Union Pacific Corp., 2.15%, 02/05/2027		1,210,000		1,133,313
Real Estate Development–0.06%
Essential Properties L.P., 2.95%, 07/15/2031		1,260,000		1,039,231
Regional Banks–2.61%
Citizens Financial Group, Inc.,
4.30%, 12/03/2025		2,706,000		2,727,453
2.50%, 02/06/2030		1,166,000		1,027,503
2.64%, 09/30/2032		4,748,000		3,917,486
Fifth Third Bancorp,
4.06%, 04/25/2028(c)		1,525,000		1,515,356
4.34%, 04/25/2033(c)		1,955,000		1,949,678
Fifth Third Bank N.A., 3.85%, 03/15/2026		983,000		980,721
Huntington Bancshares, Inc.,
4.00%, 05/15/2025		1,492,000		1,504,930
2.49%, 08/15/2036(b)(c)		1,296,000		1,074,291
KeyBank N.A., 3.40%, 05/20/2026		1,304,000		1,272,055
KeyCorp, 2.25%, 04/06/2027		1,700,000		1,565,823
M&T Bank Corp., 3.50%(c)(d)		2,605,000		2,194,746
PNC Financial Services Group, Inc. (The),
Series O, 4.96%(3 mo. USD LIBOR + 3.68%)(d)(e)		4,363,000		4,348,945
Series U, 6.00%(c)(d)		3,677,000		3,677,000
SVB Financial Group,
2.10%, 05/15/2028		1,008,000		886,984
1.80%, 02/02/2031		1,563,000		1,252,099
4.10%(c)(d)		2,512,000		2,047,280
Series C, 4.00%(c)(d)		5,338,000		4,649,131
Series D, 4.25%(c)(d)		4,687,000		4,065,972
Series E, 4.70%(c)(d)		3,147,000		2,590,422
				43,247,875

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

10 Invesco Core Bond Fund

	Principal Amount		Value
Reinsurance–0.05%
Global Atlantic Fin Co., 3.13%, 06/15/2031(b)	$	946,000	$	801,261
Residential REITs–0.36%
American Homes 4 Rent L.P.,
2.38%, 07/15/2031		372,000		307,883
3.63%, 04/15/2032		2,533,000		2,307,560
3.38%, 07/15/2051		391,000		293,100
4.30%, 04/15/2052		1,233,000		1,066,282
Invitation Homes Operating Partnership L.P.,
2.30%, 11/15/2028		581,000		506,817
2.70%, 01/15/2034		1,869,000		1,520,943
				6,002,585
Restaurants–0.12%
Starbucks Corp., 3.00%, 02/14/2032		2,150,000		1,902,014
Retail REITs–1.08%
Agree L.P.,
2.00%, 06/15/2028		762,000		668,351
2.60%, 06/15/2033		1,001,000		825,748
Kimco Realty Corp.,
1.90%, 03/01/2028		1,283,000		1,132,580
2.70%, 10/01/2030		744,000		661,805
2.25%, 12/01/2031		1,661,000		1,398,812
Kite Realty Group L.P., 4.00%, 10/01/2026		2,093,000		2,055,695
Kite Realty Group Trust, 4.75%, 09/15/2030		791,000		782,902
National Retail Properties, Inc., 3.50%, 04/15/2051		1,286,000		1,023,444
Realty Income Corp.,
2.20%, 06/15/2028		1,556,000		1,391,312
3.25%, 01/15/2031		987,000		919,690
2.85%, 12/15/2032		2,650,000		2,350,148
Regency Centers L.P., 2.95%, 09/15/2029		1,219,000		1,111,715
Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080(b)(c)		1,858,000		1,795,943
Simon Property Group L.P., 1.38%, 01/15/2027		1,887,000		1,686,281
				17,804,426
Semiconductors–0.88%
Broadcom, Inc.,
4.15%, 11/15/2030		701,000		664,836
2.45%, 02/15/2031(b)		973,000		812,025
3.42%, 04/15/2033(b)		1,074,000		922,483
3.47%, 04/15/2034(b)		1,919,000		1,630,859
3.14%, 11/15/2035(b)		4,302,000		3,479,033
4.93%, 05/15/2037(b)		950,000		889,068
Marvell Technology, Inc., 2.95%, 04/15/2031		2,457,000		2,135,593
Micron Technology, Inc.,
2.70%, 04/15/2032		1,122,000		934,292
3.37%, 11/01/2041		758,000		603,329
QUALCOMM, Inc.,
2.15%, 05/20/2030		1,422,000		1,248,555
3.25%, 05/20/2050		1,379,000		1,172,393
				14,492,466

	Principal Amount		Value
Specialized REITs–1.12%
American Tower Corp.,
3.00%, 06/15/2023	$	1,300,000	$	1,298,609
4.00%, 06/01/2025		773,000		772,551
2.70%, 04/15/2031		2,419,000		2,034,229
4.05%, 03/15/2032		1,309,000		1,229,152
2.95%, 01/15/2051		1,274,000		873,773
Crown Castle International Corp., 2.50%, 07/15/2031		2,102,000		1,764,796
EPR Properties,
4.75%, 12/15/2026		882,000		866,358
4.95%, 04/15/2028		2,219,000		2,137,103
3.60%, 11/15/2031		1,845,000		1,564,437
Equinix, Inc., 3.90%, 04/15/2032		2,582,000		2,424,616
Extra Space Storage L.P.,
3.90%, 04/01/2029		744,000		715,022
2.35%, 03/15/2032		1,861,000		1,533,687
Life Storage L.P., 2.40%, 10/15/2031		1,641,000		1,355,454
				18,569,787
Systems Software–0.05%
Oracle Corp., 3.85%, 04/01/2060		1,220,000		864,251
Technology Hardware, Storage & Peripherals–0.37%
Apple, Inc.,
4.38%, 05/13/2045		821,000		835,106
2.55%, 08/20/2060		3,730,000		2,625,378
2.80%, 02/08/2061		3,571,000		2,617,814
				6,078,298
Tobacco–0.25%
Altria Group, Inc.,
3.70%, 02/04/2051		1,700,000		1,214,489
4.00%, 02/04/2061		1,713,000		1,239,694
Imperial Brands Finance PLC (United Kingdom), 3.75%, 07/21/2022(b)		1,732,000		1,732,604
				4,186,787
Trading Companies & Distributors–0.05%
Air Lease Corp., 2.20%, 01/15/2027		995,000		891,533
Trucking–0.44%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
4.00%, 07/15/2025(b)		756,000		753,934
3.40%, 11/15/2026(b)		1,287,000		1,245,089
SMBC Aviation Capital Finance DAC (Ireland), 1.90%, 10/15/2026(b)		1,513,000		1,311,344
Triton Container International Ltd. (Bermuda),
2.05%, 04/15/2026(b)		2,683,000		2,441,548
3.15%, 06/15/2031(b)		1,880,000		1,603,780
				7,355,695
Wireless Telecommunication Services–0.32%
T-Mobile USA, Inc.,
3.30%, 02/15/2051		1,635,000		1,225,845
3.40%, 10/15/2052(b)		5,325,000		4,043,614
				5,269,459
Total U.S. Dollar Denominated Bonds & Notes (Cost $828,393,875)				739,001,151

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

11 Invesco Core Bond Fund

	Principal Amount		Value
Asset-Backed Securities–28.08%
Alternative Loan Trust,
Series 2005-21CB, Class A7, 5.50%, 06/25/2035	$	622,521	$	552,747
Series 2005-29CB, Class A4, 5.00%, 07/25/2035		277,096		192,244
American Credit Acceptance Receivables Trust, Series 2019-3, Class C, 2.76%, 09/12/2025(b)		310,982		311,224
AmeriCredit Automobile Receivables Trust,
Series 2017-4, Class D, 3.08%, 12/18/2023		2,649,019		2,655,042
Series 2018-3, Class C, 3.74%, 10/18/2024		4,225,000		4,251,231
Series 2019-2, Class C, 2.74%, 04/18/2025		1,645,000		1,641,967
Series 2019-2, Class D, 2.99%, 06/18/2025		4,570,000		4,536,175
Series 2019-3, Class D, 2.58%, 09/18/2025		2,285,000		2,264,948
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(b)		4,415,000		3,934,989
Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(g)		771,575		760,079
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(g)		2,192,767		2,151,573
Series 2021-3, Class A1, 1.07%, 05/25/2066(b)(g)		1,260,934		1,182,269
Series 2021-7, Class A1, 1.98%, 10/25/2066(b)(g)		2,966,323		2,809,765
Series 2022-1, Class A1, 2.88%, 12/25/2066(b)(h)		4,915,065		4,738,383
Avis Budget Rental Car Funding AESOP LLC, Series 2022-1A, Class A, 3.83%, 08/21/2028(b)		6,614,000		6,561,050
Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 2.36% (3 mo. USD LIBOR + 1.18%), 07/25/2034(b)(e)		7,338,000		7,275,495
Banc of America Funding Trust,
Series 2007-1, Class 1A3, 6.00%, 01/25/2037		183,867		165,972
Series 2007-C, Class 1A4, 2.98%, 05/20/2036(g)		71,904		71,360
Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037		217,170		193,214
Bank, Series 2019-BNK16, Class XA, IO, 1.10%, 02/15/2052(i)		23,883,187		1,193,321
Bayview MSR Opportunity Master Fund Trust,
Series 2021-4, Class A3, 3.00%, 10/25/2051(b)(g)		3,961,700		3,626,945
Series 2021-4, Class A4, 2.50%, 10/25/2051(b)(g)		3,962,621		3,500,148
Series 2021-4, Class A8, 2.50%, 10/25/2051(b)(g)		3,849,829		3,619,779
Series 2021-5, Class A1, 3.00%, 11/25/2051(b)(g)		4,156,659		3,819,690
Series 2021-5, Class A2, 2.50%, 11/25/2051(b)(g)		5,071,304		4,498,507

	Principal Amount		Value
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(e)	$	174,759	$	176,763
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(e)		393,728		397,142
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.63%, 01/15/2051(i)		34,091,762		753,885
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(b)(g)		1,511,737		1,466,048
BX Commercial Mortgage Trust,
Series 2021-ACNT, Class A, 1.41% (1 mo. USD LIBOR + 0.85%), 11/15/2038(b)(e)		2,220,000		2,179,195
Series 2021-VOLT, Class A, 1.25% (1 mo. USD LIBOR + 0.70%), 09/15/2036(b)(e)		4,080,000		3,998,459
Series 2021-VOLT, Class B, 1.50% (1 mo. USD LIBOR + 0.95%), 09/15/2036(b)(e)		3,595,000		3,507,490
Series 2021-XL2, Class B, 1.55% (1 mo. USD LIBOR + 1.00%), 10/15/2038(b)(e)		1,489,107		1,451,512
BX Trust,
Series 2022-LBA6, Class A, 1.51% (1.00% + SOFR Term Rate), 01/15/2039(b)(e)		3,670,000		3,608,394
Series 2022-LBA6, Class B, 1.81% (1.30% + SOFR Term Rate), 01/15/2039(b)(e)		2,265,000		2,202,175
Series 2022-LBA6, Class C, 2.11% (1.60% + SOFR Term Rate), 01/15/2039(b)(e)		1,215,000		1,194,636
CCG Receivables Trust,
Series 2019-2, Class B, 2.55%, 03/15/2027(b)		1,845,000		1,837,673
Series 2019-2, Class C, 2.89%, 03/15/2027(b)		900,000		894,788
CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 1.06%, 11/13/2050(i)		11,005,140		343,546
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 2.04% (3 mo. USD LIBOR + 0.98%), 04/20/2031(b)(e)		3,687,000		3,663,455
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(b)(g)		106,493		105,483
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 2.97%, 01/25/2036(g)		460,847		435,176
CIFC Funding Ltd. (Cayman Islands),
Series 2014-5A, Class A1R2, 2.24% (3 mo. USD LIBOR + 1.20%), 10/17/2031(b)(e)		1,497,000		1,493,144
Series 2016-1A, Class ARR, 2.18% (3 mo. USD LIBOR + 1.08%), 10/21/2031(b)(e)		1,538,000		1,523,647

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

12 Invesco Core Bond Fund

	Principal Amount		Value
Citigroup Commercial Mortgage Trust,
Series 2013-GC17, Class XA, IO, 1.15%, 11/10/2046(i)	$	11,985,580	$	139,588
Series 2014-GC21, Class AA, 3.48%, 05/10/2047		591,052		592,650
Series 2017-C4, Class XA, IO, 1.23%, 10/12/2050(i)		29,253,486		1,125,031
Citigroup Mortgage Loan Trust, Inc.,
Series 2006-AR1, Class 1A1, 3.15% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(e)		870,414		880,732
Series 2021-INV3, Class A3, 2.50%, 05/25/2051(b)(g)		3,975,804		3,533,811
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 01/15/2026		1,910,000		1,921,185
COLT Mortgage Loan Trust,
Series 2020-2, Class A1, 1.85%, 03/25/2065(b)(g)		392,083		391,829
Series 2021-5, Class A1, 1.73%, 11/26/2066(b)(g)		2,116,801		2,015,049
Series 2022-1, Class A1, 2.28%, 12/27/2066(b)(g)		3,085,023		2,968,067
Series 2022-2, Class A1, 2.99%, 02/25/2067(b)(h)		3,020,727		2,918,160
Series 2022-3, Class A1, 3.90%, 02/25/2067(b)(g)		4,012,319		3,958,216
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.63%, 12/10/2045(i)		11,021,238		41,692
Series 2013-CR6, Class AM, 3.15%, 03/10/2046(b)		2,945,000		2,925,807
Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		519,024		519,054
Series 2014-LC15, Class AM, 4.20%, 04/10/2047		2,865,000		2,872,563
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		5,720,000		5,698,514
Credit Suisse Mortgage Capital Trust,
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(b)(g)		843,447		820,294
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(b)(g)		1,114,247		1,067,850
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(b)(g)		3,985,563		3,908,750
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(b)(g)		1,890,000		1,821,569
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		10,613,000		9,473,866
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		642,596		409,321
Dell Equipment Finance Trust, Series 2019-2, Class D, 2.48%, 04/22/2025(b)		1,925,000		1,926,141
Drive Auto Receivables Trust,
Series 2018-2, Class D, 4.14%, 08/15/2024		634,753		637,305
Series 2018-3, Class D, 4.30%, 09/16/2024		868,163		873,703
Dryden 93 CLO Ltd., Series 2021- 93A, Class A1A, 2.12% (3 mo. USD LIBOR + 1.08%), 01/15/2034(b)(e)		1,078,634		1,068,190

	Principal Amount		Value
Ellington Financial Mortgage Trust,
Series 2020-1, Class A1, 2.01%, 05/25/2065(b)(g)	$	372,550	$	366,047
Series 2021-1, Class A1, 0.80%, 02/25/2066(b)(g)		416,729		387,932
Series 2022-1, Class A1, 2.21%, 01/25/2067(b)(g)		2,832,102		2,657,055
Extended Stay America Trust, Series 2021-ESH, Class B, 1.94% (1 mo. USD LIBOR + 1.38%), 07/15/2038(b)(e)		1,719,418		1,698,651
First Horizon Alternative Mortgage Securities Trust, Series 2005- FA8, Class 1A6, 1.32% (1 mo. USD LIBOR + 0.65%), 11/25/2035(e)		395,445		196,458
Flagstar Mortgage Trust,
Series 2021-11IN, Class A6, 3.70%, 11/25/2051(b)(g)		6,492,304		6,027,012
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(b)(g)		1,394,642		1,313,800
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A2, 1.15% (1 mo. USD LIBOR + 0.60%), 09/15/2024(e)		9,380,000		9,389,132
FREMF Mortgage Trust,
Series 2012-K23, Class C, 3.78%, 10/25/2045(b)(g)		680,000		681,704
Series 2013-K25, Class C, 3.74%, 11/25/2045(b)(g)		605,000		606,260
Series 2013-K26, Class C, 3.72%, 12/25/2045(b)(g)		1,165,000		1,166,583
Series 2013-K27, Class C, 3.61%, 01/25/2046(b)(g)		650,000		650,005
��
Series 2013-K28, Class C, 3.61%, 06/25/2046(b)(g)		2,580,000		2,579,355
Series 2015-K44, Class B, 3.80%, 01/25/2048(b)(g)		1,175,000		1,159,247
Series 2017-K62, Class B, 4.01%, 01/25/2050(b)(g)		1,040,000		1,029,649
Series 2017-K724, Class B, 5.26%, 12/25/2049(b)(g)		780,000		776,327
GoldenTree Loan Management US CLO 1 Ltd., Series 2021-9A, Class A, 2.13% (3 mo. USD LIBOR + 1.07%), 01/20/2033(b)(e)		1,712,000		1,699,092
GoldenTree Loan Management US CLO 5 Ltd., Series 2019-5A, Class AR, 2.13% (3 mo. USD LIBOR + 1.07%), 10/20/2032(b)(e)		2,190,000		2,170,231
Golub Capital Partners CLO 40(A) Ltd., Series 2019-40A, Class AR, 2.27% (3 mo. USD LIBOR + 1.09%), 01/25/2032(b)(e)		5,264,000		5,197,816
GS Mortgage Securities Trust,
Series 2013-GC16, Class AS, 4.65%, 11/10/2046		974,215		982,912
Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046		73,670		73,780
Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		452,634		454,693
Series 2020-GC47, Class A5, 2.38%, 05/12/2053		3,780,000		3,380,122

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

13 Invesco Core Bond Fund

	Principal Amount		Value
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(b)(g)	$	3,417,449	$	3,213,391
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.06%, 07/25/2035(g)		65,257		66,316
Hertz Vehicle Financing III L.P.,
Series 2021-2A, Class A, 1.68%, 12/27/2027(b)		1,322,000		1,184,289
Series 2021-2A, Class B, 2.12%, 12/27/2027(b)		705,000		638,264
Hertz Vehicle Financing LLC,
Series 2021-1A, Class A, 1.21%, 12/26/2025(b)		978,000		919,943
Series 2021-1A, Class B, 1.56%, 12/26/2025(b)		432,000		406,532
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-C16, Class AS, 4.52%, 12/15/2046		3,490,000		3,522,946
Series 2013-LC11, Class AS, 3.22%, 04/15/2046		1,722,000		1,708,077
Series 2014-C20, Class AS, 4.04%, 07/15/2047		3,950,000		3,924,274
Series 2016-JP3, Class A2, 2.43%, 08/15/2049		364,255		363,372
JP Morgan Mortgage Trust,
Series 2007-A1, Class 5A1, 2.38%, 07/25/2035(g)		289,823		291,287
Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(b)(g)		4,814,248		4,289,969
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class AS, 4.07%, 11/15/2047		6,036,000		5,957,934
Series 2015-C27, Class XA, IO, 1.29%, 02/15/2048(i)		32,702,074		856,098
Series 2015-C28, Class AS, 3.53%, 10/15/2048		3,400,000		3,289,865
KKR CLO 30 Ltd., Series 30A, Class A1R, 2.06% (3 mo. USD LIBOR + 1.02%), 10/17/2031(b)(e)		3,771,000		3,738,041
LB Commercial Conduit Mortgage Trust, Series 1998-C1, Class IO, 1.07%, 02/18/2030(g)		12,964		1
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(b)(g)		7,420		2,229
Life Mortgage Trust,
Series 2021-BMR, Class A, 1.25% (1 mo. USD LIBOR + 0.70%), 03/15/2038(b)(e)		2,255,916		2,210,615
Series 2021-BMR, Class B, 1.43% (1 mo. USD LIBOR + 0.88%), 03/15/2038(b)(e)		3,671,393		3,547,677
Series 2021-BMR, Class C, 1.65% (1 mo. USD LIBOR + 1.10%), 03/15/2038(b)(e)		1,543,263		1,487,302
Madison Park Funding XLVIII Ltd.,
Series 2021-48A, Class A, 2.19% (3 mo. USD LIBOR + 1.15%), 04/19/2033(b)(e)		10,755,000		10,708,291

	Principal Amount		Value
Med Trust,
Series 2021-MDLN, Class A, 1.51% (1 mo. USD LIBOR + 0.95%), 11/15/2038(b)(e)	$	2,660,000	$	2,618,662
Series 2021-MDLN, Class B, 2.01% (1 mo. USD LIBOR + 1.45%), 11/15/2038(b)(e)		4,303,000		4,236,140
Mello Mortgage Capital Acceptance Trust,
Series 2021-INV2, Class A4, 2.50%, 08/25/2051(b)(g)		2,601,651		2,429,772
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(b)(g)		2,571,958		2,417,839
MFA Trust,
Series 2021-AEI1, Class A3, 2.50%, 08/25/2051(b)(g)		2,800,088		2,488,800
Series 2021-AEI1, Class A4, 2.50%, 08/25/2051(b)(g)		3,434,318		3,228,664
Series 2021-INV2, Class A1, 1.91%, 11/25/2056(b)(g)		3,493,471		3,234,102
MHP Commercial Mortgage Trust,
Series 2021-STOR, Class A, 1.25% (1 mo. USD LIBOR + 0.70%), 07/15/2038(b)(e)		1,945,000		1,898,768
Series 2021-STOR, Class B, 1.45% (1 mo. USD LIBOR + 0.90%), 07/15/2038(b)(e)		1,460,000		1,421,991
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C9, Class AS, 3.46%, 05/15/2046		6,222,000		6,198,646
Series 2014-C19, Class AS, 3.83%, 12/15/2047		5,035,000		4,981,982
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.92%, 12/15/2050(i)		13,046,522		439,717
Motel Trust,
Series 2021-MTL6, Class A, 1.45% (1 mo. USD LIBOR + 0.90%), 09/15/2038(b)(e)		895,657		882,816
Series 2021-MTL6, Class B, 1.75% (1 mo. USD LIBOR + 1.20%), 09/15/2038(b)(e)		363,402		357,798
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 2.06% (3 mo. USD LIBOR + 1.02%), 04/19/2030(b)(e)		5,054,000		5,033,920
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 2.10% (3 mo. USD LIBOR + 1.06%), 04/16/2033(b)(e)		3,402,000		3,379,846
New Residential Mortgage Loan Trust, Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(b)(g)		2,726,320		2,633,001
OBX Trust,
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(b)(g)		3,624,184		3,444,048
Series 2022-NQM2, Class A1, 2.93%, 01/25/2062(b)(g)		4,130,225		3,905,505
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(b)(h)		2,732,034		2,624,853
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(b)(h)		2,305,000		2,101,721

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

14 Invesco Core Bond Fund

	Principal Amount		Value
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(b)(g)	$	3,053,527	$	2,876,729
OCP CLO Ltd. (Cayman Islands),
Series 2017-13A, Class A1AR, 2.00% (3 mo. USD LIBOR + 0.96%), 07/15/2030(b)(e)		3,192,000		3,171,721
Series 2020-8RA, Class A1, 2.26% (3 mo. USD LIBOR + 1.22%), 01/17/2032(b)(e)		6,027,000		5,994,297
Octagon Investment Partners 31 LLC, Series 2017-1A, Class AR, 2.11% (3 mo. USD LIBOR + 1.05%), 07/20/2030(b)(e)		5,500,000		5,472,368
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 2.26% (3 mo. USD LIBOR + 1.22%), 01/15/2033(b)(e)		5,507,000		5,487,582
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 2.32% (3 mo. USD LIBOR + 1.26%), 01/20/2033(b)(e)		5,076,061		5,052,051
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(b)(g)		4,120,285		3,808,722
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024(b)		1,965,000		1,965,526
Progress Residential Trust,
Series 2020-SFR1, Class A, 1.73%, 04/17/2037(b)		6,825,000		6,438,656
Series 2021-SFR10, Class A, 2.39%, 12/17/2040(b)		2,415,000		2,169,368
Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 1.52% (3 mo. USD LIBOR + 1.04%), 02/20/2030(b)(e)		4,418,290		4,396,653
Residential Accredit Loans, Inc. Trust,
Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		54,314		47,429
Series 2007-QS6, Class A28, 5.75%, 04/25/2037		281,951		256,429
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 01/26/2060(b)(g)		819,596		808,451
RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067(b)		2,222,983		2,195,116
Santander Drive Auto Receivables Trust,
Series 2018-2, Class D, 3.88%, 02/15/2024		688,822		690,188
Series 2019-2, Class D, 3.22%, 07/15/2025		3,210,000		3,216,494
Series 2019-3, Class D, 2.68%, 10/15/2025		2,805,000		2,810,934
SG Residential Mortgage Trust,
Series 2022-1, Class A1, 3.17%, 03/27/2062(b)(g)		4,628,370		4,498,278
Series 2022-1, Class A2, 3.58%, 03/27/2062(b)(g)		1,952,439		1,897,933
Sonic Capital LLC,
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(b)		1,849,150		1,612,173
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(b)		1,809,383		1,521,465

	Principal Amount		Value
STAR Trust,
Series 2021-1, Class A1, 1.22%, 05/25/2065(b)(g)	$	2,594,305	$	2,464,193
Series 2021-SFR1, Class A, 1.16% (1 mo. USD LIBOR + 0.60%), 04/17/2038(b)(e)		11,612,368		11,420,418
Starwood Mortgage Residential Trust,
Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(g)		396,999		395,095
Series 2021-6, Class A1, 1.92%, 11/25/2066(b)(g)		5,279,519		4,933,174
Series 2022-1, Class A1, 2.45%, 12/25/2066(b)(g)		3,795,736		3,582,228
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 2.33% (3 mo. USD LIBOR + 1.29%), 04/18/2033(b)(e)		3,000,000		2,989,542
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(b)		4,747,200		4,337,787
TICP CLO XV Ltd., Series 2020-15A, Class A, 2.34% (3 mo. USD LIBOR + 1.28%), 04/20/2033(b)(e)		4,685,000		4,663,665
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(b)		4,543,129		3,978,007
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.12%, 11/15/2050(i)		19,569,128		694,827
Verus Securitization Trust,
Series 2020-1, Class A1, 2.42%, 01/25/2060(b)(h)		1,107,545		1,097,731
Series 2020-1, Class A2, 2.64%, 01/25/2060(b)(h)		1,395,641		1,382,520
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(b)(g)		365,150		360,577
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(g)		1,118,222		1,072,214
Series 2021-7, Class A1, 1.83%, 10/25/2066(b)(g)		4,135,169		3,858,826
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(g)		1,876,743		1,832,727
Series 2022-1, Class A1, 2.72%, 01/25/2067(b)(h)		2,723,640		2,620,334
Series 2022-3, Class A1, 4.13%, 02/25/2067(b)(h)		4,315,198		4,261,290
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)		1,233,276		1,200,729
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7, 2.50%, 10/25/2033(g)		232,151		230,890
Series 2005-AR14, Class 1A4, 2.86%, 12/25/2035(g)		336,079		335,957
Series 2005-AR16, Class 1A1, 2.69%, 12/25/2035(g)		320,347		321,999
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048		2,469,329		2,464,233
Series 2017-C42, Class XA, IO, 1.02%, 12/15/2050(i)		18,125,856		734,282
Westlake Automobile Receivables Trust, Series 2019-3A, Class C, 2.49%, 10/15/2024(b)		2,744,746		2,747,793

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

15 Invesco Core Bond Fund

	Principal Amount		Value
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046	$	2,330,000	$	2,327,391
Series 2014-C20, Class AS, 4.18%, 05/15/2047		1,693,000		1,684,702
Series 2014-C25, Class AS, 3.98%, 11/15/2047		5,225,000		5,186,932
Series 2014-LC14, Class AS, 4.35%, 03/15/2047(g)		2,174,838		2,164,478
World Financial Network Credit Card Master Trust,
Series 2019-B, Class A, 2.49%, 04/15/2026		4,555,000		4,563,235
Series 2019-C, Class A, 2.21%, 07/15/2026		3,910,000		3,917,440
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(b)		5,825,725		5,277,825
Total Asset-Backed Securities (Cost $487,430,618)				464,670,436
U.S. Government Sponsored Agency Mortgage-Backed Securities–16.59%
Collateralized Mortgage Obligations–0.89%
Fannie Mae Interest STRIPS, IO,
7.00%, 06/25/2023 to 04/25/2032(j)		797,911		159,337
7.50%, 10/25/2023 to 11/25/2029(j)		81,590		4,614
6.50%, 04/25/2029 to 02/25/2033(i)(j)		1,310,942		216,527
6.00%, 06/25/2033 to 03/25/2036(i)(j)		857,109		146,391
5.50%, 09/25/2033 to 06/25/2035(i)(j)		1,488,064		248,526
Fannie Mae REMICs,
6.50%, 06/25/2023 to 10/25/2031		203,496		214,987
4.50%, 08/25/2025		22,952		23,132
5.50%, 12/25/2025 to 07/25/2046(j)		3,301,360		2,350,032
7.00%, 07/25/2026 to 04/25/2033(j)		523,767		91,864
4.00%, 08/25/2026 to 08/25/2047(j)		1,531,470		227,245
6.00%, 11/25/2028		78,734		83,329
7.50%, 12/25/2029		516,755		559,527
1.67% (1 mo. USD LIBOR + 1.00%), 07/25/2032(e)		67,643		69,214
1.07% (1 mo. USD LIBOR + 0.40%), 03/25/2033(e)		16,247		16,246
0.92% (1 mo. USD LIBOR + 0.25%), 08/25/2035(e)		62,213		62,043
21.75% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(e)		143,096		183,923
1.61% (1 mo. USD LIBOR + 0.94%), 06/25/2037(e)		94,705		96,098
5.00%, 04/25/2040 to 09/25/2047(e)(j)		7,297,872		1,438,959
PO, 0.00%, 09/25/2023(k)		6,525		6,407

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
IO, 6.03% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 05/25/2035(e)(j)	$	478,234	$	59,608
7.48% (8.15% - (1.00 x 1 mo. USD LIBOR)), 04/25/2027(e)(j)		60,632		6,173
3.00%, 11/25/2027(j)		1,399,910		72,038
6.43% (7.10% - (1.00 x 1 mo. USD LIBOR)), 11/25/2030(e)(j)		14,217		1,623
9.25% (9.80% - (1.00 x 1 mo. USD LIBOR)), 03/17/2031(e)(j)		35		3
7.08% (7.75% - (1.00 x 1 mo. USD LIBOR)), 07/25/2031 to 02/25/2032(e)(j)		59,580		8,491
7.30% (7.85% - (1.00 x 1 mo. USD LIBOR)), 11/18/2031(e)(j)		52,634		7,256
7.23% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031(e)(j)		125,539		17,904
6.58% (7.25% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032(e)(j)		95,950		13,655
7.28% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032 to 07/25/2032(e)(j)		176,503		21,851
7.43% (8.10% - (1.00 x 1 mo. USD LIBOR)), 02/25/2032 to 03/25/2032(e)(j)		21,037		2,311
1.00% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(e)(j)		161,217		3,927
6.33% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 09/25/2032(e)(j)		413,573		51,486
7.33% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 12/25/2032(e)(j)		313,310		50,462
7.45% (8.00% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032(e)(j)		197,060		30,621
7.55% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032(e)(j)		58,144		7,741
7.53% (8.20% - (1.00 x 1 mo. USD LIBOR)), 01/25/2033(e)(j)		271,187		44,730
7.58% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033(e)(j)		202,255		37,705
6.88% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033(e)(j)		216,988		34,445
6.08% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035(e)(j)		89,024		9,977
5.93% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(e)(j)		308,430		31,793
3.50%, 08/25/2035(j)		4,464,439		575,460
5.43% (6.10% - (1.00 x 1 mo. USD LIBOR)), 10/25/2035(e)(j)		212,930		27,333
5.91% (6.58% - (1.00 x 1 mo. USD LIBOR)), 06/25/2036(e)(j)		13,932		1,912
5.38% (6.05% - (1.00 x 1 mo. USD LIBOR)), 07/25/2038(e)(j)		77,157		5,002
5.88% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041(e)(j)		431,795		49,994
5.48% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042(e)(j)		940,993		169,117

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

16 Invesco Core Bond Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KC02, Class X1, IO, 1.91%, 03/25/2024(i)	$	65,977,518	$	382,755
Series KC03, Class X1, IO, 0.63%, 11/25/2024(i)		42,602,111		520,291
Series K734, Class X1, IO, 0.78%, 02/25/2026(i)		33,037,426		675,827
Series K735, Class X1, IO, 1.10%, 05/25/2026(i)		34,093,026		1,115,367
Series K093, Class X1, IO, 1.09%, 05/25/2029(i)		27,667,381		1,544,745
Freddie Mac REMICs,
1.50%, 07/15/2023		20,636		20,647
5.00%, 09/15/2023 1.60% (1 mo. USD LIBOR +		48,504		49,070
1.05%), 10/15/2023(e)		54,099		54,386
6.50%, 02/15/2028 to 06/15/2032		747,022		801,586
6.00%, 04/15/2029		47,054		49,729
1.45% (1 mo. USD LIBOR + 0.90%), 07/15/2031(e)		46,845		47,708
7.00%, 03/15/2032		197,461		217,391
3.50%, 05/15/2032		167,408		166,416
1.55% (1 mo. USD LIBOR + 1.00%), 06/15/2032(e)		219,520		224,284
22.72% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035(e)		39,024		54,416
0.95% (1 mo. USD LIBOR + 0.40%), 09/15/2035(e)		108,507		108,585
IO, 7.10% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026 to 03/15/2029(e)(j)		178,046		14,328
3.00%, 06/15/2027 to 05/15/2040(j)		4,631,881		247,474
2.50%, 05/15/2028(j)		958,182		46,893
7.15% (7.70% - (1.00 x 1 mo. USD LIBOR)), 03/15/2029(e)(j)		27,282		1,642
7.55% (8.10% - (1.00 x 1 mo. USD LIBOR)), 09/15/2029(e)(j)		8,802		859
7.20% (7.75% - (1.00 x 1 mo. USD LIBOR)), 01/15/2032(e)(j)		118,222		12,476
6.50% (7.05% - (1.00 x 1 mo. USD LIBOR)), 10/15/2033(e)(j)		253,399		26,912
6.15% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035(e)(j)		259,825		23,469
6.20% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035(e)(j)		200,153		17,949
6.17% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035(e)(j)		983,347		97,630
6.10% (6.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035(e)(j)		338,298		60,599
6.45% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037(e)(j)		97,450		13,876
5.45% (6.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2038(e)(j)		50,483		6,773
5.52% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(e)(j)		1,317,200		160,578
5.70% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039(e)(j)		338,082		38,937
5.55% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044(e)(j)		1,051,249		152,306

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
4.00%, 03/15/2045(j)	$	643,163	$	50,587
Freddie Mac STRIPS, IO,
7.00%, 04/01/2027(j)		79,273		8,521
3.00%, 12/15/2027(j)		1,782,795		102,316
3.27%, 12/15/2027(i)		447,906		22,734
6.50%, 02/01/2028(j)		8,412		995
7.50%, 12/15/2029(j)		23,562		3,863
6.00%, 12/15/2032(j)		75,193		10,436
PO, 0.00%, 06/01/2026(k)		9,396		8,876
				14,705,251
Federal Home Loan Mortgage Corp. (FHLMC)–0.09%
9.00%, 03/01/2024 to 05/01/2025		973		1,017
6.00%, 07/01/2024 to 11/01/2037		71,081		76,648
6.50%, 07/01/2028 to 04/01/2034		80,589		85,780
7.00%, 10/01/2031 to 10/01/2037		803,630		869,281
5.50%, 09/01/2039		459,114		492,463
				1,525,189
Federal National Mortgage Association (FNMA)–0.69%
6.50%, 12/01/2022 to 11/01/2031		572,025		608,326
8.50%, 07/01/2032		1,005		1,008
7.50%, 01/01/2033 to 08/01/2033		595,479		644,363
7.00%, 04/01/2033 to 04/01/2034		358,436		383,500
5.50%, 02/01/2035 to 05/01/2036		421,092		448,327
4.00%, 05/01/2052		9,238,112		9,287,414
				11,372,938
Government National Mortgage Association (GNMA)–3.96%
ARM, 1.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2025 to 07/20/2027(e)		1,599		1,617
IO, 6.91% (7.50% - (1.00 x 1 mo. USD LIBOR)), 02/16/2032(e)(j)		29,419		83
5.96% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037(e)(j)		672,907		83,694
6.06% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041(e)(j)		1,954,922		203,670
4.50%, 09/16/2047(j)		2,943,398		493,053
5.61% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047(e)(j)		2,437,388		319,608
TBA, 2.50%, 05/01/2052(l)		69,445,000		64,439,637
				65,541,362

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

17 Invesco Core Bond Fund

	Principal Amount		Value
Uniform Mortgage-Backed Securities–10.96%
TBA,
2.50%, 05/01/2052(l)	$	80,000,000	$	72,983,867
3.00%, 05/01/2052(l)		80,000,000		75,443,863
4.00%, 05/01/2052(l)		16,410,000		16,321,540
4.50%, 05/01/2052(l)		16,409,000		16,686,543
				181,435,813
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $283,130,114)				274,580,553
U.S. Treasury Securities–14.51%
U.S. Treasury Bonds–3.70%
2.38%, 02/15/2042		30,505,500		26,964,002
1.88%, 11/15/2051		43,552,000		34,171,308
				61,135,310
U.S. Treasury Notes–10.81%
2.25%, 03/31/2024		34,096,600		33,811,573
2.63%, 04/15/2025		25,533,300		25,351,774
2.50%, 03/31/2027		71,690,400		70,259,392
2.38%, 03/31/2029		1,020,600		984,082
1.88%, 02/15/2032		53,116,400		48,510,212
				178,917,033
Total U.S. Treasury Securities (Cost $249,427,854)				240,052,343
Agency Credit Risk Transfer Notes–0.87%
Fannie Mae Connecticut Avenue Securities,
Series 2016-C02, Class 1M2, 6.67% (1 mo. USD LIBOR + 6.00%), 09/25/2028(e)		1,568,291		1,653,449
Series 2022-R03, Class 1M1, 2.39% (30 Day Average SOFR + 2.10%), 03/25/2042(b)(e)		4,784,885		4,793,028
Series 2022-R04, Class 1M1, 2.29% (30 Day Average SOFR + 2.00%), 03/25/2042(b)(e)		2,478,974		2,480,820
Freddie Mac,
Series 2014-DN3, Class M3, STACR® , 4.67% (1 mo. USD LIBOR + 4.00%), 08/25/2024(e)		673,894		681,100
Series 2022-DNA3, Class M1A, STACR® , 2.25% (30 Day Average SOFR + 2.00%), 04/25/2042(b)(e)		3,485,000		3,486,839
Series 2018-HQA2, Class M1, STACR® , 1.42% (1 mo. USD LIBOR + 0.75%), 10/25/2048(b)(e)		459,078		458,640
Series 2019-HRP1, Class M2, STACR® , 2.07% (1 mo. USD LIBOR + 1.40%), 02/25/2049(b)(e)		857,284		846,602
Total Agency Credit Risk Transfer Notes (Cost $14,465,908)				14,400,478

	Shares		Value
Preferred Stocks–0.80%
Asset Management & Custody Banks–0.09%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(c)		1,368,000	$	1,368,000
Diversified Banks–0.49%
JPMorgan Chase & Co., 4.71% (3 mo. USD LIBOR + 3.47%), Series I, Pfd.(e)		8,198,000		8,100,722
Investment Banking & Brokerage–0.13%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.(c)		2,582,000		2,191,782
Other Diversified Financial Services–0.09%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.(c)		1,502,000		1,502,751
Total Preferred Stocks (Cost $13,658,796)				13,163,255
	Principal Amount
Municipal Obligations–0.58%
California (State of) Health Facilities Financing Authority (Social Bonds),
Series 2022, RB, 4.19%, 06/01/2037	$	1,370,000		1,328,060
Series 2022, RB, 4.35%, 06/01/2041		995,000		956,100
California State University,
Series 2021 B, Ref. RB, 2.72%, 11/01/2052		1,725,000		1,348,446
Series 2021 B, Ref. RB, 2.94%, 11/01/2052		2,585,000		2,036,924
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041		4,965,000		4,005,947
Total Municipal Obligations (Cost $11,640,000)				9,675,477
	Shares
Money Market Funds–8.74%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(m)(n)		51,390,041		51,390,041
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(m)(n)		34,603,411		34,596,490
Invesco Treasury Portfolio, Institutional Class, 0.23%(m)(n)		58,731,476		58,731,476
Total Money Market Funds (Cost $144,723,664)				144,718,007
TOTAL INVESTMENTS IN SECURITIES–114.83% (Cost $2,032,870,829)				1,900,261,700
OTHER ASSETS LESS LIABILITIES–(14.83)%				(245,477,160	)
NET ASSETS–100.00%			$	1,654,784,540

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

18 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, 2022 was $577,430,463, which represented 34.89% 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, 2022.

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

^(g)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2022.

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

⁽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, 2022.

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

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

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

^(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, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$120,599,560		$  70,559,680		$(139,769,199)		$        -		$           -		$51,390,041		$20,454
Invesco Liquid Assets Portfolio, Institutional Class		84,066,037		50,399,772		(99,835,141)		2,012		(36,190)		34,596,490		17,337
Invesco Treasury Portfolio, Institutional Class		137,828,068		80,639,635		(159,736,227)		-		-		58,731,476		20,499
Total		$342,493,665		$201,599,087		$(399,340,567)		$2,012		$(36,190)		$144,718,007		$58,290

⁽ⁿ⁾ The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		450		June-2022	$	94,865,625		$	(537,898	)	$	(537,898	)
U.S. Treasury 5 Year Notes		366		June-2022		41,237,906			(394,540	)		(394,540	)
U.S. Treasury 10 Year Notes		1,025		June-2022		122,135,156			(5,220,766	)		(5,220,766	)
U.S. Treasury Ultra Bonds		29		June-2022		4,652,688			(426,844	)		(426,844	)
Subtotal–Long Futures Contracts									(6,580,048	)		(6,580,048	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 10 Year Ultra Notes		410		June-2022		(52,890,000	)		1,119,141			1,119,141
Total Futures Contracts								$	(5,460,907	)	$	(5,460,907	)

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

19 Invesco Core Bond Fund

^(a) Futures contracts collateralized by $2,290,530 cash held with Bank of America Merrill Lynch, the futures commission merchant.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
Currency Risk
07/12/2022	Citibank, N.A.		AUD	16,200,000		USD	11,682,288	$	221,994
07/12/2022	Goldman Sachs International		AUD	16,200,000		USD	11,686,141		225,847
07/12/2022	Goldman Sachs International		JPY	1,490,434,362		AUD	18,080,000		1,274,692
Subtotal–Appreciation									1,722,533
Currency Risk
07/12/2022	Citibank, N.A.		AUD	9,040,000		JPY	749,079,531		(607,504	)
07/12/2022	Goldman Sachs International		AUD	9,040,000		JPY	749,382,552		(605,163	)
07/12/2022	Goldman Sachs International		USD	23,078,164		AUD	32,400,000		(157,576	)
Subtotal–Depreciation									(1,370,243	)
Total Forward Foreign Currency Contracts								$	352,290

Abbreviations:

AUD	- Australian Dollar
JPY	- Japanese Yen
USD	- U.S. Dollar

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2022

U.S. Dollar Denominated Bonds & Notes	44.66	%
Asset-Backed Securities	28.08
U.S. Government Sponsored Agency Mortgage-Backed Securities	16.59
U.S. Treasury Securities	14.51
Security Types Each Less Than 1% of Portfolio	2.25
Money Market Funds Plus Other Assets Less Liabilities	(6.09	)

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

20 Invesco Core Bond Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 1,888,147,165)	$	1,755,543,693
Investments in affiliated money market funds, at value (Cost $ 144,723,664)		144,718,007
Other investments:
Variation margin receivable – futures contracts		997,067
Unrealized appreciation on forward foreign currency contracts outstanding		1,722,533
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		2,290,530
Cash collateral – TBA commitments		3,088,000
Cash		1,333,454
Receivable for:
Investments sold		10,825,738
Fund shares sold		4,329,112
Dividends		21,741
Interest		7,744,075
Principal paydowns		156
Cash segregated as collateral		1,400,000
Investment for trustee deferred compensation and retirement plans		175,870
Other assets		121,060
Total assets		1,934,311,036
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		1,370,243
Payable for:
Investments purchased		20,569,420
TBA sales commitment		251,540,706
Dividends		491,651
Fund shares reacquired		4,575,743
Accrued fees to affiliates		677,921
Accrued other operating expenses		124,942
Trustee deferred compensation and retirement plans		175,870
Total liabilities		279,526,496
Net assets applicable to shares outstanding	$	1,654,784,540

Net assets consist of:
Shares of beneficial interest	$	1,860,020,679
Distributable earnings (loss)		(205,236,139	)
	$	1,654,784,540
Net Assets:
Class A	$	653,809,020
Class C	$	52,216,963
Class R	$	75,270,354
Class Y	$	590,904,063
Class R5	$	15,032
Class R6	$	282,569,108
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		107,509,619
Class C		8,579,136
Class R		12,381,982
Class Y		97,779,277
Class R5		2,472
Class R6		46,499,389
Class A:
Net asset value per share	$	6.08
Maximum offering price per share (Net asset value of $6.08 ÷ 95.75%)	$	6.35
Class C:
Net asset value and offering price per share	$	6.09
Class R:
Net asset value and offering price per share	$	6.08
Class Y:
Net asset value and offering price per share	$	6.04
Class R5:
Net asset value and offering price per share	$	6.08
Class R6:
Net asset value and offering price per share	$	6.08

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

21 Invesco Core Bond Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $(723))	$	20,839,487
Dividends from affiliated money market funds		58,290
Total investment income		20,897,777
Expenses:
Advisory fees		3,128,096
Administrative services fees		129,792
Custodian fees		4,400
Distribution fees:
Class A		880,968
Class C		305,230
Class R		203,243
Transfer agent fees – A, C, R and Y		1,120,201
Transfer agent fees – R5		5
Transfer agent fees – R6		49,376
Trustees’ and officers’ fees and benefits		14,635
Registration and filing fees		83,657
Reports to shareholders		35,766
Professional services fees		38,704
Other		11,763
Total expenses		6,005,836
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(569,005	)
Net expenses		5,436,831
Net investment income		15,460,946
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(56,171,824	)
Affiliated investment securities		(36,190	)
Foreign currencies		6,100
Futures contracts		(5,025,726	)
		(61,227,640	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(139,076,207	)
Affiliated investment securities		2,012
Forward foreign currency contracts		352,290
Futures contracts		(3,698,939	)
		(142,420,844	)
Net realized and unrealized gain (loss)		(203,648,484	)
Net increase (decrease) in net assets resulting from operations	$	(188,187,538	)

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

22 Invesco Core Bond Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income	$	15,460,946		$	25,808,194
Net realized gain (loss)		(61,227,640	)		2,794,380
Change in net unrealized appreciation (depreciation)		(142,420,844	)		(24,947,671	)
Net increase (decrease) in net assets resulting from operations		(188,187,538	)		3,654,903
Distributions to shareholders from distributable earnings:
Class A		(8,131,656	)		(24,735,941	)
Class C		(456,916	)		(2,206,867	)
Class R		(813,520	)		(2,304,208	)
Class Y		(8,579,606	)		(23,138,369	)
Class R5		(204	)		(601	)
Class R6		(3,941,022	)		(9,852,844	)
Total distributions from distributable earnings		(21,922,924	)		(62,238,830	)
Share transactions–net:
Class A		(24,408,628	)		20,914,652
Class C		(9,074,705	)		(24,232,213	)
Class R		(19,633	)		8,288,547
Class Y		(54,653,454	)		119,908,386
Class R6		6,346,091			56,640,636
Net increase (decrease) in net assets resulting from share transactions		(81,810,329	)		181,520,008
Net increase (decrease) in net assets		(291,920,791	)		122,936,081
Net assets:
Beginning of period		1,946,705,331			1,823,769,250
End of period	$	1,654,784,540		$	1,946,705,331

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

23 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 04/30/22		$	6.84		$	0.05		$	(0.74	)		$	(0.69	)		$	(0.07	)		$	–			$	(0.07	)		$	6.08		(10.11	)%		$	653,809		0.70	%(f)		0.77	%(f)		1.57	%(f)		203	%
Year ended 10/31/21			7.05			0.09			(0.08	)			0.01				(0.10	)			(0.12	)			(0.22	)			6.84		0.15				760,690		0.72			0.79			1.23			526
Year ended 10/31/20			7.03			0.14			0.37				0.51				(0.15	)			(0.34	)			(0.49	)			7.05		7.36	(g)			763,731		0.74	(g)		0.80	(g)		1.98	(g)		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	(f)		0.81	(f)		2.95	(f)		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
Class C
Six months ended 04/30/22			6.84			0.03			(0.73	)			(0.70	)			(0.05	)			–				(0.05	)			6.09		(10.31	)			52,217		1.45	(f)		1.52	(f)		0.82	(f)		203
Year ended 10/31/21			7.05			0.03			(0.07	)			(0.04	)			(0.05	)			(0.12	)			(0.17	)			6.84		(0.64	)			68,167		1.48			1.54			0.47			526
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	(f)		1.56	(f)		2.15	(f)		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
Class R
Six months ended 04/30/22			6.83			0.04			(0.72	)			(0.68	)			(0.07	)			–				(0.07	)			6.08		(10.10	)			75,270		0.95	(f)		1.02	(f)		1.32	(f)		203
Year ended 10/31/21			7.04			0.07			(0.08	)			(0.01	)			(0.08	)			(0.12	)			(0.20	)			6.83		(0.14	)			84,671		0.98			1.04			0.97			526
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	(f)		1.07	(f)		2.66	(f)		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
Class Y
Six months ended 04/30/22			6.79			0.06			(0.73	)			(0.67	)			(0.08	)			–				(0.08	)			6.04		(9.92	)			590,904		0.45	(f)		0.52	(f)		1.82	(f)		203
Year ended 10/31/21			7.00			0.10			(0.07	)			0.03				(0.12	)			(0.12	)			(0.24	)			6.79		0.43				721,456		0.43			0.54			1.52			526
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	(f)		0.56	(f)		3.25	(f)		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
Class R5
Six months ended 04/30/22			6.84			0.06			(0.74	)			(0.68	)			(0.08	)			–				(0.08	)			6.08		(9.99	)			15		0.43	(f)		0.43	(f)		1.84	(f)		203
Year ended 10/31/21			7.05			0.11			(0.08	)			0.03				(0.12	)			(0.12	)			(0.24	)			6.84		0.46				17		0.41			0.43			1.54			526
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(h)			6.81			0.10			0.21				0.31				(0.09	)			–				(0.09	)			7.03		4.60				19		0.40	(f)		0.41	(f)		3.29	(f)		86
Class R6
Six months ended 04/30/22			6.83			0.06			(0.73	)			(0.67	)			(0.08	)			–				(0.08	)			6.08		(9.84	)			282,569		0.40	(f)		0.40	(f)		1.87	(f)		203
Year ended 10/31/21			7.04			0.11			(0.08	)			0.03				(0.12	)			(0.12	)			(0.24	)			6.83		0.48				311,703		0.38			0.40			1.57			526
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	(f)		0.39	(f)		3.31	(f)		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

^(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% and 0.01% for the ten months ended October 31, 2019 and for the years end December 31, 2018, 2017 and 2016, 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 and $7,572,160,629 and $7,520,146,688 for ten months ended October 31, 2019 and for the years ended December 31, 2018, 2017 and 2016, respectively.

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

^(f)  Annualized.

^(g)  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.

^(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.

24 Invesco Core Bond Fund

Notes to Financial Statements

April 30, 2022

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 debt 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 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 may be valued up to 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

25 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 based on relative net assets of Class R5 and Class R6. 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

26 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 have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

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

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

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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
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, 2022, 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

27 Invesco Core Bond 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). 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 February 28, 2023, 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 0.70%, 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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $39,886 and reimbursed class level expenses of $239,118, $21,675, $28,816, $239,142, $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, 2022, 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, 2022, 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 Plans, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $35,648 in front-end sales commissions from the sale of Class A shares and $7,768 and $996 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.

28 Invesco Core Bond Fund

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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	$	–		$	730,660,928		$	8,340,223	$	739,001,151
Asset-Backed Securities		–			464,670,436			–		464,670,436
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			274,580,553			–		274,580,553
U.S. Treasury Securities		–			240,052,343			–		240,052,343
Agency Credit Risk Transfer Notes		–			14,400,478			–		14,400,478
Preferred Stocks		–			13,163,255			–		13,163,255
Municipal Obligations		–			9,675,477			–		9,675,477
Money Market Funds		144,718,007			–			–		144,718,007
Total Investments in Securities		144,718,007			1,747,203,470			8,340,223		1,900,261,700
Other Investments - Assets*
Futures Contracts		1,119,141			–			–		1,119,141
Forward Foreign Currency Contracts		–			1,722,533			–		1,722,533
		1,119,141			1,722,533			–		2,841,674
Other Investments - Liabilities*
Futures Contracts		(6,580,048	)		–			–		(6,580,048	)
Forward Foreign Currency Contracts		–			(1,370,243	)		–		(1,370,243	)
		(6,580,048	)		(1,370,243	)		–		(7,950,291	)
Total Other Investments		(5,460,907	)		352,290			–		(5,108,617	)
Total Investments		$139,257,100		$	1,747,555,760			$8,340,223	$	1,895,153,083

* 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, 2022:

	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	–	$	1,119,141		$	1,119,141
Unrealized appreciation on forward foreign currency contracts outstanding		1,722,533		–			1,722,533
Total Derivative Assets		1,722,533		1,119,141			2,841,674
Derivatives not subject to master netting agreements		–		(1,119,141	)		(1,119,141	)
Total Derivative Assets subject to master netting agreements	$	1,722,533	$	–		$	1,722,533

	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	–		$	(6,580,048	)	$	(6,580,048	)
Unrealized depreciation on forward foreign currency contracts outstanding		(1,370,243	)		–			(1,370,243	)
Total Derivative Liabilities		(1,370,243	)		(6,580,048	)		(7,950,291	)
Derivatives not subject to master netting agreements		–			6,580,048			6,580,048
Total Derivative Liabilities subject to master netting agreements	$	(1,370,243	)	$	–		$	(1,370,243	)

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

29 Invesco Core 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, 2022.

	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
Citibank, N.A.	$221,994	$(607,504)	$(385,510)	$–	$–	$	(385,510)
Goldman Sachs International	1,500,539	(762,739)	737,800	–	–		737,800
Total	$1,722,533	$(1,370,243)	$352,290	$–	$–	$	352,290

Effect of Derivative Investments for the six months ended April 30, 2022

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):
Futures contracts	$	-	$	(5,025,726)	$	(5,025,726)
Options purchased(a)		(364,308)		-		(364,308)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		352,290		-		352,290
Futures contracts		-		(3,698,939)		(3,698,939)
Total	$	(12,018)	$	(8,724,665)	$	(8,736,683)

^(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
Average notional value	$86,510,111	$363,703,723

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $368.

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 carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

30 Invesco Core Bond Fund

The Fund had a capital loss carryforward as of October 31, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	3,527,920	$  –	$	3,527,920

* 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, 2022 was $646,862,326 and $584,196,755, 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	$      5,472,908
Aggregate unrealized (depreciation) of investments	(144,269,623	)
Net unrealized appreciation (depreciation) of investments	$(138,796,715)

Cost of investments for tax purposes is $2,033,949,798.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		10,784,486		$	71,212,633			27,406,232		$	190,173,947
Class C		789,624			5,182,622			2,879,515			20,058,954
Class R		1,656,384			10,909,506			4,484,685			31,028,788
Class Y		36,186,318			233,904,788			64,678,895			444,839,834
Class R6		10,234,217			67,604,684			23,117,686			159,761,711
Issued as reinvestment of dividends:
Class A		1,117,684			7,354,629			3,282,857			22,851,333
Class C		62,629			414,628			293,791			2,053,420
Class R		122,654			807,337			329,541			2,294,068
Class Y		929,242			6,077,902			2,624,583			18,148,874
Class R6		482,380			3,168,090			1,103,448			7,669,664
Automatic conversion of Class C shares to Class A shares:
Class A		540,059			3,536,483			2,779,739			19,353,054
Class C		(539,528	)		(3,536,483	)		(2,776,541	)		(19,353,054	)
Reacquired:
Class A		(16,211,012	)		(106,512,373	)		(30,584,046	)		(211,463,682	)
Class C		(1,698,242	)		(11,135,472	)		(3,903,685	)		(26,991,533	)
Class R		(1,789,147	)		(11,736,476	)		(3,619,662	)		(25,034,309	)
Class Y		(45,543,166	)		(294,636,144	)		(49,988,861	)		(343,080,322	)
Class R6		(9,847,671	)		(64,426,683	)		(16,037,206	)		(110,790,739	)
Net increase (decrease) in share activity		(12,723,089	)	$	(81,810,329	)		26,070,971		$	181,520,008

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

31 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, 2021 through April 30, 2022.

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     (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized       Expense Ratio
		Ending     Account Value     (04/30/22)1	Expenses       Paid During        Period2	Ending     Account Value        (04/30/22)	Expenses       Paid During        Period2
Class A	$1,000.00	$898.90	$3.30	$1,021.32	$3.51	0.70%
Class C	1,000.00	896.90	6.82	1,017.60	7.25	1.45
Class R	1,000.00	899.00	4.47	1,020.08	4.76	0.95
Class Y	1,000.00	900.80	2.12	1,022.56	2.26	0.45
Class R5	1,000.00	900.10	2.03	1,022.66	2.16	0.43
Class R6	1,000.00	901.60	1.89	1,022.81	2.01	0.40

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, 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.

32 Invesco Core Bond 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 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 number(s): 811-03826 and 033-19338 Invesco Distributors, Inc.                     O-TRB-SAR-1

Semiannual Report to Shareholders April 30, 2022

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
8	Consolidated Financial Statements
11	Consolidated Financial Highlights
12	Notes to Consolidated 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 is 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, 10/31/21 to 4/30/22, 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	-27.21	%
Class C Shares	-27.49
Class R Shares	-27.30
Class Y Shares	-27.11
Class R5 Shares	-27.05
Class R6 Shares	-27.07
MSCI Emerging Markets Index▼	-14.15
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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (11/18/96)	9.56	%
10 Years	1.59
5 Years	0.44
1 Year	-34.90
Class C Shares
Inception (11/18/96)	9.54	%
10 Years	1.57
5 Years	0.82
1 Year	-32.27
Class R Shares
Inception (3/1/01)	8.73	%
10 Years	1.90
5 Years	1.33
1 Year	-31.27
Class Y Shares
Inception (9/7/05)	6.57	%
10 Years	2.44
5 Years	1.84
1 Year	-30.92
Class R5 Shares
10 Years	2.27	%
5 Years	1.79
1 Year	-30.83
Class R6 Shares
Inception (12/29/11)	3.87	%
10 Years	2.61
5 Years	2.00
1 Year	-30.84

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.48%
Brazil–6.32%
Ambev S.A.		136,549,164	$	401,034,367
Americanas S.A.		54,463,459		264,388,397
Banco Bradesco S.A., Preference Shares		109,331,729		397,614,152
Lojas Renner S.A.		41,138,483		197,623,150
NU Holdings Ltd.		20,169,270		115,156,447
NU Holdings Ltd., Class A(a)		4,277,572		25,708,208
Pagseguro Digital Ltd., Class A(a)(b)		12,793,005		188,185,104
Vale S.A., ADR		29,294,626		494,786,233
				2,084,496,058
China–23.97%
Alibaba Group Holding Ltd.(a)		32,713,800		399,821,539
BeiGene Ltd., ADR(a)		2,235,297		357,647,520
Brii Biosciences Ltd.(a)		40,372,238		42,717,774
Huazhu Group Ltd.		1,984,000		6,220,129
Huazhu Group Ltd., ADR(b)		27,705,794		837,823,211
Meituan, B Shares(a)(c)		29,127,200		625,185,835
MicroTech Medical Hangzhou Co. Ltd., H Shares(a)(c)		10,488,600		14,965,148
NetEase, Inc., ADR		12,644,425		1,205,393,035
New Horizon Health Ltd.(a)(c)		12,827,500		27,287,210
Silergy Corp.		355,000		31,354,404
Sunny Optical Technology Group Co. Ltd.		6,452,200		94,400,423
Tencent Holdings Ltd.		25,209,358		1,182,454,527
Wuxi Biologics Cayman, Inc.(a)(c)		73,369,000		532,430,614
Yum China Holdings, Inc.(b)		30,183,310		1,261,662,358
Zai Lab Ltd., ADR(a)(b)		7,244,731		289,499,451
ZTO Express Cayman, Inc.		2,473,482		68,102,574
ZTO Express Cayman, Inc., ADR(b)		33,658,544		925,946,545
				7,902,912,297
Egypt–0.37%
Commercial International Bank Egypt S.A.E.		50,223,734		121,673,080
France–5.24%
Kering S.A.		879,031		466,900,190
L’Oreal S.A.		49,577		18,036,145
LVMH Moet Hennessy Louis Vuitton SE		215,407		137,838,019
Pernod Ricard S.A.		5,357,784		1,103,890,219
				1,726,664,573
Hong Kong–5.10%
AIA Group Ltd.		162,954,200		1,592,048,870
Hong Kong Exchanges & Clearing Ltd.		2,105,500		89,294,663
				1,681,343,533
India–19.96%
HDFC Bank Ltd.		7,707,294		138,390,867
Housing Development Finance Corp. Ltd.		71,295,180		2,052,709,980
Infosys Ltd.		34,486,788		699,751,204
Kotak Mahindra Bank Ltd.		69,732,701		1,619,897,503
Macrotech Developers Ltd.(c)		2,829,238		36,804,374

	Shares		Value
India–(continued)
Oberoi Realty Ltd.(a)		18,073,757	$	224,986,814
Pine Labs Pvt. Ltd. (Acquired 09/09/2021; Cost $3,500,000)(d)(e)		134,098		62,853,388
Tata Consultancy Services Ltd.		31,072,921		1,429,802,501
Zee Entertainment Enterprises Ltd.(b)		97,350,000		314,716,670
				6,579,913,301
Indonesia–1.04%
PT Bank Central Asia Tbk		616,012,800		344,535,657
Italy–1.52%
Ermenegildo Zegna Holditalia S.p.A.(a)		5,142,215		50,547,973
PRADA S.p.A.		73,062,210		450,172,253
				500,720,226
Mexico–8.81%
America Movil S.A.B. de C.V., Class L, ADR		15,666,146		304,393,217
Fomento Economico Mexicano, S.A.B.de C.V., Series CPO		74,466,978		559,930,076
Grupo Financiero Banorte S.A.B. de C.V., Class O		5,706,298		37,669,145
Grupo Mexico S.A.B. de C.V., Class B		283,986,449		1,329,301,233
Wal-Mart de Mexico S.A.B. de C.V., Series V		190,107,097		672,243,066
				2,903,536,737
Peru–0.35%
Credicorp Ltd.		820,817		114,003,273
Philippines–2.54%
Ayala Land, Inc.		418,853,700		256,557,026
SM Investments Corp.		26,325,832		427,699,605
SM Prime Holdings, Inc.		229,778,639		153,587,379
				837,844,010
Poland–0.30%
InPost S.A.(a)		16,377,698		100,141,971
Russia–0.00%
Novatek PJSC, GDR(c)(d)		8,262,941		8
Polyus PJSC(a)(d)		1,342,020		1
Polyus PJSC, GDR(c)(d)		1,319,684		1
Sberbank of Russia PJSC(d)		4,942,538		5
TCS Group Holding PLC, GDR(c)(d)		2,747,795		3
Yandex N.V., Class A(a)(b)(d)		22,810,295		23
				41
Singapore–0.85%
Grab Holdings, Inc.		95,499,600		281,723,820
South Africa–0.92%
FirstRand Ltd.		70,724,711		304,619,358
South Korea–6.37%
LG Chem Ltd.		1,109,946		445,842,156
NAVER Corp.		1,151,717		260,521,231
Samsung Biologics Co. Ltd.(a)(c)		1,095,148		723,576,285

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

5 Invesco Developing Markets Fund

	Shares		Value
South Korea–(continued)
Samsung Electronics Co. Ltd.		12,630,705	$	671,121,317
				2,101,060,989
Switzerland–1.88%
Cie Financiere Richemont S.A.		5,223,874		607,238,408
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023(a)		15,598,668		11,064,591
				618,302,999
Taiwan–9.50%
MediaTek, Inc.		26,026,000		713,134,660
Taiwan Semiconductor Manufacturing Co. Ltd.		132,654,429		2,419,616,623
				3,132,751,283
United Kingdom–0.44%
Prudential PLC		11,797,350		144,882,546
Total Common Stocks & Other Equity Interests (Cost $27,187,094,835)				31,481,125,752
Preferred Stocks–1.03%
China–0.20%
Abogen Therapeutics Ltd., Series C, Pfd. (Acquired 08/02/2021; Cost $4,862,486)(d)(e)		1,436,122		65,429,977

Investment Abbreviations:

ADR	– American Depositary Receipt
CPO	– Certificates of Ordinary Participation
GDR	– Global Depositary Receipt
Pfd.	– Preferred
Wts.	– Warrants

	Shares		Value
India–0.83%
Bundl Technologies Pvt. Ltd., Series K, Pfd. (Acquired 01/24/2022 Cost $1,890,139)(d)(e)		28,844	$	185,808,299
Delhivery Ltd., Pfd.(d)		4,814,900		25,000,001
Pine Labs Pvt. Ltd., Series K, Pfd. (Acquired 09/09/2021; Cost $287,597)(d)(e)		103,185		62,854,111
				273,662,411
Total Preferred Stocks (Cost $330,907,589)				339,092,388
Money Market Funds–2.70%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(b)(f)		307,458,682		307,458,682
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(b)(f)		230,380,372		230,334,296
Invesco Treasury Portfolio, Institutional Class, 0.23%(b)(f)		351,381,350		351,381,350
Total Money Market Funds (Cost $889,153,947)				889,174,328
TOTAL INVESTMENTS IN SECURITIES–99.21% (Cost $28,407,156,371)				32,709,392,468
OTHER ASSETS LESS LIABILITIES–0.79%				260,846,621
NET ASSETS–100.00%			$	32,970,239,089

Notes to Consolidated Schedule of Investments:

^(a)  Non-income producing security.

^(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, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	188,299,280		$	1,557,438,651		$	(1,438,279,249	)		$	-		$	-			$	307,458,682		$	112,256
Invesco Liquid Assets Portfolio, Institutional Class			145,359,504			1,112,456,179			(1,027,342,320	)			20,954			(160,021	)			230,334,296			119,008
Invesco Treasury Portfolio, Institutional Class			215,199,177			1,779,929,887			(1,643,747,714	)			-			-				351,381,350			128,411

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

6 Invesco Developing Markets Fund

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Other Affiliates:
Alsea S.A.B. de C.V.*		$	134,539,605		$	-		$	(122,524,061	)		$	24,982,311			$	(36,997,855	)		$	-		$	-
Grab Holdings, Inc., Class H, Pfd.*			1,545,865,618			-			(645,131,084	)			(900,734,534	)			-				-			-
Huazhu Group Ltd., ADR			1,284,440,610			-			-				(446,617,399	)			-				837,823,211			5,264,101
Lojas Americanas S.A., Preference Shares*			130,156,093			-			(248,742,693	)			118,586,600				-				-			-
Oberoi Realty Ltd.*			257,865,739			-			(39,097,946	)			(9,052,236	)			15,271,257				224,986,814			-
Pagseguro Digital Ltd., Class A			463,106,781			-			-				(274,921,677	)			-				188,185,104			-
Yandex N.V., Class A			1,868,397,880			43,525,035			(42,437,347	)			(1,863,937,678	)			(5,547,867	)			23			-
Yum China Holdings, Inc.			1,671,168,604			44,114,387			-				(453,620,633	)			-				1,261,662,358			7,135,316
Zai Lab Ltd., ADR			550,795,399			142,890,266			-				(404,186,214	)			-				289,499,451			-
Zee Entertainment Enterprises Ltd.			691,264,774			-			(269,854,495	)			(174,151,680	)			67,458,071				314,716,670			-
ZTO Express Cayman, Inc., ADR			745,433,095			236,843,467			(30,639,721	)			(35,929,736	)			10,239,440				925,946,545			6,224,754
Total		$	9,891,892,159		$	4,917,197,872		$	(5,507,796,630	)		$	(4,419,561,922	)		$	50,263,025			$	4,931,994,504		$	18,983,846

* At April 30, 2022, this security was no longer an affiliate of the Fund.

^(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, 2022 was $1,960,249,478, which represented 5.95% 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, 2022 was $376,945,775, which represented 1.14% of the Fund’s Net Assets.

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Financials	21.53	%
Information Technology	19.33
Consumer Discretionary	16.69
Communication Services	9.91
Consumer Staples	8.36
Materials	6.88
Health Care	6.23
Industrials	5.54
Real Estate	2.04
Other Sectors, Each Less than 2% of Net Assets	0.0
Money Market Funds Plus Other Assets Less Liabilities	3.49

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

7 Invesco Developing Markets Fund

Consolidated Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $22,421,030,324)	$	28,002,384,778
Investments in affiliates, at value (Cost $5,986,126,047)		4,707,007,690
Cash		201,663,806
Foreign currencies, at value (Cost $49,269,460)		55,116,081
Receivable for:
Investments sold		401,158,156
Fund shares sold		34,983,914
Dividends		19,944,971
Investment for trustee deferred compensation and retirement plans		1,418,751
Other assets		394,375
Total assets		33,424,072,522
Liabilities:
Payable for:
Investments purchased		147,698,680
Fund shares reacquired		67,916,659
Accrued foreign taxes		208,343,541
Accrued fees to affiliates		11,960,584
Accrued trustees’ and officers’ fees and benefits		245,850
Accrued other operating expenses		16,249,368
Trustee deferred compensation and retirement plans		1,418,751
Total liabilities		453,833,433
Net assets applicable to shares outstanding	$	32,970,239,089
Net assets consist of:
Shares of beneficial interest	$	29,358,917,508
Distributable earnings		3,611,321,581
	$	32,970,239,089

Net Assets:
Class A	$	3,009,882,173
Class C	$	42,860,416
Class R	$	266,375,742
Class Y	$	15,823,216,262
Class R5	$	2,021,201
Class R6	$	13,825,883,295
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		81,196,946
Class C		1,277,733
Class R		7,540,823
Class Y		433,827,486
Class R5		54,574
Class R6		379,027,915
Class A:
Net asset value per share	$	37.07
Maximum offering price per share (Net asset value of $37.07 ÷ 94.50%)	$	39.23
Class C:
Net asset value and offering price per share	$	33.54
Class R:
Net asset value and offering price per share	$	35.32
Class Y:
Net asset value and offering price per share	$	36.47
Class R5:
Net asset value and offering price per share	$	37.04
Class R6:
Net asset value and offering price per share	$	36.48

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

8 Invesco Developing Markets Fund

Consolidated Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $24,987,584)	$	193,022,250
Dividends from affiliates		18,983,846
Non-cash dividend income		41,992,816
Total investment income		253,998,912
Expenses:
Advisory fees		158,559,643
Administrative services fees		2,952,212
Custodian fees		5,755,200
Distribution fees:
Class A		4,710,285
Class C		289,953
Class R		816,097
Transfer agent fees – A, C, R and Y		19,861,701
Transfer agent fees – R5		653
Transfer agent fees – R6		3,104,425
Trustees’ and officers’ fees and benefits		212,764
Registration and filing fees		271,053
Professional services fees		1,486,498
Other		(221	)
Total expenses		198,020,263
Less: Fees waived and/or expense offset arrangement(s)		(200,477	)
Net expenses		197,819,786
Net investment income		56,179,126
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $17,154,706)		(489,540,604	)
Affiliated investment securities		50,263,025
Foreign currencies		(11,145,584	)
		(450,423,163	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $148,115,575)		(8,130,722,469	)
Affiliated investment securities		(4,419,561,922	)
Foreign currencies		5,394,004
		(12,544,890,387	)
Net realized and unrealized gain (loss)		(12,995,313,550	)
Net increase (decrease) in net assets resulting from operations	$	(12,939,134,424	)

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

9 Invesco Developing Markets Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income	$	56,179,126		$	236,913,705
Net realized gain (loss)		(450,423,163	)		2,776,140,754
Change in net unrealized appreciation (depreciation)		(12,544,890,387	)		3,726,132,780
Net increase (decrease) in net assets resulting from operations		(12,939,134,424	)		6,739,187,239
Distributions to shareholders from distributable earnings:
Class A		(196,709,116	)		–
Class C		(3,347,754	)		–
Class R		(17,064,426	)		–
Class Y		(1,100,030,266	)		(48,200,764	)
Class R5		(502,518	)		(44,458	)
Class R6		(1,049,638,131	)		(70,287,598	)
Total distributions from distributable earnings		(2,367,292,211	)		(118,532,820	)
Share transactions–net:
Class A		(88,083,480	)		(363,923,954	)
Class C		(7,389,703	)		(191,599,552	)
Class R		5,473,642			(73,578,715	)
Class Y		(57,903,563	)		1,599,558,338
Class R5		(6,765,973	)		(5,511,623	)
Class R6		(1,118,616,780	)		1,765,562,602
Net increase (decrease) in net assets resulting from share transactions		(1,273,285,857	)		2,730,507,096
Net increase (decrease) in net assets		(16,579,712,492	)		9,351,161,515
Net assets:
Beginning of period		49,549,951,581			40,198,790,066
End of period	$	32,970,239,089		$	49,549,951,581

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

10 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 04/30/22		$	53.50		$	(0.00	)		$	(14.04	)		$	(14.04	)		$	(0.04	)		$	(2.35	)		$	(2.39	)		$	37.07		(27.21	)%		$	3,009,882		1.23	%(e)		1.23	%(e)		(0.02	)%(e)		17	%
Year ended 10/31/21			45.84			0.11				7.55				7.66				–				–				–				53.50		16.71				4,467,836		1.20			1.20			0.20			38
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	(e)		1.24	(e)		0.80	(e)		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
Class C
Six months ended 04/30/22			48.79			(0.16	)			(12.74	)			(12.90	)			–				(2.35	)			(2.35	)			33.54		(27.51	)			42,860		1.98	(e)		1.98	(e)		(0.77	)(e)		17
Year ended 10/31/21			42.11			(0.28	)			6.96				6.68				–				–				–				48.79		15.86				71,470		1.95			1.95			(0.55	)		38
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	(e)		2.00	(e)		0.03	(e)		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
Class R
Six months ended 04/30/22			51.11			(0.06	)			(13.38	)			(13.44	)			–				(2.35	)			(2.35	)			35.32		(27.30	)			266,376		1.48	(e)		1.48	(e)		(0.27	)(e)		17
Year ended 10/31/21			43.91			(0.03	)			7.23				7.20				–				–				–				51.11		16.40				379,043		1.45			1.45			(0.05	)		38
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	(e)		1.50	(e)		0.54	(e)		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
Class Y
Six months ended 04/30/22			52.78			0.05				(13.82	)			(13.77	)			(0.19	)			(2.35	)			(2.54	)			36.47		(27.13	)			15,823,216		0.98	(e)		0.98	(e)		0.23	(e)		17
Year ended 10/31/21			45.21			0.24				7.45				7.69				(0.12	)			–				(0.12	)			52.78		17.01				23,079,615		0.95			0.95			0.45			38
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	(e)		1.00	(e)		1.04	(e)		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
Class R5
Six months ended 04/30/22			53.52			0.09				(14.00	)			(13.91	)			(0.22	)			(2.35	)			(2.57	)			37.04		(27.03	)			2,021		0.83	(e)		0.83	(e)		0.38	(e)		17
Year ended 10/31/21			45.85			0.27				7.55				7.82				(0.15	)			–				(0.15	)			53.52		17.07				10,527		0.90			0.90			0.50			38
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	(e)		0.88	(e)		1.16	(e)		7
Period ended 08/31/19(f)			41.26			0.09				0.73				0.82				–				–				–				42.08		1.99				10		0.87	(e)		0.87	(e)		0.74	(e)		28
Class R6
Six months ended 04/30/22			52.83			0.08				(13.81	)			(13.73	)			(0.27	)			(2.35	)			(2.62	)			36.48		(27.07	)			13,825,883		0.84	(e)		0.84	(e)		0.37	(e)		17
Year ended 10/31/21			45.25			0.32				7.45				7.77				(0.19	)			–				(0.19	)			52.83		17.17				21,541,460		0.81			0.81			0.59			38
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	(e)		0.83	(e)		1.21	(e)		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

^(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 two months ended October 31, 2019 and for the years ended August 31, 2019, 2018 and 2017, respectively.

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

^(e) Annualized.

^(f)  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.

11 Invesco Developing Markets Fund

Notes to Consolidated Financial Statements

April 30, 2022

(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 China A Shares Fund (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of Delaware. 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 Subsidiary. 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 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 may be valued up to 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 debt 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

12 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 based on relative net assets of Class R5 and Class R6. 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

13 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. Other Risks – The Subsidiary is not registered under the 1940 Act. As an investor in the Subsidiary, the Fund does not have all of the protections offered to investors by the 1940 Act. However, the Subsidiary is controlled by the Fund and managed by OppenheimerFunds, Inc. The Subsidiary may invest substantially all of its assets in a limited number of issuers or a single issuer. To the extent that it does so, the Subsidiary is more subject to the risks associated with and developments affecting such issuers than a fund that invests more widely.

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.

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.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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		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, 2022, the effective advisory fee rate incurred by the Fund was 0.76%.

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 June 30, 2023, 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 (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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $199,962.

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, 2022, 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.

14 Invesco Developing Markets Fund

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, 2022, 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 Plans, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $26,521 in front-end sales commissions from the sale of Class A shares and $1,691 and $1,105 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, 2022. 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	$	1,969,339,611	$	115,156,447	$	–	$	2,084,496,058
China		4,877,972,120		3,024,940,177		65,429,977		7,968,342,274
Egypt		–		121,673,080		–		121,673,080
France		–		1,726,664,573		–		1,726,664,573
Hong Kong		–		1,681,343,533		–		1,681,343,533
India		–		6,517,059,913		336,515,799		6,853,575,712
Indonesia		–		344,535,657		–		344,535,657
Italy		50,547,973		450,172,253		–		500,720,226
Mexico		2,903,536,737		–		–		2,903,536,737
Peru		114,003,273		–		–		114,003,273
Philippines		–		837,844,010		–		837,844,010
Poland		–		100,141,971		–		100,141,971
Russia		–		–		41		41
Singapore		281,723,820		–		–		281,723,820
South Africa		–		304,619,358		–		304,619,358
South Korea		–		2,101,060,989		–		2,101,060,989
Switzerland		11,064,591		607,238,408		–		618,302,999
Taiwan		–		3,132,751,283		–		3,132,751,283
United Kingdom		–		144,882,546		–		144,882,546
Money Market Funds		889,174,328		–		–		889,174,328
Total Investments	$	11,097,362,453	$	21,210,084,198	$	401,945,817	$	32,709,392,468

    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.

15 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, 2022:

	Value 10/31/21*		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 04/30/22
Preferred Stocks	$	274,854,376	$	190,477,256	$	(117,000,716	)	$-	$	-		$	(9,238,528	)	$	-	$-	$	339,092,388
Common Stocks & Other Equity
Interests		49,999,780		367,216,785		(496,793,615	)	-		(45,836,186	)		(4,759,715,884	)		4,947,982,549	-		62,853,429
Total	$	324,854,156	$	557,694,041	$	(613,794,331	)	$-	$	(45,836,186	)	$	(4,768,954,412	)	$	4,947,982,549	$-	$	401,945,817

    * Prior year balances have been adjusted for a change in security classification.

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $515.

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 carryforward 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, 2021.

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, 2022 was $6,899,572,059 and $11,071,238,450, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	9,836,493,584
Aggregate unrealized (depreciation) of investments		(5,830,723,741	)
Net unrealized appreciation of investments	$	4,005,769,843

    Cost of investments for tax purposes is $28,703,622,625.

16 Invesco Developing Markets Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		6,687,366		$	296,773,800			10,429,350		$	573,327,688
Class C		64,158			2,636,259			141,844			7,142,114
Class R		655,730			27,614,082			672,573			35,209,233
Class Y		64,899,592			2,805,270,752			113,886,507			6,147,223,252
Class R5		15,642			724,076			49,865			2,754,655
Class R6		54,470,035			2,370,732,852			103,363,104			5,626,041,796
Issued as reinvestment of dividends:
Class A		3,677,646			174,320,411			-			-
Class C		73,175			3,147,985			-			-
Class R		376,951			17,041,970			-			-
Class Y		20,494,817			954,853,521			783,038			40,702,319
Class R5		10,620			501,895			843			44,421
Class R6		17,923,230			834,684,837			1,073,932			55,812,257
Automatic conversion of Class C shares to Class A shares:
Class A		126,430			5,572,321			3,298,037			176,648,746
Class C		(139,407	)		(5,572,321	)		(3,596,045	)		(176,648,746	)
Reacquired:
Class A		(12,805,172	)		(564,750,012	)		(20,323,402	)		(1,113,900,388	)
Class C		(185,093	)		(7,601,626	)		(445,316	)		(22,092,920	)
Class R		(907,376	)		(39,182,410	)		(2,082,922	)		(108,787,948	)
Class Y		(88,866,935	)		(3,818,027,836	)		(85,074,511	)		(4,588,367,233	)
Class R5		(168,357	)		(7,991,944	)		(149,767	)		(8,310,699	)
Class R6		(101,115,917	)		(4,324,034,469	)		(72,605,766	)		(3,916,291,451	)
Net increase (decrease) in share activity		(34,712,865	)	$	(1,273,285,857	)		49,421,364		$	2,730,507,096

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 29% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17 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, 2021 through April 30, 2022.

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     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$727.90	$5.27	$1,018.70	$6.16	1.23%
Class C	1,000.00	725.10	8.47	1,014.98	9.89	1.98
Class R	1,000.00	727.00	6.34	1,017.46	7.40	1.48
Class Y	1,000.00	728.90	4.20	1,019.93	4.91	0.98
Class R5	1,000.00	729.50	3.56	1,020.68	4.16	0.83
Class R6	1,000.00	729.30	3.60	1,020.63	4.21	0.84

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, 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 Developing Markets 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 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 number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. O-DVM-SAR-1

Semiannual Report to Shareholders April 30, 2022

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 is 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, 10/31/21 to 4/30/22, 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	-27.53	%
Class C Shares	-27.76
Class R Shares	-27.59
Class Y Shares	-27.42
Class R5 Shares	-27.42
Class R6 Shares	-27.39
Russell Midcap Growth Index▼	-25.44
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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (11/1/00)	7.67	%
10 Years	11.36
5 Years	12.01
1 Year	-22.37
Class C Shares
Inception (11/1/00)	7.63	%
10 Years	11.31
5 Years	12.46
1 Year	-19.07
Class R Shares
Inception (3/1/01)	8.74	%
10 Years	11.70
5 Years	13.01
1 Year	-18.02
Class Y Shares
Inception (11/1/00)	8.40	%
10 Years	12.30
5 Years	13.58
1 Year	-17.62
Class R5 Shares
10 Years	12.11	%
5 Years	13.52
1 Year	-17.61
Class R6 Shares
Inception (2/28/13)	13.22	%
5 Years	13.76
1 Year	-17.54

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.13%
Aerospace & Defense–2.00%
L3Harris Technologies, Inc.(b)		245,893	$     57,111,108
Northrop Grumman Corp.		139,310	61,212,814
			118,323,922
Agricultural & Farm Machinery–0.52%
CNH Industrial N.V. (United Kingdom)		2,159,826	30,647,931
Application Software–11.48%
Bill.com Holdings, Inc.(b)(c)		385,400	65,791,634
Datadog, Inc., Class A(c)		514,547	62,146,987
HubSpot, Inc.(c)		154,981	58,804,441
Manhattan Associates, Inc.(c)		812,353	106,052,684
Paylocity Holding Corp.(b)(c)		519,172	98,450,586
Roper Technologies, Inc.		96,016	45,119,839
Synopsys, Inc.(c)		517,212	148,331,230
Tyler Technologies, Inc.(c)		238,384	94,092,549
			678,789,950
Asset Management & Custody Banks–1.52%
Ameriprise Financial, Inc.		167,263	44,406,654
KKR & Co., Inc., Class A		888,802	45,302,238
			89,708,892
Automotive Retail–1.45%
O’Reilly Automotive, Inc.(c)		141,446	85,794,071
Biotechnology–1.19%
Alnylam Pharmaceuticals, Inc.(c)		108,078	14,420,847
Horizon Therapeutics PLC(c)		376,341	37,092,169
Natera, Inc.(c)		538,624	18,916,475
			70,429,491
Building Products–1.05%
Advanced Drainage Systems, Inc.(b)		606,786	62,171,294
Casinos & Gaming–0.53%
Boyd Gaming Corp.		514,597	31,174,286
Commodity Chemicals–0.73%
Olin Corp.		756,195	43,405,593
Communications Equipment–1.71%
Motorola Solutions, Inc.		472,229	100,910,615
Construction & Engineering–0.55%
WillScot Mobile Mini Holdings Corp.(c)		924,581	32,452,793
Construction Materials–0.94%
Eagle Materials, Inc.		192,065	23,685,456
Vulcan Materials Co.		185,468	31,954,282
			55,639,738
Data Processing & Outsourced Services–0.99%
Paychex, Inc.		463,200	58,701,336
Distributors–1.03%
Pool Corp.		150,257	60,887,142

	Shares		Value
Diversified Metals & Mining–0.54%
Teck Resources Ltd., Class B (Canada)		812,830	$     32,074,272
Electrical Components & Equipment–2.56%
AMETEK, Inc.		972,823	122,828,632
Generac Holdings, Inc.(b)(c)		129,697	28,452,928
			151,281,560
Electronic Equipment & Instruments–0.87%
Trimble, Inc.(c)		770,494	51,391,950
Environmental & Facilities Services–3.17%
Republic Services, Inc.		368,486	49,476,615
Waste Connections, Inc.		1,001,856	138,226,073
			187,702,688
Fertilizers & Agricultural Chemicals–1.18%
FMC Corp.		525,973	69,712,461
Financial Exchanges & Data–2.46%
FactSet Research Systems, Inc.		83,926	33,863,302
MSCI, Inc.		264,660	111,488,025
			145,351,327
Food Distributors–0.79%
Performance Food Group Co.(b)(c)		952,041	46,888,019
General Merchandise Stores–1.51%
Dollar Tree, Inc.(c)		551,336	89,564,533
Health Care Distributors–1.57%
AmerisourceBergen Corp.		613,159	92,764,825
Health Care Equipment–3.71%
IDEXX Laboratories, Inc.(b)(c)		224,370	96,586,798
Insulet Corp.(b)(c)		278,334	66,519,043
STERIS PLC		251,950	56,449,397
			219,555,238
Health Care Facilities–1.38%
Tenet Healthcare Corp.(c)		1,125,101	81,581,073
Health Care Supplies–0.86%
Cooper Cos., Inc. (The)		140,176	50,609,143
Health Care Technology–0.12%
Doximity, Inc., Class A(b)(c)		177,945	7,094,667
Hotels, Resorts & Cruise Lines–3.62%
Choice Hotels International, Inc.(b)		491,458	69,030,191
Hilton Worldwide Holdings, Inc.(c)		934,867	145,175,496
			214,205,687
Industrial Machinery–1.67%
Kornit Digital Ltd. (Israel)(b)(c)		571,054	37,975,091
Middleby Corp. (The)(b)(c)		393,171	60,505,085
			98,480,176
Insurance Brokers–1.68%
Arthur J. Gallagher & Co.		590,652	99,518,955

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

5 Invesco Discovery Mid Cap Growth Fund

	Shares		Value
Interactive Media & Services–0.92%
ZoomInfo Technologies, Inc., Class A(c)		1,150,152	$     54,517,205
Internet Services & Infrastructure–1.06%
MongoDB, Inc.(c)		176,738	62,729,618
Investment Banking & Brokerage–1.71%
LPL Financial Holdings, Inc.(b)		537,058	100,897,086
IT Consulting & Other Services–5.28%
Cognizant Technology Solutions Corp., Class A		898,058	72,652,892
Gartner, Inc.(c)		471,692	137,050,111
Globant S.A.(c)		473,058	102,175,797
			311,878,800
Life Sciences Tools & Services–4.99%
Bio-Rad Laboratories, Inc., Class A(c)		75,018	38,413,717
Mettler-Toledo International, Inc.(b)(c)		70,377	89,908,729
Repligen Corp.(c)		496,831	78,121,706
West Pharmaceutical Services, Inc.		280,560	88,393,234
			294,837,386
Managed Health Care–1.69%
Molina Healthcare, Inc.(c)		318,275	99,763,299
Movies & Entertainment–1.24%
Live Nation Entertainment, Inc.(b)(c)		700,427	73,460,784
Office REITs–1.21%
Alexandria Real Estate Equities, Inc.(b)		393,124	71,611,468
Oil & Gas Exploration & Production–1.21%
Pioneer Natural Resources Co.		308,721	71,768,371
Oil & Gas Storage & Transportation–2.13%
Cheniere Energy, Inc.		926,025	125,763,455
Paper Packaging–1.03%
Avery Dennison Corp.		338,083	61,057,790
Pharmaceuticals–1.26%
Catalent, Inc.(c)		820,591	74,312,721
Property & Casualty Insurance–0.72%
W.R. Berkley Corp.		640,781	42,605,529
Real Estate Services–1.24%
Jones Lang LaSalle, Inc.(b)(c)		333,837	73,020,167
Regional Banks–1.88%
East West Bancorp, Inc.		502,698	35,842,367
SVB Financial Group(c)		153,892	75,043,895
			110,886,262
Research & Consulting Services–0.75%
Equifax, Inc.		217,097	44,183,581
Restaurants–0.63%
Chipotle Mexican Grill, Inc.(c)		25,406	36,981,228
Semiconductor Equipment–0.74%
Enphase Energy, Inc.(c)		270,203	43,610,764

Investment Abbreviations:

REIT – Real Estate Investment Trust

	Shares		Value
Semiconductors–3.99%
Lattice Semiconductor Corp.(b)(c)		752,999	$	36,174,072
Marvell Technology, Inc.		1,488,149		86,431,694
Monolithic Power Systems, Inc.		288,229		113,054,943
				235,660,709
Specialized REITs–1.11%
Extra Space Storage, Inc.		345,778		65,697,820
Specialty Chemicals–0.66%
Albemarle Corp.		201,093		38,776,763
Specialty Stores–2.49%
Tractor Supply Co.(b)		435,862		87,804,400
Ulta Beauty, Inc.(c)		150,185		59,593,408
				147,397,808
Systems Software–2.95%
Crowdstrike Holdings, Inc., Class A(c)		150,312		29,876,013
Palo Alto Networks, Inc.(b)(c)		164,499		92,329,999
Zscaler, Inc.(c)		257,949		52,296,580
				174,502,592
Trading Companies & Distributors–0.96%
SiteOne Landscape Supply, Inc.(b)(c)		403,694		56,932,965
Trucking–0.90%
Old Dominion Freight Line, Inc.(b)		188,982		52,937,638
Total Common Stocks & Other Equity Interests (Cost $5,405,005,097)				5,682,605,437
Money Market Funds–3.46%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)		65,621,250		65,621,250
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(d)(e)		63,809,003		63,796,241
Invesco Treasury Portfolio, Institutional Class, 0.23%(d)(e)		74,995,715		74,995,715
Total Money Market Funds (Cost $204,411,068)				204,413,206
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.59% (Cost $5,609,416,165)				5,887,018,643
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.82%
Invesco Private Government Fund, 0.40%(d)(e)(f)		67,072,919		67,072,919
Invesco Private Prime Fund, 0.35%(d)(e)(f)		159,008,778		159,008,778
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $226,076,951)				226,081,697
TOTAL INVESTMENTS IN SECURITIES–103.41% (Cost $5,835,493,116)				6,113,100,340
OTHER ASSETS LESS LIABILITIES–(3.41)%				(201,468,786	)
NET ASSETS–100.00%			$	5,911,631,554

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)  All or a portion of this security was out on loan at April 30, 2022.

^(c)  Non-income producing security.

^(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, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  39,308,439		$   496,564,404		$(470,251,593	)		$      -		$          -		$65,621,250		$   18,893
Invesco Liquid Assets Portfolio, Institutional Class		45,034,577		354,688,860		(335,893,994	)		2,443		(35,645)		63,796,241		26,662
Invesco Treasury Portfolio, Institutional Class		44,923,931		567,502,176		(537,430,392	)		-		-		74,995,715		21,790
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		127,163,287		528,485,809		(588,576,177	)		-		-		67,072,919		29,268*
Invesco Private Prime Fund		296,714,340		1,031,792,007		(1,169,419,989	)		4,744		(82,324)		159,008,778		114,731*
Total		$553,144,574		$2,979,033,256		$(3,101,572,145	)		$7,187		$(117,969)		$430,494,903		$211,344

* 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, 2022.

^(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.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Information Technology	29.06	%
Health Care	16.76
Industrials	14.13
Consumer Discretionary	11.27
Financials	9.96
Materials	5.09
Real Estate	3.56
Energy	3.34
Communication Services	2.17
Consumer Staples	0.79
Money Market Funds Plus Other Assets Less Liabilities	3.87

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, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 5,405,005,097)*	$	5,682,605,437
Investments in affiliated money market funds, at value (Cost $ 430,488,019)		430,494,903
Cash		541,169
Receivable for:
Investments sold		29,921,205
Fund shares sold		3,885,075
Dividends		961,744
Investment for trustee deferred compensation and retirement plans		521,524
Other assets		232,952
Total assets		6,149,164,009
Liabilities:
Payable for:
Fund shares reacquired		7,304,501
Collateral upon return of securities loaned		226,076,951
Accrued fees to affiliates		2,611,619
Accrued other operating expenses		956,170
Trustee deferred compensation and retirement plans		583,214
Total liabilities		237,532,455
Net assets applicable to shares outstanding	$	5,911,631,554
Net assets consist of:
Shares of beneficial interest	$	5,388,990,335
Distributable earnings		522,641,219
	$	5,911,631,554

Net Assets:
Class A	$	3,693,944,661
Class C	$	134,541,311
Class R	$	132,478,238
Class Y	$	703,342,867
Class R5	$	114,844,690
Class R6	$	1,132,479,787
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		164,276,260
Class C		8,315,440
Class R		6,571,744
Class Y		26,431,775
Class R5		5,046,797
Class R6		41,566,415
Class A:
Net asset value per share	$	22.49
Maximum offering price per share
(Net asset value of $22.49 ÷ 94.50%)	$	23.80
Class C:
Net asset value and offering price per share	$	16.18
Class R:
Net asset value and offering price per share	$	20.16
Class Y:
Net asset value and offering price per share	$	26.61
Class R5:
Net asset value and offering price per share	$	22.76
Class R6:
Net asset value and offering price per share	$	27.25

* At April 30, 2022, securities with an aggregate value of $212,027,981 were on loan to brokers.

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, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $120,783)	$	13,680,553
Dividends from affiliated money market funds (includes securities lending income of $124,974)		192,319
Total investment income		13,872,872
Expenses:
Advisory fees		21,809,698
Administrative services fees		499,161
Custodian fees		33,199
Distribution fees:
Class A		5,560,376
Class C		857,558
Class R		391,394
Transfer agent fees – A, C, R and Y		3,679,806
Transfer agent fees – R5		67,067
Transfer agent fees – R6		223,259
Trustees’ and officers’ fees and benefits		34,183
Registration and filing fees		121,845
Reports to shareholders		141,406
Professional services fees		39,881
Other		41,475
Total expenses		33,500,308
Less: Fees waived and/or expense offset arrangement(s)		(41,040	)
Net expenses		33,459,268
Net investment income (loss)		(19,586,396	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		270,648,063
Affiliated investment securities		(117,969	)
Foreign currencies		9,150
		270,539,244
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(2,536,560,751	)
Affiliated investment securities		7,187
		(2,536,553,564	)
Net realized and unrealized gain (loss)		(2,266,014,320	)
Net increase (decrease) in net assets resulting from operations	$	(2,285,600,716	)

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, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income (loss)	$	(19,586,396	)	$	(49,254,192	)
Net realized gain		270,539,244			1,314,390,157
Change in net unrealized appreciation (depreciation)		(2,536,553,564	)		1,283,576,994
Net increase (decrease) in net assets resulting from operations		(2,285,600,716	)		2,548,712,959
Distributions to shareholders from distributable earnings:
Class A		(812,766,688	)		(153,166,655	)
Class C		(41,238,619	)		(9,752,172	)
Class R		(30,829,170	)		(5,423,628	)
Class Y		(130,957,329	)		(19,511,808	)
Class R5		(23,402,647	)		(4,362,913	)
Class R6		(207,455,097	)		(32,063,012	)
Total distributions from distributable earnings		(1,246,649,550	)		(224,280,188	)
Share transactions–net:
Class A		647,137,369			(8,259,876	)
Class C		24,320,334			(47,381,579	)
Class R		31,620,305			11,738,676
Class Y		131,870,326			181,629,615
Class R5		25,674,034			999,051
Class R6		219,996,130			248,383,514
Net increase in net assets resulting from share transactions		1,080,618,498			387,109,401
Net increase (decrease) in net assets		(2,451,631,768	)		2,711,542,172
Net assets:
Beginning of period		8,363,263,322			5,651,721,150
End of period	$	5,911,631,554		$	8,363,263,322

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 04/30/22		$37.13		$(0.09	)		$(8.82	)		$(8.91	)		$(5.73	)		$22.49		(27.50	)%		$3,693,945		1.01	%(e)		1.01	%(e)		(0.62	)%(e)		44	%
Year ended 10/31/21		26.65		(0.25	)		11.81			11.56			(1.08	)		37.13		44.48			5,288,400		1.03			1.03			(0.76	)		92
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
Class C
Six months ended 04/30/22		28.52		(0.14	)		(6.47	)		(6.61	)		(5.73	)		16.18		(27.78	)		134,541		1.76	(e)		1.76	(e)		(1.37	)(e)		44
Year ended 10/31/21		20.83		(0.36	)		9.13			8.77			(1.08	)		28.52		43.47	(f)		206,799		1.73	(f)		1.73	(f)		(1.46	)(f)		92
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
Class R
Six months ended 04/30/22		33.95		(0.11	)		(7.95	)		(8.06	)		(5.73	)		20.16		(27.59	)		132,478		1.26	(e)		1.26	(e)		(0.87	)(e)		44
Year ended 10/31/21		24.51		(0.30	)		10.82			10.52			(1.08	)		33.95		44.11			181,872		1.28			1.28			(1.01	)		92
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
Class Y
Six months ended 04/30/22		42.77		(0.06	)		(10.37	)		(10.43	)		(5.73	)		26.61		(27.42	)		703,343		0.76	(e)		0.76	(e)		(0.37	)(e)		44
Year ended 10/31/21		30.48		(0.19	)		13.56			13.37			(1.08	)		42.77		44.84			971,407		0.78			0.78			(0.51	)		92
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
Class R5
Six months ended 04/30/22		37.45		(0.05	)		(8.91	)		(8.96	)		(5.73	)		22.76		(27.39	)		114,845		0.71	(e)		0.71	(e)		(0.32	)(e)		44
Year ended 10/31/21		26.80		(0.15	)		11.88			11.73			(1.08	)		37.45		44.88			155,263		0.72			0.72			(0.45	)		92
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(g)		20.60		0.00			1.60			1.60			–			22.20		7.77			11		0.75	(e)		0.75	(e)		(0.01	)(e)		84
Class R6
Six months ended 04/30/22		43.62		(0.05	)		(10.59	)		(10.64	)		(5.73	)		27.25		(27.36	)		1,132,480		0.66	(e)		0.66	(e)		(0.27	)(e)		44
Year ended 10/31/21		31.03		(0.14	)		13.81			13.67			(1.08	)		43.62		45.02			1,559,522		0.65			0.65			(0.38	)		92
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

^(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 and 2017, 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) Annualized.

^(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 0.95% for Class C for the year ended October 31, 2021 and 0.23% for Class A for the year ended October 31, 2020.

^(g) 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.

11 Invesco Discovery Mid Cap Growth Fund

Notes to Financial Statements

April 30, 2022

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 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 may be valued up to 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 debt 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.

12 Invesco Discovery Mid Cap Growth Fund

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

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

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

D. Distributions – Distributions from net investment income 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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, the Fund paid the Adviser $5,237 in fees for securities lending agent services.

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 Discovery Mid Cap Growth 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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. 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		0.680%
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, 2022, 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 at least June 30, 2023, 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 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. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $39,851.

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, 2022, 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, 2022, 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

14 Invesco Discovery Mid Cap Growth Fund

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, 2022, 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, 2022, IDI advised the Fund that IDI retained $364,580 in front-end sales commissions from the sale of Class A shares and $5,262 and $2,910 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $2,165 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, 2022. 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	$	5,682,605,437	$	–		$–	$	5,682,605,437
Money Market Funds		204,413,206		226,081,697		–		430,494,903
Total Investments	$	5,887,018,643	$	226,081,697		$–	$	6,113,100,340

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,189.

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 carryforward 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, 2021.

15 Invesco Discovery Mid Cap Growth 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, 2022 was $3,158,591,440 and $3,477,735,275, 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	$  714,065,762
Aggregate unrealized (depreciation) of investments	(441,286,895	)
Net unrealized appreciation of investments	$  272,778,867

Cost of investments for tax purposes is $5,840,321,473.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		6,488,822		$	181,208,541			13,472,916		$	431,707,965
Class C		607,204			12,580,324			1,370,442			33,869,961
Class R		760,108			18,775,565			1,312,889			38,649,773
Class Y		6,562,316			210,611,058			9,206,296			338,674,872
Class R5		510,855			13,758,615			606,551			20,213,465
Class R6		9,296,784			300,787,151			13,830,173			529,918,948
Issued as reinvestment of dividends:
Class A		26,589,472			773,222,014			5,005,084			145,998,307
Class C		1,909,149			40,053,942			420,162			9,474,657
Class R		1,179,551			30,774,475			202,315			5,407,874
Class Y		3,254,966			111,905,740			506,612			16,981,632
Class R5		795,893			23,399,246			148,658			4,361,612
Class R6		5,834,791			205,326,299			930,643			31,781,458
Automatic conversion of Class C shares to Class A shares:
Class A		397,269			10,422,647			1,506,533			47,789,753
Class C		(547,901	)		(10,422,647	)		(1,951,219	)		(47,789,753	)
Reacquired:
Class A		(11,643,711	)		(317,715,833	)		(19,661,369	)		(633,755,901	)
Class C		(904,898	)		(17,891,285	)		(1,728,578	)		(42,936,444	)
Class R		(724,588	)		(17,929,735	)		(1,094,876	)		(32,318,971	)
Class Y		(6,099,652	)		(190,646,472	)		(4,656,085	)		(174,026,889	)
Class R5		(405,660	)		(11,483,827	)		(722,088	)		(23,576,026	)
Class R6		(9,315,661	)		(286,117,320	)		(8,151,870	)		(313,316,892	)
Net increase in share activity		34,545,109		$	1,080,618,498			10,553,189		$	387,109,401

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% 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 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, 2021 through April 30, 2022.

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     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses       Paid During       Period2	Ending     Account Value     (04/30/22)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$725.00	$4.32	$1,019.79	$5.06	1.01%
Class C	1,000.00	722.20	7.52	1,016.07	8.80	1.76
Class R	1,000.00	724.10	5.39	1,018.55	6.31	1.26
Class Y	1,000.00	725.80	3.25	1,021.03	3.81	0.76
Class R5	1,000.00	726.10	3.04	1,021.27	3.56	0.71
Class R6	1,000.00	726.40	2.83	1,021.52	3.31	0.66

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, 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 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 number(s): 811-05426 and 033-19338                   Invesco Distributors, Inc. O-DMCG-SAR-1                                         

Semiannual Report to Shareholders April 30, 2022

Invesco EQV Emerging Markets All Cap Fund

Effective February 28, 2022, Invesco Emerging Markets All Cap Fund was renamed Invesco EQV 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
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 is 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, 10/31/21 to 4/30/22, 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	-22.82	%
Class C Shares	-23.09
Class Y Shares	-22.71
Class R5 Shares	-22.69
Class R6 Shares	-22.66
MSCI Emerging Markets Index▼ (Broad Market/Style-Specific Index)	-14.15
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 EQV Emerging Markets All Cap Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (1/11/94)	4.48	%
10 Years	1.01
5 Years	0.39
1 Year	-29.80
Class C Shares
Inception (3/1/99)	7.82	%
10 Years	0.98
5 Years	0.78
1 Year	-26.95
Class Y Shares
Inception (10/3/08)	5.57	%
10 Years	1.84
5 Years	1.79
1 Year	-25.51
Class R5 Shares
Inception (10/25/05)	6.50	%
10 Years	1.95
5 Years	1.86
1 Year	-25.47
Class R6 Shares
10 Years	1.99	%
5 Years	1.93
1 Year	-25.42

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 EQV 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 21-23, 2022, 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, 2021 through December 31, 2021 (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 EQV Emerging Markets All Cap Fund

Schedule of Investments

April 30, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–92.63%
Brazil–12.58%
Ambev S.A., ADR		5,482,948	$	15,955,379
Arcos Dorados Holdings, Inc., Class A(a)		11,088,811		80,393,880
B3 S.A. - Brasil, Bolsa, Balcao		10,017,660		26,949,075
Multiplan Empreendimentos Imobiliarios S.A.		11,259,329		56,137,796
Raia Drogasil S.A.		4,835,000		20,468,765
Rede D’Or Sao Luiz S.A.(b)		3,274,900		24,330,156
TOTVS S.A.		2,936,800		18,990,786
				243,225,837
China–25.82%
Airtac International Group		796,000		21,624,696
Alibaba Group Holding Ltd., ADR(c)		126,178		12,250,622
Angel Yeast Co. Ltd., A Shares		1,582,605		9,171,281
China Mengniu Dairy Co. Ltd.		10,729,000		57,723,585
China Resources Beer Holdings Co. Ltd.		5,552,000		32,405,627
Chongqing Fuling Zhacai Group Co. Ltd., A Shares		2,599,055		13,566,192
Fuyao Glass Industry Group Co. Ltd., H Shares(b)		6,369,200		25,977,669
JD.com, Inc., A Shares(c)		71,209		2,219,619
JD.com, Inc., ADR(c)(d)		1,203,356		74,198,931
Sunny Optical Technology Group Co. Ltd.		604,300		8,841,353
Tencent Holdings Ltd.		1,238,000		58,068,861
Tongcheng Travel Holdings Ltd.(b)(c)		28,577,600		50,303,499
Wuliangye Yibin Co. Ltd., A Shares		2,140,260		52,052,055
Yum China Holdings, Inc.		1,928,242		80,600,516
				499,004,506
Egypt–1.65%
Eastern Co. S.A.E.		14,250,488		8,300,582
Egyptian Financial Group-Hermes Holding Co.(c)		25,623,002		23,572,053
				31,872,635
France–1.64%
Bollore SE		6,808,819		31,618,594
Hungary–2.87%
Gedeon Richter PLC		2,790,740		55,469,715
India–4.45%
Emami Ltd.		4,289,538		27,470,083
HDFC Bank Ltd., ADR		1,060,730		58,562,903
				86,032,986
Indonesia–5.52%
PT Bank Central Asia Tbk		74,917,000		41,901,041
PT Kalbe Farma Tbk		343,730,800		38,879,040
PT Telkom Indonesia (Persero) Tbk		81,558,500		25,989,160
				106,769,241
Macau–1.21%
Galaxy Entertainment Group Ltd.		4,108,000		23,465,086

	Shares		Value
Mexico–11.41%
Bolsa Mexicana de Valores S.A.B. de C.V.		21,082,320	$	41,768,956
GMexico Transportes S.A.B. de C.V.		20,500,530		38,757,771
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		7,831,898		54,959,341
Grupo Aeroportuario del Pacifico S.A.B.de C.V., Class B		1,133,838		17,448,320
Kimberly-Clark de Mexico S.A.B. de C.V., Class A(d)		22,678,092		31,661,424
Wal-Mart de Mexico S.A.B. de C.V., Series V		10,144,934		35,873,787
				220,469,599
Netherlands–0.56%
Prosus N.V.		222,367		10,722,693
Nigeria–1.37%
Zenith Bank PLC		447,469,084		26,418,329
Philippines–5.04%
BDO Unibank, Inc.		21,000,720		51,838,205
SM Investments Corp.		857,870		13,937,286
SM Prime Holdings, Inc.		47,184,200		31,538,604
				97,314,095
Russia–0.00%
Detsky Mir PJSC(e)		6,640,610		7
Moscow Exchange MICEX-RTS PJSC(e)		11,806,000		12
Ozon Holdings PLC, ADR(c)(e)		783,546		1
Sberbank of Russia PJSC(e)		11,900,044		12
Sberbank of Russia PJSC, Preference Shares(e)		15,636,015		15
Yandex N.V., Class A(c)(e)		1,617,426		1
				48
South Africa–0.51%
Naspers Ltd., Class N		98,890		9,861,895
South Korea–6.95%
Douzone Bizon Co. Ltd.		335,094		10,768,953
LEENO Industrial, Inc.		72,137		10,040,822
NAVER Corp.		108,344		24,507,681
Samsung Electronics Co. Ltd.		1,676,950		89,103,252
				134,420,708
Taiwan–7.17%
MediaTek, Inc.		818,000		22,413,900
Taiwan Semiconductor Manufacturing Co. Ltd.		5,568,000		101,560,313
Visual Photonics Epitaxy Co. Ltd.		5,076,000		14,554,321
				138,528,534
Turkey–1.12%
Haci Omer Sabanci Holding A.S.		16,256,131		21,724,853
United Arab Emirates–1.49%
Emaar Properties PJSC		16,658,100		28,801,853

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

5 Invesco EQV Emerging Markets All Cap Fund

	Shares		Value
Vietnam–1.27%
Vietnam Dairy Products JSC		7,618,248	$	24,590,791
Total Common Stocks & Other Equity Interests (Cost $1,669,299,476)				1,790,311,998
Money Market Funds–7.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(a)(f)		50,210,669		50,210,669
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(a)(f)		29,673,551		29,667,616
Invesco Treasury Portfolio, Institutional Class, 0.23%(a)(f)		57,383,621		57,383,621
Total Money Market Funds (Cost $137,261,336)				137,261,906
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–99.73% (Cost $1,806,560,812)				1,927,573,904

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.46%
Invesco Private Government Fund, 0.40%(a)(f)(g)		2,637,715	$	2,637,715
Invesco Private Prime Fund, 0.35%(a)(f)(g)		6,335,501		6,335,501
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,973,216)				8,973,216
TOTAL INVESTMENTS IN SECURITIES–100.19% (Cost $1,815,534,028)				1,936,547,120
OTHER ASSETS LESS LIABILITIES–(0.19)%				(3,755,215	)
NET ASSETS–100.00%			$	1,932,791,905

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, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	51,451,993	$	103,154,427	$	(104,395,751	)	$	-		$	-	$	50,210,669	$	14,509
Invesco Liquid Assets Portfolio, Institutional Class		30,570,539		73,681,733		(74,568,393	)		(1,784	)		(14,479)		29,667,616		14,107
Invesco Treasury Portfolio, Institutional Class		58,802,278		117,890,773		(119,309,430	)		-			-		57,383,621		18,221
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		312,596		41,163,221		(38,838,102	)		-			-		2,637,715		4,566*
Invesco Private Prime Fund		729,392		96,798,903		(91,201,554	)		-			8,760		6,335,501		10,644*
Investments in Other Affiliates:
Arcos Dorados Holdings, Inc., Class A		52,893,628		-		-			27,500,252			-		80,393,880		443,552
Total	$	194,760,426	$	432,689,057	$	(428,313,230	)	$	27,498,468		$	(5,719)	$	226,629,002	$	505,599

* 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.

^(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, 2022 was $100,611,324, which represented 5.21% of the Fund’s Net Assets.

^(c) Non-income producing security.

^(d)  All or a portion of this security was out on loan at April 30, 2022.

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

^(f) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(g)  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 EQV Emerging Markets All Cap Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Consumer Discretionary	19.14	%
Consumer Staples	17.03
Financials	15.15
Information Technology	14.29
Industrials	7.59
Communication Services	7.25
Health Care	6.14
Real Estate	6.03
Money Market Funds Plus Other Assets Less Liabilities	7.38

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

7 Invesco EQV Emerging Markets All Cap Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,598,312,256)*	$	1,709,918,118
Investments in affiliates, at value (Cost $217,221,772)		226,629,002
Foreign currencies, at value (Cost $6,227,888)		6,129,237
Receivable for:
Investments sold		3,858,891
Fund shares sold		1,280,516
Dividends		2,282,262
Investment for trustee deferred compensation and retirement plans		295,081
Other assets		88,453
Total assets		1,950,481,560
Liabilities:
Payable for:
Investments purchased		4,669,360
Fund shares reacquired		2,118,029
Collateral upon return of securities loaned		8,973,216
Accrued fees to affiliates		822,897
Accrued other operating expenses		776,523
Trustee deferred compensation and retirement plans		329,630
Total liabilities		17,689,655
Net assets applicable to shares outstanding	$	1,932,791,905
Net assets consist of:
Shares of beneficial interest	$	1,836,166,994
Distributable earnings		96,624,911
	$	1,932,791,905

Net Assets:
Class A	$	440,053,764
Class C	$	10,121,379
Class Y	$	728,125,617
Class R5	$	167,344,974
Class R6	$	587,146,171
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		14,197,770
Class C		334,226
Class Y		23,495,789
Class R5		5,417,568
Class R6		19,019,214
Class A:
Net asset value per share	$	30.99
Maximum offering price per share (Net asset value of $30.99 ÷ 94.50%)	$	32.79
Class C:
Net asset value and offering price per share	$	30.28
Class Y:
Net asset value and offering price per share	$	30.99
Class R5:
Net asset value and offering price per share	$	30.89
Class R6:
Net asset value and offering price per share	$	30.87

* At April 30, 2022, securities with an aggregate value of $9,358,440 were on loan to brokers.

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

8 Invesco EQV Emerging Markets All Cap Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $2,479,249)	$	22,586,664
Dividends from affiliates (includes securities lending income of $4,917)		495,306
Non-cash dividend income		2,597,517
Total investment income		25,679,487
Expenses:
Advisory fees		10,078,432
Administrative services fees		171,738
Custodian fees		467,607
Distribution fees:
Class A		651,811
Class C		65,560
Transfer agent fees – A, C and Y		1,156,857
Transfer agent fees – R5		95,002
Transfer agent fees – R6		109,849
Trustees’ and officers’ fees and benefits		17,054
Registration and filing fees		67,107
Reports to shareholders		112,876
Professional services fees		42,616
Other		19,725
Total expenses		13,056,234
Less: Fees waived and/or expense offset arrangement(s)		(35,318	)
Net expenses		13,020,916
Net investment income		12,658,571
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(33,389,507	)
Affiliated investment securities		(5,719	)
Foreign currencies		226,490
		(33,168,736	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $116,485)		(580,355,545	)
Affiliated investment securities		27,498,468
Foreign currencies		44,590
		(552,812,487	)
Net realized and unrealized gain (loss)		(585,981,223	)
Net increase (decrease) in net assets resulting from operations	$	(573,322,652	)

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

9 Invesco EQV Emerging Markets All Cap Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income	$	12,658,571		$	22,112,473
Net realized gain (loss)		(33,168,736	)		97,241,994
Change in net unrealized appreciation (depreciation)		(552,812,487	)		227,576,870
Net increase (decrease) in net assets resulting from operations		(573,322,652	)		346,931,337
Distributions to shareholders from distributable earnings:
Class A		(23,821,085	)		(30,719,071	)
Class C		(557,095	)		(797,143	)
Class Y		(45,068,032	)		(59,858,079	)
Class R5		(9,177,465	)		(11,073,849	)
Class R6		(33,332,046	)		(30,036,166	)
Total distributions from distributable earnings		(111,955,723	)		(132,484,308	)
Share transactions–net:
Class A		4,749,048			(15,190,495	)
Class C		(1,613,100	)		(2,792,302	)
Class Y		(66,815,495	)		(53,469,564	)
Class R5		9,462,648			15,141,754
Class R6		46,227,294			203,423,460
Net increase (decrease) in net assets resulting from share transactions		(7,989,605	)		147,112,853
Net increase (decrease) in net assets		(693,267,980	)		361,559,882
Net assets:
Beginning of period		2,626,059,885			2,264,500,003
End of period	$	1,932,791,905		$	2,626,059,885

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

10 Invesco EQV 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 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 04/30/22		$	41.94		$	0.16			$	(9.40	)		$	(9.24	)		$	(0.21	)		$	(1.50	)		$	(1.71	)		$	30.99		(22.80	)%		$	440,054		1.37	%(d)		1.37	%(d)		0.87	%(d)		11	%
Year ended 10/31/21			38.27			0.26				5.58				5.84				(0.40	)			(1.77	)			(2.17	)			41.94		15.22				591,114		1.31			1.31			0.61			19
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
Class C
Six months ended 04/30/22			40.94			0.02				(9.18	)			(9.16	)			–				(1.50	)			(1.50	)			30.28		(23.07	)			10,121		2.12	(d)		2.12	(d)		0.12	(d)		11
Year ended 10/31/21			37.38			(0.06	)			5.45				5.39				(0.06	)			(1.77	)			(1.83	)			40.94		14.35				15,632		2.06			2.06			(0.14	)		19
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
Class Y
Six months ended 04/30/22			42.00			0.21				(9.40	)			(9.19	)			(0.32	)			(1.50	)			(1.82	)			30.99		(22.69	)			728,126		1.12	(d)		1.12	(d)		1.12	(d)		11
Year ended 10/31/21			38.32			0.37				5.58				5.95				(0.50	)			(1.77	)			(2.27	)			42.00		15.50				1,062,846		1.06			1.06			0.86			19
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
Class R5
Six months ended 04/30/22			41.88			0.21				(9.36	)			(9.15	)			(0.34	)			(1.50	)			(1.84	)			30.89		(22.67	)			167,345		1.06	(d)		1.06	(d)		1.18	(d)		11
Year ended 10/31/21			38.22			0.39				5.57				5.96				(0.53	)			(1.77	)			(2.30	)			41.88		15.56				215,122		1.02			1.02			0.90			19
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
Class R6
Six months ended 04/30/22			41.89			0.23				(9.37	)			(9.14	)			(0.38	)			(1.50	)			(1.88	)			30.87		(22.66	)			587,146		0.99	(d)		0.99	(d)		1.25	(d)		11
Year ended 10/31/21			38.22			0.42				5.58				6.00				(0.56	)			(1.77	)			(2.33	)			41.89		15.67				741,346		0.93			0.93			0.99			19
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

^(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)  Annualized.

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

11 Invesco EQV Emerging Markets All Cap Fund

Notes to Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco EQV Emerging Markets All Cap Fund, formerly 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 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 may be valued up to 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 debt 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.

12 Invesco EQV Emerging Markets All Cap Fund

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

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

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

D. Distributions – Distributions from net investment income 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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “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 affiliates 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, fees paid to the Adviser were less than $500.

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 EQV Emerging Markets All Cap 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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. 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, 2022, the effective advisory fee rate incurred by the Fund was 0.88%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. 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, 2023, 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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $35,165.

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, 2022, 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, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

14 Invesco EQV Emerging Markets All Cap Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended April 30, 2022, 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, 2022, IDI advised the Fund that IDI retained $20,347 in front-end sales commissions from the sale of Class A shares and $621 and $1,949 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $1,305 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, 2022. 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	$	243,225,837	$	–	$ –	$	243,225,837
China		167,050,069		331,954,437	–		499,004,506
Egypt		31,872,635		–	–		31,872,635
France		–		31,618,594	–		31,618,594
Hungary		–		55,469,715	–		55,469,715
India		58,562,903		27,470,083	–		86,032,986
Indonesia		–		106,769,241	–		106,769,241
Macau		–		23,465,086	–		23,465,086
Mexico		220,469,599		–	–		220,469,599
Netherlands		–		10,722,693	–		10,722,693
Nigeria		–		26,418,329	–		26,418,329
Philippines		–		97,314,095	–		97,314,095
Russia		–		–	48		48
South Africa		–		9,861,895	–		9,861,895
South Korea		–		134,420,708	–		134,420,708
Taiwan		–		138,528,534	–		138,528,534
Turkey		–		21,724,853	–		21,724,853
United Arab Emirates		–		28,801,853	–		28,801,853
Vietnam		–		24,590,791	–		24,590,791
Money Market Funds		137,261,906		8,973,216	–		146,235,122
Total Investments		$858,442,949	$	1,078,104,123	$48	$	1,936,547,120

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $153.

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

15 Invesco EQV Emerging Markets All Cap Fund

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 carryforward 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, 2021.

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, 2022 was $237,462,442 and $342,982,202, 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	$	387,213,305
Aggregate unrealized (depreciation) of investments		(269,627,220	)
Net unrealized appreciation of investments	$	117,586,085

Cost of investments for tax purposes is $1,818,961,035.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		848,614		$	30,777,417			1,889,937		$	81,886,430
Class C		33,366			1,186,463			76,205			3,255,333
Class Y		3,862,575			138,362,278			5,667,031			244,849,914
Class R5		668,568			23,564,560			1,141,051			49,259,888
Class R6		3,200,251			111,335,095			6,685,446			290,901,817
Issued as reinvestment of dividends:
Class A		549,442			20,944,719			627,884			26,484,157
Class C		13,287			496,154			17,346			718,977
Class Y		709,975			27,028,746			842,214			35,499,330
Class R5		238,575			9,051,542			255,130			10,718,029
Class R6		811,404			30,760,326			637,164			26,754,520
Automatic conversion of Class C shares to Class A shares:
Class A		22,544			781,447			91,667			3,898,704
Class C		(23,055	)		(781,447	)		(93,490	)		(3,898,704	)

16 Invesco EQV Emerging Markets All Cap Fund

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(1,316,233	)	$	(47,754,535	)		(2,945,340	)	$	(127,459,786	)
Class C		(71,173	)		(2,514,270	)		(68,030	)		(2,867,908	)
Class Y		(6,380,214	)		(232,206,519	)		(7,704,418	)		(333,818,808	)
Class R5		(626,175	)		(23,153,454	)		(1,038,107	)		(44,836,163	)
Class R6		(2,689,861	)		(95,868,127	)		(2,638,022	)		(114,232,877	)
Net increase (decrease) in share activity		(148,110	)	$	(7,989,605	)		3,443,668		$	147,112,853

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 7% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

17 Invesco EQV 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, 2021 through April 30, 2022.

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     (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized       Expense Ratio
		Ending     Account Value     (04/30/22)1	Expenses       Paid During        Period2	Ending       Account Value        (04/30/22)	Expenses       Paid During        Period2
Class A	$1,000.00	$771.80	$6.02	$1,018.00	$6.85	1.37%
Class C	1,000.00	769.10	9.30	1,014.28	10.59	2.12
Class Y	1,000.00	772.90	4.92	1,019.24	5.61	1.12
Class R5	1,000.00	773.10	4.66	1,019.54	5.31	1.06
Class R6	1,000.00	773.40	4.35	1,019.89	4.96	0.99

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, 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 EQV Emerging Markets All Cap 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 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 number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. DVM-SAR-1

Semiannual Report to Shareholders April 30, 2022

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 is 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, 10/31/21 to 4/30/22, 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	-31.50	%
Class C Shares	-31.80
Class R Shares	-31.59
Class Y Shares	-31.49
Class R5 Shares	-31.47
Class R6 Shares	-31.42
MSCI Emerging Markets Indexq	-14.15
Source(s): q 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 Emerging Markets Innovators Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (6/30/14)	-2.27	%
5 Years	-3.13
1 Year	-38.90
Class C Shares
Inception (6/30/14)	-2.32	%
5 Years	-2.78
1 Year	-36.44
Class R Shares
Inception (6/30/14)	-1.82	%
5 Years	-2.28
1 Year	-35.53
Class Y Shares
Inception (6/30/14)	-1.33	%
5 Years	-1.80
1 Year	-35.27
Class R5 Shares
Inception	-1.44	%
5 Years	-1.85
1 Year	-35.22
Class R6 Shares
Inception (6/30/14)	-1.15	%
5 Years	-1.65
1 Year	-35.21

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. 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 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 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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–92.87%
Brazil–8.70%
Americanas S.A.		799,220	$	3,879,748
Arezzo Industria e Comercio S.A.		386,500		6,994,438
Lojas Renner S.A.		426,910		2,050,812
NU Holdings Ltd., Class A(a)		185,675		1,115,907
Pagseguro Digital Ltd., Class A(a)		215,535		3,170,520
WEG S.A.		228,400		1,390,556
				18,601,981
Chile–2.45%
Banco Santander Chile		62,443,070		3,004,408
Parque Arauco S.A.		2,657,626		2,231,944
				5,236,352
China–29.55%
BeiGene Ltd.(a)		84,400		1,058,201
BeiGene Ltd., ADR(a)		9,893		1,582,880
Brii Biosciences Ltd.(a)		1,407,500		1,489,273
Huazhu Group Ltd., ADR		320,942		9,705,286
Keymed Biosciences, Inc.(a)(b)		890,179		2,587,551
MicroTech Medical Hangzhou Co. Ltd., H Shares(a)(b)		907,800		1,295,250
New Horizon Health Ltd.(a)(b)		426,000		906,206
Remegen Co. Ltd., H Shares(a)(b)		402,872		1,698,461
Silergy Corp.		66,000		5,829,269
SITC International Holdings Co. Ltd.		908,000		3,031,324
Sunny Optical Technology Group Co. Ltd.		268,300		3,925,426
Tencent Music Entertainment Group, ADR(a)		858,216		3,647,418
Wuxi Biologics Cayman, Inc.(a)(b)		641,500		4,655,294
Yum China Holdings, Inc.		256,274		10,712,253
Zai Lab Ltd., ADR(a)		64,963		2,595,921
Zhongsheng Group Holdings Ltd.		464,289		3,057,062
ZTO Express Cayman, Inc., ADR		197,349		5,429,071
				63,206,146
Egypt–1.55%
Commercial International Bank Egypt S.A.E.		1,369,762		3,318,414
India–14.06%
Asian Paints Ltd.		5,139		215,851
Godrej Properties Ltd.(a)		125,780		2,552,699
Havells India Ltd.		237,002		4,029,893
HDFC Life Insurance Co. Ltd.(b)		170,660		1,290,432
ICICI Lombard General Insurance Co. Ltd.(b)		118,909		1,978,327
ICICI Prudential Life Insurance Co. Ltd.(b)		361,228		2,456,470
Le Travenues Technology Ltd.(c)		7,200,800		8,991,968
Marico Ltd.		100,963		685,005
Oberoi Realty Ltd.(a)		389,999		4,854,809
Voltas Ltd.		184,492		3,027,214
				30,082,668

	Shares		Value
Indonesia–6.94%
PT Ace Hardware Indonesia Tbk		58,235,800	$	4,198,177
PT Bank Rakyat Indonesia (Persero) Tbk		11,221,329		3,729,822
PT Semen Indonesia (Persero) Tbk		7,869,300		3,468,639
PT Unilever Indonesia Tbk		12,833,100		3,440,059
				14,836,697
Mexico–9.21%
Alsea S.A.B. de C.V.		1,153,884		2,529,255
Coca-Cola FEMSA S.A.B. de C.V., ADR		74,397		4,062,076
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO		424,200		3,189,633
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		116,975		2,552,969
Grupo Mexico S.A.B. de C.V., Class B		714,100		3,342,603
Wal-Mart de Mexico S.A.B. de C.V., Series V		1,138,900		4,027,296
				19,703,832
Peru–1.70%
Credicorp Ltd.		10,921		1,516,818
InRetail Peru Corp.(b)		58,130		2,115,932
				3,632,750
Philippines–3.22%
San Miguel Food and Beverage, Inc.		2,463,530		2,924,461
SM Prime Holdings, Inc.		5,928,100		3,962,428
				6,886,889
Poland–0.96%
Allegro.eu S.A.(a)(b)		403,106		2,062,686
Russia–0.00%
Fix Price Group Ltd., GDR(b)(c)		148,043		0
Polyus PJSC, GDR(b)(c)		82,477		0
TCS Group Holding PLC, GDR(b)(c)		72,043		0
Yandex N.V., Class A(a)(c)		220,435		0
				0
South Korea–7.76%
LG Chem Ltd.		12,083		4,853,489
LG Household & Health Care Ltd.		4,145		2,946,511
Samsung Biologics Co. Ltd.(a)(b)		13,316		8,798,027
				16,598,027
Taiwan–4.41%
MediaTek, Inc.		161,000		4,411,538
Voltronic Power Technology Corp.		115,919		5,031,988
				9,443,526
Turkey–1.57%
BIM Birlesik Magazalar A.S.		600,960		3,359,929
United States–0.79%
Globant S.A.(a)		7,801		1,684,938
Total Common Stocks & Other Equity Interests (Cost $210,920,338)				198,654,835

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

5 Invesco Emerging Markets Innovators Fund

	Shares		Value
Money Market Funds–5.82%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)		4,355,416	$	4,355,416
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(d)(e)		3,111,738		3,111,116
Invesco Treasury Portfolio, Institutional Class, 0.23%(d)(e)		4,977,619		4,977,619
Total Money Market Funds (Cost $12,444,120)				12,444,151
TOTAL INVESTMENTS IN SECURITIES–98.69% (Cost $223,364,458)				211,098,986
OTHER ASSETS LESS LIABILITIES–1.31%				2,806,246
NET ASSETS–100.00%			$	213,905,232

Investment Abbreviations:

ADR – American Depositary Receipt

CPO – Certificates of Ordinary Participation

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, 2022 was $29,844,636, which represented 13.95% of the Fund’s Net Assets.

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

^(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, 2022.

	Value October 31, 2021		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  5,168,377		$	18,129,764		$	(18,942,725	)		$   -		$	-		$	4,355,416		$   268
Invesco Liquid Assets Portfolio, Institutional Class		3,651,667			12,949,831			(13,489,521	)		31			(892)			3,111,116		731
Invesco Treasury Portfolio, Institutional Class		5,906,716			20,719,730			(21,648,827	)		-			-			4,977,619		848
Total		$14,726,760		$	51,799,325		$	(54,081,073	)		$31		$	(892)		$	12,444,151		$1,847

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Consumer Discretionary	25.33	%
Consumer Staples	12.51
Health Care	12.47
Industrials	11.45
Information Technology	8.89
Financials	8.61
Real Estate	6.36
Materials	5.55
Other Sectors, Each Less than 2% of Net Assets	1.70
Money Market Funds Plus Other Assets Less Liabilities	7.13

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, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $210,920,338)	$	198,654,835
Investments in affiliated money market funds, at value (Cost $12,444,120)		12,444,151
Cash		300,000
Foreign currencies, at value (Cost $3,283,696)		3,237,661
Receivable for:
Fund shares sold		205,931
Dividends		489,963
Investment for trustee deferred compensation and retirement plans		21,581
Other assets		31,962
Total assets		215,386,084
Liabilities:
Payable for:
Fund shares reacquired		339,714
Accrued foreign taxes		870,648
Accrued fees to affiliates		104,364
Accrued other operating expenses		144,545
Trustee deferred compensation and retirement plans		21,581
Total liabilities		1,480,852
Net assets applicable to shares outstanding	$	213,905,232
Net assets consist of:
Shares of beneficial interest	$	247,348,484
Distributable earnings (loss)		(33,443,252	)
	$	213,905,232

Net Assets:
Class A	$	48,536,437
Class C	$	11,853,966
Class R	$	5,902,069
Class Y	$	101,085,453
Class R5	$	8,009
Class R6	$	46,519,298
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,432,959
Class C		1,678,221
Class R		799,019
Class Y		13,137,373
Class R5		1,049
Class R6		5,966,415
Class A:
Net asset value per share	$	7.54
Maximum offering price per share (Net asset value of $7.54 ÷ 94.50%)	$	7.98
Class C:
Net asset value and offering price per share	$	7.06
Class R:
Net asset value and offering price per share	$	7.39
Class Y:
Net asset value and offering price per share	$	7.69
Class R5:
Net asset value and offering price per share	$	7.63
Class R6:
Net asset value and offering price per share	$	7.80

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, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $246,918)	$	2,111,150
Dividends from affiliated money market funds		1,847
Total investment income		2,112,997
Expenses:
Advisory fees		1,795,144
Administrative services fees		21,608
Distribution fees:
Class A		94,671
Class C		78,791
Class R		17,428
Transfer agent fees – A, C, R and Y		160,840
Transfer agent fees – R5		2
Transfer agent fees – R6		12,692
Trustees’ and officers’ fees and benefits		9,966
Registration and filing fees		44,028
Professional services fees		57,218
Other		(48,134	)
Total expenses		2,244,254
Less: Fees waived and/or expenses reimbursed		(85,998	)
Net expenses		2,158,256
Net investment income (loss)		(45,259	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $913,567)		(17,008,965	)
Affiliated investment securities		(892	)
Foreign currencies		(99,129	)
Forward foreign currency contracts		(12,944	)
		(17,121,930	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $1,048,516)		(98,698,696	)
Affiliated investment securities		31
Foreign currencies		(5,092	)
		(98,703,757	)
Net realized and unrealized gain (loss)		(115,825,687	)
Net increase (decrease) in net assets resulting from operations	$	(115,870,946	)

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, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income (loss)	$	(45,259	)	$	(2,429,104	)
Net realized gain (loss)		(17,121,930	)		45,142,513
Change in net unrealized appreciation (depreciation)		(98,703,757	)		22,177,647
Net increase (decrease) in net assets resulting from operations		(115,870,946	)		64,891,056
Distributions to shareholders from distributable earnings:
Class A		(9,157,683	)		(2,484,125	)
Class C		(2,188,956	)		(750,908	)
Class R		(881,257	)		(272,278	)
Class Y		(19,805,340	)		(6,588,853	)
Class R5		(1,395	)		(419	)
Class R6		(9,542,026	)		(4,744,973	)
Total distributions from distributable earnings		(41,576,657	)		(14,841,556	)
Share transactions–net:
Class A		(50,897,171	)		59,012,767
Class C		69,634			(2,753,965	)
Class R		1,270,099			(521,215	)
Class Y		(17,495,048	)		(11,476,814	)
Class R6		(11,767,922	)		(60,850,966	)
Net increase (decrease) in net assets resulting from share transactions		(78,820,408	)		(16,590,193	)
Net increase (decrease) in net assets		(236,268,011	)		33,459,307
Net assets:
Beginning of period		450,173,243			416,713,936
End of period	$	213,905,232		$	450,173,243

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 04/30/22		$	12.47		$	(0.01	)		$	(3.59	)		$	(3.60	)		$	–			$	(1.33	)		$	(1.33	)		$	7.54		(31.59	)%		$	48,536		1.50	%(e)		1.57	%(e)		(0.16	)%(e)		11	%
Year ended 10/31/21			11.17			(0.08	)			1.78				1.70				–				(0.40	)			(0.40	)			12.47		15.15	(f)			136,638		1.58	(f)		1.64	(f)		(0.65	)(f)		50
Year ended 10/31/20			10.41			(0.06	)			0.82				0.76				–				–				–				11.17		7.30	(f)			70,918		1.68	(f)		1.68	(f)		(0.62	)(f)		67
Two months ended 10/31/19			9.85			(0.01	)			0.57				0.56				–				–				–				10.41		5.69				83,842		1.68	(e)		1.68	(e)		(0.63	)(e)		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
Class C
Six months ended 04/30/22			11.81			(0.04	)			(3.38	)			(3.42	)			–				(1.33	)			(1.33	)			7.06		(31.85	)			11,854		2.25	(e)		2.32	(e)		(0.91	)(e)		11
Year ended 10/31/21			10.67			(0.18	)			1.72				1.54				–				(0.40	)			(0.40	)			11.81		14.34				19,858		2.35			2.40			(1.42	)		50
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	(e)		2.44	(e)		(1.40	)(e)		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
Class R
Six months ended 04/30/22			12.25			(0.02	)			(3.51	)			(3.53	)			–				(1.33	)			(1.33	)			7.39		(31.59	)			5,902		1.75	(e)		1.82	(e)		(0.41	)(e)		11
Year ended 10/31/21			11.01			(0.12	)			1.76				1.64				–				(0.40	)			(0.40	)			12.25		14.82				8,126		1.85			1.90			(0.92	)		50
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	(e)		1.94	(e)		(0.90	)(e)		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
Class Y
Six months ended 04/30/22			12.67			0.00				(3.65	)			(3.65	)			–				(1.33	)			(1.33	)			7.69		(31.49	)			101,085		1.25	(e)		1.32	(e)		0.09	(e)		11
Year ended 10/31/21			11.32			(0.06	)			1.81				1.75				–				(0.40	)			(0.40	)			12.67		15.40				193,558		1.35			1.40			(0.42	)		50
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	(e)		1.44	(e)		(0.40	)(e)		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
Class R5
Six months ended 04/30/22			12.58			0.01				(3.63	)			(3.62	)			–				(1.33	)			(1.33	)			7.63		(31.47	)			8		1.23	(e)		1.23	(e)		0.11	(e)		11
Year ended 10/31/21			11.23			(0.04	)			1.79				1.75				–				(0.40	)			(0.40	)			12.58		15.52				13		1.26			1.26			(0.33	)		50
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	(e)		1.31	(e)		(0.26	)(e)		20
Period ended 08/31/19(g)			9.53			0.00				0.33				0.33				–				–				–				9.86		3.46				10		1.28	(e)		1.28	(e)		0.15	(e)		36
Class R6
Six months ended 04/30/22			12.82			0.01				(3.70	)			(3.69	)			–				(1.33	)			(1.33	)			7.80		(31.42	)			46,519		1.23	(e)		1.23	(e)		0.11	(e)		11
Year ended 10/31/21			11.44			(0.04	)			1.82				1.78				–				(0.40	)			(0.40	)			12.82		15.50				91,980		1.25			1.26			(0.32	)		50
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	(e)		1.27	(e)		(0.22	)(e)		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

^(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 years ended October 31, 2019, 2018 and 2017, respectively.

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

^(e)  Annualized.

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

^(g)  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, 2022

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 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 may be valued up to 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 debt 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.

11 Invesco Emerging Markets Innovators Fund

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

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

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

D. Distributions – Distributions from net investment income 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 based on relative net assets of Class R5 and Class R6. 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 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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant

12 Invesco Emerging Markets Innovators Fund

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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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, 2022, 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 at least February 28, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25%, and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $1,229 and reimbursed class level expenses of $24,496, $5,626, $2,531, $52,116, $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, 2022, 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, 2022, 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 Plans, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $11,424 in front-end sales commissions from the sale of Class A shares and $892 and $2,602 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $2,178 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

13 Invesco Emerging Markets Innovators 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, 2022. 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	$	18,601,981	$	–	$	–	$	18,601,981
Chile		5,236,352		–		–		5,236,352
China		33,672,829		29,533,317		–		63,206,146
Egypt		–		3,318,414		–		3,318,414
India		–		21,090,700		8,991,968		30,082,668
Indonesia		–		14,836,697		–		14,836,697
Mexico		19,703,832		–		–		19,703,832
Peru		3,632,750		–		–		3,632,750
Philippines		–		6,886,889		–		6,886,889
Poland		–		2,062,686		–		2,062,686
Russia		–		–		0		0
South Korea		–		16,598,027		–		16,598,027
Taiwan		–		9,443,526		–		9,443,526
Turkey		–		3,359,929		–		3,359,929
United States		1,684,938		–		–		1,684,938
Money Market Funds		12,444,151		–		–		12,444,151
Total Investments	$	94,976,833	$	107,130,185	$	8,991,968	$	211,098,986

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, 2022:

	Value 10/31/21		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums	Realized Gain		Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3		Transfers out of Level 3	Value 04/30/22
Common Stocks & Other Equity Interests	$	–	$	9,964,902	$	(8,706,860	)	$–	$	2,544,427	$	(39,971,833	)	$	45,161,332	$–	$	8,991,968
Preferred Stocks		9,169,499		–		(9,169,499	)	–		–		–			–	–		–
Total	$	9,169,499	$	9,964,902	$	(17,876,359	)	$–	$	2,544,427	$	(39,971,833	)	$	45,161,332	$–	$	8,991,968

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:

					Range of
	Fair Value		Valuation	Unobservable	Unobservable	Unobservable
	at 04/30/22		Technique	Inputs	Inputs	Input Used
Le Travenues Technology Ltd.	$	8,991,968	Cost price adjusted by exchange rate	Cost price	N/A		$509.36      (a)
			Stock split ratio	Stock split ratio	N/A		400 for 1

^(a)  The Fund fair values certain private placement securities at the original purchase price or “cost”. The Adviser periodically reviews the 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–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.

14 Invesco Emerging Markets Innovators Fund

Effect of Derivative Investments for the six months ended April 30, 2022

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		$(12,944)

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

	Forward Foreign Currency Contracts
Average notional value	$1,640,067

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 carryforward 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, 2021.

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, 2022 was $35,772,432 and $156,889,827, 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	$ 45,924,708
Aggregate unrealized (depreciation) of investments	(59,173,835	)
Net unrealized appreciation (depreciation) of investments	$(13,249,127	)

Cost of investments for tax purposes is $224,348,113.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2022(a)				Year ended October 31, 2021
	Shares		Amount		Shares		Amount
Sold:
Class A		682,459	$	6,310,026		6,255,457	$	80,659,716
Class C		107,765		986,935		321,067		4,060,781
Class R		130,605		1,166,738		133,649		1,731,723
Class Y		2,142,516		20,193,092		2,609,368		34,702,024
Class R6		1,820,621		16,875,133		1,363,252		18,353,203

15 Invesco Emerging Markets Innovators Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		859,881		$	8,710,599			183,162		$	2,322,499
Class C		218,352			2,076,530			58,673			709,352
Class R		88,466			878,468			21,782			272,050
Class Y		1,416,769			14,635,222			447,254			5,751,687
Class R6		296,991			3,106,523			243,443			3,167,195
Automatic conversion of Class C shares to Class A shares:
Class A		33,289			310,401			188,539			2,464,557
Class C		(35,452	)		(310,401	)		(198,024	)		(2,464,557	)
Reacquired:
Class A		(6,102,455	)		(66,228,197	)		(2,018,986	)		(26,434,005	)
Class C		(294,572	)		(2,683,430	)		(405,511	)		(5,059,541	)
Class R		(83,399	)		(775,107	)		(195,301	)		(2,524,988	)
Class Y		(5,695,778	)		(52,323,362	)		(3,990,225	)		(51,930,525	)
Class R6		(3,324,728	)		(31,749,578	)		(6,171,816	)		(82,371,364	)
Net increase (decrease) in share activity		(7,738,670	)	$	(78,820,408	)		(1,154,217	)	$	(16,590,193	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 57% 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, 2021 through April 30, 2022.

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     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2	Annualized       Expense Ratio
Class A	$1,000.00	$685.00	$6.27	$1,017.36	$7.50	1.50%
Class C	1,000.00	682.00	9.38	1,013.64	11.23	2.25
Class R	1,000.00	684.10	7.31	1,016.12	8.75	1.75
Class Y	1,000.00	685.10	5.22	1,018.60	6.26	1.25
Class R5	1,000.00	685.30	5.14	1,018.70	6.16	1.23
Class R6	1,000.00	685.80	5.14	1,018.70	6.16	1.23

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, 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 Emerging Markets Innovators 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 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 number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. O-EMI-SAR-1

Semiannual Report to Shareholders April 30, 2022

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
25	Fund Expenses

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

Unless otherwise noted, all data is 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, 10/31/21 to 4/30/22, 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	-9.65	%
Class C Shares	-9.84
Class R Shares	-9.60
Class Y Shares	-9.37
Class R5 Shares	-9.30
Class R6 Shares	-9.47
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index▼	-13.17
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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (6/30/10)	0.24	%
10 Years	-1.09
5 Years	-2.03
1 Year	-17.16
Class C Shares
Inception (6/30/10)	0.09	%
10 Years	-1.28
5 Years	-1.98
1 Year	-14.99
Class R Shares
Inception (6/30/10)	0.34	%
10 Years	-0.93
5 Years	-1.46
1 Year	-13.72
Class Y Shares
Inception (6/30/10)	0.89	%
10 Years	-0.37
5 Years	-0.95
1 Year	-13.27
Class R5 Shares
10 Years	-0.56	%
5 Years	-0.97
1 Year	-13.04
Class R6 Shares
Inception (9/28/12)	-0.78	%
5 Years	-0.86
1 Year	-13.19

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–74.49%(a)
Brazil–3.57%
Brazil Notas do Tesouro Nacional,
Series B, 6.00%, 05/15/2025	BRL	3,100,000	$  2,504,517
Series B, 6.00%, 05/15/2055	BRL	1,200,000	985,243
			3,489,760
Chile–3.49%
Bonos de la Tesoreria de la Republica,
1.30%, 03/01/2023	CLP	813,211,850	967,609
0.00%, 03/01/2025	CLP	1,114,928,850	1,260,375
Bonos de la Tesoreria de la Republica en pesos, 2.30%, 10/01/2028(b)	CLP	1,300,000,000	1,180,683
			3,408,667
China–5.25%
China Development Bank,
Series 2103, 3.30%, 03/03/2026	CNY	10,000,000	1,547,670
Series 2110, 3.41%, 06/07/2031	CNY	8,000,000	1,239,326
China Government Bond, 3.72%, 04/12/2051	CNY	5,000,000	806,977
Export-Import Bank of China (The), Series 2105, 3.22%, 05/14/2026	CNY	10,000,000	1,540,095
			5,134,068
Colombia–4.94%
Colombian TES,
Series B, 5.75%, 11/03/2027	COP	7,000,000,000	1,456,241
Series B, 6.00%, 04/28/2028	COP	2,850,000,000	590,847
Series B, 7.25%, 10/26/2050	COP	7,000,000,000	1,243,938
PA Autopista Rio Magdalena, 6.05%, 06/15/2036(b)	COP	6,500,000,000	1,539,362
			4,830,388
Czech Rep–2.46%
Czech Republic Government Bond,
Series 100, 0.25%, 02/10/2027	CZK	20,000,000	700,598
Series 125, 1.50%, 04/24/2040	CZK	2,000,000	57,022
Series 49, 4.20%, 12/04/2036(b)	CZK	16,000,000	684,256
Series 78, 2.50%, 08/25/2028(b)	CZK	25,000,000	959,162
			2,401,038

		Principal Amount		Value
Hungary–1.56%
Hungary Government Bond,
Series 27/A, 3.00%, 10/27/2027	HUF		450,000,000	$  1,029,862
Series 34/A, 2.25%, 06/22/2034	HUF		280,000,000	494,178
				1,524,040
India–2.75%
India Government Bond, 7.27%, 04/08/2026	INR		200,000,000	2,685,679
Indonesia–4.83%
Indonesia Treasury Bond,
Series FR87, 6.50%, 02/15/2031	IDR		5,000,000,000	333,000
Series FR91, 6.38%, 04/15/2032	IDR		15,000,000,000	993,221
Series FR92, 7.13%, 06/15/2042	IDR		50,000,000,000	3,395,633
				4,721,854
Malaysia–8.52%
Malaysia Government Bond,
Series 0122, 3.58%, 07/15/2032	MYR		3,000,000	642,615
Series 0519, 3.76%, 05/22/2040	MYR		6,500,000	1,279,291
Series 115, 3.96%, 09/15/2025	MYR		10,000,000	2,313,834
Series 120, 4.07%, 06/15/2050	MYR		5,000,000	981,861
Series 513, 3.73%, 06/15/2028	MYR		14,000,000	3,109,913
				8,327,514
Mexico–8.64%
Mexican Bonos,
Series M, 7.75%, 11/13/2042	MXN		16,000,000	679,101
Series M 20, 8.50%, 05/31/2029	MXN		40,000,000	1,903,020
Series M 30, 8.50%, 11/18/2038	MXN		40,000,000	1,853,100
Mexican Udibonos, Series S, 3.50%, 11/16/2023	MXN		80,415,511	3,914,649
Red de Carreteras de Occidente S.A.B. de C.V., 9.00%, 06/10/2028(b)	MXN		1,932,000	94,308
				8,444,178
Peru–3.00%
Peru Government Bond,
5.94%, 02/12/2029	PEN		6,000,000	1,412,855
6.15%, 08/12/2032	PEN		5,850,000	1,330,583
5.35%, 08/12/2040	PEN		1,000,000	189,954
				2,933,392

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
Poland–4.38%
Republic of Poland Government Bond,
Series 0727, 2.50%, 07/25/2027	PLN		6,000,000	$  1,109,465
Series 1029, 2.75%, 10/25/2029	PLN		9,000,000	1,599,876
Series 5Y, 3.75%, 05/25/2027	PLN		8,000,000	1,571,343
				4,280,684
Russia–0.00%
Russian Federal Bond - OFZ,
Series 6219, 7.75%, 09/16/2026(c)	RUB		40,000,000	0
Series 6232, 6.00%, 10/06/2027(c)	RUB		170,000,000	0
				0
South Africa–14.08%
Eskom Holdings SOC Ltd., Series ES23, 10.00%, 01/25/2023	ZAR		11,000,000	710,922
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030	ZAR		45,000,000	2,552,683
Series 2037, 8.50%, 01/31/2037	ZAR		100,000,000	5,235,080
Series 2040, 9.00%, 01/31/2040	ZAR		50,000,000	2,680,228
Series R186, 10.50%, 12/21/2026	ZAR		25,000,000	1,713,630
Series R209, 6.25%, 03/31/2036	ZAR		20,000,000	862,941
				13,755,484
Supranational–0.09%
International Finance Corp., 0.00%, 02/15/2029(b)(d)	TRY		7,300,000	84,877
Thailand–6.93%
Thailand Government Bond,
1.00%, 06/17/2027	THB		130,000,000	3,559,039
2.88%, 12/17/2028	THB		55,000,000	1,639,897
3.78%, 06/25/2032	THB		50,000,000	1,575,463
				6,774,399
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $82,507,762)				72,796,022

Investment Abbreviations:
BRL	– Brazilian Real
CLP	– Chile Peso
CNY	– Chinese Yuan Renminbi
COP	– Colombia Peso
CZK	– Czech Koruna
HUF	– Hungarian Forint
IDR	– Indonesian Rupiah
INR	– Indian Rupee
MXN	–Mexican Peso
MYR	– Malaysian Ringgit
PEN	– Peruvian Sol
PLN	– Polish Zloty
RUB	– Russian Ruble
THB	– Thai Baht
TRY	– Turkish Lira
ZAR	– South African Rand

	Principal Amount			Value
U.S. Dollar Denominated Bonds & Notes–1.27%
Egypt–1.15%
Egypt Government International Bond,
5.75%, 05/29/2024(b)		$	500,000	$     467,936
3.88%, 02/16/2026(b)			800,000	651,832
				1,119,768
United States–0.12%
United States International Development Finance Corp., Series 4, 3.13%, 04/15/2028			120,000	118,191
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,339,584)				1,237,959
			Shares
Money Market Funds–18.41%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(e)(f)			6,298,305	6,298,305
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(e)(f)			4,499,553	4,498,653
Invesco Treasury Portfolio, Institutional Class, 0.23%(e)(f)			7,198,063	7,198,063
Total Money Market Funds (Cost $17,995,115)				17,995,021
Options Purchased–0.33%
(Cost $840,812)(g)				321,085
TOTAL INVESTMENTS IN SECURITIES–94.50% (Cost $102,683,273)				92,350,087
OTHER ASSETS LESS LIABILITIES–5.50%				5,373,921
NET ASSETS–100.00%				$97,724,008

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, 2022 was $5,662,416, which represented 5.79% of the Fund’s Net Assets.

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

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

^(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, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	5,607,012		$	34,010,960		$	(33,319,667	)		$	-		$	-		$	6,298,305	$   800
Invesco Liquid Assets Portfolio, Institutional Class			4,280,399			24,293,543			(24,074,348	)			(7)			(934)			4,498,653	894
Invesco Treasury Portfolio, Institutional Class			6,408,013			38,869,669			(38,079,619	)			-			-			7,198,063	963
Total		$	16,295,424		$	97,174,172		$	(95,473,634	)		$	(7)		$	(934)		$	17,995,021	$2,657

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(g)  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
USD versus IDR		Call	Standard Chartered Bank PLC		06/06/2022		IDR	14,915.00	USD	7,000,000	$26,537
Currency Risk
CNH versus KRW		Put	J.P. Morgan Chase Bank, N.A.		08/18/2022		KRW	185.40	CNH	16,400,000	28,181
EUR versus PLN		Put	Morgan Stanley and Co. International PLC		05/31/2022		PLN	4.66	EUR	4,500,000	39,773
USD versus CLP		Put	Merrill Lynch International		10/06/2022		CLP	775.00	USD	7,500,000	41,355
USD versus CLP		Put	Morgan Stanley and Co. International PLC		11/09/2022		CLP	772.00	USD	4,500,000	28,399
USD versus COP		Put	Morgan Stanley and Co. International PLC		06/24/2022		COP	3,600.00	USD	6,000,000	12,204
USD versus CZK		Put	Merrill Lynch International		08/11/2022		CZK	21.00	USD	6,000,000	7,938
USD versus MXN		Put	J.P. Morgan Chase Bank, N.A.		06/27/2022		MXN	20.00	USD	4,100,000	31,025
USD versus MXN		Put	Merrill Lynch International		10/06/2022		MXN	19.96	USD	7,000,000	78,806
USD versus PLN		Put	Morgan Stanley and Co. International PLC		05/05/2022		PLN	3.89	USD	5,600,000	5
USD versus ZAR		Put	J.P. Morgan Chase Bank, N.A.		09/29/2022		ZAR	14.20	USD	5,500,000	26,862
Subtotal – Foreign Currency Put Options Purchased											294,548
Total Foreign Currency Options Purchased											$321,085

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $610,000.

Open Over-The-Counter Foreign Currency Options Written(a)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

USD versus BRL

Call

J.P. Morgan Chase Bank, N.A.

06/28/2022

BRL

5.26

USD

3,000,000

$

(51,549

)

USD versus CLP

Call

Merrill Lynch International

10/06/2022

CLP

895.00

USD

3,750,000

(129,600

)

USD versus CLP

Call

Morgan Stanley and Co. International PLC

02/10/2023

CLP

948.00

USD

3,000,000

(103,716

)

USD versus COP

Call

J.P. Morgan Chase Bank, N.A.

08/09/2022

COP

4,350.00

USD

3,000,000

(42,774

)

USD versus MXN

Call

J.P. Morgan Chase Bank, N.A.

06/27/2022

MXN

21.15

USD

4,100,000

(43,698

)

Subtotal – Foreign Currency Call Options Written

(371,337

)

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)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

EUR versus PLN

Put

Morgan Stanley and Co. International PLC

05/31/2022

PLN

4.52

EUR

4,500,000

$

(5,269

)

USD versus BRL

Put

Merrill Lynch International

05/12/2022

BRL

4.95

USD

4,500,000

(69,894

)

USD versus CLP

Put

Merrill Lynch International

10/06/2022

CLP

740.00

USD

3,750,000

(7,973

)

USD versus CZK

Put

Merrill Lynch International

08/11/2022

CZK

20.20

USD

9,000,000

(5,742

)

USD versus MXN

Put

J.P. Morgan Chase Bank, N.A.

06/27/2022

MXN

19.20

USD

4,100,000

(5,486

)

USD versus MXN

Put

Merrill Lynch International

10/06/2022

MXN

19.20

USD

7,000,000

(29,652

)

Subtotal – Foreign Currency Put Options Written

(124,016

)

Total – Foreign Currency Options Written

$

(495,353

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $610,000.

Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized   Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
06/15/2022	Bank of America, N.A.	HUF	82,353,000	USD	246,345	$         17,987
06/15/2022	Bank of America, N.A.	THB	68,520,000	USD	2,060,132	58,364
07/14/2022	Bank of America, N.A.	CLP	887,460,000	USD	1,050,000	23,844
08/15/2022	Bank of America, N.A.	CZK	19,395,000	USD	900,000	77,888
09/15/2022	Bank of America, N.A.	PEN	1,130,000	USD	292,792	2,604
10/11/2022	Bank of America, N.A.	CLP	1,074,187,500	USD	1,275,000	51,409
10/11/2022	Bank of America, N.A.	MXN	24,826,375	USD	1,190,000	10,183
06/15/2022	Barclays Bank PLC	CNY	5,610,000	USD	876,056	31,825
05/03/2022	Goldman Sachs International	BRL	6,940,000	USD	1,477,243	73,507
06/15/2022	Goldman Sachs International	CLP	1,007,700,000	USD	1,172,017	502
06/15/2022	Goldman Sachs International	COP	2,757,910,000	USD	723,928	32,121
06/15/2022	Goldman Sachs International	CZK	39,155,000	USD	1,709,228	38,936
06/15/2022	Goldman Sachs International	EUR	1,926,000	USD	2,125,697	89,863
06/15/2022	Goldman Sachs International	MXN	25,120,000	USD	1,227,312	6,431
06/15/2022	Goldman Sachs International	PLN	10,265,000	USD	2,397,633	93,984
06/15/2022	Goldman Sachs International	USD	1,412,458	ZAR	22,415,000	451
06/15/2022	Goldman Sachs International	ZAR	92,280,690	USD	6,133,194	316,366
09/15/2022	Goldman Sachs International	PEN	910,000	USD	241,386	7,694
05/03/2022	J.P. Morgan Chase Bank, N.A.	BRL	53,895,000	USD	11,041,421	140,219
06/15/2022	J.P. Morgan Chase Bank, N.A.	CNY	50,291,750	USD	7,794,811	226,566
06/15/2022	J.P. Morgan Chase Bank, N.A.	COP	1,435,020,000	USD	372,888	12,921
06/15/2022	J.P. Morgan Chase Bank, N.A.	CZK	20,360,000	USD	895,474	26,948
06/15/2022	J.P. Morgan Chase Bank, N.A.	EUR	1,610,000	USD	1,777,126	75,313
06/15/2022	J.P. Morgan Chase Bank, N.A.	HUF	1,681,332,000	USD	4,909,694	247,500
06/15/2022	J.P. Morgan Chase Bank, N.A.	IDR	7,596,050,000	USD	527,687	7,317
06/15/2022	J.P. Morgan Chase Bank, N.A.	MXN	37,449,640	USD	1,853,708	33,583
06/15/2022	J.P. Morgan Chase Bank, N.A.	PLN	8,145,000	USD	1,885,934	58,050
06/15/2022	J.P. Morgan Chase Bank, N.A.	RON	790,000	USD	171,667	4,233
06/15/2022	J.P. Morgan Chase Bank, N.A.	THB	66,120,000	USD	1,967,905	36,251
06/15/2022	J.P. Morgan Chase Bank, N.A.	ZAR	27,201,873	USD	1,852,748	138,103
06/29/2022	J.P. Morgan Chase Bank, N.A.	MXN	41,583,225	USD	2,050,000	34,347
08/22/2022	J.P. Morgan Chase Bank, N.A.	KRW	1,279,260,000	USD	1,068,633	54,311
10/03/2022	J.P. Morgan Chase Bank, N.A.	ZAR	12,224,850	USD	825,000	63,034
05/03/2022	Morgan Stanley and Co. International PLC	BRL	49,214,259	USD	10,004,728	50,287
05/09/2022	Morgan Stanley and Co. International PLC	PLN	5,694,200	USD	1,420,000	135,952

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)
Settlement		Contract to					Unrealized   Appreciation
Date	Counterparty	Deliver		Receive			(Depreciation)
06/02/2022	Morgan Stanley and Co. International PLC	PLN	5,058,750	USD	1,200,255	$	63,012
06/02/2022	Morgan Stanley and Co. International PLC	USD	9,724,300	BRL	48,859,259		62,677
06/15/2022	Morgan Stanley and Co. International PLC	CLP	2,975,603,500	USD	3,656,355		197,030
06/15/2022	Morgan Stanley and Co. International PLC	COP	8,294,220,000	USD	2,129,399		48,838
06/15/2022	Morgan Stanley and Co. International PLC	MXN	27,120,000	USD	1,352,079		33,994
06/15/2022	Morgan Stanley and Co. International PLC	THB	17,300,000	USD	520,583		15,174
06/15/2022	Morgan Stanley and Co. International PLC	USD	601,294	INR	46,290,000		555
06/15/2022	Morgan Stanley and Co. International PLC	USD	1,065,841	MXN	22,715,000		38,152
06/15/2022	Morgan Stanley and Co. International PLC	USD	305,660	PLN	1,370,000		1,792
06/29/2022	Morgan Stanley and Co. International PLC	COP	4,897,275,000	USD	1,275,000		49,067
08/08/2022	Morgan Stanley and Co. International PLC	PLN	2,204,525	USD	545,000		53,957
11/14/2022	Morgan Stanley and Co. International PLC	CLP	977,944,500	USD	1,170,000		61,761
02/14/2023	Morgan Stanley and Co. International PLC	CLP	483,930,000	USD	570,000		28,314
06/15/2022	Standard Chartered Bank PLC	CNY	17,400,000	USD	2,724,571		106,102
06/15/2022	Standard Chartered Bank PLC	IDR	8,135,690,000	USD	564,312		6,975
06/15/2022	Standard Chartered Bank PLC	INR	96,960,000	USD	1,275,914		15,268
06/15/2022	Standard Chartered Bank PLC	MYR	7,600,000	USD	1,794,569		45,051
06/15/2022	Standard Chartered Bank PLC	PEN	2,736,000	USD	735,385		26,184
06/15/2022	Standard Chartered Bank PLC	THB	73,665,000	USD	2,215,555		63,480
06/15/2022	Standard Chartered Bank PLC	USD	883,165	MYR	3,840,000		802
Subtotal-Appreciation							3,197,079
Currency Risk
05/16/2022	Bank of America, N.A.	BRL	1,998,562	USD	375,000		(27,562	)
05/16/2022	Bank of America, N.A.	USD	2,700,000	BRL	13,108,500		(59,613	)
06/15/2022	Bank of America, N.A.	USD	235,429	HUF	82,353,000		(7,071	)
06/15/2022	Bank of America, N.A.	USD	1,273,301	THB	42,350,000		(36,073	)
07/14/2022	Bank of America, N.A.	USD	1,200,000	CLP	967,800,000		(80,948	)
06/15/2022	Barclays Bank PLC	USD	850,387	CNY	5,610,000		(6,155	)
05/03/2022	Goldman Sachs International	USD	1,410,827	BRL	6,940,000		(7,091	)
05/05/2022	Goldman Sachs International	ZAR	22,413,960	USD	1,418,695		(427	)
05/16/2022	Goldman Sachs International	BRL	700,000	USD	132,453		(8,545	)
06/02/2022	Goldman Sachs International	BRL	4,970,000	USD	981,884		(13,655	)
06/15/2022	Goldman Sachs International	MXN	35,100,495	USD	1,650,037		(55,916	)
06/15/2022	Goldman Sachs International	USD	221,426	COP	848,900,000		(8,484	)
06/15/2022	Goldman Sachs International	USD	2,841,461	CZK	64,528,000		(88,795	)
06/15/2022	Goldman Sachs International	USD	2,121,447	EUR	1,926,000		(85,613	)
06/15/2022	Goldman Sachs International	USD	2,945,070	MXN	60,220,495		(18,237	)
06/15/2022	Goldman Sachs International	USD	1,251,515	ZAR	18,325,000		(96,416	)
06/15/2022	HSBC Bank USA, N.A.	USD	3,058,094	CLP	2,426,540,000		(237,089	)
05/03/2022	J.P. Morgan Chase Bank, N.A.	USD	11,080,080	BRL	53,895,000		(178,877	)
06/02/2022	J.P. Morgan Chase Bank, N.A.	BRL	6,280,000	USD	1,252,615		(5,329	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	INR	110,750,750	USD	1,421,795		(18,154	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	MXN	89,902,425	USD	4,269,834		(99,600	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	TRY	2,838,725	USD	171,302		(14,148	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	USD	5,469,560	CNY	36,130,000		(32,471	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	USD	1,534,901	COP	5,800,720,000		(79,822	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	USD	3,646,607	CZK	84,039,700		(61,602	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	USD	1,819,133	EUR	1,654,000		(70,810	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	USD	5,717,953	HUF	2,000,711,640		(170,146	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	USD	2,067,961	IDR	29,726,945,782		(31,509	)

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)
Settlement		Contract to					Unrealized   Appreciation
Date	Counterparty	Deliver		Receive			(Depreciation)
06/15/2022	J.P. Morgan Chase Bank, N.A.	USD	8,544,599	MXN	174,221,707	$	(77,084	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	USD	6,620,623	PLN	29,036,065		(104,410	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	USD	1,404,102	RON	6,435,000		(40,263	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	USD	6,908,502	THB	230,121,810		(185,640	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	USD	100,815	TRY	1,540,000		(209	)
06/15/2022	J.P. Morgan Chase Bank, N.A.	USD	1,851,823	ZAR	27,201,873		(137,179	)
08/22/2022	J.P. Morgan Chase Bank, N.A.	USD	1,068,640	CNY	6,830,000		(45,289	)
09/15/2022	J.P. Morgan Chase Bank, N.A.	PEN	10,700,000	USD	2,609,756		(138,043	)
03/15/2023	J.P. Morgan Chase Bank, N.A.	USD	3,390,647	CNY	22,165,000		(91,142	)
05/03/2022	Morgan Stanley and Co. International PLC	BRL	48,859,259	USD	9,817,010		(65,626	)
05/03/2022	Morgan Stanley and Co. International PLC	USD	20,068,337	BRL	98,073,518		(231,259	)
06/02/2022	Morgan Stanley and Co. International PLC	USD	1,200,255	EUR	1,065,000		(75,315	)
06/15/2022	Morgan Stanley and Co. International PLC	MXN	23,576,798	USD	1,104,812		(41,066	)
06/15/2022	Morgan Stanley and Co. International PLC	USD	1,636,595	COP	6,125,775,000		(99,977	)
06/15/2022	Morgan Stanley and Co. International PLC	USD	106,683	IDR	1,532,270,000		(1,715	)
06/15/2022	Morgan Stanley and Co. International PLC	USD	1,395,566	MXN	27,981,798		(35,596	)
06/15/2022	Morgan Stanley and Co. International PLC	USD	4,935,205	PEN	18,435,000		(156,652	)
06/15/2022	Morgan Stanley and Co. International PLC	USD	227,191	THB	7,550,000		(6,622	)
08/08/2022	Morgan Stanley and Co. International PLC	USD	1,400,000	PLN	6,083,700		(44,898	)
09/15/2022	Morgan Stanley and Co. International PLC	PEN	11,655,000	USD	2,836,111		(156,935	)
09/15/2022	Morgan Stanley and Co. International PLC	USD	108,947	PEN	414,000		(2,631	)
06/08/2022	Standard Chartered Bank PLC	USD	1,050,000	IDR	15,204,000,000		(7,671	)
06/15/2022	Standard Chartered Bank PLC	THB	35,780,000	USD	1,037,703		(7,587	)
06/15/2022	Standard Chartered Bank PLC	USD	1,764,045	CNY	11,310,000		(62,039	)
06/15/2022	Standard Chartered Bank PLC	USD	3,742,318	IDR	53,711,220,000		(62,817	)
06/15/2022	Standard Chartered Bank PLC	USD	2,042,163	MYR	8,625,900		(56,483	)
06/15/2022	Standard Chartered Bank PLC	USD	312,500	PEN	1,170,000		(9,223	)
06/15/2022	Standard Chartered Bank PLC	USD	2,456,945	THB	82,415,000		(49,244	)
09/15/2022	Standard Chartered Bank PLC	USD	412,214	PEN	1,566,000		(10,059	)
03/15/2023	Standard Chartered Bank PLC	USD	286,807	CNY	1,875,000		(7,692	)
Subtotal-Depreciation							(3,610,524	)
Total Forward Foreign Currency Contracts						$	(413,445	)

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 CNRR007	Quarterly		2.28	%	Quarterly		12/08/2023	CNY	20,000,000		$	-	$	3,643	$	3,643
Receive	6 Month EUR LIBOR	Semi-Annually		(1.25	)	Annually		04/14/2027	EUR	600,000			-		5,159		5,159
Receive	3 Month COOVIBR	Quarterly		(8.37	)	Quarterly		03/25/2027	COP	3,000,000,000			-		7,381		7,381
Receive	SOFR	Annually		(2.36	)	Annually		04/29/2052	USD	460,000			-		9,560		9,560
Pay	BZDIOVRA	At Maturity		11.89		At Maturity		01/02/2029	BRL	15,833,467			-		13,098		13,098
Receive	6 Month EUR LIBOR	Semi-Annually		(1.18	)	Annually		04/12/2027	EUR	4,646,000			-		18,829		19,223
Receive	6 Month EUR LIBOR	Semi-Annually		(1.06	)	Annually		03/31/2027	EUR	1,100,000			-		19,403		19,403
Receive	3 Month JIBAR	Quarterly		(7.98	)	Quarterly		03/07/2032	ZAR	10,700,000			-		22,194		22,194
Pay	3 Month CNRR007	Quarterly		2.85		Quarterly		12/04/2025	CNY	10,000,000			-		23,080		23,080
Receive	3 Month JIBAR	Quarterly		(7.95	)	Quarterly		03/07/2032	ZAR	11,000,000			-		24,252		24,252
Receive	6 Month CLICP	At Maturity		(5.47	)	At Maturity		01/12/2025	CLP	6,750,000,000			-		24,406		24,406
Receive	6 Month EUR LIBOR	Semi-Annually		(0.87	)	Annually		03/29/2027	EUR	1,050,000			-		28,718		28,718

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/ 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	6 Month EUR LIBOR	Semi-Annually		(0.86	)%		Annually		03/29/2027	EUR	1,050,000		$	-	$	29,010		$	29,010
Receive	6 Month CZK PRIBOR	Semi-Annually		(5.02	)		Annually		03/14/2024	CZK	7,600,000			-		33,821			33,821
Receive	3 Month JIBAR	Quarterly		(7.15	)		Quarterly		02/24/2031	ZAR	17,550,000			45		36,124			36,079
Receive	3 Month COOVIBR	Quarterly		(7.19	)		Quarterly		04/28/2028	COP	2,450,000,000			-		41,605			41,605
Receive	3 Month COOVIBR	Quarterly		(7.83	)		Quarterly		04/07/2024	COP	13,900,000,000			-		46,062			46,062
Receive	6 Month EUR LIBOR	Semi-Annually		(1.13	)		Annually		04/08/2027	EUR	4,400,000			-		64,718			64,718
Receive	3 Month KWCDC	Quarterly		(2.50	)		Quarterly		03/23/2027	KRW	3,810,000,000			-		73,874			73,874
Receive	3 Month JIBAR	Quarterly		(6.56	)		Quarterly		10/08/2026	ZAR	55,600,000			-		96,051			96,051
Receive	FBIL Overnight MIBOR	Semi-Annually		(5.65	)		Semi-Annually		02/17/2027	INR	2,625,000,000			-		138,246			138,246
Receive	6 Month BUBOR	Semi-Annually		(3.86	)		Annually		11/12/2024	HUF	840,000,000			-		215,466			215,466
Receive	28 Day MXN TIIE	28 Day		(5.54	)		28 Day		01/24/2031	MXN	26,000,000			-		265,444			265,444
Receive	28 Day MXN TIIE	28 Day		(5.45	)		28 Day		12/05/2030	MXN	38,000,000			-		395,101			395,101
Subtotal - Appreciation														45		1,635,245			1,635,594
Interest Rate Risk
Pay	6 Month BUBOR	Semi-Annually		4.67			Annually		01/07/2032	HUF	270,000,000			-		(110,179	)		(110,179	)
Pay	6 Month BUBOR	Semi-Annually		5.22			Annually		02/18/2026	HUF	500,000,000			-		(98,401	)		(98,401	)
Pay	28 Day MXN TIIE	28 Day		9.04			28 Day		03/28/2024	MXN	300,000,000			-		(81,844	)		(81,844	)
Pay	6 Month WIBOR	Semi-Annually		5.52			Annually		04/08/2027	PLN	9,400,000			-		(75,360	)		(75,360	)
Pay	6 Month CZK PRIBOR	Semi-Annually		3.45			Annually		02/08/2032	CZK	13,875,000			-		(46,254	)		(46,254	)
Pay	28 Day MXN TIIE	28 Day		8.80			28 Day		05/29/2031	MXN	70,000,000			-		(38,018	)		(38,018	)
Pay	28 Day MXN TIIE	28 Day		8.92			28 Day		06/03/2027	MXN	70,000,000			-		(22,943	)		(22,943	)
Pay	3 Month CNRR007	Quarterly		2.36			Quarterly		04/12/2027	CNY	20,000,000			-		(19,277	)		(19,277	)
Pay	6 Month CZK PRIBOR	Semi-Annually		4.84			Annually		04/08/2027	CZK	42,700,000			-		(4,529	)		(4,529	)
Pay	3 Month CNRR007	Quarterly		2.44			Quarterly		04/27/2027	CNY	10,000,000			-		(4,411	)		(4,411	)
Receive	6 Month THBFIX	Semi-Annually		(1.71	)		Semi-Annually		04/18/2025	THB	81,000,000			-		(4,115	)		(4,115	)
Subtotal - Depreciation														-		(505,331	)		(505,331	)
Total Centrally Cleared Interest Rate Swap Agreements													$	45	$	1,129,914		$	1,130,263

^(a)  Centrally cleared swap agreements collateralized by $1,276,816 cash held with Counterparties.

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

Interest Rate Risk

Standard Chartered Bank PLC

Receive

3 Month MYR KLIBOR

Quarterly

(2.13

)%

Quarterly

08/04/2023

MYR

32,500,000

$-

$  53,285

$  53,285

Standard Chartered Bank PLC

Receive

3 Month MYR KLIBOR

Quarterly

(2.36

)

Quarterly

10/21/2023

MYR

17,000,000

-

28,798

28,798

Standard Chartered Bank PLC

Receive

3 Month MYR KLIBOR

Quarterly

(2.85

)

Quarterly

03/23/2024

MYR

8,000,000

-

8,997

8,997

Standard Chartered Bank PLC

Receive

3 Month MYR KLIBOR

Quarterly

(2.97

)

Quarterly

04/11/2024

MYR

30,300,000

-

21,935

21,935

Total Over-The-Counter Interest Rate Swap Agreements

$-

$113,015

$113,015

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $610,000.

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

Receive

United States CPI Urban Consumers NSA

At Maturity

(4.24)%

At Maturity

03/11/2024

USD   4,646,000

$-

$58,469

$58,469

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

11 Invesco Emerging Markets Local Debt 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)

Interest Rate Risk

Pay

United States CPI Urban Consumers NSA

At Maturity

3.41%

At Maturity

03/11/2027

USD  4,646,000

$-

$(77,299)

$(77,299)

Total – Centrally Cleared Inflation Swap Agreements

$-

$(18,830)

$(18,830)

^(a) Centrally cleared swap agreements collateralized by $1,276,816 cash held with Counterparties.

Abbreviations:
BRL	–Brazilian Real
BUBOR	–Budapest Interbank Offered Rate
BZDIOVRA	–Brazil Ceptip DI Interbank Deposit Rate
CLICP	–Sinacofi Chile Interbank Rate Avg (CAMARA)
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
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
KLIBOR	–Kuala Lumpur Interbank Offered Rate
KRW	–South Korean Won
KWCDC	–South Korean Won Certificate of Deposit
LIBOR	–London Interbank Offered Rate
MIBOR	–Mumbai Interbank Offered Rate
MXN	–Mexican Peso
MYR	–Malaysian Ringgit
PEN	–Peruvian Sol
PLN	–Polish Zloty
PRIBOR	–Prague Interbank Offerred Rate
RON	–Romania New Leu
SOFR	–Secured Overnight Financing Rate
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, 2022

Sovereign Debt	68.72	%
Health Care	2.85
Other Sectors, Each Less than 2% of Net Assets	4.52
Money Market Funds Plus Other Assets Less Liabilities	23.91

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, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $84,688,158)	$	74,355,066
Investments in affiliated money market funds, at value (Cost $17,995,115)		17,995,021
Other investments:
Variation margin receivable – centrally cleared swap agreements		75,997
Unrealized appreciation on swap agreements – OTC		113,015
Unrealized appreciation on forward foreign currency contracts outstanding		3,197,079
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		227,371
Cash collateral – centrally cleared swap agreements		1,276,816
Cash collateral – OTC Derivatives		610,000
Cash		62,247
Foreign currencies, at value (Cost $816,141)		576,705
Receivable for:
Investments sold		2,064,411
Fund shares sold		92,568
Dividends		1,210
Interest		1,668,833
Investment for trustee deferred compensation and retirement plans		31,193
Other assets		31,584
Total assets		102,379,116
Liabilities:
Other investments:
Options written, at value (premiums received $491,304)		495,353
Unrealized depreciation on forward foreign currency contracts outstanding		3,610,524
Swaps payable – OTC		13,886
Payable for:
Investments purchased		116,183
Dividends		105,319
Fund shares reacquired		116,973
Accrued foreign taxes		1,638
Accrued fees to affiliates		55,650
Accrued trustees’ and officers’ fees and benefits		(1,203	)
Accrued other operating expenses		109,592
Trustee deferred compensation and retirement plans		31,193
Total liabilities		4,655,108
Net assets applicable to shares outstanding	$	97,724,008

Net assets consist of:
Shares of beneficial interest	$	125,862,578
Distributable earnings (loss)		(28,138,570	)
	$	97,724,008
Net Assets:
Class A	$	24,769,797
Class C	$	5,622,083
Class R	$	1,634,178
Class Y	$	62,638,657
Class R5	$	8,226
Class R6	$	3,051,067
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,541,083
Class C		1,030,489
Class R		299,565
Class Y		11,473,768
Class R5		1,508
Class R6		559,361
Class A:
Net asset value per share	$	5.45
Maximum offering price per share (Net asset value of $5.45 ÷ 95.75%)	$	5.69
Class C:
Net asset value and offering price per share	$	5.46
Class R:
Net asset value and offering price per share	$	5.46
Class Y:
Net asset value and offering price per share	$	5.46
Class R5:
Net asset value and offering price per share	$	5.45
Class R6:
Net asset value and offering price per share	$	5.45

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, 2022

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $98,318)	$	3,365,202
Dividends from affiliated money market funds		2,657
Total investment income		3,367,859
Expenses:
Advisory fees		438,208
Administrative services fees		8,919
Custodian fees		37,275
Distribution fees:
Class A		39,266
Class C		32,983
Class R		4,408
Transfer agent fees – A, C, R and Y		104,752
Transfer agent fees – R5		1
Transfer agent fees – R6		432
Trustees’ and officers’ fees and benefits		8,872
Registration and filing fees		43,050
Reports to shareholders		(37,206	)
Professional services fees		26,699
Other		16,265
Total expenses		723,924
Less: Fees waived		(1,522	)
Net expenses		722,402
Net investment income		2,645,457
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $96,924)		(8,501,724	)
Affiliated investment securities		(934	)
Foreign currencies		(145,346	)
Forward foreign currency contracts		(1,740,500	)
Futures contracts		210,042
Option contracts written		196,027
Swap agreements		(2,767,787	)
		(12,750,222	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $115,147)		(2,302,342	)
Affiliated investment securities		(7	)
Foreign currencies		(121,646	)
Forward foreign currency contracts		(204,741	)
Futures contracts		(146,184	)
Option contracts written		(28,250	)
Swap agreements		1,673,997
		(1,129,173	)
Net realized and unrealized gain (loss)		(13,879,395	)
Net increase (decrease) in net assets resulting from operations	$	(11,233,938	)

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, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income	$	2,645,457		$	6,985,788
Net realized gain (loss)		(12,750,222	)		(5,383,132	)
Change in net unrealized appreciation (depreciation)		(1,129,173	)		(5,029,120	)
Net increase (decrease) in net assets resulting from operations		(11,233,938	)		(3,426,464	)
Distributions to shareholders from distributable earnings:
Class A		(722,269	)		(361,670	)
Class C		(122,719	)		(68,120	)
Class R		(37,398	)		(17,389	)
Class Y		(1,979,105	)		(971,109	)
Class R5		(219	)		(98	)
Class R6		(93,303	)		(50,888	)
Total distributions from distributable earnings		(2,955,013	)		(1,469,274	)
Return of capital:
Class A		–			(1,144,032	)
Class C		–			(215,475	)
Class R		–			(55,004	)
Class Y		–			(3,071,809	)
Class R5		–			(312	)
Class R6		–			(160,969	)
Total return of capital		–			(4,647,601	)
Total distributions		(2,955,013	)		(6,116,875	)
Share transactions–net:
Class A		(8,359,053	)		2,610,087
Class C		(1,171,431	)		(3,566,572	)
Class R		(8,299	)		(239,522	)
Class Y		(21,019,884	)		6,805,786
Class R6		(890,713	)		526,466
Net increase (decrease) in net assets resulting from share transactions		(31,449,380	)		6,136,245
Net increase (decrease) in net assets		(45,638,331	)		(3,407,094	)
Net assets:
Beginning of period		143,362,339			146,769,433
End of period	$	97,724,008		$	143,362,339

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 04/30/22		$	6.17		$	0.12			$	(0.71	)		$	(0.59	)			$	(0.13	)		$	–			$	(0.13	)		$	5.45		(9.65	)%(e)		$	24,770		1.24	%(e)(f)		1.24	%(e)(f)		4.03	%(e)(f)		75	%
Year ended 10/31/21			6.53			0.29				(0.40	)			(0.11	)				(0.06	)			(0.19	)			(0.25	)			6.17		(1.81	)			36,826		1.23			1.35			4.38			107
Year ended 10/31/20			6.99			0.24				(0.45	)			(0.21	)				(0.07	)			(0.18	)			(0.25	)			6.53		(3.01	)(e)			36,680		1.15	(e)		1.28	(e)		3.57	(e)		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	(f)		1.32	(f)		5.66	(f)		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
Class C
Six months ended 04/30/22			6.17			0.10				(0.70	)			(0.60	)				(0.11	)			–				(0.11	)			5.46		(9.84	)			5,622		2.00	(f)		2.00	(f)		3.27	(f)		75
Year ended 10/31/21			6.53			0.24				(0.40	)			(0.16	)				(0.05	)			(0.15	)			(0.20	)			6.17		(2.62	)			7,568		2.02			2.10			3.59			107
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	(f)		2.08	(f)		4.81	(f)		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
Class R
Six months ended 04/30/22			6.17			0.11				(0.69	)			(0.58	)				(0.13	)			–				(0.13	)			5.46		(9.60	)			1,634		1.50	(f)		1.50	(f)		3.77	(f)		75
Year ended 10/31/21			6.53			0.27				(0.40	)			(0.13	)				(0.05	)			(0.18	)			(0.23	)			6.17		(2.12	)			1,854		1.53			1.60			4.08			107
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	(f)		1.58	(f)		5.31	(f)		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
Class Y
Six months ended 04/30/22			6.17			0.13				(0.70	)			(0.57	)				(0.14	)			–				(0.14	)			5.46		(9.37	)			62,639		1.00	(f)		1.00	(f)		4.27	(f)		75
Year ended 10/31/21			6.54			0.31				(0.41	)			(0.10	)				(0.07	)			(0.20	)			(0.27	)			6.17		(1.75	)			92,706		1.01			1.10			4.60			107
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	(f)		1.08	(f)		5.86	(f)		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
Class R5
Six months ended 04/30/22			6.17			0.13				(0.70	)			(0.57	)				(0.15	)			–				(0.15	)			5.45		(9.47	)			8		0.85	(f)		0.85	(f)		4.42	(f)		75
Year ended 10/31/21			6.53			0.31				(0.40	)			(0.09	)				(0.06	)			(0.21	)			(0.27	)			6.17		(1.54	)			9		0.94			0.99			4.67			107
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	(f)		1.00	(f)		5.91	(f)		21
Period ended 05/31/19(g)			6.63			0.00	(h)			0.04				0.04					(0.00	)(h)			(0.00	)(h)			(0.00	)(h)			6.67		0.64				10		0.85	(f)		0.85	(f)		6.13	(f)		67
Class R6
Six months ended 04/30/22			6.17			0.13				(0.70	)			(0.57	)				(0.15	)			–				(0.15	)			5.45		(9.47	)			3,051		0.85	(f)		0.85	(f)		4.42	(f)		75
Year ended 10/31/21			6.53			0.31				(0.40	)			(0.09	)				(0.06	)			(0.21	)			(0.27	)			6.17		(1.50	)			4,399		0.91			0.99			4.70			107
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	(f)		0.95	(f)		5.96	(f)		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

^(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 and 2017, 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 to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2022 and for the year ended October 31, 2020.

^(f) Annualized.

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

^(h)  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, 2022

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 debt 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 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 may be valued up to 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 based on relative net assets of Class R5 and Class R6. 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, 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 Agreement, 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, 2022, if any, 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 have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

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

Q. 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.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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
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, 2022, 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

20 Invesco Emerging Markets Local Debt 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). 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 June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25%, and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, 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, 2022, the Adviser waived advisory fees of $1,522.

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, 2022, 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, 2022, 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 Plans, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $1,508 in front-end sales commissions from the sale of Class A shares and $0 and $67 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, 2022. 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	$	-	$	72,796,022		$0		$	72,796,022
U.S. Dollar Denominated Bonds & Notes		-		1,237,959		-	��		1,237,959
Money Market Funds		17,995,021		-		-			17,995,021
Options Purchased		-		321,085		-			321,085
Total Investments in Securities		17,995,021		74,355,066		0			92,350,087

21 Invesco Emerging Markets Local Debt Fund

	Level 1		Level 2			Level 3		Total
Other Investments - Assets*
Forward Foreign Currency Contracts	$	-	$	3,197,079			$-	$	3,197,079
Swap Agreements		-		1,807,078			-		1,807,078
		-		5,004,157			-		5,004,157
Other Investments - Liabilities*
Forward Foreign Currency Contracts		-		(3,610,524	)		-		(3,610,524	)
Options Written		-		(495,353	)		-		(495,353	)
Swap Agreements		-		(582,630	)		-		(582,630	)
		-		(4,688,507	)		-		(4,688,507	)
Total Other Investments		-		315,650			-		315,650
Total Investments	$	17,995,021	$	74,670,716			$0	$	92,665,737

* 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, 2022:

	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on swap agreements – Centrally Cleared(a)	$	-	$	1,694,063		$	1,694,063
Unrealized appreciation on forward foreign currency contracts outstanding		3,197,079		-			3,197,079
Unrealized appreciation on swap agreements – OTC		-		113,015			113,015
Options purchased, at value – OTC(b)		321,085		-			321,085
Total Derivative Assets		3,518,164		1,807,078			5,325,242
Derivatives not subject to master netting agreements		-		(1,694,063	)		(1,694,063	)
Total Derivative Assets subject to master netting agreements	$	3,518,164	$	113,015		$	3,631,179

	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on swap agreements – Centrally Cleared(a)	$	-		$	(582,630	)	$	(582,630	)
Unrealized depreciation on forward foreign currency contracts outstanding		(3,610,524	)		-			(3,610,524	)
Options written, at value – OTC		(495,353	)		-			(495,353	)
Total Derivative Liabilities		(4,105,877	)		(582,630	)		(4,688,507	)
Derivatives not subject to master netting agreements		-			582,630			582,630
Total Derivative Liabilities subject to master netting agreements	$	(4,105,877	)	$	-		$	(4,105,877	)

^(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.

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, 2022.

	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.		$	242,279		$	-		$	-		$	242,279		$	(211,267	)		$	-			$	-			$	(211,267	)		$	31,012			$-		$	-			$	31,012
Barclays Bank PLC			31,825			-			-			31,825			(6,155	)			-				-				(6,155	)			25,670			-			-				25,670
Goldman Sachs International			659,855			-			-			659,855			(383,179	)			-				-				(383,179	)			276,676			-			-				276,676
HSBC Bank USA, N.A.			-			-			-			-			(237,089	)			-				-				(237,089	)			(237,089	)		-			237,089				-
J.P. Morgan Chase Bank, N.A.			1,158,696			86,068			-			1,244,764			(1,581,727	)			(143,507	)			-				(1,725,234	)			(480,470	)		-			480,470				-
Merrill Lynch International			-			128,099			-			128,099			-				(242,861	)			-				(242,861	)			(114,762	)		-			114,762				-
Morgan Stanley and Co. International PLC			840,562			80,381			-			920,943			(918,292	)			(108,985	)			-				(1,027,277	)			(106,334	)		-			106,334				-
Standard Chartered Bank PLC			263,862			26,537			113,015			403,414			(272,815	)			-				(13,886	)			(286,701	)			116,713			-			(116,713	)			-
Total		$	3,197,079		$	321,085		$	113,015		$	3,631,179		$	(3,610,524	)		$	(495,353	)		$	(13,886	)		$	(4,119,763	)		$	(488,584	)		$-		$	821,942			$	333,358

Effect of Derivative Investments for the six months ended April 30, 2022

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	$	(1,740,500	)	$	-		$	(1,740,500	)
Futures contracts		-			210,042			210,042
Options purchased		309,591			-			309,591
Options written		196,027			-			196,027
Swap agreements		-			(2,767,787	)		(2,767,787	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(204,741	)		-			(204,741	)
Futures contracts		-			(146,184	)		(146,184	)
Options purchased(a)		242,614			-			242,614
Options written		(28,250	)		-			(28,250	)
Swap agreements		-			1,673,997			1,673,997
Total	$	(1,225,259	)	$	(1,029,932	)	$	(2,255,191	)

^(a)  Options purchased are included in 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	$248,170,618	$	5,105,893	$	39,109,731	$	60,550,696	$	130,553,476

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

23 Invesco Emerging Markets Local Debt Fund

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 carryforward 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, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	1,957,452	$	2,531,609	$	4,489,061

* 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, 2022 was $82,122,212 and $122,729,949, 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	$	5,765,049
Aggregate unrealized (depreciation) of investments		(16,197,108	)
Net unrealized appreciation (depreciation) of investments	$	(10,432,059	)

Cost of investments for tax purposes is $103,097,841.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		308,040		$	1,848,348			1,783,731		$	12,076,112
Class C		69,982			417,806			152,961			1,031,334
Class R		23,523			139,019			55,562			372,110
Class Y		4,620,018			27,713,493			7,673,682			51,393,420
Class R6		183,380			1,100,425			420,643			2,835,417
Issued as reinvestment of dividends:
Class A		79,552			468,364			157,004			1,035,690
Class C		15,947			93,898			31,849			210,341
Class R		6,233			36,688			10,726			70,771
Class Y		220,732			1,299,832			370,079			2,437,961
Class R6		12,513			73,798			26,376			173,769
Automatic conversion of Class C shares to Class A shares:
Class A		49,873			294,095			315,777			2,184,475
Class C		(49,861	)		(294,095	)		(315,777	)		(2,184,475	)
Reacquired:
Class A		(1,864,133	)		(10,969,860	)		(1,904,261	)		(12,686,190	)
Class C		(232,134	)		(1,389,040	)		(395,830	)		(2,623,772	)
Class R		(30,650	)		(184,006	)		(101,868	)		(682,403	)
Class Y		(8,380,483	)		(50,033,209	)		(7,136,449	)		(47,025,595	)
Class R6		(349,342	)		(2,064,936	)		(380,547	)		(2,482,720	)
Net increase (decrease) in share activity		(5,316,810	)	$	(31,449,380	)		763,658		$	6,136,245

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 66% 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.

24 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, 2021 through April 30, 2022.

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     (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending     Account Value     (04/30/22)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2
Class A	$1,000.00	$903.50	$5.85	$1,018.65	$6.21	1.24%
Class C	1,000.00	901.60	9.43	1,014.88	9.99	2.00
Class R	1,000.00	904.00	7.08	1,017.36	7.50	1.50
Class Y	1,000.00	906.30	4.73	1,019.84	5.01	1.00
Class R5	1,000.00	907.00	4.02	1,020.58	4.26	0.85
Class R6	1,000.00	905.30	4.02	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, 2021 through April 30, 2022, 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.

25 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 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 number(s): 811-05426 and 033-19338 Invesco Distributors, Inc.                     O-EMLD-SAR-1

Semiannual Report to Shareholders April 30, 2022

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
17	Fund Expenses

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

Unless otherwise noted, all data is 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, 10/31/21 to 4/30/22, 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	-24.41	%
Class C Shares	-24.68
Class R Shares	-24.51
Class Y Shares	-24.28
Class R5 Shares	-24.28
Class R6 Shares	-24.39
MSCI EAFE Index▼ (Broad Market Index)	-11.80
MSCI Emerging Markets Index▼ (Style-Specific Index)	-14.15
Lipper Emerging Market Funds Index∎ (Peer Group Index)	-18.43
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 IndexSM is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (5/31/11)	-2.25	%
10 Years	-0.60
5 Years	-0.76
1 Year	-43.41
Class C Shares
Inception (5/31/11)	-2.28	%
10 Years	-0.64
5 Years	-0.41
1 Year	-41.21
Class R Shares
Inception (5/31/11)	-2.00	%
10 Years	-0.29
5 Years	0.12
1 Year	-40.27
Class Y Shares
Inception (5/31/11)	-1.51	%
10 Years	0.21
5 Years	0.59
1 Year	-40.01
Class R5 Shares
Inception (5/31/11)	-1.51	%
10 Years	0.21
5 Years	0.60
1 Year	-40.01
Class R6 Shares
10 Years	0.19	%
5 Years	0.57
1 Year	-40.04

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.18%
Brazil–7.28%
Afya Ltd., Class A(a)		48,500	$	732,835
Arcos Dorados Holdings, Inc., Class A		172,000		1,247,000
Grupo SBF S.A.(a)		105,001		512,480
Magazine Luiza S.A.		300,000		296,119
MercadoLibre, Inc.(a)		1,000		973,630
				3,762,064
China–50.75%
Alibaba Group Holding Ltd., ADR(a)		11,500		1,116,535
Beijing Airdoc Technology Co. Ltd.(a)(b)		117,600		252,326
China Isotope & Radiation Corp.		1,270,000		3,127,319
China National Building Material Co. Ltd., H Shares		3,286,000		4,355,283
East Money Information Co. Ltd., A Shares		446,400		1,516,597
Gree Electric Appliances, Inc. of Zhuhai, A Shares		663,003		3,120,287
Helens International Holdings Co. Ltd.(a)		318,000		440,691
KE Holdings, Inc., ADR(a)		120,000		1,701,600
Kweichow Moutai Co. Ltd., A Shares		8,300		2,284,851
Medlive Technology Co. Ltd.(a)(b)		221,000		258,160
MicroPort CardioFlow Medtech Corp.(a)(b)		632,000		219,151
Ping An Insurance (Group) Co. of China Ltd., H Shares		345,000		2,218,663
Tencent Holdings Ltd.		48,800		2,288,983
Vipshop Holdings Ltd., ADR(a)		162,000		1,240,920
Virscend Education Co. Ltd.(b)(c)		18,400,000		701,109
Yum China Holdings, Inc.		21,700		907,060
Yum China Holdings, Inc.		12,000		492,621
				26,242,156
India–8.65%
Computer Age Management Services Ltd.		30,000		961,481
FSN E-Commerce Ventures Ltd.(a)		49,761		1,084,644
Housing Development Finance Corp. Ltd.		60,000		1,727,502
Zomato Ltd.(a)		765,000		701,463
				4,475,090
Indonesia–4.68%
PT Avia Avian Tbk(a)		17,840,000		1,009,120
PT Bank Rakyat Indonesia (Persero) Tbk		3,180,000		1,056,990
PT Bukalapak.com Tbk(a)		13,560,000		352,996
				2,419,106
Malaysia–1.47%
CTOS Digital Bhd.		2,200,000		758,064
Mexico–2.87%
Grupo Aeroportuario del Sureste S.A.B.de C.V., Class B		68,000		1,484,094
Poland–2.66%
CD Projekt S.A.		15,500		418,947

	Shares		Value
Poland–(continued)
InPost S.A.(a)		156,000	$	953,867
				1,372,814
Russia–0.00%
Sberbank of Russia PJSC, ADR(c)(d)		102,211		0
Sberbank of Russia PJSC, ADR(c)(d)		30,789		0
Yandex N.V., Class A(a)(c)		26,000		0
				0
South Korea–5.76%
Coupang, Inc.(a)		15,000		193,050
NAVER Corp.		3,400		769,088
Samsung Electronics Co. Ltd., Preference Shares		43,200		2,017,376
				2,979,514
Taiwan–9.48%
King Slide Works Co. Ltd.		70,000		935,440
Sea Ltd., ADR(a)(e)		4,500		372,420
Taiwan Semiconductor Manufacturing Co. Ltd.		197,000		3,593,280
				4,901,140
Thailand–4.58%
Thai Beverage PCL		3,824,000		1,884,813
VGI PCL, NVDR		3,375,000		485,554
VGI PCL, Wts., expiring 12/31/2027(c)		829,500		0
				2,370,367
Total Common Stocks & Other Equity Interests (Cost $61,535,059)				50,764,409
Money Market Funds–1.85%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(f)(g)		335,480		335,480
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(f)(g)		239,650		239,602
Invesco Treasury Portfolio, Institutional Class, 0.23%(f)(g)		383,405		383,405
Total Money Market Funds (Cost $958,487)				958,487
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.03% (Cost $62,493,546)				51,722,896
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.70%
Invesco Private Government Fund, 0.40%(f)(g)(h)		107,859		107,859
Invesco Private Prime Fund, 0.35%(f)(g)(h)		251,671		251,671
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $359,527)				359,530
TOTAL INVESTMENTS IN SECURITIES–100.73% (Cost $62,853,073)				52,082,426
OTHER ASSETS LESS LIABILITIES–(0.73)%				(377,691	)
NET ASSETS–100.00%			$	51,704,735

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

5 Invesco Emerging Markets Select Equity Fund

Investment Abbreviations:

ADR – American Depositary Receipt

NVDR – Non-Voting Depositary Receipt

Wts. – Warrants

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, 2022 was $1,430,746, which represented 2.77% of the Fund’s Net Assets.

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

^(d)  The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

^(e)  All or a portion of this security was out on loan at April 30, 2022.

^(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, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,026,877		$	3,777,190		$	(5,468,587	)		$	-		$	-			$	335,480		$	57
Invesco Liquid Assets Portfolio, Institutional Class			1,411,912			2,697,993			(3,870,222	)			38			(119	)			239,602			102
Invesco Treasury Portfolio, Institutional Class			2,316,431			4,316,789			(6,249,815	)			-			-				383,405			114
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			1,347,081			(1,239,222	)			-			-				107,859			94*
Invesco Private Prime Fund			-			2,967,165			(2,715,615	)			3			118				251,671			209*
Total		$	5,755,220		$	15,106,218		$	(19,543,461	)		$	41		$	(1	)		$	1,318,017		$	576

* 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, 2022.

^(h) 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.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Consumer Discretionary	27.30	%
Information Technology	14.52
Financials	12.61
Materials	10.38
Communication Services	8.38
Consumer Staples	8.06
Health Care	7.46
Industrials	6.18
Real Estate	3.29
Money Market Funds Plus Other Assets Less Liabilities	1.82

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, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $61,535,059)*	$	50,764,409
Investments in affiliated money market funds, at value (Cost $1,318,014)		1,318,017
Foreign currencies, at value (Cost $112,728)		113,836
Receivable for:
Investments sold		59,123
Fund shares sold		61,384
Dividends		11,253
Investment for trustee deferred compensation and retirement plans		24,088
Other assets		66,934
Total assets		52,419,044
Liabilities:
Payable for:
Investments purchased		133,151
Fund shares reacquired		110,203
Accrued foreign taxes		2,035
Collateral upon return of securities loaned		359,527
Accrued fees to affiliates		41,257
Accrued other operating expenses		42,698
Trustee deferred compensation and retirement plans		25,438
Total liabilities		714,309
Net assets applicable to shares outstanding	$	51,704,735
Net assets consist of:
Shares of beneficial interest	$	68,870,056
Distributable earnings (loss)		(17,165,321	)
	$	51,704,735

Net Assets:
Class A	$	27,764,640
Class C	$	3,692,418
Class R	$	3,441,206
Class Y	$	14,001,063
Class R5	$	1,682,898
Class R6	$	1,122,510
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		3,939,255
Class C		547,663
Class R		494,438
Class Y		1,977,974
Class R5		237,713
Class R6		158,681
Class A:
Net asset value per share	$	7.05
Maximum offering price per share (Net asset value of $7.05 ÷ 94.50%)	$	7.46
Class C:
Net asset value and offering price per share	$	6.74
Class R:
Net asset value and offering price per share	$	6.96
Class Y:
Net asset value and offering price per share	$	7.08
Class R5:
Net asset value and offering price per share	$	7.08
Class R6:
Net asset value and offering price per share	$	7.07

* At April 30, 2022, securities with an aggregate value of $343,868 were on loan to brokers.

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, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $42,546)	$	323,093
Dividends from affiliated money market funds (includes securities lending income of $185)		458
Non-cash dividend income		119,828
Total investment income		443,379
Expenses:
Advisory fees		313,885
Administrative services fees		5,058
Custodian fees		12,379
Distribution fees:
Class A		43,236
Class C		23,216
Class R		9,683
Transfer agent fees – A, C, R and Y		71,107
Transfer agent fees – R5		293
Transfer agent fees – R6		200
Trustees’ and officers’ fees and benefits		8,683
Registration and filing fees		41,095
Reports to shareholders		6,393
Professional services fees		24,656
Other		2,770
Total expenses		562,654
Less: Fees waived and/or expenses reimbursed		(124,158	)
Net expenses		438,496
Net investment income		4,883
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $17,420)		(5,373,922	)
Affiliated investment securities		(1	)
Foreign currencies		(79,214	)
		(5,453,137	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $129,744)		(12,782,675	)
Affiliated investment securities		41
Foreign currencies		4,058
		(12,778,576	)
Net realized and unrealized gain (loss)		(18,231,713	)
Net increase (decrease) in net assets resulting from operations	$	(18,226,830	)

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, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income	$	4,883		$	917,718
Net realized gain (loss)		(5,453,137	)		5,548,469
Change in net unrealized appreciation (depreciation)		(12,778,576	)		(15,956,937	)
Net increase (decrease) in net assets resulting from operations		(18,226,830	)		(9,490,750	)
Distributions to shareholders from distributable earnings:
Class A		(1,347,566	)		(232,728	)
Class C		(149,032	)		(30,624	)
Class R		(137,567	)		(18,143	)
Class Y		(818,543	)		(196,967	)
Class R5		(80,790	)		(14,105	)
Class R6		(57,289	)		(7,257	)
Total distributions from distributable earnings		(2,590,787	)		(499,824	)
Share transactions–net:
Class A		(1,919,082	)		6,168,552
Class C		(485,321	)		(684,996	)
Class R		360,490			1,340,633
Class Y		(10,059,233	)		(984,967	)
Class R5		80,442			(1,742	)
Class R6		44,096			546,920
Net increase (decrease) in net assets resulting from share transactions		(11,978,608	)		6,384,400
Net increase (decrease) in net assets		(32,796,225	)		(3,606,174	)
Net assets:
Beginning of period		84,500,960			88,107,134
End of period	$	51,704,735		$	84,500,960

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 04/30/22		$9.68		$(0.00	)		$(2.30	)		$(2.30	)		$(0.07	)		$(0.26	)		$(0.33	)		$7.05		(24.41	)%		$27,765		1.33	%(d)		1.71	%(d)		(0.01	)%(d)		31	%
Year ended 10/31/21		10.58		0.10			(0.94	)		(0.84	)		(0.06	)		–			(0.06	)		9.68		(8.07	)		40,389		1.33			1.67			0.84			47
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
Class C
Six months ended 04/30/22		9.23		(0.03	)		(2.20	)		(2.23	)		–			(0.26	)		(0.26	)		6.74		(24.68	)		3,692		2.08	(d)		2.46	(d)		(0.76	)(d)		31
Year ended 10/31/21		10.16		0.01			(0.90	)		(0.89	)		(0.04	)		–			(0.04	)		9.23		(8.81	)		5,605		2.08			2.42			0.09			47
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
Class R
Six months ended 04/30/22		9.55		(0.01	)		(2.27	)		(2.28	)		(0.05	)		(0.26	)		(0.31	)		6.96		(24.51	)		3,441		1.58	(d)		1.96	(d)		(0.26	)(d)		31
Year ended 10/31/21		10.46		0.07			(0.93	)		(0.86	)		(0.05	)		–			(0.05	)		9.55		(8.30	)		4,292		1.58			1.92			0.59			47
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
Class Y
Six months ended 04/30/22		9.73		0.01			(2.31	)		(2.30	)		(0.09	)		(0.26	)		(0.35	)		7.08		(24.28	)		14,001		1.08	(d)		1.46	(d)		0.24	(d)		31
Year ended 10/31/21		10.62		0.13			(0.96	)		(0.83	)		(0.06	)		–			(0.06	)		9.73		(7.91	)		30,487		1.08			1.42			1.09			47
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
Class R5
Six months ended 04/30/22		9.73		0.01			(2.31	)		(2.30	)		(0.09	)		(0.26	)		(0.35	)		7.08		(24.28	)		1,683		1.08	(d)		1.27	(d)		0.24	(d)		31
Year ended 10/31/21		10.62		0.13			(0.96	)		(0.83	)		(0.06	)		–			(0.06	)		9.73		(7.91	)		2,224		1.08			1.25			1.09			47
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
Class R6
Six months ended 04/30/22		9.73		0.01			(2.32	)		(2.31	)		(0.09	)		(0.26	)		(0.35	)		7.07		(24.39	)		1,123		1.08	(d)		1.27	(d)		0.24	(d)		31
Year ended 10/31/21		10.61		0.13			(0.95	)		(0.82	)		(0.06	)		–			(0.06	)		9.73		(7.82	)		1,505		1.08			1.25			1.09			47
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

^(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)  Annualized.

^(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, 2022

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 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 may be valued up to 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 debt 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.

11 Invesco Emerging Markets Select Equity Fund

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

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

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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, fees paid to the Adviser were less than $500.

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

12 Invesco Emerging Markets Select Equity 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. 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.

M. 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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. 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, 2022, the effective advisory fee rate incurred by the Fund was 0.94%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. 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, 2023, 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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $52,559 and reimbursed class level expenses of $38,547, $5,174, $4,317, $23,068, $293 and $200 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, 2022, 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

13 Invesco Emerging Markets Select Equity 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, 2022, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $4,365 in front-end sales commissions from the sale of Class A shares and $1,159 and $160 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $174 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, 2022. 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	$	3,762,064	$	–	$	–	$	3,762,064
China		4,966,115		20,574,932		701,109		26,242,156
India		–		4,475,090		–		4,475,090
Indonesia		–		2,419,106		–		2,419,106
Malaysia		–		758,064		–		758,064
Mexico		1,484,094		–		–		1,484,094
Poland		–		1,372,814		–		1,372,814
Russia		–		–		0		0
South Korea		193,050		2,786,464		���		2,979,514
Taiwan		372,420		4,528,720		–		4,901,140
Thailand		–		2,370,367		0		2,370,367
Money Market Funds		958,487		359,530		–		1,318,017
Total Investments	$	11,736,230	$	39,645,087	$	701,109	$	52,082,426

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, 2022:

	Value 10/31/21	Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums	Realized Gain		Change in Unrealized Appreciation (Depreciation)	Transfers into Level 3*		Transfers out of Level 3*	Value 04/30/22
Common Stocks & Other Equity Interests	$–	$	319,876	$	(1,564,745	)	$–	$	236,583	$(5,505,265)	$	7,214,660	$–	$	701,109

*Transfers into and out of level 3 are due to increases or decreases in market activity impacting the available market inputs to determine the price.

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.

14 Invesco Emerging Markets Select Equity Fund

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 04/30/22		Valuation Technique	Unobservable Inputs	Range of Unobservable Inputs	Unobservable Input Used
Virscend Education Co. Ltd.	$	701,109	Discount percentage applied to the last traded price	Discount percentage	N/A	35%(a)

^(a)  The Fund fair values certain common equity securities that have halted from trading by applying a discount percentage to 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–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 5–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 6–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 carryforward 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, 2021.

NOTE 7–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, 2022 was $20,413,512 and $29,536,240, 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	$	7,789,888
Aggregate unrealized (depreciation) of investments		(19,453,687	)
Net unrealized appreciation (depreciation) of investments	$	(11,663,799	)

Cost of investments for tax purposes is $63,746,225.

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended				Year ended
	April 30, 2022(a)				October 31, 2021
	Shares		Amount		Shares		Amount
Sold:
Class A		267,630	$	2,218,094		1,596,968	$	19,214,515
Class C		57,079		459,250		194,700		2,223,840
Class R		89,982		718,797		211,427		2,434,522
Class Y		558,690		4,712,983		1,822,655		21,297,060
Class R5		-		-		817		9,738
Class R6		29,250		246,465		75,337		896,201

15 Invesco Emerging Markets Select Equity Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		144,164		$	1,251,341			17,922		$	215,778
Class C		16,832			140,207			2,462			28,493
Class R		15,857			136,054			1,517			18,069
Class Y		76,547			666,721			15,856			191,539
Class R5		9,235			80,442			1,156			13,965
Class R6		6,385			55,620			595			7,179
Automatic conversion of Class C shares to Class A shares:
Class A		20,881			166,947			101,965			1,203,141
Class C		(21,817	)		(166,947	)		(106,303	)		(1,203,141	)
Reacquired:
Class A		(666,973	)		(5,555,464	)		(1,271,382	)		(14,464,882	)
Class C		(111,375	)		(917,831	)		(161,042	)		(1,734,188	)
Class R		(60,841	)		(494,361	)		(99,313	)		(1,111,958	)
Class Y		(1,789,614	)		(15,438,937	)		(1,971,810	)		(22,473,566	)
Class R5		-			-			(2,109	)		(25,445	)
Class R6		(31,716	)		(257,989	)		(30,570	)		(356,460	)
Net increase (decrease) in share activity		(1,389,804	)	$	(11,978,608	)		400,848		$	6,384,400

^(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.

16 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, 2021 through April 30, 2022.

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     (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending     Account Value     (04/30/22)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2
Class A	$1,000.00	$755.90	$5.79	$1,018.20	$6.66	1.33%
Class C	1,000.00	753.20	9.04	1,014.48	10.39	2.08
Class R	1,000.00	754.90	6.87	1,016.96	7.90	1.58
Class Y	1,000.00	757.20	4.71	1,019.44	5.41	1.08
Class R5	1,000.00	757.20	4.71	1,019.44	5.41	1.08
Class R6	1,000.00	756.10	4.70	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, 2021 through April 30, 2022, 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 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 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 number(s): 811-05426 and 033-19338                     Invesco Distributors, Inc.                                                                  EME-SAR-1

Semiannual Report to Shareholders April 30, 2022

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
20	Consolidated Financial Statements
23	Consolidated Financial Highlights
24	Notes to Consolidated 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 is 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, 10/31/21 to 4/30/22, 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	-4.15	%
Class C Shares	-4.51
Class R Shares	-4.30
Class Y Shares	-4.02
Class R5 Shares	-3.98
Class R6 Shares	-3.97
HFRX Global Hedge Fund Index▼	-3.05
Source(s): ▼Bloomberg LP
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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (1/3/89)	6.84	%
10 Years	1.69
5 Years	-0.48
1 Year	-9.09
Class C Shares
Inception (9/1/93)	5.24	%
10 Years	1.64
5 Years	-0.12
1 Year	-5.44
Class R Shares
Inception (3/1/01)	1.97	%
10 Years	1.99
5 Years	0.38
1 Year	-4.04
Class Y Shares
Inception (12/16/96)	4.00	%
10 Years	2.51
5 Years	0.89
1 Year	-3.57
Class R5 Shares
10 Years	2.39	%
5 Years	0.89
1 Year	-3.45
Class R6 Shares
Inception (2/28/13)	2.54	%
5 Years	1.07
1 Year	-3.46

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–34.06%
Advertising–0.14%
Interpublic Group of Cos., Inc. (The)		9,935	$	324,080
Omnicom Group, Inc.		3,473		264,399
Pacific Drilling S.A.		1,362		511
				588,990
Aerospace & Defense–0.10%
Raytheon Technologies Corp.		4,355		413,333
Agricultural & Farm Machinery–0.06%
Deere & Co.		638		240,877
Agricultural Products–0.06%
Archer-Daniels-Midland Co.		3,066		274,591
Air Freight & Logistics–0.33%
C.H. Robinson Worldwide, Inc.		2,895		307,305
Expeditors International of Washington, Inc.(b)		5,846		579,163
United Parcel Service, Inc., Class B		3,141		565,317
				1,451,785
Airlines–0.04%
Southwest Airlines Co.(c)		3,511		164,034
Alternative Carriers–0.09%
Liberty Global PLC, Class C (United Kingdom)(c)		10,201		241,764
Lumen Technologies, Inc.		13,747		138,295
				380,059
Application Software–0.65%
Adobe, Inc.(c)		2,513		995,022
Black Knight, Inc.(c)		4,810		316,450
Blackbaud, Inc.(c)		2,986		173,218
Cadence Design Systems, Inc.(c)		761		114,797
Dropbox, Inc., Class A(c)		5,692		123,801
Fusion Connect, Inc.(d)		1		0
Fusion Connect, Inc., Wts., expiring 01/14/2040(d)		6,073		61
Intuit, Inc.		1,080		452,250
salesforce.com, inc.(c)		2,271		399,560
Synopsys, Inc.(c)		512		146,836
Tyler Technologies, Inc.(c)		258		101,835
				2,823,830
Asset Management & Custody Banks–0.10%
Ameriprise Financial, Inc.		871		231,242
Blackstone, Inc., Class A		1,983		201,413
				432,655
Auto Parts & Equipment–0.02%
Gentex Corp.		3,573		104,868
Automobile Manufacturers–0.52%
Ford Motor Co.		21,326		301,976
General Motors Co.(c)		6,283		238,189

	Shares		Value
Automobile Manufacturers–(continued)
Tesla, Inc.(c)		1,962	$	1,708,431
				2,248,596
Automotive Retail–0.19%
AutoNation, Inc.(c)		1,929		223,590
AutoZone, Inc.(c)		186		363,717
O’Reilly Automotive, Inc.(c)		381		231,096
				818,403
Biotechnology–1.75%
AbbVie, Inc.		6,958		1,021,991
Amgen, Inc.(b)		4,338		1,011,578
Biogen, Inc.(c)		2,562		531,461
BioMarin Pharmaceutical, Inc.(c)		7,349		597,841
Gilead Sciences, Inc.		19,985		1,185,910
Incyte Corp.(c)		2,457		184,177
Ionis Pharmaceuticals, Inc.(c)		6,569		241,477
Moderna, Inc.(c)		976		131,184
Regeneron Pharmaceuticals, Inc.(c)		1,630		1,074,349
Seagen, Inc.(c)		694		90,921
United Therapeutics Corp.(c)		3,657		649,337
Vertex Pharmaceuticals, Inc.(c)		3,117		851,627
				7,571,853
Broadcasting–0.04%
Fox Corp., Class A		5,163		185,042
Building Products–0.35%
A.O. Smith Corp.		2,428		141,868
Builders FirstSource, Inc.(c)		3,637		223,930
Carrier Global Corp.		2,500		95,675
Johnson Controls International PLC		5,661		338,924
Lennox International, Inc.		610		130,046
Masco Corp.		3,172		167,133
Owens Corning		2,364		214,958
Trane Technologies PLC		1,337		187,033
				1,499,567
Cable & Satellite–0.40%
Charter Communications, Inc., Class A(c)		1,113		476,910
Comcast Corp., Class A		24,016		954,876
Liberty Broadband Corp., Class C(c)		1,066		119,200
Sirius XM Holdings, Inc.		27,658		165,948
				1,716,934
Casinos & Gaming–0.02%
Boyd Gaming Corp.		1,471		89,113
Commodity Chemicals–0.16%
Dow, Inc.		7,841		521,427
Olin Corp.		3,125		179,375
				700,802
Communications Equipment–0.40%
Cisco Systems, Inc.		26,490		1,297,480
Motorola Solutions, Inc.		878		187,620

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–(continued)
Ubiquiti, Inc.		902	$	254,590
				1,739,690
Construction & Engineering–0.10%
EMCOR Group, Inc.		3,065		326,361
Quanta Services, Inc.		1,011		117,256
				443,617
Construction Machinery & Heavy Trucks–0.12%
Caterpillar, Inc.		1,165		245,279
Terex Corp.		3,423		116,382
Wabtec Corp.		1,822		163,816
				525,477
Consumer Finance–0.33%
Ally Financial, Inc.		10,700		427,572
Capital One Financial Corp.		3,082		384,079
Discover Financial Services		2,240		251,910
SLM Corp.		8,413		140,750
Synchrony Financial		6,283		231,277
				1,435,588
Copper–0.05%
Freeport-McMoRan, Inc.		3,608		146,304
Southern Copper Corp. (Peru)		1,469		91,475
				237,779
Data Processing & Outsourced Services–1.46%
Automatic Data Processing, Inc.		5,374		1,172,499
Bread Financial Holdings, Inc.		1,724		94,475
Broadridge Financial Solutions, Inc.		2,110		304,114
Fiserv, Inc.(c)		1,867		182,817
Jack Henry & Associates, Inc.(b)		3,124		592,248
Mastercard, Inc., Class A		1,632		593,036
Maximus, Inc.		2,986		217,620
Paychex, Inc.		9,986		1,265,526
PayPal Holdings, Inc.(c)		2,139		188,082
SS&C Technologies Holdings, Inc.		4,048		261,744
Visa, Inc., Class A(b)		5,894		1,256,188
Western Union Co. (The)		11,459		192,053
				6,320,402
Distillers & Vintners–0.06%
Constellation Brands, Inc., Class A		975		239,938
Distributors–0.11%
Genuine Parts Co.		1,742		226,547
LKQ Corp.		5,002		248,249
				474,796
Diversified Banks–0.44%
Bank of America Corp.		15,976		570,023
Citigroup, Inc.		6,889		332,119
JPMorgan Chase & Co.		980		116,973
U.S. Bancorp		6,159		299,081
Wells Fargo & Co.		13,552		591,274
				1,909,470
Drug Retail–0.03%
Walgreens Boots Alliance, Inc.		3,580		151,792

	Shares		Value
Electric Utilities–1.16%
American Electric Power Co., Inc.		8,771	$	869,294
Constellation Energy Corp.		2,571		152,229
Duke Energy Corp.		9,580		1,055,333
Edison International		2,924		201,142
Eversource Energy		2,047		178,908
Exelon Corp.		9,176		429,253
NextEra Energy, Inc.		7,278		516,883
Pinnacle West Capital Corp.		2,458		175,010
PPL Corp.		12,193		345,184
Southern Co. (The)		11,321		830,848
Xcel Energy, Inc.		3,981		291,648
				5,045,732
Electrical Components & Equipment–0.06%
Eaton Corp. PLC		1,286		186,495
Regal Rexnord Corp.		549		69,855
				256,350
Electronic Equipment & Instruments–0.05%
Keysight Technologies, Inc.(c)		1,111		155,840
Vontier Corp.		3,179		81,446
				237,286
Environmental & Facilities Services–0.29%
Republic Services, Inc.		7,902		1,061,002
Waste Management, Inc.		1,119		184,008
				1,245,010
Fertilizers & Agricultural Chemicals–0.09%
CF Industries Holdings, Inc.		2,273		220,095
Corteva, Inc.		3,289		189,742
				409,837
Financial Exchanges & Data–0.18%
CME Group, Inc., Class A		1,598		350,505
S&P Global, Inc.		1,189		447,659
				798,164
Food Retail–0.33%
Casey’s General Stores, Inc.		1,539		309,801
Kroger Co. (The)		20,993		1,132,782
				1,442,583
Forest Products–0.07%
Louisiana-Pacific Corp.		4,471		288,469
Gas Utilities–0.17%
Atmos Energy Corp.(b)		5,101		578,453
ONE Gas, Inc.		2,054		173,296
				751,749
General Merchandise Stores–0.18%
Target Corp.		3,328		760,947
Gold–0.19%
Newmont Corp.		11,230		818,105
Health Care Distributors–0.28%
AmerisourceBergen Corp.		1,803		272,776
Cardinal Health, Inc.		1,732		100,542
McKesson Corp.		2,665		825,111
				1,198,429

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–0.62%
Abbott Laboratories		9,061	$	1,028,424
Baxter International, Inc.		1,655		117,604
Becton, Dickinson and Co.		3,268		807,817
Hologic, Inc.(c)		3,701		266,435
IDEXX Laboratories, Inc.(c)		353		151,959
Medtronic PLC		3,192		333,117
				2,705,356
Health Care Facilities–0.10%
HCA Healthcare, Inc.		2,046		438,969
Health Care Services–0.32%
Cigna Corp.		955		235,675
CVS Health Corp.		6,064		582,932
DaVita, Inc.(c)		916		99,267
Laboratory Corp. of America Holdings(c)		1,213		291,460
Quest Diagnostics, Inc.		1,368		183,093
				1,392,427
Home Improvement Retail–0.15%
Home Depot, Inc. (The)		1,501		450,900
Lowe’s Cos., Inc.		960		189,821
				640,721
Homebuilding–0.04%
Lennar Corp., Class A		2,364		180,822
Homefurnishing Retail–0.02%
Williams-Sonoma, Inc.		622		81,159
Hotels, Resorts & Cruise Lines–0.06%
Marriott International, Inc., Class A(c)		608		107,932
Wyndham Hotels & Resorts, Inc.		1,978		173,985
				281,917
Household Products–0.83%
Church & Dwight Co., Inc.		2,815		274,632
Clorox Co. (The)		607		87,086
Colgate-Palmolive Co.		9,206		709,322
Kimberly-Clark Corp.		889		123,420
Procter & Gamble Co. (The)		15,084		2,421,736
				3,616,196
Human Resource & Employment Services–0.13%
ManpowerGroup, Inc.		2,488		224,418
Robert Half International, Inc.		3,376		331,894
				556,312
Hypermarkets & Super Centers–0.56%
Costco Wholesale Corp.		2,665		1,417,034
Walmart, Inc.		6,669		1,020,290
				2,437,324
Independent Power Producers & Energy Traders–0.04%
AES Corp. (The)		7,589		154,967
Industrial Conglomerates–0.06%
3M Co.		1,059		152,729
General Electric Co.		1,337		99,673
				252,402

	Shares		Value
Industrial REITs–0.12%
Duke Realty Corp.		1,570	$	85,958
EastGroup Properties, Inc.		1,243		233,062
Prologis, Inc.		1,131		181,288
				500,308
Insurance Brokers–0.16%
Aon PLC, Class A		1,119		322,261
Marsh & McLennan Cos., Inc.		2,247		363,340
				685,601
Integrated Oil & Gas–0.43%
Chevron Corp.		7,596		1,190,065
Exxon Mobil Corp.		7,755		661,114
				1,851,179
Integrated Telecommunication Services–0.35%
AT&T, Inc.		39,748		749,647
Verizon Communications, Inc.		17,037		788,813
				1,538,460
Interactive Home Entertainment–0.26%
Activision Blizzard, Inc.		3,445		260,442
Electronic Arts, Inc.		5,954		702,870
Take-Two Interactive Software, Inc.(c)		1,236		147,714
				1,111,026
Interactive Media & Services–1.31%
Alphabet, Inc., Class A(c)		1,369		3,124,318
Alphabet, Inc., Class C(c)		513		1,179,556
Meta Platforms, Inc., Class A(c)		6,904		1,384,045
				5,687,919
Internet & Direct Marketing Retail–0.74%
Amazon.com, Inc.(c)		1,059		2,632,282
eBay, Inc.		10,738		557,517
				3,189,799
Internet Services & Infrastructure–0.20%
Akamai Technologies, Inc.(c)		2,488		279,353
VeriSign, Inc.(c)		3,189		569,842
				849,195
Investment Banking & Brokerage–0.15%
Charles Schwab Corp. (The)		4,292		284,688
Goldman Sachs Group, Inc. (The)		386		117,919
Morgan Stanley		3,038		244,833
				647,440
IT Consulting & Other Services–0.94%
Accenture PLC, Class A		4,860		1,459,750
Amdocs Ltd.		7,713		614,649
Cognizant Technology Solutions Corp., Class A		8,896		719,686
Gartner, Inc.(c)		2,077		603,472
International Business Machines Corp.		5,164		682,733
				4,080,290
Life & Health Insurance–0.16%
Aflac, Inc.		3,670		210,218
Brighthouse Financial, Inc.(c)		3,443		176,833
MetLife, Inc.		1,831		120,260

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

7 Invesco Fundamental Alternatives Fund

	Shares		Value
Life & Health Insurance–(continued)
Principal Financial Group, Inc.		2,803	$	190,996
				698,307
Life Sciences Tools & Services–0.72%
Agilent Technologies, Inc.		2,986		356,140
Danaher Corp.		3,823		960,070
IQVIA Holdings, Inc.(c)		776		169,160
Mettler-Toledo International, Inc.(c)		168		214,625
PerkinElmer, Inc.		1,430		209,653
Thermo Fisher Scientific, Inc.		1,247		689,491
Waters Corp.(c)		1,333		403,926
West Pharmaceutical Services, Inc.		331		104,285
				3,107,350
Managed Health Care–0.45%
Anthem, Inc.		1,007		505,443
Molina Healthcare, Inc.(c)		839		262,985
UnitedHealth Group, Inc.		2,362		1,201,195
				1,969,623
Marine–0.00%
HGIM Corp.		731		6,122
Movies & Entertainment–0.29%
Liberty Media Corp.-Liberty Formula One, Class C(c)		5,440		339,075
Netflix, Inc.(c)		1,635		311,239
Walt Disney Co. (The)(c)		1,641		183,185
Warner Bros Discovery, Inc.(c)		9,615		174,512
World Wrestling Entertainment, Inc., Class A		4,167		243,311
				1,251,322
Multi-Sector Holdings–0.54%
Berkshire Hathaway, Inc., Class B(c)		7,301		2,356,982
Multi-Utilities–0.78%
Ameren Corp.		3,421		317,811
CMS Energy Corp.		3,857		264,937
Consolidated Edison, Inc.		9,580		888,449
Dominion Energy, Inc.		10,201		832,810
DTE Energy Co.		2,818		369,271
Public Service Enterprise Group, Inc.		2,924		203,686
Sempra Energy		1,368		220,741
WEC Energy Group, Inc.		3,048		304,952
				3,402,657
Oil & Gas Equipment & Services–0.08%
Halliburton Co.		6,879		245,030
TechnipFMC PLC (United Kingdom)(c)		17,932		124,089
				369,119
Oil & Gas Exploration & Production–0.27%
ConocoPhillips		4,525		432,228
Continental Resources, Inc.		2,273		126,311
Devon Energy Corp.		3,220		187,307
EOG Resources, Inc.(b)		3,546		414,031
Sabine Oil & Gas Holdings, Inc.(c)(d)		115		78
				1,159,955

	Shares		Value
Oil & Gas Storage & Transportation–0.28%
Kinder Morgan, Inc.		32,801	$	595,338
Southcross Energy Partners L.P.(d)		17,192		1,290
Targa Resources Corp.		4,732		347,376
Williams Cos., Inc. (The)		8,025		275,177
				1,219,181
Packaged Foods & Meats–1.02%
Campbell Soup Co.		10,657		503,224
Flowers Foods, Inc.		7,589		201,260
General Mills, Inc.		6,469		457,552
Hershey Co. (The)		5,199		1,173,778
JM Smucker Co. (The)		939		128,577
Kellogg Co.		3,297		225,845
Kraft Heinz Co. (The)		9,541		406,733
Mondelez International, Inc., Class A		11,508		742,036
Tyson Foods, Inc., Class A		6,467		602,466
				4,441,471
Personal Products–0.02%
Herbalife Nutrition Ltd.(c)		3,294		87,555
Pharmaceuticals–1.59%
Bristol-Myers Squibb Co.		10,986		826,916
Eli Lilly and Co.		4,294		1,254,407
Johnson & Johnson		9,670		1,745,048
Merck & Co., Inc.		15,409		1,366,624
Pfizer, Inc.		34,774		1,706,360
				6,899,355
Property & Casualty Insurance–0.36%
American Financial Group, Inc.		3,055		423,056
Chubb Ltd.		1,400		289,030
Fidelity National Financial, Inc.		5,179		206,228
Old Republic International Corp.		17,508		385,351
Progressive Corp. (The)		2,282		244,996
				1,548,661
Publishing–0.15%
John Wiley & Sons, Inc., Class A		3,172		161,423
New York Times Co. (The), Class A		12,814		491,033
				652,456
Railroads–0.27%
CSX Corp.		6,532		224,309
Norfolk Southern Corp.		392		101,089
Union Pacific Corp.		3,670		859,844
				1,185,242
Real Estate Services–0.04%
CBRE Group, Inc., Class A(c)		1,992		165,416
Regional Banks–0.18%
Fifth Third Bancorp		7,278		273,143
Regions Financial Corp.		10,886		225,558
SVB Financial Group(c)		209		101,917
Synovus Financial Corp.		4,417		183,482
				784,100
Research & Consulting Services–0.17%
Booz Allen Hamilton Holding Corp.		4,938		403,089
Nielsen Holdings PLC		5,858		157,053

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

8 Invesco Fundamental Alternatives Fund

	Shares		Value
Research & Consulting Services–(continued)
Verisk Analytics, Inc.		861	$	175,687
				735,829
Residential REITs–0.07%
Mid-America Apartment Communities, Inc.		1,492		293,447
Restaurants–0.59%
Chipotle Mexican Grill, Inc.(c)		128		186,318
Domino’s Pizza, Inc.		1,400		473,200
McDonald’s Corp.		5,225		1,301,861
Papa John’s International, Inc.		1,310		119,275
Starbucks Corp.		1,929		143,981
Yum! Brands, Inc.		2,986		349,392
				2,574,027
Semiconductor Equipment–0.24%
Applied Materials, Inc.		5,488		605,601
KLA Corp.		846		270,094
Lam Research Corp.		311		144,851
				1,020,546
Semiconductors–1.05%
Advanced Micro Devices, Inc.(c)		4,258		364,144
Broadcom, Inc.		1,631		904,210
Intel Corp.		9,174		399,895
Microchip Technology, Inc.		3,110		202,772
Micron Technology, Inc.		1,867		127,311
NVIDIA Corp.		5,193		963,146
NXP Semiconductors N.V. (China)		964		164,747
QUALCOMM, Inc.		3,608		504,001
Texas Instruments, Inc.		5,319		905,560
				4,535,786
Soft Drinks–0.65%
Coca-Cola Co. (The)		19,717		1,273,915
Keurig Dr Pepper, Inc.		8,585		321,079
PepsiCo, Inc.		7,202		1,236,656
				2,831,650
Specialized Consumer Services–0.10%
Service Corp. International		6,407		420,363
Specialized REITs–0.61%
Crown Castle International Corp.		597		110,570
Extra Space Storage, Inc.		4,713		895,470
Life Storage, Inc.		2,410		319,301
Public Storage		3,228		1,199,202
Weyerhaeuser Co.		2,478		102,143
				2,626,686
Specialty Chemicals–0.21%
Celanese Corp.		933		137,095
DuPont de Nemours, Inc.		3,102		204,515
Eastman Chemical Co.		2,240		229,981
Sherwin-Williams Co. (The)		1,316		361,847
				933,438
Specialty Stores–0.03%
Bath & Body Works, Inc.		2,558		135,293

	Shares		Value
Systems Software–1.90%
CommVault Systems, Inc.(c)		2,156	$	131,516
Dolby Laboratories, Inc., Class A		6,563		508,436
Fortinet, Inc.(c)		839		242,479
Microsoft Corp.		22,226		6,168,159
Oracle Corp.		11,292		828,833
Palo Alto Networks, Inc.(c)		187		104,959
Teradata Corp.(b)(c)		6,439		266,253
				8,250,635
Technology Distributors–0.04%
Arrow Electronics, Inc.(c)		1,610		189,755
Technology Hardware, Storage & Peripherals–1.56%
Apple, Inc.		39,893		6,289,130
HP, Inc.(b)		12,873		471,538
				6,760,668
Textiles–0.00%
Sungard Availability Services Capital, Inc.		225		722
Tobacco–0.36%
Altria Group, Inc.		10,450		580,706
Philip Morris International, Inc.		9,684		968,400
				1,549,106
Trading Companies & Distributors–0.08%
United Rentals, Inc.(c)		709		224,412
Watsco, Inc.		392		104,578
				328,990
Trucking–0.40%
Knight-Swift Transportation Holdings, Inc.		13,370		640,289
Landstar System, Inc.		2,924		452,928
Old Dominion Freight Line, Inc.		477		133,617
Ryder System, Inc.		2,924		204,388
Werner Enterprises, Inc.		7,193		285,058
				1,716,280
Water Utilities–0.04%
American Water Works Co., Inc.		1,246		191,984
Total Common Stocks & Other Equity Interests (Cost $113,980,082)				147,716,410
	Principal Amount
U.S. Treasury Securities–14.25%
U.S. Treasury Bills–0.12%
0.26% - 0.41%, 05/26/2022(e)(f)	$	434,000		433,881
0.93% - 0.94%,
09/15/2022(e)(f)		88,000		87,641
				521,522
U.S. Treasury Notes–14.13%
0.13%, 05/31/2022		24,825,000		24,818,174
0.13%, 12/15/2023		29,900,000		28,739,040
0.38%, 12/31/2025		8,500,000		7,745,957
				61,303,171
Total U.S. Treasury Securities (Cost $63,681,473)				61,824,693

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

9 Invesco Fundamental Alternatives Fund

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–7.24%
Aerospace & Defense–0.16%
Boeing Co. (The),
4.51%, 05/01/2023	$	150,000	$	151,419
2.75%, 02/01/2026		177,000		167,344
2.25%, 06/15/2026		200,000		183,057
General Dynamics Corp., 3.25%, 04/01/2025		200,000		199,335
				701,155
Agricultural & Farm Machinery–0.07%
Deere & Co., 2.75%, 04/15/2025		310,000		304,606
Airlines–0.15%
Delta Air Lines Pass-Through Trust, Series 2019-1, Class AA, 3.20%, 04/25/2024		400,000		394,164
Southwest Airlines Co., 4.75%, 05/04/2023		253,000		257,484
				651,648
Apparel Retail–0.02%
Ross Stores, Inc., 0.88%, 04/15/2026		100,000		89,520
Application Software–0.09%
Adobe, Inc., 3.25%, 02/01/2025		300,000		301,249
Citrix Systems, Inc., 1.25%, 03/01/2026		104,000		101,278
				402,527
Asset Management & Custody Banks–0.27%
FS KKR Capital Corp., 4.63%, 07/15/2024		242,000		242,094
Golub Capital BDC, Inc., 3.38%, 04/15/2024		312,000		306,405
Legg Mason, Inc., 4.75%, 03/15/2026		90,000		93,152
Main Street Capital Corp., 5.20%, 05/01/2024		280,000		283,394
Owl Rock Capital Corp., 5.25%, 04/15/2024		223,000		225,784
				1,150,829
Automobile Manufacturers–0.23%
American Honda Finance Corp., 2.35%, 01/08/2027		225,000		212,121
General Motors Co., 6.13%, 10/01/2025		75,000		79,282
General Motors Financial Co., Inc.,
2.75%, 06/20/2025		415,000		398,203
5.25%, 03/01/2026		125,000		128,491
Toyota Motor Credit Corp., 1.15%, 08/13/2027		200,000		175,702
				993,799
Cable & Satellite–0.01%
Time Warner Entertainment Co. L.P., 8.38%, 03/15/2023		60,000		62,716
Computer & Electronics Retail–0.04%
Dell International LLC/EMC Corp., 6.02%, 06/15/2026		170,000		179,714

	Principal Amount		Value
Construction Machinery & Heavy Trucks–0.08%
Caterpillar Financial Services Corp., 1.10%, 09/14/2027	$	175,000	$	155,207
Wabtec Corp., 3.45%, 11/15/2026		200,000		191,844
				347,051
Consumer Finance–0.02%
Synchrony Financial, 3.95%, 12/01/2027		100,000		95,684
Copper–0.02%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		100,000		101,330
Data Processing & Outsourced Services–0.09%
Automatic Data Processing, Inc., 3.38%, 09/15/2025		305,000		306,509
Western Union Co. (The), 1.35%, 03/15/2026		100,000		90,676
				397,185
Distillers & Vintners–0.18%
Constellation Brands, Inc., 3.70%, 12/06/2026		175,000		173,546
Diageo Capital PLC (United Kingdom),
2.63%, 04/29/2023(b)		379,000		379,166
3.50%, 09/18/2023		204,000		205,638
				758,350
Diversified Banks–2.02%
Banco Santander S.A. (Spain),
3.85%, 04/12/2023		200,000		201,855
2.75%, 05/28/2025		200,000		191,415
Bank of America Corp.,
4.45%, 03/03/2026		269,000		269,639
3.50%, 04/19/2026		185,000		181,712
1.32%, 06/19/2026(g)		195,000		178,785
1.20%, 10/24/2026(g)		205,000		185,099
Series L, 4.18%, 11/25/2027		175,000		172,339
Barclays PLC (United Kingdom), 4.38%, 09/11/2024		494,000		496,713
Canadian Imperial Bank of Commerce (Canada), 2.25%, 01/28/2025		402,000		387,386
Citigroup, Inc.,
3.11%, 04/08/2026(g)		297,000		287,516
4.45%, 09/29/2027		100,000		99,371
HSBC Holdings PLC (United Kingdom), 3.60%, 05/25/2023		322,000		324,497
JPMorgan Chase & Co.,
3.38%, 05/01/2023		338,000		340,067
2.30%, 10/15/2025(g)		425,000		407,964
2.01%, 03/13/2026(g)		200,000		188,528
2.08%, 04/22/2026(g)		200,000		188,210
4.25%, 10/01/2027		100,000		99,592
Lloyds Banking Group PLC (United Kingdom),
3.90%, 03/12/2024		478,000		479,127
4.45%, 05/08/2025		305,000		308,491
Mitsubishi UFJ Financial Group, Inc. (Japan),
0.96%, 10/11/2025(g)		311,000		290,161
3.29%, 07/25/2027		75,000		72,022

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

10 Invesco Fundamental Alternatives Fund

	Principal Amount		Value
Diversified Banks–(continued)
NatWest Group PLC (United Kingdom),
6.10%, 06/10/2023	$	18,000	$	18,461
6.00%, 12/19/2023		81,000		83,458
5.13%, 05/28/2024		554,000		564,356
PNC Bank N.A., 4.20%, 11/01/2025		380,000		386,686
Royal Bank of Canada (Canada), 4.65%, 01/27/2026		180,000		183,858
Sumitomo Mitsui Financial Group, Inc. (Japan),
2.35%, 01/15/2025		397,000		382,166
2.63%, 07/14/2026		100,000		94,791
Toronto-Dominion Bank (The) (Canada), 3.50%, 07/19/2023		422,000		425,660
U.S. Bancorp, 1.45%, 05/12/2025		148,000		139,519
U.S. Bank N.A., 3.40%, 07/24/2023		250,000		252,128
Wells Fargo & Co.,
2.19%, 04/30/2026(g)		190,000		179,568
4.30%, 07/22/2027		175,000		175,066
Westpac Banking Corp. (Australia),
3.65%, 05/15/2023		27,000		27,339
3.30%, 02/26/2024(b)		502,000		503,847
				8,767,392
Diversified Capital Markets–0.14%
Deutsche Bank AG (Germany),
3.70%, 05/30/2024		298,000		295,966
3.70%, 05/30/2024		303,000		303,864
				599,830
Drug Retail–0.02%
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026		100,000		98,236
Electric Utilities–0.09%
Berkshire Hathaway Energy Co., 3.50%, 02/01/2025		190,000		190,102
Edison International, 2.95%, 03/15/2023		72,000		71,781
Pacific Gas and Electric Co., 3.30%, 12/01/2027		125,000		113,833
				375,716
Electrical Components & Equipment–0.02%
Emerson Electric Co., 1.80%, 10/15/2027		100,000		90,496
Electronic Equipment & Instruments–0.02%
Vontier Corp., 1.80%, 04/01/2026		100,000		89,068
Electronic Manufacturing Services–0.02%
Tyco Electronics Group S.A. (Switzerland), 3.13%, 08/15/2027		100,000		96,719
Financial Exchanges & Data–0.02%
Intercontinental Exchange, Inc., 3.10%, 09/15/2027		100,000		96,785
Health Care Facilities–0.19%
CommonSpirit Health, 1.55%, 10/01/2025		96,000		89,136
HCA, Inc., 5.00%, 03/15/2024		555,000		568,357

	Principal Amount		Value
Health Care Facilities–(continued)
Universal Health Services, Inc., 1.65%, 09/01/2026(h)	$	200,000	$	178,011
				835,504
Health Care REITs–0.04%
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		179,000		182,271
Health Care Services–0.06%
Sutter Health, Series 20A, 1.32%, 08/15/2025		299,000		277,495
Hotel & Resort REITs–0.03%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026		150,000		149,988
Hotels, Resorts & Cruise Lines–0.05%
Expedia Group, Inc., 3.60%, 12/15/2023		70,000		70,051
Hyatt Hotels Corp., 4.85%, 03/15/2026		133,000		134,026
				204,077
Hypermarkets & Super Centers–0.10%
Walmart, Inc., 2.55%, 04/11/2023		439,000		440,179
Independent Power Producers & Energy Traders–0.18%
Enel Generacion Chile S.A. (Chile), 4.25%, 04/15/2024		770,000		765,376
Industrial Machinery–0.05%
Stanley Black & Decker, Inc., 3.40%, 03/01/2026		200,000		199,225
Integrated Oil & Gas–0.31%
BP Capital Markets PLC (United Kingdom),
2.75%, 05/10/2023		499,000		498,848
3.51%, 03/17/2025		100,000		99,954
Cenovus Energy, Inc. (Canada), 5.38%, 07/15/2025		241,000		250,217
Exxon Mobil Corp., 1.57%, 04/15/2023		500,000		496,112
				1,345,131
Integrated Telecommunication Services–0.05%
British Telecommunications PLC (United Kingdom), 4.50%, 12/04/2023		200,000		203,152
Interactive Media & Services–0.18%
Weibo Corp. (China), 3.50%, 07/05/2024		785,000		766,516
Internet & Direct Marketing Retail–0.08%
Alibaba Group Holding Ltd. (China), 2.80%, 06/06/2023		347,000		345,302
Internet Services & Infrastructure–0.05%
VeriSign, Inc., 5.25%, 04/01/2025		200,000		206,933
Investment Banking & Brokerage–0.27%
BGC Partners, Inc., 5.38%, 07/24/2023		53,000		53,859

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

11 Invesco Fundamental Alternatives Fund

	Principal Amount		Value
Investment Banking & Brokerage–(continued)
Goldman Sachs Group, Inc. (The),
2.91%, 06/05/2023(g)	$	290,000	$	289,951
2.91%, 07/24/2023(g)		379,000		378,793
1.95%, 10/21/2027(g)		100,000		89,921
Morgan Stanley, 3.63%, 01/20/2027		175,000		170,811
Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026		200,000		179,780
				1,163,115
IT Consulting & Other Services–0.14%
International Business Machines Corp.,
3.45%, 02/19/2026		200,000		198,982
3.30%, 05/15/2026		100,000		98,691
1.70%, 05/15/2027		100,000		91,081
Kyndryl Holdings, Inc., 2.05%, 10/15/2026(h)		225,000		196,631
				585,385
Life & Health Insurance–0.05%
Principal Financial Group, Inc., 3.40%, 05/15/2025		239,000		236,636
Movies & Entertainment–0.03%
RELX Capital, Inc. (United Kingdom), 3.50%, 03/16/2023		148,000		148,901
Multi-line Insurance–0.10%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		140,000		147,286
XLIT Ltd. (Bermuda), 4.45%, 03/31/2025		290,000		294,888
				442,174
Office REITs–0.04%
Office Properties Income Trust, 2.65%, 06/15/2026		199,000		178,453
Oil & Gas Refining & Marketing–0.03%
HF Sinclair Corp., 5.88%, 04/01/2026(h)		140,000		143,911
Oil & Gas Storage & Transportation–0.13%
Energy Transfer L.P.,
4.25%, 03/15/2023		59,000		59,466
3.90%, 05/15/2024		381,000		380,203
Series 5Y, 4.20%, 09/15/2023		52,000		52,531
Energy Transfer L.P./Regency Energy Finance Corp., 4.50%, 11/01/2023		54,000		54,516
				546,716
Packaged Foods & Meats–0.04%
Tyson Foods, Inc., 4.00%, 03/01/2026		190,000		191,029
Paper Packaging–0.04%
Berry Global, Inc., 1.57%, 01/15/2026		200,000		182,078
Pharmaceuticals–0.34%
Bristol-Myers Squibb Co., 0.75%, 11/13/2025		400,000		364,984
Merck & Co., Inc., 2.75%, 02/10/2025		184,000		182,164

	Principal Amount		Value
Pharmaceuticals–(continued)
Mylan, Inc., 4.20%, 11/29/2023	$	53,000	$	53,475
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		435,000		428,506
Royalty Pharma PLC, 1.20%, 09/02/2025		275,000		250,054
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		200,000		194,422
				1,473,605
Regional Banks–0.13%
First Horizon Corp., 3.55%, 05/26/2023		88,000		88,103
Santander Holdings USA, Inc., 4.40%, 07/13/2027		100,000		98,795
Truist Financial Corp., 4.00%, 05/01/2025		350,000		353,911
				540,809
Residential REITs–0.02%
Spirit Realty L.P., 4.45%, 09/15/2026		90,000		90,931
Retail REITs–0.07%
Realty Income Corp., 4.88%, 06/01/2026		185,000		191,382
Simon Property Group L.P., 3.30%, 01/15/2026		95,000		93,457
				284,839
Semiconductor Equipment–0.09%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 2.70%, 05/01/2025(h)		415,000		397,249
Semiconductors–0.05%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		100,000		97,660
Micron Technology, Inc., 4.19%, 02/15/2027		100,000		99,399
				197,059
Specialized REITs–0.15%
American Tower Corp., 1.30%, 09/15/2025		200,000		183,212
EPR Properties, 4.75%, 12/15/2026		100,000		98,227
GLP Capital L.P./GLP Financing II, Inc.,
5.38%, 11/01/2023		50,000		50,783
3.35%, 09/01/2024		327,000		322,814
				655,036
Specialty Chemicals–0.02%
PPG Industries, Inc., 1.20%, 03/15/2026		100,000		91,156
Steel–0.05%
ArcelorMittal S.A. (Luxembourg), 4.55%, 03/11/2026		200,000		202,243
Technology Distributors–0.02%
Avnet, Inc., 4.63%, 04/15/2026		90,000		90,388
Technology Hardware, Storage & Peripherals–0.09%
Apple, Inc., 3.25%, 02/23/2026		185,000		184,779

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

12 Invesco Fundamental Alternatives Fund

	Principal Amount		Value
Technology Hardware, Storage & Peripherals–(continued)
HP, Inc., 1.45%, 06/17/2026	$	206,000	$	185,216
				369,995
Tobacco–0.09%
Altria Group, Inc., 4.40%, 02/14/2026		200,000		202,329
BAT Capital Corp. (United Kingdom), 3.22%, 09/06/2026		200,000		189,300
				391,629
Trading Companies & Distributors–0.02%
Aircastle Ltd., 4.40%, 09/25/2023		63,000		63,308
Water Utilities–0.08%
American Water Capital Corp., 3.85%, 03/01/2024		340,000		342,633
Total U.S. Dollar Denominated Bonds & Notes (Cost $33,291,027)				31,380,783
Non-U.S. Dollar Denominated Bonds & Notes–3.42%(i)
Aerospace & Defense–0.19%
Airbus SE (France), 2.38%, 04/02/2024(h)	EUR	384,000		413,536
Thales S.A. (France), 0.75%, 01/23/2025(h)	EUR	400,000		414,872
				828,408
Agricultural Products–0.02%
Archer-Daniels-Midland Co., 1.00%, 09/12/2025	EUR	100,000		104,095
Apparel, Accessories & Luxury Goods–0.05%
EssilorLuxottica S.A. (France), 2.38%, 04/09/2024(h)	EUR	100,000		108,187
PVH Corp., 3.13%, 12/15/2027(h)	EUR	100,000		105,474
				213,661
Application Software–0.07%
SAP SE (Germany), 0.01%, 05/17/2023(h)	EUR	300,000		315,253
Auto Parts & Equipment–0.02%
Magna International, Inc. (Canada), 1.50%, 09/25/2027	EUR	100,000		103,156
Automobile Manufacturers–0.13%
BMW Finance N.V. (Germany),
0.63%, 10/06/2023(h)	EUR	53,000		55,910
1.00%, 01/21/2025(h)	EUR	41,000		43,039
Mercedes-Benz International Finance B.V. (Germany), 2.00%, 08/22/2026(h)	EUR	70,000		75,185
Nissan Motor Co. Ltd. (Japan), 2.65%, 03/17/2026(h)	EUR	100,000		102,996
RCI Banque S.A. (France), 1.75%, 04/10/2026(h)	EUR	50,000		50,125
Volkswagen Financial Services AG (Germany), 0.13%, 02/12/2027(h)	EUR	150,000		141,463
Volkswagen Leasing GmbH (Germany),
1.50%, 06/19/2026(h)	EUR	35,000		35,695
0.38%, 07/20/2026(h)	EUR	75,000		72,911
				577,324

	Principal Amount		Value
Brewers–0.06%
Anheuser-Busch InBev S.A./N.V. (Belgium), 2.88%, 09/25/2024(h)	EUR	242,000	$	266,707
Broadcasting–0.10%
ITV PLC (United Kingdom), 1.38%, 09/26/2026(h)	EUR	200,000		200,784
TDF Infrastructure S.A.S.U. (France), 2.50%, 04/07/2026(h)	EUR	200,000		208,673
				409,457
Building Products–0.05%
CRH Finland Services OYJ (Ireland), 0.88%, 11/05/2023(h)	EUR	200,000		210,820
Cable & Satellite–0.05%
SES S.A. (Luxembourg), 1.63%, 03/22/2026(h)	EUR	200,000		206,683
Construction & Engineering–0.07%
Autoroutes du Sud de la France S.A. (France), 2.95%, 01/17/2024(h)	EUR	100,000		108,764
ISS Global A/S (Denmark), 0.88%, 06/18/2026(h)	EUR	100,000		98,445
Worley US Finance Sub Ltd. (Australia), 0.88%, 06/09/2026(h)	EUR	100,000		98,442
				305,651
Construction Materials–0.02%
HeidelbergCement Finance (Luxembourg) S.A. (Germany), 1.63%, 04/07/2026(h)	EUR	70,000		73,140
Consumer Finance–0.10%
Santander Consumer Finance S.A. (Spain),
1.13%, 10/09/2023(h)	EUR	100,000		105,825
1.00%, 02/27/2024(h)	EUR	300,000		315,685
				421,510
Data Processing & Outsourced Services–0.03%
Euronet Worldwide, Inc., 1.38%, 05/22/2026	EUR	110,000		109,468
Diversified Banks–1.08%
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 0.38%, 10/02/2024(h)	EUR	500,000		514,925
Bankinter S.A. (Spain), 0.88%, 07/08/2026(h)	EUR	100,000		99,730
Banque Federative du Credit Mutuel S.A. (France),
1.25%, 01/14/2025(h)	EUR	100,000		104,920
2.13%, 09/12/2026(h)	EUR	100,000		103,397
0.63%, 11/19/2027(h)	EUR	100,000		95,799
Belfius Bank S.A. (Belgium), 0.01%, 10/15/2025(h)	EUR	300,000		300,226
BNP Paribas S.A. (France),
1.50%, 11/17/2025(h)	EUR	100,000		103,821
2.88%, 10/01/2026(h)	EUR	200,000		212,388
BPCE S.A. (France),
0.88%, 01/31/2024(h)	EUR	100,000		104,880
0.63%, 09/26/2024(h)	EUR	500,000		516,779
Cooperatieve Rabobank U.A. (Netherlands), 0.63%, 02/27/2024(h)	EUR	100,000		104,898

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(h)	EUR	100,000	$	105,122
1.38%, 03/13/2025(h)	EUR	300,000		313,190
0.38%, 10/21/2025(h)	EUR	100,000		100,411
de Volksbank N.V. (Netherlands), 0.01%, 09/16/2024(h)	EUR	200,000		205,473
Euroclear Bank S.A. (Belgium), 0.50%, 07/10/2023(h)	EUR	100,000		105,677
HSBC Continental Europe S.A. (France), 0.60%, 03/20/2023(h)	EUR	400,000		423,724
ING Groep N.V. (Netherlands),
1.00%, 09/20/2023(h)	EUR	100,000		106,100
1.13%, 02/14/2025(h)	EUR	100,000		104,292
KBC Group N.V. (Belgium), 1.13%, 01/25/2024(h)	EUR	100,000		105,919
Mediobanca Banca di Credito Finanziario S.p.A. (Italy), 0.88%, 01/15/2026(h)	EUR	100,000		100,003
National Australia Bank Ltd. (Australia), 1.25%, 05/18/2026(h)	EUR	100,000		104,199
Nationale-Nederlanden Bank N.V. (The) (Netherlands), 0.38%, 05/31/2023(h)	EUR	300,000		315,654
Nordea Bank Abp (Finland), 1.13%, 02/12/2025(h)	EUR	100,000		104,885
OP Corporate Bank PLC (Finland), 0.38%, 02/26/2024(h)	EUR	121,000		126,125
Volkswagen Bank GmbH (Germany), 2.50%, 07/31/2026(h)	EUR	100,000		105,745
				4,688,282
Diversified Capital Markets–0.03%
Deutsche Bank AG (Germany), 2.63%, 02/12/2026(h)	EUR	100,000		105,446
Diversified Chemicals–0.07%
BASF SE (Germany),
0.10%, 06/05/2023(h)	EUR	200,000		210,201
2.50%, 01/22/2024(h)	EUR	80,000		86,888
				297,089
Diversified Support Services–0.05%
APRR S.A. (France), 1.50%, 01/15/2024(h)	EUR	200,000		213,300
Electric Utilities–0.07%
EDP Finance B.V. (Portugal), 1.50%, 11/22/2027(h)	EUR	100,000		103,016
Enel Finance International N.V. (Italy), 5.25%, 09/29/2023	EUR	177,000		199,328
				302,344
Food Retail–0.02%
ELO SACA (France), 2.88%, 01/29/2026(h)	EUR	100,000		102,168
Gas Utilities–0.03%
2i Rete Gas S.p.A. (Italy), 1.75%, 08/28/2026(h)	EUR	115,000		119,953
Health Care Equipment–0.05%
Becton, Dickinson and Co., 1.90%, 12/15/2026	EUR	100,000		105,707

	Principal Amount		Value
Health Care Equipment–(continued)
Zimmer Biomet Holdings, Inc., 2.43%, 12/13/2026	EUR	100,000	$	106,675
				212,382
Health Care Services–0.01%
Fresenius Medical Care AG & Co. KGaA (Germany), 0.63%, 11/30/2026(h)	EUR	50,000		50,132
Hotels, Resorts & Cruise Lines–0.02%
InterContinental Hotels Group PLC (United Kingdom), 2.13%, 05/15/2027(h)	EUR	100,000		103,890
Household Appliances–0.02%
Whirlpool Finance Luxembourg S.a.r.l., 1.10%, 11/09/2027	EUR	100,000		98,856
Integrated Oil & Gas–0.13%
Eni S.p.A. (Italy), 1.00%, 03/14/2025(h)	EUR	179,000		186,255
OMV AG (Austria), 0.75%, 12/04/2023(h)	EUR	143,000		150,851
Shell International Finance B.V. (Netherlands), 0.38%, 02/15/2025(h)	EUR	222,000		228,389
				565,495
Integrated Telecommunication Services–0.02%
Vantage Towers AG (Germany), 0.38%, 03/31/2027(h)	EUR	100,000		96,375
IT Consulting & Other Services–0.02%
DXC Technology Co., 1.75%, 01/15/2026	EUR	100,000		103,356
Life & Health Insurance–0.05%
Ethias S.A. (Belgium), 5.00%, 01/14/2026(h)	EUR	100,000		112,438
New York Life Global Funding, 0.25%, 01/23/2027(h)	EUR	100,000		97,953
				210,391
Multi-Sector Holdings–0.12%
Berkshire Hathaway, Inc., 1.13%, 03/16/2027	EUR	100,000		102,390
Criteria Caixa S.A. (Spain), 1.50%, 05/10/2023(h)	EUR	400,000		426,019
				528,409
Multi-Utilities–0.02%
AusNet Services Holdings Pty. Ltd. (Australia), 1.50%, 02/26/2027(h)	EUR	100,000		102,375
Office REITs–0.12%
Globalworth Real Estate Investments Ltd. (Romania), 2.95%, 07/29/2026(h)	EUR	100,000		98,971
Inmobiliaria Colonial SOCIMI S.A. (Spain), 1.63%, 11/28/2025(h)	EUR	400,000		417,037
				516,008
Other Diversified Financial Services–0.17%
Clearstream Banking AG (Germany), 0.01%, 12/01/2025(h)	EUR	200,000		201,882

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

14 Invesco Fundamental Alternatives Fund

	Principal Amount		Value
Other Diversified Financial Services–(continued)
JAB Holdings B.V. (Austria), 1.75%, 06/25/2026(h)	EUR	100,000	$	103,923
LeasePlan Corp. N.V. (Netherlands),
0.13%, 09/13/2023	EUR	100,000		104,135
3.50%, 04/09/2025(h)	EUR	294,000		324,094
				734,034
Packaged Foods & Meats–0.02%
JDE Peet’s N.V. (Netherlands), 0.01%, 01/16/2026(h)	EUR	100,000		97,900
Paper Products–0.03%
Smurfit Kappa Acquisitions ULC (Ireland), 2.88%, 01/15/2026(h)	EUR	100,000		108,498
Pharmaceuticals–0.12%
Bayer AG (Germany), 0.38%, 07/06/2024(h)	EUR	400,000		414,713
Novartis Finance S.A. (Switzerland), 1.63%, 11/09/2026(h)	EUR	100,000		106,844
				521,557
Precious Metals & Minerals–0.02%
Anglo American Capital PLC (South Africa), 1.63%, 03/11/2026(h)	EUR	100,000		102,975
Real Estate Operating Companies–0.05%
CPI Property Group S.A. (Czech Rep), 2.75%, 05/12/2026(h)	EUR	100,000		103,579
Samhallsbyggnadsbolaget i Norden AB (Sweden), 1.13%, 09/04/2026(h)	EUR	100,000		93,625
				197,204
Renewable Electricity–0.02%
Southern Power Co., 1.85%, 06/20/2026	EUR	100,000		104,345
Restaurants–0.04%
Sodexo S.A. (France), 0.75%, 04/27/2025(h)	EUR	170,000		175,348
Specialized REITs–0.03%
American Tower Corp., 1.95%, 05/22/2026	EUR	100,000		104,372
Tobacco–0.03%
Imperial Brands Finance PLC (United Kingdom), 3.38%, 02/26/2026(h)	EUR	100,000		109,022
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $17,587,575)				14,816,839
Variable Rate Senior Loan Interests–0.02%(j)(k)
Advertising–0.02%
Checkout Holding Corp.,
Term Loan, 8.25%, (1 mo. USD LIBOR + 7.50%), 02/15/2023	$	72,994		65,193
PIK Term Loan, 9.50% PIK Rate, 2.00% Cash Rate, 08/15/2023(l)		832		311
				65,504

	Principal Amount		Value
Movies & Entertainment–0.00%
Deluxe Entertainment Services Group, Inc., First Lien Term Loan, 0.00%, 03/25/2024(d)(m)	$	8,410	$	0
Oil & Gas Storage & Transportation–0.00%
Southcross Energy Partners L.P., Revolver Loan, 0.00%, 01/31/2025(d)(n)		18,571		18,571
Total Variable Rate Senior Loan Interests (Cost $93,020)				84,075
	Shares
Preferred Stocks–0.01%
Oil & Gas Storage & Transportation–0.01%
Southcross Energy Partners L.P., Series A, Pfd. (Cost $68,449)(d)		68,466		66,755
	Principal Amount
Event-Linked Bonds–0.00%
Other Diversified Financial Services–0.00%
Akibare Re Ltd. (Bermuda), 1.43% (6 mo. USD LIBOR + 2.34%), 04/07/2023 (Cost $482,307)(d)(o)	$	482,286		0
	Shares
Money Market Funds–22.59%
Invesco Treasury Portfolio, Institutional Class, 0.23%(p)(q) (Cost $97,976,048)		97,976,048		97,976,048
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–81.59% (Cost $327,159,981)				353,865,603
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.45%
Invesco Private Government Fund, 0.40%(p)(q)(r)		1,881,244		1,881,244
Invesco Private Prime Fund, 0.35%(p)(q)(r)		4,389,568		4,389,568
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,270,812)				6,270,812
TOTAL INVESTMENTS IN SECURITIES–83.04% (Cost $333,430,793)				360,136,415
OTHER ASSETS LESS LIABILITIES–16.96%				73,550,051
NET ASSETS–100.00%			$	433,686,466

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

15 Invesco Fundamental Alternatives Fund

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

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)  All or a portion of this security was out on loan at April 30, 2022.

^(c)  Non-income producing security.

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

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

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

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

^(h)  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, 2022 was $14,386,758, which represented 3.32% of the Fund’s Net Assets.

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

^(j)  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.

^(k)  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.

^(l)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(m)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

⁽ⁿ⁾  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.

^(o)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2022.

^(p)  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, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Treasury Portfolio, Institutional Class		$31,020,428		$152,670,946		$  (85,715,326)		$-		$         -		$  97,976,048	$26,890
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		756,501		13,371,866		(12,247,123)		-		-		1,881,244	1,052*
Invesco Private Prime Fund		1,765,170		25,642,064		(23,015,989)		-		(1,677)		4,389,568	2,809*
Total		$33,542,099		$191,684,876		$(120,978,438)		$-		$(1,677)		$104,246,860	$30,751
*   Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Consolidated Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(q) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(r)  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 Consolidated Financial Statements which are an integral part of the financial statements.

16 Invesco Fundamental Alternatives Fund

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration     Month	Notional       Value			Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Gasoline Reformulated Blendstock Oxygenate Blending		5	May-2022	$	722,904		$	32,385		$	32,385
Gold 100 oz.		9	June-2022		1,720,530			(44,087	)		(44,087	)
LME Primary Aluminum		42	July-2022		3,202,762			(456,093	)		(456,093	)
Low Sulphur Gas Oil		4	June-2022		466,600			80,223			80,223
Natural Gas		30	November-2022		2,247,900			426,191			426,191
Silver		7	July-2022		807,975			(81,170	)		(81,170	)
Subtotal								(42,551	)		(42,551	)
Equity Risk
E-Mini Russell 2000 Index		26	June-2022		2,419,690			(284,243	)		(284,243	)
EURO STOXX 50 Index		35	June-2022		1,379,453			11,628			11,628
FTSE 100 Index		60	June-2022		5,668,335			279,758			279,758
MSCI Emerging Market Index		13	June-2022		687,310			(54,316	)		(54,316	)
Tokyo Stock Price Index		39	June-2022		5,718,898			56,660			56,660
Subtotal								9,487			9,487
Interest Rate Risk
Australia 10 Year Bonds		192	June-2022		16,840,503			(905,655	)		(905,655	)
Canada 10 Year Bonds		114	June-2022		11,213,202			(722,724	)		(722,724	)
Euro-Bund		62	June-2022		10,045,848			(361,293	)		(361,293	)
Japan 10 Year Bonds		5	June-2022		5,764,593			(31,878	)		(31,878	)
Long Gilt		40	June-2022		5,957,297			(181,607	)		(181,607	)
U.S. Treasury 2 Year Notes		38	June-2022		8,010,875			(32,828	)		(32,828	)
U.S. Treasury 5 Year Notes		266	June-2022		29,970,719			(1,186,044	)		(1,186,044	)
U.S. Treasury Long Bonds		44	June-2022		6,190,250			(587,241	)		(587,241	)
Subtotal								(4,009,270	)		(4,009,270	)
Subtotal–Long Futures Contracts								(4,042,334	)		(4,042,334	)
Short Futures Contracts
Commodity Risk
Cotton No. 2		1	December-2022		(61,035	)		(5,178	)		(5,178	)
LME Primary Aluminum		25	July-2022		(1,906,406	)		2,604			2,604
Soybean Oil		1	August-2022		(47,970	)		(7,509	)		(7,509	)
Subtotal								(10,083	)		(10,083	)
Equity Risk
E-Mini S&P 500 Index		289	June-2022		(59,642,375	)		2,002,929			2,002,929
Interest Rate Risk
Euro-Bobl		49	June-2022		(6,574,260	)		249,522			249,522
Euro-Schatz		42	June-2022		(4,880,295	)		55,011			55,011
U.S. Treasury 10 Year Notes		3	June-2022		(357,469	)		20,339			20,339
Subtotal								324,872			324,872
Subtotal–Short Futures Contracts								2,317,718			2,317,718
Total Futures Contracts							$	(1,724,616	)	$	(1,724,616	)

^(a)  Futures contracts collateralized by $4,961,271 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
05/17/2022	Citibank, N.A.	EUR	14,888,000		USD  17,116,704		$1,401,623

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

17 Invesco Fundamental Alternatives Fund

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 CDX North America High Yield Index, Series 36, Version 1

Sell

5.00%

Quarterly

06/20/2026

4.086%

USD 10,500,000

$755,328

$316,554

$(438,774)

^(a)  Centrally cleared swap agreements collateralized by $840,687 cash held with Citigroup Global Markets, Inc.

^(b)  Implied credit spreads represent the current level, as of April 30, 2022, 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 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
Commodity Risk
BNP Paribas S.A.	Receive		BNP Paribas Commodity Daily Dynamic Curve CO Index		0.25	%		Monthly		1,090		August-2022	$	636,741		$-		$31,055		$31,055
Merrill Lynch International	Pay		Merrill Lynch Soybean Meal Index		0.05			Monthly		50		April-2023		39,656		-		0		0
Merrill Lynch International	Receive		MLCX Dynamic Enhanced Copper Excess Return Index		0.25			Monthly		2,480		February-2023		2,249,520		-		0		0
Royal Bank of Canada	Receive		RBC Enhanced Crude Oil 01 Excess Return Index		0.30			Monthly		1,760		April-2023		689,317		-		0		0
UBS AG	Receive		UBS Modified Roll Select Heating Oil Strategy		0.30			Monthly		3,500		December-2022		383,616		-		52,855		52,855
Total - Total Return Swap Agreements																$-		$83,910		$83,910

^(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
BNP Paribas Commodity Daily Dynamic Curve CO Index
	Long Futures Contracts
	Brent Crude	100.00%
Merill Lynch Soybean Meal Index
	Long Futures Contracts
	Soybean Meal	100.00%
MLCX Dynamic Enhanced Copper Excess Return Index
	Long Futures Contracts
	Copper	100.00%
RBC Enhanced Crude Oil 01 Excess Return Index
	Long Futures Contracts
	Crude Oil	100.00%
UBS Modified Roll Select Heating Oil Strategy
	Long Futures Contracts
	Heating Oil	100.00%

Abbreviations:

EUR    –Euro

USD    –U.S. Dollar

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

18 Invesco Fundamental Alternatives Fund

Volatility Contribution*

Strategy	Annualized Volatility Contribution			Volatility Contribution as % of Investment Strategy
Long/Short Credit		0.08	%		2.01	%
Long/Short Equity		2.99			77.28
Long/Short Macro		0.80			20.71
Total		3.87	%		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.

Data presented here are as of April 30, 2022.

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

19 Invesco Fundamental Alternatives Fund

Consolidated Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $229,183,933)*	$	255,889,555
Investments in affiliated money market funds, at value (Cost $104,246,860)		104,246,860
Other investments:
Variation margin receivable – futures contracts		25,477,366
Unrealized appreciation on LME futures contracts		2,604
Swaps receivable – OTC		1,669
Unrealized appreciation on swap agreements – OTC		83,910
Unrealized appreciation on forward foreign currency contracts outstanding		1,401,623
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		4,961,271
Cash collateral – centrally cleared swap agreements		840,687
Cash		47,628,044
Foreign currencies, at value (Cost $143,624)		138,144
Receivable for:
Investments sold		563,958
Fund shares sold		86,052
Dividends		468,509
Interest		458,244
Investment for trustee deferred compensation and retirement plans		111,113
Other assets		30,111
Total assets		442,389,720
Liabilities:
Other investments:
Variation margin payable – centrally cleared swap agreements		387,110
Swaps payable – OTC		166,080
Unrealized depreciation on LME futures contracts		456,093
Payable for:
Investments purchased		98,185
Fund shares reacquired		778,519
Collateral upon return of securities loaned		6,270,812
Accrued fees to affiliates		237,378
Accrued other operating expenses		131,677
Trustee deferred compensation and retirement plans		158,829
Unfunded loan commitments		18,571
Total liabilities		8,703,254
Net assets applicable to shares outstanding	$	433,686,466

Net assets consist of:
Shares of beneficial interest	$	407,387,221
Distributable earnings		26,299,245
	$	433,686,466
Net Assets:
Class A	$	329,255,794
Class C	$	16,298,077
Class R	$	11,349,739
Class Y	$	71,799,713
Class R5	$	9,564
Class R6	$	4,973,579
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,961,847
Class C		727,422
Class R		468,452
Class Y		2,760,316
Class R5		377
Class R6		190,342
Class A:
Net asset value per share	$	25.40
Maximum offering price per share (Net asset value of $25.40 ÷ 94.50%)	$	26.88
Class C:
Net asset value and offering price per share	$	22.41
Class R:
Net asset value and offering price per share	$	24.23
Class Y:
Net asset value and offering price per share	$	26.01
Class R5:
Net asset value and offering price per share	$	25.37
Class R6:
Net asset value and offering price per share	$	26.13

* At April 30, 2022, securities with an aggregate value of $5,993,112 were on loan to brokers.

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

20 Invesco Fundamental Alternatives Fund

Consolidated Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	314,252
Dividends (net of foreign withholding taxes of $207)		1,661,414
Dividends from affiliated money market funds (includes securities lending income of $3,749)		30,639
Total investment income		2,006,305
Expenses:
Advisory fees		1,982,087
Administrative services fees		33,497
Custodian fees		23,813
Distribution fees:
Class A		432,430
Class C		90,243
Class R		30,387
Transfer agent fees – A, C, R and Y		417,633
Transfer agent fees – R5		2
Transfer agent fees – R6		1,317
Trustees’ and officers’ fees and benefits		17,054
Registration and filing fees		42,720
Professional services fees		39,196
Other		(55,448	)
Total expenses		3,054,931
Less: Fees waived and/or expense offset arrangement(s)		(7,829	)
Net expenses		3,047,102
Net investment income (loss)		(1,040,797	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		31,776,460
Affiliated investment securities		(1,677	)
Foreign currencies		(5,217	)
Forward foreign currency contracts		455,933
Futures contracts		(9,772,326	)
Swap agreements		(1,385,328	)
		21,067,845
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(45,213,481	)
Foreign currencies		(110,034	)
Forward foreign currency contracts		1,132,265
Futures contracts		4,976,419
Swap agreements		(430,217	)
		(39,645,048	)
Net realized and unrealized gain (loss)		(18,577,203	)
Net increase (decrease) in net assets resulting from operations	$	(19,618,000	)

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

21 Invesco Fundamental Alternatives Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income (loss)	$	(1,040,797	)	$	(1,306,329	)
Net realized gain		21,067,845			18,893,465
Change in net unrealized appreciation (depreciation)		(39,645,048	)		19,228,818
Net increase (decrease) in net assets resulting from operations		(19,618,000	)		36,815,954
Distributions to shareholders from distributable earnings:
Class A		(10,053,693	)		(7,340,076	)
Class C		(437,899	)		(334,195	)
Class R		(337,935	)		(235,934	)
Class Y		(3,063,994	)		(3,334,842	)
Class R5		(334	)		(239	)
Class R6		(200,601	)		(4,349,596	)
Total distributions from distributable earnings		(14,094,456	)		(15,594,882	)
Share transactions–net:
Class A		(8,864,314	)		(35,215,742	)
Class C		(1,852,393	)		(8,816,984	)
Class R		(542,603	)		(1,493,496	)
Class Y		(25,226,592	)		(65,671,575	)
Class R6		(1,337,744	)		(213,443,598	)
Net increase (decrease) in net assets resulting from share transactions		(37,823,646	)		(324,641,395	)
Net increase (decrease) in net assets		(71,536,102	)		(303,420,323	)
Net assets:
Beginning of period		505,222,568			808,642,891
End of period	$	433,686,466		$	505,222,568

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

22 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 04/30/22		$	27.26		$	(0.06	)		$	(1.03	)		$	(1.09	)		$	(0.77	)		$	25.40		(4.15	)%		$	329,256		1.30	%(e)		1.30	%(e)		1.30	%(e)		(0.45	)%(e)		10	%
Year ended 10/31/21			26.50			(0.08	)			1.35				1.27				(0.51	)			27.26		4.84				362,634		1.32			1.38			1.32			(0.27	)		74
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
Class C
Six months ended 04/30/22			24.02			(0.14	)			(0.91	)			(1.05	)			(0.56	)			22.41		(4.51	)			16,298		2.05	(e)		2.05	(e)		2.05	(e)		(1.20	)(e)		10
Year ended 10/31/21			23.36			(0.25	)			1.21				0.96				(0.30	)			24.02		4.11				19,401		2.08			2.13			2.08			(1.03	)		74
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
Class R
Six months ended 04/30/22			26.00			(0.09	)			(0.98	)			(1.07	)			(0.70	)			24.23		(4.26	)			11,350		1.55	(e)		1.55	(e)		1.55	(e)		(0.70	)(e)		10
Year ended 10/31/21			25.29			(0.14	)			1.29				1.15				(0.44	)			26.00		4.58				12,755		1.58			1.63			1.58			(0.53	)		74
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
Class Y
Six months ended 04/30/22			27.94			(0.03	)			(1.06	)			(1.09	)			(0.84	)			26.01		(4.05	)			71,800		1.05	(e)		1.05	(e)		1.05	(e)		(0.20	)(e)		10
Year ended 10/31/21			27.14			(0.01	)			1.39				1.38				(0.58	)			27.94		5.14				103,680		1.07			1.13			1.07			(0.02	)		74
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
Class R5
Six months ended 04/30/22			27.29			(0.01	)			(1.02	)			(1.03	)			(0.89	)			25.37		(3.94	)			10		0.91	(e)		0.91	(e)		0.91	(e)		(0.06	)(e)		10
Year ended 10/31/21			26.55			0.03				1.35				1.38				(0.64	)			27.29		5.24				10		0.91			0.92			0.91			0.14			74
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	(e)		1.35	(e)		1.02	(e)		2.97	(e)		289
Class R6
Six months ended 04/30/22			28.09			(0.01	)			(1.06	)			(1.07	)			(0.89	)			26.13		(3.97	)			4,974		0.91	(e)		0.91	(e)		0.91	(e)		(0.06	)(e)		10
Year ended 10/31/21			27.27			0.04				1.42				1.46				(0.64	)			28.09		5.40				6,743		0.90			0.92			0.90			0.15			74
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

^(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%, and 0.00% for the years ended October 31, 2020, 2019, 2018 and 2017, respectively.

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

^(e)  Annualized.

^(f)  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.

23 Invesco Fundamental Alternatives Fund

Notes to Consolidated Financial Statements

April 30, 2022

(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 and the Invesco Fundamental Alternatives Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. 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 commodity-linked derivatives primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest 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 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 debt 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 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 may be valued up to 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.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

24 Invesco Fundamental Alternatives Fund

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 based on relative net assets of Class R5 and Class R6. 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 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.

25 Invesco Fundamental Alternatives Fund

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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated 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 Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, fees paid to the Adviser were less than $500.

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. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, inflation 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

26 Invesco Fundamental Alternatives Fund

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 and variance 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, 2022, if any, 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.

P. 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

27 Invesco Fundamental Alternatives Fund

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.

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.

S. 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
First $ 1.0 billion		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, 2022, 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 at least June 30, 2023, 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 total annual fund operating expenses after fee waiver and/or expense 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. 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, 2023. 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 this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2024, 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, 2022, the Adviser waived advisory fees of $7,513.

28 Invesco Fundamental Alternatives 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, 2022, 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, 2022, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $14,260 in front-end sales commissions from the sale of Class A shares and $88 and $94 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, 2022. 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	$	147,707,626	$	7,355	$	1,429	$147,716,410
U.S. Treasury Securities		–		61,824,693		–	61,824,693
U.S. Dollar Denominated Bonds & Notes		–		31,380,783		–	31,380,783
Non-U.S. Dollar Denominated Bonds & Notes		–		14,816,839		–	14,816,839
Variable Rate Senior Loan Interests		–		65,504		18,571	84,075
Preferred Stocks		–		–		66,755	66,755
Event-Linked Bonds		–		–		0	0
Money Market Funds		97,976,048		6,270,812		–	104,246,860
Total Investments in Securities		245,683,674		114,365,986		86,755	360,136,415
Other Investments – Assets*
Futures Contracts		3,217,250		–		–	3,217,250
Forward Foreign Currency Contracts		–		1,401,623		–	1,401,623
Swap Agreements		–		83,910		–	83,910
		3,217,250		1,485,533		–	4,702,783

29 Invesco Fundamental Alternatives Fund

	Level 1			Level 2			Level 3		Total
Other Investments – Liabilities*
Futures Contracts	$	(4,941,866	)	$	–		$	–	$	(4,941,866	)
Swap Agreements		–			(438,774	)		–		(438,774	)
		(4,941,866	)		(438,774	)		–		(5,380,640	)
Total Other Investments		(1,724,616	)		1,046,759			–		(677,857	)
Total Investments	$	243,959,058		$	115,412,745		$	86,755	$	359,458,558

* 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, 2022:

	Value
Derivative Assets	Commodity Risk			Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	541,403		$	–		$	–	$	2,350,975		$	324,872		$	3,217,250
Unrealized appreciation on forward foreign currency contracts outstanding		–			–			1,401,623		–			–			1,401,623
Unrealized appreciation on swap agreements – OTC		83,910			–			–		–			–			83,910
Total Derivative Assets		625,313			–			1,401,623		2,350,975			324,872			4,702,783
Derivatives not subject to master netting agreements		(541,403	)		–			–		(2,350,975	)		(324,872	)		(3,217,250	)
Total Derivative Assets subject to master netting agreements	$	83,910		$	–		$	1,401,623	$	–		$	–		$	1,485,533
	Value
Derivative Liabilities	Commodity Risk			Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	(594,037	)	$	–		$	–	$	(338,559	)	$	(4,009,270	)	$	(4,941,866	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		–			(438,774	)		–		–			–			(438,774	)
Total Derivative Liabilities		(594,037	)		(438,774	)		–		(338,559	)		(4,009,270	)		(5,380,640	)
Derivatives not subject to master netting agreements		594,037			438,774			–		338,559			4,009,270			5,380,640
Total Derivative Liabilities subject to master netting agreements	$	–		$	–		$	–	$	–		$	–		$	–

^(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, 2022.

	Financial Derivative Assets						Financial Derivative Liabilities				Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Swap Agreements		Total Assets		Swap Agreements		Net Value of Derivatives		Non-Cash		Cash		Net Amount(a)
Fund
Citibank, N.A.	$	1,401,623	$	–	$	1,401,623		$                  –	$	1,401,623	$	—	$	—	$	1,401,623

30 Invesco Fundamental Alternatives Fund

	Financial Derivative Assets						Financial Derivative Liabilities							Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Swap Agreements		Total Assets			Swap Agreements			Net Value of Derivatives			Non-Cash		Cash		Net Amount(a)
Subsidiary
BNP Paribas S.A.	$	–	$	31,055	$	31,055		$	(88	)	$	30,967			$–		$–	$	30,967
Merrill Lynch International		–		1,669		1,669			(156,109	)		(154,440	)		–		–		(154,440	)
Royal Bank of Canada		–		–		–			(9,822	)		(9,822	)		–		–		(9,822	)
UBS AG		–		52,855		52,855			(61	)		52,794			–		–		52,794
Subtotal – Subsidiary		–		85,579		85,579			(166,080	)		(80,501	)		–		–		(80,501	)
Total	$	1,401,623	$	85,579	$	1,487,202		$	(166,080	)	$	1,321,122			$–		$–	$	1,321,122

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

Effect of Derivative Investments for the six months ended April 30, 2022

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	$	-		$	-		$	455,933	$	-		$	-		$	455,933
Futures contracts		(1,976,623	)		-			-		(2,542,964	)		(5,252,739	)		(9,772,326	)
Swap agreements		(1,547,875	)		162,547			-		-			-			(1,385,328	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			-			1,132,265		-			-			1,132,265
Futures contracts		135,188			-			-		5,345,295			(504,064	)		4,976,419
Swap agreements		75,283			(505,500	)		-		-			-			(430,217	)
Total	$	(3,314,027	)	$	(342,953	)	$	1,588,198	$	2,802,331		$	(5,756,803	)	$	(5,023,254	)

     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	$16,595,241		$	229,999,665		$	14,909,310

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $316.

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.

31 Invesco Fundamental Alternatives Fund

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, 2022. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

		Unfunded Loan	Unrealized Appreciation
Borrower	Type	Commitment	(Depreciation)
Southcross Energy Partners L.P.	Revolver Loan	$18,571	$0

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 carryforward 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, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$326,694	$22,244,829	$	22,571,523

* 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, 2022 was $29,567,022 and $148,340,823, 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	$	47,372,166
Aggregate unrealized (depreciation) of investments		(18,254,835	)
Net unrealized appreciation of investments	$	29,117,331

    Cost of investments for tax purposes is $330,341,227.

NOTE 11–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		219,323		$	5,800,370			492,343		$	13,353,888
Class C		32,837			766,127			89,686			2,150,042
Class R		42,527			1,066,478			54,892			1,423,375
Class Y		217,449			5,872,389			885,300			24,573,086
Class R6		20,166			553,768			436,879			12,158,047
Issued as reinvestment of dividends:
Class A		354,615			9,471,770			259,426			6,918,884
Class C		17,796			420,343			13,520			319,754
Class R		13,155			335,466			9,161			233,503
Class Y		92,274			2,520,915			107,546			2,932,788
Class R6		5,510			151,127			158,454			4,333,714
Automatic conversion of Class C shares to Class A shares:
Class A		43,560			1,144,248			210,260			5,670,904
Class C		(49,377	)		(1,144,248	)		(237,496	)		(5,670,904	)

32 Invesco Fundamental Alternatives Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(956,030	)	$	(25,280,702	)		(2,254,468	)	$	(61,159,418	)
Class C		(81,666	)		(1,894,615	)		(234,670	)		(5,615,876	)
Class R		(77,758	)		(1,944,547	)		(121,876	)		(3,150,374	)
Class Y		(1,260,335	)		(33,619,896	)		(3,368,547	)		(93,177,449	)
Class R6		(75,383	)		(2,042,639	)		(8,252,546	)		(229,935,359	)
Net increase (decrease) in share activity		(1,441,337	)	$	(37,823,646	)		(11,752,136	)	$	(324,641,395	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 12% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

33 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, 2021 through April 30, 2022.

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     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$958.50	$6.31	$1,018.35	$6.51	1.30%
Class C	1,000.00	954.90	9.94	1,014.63	10.24	2.05
Class R	1,000.00	957.00	7.52	1,017.11	7.75	1.55
Class Y	1,000.00	959.80	5.10	1,019.59	5.26	1.05
Class R5	1,000.00	960.20	4.42	1,020.28	4.56	0.91
Class R6	1,000.00	960.30	4.42	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, 2021 through April 30, 2022, 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 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 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 number(s): 811-05426 and 033-19338 Invesco Distributors, Inc.                                          O-FALT-SAR-1

Semiannual Report to Shareholders April 30, 2022

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
30	Fund Expenses

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

Unless otherwise noted, all data is 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, 10/31/21 to 4/30/22, 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	-11.75	%
Class C Shares	-12.06
Class R Shares	-11.79
Class Y Shares	-11.59
Class R5 Shares	-11.57
Class R6 Shares	-11.59
Custom Invesco Global Allocation Index▼	-9.74
MSCI All Country World Index∎	-11.63
Bloomberg Global Aggregate Bond Index, Hedged∎	-7.25
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 Global Aggregate Bond Index, Hedged.     The Bloomberg 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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (11/1/91)	7.21	%
10 Years	4.92
5 Years	3.34
1 Year	-13.46
Class C Shares
Inception (9/1/93)	6.99	%
10 Years	4.89
5 Years	3.73
1 Year	-9.90
Class R Shares
Inception (3/1/01)	3.47	%
10 Years	5.26
5 Years	4.26
1 Year	-8.59
Class Y Shares
Inception (5/1/00)	4.50	%
10 Years	5.80
5 Years	4.78
1 Year	-8.13
Class R5 Shares
10 Years	5.65	%
5 Years	4.77
1 Year	-8.04
Class R6 Shares
Inception (2/28/12)	5.74	%
10 Years	5.98
5 Years	4.94
1 Year	-8.06

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Shares		Value
Exchange-Traded Funds–45.87%
Invesco High Yield Bond Factor ETF(b)		1,076,000	$	24,877,120
Invesco International Developed Dynamic Multifactor ETF(b)		4,910,000		110,702,824
Invesco Russell 1000 Dynamic Multifactor ETF(b)		4,826,160		218,142,432
Invesco Russell 2000 Dynamic Multifactor ETF(b)(c)		1,075,600		39,134,953
Invesco Senior Loan ETF(b)(c)		3,105,100		66,945,956
iShares® 0-5 Year High Yield Corporate Bond ETF		1,900,000		81,149,000
Total Exchange-Traded Funds (Cost $472,739,437)				540,952,285
Common Stocks & Other Equity Interests–28.07%
Aerospace & Defense–0.70%
Airbus SE (France)		48,162		5,237,501
CAE, Inc. (Canada)(d)		39,649		942,885
L3Harris Technologies, Inc.		2,343		544,185
Northrop Grumman Corp.		1,323		581,326
Safran S.A. (France)		8,809		937,520
				8,243,417
Agricultural & Farm Machinery–0.02%
CNH Industrial N.V. (United Kingdom)		20,516		291,122
Air Freight & Logistics–0.38%
InPost S.A. (Poland)(d)		39,565		241,922
United Parcel Service, Inc., Class B		9,978		1,795,840
ZTO Express Cayman, Inc. (China)		5,979		164,620
ZTO Express Cayman, Inc., ADR (China)		83,112		2,286,411
				4,488,793
Apparel, Accessories & Luxury Goods–1.54%
adidas AG (Germany)		5,710		1,163,003
Brunello Cucinelli S.p.A. (Italy)(d)		5,334		271,879
Cie Financiere Richemont S.A. (Switzerland)		24,662		2,866,783
Cie Financiere Richemont S.A., Wts.,expiring 11/22/2023 (Switzerland)(d)		50,652		35,929
EssilorLuxottica S.A. (France)		2,586		438,706
Hermes International (France)		1,616		1,988,334
Kering S.A. (France)		7,793		4,139,278
LVMH Moet Hennessy Louis Vuitton SE (France)		9,703		6,208,908
PRADA S.p.A. (Italy)		177,400		1,093,049
				18,205,869
Application Software–1.58%
Adobe, Inc.(d)		6,934		2,745,517
Atlassian Corp. PLC, Class A(d)		2,928		658,302
Bill.com Holdings, Inc.(d)		3,405		581,268
Dassault Systemes SE (France)		26,255		1,167,948
Datadog, Inc., Class A(d)		5,991		723,593
HubSpot, Inc.(d)		1,409		534,617
Intuit, Inc.		9,482		3,970,587
Manhattan Associates, Inc.(d)		7,170		936,043

	Shares		Value
Application Software–(continued)
Paylocity Holding Corp.(d)		4,420	$	838,165
Qualtrics International, Inc., Class A(d)		13,759		255,092
Roper Technologies, Inc.		947		445,014
SAP SE (Germany)		24,926		2,570,944
Splunk, Inc.(d)		3,655		445,983
Synopsys, Inc.(d)		4,687		1,344,185
Tyler Technologies, Inc.(d)		2,122		837,575
Xero Ltd. (New Zealand)(d)		9,470		621,060
				18,675,893
Asset Management & Custody Banks–0.07%
Ameriprise Financial, Inc.		1,545		410,182
KKR & Co., Inc., Class A		7,698		392,367
				802,549
Automotive Retail–0.07%
O’Reilly Automotive, Inc.(d)		1,344		815,203
Biotechnology–0.33%
Alnylam Pharmaceuticals, Inc.(d)		1,067		142,370
Ascendis Pharma A/S, ADR (Denmark)(d)		3,848		351,207
BeiGene Ltd., ADR (China)(d)		5,400		864,000
Brii Biosciences Ltd. (China)(d)		55,000		58,195
CSL Ltd. (Australia)		5,202		984,526
Horizon Therapeutics PLC(d)		3,627		357,477
Natera, Inc.(d)		4,723		165,872
Veracyte, Inc.(d)		11,414		233,645
Zai Lab Ltd., ADR (China)(d)		17,501		699,340
				3,856,632
Brewers–0.35%
Ambev S.A. (Brazil)		338,842		995,153
Asahi Group Holdings Ltd. (Japan)		41,300		1,542,035
Carlsberg A/S, Class B (Denmark)		12,469		1,578,267
				4,115,455
Broadcasting–0.05%
Zee Entertainment Enterprises Ltd. (India)		196,456		635,110
Building Products–0.22%
Advanced Drainage Systems, Inc.		5,258		538,735
Assa Abloy AB, Class B (Sweden)		44,147		1,113,741
Daikin Industries Ltd. (Japan)		5,900		907,186
				2,559,662
Casinos & Gaming–0.28%
Boyd Gaming Corp.		4,889		296,176
Entain PLC (United Kingdom)(d)		83,687		1,573,450
Flutter Entertainment PLC (Ireland)(d)		14,658		1,472,650
				3,342,276
Commodity Chemicals–0.13%
LG Chem Ltd. (South Korea)		2,721		1,092,969
Olin Corp.		6,855		393,477
				1,486,446

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

5 Invesco Global Allocation Fund

	Shares		Value
Communications Equipment–0.08%
Motorola Solutions, Inc.		4,163	$	889,591
Construction & Engineering–0.08%
Boskalis Westminster (Netherlands)		1,374		47,520
Vinci S.A. (France)		5,544		534,909
WillScot Mobile Mini Holdings Corp.(d)		8,662		304,036
				886,465
Construction Machinery & Heavy Trucks–0.13%
Epiroc AB, Class A (Sweden)		77,167		1,569,346
Construction Materials–0.15%
Eagle Materials, Inc.		1,664		205,204
James Hardie Industries PLC, CDI		45,726		1,314,683
Vulcan Materials Co.		1,739		299,612
				1,819,499
Consumer Electronics–0.13%
Sony Group Corp. (Japan)		17,600		1,512,746
Data Processing & Outsourced Services–0.54%
Adyen N.V. (Netherlands)(d)(e)		509		851,281
Amadeus IT Group S.A. (Spain)(d)		34,788		2,169,145
Edenred (France)		14,659		734,780
Fidelity National Information Services, Inc.		3,687		365,566
Pagseguro Digital Ltd., Class A (Brazil)(d)		30,906		454,627
Paychex, Inc.		4,451		564,075
StoneCo Ltd., Class A (Brazil)(d)		13,153		123,901
Visa, Inc., Class A		5,388		1,148,345
				6,411,720
Department Stores–0.14%
Lojas Renner S.A. (Brazil)		99,495		477,959
Next PLC (United Kingdom)		15,561		1,167,877
				1,645,836
Distillers & Vintners–0.49%
Davide Campari-Milano N.V. (Italy)		104,774		1,179,137
Diageo PLC (United Kingdom)		38,834		1,924,423
Pernod Ricard S.A. (France)		13,253		2,730,580
				5,834,140
Distributors–0.05%
Pool Corp.		1,347		545,831
Diversified Banks–1.04%
Banco Bradesco S.A., Preference Shares (Brazil)		271,832		988,590
Commercial International Bank Egypt S.A.E. (Egypt)		125,313		303,586
Credicorp Ltd. (Peru)		2,021		280,697
Grupo Financiero Banorte S.A.B. de C.V., Class O (Mexico)		14,052		92,762
HDFC Bank Ltd. (India)		19,025		341,610
ICICI Bank Ltd., ADR (India)		59,203		1,127,225
ING Groep N.V. (Netherlands)		187,238		1,752,211
Kotak Mahindra Bank Ltd. (India)		168,458		3,913,296
Lloyds Banking Group PLC (United Kingdom)		1,749,032		986,079
NU Holdings Ltd., Class A (Brazil)(d)		40,800		245,208
PT Bank Central Asia Tbk (Indonesia)		1,488,200		832,349

	Shares		Value
Diversified Banks–(continued)
Sberbank of Russia PJSC (Russia)(f)		11,951	$	0
Societe Generale S.A. (France)		58,683		1,394,261
TCS Group Holding PLC, GDR (Russia)(e)(f)		6,603		0
				12,257,874
Diversified Capital Markets–0.07%
UBS Group AG (Switzerland)		47,041		795,860
Diversified Metals & Mining–0.66%
Anglo American PLC (South Africa)		60,279		2,674,912
Grupo Mexico S.A.B. de C.V., Class B (Mexico)		682,570		3,195,016
Korea Zinc Co. Ltd. (South Korea)		3,516		1,603,481
Teck Resources Ltd., Class B (Canada)		7,755		306,012
				7,779,421
Diversified Real Estate Activities–0.25%
Ayala Land, Inc. (Philippines)		1,016,600		622,690
DLF Ltd. (India)		483,977		2,308,027
				2,930,717
Drug Retail–0.04%
Shop Apotheke Europe N.V. (Netherlands)(d)(e)		2,585		215,349
Zur Rose Group AG (Switzerland)(d)		2,124		260,333
				475,682
Electrical Components & Equipment–0.34%
AMETEK, Inc.		8,594		1,085,078
Ceres Power Holdings PLC (United Kingdom)(d)		30,564		281,492
Generac Holdings, Inc.(d)		1,191		261,282
Nidec Corp. (Japan)		36,600		2,397,631
				4,025,483
Electronic Components–0.38%
Murata Manufacturing Co. Ltd. (Japan)		29,800		1,784,145
Omron Corp. (Japan)		12,200		722,867
Samsung Electro-Mechanics Co. Ltd. (South Korea)		4,345		562,337
Sunny Optical Technology Group Co. Ltd. (China)		15,900		232,629
TDK Corp. (Japan)		37,600		1,174,472
				4,476,450
Electronic Equipment & Instruments–0.28%
Keyence Corp. (Japan)		6,900		2,783,849
Trimble, Inc.(d)		6,889		459,496
				3,243,345
Environmental & Facilities Services–0.30%
Rentokil Initial PLC (United Kingdom)		277,921		1,909,482
Republic Services, Inc.		3,513		471,691
Waste Connections, Inc.		8,438		1,164,191
				3,545,364
Fertilizers & Agricultural Chemicals–0.06%
FMC Corp.		5,396		715,186
Financial Exchanges & Data–0.65%
FactSet Research Systems, Inc.		829		334,493

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

6 Invesco Global Allocation Fund

	Shares		Value
Financial Exchanges & Data–(continued)
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		5,300	$	224,774
London Stock Exchange Group PLC (United Kingdom)		21,835		2,166,618
MSCI, Inc.		2,330		981,513
S&P Global, Inc.		10,475		3,943,837
				7,651,235
Food Distributors–0.04%
Performance Food Group Co.(d)		9,068		446,599
Food Retail–0.33%
Alimentation Couche-Tard, Inc. (Canada)		34,755		1,547,222
Kobe Bussan Co. Ltd. (Japan)		21,700		528,456
Ocado Group PLC (United Kingdom)(d)		75,036		855,469
Seven & i Holdings Co. Ltd. (Japan)		21,600		950,726
				3,881,873
Footwear–0.03%
Puma SE (Germany)		5,073		378,798
General Merchandise Stores–0.32%
Dollar Tree, Inc.(d)		5,281		857,898
Dollarama, Inc. (Canada)		49,888		2,773,519
Pan Pacific International Holdings Corp. (Japan)		11,900		183,963
				3,815,380
Gold–0.24%
Agnico Eagle Mines Ltd. (Canada)		25,627		1,492,260
Northern Star Resources Ltd. (Australia)		204,350		1,389,500
Polyus PJSC (Russia)(d)(f)		3,242		0
Polyus PJSC, GDR (Russia)(e)(f)		3,188		0
				2,881,760
Health Care Distributors–0.08%
AmerisourceBergen Corp.		5,886		890,493
Health Care Equipment–0.69%
Ambu A/S, Class B (Denmark)		8,063		105,979
Boston Scientific Corp.(d)		7,316		308,077
IDEXX Laboratories, Inc.(d)		2,661		1,145,507
Insulet Corp.(d)		2,411		576,205
Intuitive Surgical, Inc.(d)		1,547		370,197
Medtronic PLC		23,505		2,452,982
MicroTech Medical Hangzhou Co. Ltd., H Shares (China)(d)(e)		20,400		29,107
Omnicell, Inc.(d)		2,380		259,825
ResMed, Inc.		6,621		1,324,001
Siemens Healthineers AG (Germany)(e)		17,871		965,890
STERIS PLC		2,398		537,272
				8,075,042
Health Care Facilities–0.06%
Tenet Healthcare Corp.(d)		9,745		706,610
Health Care Services–0.06%
Castle Biosciences, Inc.(d)		2,763		61,725
Dr Lal PathLabs Ltd. (India)(e)		16,789		563,507
New Horizon Health Ltd. (China)(d)(e)		31,000		65,945
				691,177

	Shares		Value
Health Care Supplies–0.21%
Alcon, Inc. (Switzerland)		14,145	$	1,007,265
ConvaTec Group PLC (United Kingdom)(e)		167,048		441,282
Cooper Cos., Inc. (The)		1,338		483,072
Hoya Corp. (Japan)		5,100		508,109
				2,439,728
Health Care Technology–0.01%
Doximity, Inc., Class A(d)		1,667		66,463
Homebuilding–0.13%
Sekisui House Ltd. (Japan)		86,300		1,488,378
Hotels, Resorts & Cruise Lines–0.41%
Choice Hotels International, Inc.		4,610		647,521
Hilton Worldwide Holdings, Inc.(d)		7,306		1,134,549
Huazhu Group Ltd. (China)		4,900		15,362
Huazhu Group Ltd., ADR (China)		66,932		2,024,024
Marriott International, Inc., Class A(d)		1,822		323,441
Trainline PLC (United Kingdom)(d)(e)		189,894		661,736
				4,806,633
Human Resource & Employment Services–0.10%
Benefit One, Inc. (Japan)		23,400		351,044
Recruit Holdings Co. Ltd. (Japan)		22,600		833,661
				1,184,705
Hypermarkets & Super Centers–0.14%
Wal-Mart de Mexico S.A.B. de C.V., Series V (Mexico)		459,268		1,624,031
Industrial Conglomerates–0.43%
Hitachi Ltd. (Japan)		34,300		1,597,227
Melrose Industries PLC (United Kingdom)		204,527		294,199
Siemens AG (Germany)		17,291		2,150,741
SM Investments Corp. (Philippines)		63,594		1,033,173
				5,075,340
Industrial Gases–0.22%
Air Liquide S.A. (France)		14,979		2,586,020
Industrial Machinery–0.40%
Aalberts N.V. (Netherlands)		13,229		637,759
Atlas Copco AB, Class A (Sweden)		51,385		2,327,012
FANUC Corp. (Japan)		900		139,199
Kornit Digital Ltd. (Israel)(d)		4,878		324,387
Middleby Corp. (The)(d)		3,466		533,383
SKF AB, Class B (Sweden)		13,649		221,503
VAT Group AG (Switzerland)(e)		1,759		545,874
				4,729,117
Insurance Brokers–0.07%
Arthur J. Gallagher & Co.		5,163		869,914
Integrated Oil & Gas–0.37%
Novatek PJSC, GDR (Russia)(e)(f)		19,962		0
Repsol S.A. (Spain)		92,727		1,391,318
Shell PLC, ADR (Netherlands)		56,179		3,001,644
				4,392,962
Integrated Telecommunication Services–0.18%
Spark New Zealand Ltd. (New Zealand)		663,926		2,101,481

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

7 Invesco Global Allocation Fund

	Shares		Value
Interactive Home Entertainment–0.35%
Konami Holdings Corp. (Japan)		20,400	$	1,260,708
NetEase, Inc., ADR (China)		30,546		2,911,950
				4,172,658
Interactive Media & Services–1.35%
Adevinta ASA, Class B (France)(d)		67,129		524,245
Alphabet, Inc., Class A(d)		3,381		7,716,085
Meta Platforms, Inc., Class A(d)		14,147		2,836,049
NAVER Corp. (South Korea)		2,860		646,939
Rightmove PLC (United Kingdom)		107,091		823,245
Tencent Holdings Ltd. (China)		63,017		2,955,836
Yandex N.V., Class A (Russia)(d)(f)		54,808		0
ZoomInfo Technologies, Inc., Class A(d)		9,728		461,107
				15,963,506
Internet & Direct Marketing Retail–0.66%
Alibaba Group Holding Ltd. (China)(d)		80,900		988,744
Amazon.com, Inc.(d)		252		626,379
Americanas S.A. (Brazil)		133,029		645,778
Farfetch Ltd., Class A (United Kingdom)(d)		25,200		282,240
JD.com, Inc., ADR (China)(d)		47,153		2,907,454
Meituan, B Shares (China)(d)(e)		90,600		1,944,637
Zalando SE (Germany)(d)(e)		10,819		429,108
				7,824,340
Internet Services & Infrastructure–0.06%
MongoDB, Inc.(d)		1,528		542,333
Shopify, Inc., Class A (Canada)(d)		507		216,878
				759,211
Investment Banking & Brokerage–0.08%
LPL Financial Holdings, Inc.		4,962		932,211
IT Consulting & Other Services–0.75%
Cognizant Technology Solutions Corp., Class A		8,566		692,989
EPAM Systems, Inc.(d)		3,297		873,672
Gartner, Inc.(d)		4,083		1,186,316
Globant S.A.(d)		4,148		895,926
Infosys Ltd. (India)		83,314		1,690,476
Tata Consultancy Services Ltd. (India)		75,066		3,454,119
				8,793,498
Leisure Products–0.05%
Bandai Namco Holdings, Inc. (Japan)		8,500		578,454
Life & Health Insurance–0.41%
AIA Group Ltd. (Hong Kong)		406,200		3,968,540
Legal & General Group PLC (United Kingdom)		162,173		504,320
Prudential PLC (United Kingdom)		28,550		350,621
				4,823,481
Life Sciences Tools & Services–0.95%
Agilent Technologies, Inc.		7,908		943,187
Avantor, Inc.(d)		36,699		1,169,964
Bio-Rad Laboratories, Inc., Class A(d)		652		333,863
Charles River Laboratories International, Inc.(d)		1,277		308,408
Danaher Corp.		1,117		280,512

	Shares		Value
Life Sciences Tools & Services–(continued)
Illumina, Inc.(d)		1,925	$	571,051
IQVIA Holdings, Inc.(d)		2,673		582,687
Lonza Group AG (Switzerland)		1,506		884,167
Mettler-Toledo International, Inc.(d)		612		781,849
Repligen Corp.(d)		4,304		676,761
Samsung Biologics Co. Ltd. (South Korea)(d)(e)		2,644		1,746,920
Sartorius Stedim Biotech (France)		2,469		803,651
West Pharmaceutical Services, Inc.		2,432		766,226
Wuxi Biologics Cayman, Inc. (China)(d)(e)		179,300		1,301,160
				11,150,406
Managed Health Care–0.08%
Molina Healthcare, Inc.(d)		2,936		920,289
Movies & Entertainment–0.31%
CTS Eventim AG & Co. KGaA (Germany)(d)		16,198		1,125,719
Live Nation Entertainment, Inc.(d)		6,134		643,334
Universal Music Group N.V. (Netherlands)		77,968		1,803,822
Walt Disney Co. (The)(d)		1,175		131,165
				3,704,040
Multi-Utilities–0.09%
Veolia Environnement S.A. (France)		36,643		1,056,144
Office REITs–0.05%
Alexandria Real Estate Equities, Inc.		3,404		620,073
Oil & Gas Exploration & Production–0.39%
Inpex Corp. (Japan)		229,400		2,711,742
Pioneer Natural Resources Co.		3,166		736,000
Santos Ltd. (Australia)		208,526		1,164,523
				4,612,265
Oil & Gas Refining & Marketing–0.18%
Reliance Industries Ltd. (India)		59,236		2,141,929
Oil & Gas Storage & Transportation–0.09%
Cheniere Energy, Inc.		7,913		1,074,665
Other Diversified Financial Services–0.13%
FirstRand Ltd. (South Africa)		170,855		735,892
Hypoport SE (Germany)(d)		546		151,409
Jackson Financial, Inc., Class A		1		42
ORIX Corp. (Japan)		32,400		591,054
				1,478,397
Packaged Foods & Meats–0.03%
Barry Callebaut AG (Switzerland)		136		313,403
Paper Packaging–0.05%
Avery Dennison Corp.		3,016		544,690
Personal Products–0.14%
L’Oreal S.A. (France)		4,648		1,690,945
Pharmaceuticals–0.57%
Bayer AG (Germany)		7,576		499,355
Catalent, Inc.(d)		7,106		643,519
Novo Nordisk A/S, Class B (Denmark)		47,413		5,422,718
Phathom Pharmaceuticals, Inc.(d)		7,752		100,311
				6,665,903

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

8 Invesco Global Allocation Fund

	Shares		Value
Property & Casualty Insurance–0.03%
W.R. Berkley Corp.		6,083	$	404,459
Real Estate Development–0.05%
Macrotech Developers Ltd. (India)(e)		6,844		89,031
Oberoi Realty Ltd. (India)(d)		43,662		543,516
				632,547
Real Estate Operating Companies–0.07%
IWG PLC (Switzerland)(d)		165,279		498,349
SM Prime Holdings, Inc. (Philippines)		555,110		371,044
				869,393
Real Estate Services–0.05%
Jones Lang LaSalle, Inc.(d)		2,934		641,754
Regional Banks–0.09%
East West Bancorp, Inc.		4,757		339,174
SVB Financial Group(d)		1,520		741,213
				1,080,387
Research & Consulting Services–0.28%
Dun & Bradstreet Holdings, Inc.(d)		6,840		108,004
Equifax, Inc.		9,021		1,835,954
Nihon M&A Center Holdings, Inc. (Japan)		40,000		494,803
SGS S.A. (Switzerland)		353		906,509
				3,345,270
Restaurants–0.41%
Chipotle Mexican Grill, Inc.(d)		220		320,234
Compass Group PLC (United Kingdom)		66,724		1,405,447
Yum China Holdings, Inc. (China)		72,916		3,047,889
				4,773,570
Semiconductor Equipment–0.34%
ASML Holding N.V. (Netherlands)		4,599		2,601,971
Disco Corp. (Japan)		1,900		468,301
Enphase Energy, Inc.(d)		2,444		394,461
Lam Research Corp.		143		66,604
SCREEN Holdings Co. Ltd. (Japan)		6,300		516,102
				4,047,439
Semiconductors–1.60%
Alphawave IP Group PLC (United Kingdom)(d)		79,070		147,424
Analog Devices, Inc.		18,110		2,795,822
Infineon Technologies AG (Germany)		17,120		495,288
Lattice Semiconductor Corp.(d)		6,911		332,004
Marvell Technology, Inc.		29,683		1,723,989
MediaTek, Inc. (Taiwan)		64,000		1,753,655
Monolithic Power Systems, Inc.		2,570		1,008,057
NVIDIA Corp.		1,781		330,322
QUALCOMM, Inc.		3,969		554,430
Renesas Electronics Corp. (Japan)(d)		112,100		1,200,243
STMicroelectronics N.V., New York Shares (Singapore)		26,779		980,647
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		397,000		7,241,279
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		2,709		251,747
				18,814,907

	Shares		Value
Soft Drinks–0.27%
Britvic PLC (United Kingdom)		70,857	$	756,843
Coca-Cola Europacific Partners PLC (United Kingdom)		20,887		1,043,306
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO (Mexico)		184,238		1,385,317
				3,185,466
Specialized REITs–0.05%
Extra Space Storage, Inc.		3,114		591,660
Specialty Chemicals–0.14%
Albemarle Corp.		1,761		339,574
Ecolab, Inc.		632		107,023
Sika AG (Switzerland)		3,991		1,213,577
				1,660,174
Specialty Stores–0.11%
Tractor Supply Co.		3,776		760,675
Ulta Beauty, Inc.(d)		1,426		565,837
				1,326,512
Steel–0.15%
POSCO Holdings, Inc. (South Korea)		2,511		568,989
Vale S.A., ADR (Brazil)		71,918		1,214,695
				1,783,684
Systems Software–0.28%
Crowdstrike Holdings, Inc., Class A(d)		1,446		287,407
Microsoft Corp.		3,393		941,625
Oracle Corp.		12,100		779,517
Palo Alto Networks, Inc.(d)		1,564		877,842
Zscaler, Inc.(d)		2,232		452,516
				3,338,907
Technology Hardware, Storage & Peripherals–0.14%
Samsung Electronics Co. Ltd. (South Korea)		31,707		1,684,723
Thrifts & Mortgage Finance–0.43%
Housing Development Finance Corp. Ltd. (India)		176,365		5,077,849
Tobacco–0.26%
Swedish Match AB (Sweden)		380,444		3,031,649
Trading Companies & Distributors–0.27%
Ferguson PLC		7,569		954,553
Marubeni Corp. (Japan)		98,700		1,080,128
RS GROUP PLC (United Kingdom)		45,896		598,598
SiteOne Landscape Supply, Inc.(d)		3,499		493,464
				3,126,743
Trucking–0.09%
Grab Holdings, Inc. (Singapore)		195,278		576,070
Old Dominion Freight Line, Inc.		1,639		459,117
				1,035,187
Wireless Telecommunication Services–0.09%
America Movil S.A.B. de C.V., Class L, ADR (Mexico)		38,177		741,779

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

9 Invesco Global Allocation Fund

	Shares		Value
Wireless Telecommunication Services–(continued)
Vodafone Group PLC (United Kingdom)		205,392	$	310,741
				1,052,520
Total Common Stocks & Other Equity Interests (Cost $332,621,347)				330,988,030
	Principal
	Amount
U.S. Treasury Securities–20.69%
U.S. Treasury Bonds–4.77%
2.00%, 08/15/2051	$	69,595,000		56,246,896
U.S. Treasury Inflation — Indexed Notes–5.22%
0.13%, 01/15/2032(g)		60,634,239		61,542,750
U.S. Treasury Notes–10.70%
2.75%, 02/15/2028(h)		54,038,500		53,428,456
1.88%, 02/15/2032		79,730,000		72,815,914
				126,244,370
Total U.S. Treasury Securities (Cost $272,058,268)				244,034,016
	Shares
Preferred Stocks–0.13%
Diversified Banks–0.02%
Socium Re Ltd., Series 2019-1, Pfd.(f)		264,345		268,055
Diversified Support Services–0.11%
Harambee Re Ltd., Pfd.(f)		1,200		52,954
Kinesis Re I Ltd., Series 2019-1, Pfd.(f)		116,394		178,652
Lion Rock Re Ltd., Series S, Pfd.(f)		375		22,191
Mt. Logan Re Ltd., Pfd.(f)		1,737		939,824
Thopas Re Ltd., Pfd.(f)		74		1
Turing Re Ltd., Series 2019-1, Pfd.(e)(f)		13,286		33,842
Viribus Re Ltd., Pfd.(f)		457,088		52,559
				1,280,023
Total Preferred Stocks (Cost $5,031,051)				1,548,078
	Principal
	Amount
Event-Linked Bonds–0.12%
Diversified Support Services–0.00%
Alturas RE Segregated Account (Multinational), Catastrophe Linked Notes, 0.00%, 12/31/2022(e)(f)(i)	$	15,000		29,791
Other Diversified Financial Services–0.12%
Eden RE II Ltd. (Multinational), Class A, Catastrophe Linked Notes, 0.00%, 03/22/2023(e)(f)(i)		10,800		115,483

	Principal
	Amount		Value
Other Diversified Financial Services–(continued)
Limestone Re Ltd. (Multinational), Class A, Catastrophe Linked Notes, 0.00%, 09/09/2022(e)(f)(i)	$	15,621	$	37,570
Sector Re V Ltd. (Multinational), Series 2019-1, Class A, Catastrophe Linked Notes, 0.00%, 03/01/2024(e)(f)(i)		1,800,000		1,210,168
				1,363,221
Total Event-Linked Bonds (Cost $1,841,421)				1,393,012
U.S. Dollar Denominated Bonds & Notes–0.02%
Health Care Services–0.02%
Omnicare, Inc., 4.75%, 12/01/2022 (Cost $210,126)		210,000		211,993
		Shares
Money Market Funds–1.46%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(b)(j)		6,009,684		6,009,684
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(b)(j)		4,294,233		4,293,374
Invesco Treasury Portfolio, Institutional Class, 0.23%(b)(j)		6,868,210		6,868,210
Total Money Market Funds (Cost $17,171,964)				17,171,268
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-96.36% (Cost $1,101,673,614)				1,136,298,682
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.51%
Invesco Private Government Fund, 0.40%(b)(j)(k)		19,507,784		19,507,784
Invesco Private Prime Fund, 0.35%(b)(j)(k)		45,518,162		45,518,162
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $65,024,269)				65,025,946
TOTAL INVESTMENTS IN SECURITIES–101.87% (Cost $1,166,697,883)				1,201,324,628
OTHER ASSETS LESS LIABILITIES–(1.87)%				(21,996,880	)
NET ASSETS–100.00%			$	1,179,327,748

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
REIT	- Real Estate Investment Trust
Wts.	- Warrants

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

10 Invesco Global Allocation 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)  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, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Invesco Emerging Markets Sovereign Debt ETF		$  52,397,015	$	-	$	(49,099,874	)	$	83,845		$	(3,380,986	)	$	-		$   621,032
Invesco Fundamental High Yield® Corporate Bond ETF		39,260,258		-		(39,320,675	)		(1,394,214	)		1,454,631			-		-
Invesco High Yield Bond Factor ETF		27,448,760		-		-			(2,571,640	)		-			24,877,120		713,463
Invesco International Developed Dynamic Multifactor ETF		130,625,149		-		-			(19,922,325	)		-			110,702,824		2,902,497
Invesco Russell 1000 Dynamic Multifactor ETF		236,240,532		-		-			(18,098,100	)		-			218,142,432		1,034,391
Invesco Russell 2000 Dynamic Multifactor ETF		44,940,397		-		-			(5,805,444	)		-			39,134,953		206,547
Invesco Senior Loan ETF		68,560,608		-		(57,357	)		(1,557,295	)		-			66,945,956		1,072,284
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		6,228,330		91,401,493		(91,620,139	)		-			-			6,009,684		3,404
Invesco Liquid Assets Portfolio, Institutional Class		4,146,169		65,286,781		(65,138,719	)		(676	)		(181	)		4,293,374		3,254
Invesco Treasury Portfolio, Institutional Class		7,118,091		104,458,849		(104,708,730	)		-			-			6,868,210		3,579
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		54,339,180		(34,831,396	)		-			-			19,507,784		10,109	*
Invesco Private Prime Fund		-		112,103,209		(66,578,782	)		1,677			(7,942	)		45,518,162		20,972	*
Investments in Other Affiliates:
Lion Rock Re Ltd., Series S, Pfd.**		53,327		-		-			(31,136	)		-			22,191		-
Total		$617,018,636	$	427,589,512	$	(451,355,672	)	$	(49,295,308	)	$	(1,934,478	)	$	542,022,690		$6,591,532

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

** As of April 30, 2022, this security was not considered as an affiliate of the Fund.

^(c)  All or a portion of this security was out on loan at April 30, 2022.

^(d)  Non-income producing security.

^(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, 2022 was $11,277,681, which represented less than 1% of the Fund’s Net Assets.

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

^(g)  Principal amount of security and interest payments are adjusted for inflation. See Note 1J.

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

(i) Zero coupon bond issued at a discount.

^(j)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(k)  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.

	Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		882		June-2022	$	182,022,750	$	(6,116,255	)	$	(6,116,255	)
MSCI Emerging Market Index		1,133		June-2022		59,901,710		(5,157,252	)		(5,157,252	)
S&P/ASX 200 Index		32		June-2022		4,187,863		203,969			203,969
S&P/TSX 60 Index		21		June-2022		4,093,255		(133,796	)		(133,796	)
Subtotal								(11,203,334	)		(11,203,334	)

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

11 Invesco Global Allocation Fund

Open Futures Contracts–(continued)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Notes		217		June-2022	$	25,856,906		$	(1,563,078	)	$	(1,563,078	)
Subtotal-Long Futures Contracts									(12,766,412	)		(12,766,412	)
Short Futures Contracts
Equity Risk
Nikkei 225 Index		44		June-2022		(9,110,229	)		175,791			175,791
E-Mini Russell 2000 Index		403		June-2022		(37,505,195	)		3,065,197			3,065,197
EURO STOXX 600 Index		2,594		June-2022		(60,997,497	)		(1,238,072	)		(1,238,072	)
Subtotal									2,002,916			2,002,916
Interest Rate Risk
U.S. Treasury 5 Year Notes		714		June-2022		(80,447,719	)		1,679,016			1,679,016
Subtotal-Short Futures Contracts									3,681,932			3,681,932
Total Futures Contracts								$	(9,084,480	)	$	(9,084,480	)

Open Forward Foreign Currency Contracts
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
06/15/2022	Bank of America, N.A.		KRW	23,470,000,000		USD	19,220,375	$	640,670
06/15/2022	Bank of America, N.A.		NZD	31,140,000		USD	21,271,149		1,168,885
06/15/2022	Barclays Bank PLC		DKK	40,415,000		USD	6,032,097		289,304
06/15/2022	Barclays Bank PLC		INR	2,750,000,000		USD	35,906,221		151,521
06/15/2022	Barclays Bank PLC		USD	3,359,781		INR	260,000,000		20,663
07/15/2022	Barclays Bank PLC		JPY	1,513,000,000		USD	12,276,616		584,814
06/15/2022	BNP Paribas S.A.		CAD	51,600,000		USD	41,281,972		1,119,301
06/02/2022	Citibank, N.A.		BRL	42,700,000		USD	8,926,257		373,039
06/02/2022	Citibank, N.A.		USD	20,827,045		BRL	110,400,000		1,287,131
06/15/2022	Citibank, N.A.		GBP	4,300,000		USD	5,633,194		225,972
06/15/2022	Citibank, N.A.		USD	17,834,418		PHP	945,670,000		122,145
06/15/2022	Citibank, N.A.		ZAR	253,000,000		USD	16,635,456		687,836
06/15/2022	Deutsche Bank AG		EUR	6,200,000		USD	6,895,150		341,583
06/15/2022	Deutsche Bank AG		TWD	670,000,000		USD	23,418,794		592,840
06/15/2022	Deutsche Bank AG		USD	15,161,065		INR	1,170,510,000		57,566
06/02/2022	Goldman Sachs International		USD	1,569,816		BRL	8,080,000		48,685
06/15/2022	Goldman Sachs International		IDR	295,000,000,000		USD	20,443,520		234,464
06/15/2022	Goldman Sachs International		KRW	18,836,700,000		USD	15,322,238		410,422
06/15/2022	Goldman Sachs International		MXN	337,240,000		USD	16,411,281		20,760
06/15/2022	Goldman Sachs International		USD	18,103,502		MXN	385,000,000		608,248
06/15/2022	Goldman Sachs International		ZAR	86,100,000		USD	5,833,568		406,334
06/15/2022	J.P. Morgan Chase Bank, N.A.		CNY	280,000,000		USD	43,778,367		1,642,056
06/15/2022	J.P. Morgan Chase Bank, N.A.		COP	7,140,000,000		USD	1,834,843		43,813
06/15/2022	J.P. Morgan Chase Bank, N.A.		PHP	982,500,000		USD	18,890,598		234,700
06/15/2022	J.P. Morgan Chase Bank, N.A.		THB	522,000,000		USD	15,806,207		556,311
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	18,851,673		CHF	18,300,000		1,667
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	20,805,054		EUR	19,710,000		28,948
06/15/2022	Morgan Stanley and Co. International PLC		CLP	13,613,000,000		USD	16,604,257		778,292
06/15/2022	Morgan Stanley and Co. International PLC		GBP	13,945,000		USD	18,371,581		835,833
06/15/2022	Morgan Stanley and Co. International PLC		JPY	666,000,000		USD	5,761,637		622,508
06/15/2022	Morgan Stanley and Co. International PLC		MXN	94,330,000		USD	4,707,748		123,126

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)
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
06/15/2022	Morgan Stanley and Co. International PLC		MYR	7,550,000		USD	1,784,448	$	46,440
06/15/2022	Morgan Stanley and Co. International PLC		SGD	2,785,000		USD	2,014,550		864
06/15/2022	Morgan Stanley and Co. International PLC		USD	5,575,818		GBP	4,440,000		7,454
06/15/2022	Standard Chartered Bank PLC		AUD	19,950,000		USD	14,621,523		514,966
06/15/2022	UBS AG		CHF	22,650,000		USD	24,549,546		1,214,673
06/15/2022	UBS AG		EUR	10,310,000		USD	11,415,026		517,078
06/15/2022	UBS AG		HKD	19,185,000		USD	2,455,565		8,480
06/15/2022	UBS AG		THB	111,000,000		USD	3,319,934		77,140
Subtotal–Appreciation									16,646,532
Currency Risk
06/15/2022	Bank of America, N.A.		MXN	82,010,000		USD	3,845,220		(140,626	)
06/15/2022	Bank of America, N.A.		USD	38,728,316		CAD	49,640,000		(91,205	)
06/15/2022	Bank of America, N.A.		USD	14,773,274		EUR	13,410,000		(598,542	)
06/15/2022	Bank of America, N.A.		USD	11,430,252		SEK	110,440,000		(169,983	)
06/15/2022	Bank of America, N.A.		USD	13,382,103		TWD	377,750,000		(512,694	)
06/15/2022	Barclays Bank PLC		USD	8,370,347		CNY	53,470,000		(323,816	)
06/15/2022	Barclays Bank PLC		USD	3,829,618		KRW	4,730,000,000		(85,178	)
06/15/2022	Barclays Bank PLC		USD	1,733,191		THB	57,700,000		(47,522	)
06/15/2022	Barclays Bank PLC		USD	4,727,028		TWD	133,600,000		(175,465	)
06/15/2022	BNP Paribas S.A.		USD	18,631,246		NOK	167,370,000		(784,663	)
06/15/2022	Citibank, N.A.		USD	18,242,711		SGD	24,795,000		(314,768	)
06/15/2022	Deutsche Bank AG		USD	1,548,164		TWD	45,390,000		(1,791	)
06/15/2022	Goldman Sachs International		PHP	991,430,000		USD	18,812,713		(12,749	)
06/15/2022	Goldman Sachs International		USD	20,422,606		IDR	293,432,000,000		(320,966	)
06/15/2022	Goldman Sachs International		USD	432,346		PEN	1,620,000		(12,424	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	4,587,906		AUD	6,460,000		(20,068	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	1,771,529		CAD	2,270,000		(4,683	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	17,702,969		HUF	5,960,000,000		(1,176,386	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	16,141,711		IDR	235,330,000,000		(20,364	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	1,604,777		NZD	2,350,000		(87,747	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	17,678,275		PLN	74,890,000		(871,618	)
06/15/2022	Morgan Stanley and Co. International PLC		JPY	1,820,000,000		USD	14,035,063		(8,803	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	16,496,663		CLP	13,100,000,000		(1,267,093	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	19,812,396		COP	75,087,000,000		(977,225	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	2,849,819		GBP	2,180,000		(108,483	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	40,745,742		JPY	5,000,000,000		(2,163,693	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	2,363,858		MYR	9,910,000		(82,578	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	3,170,491		ZAR	48,530,000		(111,448	)
06/15/2022	Royal Bank of Canada		USD	1,744,845		CHF	1,620,000		(75,861	)
06/15/2022	Standard Chartered Bank PLC		USD	9,266,200		CNY	58,960,000		(393,497	)
06/15/2022	UBS AG		USD	1,239,176		HKD	9,690,000		(3,197	)
Subtotal–Depreciation									(10,965,136	)
Total Forward Foreign Currency Contracts								$	5,681,396

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)

Upfront

Counterparty

Pay/ Receive

Reference Entity

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Equity Risk

Goldman Sachs International

Pay

MSCI ACWI ex USA Growth Net Total Return Index

3 mo. USD LIBOR - 0.37%

Quarterly

703,040

May–2022

USD

196,612,166

$–

$

13,280,426

$

13,280,426

Goldman Sachs International

Pay

Russell Midcap Growth Total Return Index

3 mo. USD LIBOR + 0.24%

Quarterly

11,800

September–2022

USD

56,637,734

–

5,487,523

5,487,523

Subtotal – Appreciation

–

18,767,949

18,767,949

Equity Risk

Goldman Sachs International

Receive

MSCI ACWI Daily Total Return Net ex USA

3 mo. USD LIBOR - 0.04%

Quarterly

699,126

May–2022

USD

195,187,590

–

(9,972,301

)

(9,972,301

)

Total – Total Return Swap Agreements

$–

$

8,795,648

$

8,795,648

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $2,350,000.

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

Abbreviations:

AUD	–Australian Dollar
BRL	–Brazilian Real
CAD	–Canadian Dollar
CHF	–Swiss Franc
CLP	–Chile Peso
CNY	–Chinese Yuan Renminbi
COP	–Colombia Peso
DKK	–Danish Krone
EUR	–Euro
GBP	–British Pound Sterling
HKD	–Hong Kong Dollar
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
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
SEK	–Swedish Krona
SGD	–Singapore Dollar
THB	–Thai Baht
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, 2022

Exchange-Traded Funds	45.87	%
Common Stocks & Other Equity Interests	28.07
U.S. Treasury Securities	20.69
Security Types Each Less Than 1% of Portfolio	0.27
Money Market Funds Plus Other Assets Less Liabilities	5.10

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, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $695,533,214)*	$	659,324,129
Investments in affiliates, at value (Cost $471,164,669)		542,000,499
Other investments:
Variation margin receivable – futures contracts		2,657,098
Swaps receivable – OTC		119,012
Unrealized appreciation on swap agreements – OTC		18,767,949
Unrealized appreciation on forward foreign currency contracts outstanding		16,646,532
Deposits with brokers:
Cash collateral – OTC Derivatives		2,350,000
Cash		23,546,456
Foreign currencies, at value (Cost $676,840)		652,690
Receivable for:
Investments sold		1,512,394
Fund shares sold		296,098
Dividends		941,345
Interest		937,069
Investment for trustee deferred compensation and retirement plans		235,186
Other assets		59,991
Total assets		1,270,046,448
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		10,965,136
Swaps payable – OTC		154,507
Unrealized depreciation on swap agreements–OTC		9,972,301
Payable for:
Investments purchased		2,180,390
Fund shares reacquired	��	685,014
Accrued foreign taxes		459,113
Collateral upon return of securities loaned		65,024,269
Accrued fees to affiliates		638,215
Accrued other operating expenses		252,635
Trustee deferred compensation and retirement plans		387,120
Total liabilities		90,718,700
Net assets applicable to shares outstanding	$	1,179,327,748

Net assets consist of:
Shares of beneficial interest	$	1,103,905,933
Distributable earnings		75,421,815
	$	1,179,327,748
Net Assets:
Class A	$	986,696,218
Class C	$	59,343,726
Class R	$	34,763,500
Class Y	$	59,018,769
Class R5	$	12,479
Class R6	$	39,493,056
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		53,728,991
Class C		3,473,883
Class R		1,951,239
Class Y		3,203,239
Class R5		674
Class R6		2,136,538
Class A:
Net asset value per share	$	18.36
Maximum offering price per share (Net asset value of $18.36 ÷ 94.50%)	$	19.43
Class C:
Net asset value and offering price per share	$	17.08
Class R:
Net asset value and offering price per share	$	17.82
Class Y:
Net asset value and offering price per share	$	18.42
Class R5:
Net asset value and offering price per share	$	18.51
Class R6:
Net asset value and offering price per share	$	18.48

* At April 30, 2022, securities with an aggregate value of $63,144,691 were on loan to brokers.

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, 2022

(Unaudited)

Investment income:
Interest	$	4,487,872
Dividends (net of foreign withholding taxes of $229,962)		4,225,441
Dividends from affiliates (includes securities lending income of $363,761)		6,924,212
Total investment income		15,637,525
Expenses:
Advisory fees		5,078,234
Administrative services fees		92,227
Custodian fees		119,134
Distribution fees:
Class A		1,367,478
Class C		334,567
Class R		94,539
Transfer agent fees – A, C, R and Y		834,748
Transfer agent fees – R5		2
Transfer agent fees – R6		6,523
Trustees’ and officers’ fees and benefits		35,205
Registration and filing fees		49,403
Professional services fees		105,436
Other		(67,726	)
Total expenses		8,049,770
Less: Fees waived and/or expense offset arrangement(s)		(488,204	)
Net expenses		7,561,566
Net investment income		8,075,959
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $41,142)		(699,914	)
Affiliated investment securities		(1,934,478	)
Foreign currencies		(27,804	)
Forward foreign currency contracts		2,709,676
Futures contracts		5,933,827
Swap agreements		27,475,192
		33,456,499
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $356,019)		(152,511,029	)
Affiliated investment securities		(49,295,308	)
Foreign currencies		3,068,398
Forward foreign currency contracts		3,324,919
Futures contracts		(14,070,914	)
Swap agreements		8,572,799
		(200,911,135	)
Net realized and unrealized gain (loss)		(167,454,636	)
Net increase (decrease) in net assets resulting from operations	$	(159,378,677	)

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, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income	$	8,075,959		$	13,422,337
Net realized gain		33,456,499			152,067,058
Change in net unrealized appreciation (depreciation)		(200,911,135	)		152,171,952
Net increase (decrease) in net assets resulting from operations		(159,378,677	)		317,661,347
Distributions to shareholders from distributable earnings:
Class A		(144,126,980	)		–
Class C		(8,969,102	)		–
Class R		(5,001,769	)		–
Class Y		(9,156,847	)		–
Class R5		(1,970	)		–
Class R6		(5,744,711	)		–
Total distributions from distributable earnings		(173,001,379	)		–
Share transactions-net:
Class A		90,750,018			(89,744,878	)
Class C		4,103,563			(23,564,887	)
Class R		4,658,764			(3,015,738	)
Class Y		3,654,483			(9,811,398	)
Class R5		694			1,492
Class R6		5,140,773			(853,213	)
Net increase (decrease) in net assets resulting from share transactions		108,308,295			(126,988,622	)
Net increase (decrease) in net assets		(224,071,761	)		190,672,725
Net assets:
Beginning of period		1,403,399,509			1,212,726,784
End of period	$	1,179,327,748		$	1,403,399,509

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(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Six months ended 04/30/22		$23.79		$0.13		$(2.60	)		$(2.47	)		$(0.47	)		$(2.49	)		$(2.96	)		$18.36		(11.75	)%		$986,696		1.13	%(e)		1.20	%(e)		1.26	%(e)		87	%
Year ended 10/31/21		18.75		0.22		4.82			5.04			–			–			–			23.79		26.88			1,173,186		1.15			1.25			1.01			51
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
Class C
Six months ended 04/30/22		22.23		0.05		(2.42	)		(2.37	)		(0.29	)		(2.49	)		(2.78	)		17.08		(12.06	)		59,344		1.88	(e)		1.95	(e)		0.51	(e)		87
Year ended 10/31/21		17.66		0.05		4.52			4.57			–			–			–			22.23		25.88			72,605		1.90			2.00			0.26			51
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
Class R
Six months ended 04/30/22		23.13		0.10		(2.51	)		(2.41	)		(0.41	)		(2.49	)		(2.90	)		17.82		(11.79	)		34,764		1.38	(e)		1.45	(e)		1.01	(e)		87
Year ended 10/31/21		18.28		0.16		4.69			4.85			–			–			–			23.13		26.53			39,793		1.40			1.50			0.76			51
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
Class Y
Six months ended 04/30/22		23.89		0.16		(2.61	)		(2.45	)		(0.53	)		(2.49	)		(3.02	)		18.42		(11.63	)		59,019		0.88	(e)		0.95	(e)		1.51	(e)		87
Year ended 10/31/21		18.78		0.28		4.83			5.11			–			–			–			23.89		27.21			72,519		0.90			1.00			1.26			51
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
Class R5
Six months ended 04/30/22		24.02		0.17		(2.63	)		(2.46	)		(0.56	)		(2.49	)		(3.05	)		18.51		(11.60	)		12		0.78	(e)		0.85	(e)		1.61	(e)		87
Year ended 10/31/21		18.85		0.32		4.85			5.17			–			–			–			24.02		27.43			15		0.76			0.86			1.40			51
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	(e)		0.93	(e)		1.11	(e)		52
Class R6
Six months ended 04/30/22		23.98		0.17		(2.62	)		(2.45	)		(0.56	)		(2.49	)		(3.05	)		18.48		(11.59	)		39,493		0.78	(e)		0.85	(e)		1.61	(e)		87
Year ended 10/31/21		18.83		0.31		4.84			5.15			–			–			–			23.98		27.35			45,281		0.76			0.86			1.40			51
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

^(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 0.17%, 0.17%, 0.14%, 0.08%, 0.02% and 0.02% for the six months ended April 30, 2022, and the years ended October 31, 2021, 2020, 2019, 2018 and 2017, respectively.

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

^(e)  Annualized.

^(f)  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.

19 Invesco Global Allocation Fund

Notes to Consolidated Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco 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 Invesco Global Allocation Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. 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 commodity-linked derivatives primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest 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 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 debt 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 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 may be valued up to 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.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

20 Invesco Global Allocation Fund

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 based on relative net assets of Class R5 and Class R6. 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. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated 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

21 Invesco Global Allocation Fund

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 affiliates on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, the Fund paid the Adviser $41,320 in fees for securities lending agent services.

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. 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

22 Invesco Global Allocation Fund

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, 2022, if any, 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.

P. LIBOR Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

S. 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. 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, 2022, the effective advisory fee rate incurred by the Fund was 0.78%.

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 June 30, 2023, 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 (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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $487,544.

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, 2022, 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

24 Invesco Global Allocation Fund

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, 2022, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $45,679 in front-end sales commissions from the sale of Class A shares and $1,009 and $1,833 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, 2022. 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	$	540,952,285		$	–		$	–	$	540,952,285
Common Stocks & Other Equity Interests		138,540,585			192,447,445			–		330,988,030
U.S. Treasury Securities		–			244,034,016			–		244,034,016
Preferred Stocks		–			–			1,548,078		1,548,078
Event-Linked Bonds		–			–			1,393,012		1,393,012
U.S. Dollar Denominated Bonds & Notes		–			211,993			–		211,993
Money Market Funds		17,171,268			65,025,946			–		82,197,214
Total Investments in Securities		696,664,138			501,719,400			2,941,090		1,201,324,628
Other Investments - Assets*
Futures Contracts		5,123,973			–			–		5,123,973
Forward Foreign Currency Contracts		–			16,646,532			–		16,646,532
Swap Agreements		–			18,767,949			–		18,767,949
		5,123,973			35,414,481			–		40,538,454
Other Investments - Liabilities*
Futures Contracts		(14,208,453	)		–			–		(14,208,453	)
Forward Foreign Currency Contracts		–			(10,965,136	)		–		(10,965,136	)
Swap Agreements		–			(9,972,301	)		–		(9,972,301	)
		(14,208,453	)		(20,937,437	)		–		(35,145,890	)
Total Other Investments		(9,084,480	)		14,477,044			–		5,392,564
Total Investments	$	687,579,658		$	516,196,444		$	2,941,090	$	1,206,717,192

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

25 Invesco Global Allocation 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, 2022:

	Value
	Currency			Equity			Interest
Derivative Assets	Risk			Risk			Rate Risk			Total
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	–		$	3,444,957		$	1,679,016		$	5,123,973
Unrealized appreciation on forward foreign currency contracts outstanding		16,646,532			–			–			16,646,532
Unrealized appreciation on swap agreements – OTC		–			18,767,949			–			18,767,949
Total Derivative Assets		16,646,532			22,212,906			1,679,016			40,538,454
Derivatives not subject to master netting agreements		–			(3,444,957	)		(1,679,016	)		(5,123,973	)
Total Derivative Assets subject to master netting agreements	$	16,646,532		$	18,767,949		$	–		$	35,414,481
	Value
	Currency			Equity			Interest
Derivative Liabilities	Risk			Risk			Rate Risk			Total
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	–		$	(12,645,375	)	$	(1,563,078	)	$	(14,208,453	)
Unrealized depreciation on forward foreign currency contracts outstanding		(10,965,136	)		–			–			(10,965,136	)
Unrealized depreciation on swap agreements – OTC		–			(9,972,301	)		–			(9,972,301	)
Total Derivative Liabilities		(10,965,136	)		(22,617,676	)		(1,563,078	)		(35,145,890	)
Derivatives not subject to master netting agreements		–			12,645,375			1,563,078			14,208,453
Total Derivative Liabilities subject to master netting agreements	$	(10,965,136	)	$	(9,972,301	)	$	–		$	(20,937,437	)

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

26 Invesco Global Allocation Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2022.

	Financial Derivative Assets						Financial Derivative Liabilities												Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash	Cash			Net Amount
Bank of America, N.A.	$	1,809,555	$	–	$	1,809,555	$	(1,513,050	)	$	–		$	(1,513,050	)	$	296,505		$–	$	(296,505	)	$	–
Barclays Bank PLC		1,046,302		–		1,046,302		(631,981	)		–			(631,981	)		414,321		–		(410,000	)		4,321
BNP Paribas S.A.		1,119,301		–		1,119,301		(784,663	)		–			(784,663	)		334,638		–		(334,638	)		–
Citibank, N.A.		2,696,123		–		2,696,123		(314,768	)		–			(314,768	)		2,381,355		–		(2,381,355	)		–
Deutsche Bank AG		991,989		–		991,989		(1,791	)		–			(1,791	)		990,198		–		–			990,198
Goldman Sachs International		1,728,913		18,886,961		20,615,874		(346,139	)		(10,126,808	)		(10,472,947	)		10,142,927		–		(7,540,000	)		2,602,927
J.P. Morgan Chase Bank, N.A.		2,507,495		–		2,507,495		(2,180,866	)		–			(2,180,866	)		326,629		–		(326,629	)		–
Morgan Stanley and Co. International PLC		2,414,517		–		2,414,517		(4,719,323	)		–			(4,719,323	)		(2,304,806	)	–		(2,610,000	)		(4,914,806	)
Royal Bank of Canada		–		–		–		(75,861	)		–			(75,861	)		(75,861	)	–		–			(75,861	)
Standard Chartered Bank PLC		514,966		–		514,966		(393,497	)		–			(393,497	)		121,469		–		–			121,469
UBS AG		1,817,371		–		1,817,371		(3,197	)		–			(3,197	)		1,814,174		–		(260,955	)		1,553,219
Total	$	16,646,532	$	18,886,961	$	35,533,493	$	(10,965,136	)	$	(10,126,808	)	$	(21,091,944	)	$	14,441,549		$–	$	(14,160,082	)	$	281,467

Effect of Derivative Investments for the six months ended April 30, 2022

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
	Currency		Equity			Interest
	Risk		Risk			Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	2,709,676	$	-		$	-		$	2,709,676
Futures contracts		-		14,830,031			(8,896,204	)		5,933,827
Swap agreements		-		27,475,192			-			27,475,192
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		3,324,919		-			-			3,324,919
Futures contracts		-		(14,186,852	)		115,938			(14,070,914	)
Swap agreements		-		8,572,799			-			8,572,799
Total	$	6,034,595	$	36,691,170		$	(8,780,266	)	$	33,945,499

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		$659,335,900	$	566,766,090	$	534,479,091

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $660.

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.

27 Invesco Global Allocation 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 carryforward 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, 2021.

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, 2022 was $296,019,925 and $385,021,659, 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	$  166,741,013
Aggregate unrealized (depreciation) of investments	(135,412,462	)
Net unrealized appreciation of investments	$    31,328,551

Cost of investments for tax purposes is $1,175,388,641.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		954,844		$	19,826,892			2,179,768		$	49,521,742
Class C		217,692			4,241,673			459,086			9,717,253
Class R		141,357			2,833,612			239,230			5,261,967
Class Y		224,734			4,764,032			819,850			18,382,390
Class R5		31			629			65			1,512
Class R6		105,039			2,142,531			310,992			7,083,716
Issued as reinvestment of dividends:
Class A		6,647,711			137,009,323			-			-
Class C		456,645			8,776,723			-			-
Class R		247,917			4,960,819			-			-
Class Y		357,155			7,378,816			-			-
Class R5		10			213			-			-
Class R6		272,036			5,636,583			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		155,962			3,091,516			723,752			15,875,139
Class C		(167,389	)		(3,091,516	)		(770,334	)		(15,875,139	)

28 Invesco Global Allocation Fund

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(3,346,980	)	$	(69,177,713	)		(6,883,565	)	$	(155,141,759	)
Class C		(298,686	)		(5,823,317	)		(824,490	)		(17,407,001	)
Class R		(158,107	)		(3,135,667	)		(379,687	)		(8,277,705	)
Class Y		(414,190	)		(8,488,365	)		(1,266,104	)		(28,193,788	)
Class R5		(7	)		(148	)		(1	)		(20	)
Class R6		(128,817	)		(2,638,341	)		(348,675	)		(7,936,929	)
Net increase (decrease) in share activity		5,266,957		$	108,308,295			(5,740,113	)	$	(126,988,622	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 12% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

29 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, 2021 through April 30, 2022.

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     (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized       Expense Ratio
		Ending     Account Value      (04/30/22)1	Expenses     Paid During      Period2	Ending Account Value     (04/30/22)	Expenses     Paid During      Period2
Class A	$1,000.00	$882.50	$5.27	$1,019.19	$5.66	1.13%
Class C	1,000.00	879.40	8.76	1,015.47	9.39	1.88
Class R	1,000.00	882.10	6.44	1,017.95	6.90	1.38
Class Y	1,000.00	884.10	4.11	1,020.43	4.41	0.88
Class R5	1,000.00	884.30	3.64	1,020.93	3.91	0.78
Class R6	1,000.00	884.10	3.64	1,020.93	3.91	0.78

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, 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.

30 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 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 number(s): 811-05426 and 033-19338                 Invesco Distributors, Inc. O-GLAL-SAR-1                                         

Semiannual Report to Shareholders April 30, 2022

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
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 is 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, 10/31/21 to 4/30/22, 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	1.11	%
Class C Shares	0.74
Class R Shares	0.98
Class Y Shares	1.23
Class R5 Shares	1.23
Class R6 Shares	1.23
MSCI World Index▼ (Broad Market Index)	-11.30
Dow Jones Brookfield Global Infrastructure Index▼ (Style-Specific Index)	3.48
Lipper Global Infrastructure Funds Classification Average∎ (Peer Group)	-0.62
Source(s): ▼RIMES 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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (5/2/14)	4.78	%
5 Years	6.26
1 Year	1.83
Class C Shares
Inception (5/2/14)	4.73	%
5 Years	6.65
1 Year	5.89
Class R Shares
Inception (5/2/14)	5.26	%
5 Years	7.20
1 Year	7.51
Class Y Shares
Inception (5/2/14)	5.78	%
5 Years	7.72
1 Year	8.03
Class R5 Shares
Inception (5/2/14)	5.79	%
5 Years	7.73
1 Year	8.03
Class R6 Shares
Inception (5/2/14)	5.79	%
5 Years	7.72
1 Year	8.04

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.15%
Australia–2.49%
Transurban Group		314,277	$	3,141,572
Canada–15.94%
Enbridge, Inc.		264,963		11,562,547
Gibson Energy, Inc.		67,846		1,291,802
Keyera Corp.		22,283		552,804
Pembina Pipeline Corp.		45,355		1,716,192
TC Energy Corp.		95,004		5,025,121
				20,148,466
China–3.93%
China Gas Holdings Ltd.		245,400		297,409
China Water Affairs Group Ltd.		162,000		176,761
Kunlun Energy Co. Ltd.		1,482,000		1,224,106
SITC International Holdings Co. Ltd.		585,000		1,953,001
Towngas Smart Energy Co. Ltd.		2,662,000		1,311,478
				4,962,755
Denmark–2.66%
DSV A/S		20,612		3,366,915
France–3.38%
Getlink SE		29,294		535,102
Vinci S.A.		38,736		3,737,413
				4,272,515
Hong Kong–0.46%
Hong Kong & China Gas Co. Ltd. (The)		523,000		576,208
Italy–2.11%
Infrastrutture Wireless Italiane S.p.A.(a)		35,740		380,783
Snam S.p.A.		257,066		1,410,706
Terna Rete Elettrica Nazionale S.p.A.		107,866		878,603
				2,670,092
Japan–0.60%
Japan Airport Terminal Co. Ltd.(b)		9,400		389,624
Tokyo Gas Co. Ltd.		19,400		372,177
				761,801
Luxembourg–0.27%
SES S.A., FDR		38,575		343,722
Mexico–0.59%
Grupo Aeroportuario del Sureste S.A.B.de C.V., ADR		3,396		741,075
Nigeria–0.48%
IHS Holding Ltd.(b)(c)		57,735		606,217
Spain–7.36%
Aena SME S.A.(a)(b)		14,656		2,071,460
Cellnex Telecom S.A.(a)		127,202		5,945,747
Ferrovial S.A.		50,183		1,281,239
				9,298,446

	Shares		Value
United Kingdom–7.86%
National Grid PLC		486,845	$	7,238,495
Pennon Group PLC		146,245		2,034,321
Severn Trent PLC		16,668		656,373
				9,929,189
United States–51.02%
American Tower Corp.		60,123		14,490,846
American Water Works Co., Inc.		5,487		845,437
CenterPoint Energy, Inc.		199,840		6,117,102
Cheniere Energy, Inc.		50,364		6,839,935
CMS Energy Corp.		54,598		3,750,337
Consolidated Edison, Inc.		48,143		4,464,782
Crown Castle International Corp.		5,802		1,074,588
Dominion Energy, Inc.		46,354		3,784,341
Eversource Energy		30,047		2,626,108
National Fuel Gas Co.		14,216		996,968
PG&E Corp.(b)		223,207		2,823,569
SBA Communications Corp., Class A		19,505		6,770,380
Targa Resources Corp.		45,054		3,307,414
WEC Energy Group, Inc.		14,085		1,409,204
Williams Cos., Inc. (The)		150,999		5,177,756
				64,478,767
Total Common Stocks & Other Equity Interests (Cost $109,602,501)				125,297,740
Money Market Funds–1.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)		456,237		456,237
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(d)(e)		325,910		325,845
Invesco Treasury Portfolio, Institutional Class, 0.23%(d)(e)		521,414		521,414
Total Money Market Funds (Cost $1,303,476)				1,303,496
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.18% (Cost $110,905,977)				126,601,236
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.42%
Invesco Private Government Fund, 0.40%(d)(e)(f)		160,563		160,563
Invesco Private Prime Fund, 0.35%(d)(e)(f)		374,647		374,647
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $535,177)				535,210
TOTAL INVESTMENTS IN SECURITIES–100.60% (Cost $111,441,154)				127,136,446
OTHER ASSETS LESS LIABILITIES-(0.60)%				(759,374	)
NET ASSETS-100.00%			$	126,377,072

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

5 Invesco Global Infrastructure Fund

Investment Abbreviations:

ADR - American Depositary Receipt

FDR - Fiduciary Depositary Receipt

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $8,397,990, which represented 6.65% of the Fund’s Net Assets.

^(b)  Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2022.

^(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, 2022.

								Change in		Realized
	Value		Purchases		Proceeds			Unrealized		Gain			Value
	October 31, 2021		at Cost		from Sales			Appreciation		(Loss)			April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$   465,295		$  6,456,981		$  (6,466,039	)		$   -		$      -			$   456,237		$  56
Invesco Liquid Assets Portfolio, Institutional Class		315,112		4,612,129		(4,601,271	)		11		(136	)		325,845		105
Invesco Treasury Portfolio, Institutional Class		531,766		7,379,406		(7,389,758	)		-		-			521,414		118
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		1,125,896		(965,333	)		-		-			160,563		117	*
Invesco Private Prime Fund		-		2,608,606		(2,233,861	)		33		(131	)		374,647		297	*
Total		$1,312,173		$22,183,018		$(21,656,262	)		$44		$(267	)		$1,838,706		$693

* 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, 2022.

^(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.

Portfolio Composition

By infrastructure sector, based on Net Assets

as of April 30, 2022

Midstream Services	28.08	%
Towers	23.16
Gas Utilities	22.77
Electric Utilities	8.31
Diversified	3.97
Water Utilities	2.94
Freight Logistics	2.66
Airports	2.53
Tolls	2.49
Infrastructure Sectors each less than 2.0% of net assets	2.24
Money Market Funds Plus Other Assets Less Liabilities	0.85

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

6 Invesco Global Infrastructure Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $109,602,501)*	$	125,297,740
Investments in affiliated money market funds, at value (Cost $1,838,653)		1,838,706
Cash		11,544
Foreign currencies, at value (Cost $183,348)		182,349
Receivable for:
Fund shares sold		234,224
Dividends		156,714
Investment for trustee deferred compensation and retirement plans		26,017
Other assets		71,855
Total assets		127,819,149
Liabilities:
Payable for:
Investments purchased		779,780
Fund shares reacquired		17,754
Collateral upon return of securities loaned		535,177
Accrued fees to affiliates		32,310
Accrued other operating expenses		51,039
Trustee deferred compensation and retirement plans		26,017
Total liabilities		1,442,077
Net assets applicable to shares outstanding	$	126,377,072
Net assets consist of:
Shares of beneficial interest	$	112,956,779
Distributable earnings		13,420,293
	$	126,377,072

Net Assets:
Class A	$	23,179,429
Class C	$	3,420,807
Class R	$	5,803,189
Class Y	$	29,907,724
Class R5	$	169,235
Class R6	$	63,896,688
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,822,343
Class C		269,541
Class R		456,610
Class Y		2,350,833
Class R5		13,285
Class R6		5,018,499
Class A: Net asset value per share	$	12.72
Maximum offering price per share (Net asset value of $12.72 ÷ 94.50%)	$	13.46
Class C: Net asset value and offering price per share	$	12.69
Class R: Net asset value and offering price per share	$	12.71
Class Y: Net asset value and offering price per share	$	12.72
Class R5: Net asset value and offering price per share	$	12.74
Class R6: Net asset value and offering price per share	$	12.73

* At April 30, 2022, securities with an aggregate value of $483,000 were on loan to brokers.

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

7 Invesco Global Infrastructure Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $101,148)	$	1,636,248
Dividends from affiliated money market funds (includes securities lending income of $2,957)		3,236
Total investment income		1,639,484
Expenses:
Advisory fees		514,454
Administrative services fees		8,242
Custodian fees		5,823
Distribution fees:
Class A		26,515
Class C		16,259
Class R		13,743
Transfer agent fees – A, C, R and Y		47,423
Transfer agent fees – R5		35
Transfer agent fees – R6		11,162
Trustees’ and officers’ fees and benefits		8,770
Registration and filing fees		40,876
Reports to shareholders		6,729
Professional services fees		31,621
Other		7,259
Total expenses		738,911
Less: Fees waived and/or expenses reimbursed		(69,996	)
Net expenses		668,915
Net investment income		970,569
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		3,052,653
Affiliated investment securities		(267	)
Foreign currencies		(5,644	)
		3,046,742
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(2,789,495	)
Affiliated investment securities		44
Foreign currencies		(2,482	)
		(2,791,933	)
Net realized and unrealized gain		254,809
Net increase in net assets resulting from operations	$	1,225,378

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

8 Invesco Global Infrastructure Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income	$	970,569		$	1,898,175
Net realized gain		3,046,742			6,242,767
Change in net unrealized appreciation (depreciation)		(2,791,933	)		14,706,466
Net increase in net assets resulting from operations		1,225,378			22,847,408
Distributions to shareholders from distributable earnings:
Class A		(201,276	)		(262,127	)
Class C		(18,315	)		(23,024	)
Class R		(44,505	)		(58,212	)
Class Y		(286,891	)		(292,833	)
Class R5		(790	)		(352	)
Class R6		(705,180	)		(1,216,300	)
Total distributions from distributable earnings		(1,256,957	)		(1,852,848	)
Share transactions–net:
Class A		2,437,286			5,390,841
Class C		242,627			517,509
Class R		551,873			1,077,445
Class Y		8,352,777			6,592,094
Class R5		131,853			24,765
Class R6		(3,712,511	)		6,199,734
Net increase in net assets resulting from share transactions		8,003,905			19,802,388
Net increase in net assets		7,972,326			40,796,948
Net assets:
Beginning of period		118,404,746			77,607,798
End of period	$	126,377,072		$	118,404,746

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

9 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 04/30/22		$12.70		$0.09			$0.05			$0.14			$(0.12	)		$    –			$    –			$(0.12	)		$12.72		1.11	%		$23,179		1.25	%(d)		1.44	%(d)		1.43	%(d)		42	%
Year ended 10/31/21		10.23		0.20	(e)		2.46			2.66			(0.19	)		–			–			(0.19	)		12.70		26.22			20,774		1.29			1.62			1.65	(e)		103
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
Class C
Six months ended 04/30/22		12.67		0.04			0.05			0.09			(0.07	)		–			–			(0.07	)		12.69		0.74			3,421		2.00	(d)		2.19	(d)		0.68	(d)		42
Year ended 10/31/21		10.21		0.11	(e)		2.46			2.57			(0.11	)		–			–			(0.11	)		12.67		25.23			3,178		2.04			2.37			0.90	(e)		103
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
Class R
Six months ended 04/30/22		12.69		0.07			0.05			0.12			(0.10	)		–			–			(0.10	)		12.71		0.98			5,803		1.50	(d)		1.69	(d)		1.18	(d)		42
Year ended 10/31/21		10.22		0.17	(e)		2.47			2.64			(0.17	)		–			–			(0.17	)		12.69		25.93			5,241		1.54			1.87			1.40	(e)		103
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
Class Y
Six months ended 04/30/22		12.70		0.11			0.04			0.15			(0.13	)		–			–			(0.13	)		12.72		1.23			29,908		1.00	(d)		1.19	(d)		1.68	(d)		42
Year ended 10/31/21		10.23		0.23	(e)		2.46			2.69			(0.22	)		–			–			(0.22	)		12.70		26.53			21,558		1.04			1.37			1.90	(e)		103
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
Class R5
Six months ended 04/30/22		12.72		0.11			0.05			0.16			(0.14	)		–			–			(0.14	)		12.74		1.23			169		1.00	(d)		1.08	(d)		1.68	(d)		42
Year ended 10/31/21		10.24		0.23	(e)		2.47			2.70			(0.22	)		–			–			(0.22	)		12.72		26.61			37		1.02			1.14			1.92	(e)		103
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
Class R6
Six months ended 04/30/22		12.71		0.11			0.05			0.16			(0.14	)		–			–			(0.14	)		12.73		1.23			63,897		1.00	(d)		1.05	(d)		1.68	(d)		42
Year ended 10/31/21		10.24		0.23	(e)		2.47			2.70			(0.23	)		–			–			(0.23	)		12.71		26.53			67,617		1.02			1.14			1.92	(e)		103
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

^(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)  Annualized.

(^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 for the year ended October 31, 2021 are $0.16 and 1.31%, $0.07 and 0.56%, $0.13 and 1.06%, $0.19 and 1.56%, $0.19 and 1.58% and $0.19 and 1.58% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends for the year ended October 31, 2017 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.

10 Invesco Global Infrastructure Fund

Notes to Financial Statements

April 30, 2022

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 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 may be valued up to 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 debt 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.

11 Invesco Global Infrastructure Fund

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

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

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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “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

12 Invesco Global Infrastructure Fund

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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, fees paid to the Adviser were less than $500.

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. 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.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. 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		0.8400	%
Next $1 billion		0.8000	%
Next $3 billion		0.7800	%
Over $5 billion		0.7325	%

For the six months ended April 30, 2022, 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 at least February 28, 2023, 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 to 1.25%, 2.00%, 1.50%, 1.00%, 1.00% and 1.00%, 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 February 28, 2023. 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.

13 Invesco Global Infrastructure Fund

Further, the Adviser has contractually agreed, through at least June 30, 2024, 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, 2022, the Adviser waived advisory fees of $11,377 and reimbursed class level expenses of $17,824, $2,711, $4,582, $22,306, $34 and $11,162 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, 2022, 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, 2022, 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 Plans, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $5,224 in front-end sales commissions from the sale of Class A shares and $628 and $299 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, 2022. 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	$	–	$	3,141,572		$–	$	3,141,572
Canada		20,148,466		–		–		20,148,466
China		–		4,962,755		–		4,962,755
Denmark		–		3,366,915		–		3,366,915
France		–		4,272,515		–		4,272,515
Hong Kong		–		576,208		–		576,208
Italy		–		2,670,092		–		2,670,092
Japan		–		761,801		–		761,801
Luxembourg		–		343,722		–		343,722
Mexico		741,075		–		–		741,075
Nigeria		606,217		–		–		606,217
Spain		–		9,298,446		–		9,298,446
United Kingdom		–		9,929,189		–		9,929,189
United States		64,478,767		–		–		64,478,767
Money Market Funds		1,303,496		535,210		–		1,838,706
Total Investments	$	87,278,021	$	39,858,425		$–	$	127,136,446

14 Invesco Global Infrastructure Fund

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. 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 5–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 6–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 carryforward 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, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$3,188,449	$–	$3,188,449

* 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 7–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, 2022 was $58,831,006 and $51,383,523, 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	$	16,146,769
Aggregate unrealized (depreciation) of investments		(2,635,786	)
Net unrealized appreciation of investments	$	13,510,983

Cost of investments for tax purposes is $113,625,463.

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended				Year ended
	April 30, 2022(a)				October 31, 2021(a)
	Shares		Amount		Shares		Amount
Sold:
Class A		358,319	$	4,604,429		717,135	$	8,583,964
Class C		41,160		522,344		113,290		1,341,239
Class R		57,697		734,174		119,771		1,442,625
Class Y		1,062,540		13,492,526		775,642		9,448,596
Class R5		10,345		131,746		1,974		24,625
Class R6		367,797		4,868,116		1,263,213		13,944,288
Issued as reinvestment of dividends:
Class A		14,400		180,965		20,131		237,143
Class C		1,425		17,806		1,899		22,127
Class R		3,547		44,505		4,954		58,196
Class Y		18,901		236,986		17,963		210,507
Class R5		52		662		11		140
Class R6		56,050		705,045		103,510		1,216,073

15 Invesco Global Infrastructure Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021(a)
	Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		4,398		$	54,953			20,484		$	235,395
Class C		(4,406	)		(54,953	)		(20,522	)		(235,395	)
Reacquired:
Class A		(190,539	)		(2,403,061	)		(314,614	)		(3,665,661	)
Class C		(19,410	)		(242,570	)		(52,559	)		(610,462	)
Class R		(17,665	)		(226,806	)		(37,162	)		(423,376	)
Class Y		(427,798	)		(5,376,735	)		(260,580	)		(3,067,009	)
Class R5		(44	)		(555	)		-			-
Class R6		(724,255	)		(9,285,672	)		(738,625	)		(8,960,627	)
Net increase in share activity		612,514		$	8,003,905			1,735,915		$	19,802,388

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 19% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 48% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

16 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, 2021 through April 30, 2022.

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 (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (04/30/22)1	Expenses Paid During Period2	Ending Account Value (04/30/22)	Expenses Paid During Period2
Class A	$1,000.00	$1,011.10	$6.23	$1,018.60	$6.26	1.25%
Class C	1,000.00	1,007.40	9.95	1,014.88	9.99	2.00
Class R	1,000.00	1,009.80	7.47	1,017.36	7.50	1.50
Class Y	1,000.00	1,012.30	4.99	1,019.84	5.01	1.00
Class R5	1,000.00	1,012.30	4.99	1,019.84	5.01	1.00
Class R6	1,000.00	1,012.30	4.99	1,019.84	5.01	1.00

1 The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, 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 Global Infrastructure 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 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 number(s): 811-05426 and 033-19338                     Invesco Distributors, Inc. GBLI-SAR-1

Semiannual Report to Shareholders April 30, 2022

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
31	Consolidated Financial Statements
34	Consolidated Financial Highlights
35	Notes to Consolidated Financial Statements
45	Fund Expenses

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

Unless otherwise noted, all data is 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, 10/31/21 to 4/30/22, 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	-8.79	%
Class C Shares	-9.17
Class R Shares	-8.91
Class Y Shares	-8.42
Class R5 Shares	-8.62
Class R6 Shares	-8.40
Bloomberg U.S. Aggregate Bond Index▼*	-9.47
Bloomberg Global Aggregate Index▼*	-11.69
Source(s): ▼RIMES Technologies Corp.
*Effective February 28, 2022, the Fund changed its benchmark index from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg Global Aggregate Index. The Fund’s investment adviser believes the Bloomberg Global Aggregate Index provides a more appropriate comparison for evaluating the Fund’s performance.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
The Bloomberg Global Aggregate Index is an unmanaged index considered representative of global investment-grade, 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 Global Strategic Income Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (10/16/89)	5.77	%
10 Years	1.00
5 Years	-1.17
1 Year	-14.70
Class C Shares
Inception (5/26/95)	4.70	%
10 Years	0.83
5 Years	-1.15
1 Year	-12.37
Class R Shares
Inception (3/1/01)	4.06	%
10 Years	1.16
5 Years	-0.64
1 Year	-11.25
Class Y Shares
Inception (1/26/98)	4.53	%
10 Years	1.69
5 Years	-0.09
1 Year	-10.56
Class R5 Shares
10 Years	1.55	%
5 Years	-0.12
1 Year	-10.67
Class R6 Shares
Inception (1/27/12)	2.04	%
10 Years	1.84
5 Years	0.04
1 Year	-10.48

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Principal
	Amount		Value
U.S. Dollar Denominated Bonds & Notes–38.09%
Angola–0.09%
Angolan Government International Bond, 8.75%, 04/14/2032(a)		$         1,750,000		$       1,660,549
Argentina–0.17%
Argentine Republic Government International Bond, 0.75%, 07/09/2030(b)		10,650,000		3,370,831
Belgium–0.22%
Telenet Finance Luxembourg Notes S.a r.l., 5.50%, 03/01/2028(a)		4,325,000		4,173,625
Brazil–0.37%
Braskem Netherlands Finance B.V., 4.50%, 01/31/2030(a)		1,750,000		1,579,673
CSN Inova Ventures, 6.75%, 01/28/2028(a)		1,775,000		1,766,826
Klabin Austria GmbH,
5.75%, 04/03/2029(a)		710,000		699,417
7.00%, 04/03/2049(a)		1,775,000		1,723,268
Suzano Austria GmbH, 2.50%, 09/15/2028		1,716,000		1,464,426
				7,233,610
Canada–0.42%
1011778 BC ULC/New Red Finance, Inc.,
3.88%, 01/15/2028(a)		300,000		276,446
4.00%, 10/15/2030(a)		1,200,000		1,027,500
Hudbay Minerals, Inc., 6.13%, 04/01/2029(a)(c)		1,038,000		983,515
Precision Drilling Corp.,
7.13%, 01/15/2026(a)		90,000		90,385
6.88%, 01/15/2029(a)		1,009,000		980,158
Ritchie Bros. Holdings, Inc., 4.75%, 12/15/2031(a)		1,205,000		1,206,856
Transcanada Trust, Series 16-A, 5.88%, 08/15/2076(c)(d)		3,545,000		3,562,122
				8,126,982
Chile–0.59%
AES Andes S.A., 6.35%, 10/07/2079(a)(d)		1,750,000		1,684,086
Kenbourne Invest S.A., 4.70%, 01/22/2028(a)		3,650,000		3,138,252
Mercury Chile Holdco LLC, 6.50%, 01/24/2027(a)		7,100,000		6,719,759
				11,542,097
China–0.02%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC, 7.50%, 05/01/2025(a)		492,000		444,556

	Principal
	Amount		Value
Colombia–0.70%
Bancolombia S.A., 4.88%, 10/18/2027(d)		$         7,200,000		$       7,011,180
Colombia Government International Bond, 4.13%, 02/22/2042		5,475,000		3,837,975
Ecopetrol S.A., 4.63%, 11/02/2031		3,228,000		2,703,030
				13,552,185
Denmark–0.16%
Danske Bank A/S, 7.00%(a)(d)(e)		3,200,000		3,188,794
Dominican Republic–0.19%
Dominican Republic International Bond,
4.50%, 01/30/2030(a)		720,000		623,299
4.88%, 09/23/2032(a)		2,280,000		1,920,508
5.30%, 01/21/2041(a)		1,560,000		1,235,928
				3,779,735
Ecuador–0.08%
Ecuador Government International Bond, 5.50%, 07/31/2030(a)(b)		1,800,000		1,467,552
Egypt–0.29%
Egypt Government International Bond,
7.63%, 05/29/2032(a)		3,150,000		2,463,735
8.50%, 01/31/2047(a)		2,600,000		1,895,114
8.88%, 05/29/2050(a)		1,775,000		1,313,322
				5,672,171
El Salvador–0.02%
El Salvador Government International Bond, 5.88%, 01/30/2025(a)		750,000		361,756
France–1.10%
Altice France S.A.,
8.13%, 02/01/2027(a)		1,226,000		1,236,807
5.13%, 07/15/2029(a)		766,000		649,729
5.50%, 10/15/2029(a)		730,000		621,329
BNP Paribas S.A.,
7.38%(a)(d)(e)		1,750,000		1,822,809
7.38%(a)(d)(e)		2,200,000		2,291,531
Credit Agricole S.A., 6.88%(a)(d)(e)		1,750,000		1,761,812
Electricite de France S.A., 5.25%(a)(d)(e)		1,800,000		1,784,250
Iliad Holding S.A.S.,
6.50%, 10/15/2026(a)		275,000		264,643
7.00%, 10/15/2028(a)		1,899,000		1,798,059
Societe Generale S.A.,
7.38%(a)(c)(d)(e)		1,750,000		1,757,534
4.75%(a)(c)(d)(e)		1,775,000		1,580,433

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
France–(continued)
TotalEnergies Capital International S.A., 3.13%, 05/29/2050		$         7,400,000		$       5,872,514
				21,441,450
Guatemala–0.24%
CT Trust, 5.13%, 02/03/2032(a)		2,000,000		1,866,270
Guatemala Government Bond,
4.90%, 06/01/2030(a)		1,160,000		1,140,096
3.70%, 10/07/2033(a)		1,898,000		1,631,926
				4,638,292
Hong Kong–0.50%
Melco Resorts Finance Ltd.,
4.88%, 06/06/2025(a)		9,250,000		8,281,848
5.75%, 07/21/2028(a)		1,775,000		1,500,390
				9,782,238
India–0.85%
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024(a)		3,475,000		3,499,325
JSW Steel Ltd., 3.95%, 04/05/2027(a)		4,260,000		3,800,778
Muthoot Finance Ltd., 4.40%, 09/02/2023(a)		3,700,000		3,675,950
Network i2i Ltd.,
5.65%(a)(d)(e)		1,050,000		1,035,899
3.98%(a)(d)(e)		1,050,000		971,434
Reliance Industries Ltd., 4.88%, 02/10/2045(a)		3,600,000		3,597,918
				16,581,304
Indonesia–1.78%
PT Bank Tabungan Negara (Persero) Tbk, 4.20%, 01/23/2025(a)		6,390,000		6,230,250
PT Cikarang Listrindo Tbk, 4.95%, 09/14/2026(a)		4,475,000		4,393,354
PT Freeport Indonesia,
4.76%, 04/14/2027(a)(c)		820,000		818,909
5.32%, 04/14/2032(a)(c)		1,198,000		1,165,055
PT Indofood CBP Sukses Makmur Tbk, 4.75%, 06/09/2051(a)		3,600,000		2,910,304
PT Indonesia Asahan Aluminium (Persero),
4.75%, 05/15/2025(a)		7,400,000		7,410,131
5.45%, 05/15/2030(a)		3,700,000		3,716,521
PT Pertamina (Persero), 4.18%, 01/21/2050(a)(c)		1,775,000		1,485,620
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara,
4.13%, 05/15/2027(a)		3,700,000		3,626,925
4.38%, 02/05/2050(a)		3,600,000		2,901,222
				34,658,291
Iraq–0.07%
Iraq International Bond, 5.80%, 01/15/2028(a)		1,350,000		1,308,029

	Principal
	Amount		Value
Ireland–0.52%
Coriolanus DAC,
Series 116, 0.00%, 04/30/2025(a)(f)		$         1,131,761		$       1,080,811
Series 119, 0.00%, 04/30/2025(a)(f)		1,204,056		1,149,851
Series 120, 0.00%, 04/30/2025(a)(f)		1,758,370		1,679,211
Series 122, 0.00%, 04/30/2025(a)(f)		1,320,521		1,261,073
Series 124, 0.00%, 04/30/2025(a)(f)		1,237,364		1,181,661
Series 126, 0.00%, 04/30/2025(a)(f)		1,384,262		1,321,945
Series 127, 0.00%, 04/30/2025(a)(f)		1,374,325		1,312,456
0.00%, 04/30/2025(a)(f)		1,258,396		1,201,746
				10,188,754
Ivory Coast–0.11%
Ivory Coast Government International Bond, 5.38%, 07/23/2024(a)		2,100,000		2,075,430
Japan–0.15%
Takeda Pharmaceutical Co. Ltd., 3.18%, 07/09/2050(c)		3,700,000		2,839,286
Macau–0.45%
MGM China Holdings Ltd.,
5.38%, 05/15/2024(a)(c)		3,495,000		3,277,716
5.88%, 05/15/2026(a)		3,200,000		2,828,400
Wynn Macau Ltd., 4.88%, 10/01/2024(a)(c)		2,840,000		2,540,011
				8,646,127
Mexico–2.35%
Alpek S.A.B. de C.V., 3.25%, 02/25/2031(a)		1,782,000		1,512,918
America Movil S.A.B. de C.V., 5.38%, 04/04/2032(a)		4,745,000		4,328,389
Banco Mercantil del Norte S.A.,
8.38%(a)(d)(e)		1,850,000		1,912,484
5.88%(a)(d)(e)		1,764,000		1,583,455
Braskem Idesa S.A.P.I.,
7.45%, 11/15/2029(a)		3,550,000		3,330,095
6.99%, 02/20/2032(a)		2,136,000		1,920,659
Cemex S.A.B. de C.V., 5.13%(a)(d)(e)		2,487,000		2,275,605
Mexico Remittances Funding Fiduciary Estate Management S.a.r.l., 4.88%, 01/15/2028(a)		11,125,000		9,310,624
Nemak S.A.B. de C.V., 3.63%, 06/28/2031(a)		3,064,000		2,504,943
Petroleos Mexicanos,
6.50%, 03/13/2027		11,050,000		10,576,397
6.70%, 02/16/2032		2,857,000		2,467,405
7.69%, 01/23/2050		1,775,000		1,390,597
6.95%, 01/28/2060		3,675,000		2,671,633
				45,785,204

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
Netherlands–0.77%
ING Groep N.V.,
6.50%(d)(e)		$         5,600,000		$       5,598,880
5.75%(d)(e)		7,100,000		6,821,928
6.75%(a)(d)(e)		1,500,000		1,511,250
VZ Secured Financing B.V., 5.00%, 01/15/2032(a)		1,213,000		1,048,948
				14,981,006
Nigeria–0.26%
Nigeria Government International Bond,
6.50%, 11/28/2027(a)		1,750,000		1,558,594
8.38%, 03/24/2029(a)		1,842,000		1,723,338
7.88%, 02/16/2032(a)		2,195,000		1,849,288
				5,131,220
Norway–0.24%
DNB Bank ASA, 4.88%(a)(d)(e)		4,700,000		4,584,309
Oman–0.52%
Oman Government International Bond,
4.75%, 06/15/2026(a)		6,982,000		6,884,154
6.75%, 01/17/2048(a)		3,500,000		3,290,875
				10,175,029
Panama–0.08%
Cable Onda S.A., 4.50%, 01/30/2030(a)		1,750,000		1,638,656
Peru–0.20%
Fondo MIVIVIENDA S.A., 4.63%, 04/12/2027(a)		3,995,000		3,949,837
South Africa–0.35%
Republic of South Africa Government International Bond, 7.30%, 04/20/2052		2,333,000		2,190,407
Sasol Financing USA LLC, 4.38%, 09/18/2026		2,403,000		2,258,231
Stillwater Mining Co., 4.00%, 11/16/2026(a)		2,500,000		2,301,525
				6,750,163
Sweden–0.53%
Skandinaviska Enskilda Banken AB, 5.13%(a)(d)(e)		7,200,000		6,916,500
Swedbank AB, Series NC5, 5.63%(a)(d)(e)		3,400,000		3,372,375
				10,288,875
Switzerland–1.50%
Credit Suisse Group AG,
7.50%(a)(d)(e)		3,550,000		3,524,440
6.25%(a)(d)(e)		7,385,000		7,185,598
Swiss Re Finance (Luxembourg) S.A., 5.00%, 04/02/2049(a)(d)		4,320,000		4,338,027
UBS Group AG,
7.00%(a)(d)(e)(g)		710,000		723,313
7.00%(a)(d)(e)(g)		8,665,000		8,860,049
5.13%(a)(d)(e)		4,770,000		4,592,608
				29,224,035

	Principal
	Amount		Value
Thailand–0.17%
GC Treasury Center Co. Ltd., 4.40%, 03/30/2032(a)		$         1,750,000		$       1,669,363
Muang Thai Life Assurance PCL, 3.55%, 01/27/2037(a)(d)		1,800,000		1,673,701
				3,343,064
United Kingdom–2.67%
abrdn PLC, 4.25%, 06/30/2028(a)		1,825,000		1,799,005
Barclays PLC,
8.00%(d)(e)		1,775,000		1,833,797
6.13%(c)(d)(e)		3,550,000		3,485,638
BP Capital Markets PLC, 4.88%(d)(e)		2,590,000		2,491,127
British Telecommunications PLC, 4.25%, 11/23/2081(a)(d)		10,650,000		9,950,295
HSBC Holdings PLC,
6.00%(d)(e)		3,325,000		3,200,313
6.50%(d)(e)		1,775,000		1,736,181
M&G PLC, 6.50%, 10/20/2048(a)(d)		1,825,000		1,948,098
Prudential PLC, 4.88%(a)(e)		3,550,000		3,441,991
Standard Chartered PLC,
7.75%(a)(d)(e)		6,400,000		6,564,864
6.00%(a)(c)(d)(e)		7,175,000		7,148,094
Virgin Media Finance PLC, 5.00%, 07/15/2030(a)		447,000		389,471
Virgin Media Secured Finance PLC, 5.50%, 05/15/2029(a)		767,000		710,741
Vodafone Group PLC,
3.25%, 06/04/2081(c)(d)		6,876,000		6,196,204
4.13%, 06/04/2081(c)(d)		1,178,000		1,019,694
				51,915,513
United Republic of Tanzania–0.17%
HTA Group Ltd., 7.00%, 12/18/2025(a)		3,330,000		3,302,994
United States–18.82%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(a)		2,586,000		2,668,440
Alcoa Nederland Holding B.V., 6.13%, 05/15/2028(a)		4,445,000		4,527,232
Allison Transmission, Inc., 3.75%, 01/30/2031(a)		2,379,000		2,061,713
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/2026(a)		6,560,000		6,510,242
5.75%, 04/20/2029(a)		19,000		18,339
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028(a)		1,317,000		1,229,959
Arconic Corp., 6.13%, 02/15/2028(a)		9,500,000		9,220,890
Asbury Automotive Group, Inc.,
4.50%, 03/01/2028(c)		299,000		279,270
4.63%, 11/15/2029(a)		1,444,000		1,302,011
Audacy Capital Corp., 6.75%, 03/31/2029(a)		1,201,000		1,041,705

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)
Bausch Health Cos., Inc.,
5.75%, 08/15/2027(a)(c)		$            455,000		$          426,262
5.25%, 02/15/2031(a)		5,300,000		3,690,257
Becton, Dickinson and Co., 3.79%, 05/20/2050		7,400,000		6,399,589
Boeing Co. (The), 4.51%, 05/01/2023		7,000,000		7,066,206
Bristow Group, Inc., 6.88%, 03/01/2028(a)		1,865,000		1,830,202
Callon Petroleum Co., 8.00%, 08/01/2028(a)(c)		1,162,000		1,203,437
Calpine Corp., 3.75%, 03/01/2031(a)		1,236,000		1,043,283
Camelot Finance S.A., 4.50%, 11/01/2026(a)		3,296,000		3,102,492
Carnival Corp., 10.50%, 02/01/2026(a)		4,517,000		4,974,256
Carriage Services, Inc., 4.25%, 05/15/2029(a)		2,318,000		2,019,766
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.13%, 05/01/2027(a)		277,000		270,351
5.00%, 02/01/2028(a)		842,000		802,990
4.75%, 03/01/2030(a)		4,258,000		3,812,571
4.50%, 08/15/2030(a)		5,475,000		4,785,999
4.50%, 05/01/2032		1,845,000		1,555,566
4.25%, 01/15/2034(a)		346,000		275,660
Centene Corp.,
4.25%, 12/15/2027		712,000		691,466
4.63%, 12/15/2029		1,261,000		1,223,170
Charles Schwab Corp. (The), Series G, 5.38%(c)(d)(e)		7,500,000		7,594,275
Citigroup, Inc., 3.88%(c)(d)(e)		4,336,000		3,927,636
Clarios Global L.P., 6.75%, 05/15/2025(a)		285,000		291,083
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(a)		259,000		259,166
Clarivate Science Holdings Corp., 4.88%, 07/01/2029(a)(c)		1,345,000		1,186,983
Clearway Energy Operating LLC, 4.75%, 03/15/2028(a)		1,393,000		1,318,621
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029(a)		1,056,000		1,054,817
Community Health Systems, Inc.,
8.00%, 03/15/2026(a)		4,248,000		4,396,786
8.00%, 12/15/2027(a)		1,440,000		1,494,691
Covanta Holding Corp.,
4.88%, 12/01/2029(a)		815,000		742,551
5.00%, 09/01/2030		648,000		586,229
Cox Communications, Inc., 2.95%, 10/01/2050(a)		2,720,000		1,914,223
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029(a)		1,745,000		1,822,033
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029(c)		2,297,000		2,047,442

	Principal
	Amount		Value
United States–(continued)
Crown Castle International Corp., 3.25%, 01/15/2051		$         3,700,000		$       2,774,891
CSC Holdings LLC,
5.88%, 09/15/2022		269,000		270,804
5.50%, 04/15/2027(a)		1,195,000		1,154,979
5.75%, 01/15/2030(a)		1,814,000		1,508,785
4.63%, 12/01/2030(a)		213,000		163,322
4.50%, 11/15/2031(a)		649,000		534,247
5.00%, 11/15/2031(a)		253,000		196,012
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(a)		1,245,000		1,128,487
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(a)		1,235,000		1,182,846
Dell International LLC/EMC Corp., 6.20%, 07/15/2030		7,400,000		8,002,770
DISH DBS Corp., 7.75%, 07/01/2026		367,000		345,670
DISH Network Corp., Conv., 3.38%, 08/15/2026		275,000		236,500
Diversified Healthcare Trust,
4.75%, 05/01/2024		573,000		545,181
9.75%, 06/15/2025		1,344,000		1,410,508
4.38%, 03/01/2031		402,000		312,603
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(a)		233,000		217,007
Earthstone Energy Holdings LLC, 8.00%, 04/15/2027(a)		1,683,000		1,679,836
Encompass Health Corp., 4.50%, 02/01/2028		1,176,000		1,089,229
EnerSys,
5.00%, 04/30/2023(a)		1,025,000		1,031,309
4.38%, 12/15/2027(a)		800,000		743,768
EnPro Industries, Inc., 5.75%, 10/15/2026		1,019,000		1,020,309
EQM Midstream Partners L.P., 6.50%, 07/01/2027(a)		1,046,000		1,057,705
Everi Holdings, Inc., 5.00%, 07/15/2029(a)		1,194,000		1,084,761
Expedia Group, Inc., 2.95%, 03/15/2031		3,113,000		2,674,294
FirstCash, Inc., 5.63%, 01/01/2030(a)		778,000		724,894
Ford Motor Co.,
3.25%, 02/12/2032		1,127,000		917,756
4.75%, 01/15/2043		642,000		518,052
Ford Motor Credit Co. LLC,
5.13%, 06/16/2025		10,917,000		10,902,262
3.38%, 11/13/2025		501,000		481,644
4.39%, 01/08/2026		698,000		674,376
5.11%, 05/03/2029		1,578,000		1,497,262
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028(a)		1,121,000		968,763
Freeport-McMoRan, Inc., 4.63%, 08/01/2030(c)		6,290,000		6,084,725

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)
Gap, Inc. (The), 3.63%, 10/01/2029(a)		$         1,821,000		$       1,484,115
Gartner, Inc.,
4.50%, 07/01/2028(a)		1,200,000		1,151,761
3.63%, 06/15/2029(a)		587,000		526,155
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.50%, 10/01/2025		406,000		386,238
6.25%, 05/15/2026		791,000		738,739
8.00%, 01/15/2027		1,011,000		992,898
7.75%, 02/01/2028		283,000		272,777
Gray Escrow II, Inc., 5.38%, 11/15/2031(a)		1,655,000		1,428,687
Gray Television, Inc., 7.00%, 05/15/2027(a)		1,012,000		1,047,410
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(a)		1,224,000		1,146,037
Group 1 Automotive, Inc., 4.00%, 08/15/2028(a)		2,342,000		2,110,411
HCA, Inc.,
5.88%, 02/15/2026		213,000		220,775
5.63%, 09/01/2028		849,000		878,583
5.88%, 02/01/2029		493,000		514,241
4.13%, 06/15/2029		1,458,000		1,397,978
Hess Midstream Operations L.P., 5.63%, 02/15/2026(a)		1,316,000		1,317,665
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028(a)		384,000		383,044
6.00%, 04/15/2030(a)		830,000		824,858
6.25%, 04/15/2032(a)		830,000		810,287
Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027(a)		1,015,000		1,036,472
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(a)		1,144,000		1,109,857
Intrado Corp., 5.38%, 07/15/2022(a)		975,000		905,799
iStar, Inc.,
4.75%, 10/01/2024		1,837,000		1,788,724
5.50%, 02/15/2026		434,000		422,905
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(a)		1,300,000		1,304,069
Jabil, Inc., 3.00%, 01/15/2031		3,700,000		3,221,740
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(a)		2,197,000		2,037,487
JPMorgan Chase & Co., Series KK, 3.65%(c)(d)(e)		7,954,000		7,158,600
Kontoor Brands, Inc., 4.13%, 11/15/2029(a)		1,418,000		1,232,554
Kraft Heinz Foods Co. (The), 5.20%, 07/15/2045		9,490,000		9,302,887
Lamar Media Corp.,
4.88%, 01/15/2029(c)		1,861,000		1,777,376
4.00%, 02/15/2030		2,325,000		2,086,443
3.63%, 01/15/2031		1,046,000		911,641

	Principal
	Amount		Value
United States–(continued)
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(a)		$            780,000		$          684,469
Level 3 Financing, Inc., 3.75%, 07/15/2029(a)		1,977,000		1,609,654
Lithia Motors, Inc., 3.88%, 06/01/2029(a)(c)		1,206,000		1,090,592
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		1,041,000		910,550
Macy’s Retail Holdings LLC,
5.88%, 04/01/2029(a)		1,112,000		1,056,689
4.50%, 12/15/2034		703,000		549,626
Magallanes, Inc., 3.43%, 03/15/2024(a)		7,000,000		6,958,944
Marriott International, Inc.,
Series FF, 4.63%, 06/15/2030		745,000		736,259
Series GG, 3.50%, 10/15/2032		8,360,000		7,474,188
Match Group Holdings II LLC, 4.63%, 06/01/2028(a)		1,652,000		1,542,324
Mattel, Inc.,
6.20%, 10/01/2040		1,775,000		1,844,030
5.45%, 11/01/2041(c)		1,775,000		1,784,567
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029(a)		1,219,000		1,071,215
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026(a)		1,081,000		961,144
Mueller Water Products, Inc., 4.00%, 06/15/2029(a)		1,126,000		1,009,330
Murray Energy Corp., 3.00% PIK Rate, 9.00% Cash Rate, 04/15/2024(a)(h)(i)		5,744,632		29,298
Nabors Industries, Inc., 7.38%, 05/15/2027(a)		1,045,000		1,067,473
Navient Corp.,
6.13%, 03/25/2024		817,000		822,682
5.88%, 10/25/2024		598,000		594,271
6.75%, 06/25/2025		565,000		564,698
6.75%, 06/15/2026		318,000		313,038
5.00%, 03/15/2027(c)		792,000		722,462
NESCO Holdings II, Inc., 5.50%, 04/15/2029(a)		1,176,000		1,109,668
Netflix, Inc.,
5.88%, 11/15/2028		704,000		726,880
5.38%, 11/15/2029(a)		734,000		735,736
NFP Corp., 4.88%, 08/15/2028(a)		473,000		431,078
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(a)		1,006,000		949,402
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		1,362,000		1,142,493
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(a)		592,000		588,421

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)
Occidental Petroleum Corp.,
6.95%, 07/01/2024		$           428,000		$          449,441
8.50%, 07/15/2027		219,000		247,190
6.13%, 01/01/2031(c)		662,000		696,692
6.20%, 03/15/2040		661,000		685,272
4.10%, 02/15/2047(c)		501,000		417,879
Omnicare, Inc., 4.75%12/01/2022		5,295,000		5,345,263
OneMain Finance Corp.,
6.88%, 03/15/2025		1,227,000		1,235,448
7.13%, 03/15/2026		1,037,000		1,051,767
3.88%, 09/15/2028		643,000		545,769
Papa John’s International, Inc., 3.88%, 09/15/2029(a)		1,215,000		1,064,449
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(a)		1,011,000		1,007,072
Plains All American Pipeline L.P./PAA Finance Corp.,
4.50%, 12/15/2026		7,200,000		7,190,969
3.80%, 09/15/2030		2,220,000		2,059,703
Prestige Brands, Inc., 3.75%, 04/01/2031(a)		1,815,000		1,541,362
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(a)		1,072,000		1,019,510
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027		1,280,000		1,195,136
Rockies Express Pipeline LLC,
4.95%, 07/15/2029(a)		462,000		433,074
4.80%, 05/15/2030(a)		1,112,000		1,020,038
6.88%, 04/15/2040(a)		875,000		832,947
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(a)		145,000		130,681
RR Donnelley & Sons Co., 8.25%, 07/01/2027		447,000		498,684
Ryan Specialty Group LLC, 4.38%, 02/01/2030(a)		567,000		517,830
SBA Communications Corp., 3.88%, 02/15/2027		1,778,000		1,689,456
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(a)		5,212,000		4,689,158
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(a)		1,324,000		1,259,601
Scripps Escrow II, Inc., 3.88%, 01/15/2029(a)		1,148,000		1,021,909
Seagate HDD Cayman, 4.13%, 01/15/2031		2,960,000		2,601,870
Select Medical Corp., 6.25%, 08/15/2026(a)		1,049,000		1,042,842
Sempra Energy, 4.13%, 04/01/2052(d)		10,650,000		9,379,113
Sensata Technologies B.V.,
4.88%, 10/15/2023(a)		3,337,000		3,349,847
5.63%, 11/01/2024(a)		137,000		138,714
4.00%, 04/15/2029(a)(c)		633,000		565,079
Service Properties Trust, 4.38%, 02/15/2030		1,307,000		1,004,743

	Principal
	Amount		Value
United States–(continued)
Sirius XM Radio, Inc.,
3.13%, 09/01/2026(a)		$         1,887,000		$       1,740,540
4.00%, 07/15/2028(a)		945,000		855,343
SM Energy Co., 10.00%, 01/15/2025(a)		1,057,000		1,143,949
Sonic Automotive, Inc., 4.63%, 11/15/2029(a)		2,171,000		1,870,918
Southern Co. (The),
Series B, 4.00%, 01/15/2051(d)		8,100,000		7,716,546
Series 21-A, 3.75%, 09/15/2051(d)		5,624,000		5,075,660
Sprint Capital Corp., 8.75%, 03/15/2032		879,000		1,118,527
Sprint Corp., 7.63%, 03/01/2026		168,000		182,646
SS&C Technologies, Inc., 5.50%, 09/30/2027(a)		2,034,000		1,995,903
SunCoke Energy, Inc., 4.88%, 06/30/2029(a)		1,233,000		1,107,024
Sunoco L.P./Sunoco Finance Corp.,
6.00%, 04/15/2027		212,000		213,854
5.88%, 03/15/2028		1,378,000		1,358,942
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
6.50%, 07/15/2027		210,000		216,584
5.00%, 01/15/2028		698,000		687,146
5.50%, 03/01/2030		224,000		222,357
4.88%, 02/01/2031		231,000		222,391
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027(a)		1,761,000		1,765,884
Tenet Healthcare Corp., 4.88%, 01/01/2026(a)		1,571,000		1,539,981
Terminix Co. LLC (The), 7.45%, 08/15/2027		1,103,000		1,234,924
T-Mobile USA, Inc.,
4.75%, 02/01/2028		1,467,000		1,449,579
3.38%, 04/15/2029		2,375,000		2,151,275
Twilio, Inc., 3.63%, 03/15/2029		568,000		501,953
Uber Technologies, Inc., Conv., 0.00%, 12/15/2025(f)		7,200,000		6,253,200
United Airlines, Inc., 4.38%, 04/15/2026(a)		3,600,000		3,479,400
United States International Development Finance Corp., Series 4, 3.13%, 04/15/2028		1,120,000		1,103,115
Universal Health Services, Inc., 2.65%, 10/15/2030(a)		4,156,000		3,503,041
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		1,286,000		1,258,544

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)
Valaris Ltd., 12.00% PIK Rate, 8.25% Cash Rate,
04/30/2028(a)(c)(h)			$            424,000	$          435,111
Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(h)			800,000	820,964
Valvoline, Inc., 3.63%, 06/15/2031(a)			1,233,000	1,004,094
Viatris, Inc., 3.85%, 06/22/2040			2,220,000	1,730,994
Vistra Corp., 7.00%(a)(d)(e)			189,000	184,167
Vistra Operations Co. LLC,
5.50%, 09/01/2026(a)			237,000	236,407
5.63%, 02/15/2027(a)			423,000	417,152
5.00%, 07/31/2027(a)			890,000	848,793
4.38%, 05/01/2029(a)			999,000	907,831
WMG Acquisition Corp., 3.75%, 12/01/2029(a)			1,687,000	1,514,184
WRKCo, Inc., 3.00%, 06/15/2033			5,180,000	4,519,076
Wynn Resorts Finance LLC/ Wynn Resorts Capital Corp., 5.13%, 10/01/2029(a)			1,040,000	911,950
				366,244,268
Zambia–0.37%
First Quantum Minerals Ltd., 6.88%, 10/15/2027(a)			7,200,000	7,244,532
Total U.S. Dollar Denominated Bonds & Notes (Cost $816,753,230)				741,292,349
Non-U.S. Dollar Denominated Bonds & Notes–33.06%(j)
Argentina–2.71%
Argentina Treasury Bond BONCER,
1.40%, 03/25/2023	ARS		1,245,502,870	26,009,136
1.50%, 03/25/2024	ARS		616,326,000	11,609,265
4.00%, 04/27/2025	ARS		88,500,000	3,797,087
2.00%, 11/09/2026	ARS		705,000,000	11,380,312
				52,795,800
Austria–0.09%
Erste Group Bank AG, 4.25%(a)(d)(e)	EUR		1,800,000	1,725,160
Belgium–0.41%
KBC Group N.V.,
4.25%(a)(d)(e)	EUR		5,000,000	4,966,067
4.75%(a)(d)(e)	EUR		400,000	418,815
Kingdom of Belgium Government Bond, Series 88, 1.70%, 06/22/2050(a)	EUR		2,599,000	2,584,477
				7,969,359
Brazil–6.13%
Brazil Notas do Tesouro Nacional,
Series B, 6.00%, 08/15/2026	BRL		49,700,000	40,407,660
Series B, 6.00%, 05/15/2055	BRL		5,700,000	4,684,199
Series F, 10.00%, 01/01/2029	BRL		394,250,000	72,431,546

		Principal Amount		Value
Brazil–(continued)
Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032(a)	BRL		9,320,588	$       1,753,283
				119,276,688
Chile–0.51%
Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033(a)	CLP		12,000,000,000	9,900,511
China–7.17%
China Development Bank,
Series 2103, 3.30%, 03/03/2026	CNY		640,000,000	99,050,858
Series 2110, 3.41%, 06/07/2031	CNY		120,000,000	18,589,889
China Government Bond, 3.53%, 10/18/2051	CNY		140,000,000	21,986,504
				139,627,251
Colombia–1.03%
Colombian TES,
Series B, 7.75%, 09/18/2030	COP		79,000,000,000	17,308,723
Series B, 7.25%, 10/26/2050	COP		15,750,000,000	2,798,861
				20,107,584
Czech Rep–0.20%
CPI Property Group S.A., 4.88%(a)(d)(e)	EUR		4,100,000	3,832,312
Egypt–0.09%
Egypt Government International Bond, 4.75%, 04/16/2026(a)	EUR		2,000,000	1,780,756
France–0.93%
Accor S.A., 4.38%(a)(d)(e)	EUR		1,700,000	1,741,227
BPCE S.A., Series NC5, 1.50%, 01/13/2042(a)(d)	EUR		5,000,000	4,760,574
Credit Agricole S.A.,
4.00%(a)(d)(e)	EUR		1,000,000	991,402
7.50%(a)(d)(e)	GBP		2,077,000	2,719,200
Electricite de France S.A., 5.38%(a)(d)(e)	EUR		5,400,000	5,710,842
French Republic Government Bond OAT, 0.75%, 05/25/2052(a)	EUR		2,765,000	2,158,003
				18,081,248
Germany–0.45%
Bayer AG, 2.38%, 11/12/2079(a)(d)	EUR		3,700,000	3,703,778
Deutsche Lufthansa AG, 4.38%, 08/12/2075(a)(d)	EUR		3,600,000	3,453,549
Volkswagen International Finance N.V., 4.63%(a)(d)(e)	EUR		1,480,000	1,569,305
				8,726,632

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
Greece–2.93%
Hellenic Republic Government Bond,
2.00%, 04/22/2027(a)	EUR		28,000,000	$     28,967,135
0.75%, 06/18/2031(a)	EUR		20,877,000	17,797,599
1.88%, 01/24/2052(a)	EUR		14,427,000	10,127,568
Series GDP, 0.00%, 10/15/2042(f)	EUR		76,770,000	93,137
				56,985,439
India–0.20%
NTPC Ltd., 2.75%, 02/01/2027(a)	EUR		3,700,000	3,808,672
Ivory Coast–0.13%
Ivory Coast Government International Bond, 4.88%, 01/30/2032(a)	EUR		2,900,000	2,580,414
Malaysia–0.14%
Malaysia Government Bond, Series 317, 4.76%, 04/07/2037	MYR		11,900,000	2,697,985
Mexico–1.62%
Mexican Bonos,
Series M, 7.75%, 05/29/2031	MXN		481,850,000	21,668,079
Series M, 7.75%, 11/13/2042	MXN		100,000,000	4,244,383
Series M 30, 8.50%, 11/18/2038	MXN		120,000,000	5,559,300
				31,471,762
Netherlands–0.35%
Cooperatieve Rabobank U.A., 4.38%(a)(d)(e)	EUR		6,800,000	6,904,736
New Zealand–0.51%
New Zealand Government Bond, Series 551, 2.75%, 05/15/2051	NZD		19,000,000	9,935,812
Poland–0.48%
Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032	PLN		61,250,000	9,301,929
Romania–0.12%
Romanian Government International Bond, 2.00%, 04/14/2033(a)	EUR		2,997,000	2,317,098
Russia–0.00%
Mos.ru, 5.00%, 08/22/2034	RUB		72,806,608	0
Russian Federal Bond - OFZ,
Series 6212, 7.05%, 01/19/2028(k)	RUB		375,000,000	0
Series 6226, 7.95%, 10/07/2026(k)	RUB		700,000,000	0
				0

		Principal
		Amount		Value
South Africa–3.38%
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030	ZAR		323,000,000	$     18,322,593
Series 2035, 8.88%, 02/28/2035	ZAR		200,000,000	11,040,050
Series 2037, 8.50%, 01/31/2037	ZAR		567,700,000	29,719,549
Series 2048, 8.75%, 02/28/2048	ZAR		130,000,000	6,692,006
				65,774,198
Spain–0.96%
Banco Bilbao Vizcaya Argentaria S.A.,
6.00%(a)(d)(e)	EUR		1,400,000	1,479,810
6.00%(a)(d)(e)	EUR		400,000	422,645
CaixaBank S.A.,
6.00%(a)(d)(e)	EUR		3,400,000	3,604,098
5.88%(a)(d)(e)	EUR		1,800,000	1,909,592
Repsol International Finance B.V., 3.75%(a)(d)(e)	EUR		3,700,000	3,779,264
Telefonica Europe B.V.,
2.88%(a)(d)(e)	EUR		3,700,000	3,516,115
4.38%(a)(d)(e)	EUR		3,700,000	3,975,469
				18,686,993
Supranational–0.68%
African Development Bank, 0.00%, 01/17/2050(f)	ZAR		222,000,000	1,466,177
Corp. Andina de Fomento, 6.82%, 02/22/2031(a)	MXN		221,200,000	9,039,754
International Finance Corp.,
0.00%, 02/15/2029(a)(f)	TRY		10,300,000	119,758
0.00%, 03/23/2038(f)	MXN		260,000,000	2,713,841
				13,339,530
Sweden–0.09%
Heimstaden Bostad AB, 3.38%(a)(d)(e)	EUR		1,850,000	1,745,826
Switzerland–0.35%
Credit Suisse Group AG, 2.88%, 04/02/2032(a)(d)	EUR		3,500,000	3,462,615
Dufry One B.V., 2.00%, 02/15/2027(a)	EUR		3,600,000	3,298,035
				6,760,650
United Kingdom–1.40%
Barclays PLC, 7.25%(a)(d)(e)	GBP		4,200,000	5,347,308
Gatwick Airport Finance PLC, 4.38%, 04/07/2026(a)	GBP		5,925,000	6,972,153
HSBC Holdings PLC, 5.25%(a)(d)(e)	EUR		3,500,000	3,700,449
International Consolidated Airlines Group S.A.,
2.75%, 03/25/2025(a)	EUR		1,700,000	1,683,622
1.50%, 07/04/2027(a)	EUR		1,900,000	1,633,280
Nationwide Building Society, 5.75%(a)(d)(e)	GBP		1,775,000	2,211,032

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
United Kingdom–(continued)
NatWest Group PLC,
5.13%(d)(e)	GBP		2,415,000	$       2,896,657
4.50%(d)(e)	GBP		2,550,000	2,861,800
				27,306,301
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $692,891,906)				643,440,646
Asset-Backed Securities–9.29%
American Credit Acceptance Receivables Trust, Series 2019-2, Class D, 3.41%, 06/12/2025(a)			$         3,738,860	3,757,392
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(l)			12,867	12,979
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.63%, 01/15/2051(m)			12,723,714	281,365
CarMax Auto Owner Trust, Series 2019-3, Class D, 2.85%, 01/15/2026			2,285,000	2,259,801
CCG Receivables Trust,
Series 2019-1, Class B, 3.22%, 09/14/2026(a)			335,000	336,685
Series 2019-1, Class C, 3.57%, 09/14/2026(a)			80,000	80,506
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 1.06%, 11/13/2050(m)			5,159,963	161,078
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.23%, 10/12/2050(m)			14,625,337	562,461
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-2, Class 1A3, 2.82%, 05/25/2035(n)			541,559	539,671
Series 2006-AR1, Class 1A1, 3.15% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(l)			127,799	129,314
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.63%, 12/10/2045(m)			6,287,452	23,785
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047			4,690,000	4,672,383
Series 2014-CR21, Class AM, 3.99%, 12/10/2047			70,000	69,379
Countrywide Home Loans Mortgage Pass-Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035			398,860	386,354
Series 2005-JA, Class A7, 5.50%, 11/25/2035			571,174	528,131

	Principal
	Amount		Value
Credit Acceptance Auto Loan Trust, Series 2019-1A, Class C, 3.94%, 06/15/2028(a)		$            645,787	$          646,491
CWHEQ Revolving Home Equity Loan Trust,
Series 2005-G, Class 2A, 0.78% (1 mo. USD LIBOR + 0.23%), 12/15/2035(l)		11,063	10,967
Series 2006-H, Class 2A1A, 0.70% (1 mo. USD LIBOR + 0.15%), 11/15/2036(l)		24,636	19,025
Dell Equipment Finance Trust, Series 2019-2, Class D, 2.48%, 04/22/2025(a)		2,980,000	2,981,766
DT Auto Owner Trust,
Series 2019-2A, Class D, 3.48%, 02/18/2025(a)		655,000	657,002
Series 2019-4A, Class D, 2.85%, 07/15/2025(a)		6,025,000	5,950,526
Exeter Automobile Receivables Trust,
Series 2019-1A, Class D, 4.13%, 12/16/2024(a)		3,559,656	3,588,224
Series 2019-4A, Class D, 2.58%, 09/15/2025(a)		6,290,000	6,236,895
FREMF Mortgage Trust,
Series 2017-K62, Class B, 4.01%, 01/25/2050(a)(n)		840,000	831,639
Series 2016-K54, Class C, 4.19%, 04/25/2048(a)(n)		4,190,000	4,074,044
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.06%, 07/25/2035(n)		54,335	55,216
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046		425,000	421,564
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 2.38%, 07/25/2035(n)		56,948	57,236
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B, 4.12%, 11/15/2047(n)		1,655,000	1,603,292
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(a)(f)(n)		18,550	5,571
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 0.77% (1 mo. USD LIBOR + 0.10%), 08/25/2036(l)		3,032,442	1,286,481
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C9, Class AS, 3.46%, 05/15/2046		1,565,000	1,559,126
Series 2014-C14, Class B, 5.03%, 02/15/2047(n)		680,000	689,123

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
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.92%, 12/15/2050(m)			$         4,911,402	$          165,533
Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036(a)(n)			6,544,073	6,266,272
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024(a)			3,250,000	3,250,870
Residential Accredit Loans, Inc. Trust, Series 2006- QS13, Class 1A8, 6.00%, 09/25/2036			27,081	23,648
Santander Retail Auto Lease Trust,
Series 2019-B, Class C, 2.77%, 08/21/2023(a)			3,250,000	3,252,430
Series 2019-C, Class C, 2.39%, 11/20/2023(a)			5,490,000	5,498,115
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.12%, 11/15/2050(m)			9,480,421	336,615
Vendee Mortgage Trust,
Series 1995-2B, Class 2, IO, 0.79%, 06/15/2025(o)			74,327	618
Series 1992-2, Class IO, 0.00%, 09/15/2022(f)(m)			137,588	0
Series 1995-3, Class 1, IO, 0.00%, 09/15/2025(f)(m)			1,992,933	2
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003- AR10, Class A7, 2.50%, 10/25/2033(n)			36,050	35,854
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 1.02%, 12/15/2050(m)			6,440,812	260,919
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046			1,800,000	1,797,984
Series 2014-LC14, Class AS, 4.35%, 03/15/2047(n)			1,135,000	1,129,593
Series 2014-C20, Class AS, 4.18%, 05/15/2047			1,455,000	1,447,868
Alba PLC,
Series 2007-1, Class F, 3.97% (SONIA + 3.37%), 03/17/2039(a)(l)	GBP		1,020,422	1,247,185
Series 2007-1, Class E, 1.92% (SONIA + 1.32%), 03/17/2039(a)(l)	GBP		6,220,752	7,248,421
Eurohome UK Mortgages PLC,
Series 2007-1, Class B1, 1.94% (3 mo. GBP LIBOR + 0.90%), 06/15/2044(a)(l) GBP			2,006,000	2,187,064
Series 2007-2, Class B1, 2.44% (3 mo. GBP LIBOR + 1.40%), 09/15/2044(a)(l)	GBP		2,243,000	2,585,350

		Principal
		Amount		Value
Eurosail PLC,
Series 2006-2X, Class E1C, 4.29% (3 mo. GBP LIBOR + 3.25%), 12/15/2044(a)(l)	GBP		5,550,000	$       6,613,332
Series 2006-4X, Class E1C, 3.98% (3 mo. GBP LIBOR + 3.00%), 12/10/2044(a)(l)	GBP		4,135,722	4,971,630
Series 2007-2X, Class D1A, 0.30% (3 mo. EURIBOR + 0.80%), 03/13/2045(a)(l)	EUR		8,640,000	7,872,801
Series 2006-2X, Class D1A, 0.30% (3 mo. EURIBOR + 0.80%), 12/15/2044(a)(l)	EUR		6,300,000	5,611,894
Great Hall Mortgages No. 1 PLC, Series 2007-2X, Class EB, 3.26% (3 mo. EURIBOR + 3.75%), 06/18/2039(a)(l)	EUR		4,570,000	4,801,910
Hawksmoor Mortgage Funding 2019-1 PLC, Series 2019-1X, Class F, 4.02% (SONIA + 3.50%), 05/25/2053(a)(l)	GBP		7,287,000	9,189,715
Hawksmoor Mortgage Funding PLC, Series 2019-1X, Class G, 4.02% (SONIA + 3.50%), 05/25/2053(a)(l)	GBP		4,048,000	5,101,693
Ludgate Funding PLC, Series 2007-1, Class MA, 1.28% (3 mo. GBP LIBOR + 0.24%), 01/01/2061(a)(l)	GBP		3,246,182	3,831,810
Stratton Mortgage Funding PLC,
Series 2021-1, Class D, 2.79% (SONIA + 2.10%), 09/25/2051(a)(l)	GBP		3,700,000	4,639,442
Series 2021-1, Class E, 3.44% (SONIA + 2.75%), 09/25/2051(a)(l)	GBP		2,220,000	2,776,225
Towd Point Mortgage Funding 2019 - Granite4 PLC,
Series 2019-GR4X, Class FR, 2.74% (SONIA + 2.05%), 10/20/2051(a)(l)	GBP		2,130,000	2,662,444
Series 2019-GR4X, Class GR, 3.19% (SONIA + 2.50%), 10/20/2051(a)(l)	GBP		1,775,000	2,226,702
Prosil Acquisition S.A., Series 2019-1, Class A, 1.56% (3 mo. EURIBOR + 2.00%), 10/31/2039(a)(l)	EUR		5,637,746	5,668,026
Alhambra SME Funding DAC,
Series 2019-1, Class A, 2.00% (1 mo. EURIBOR + 2.00%), 11/30/2028(a)(l)	EUR		7,894,322	8,249,099
Series 2019-1, Class B, 2.50% (1 mo. EURIBOR + 2.50%), 11/30/2028(a)(l)	EUR		1,875,000	1,934,211
Series 2019-1, Class D, 8.73% (1 mo. EURIBOR + 9.25%), 11/30/2028(a)(l)	EUR		424,276	391,873
Lusitano Mortgages No. 5 PLC, Class D, 0.51% (3 mo. EURIBOR + 0.96%), 07/15/2059(a)(l)	EUR		2,230,045	2,017,979

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
Futura S.r.l., Series 2019-1, Class A, 2.48% (6 mo. EURIBOR + 3.00%), 07/31/2044(a)(l)	EUR		4,967,133		$       5,263,286
Taurus, Series 2018-IT1, Class A, 1.00% (3 mo. EURIBOR + 1.00%), 05/18/2030(l)	EUR		12,752,510		13,379,284
IM Pastor 4, FTA, Series A, 0.00% (3 mo. EURIBOR + 0.14%), 03/22/2044(a)(f)(l)	EUR		2,334,505		2,305,688
Total Asset-Backed Securities (Cost $192,181,195)					180,718,857
		Shares
Exchange-Traded Funds–1.79%
United States–1.79%
Invesco Senior Loan ETF(c)(p) (Cost $36,157,542)			1,617,048		34,863,555
	Principal Amount
Agency Credit Risk Transfer Notes–1.49%
United States–1.49%
Fannie Mae Connecticut Avenue Securities,
Series 2017-C04, Class 2M2, 3.52% (1 mo. USD LIBOR + 2.85%), 11/25/2029(l)			$         2,335,423		2,388,494
Series 2017-C07, Class 1M2, 3.07% (1 mo. USD LIBOR + 2.40%), 05/25/2030(l)			952,518		967,722
Series 2018-C06, Class 2M2, 2.77% (1 mo. USD LIBOR + 2.10%), 03/25/2031(l)			4,459,211		4,473,483
Series 2018-R07, Class 1M2, 3.07% (1 mo. USD LIBOR + 2.40%), 04/25/2031(a)(l)			726,112		726,391
Series 2019-R02, Class 1M2, 2.97% (1 mo. USD LIBOR + 2.30%), 08/25/2031(a)(l)			166,129		166,245
Series 2019-R03, Class 1M2, 2.82% (1 mo. USD LIBOR + 2.15%), 09/25/2031(a)(l)			363,519		363,639
Series 2022-R04, Class 1M2, 3.39% (30 Day Average SOFR + 3.10%), 03/25/2042(a)(l)			1,795,000		1,806,674

	Principal
	Amount		Value
United States–(continued)
Freddie Mac,
Series 2022-DNA2, Class M1B, STACR® , 2.69% (30 Day Average SOFR + 2.40%), 02/25/2042(a)(l)		$         3,500,000	$       3,441,784
Series 2022-DNA3, Class M1B, STACR® , 3.15% (30 Day Average SOFR + 2.90%), 04/25/2042(a)(l)		7,000,000	7,014,596
Series 2022-DNA3, Class M1A, STACR® , 2.25% (30 Day Average SOFR + 2.00%), 04/25/2042(a)(l)		6,290,000	6,293,319
Series 2019-HRP1, Class M2, STACR® , 2.07% (1 mo. USD LIBOR + 1.40%), 02/25/2049(a)(l)		1,426,020	1,408,250
Total Agency Credit Risk Transfer Notes (Cost $28,754,733)			29,050,597
Variable Rate Senior Loan Interests–0.71%(q)(r)
Canada–0.07%
Four Seasons Hotels Ltd., First Lien Term Loan, 2.76% (1 mo. USD LIBOR + 2.00%), 11/30/2023		1,320,509	1,318,963
United States–0.64%
Bausch Health Americas, Inc., First Lien Incremental Term Loan, 3.51% (3 mo. USD LIBOR + 2.75%), 11/27/2025		1,172,361	1,167,672
Claire’s Stores, Inc., Term Loan, 7.26% (1 mo. USD LIBOR + 6.50%), 12/18/2026		186,697	183,897
Dun & Bradstreet Corp. (The), Term Loan, 3.92% (1 mo. USD LIBOR + 3.25%), 02/06/2026		1,022,238	1,015,976
Endo Luxembourg Finance Co. I S.a.r.l., Term Loan, 5.81% (1 mo. USD LIBOR + 5.00%), 03/27/2028		1,356,300	1,262,037
Global Medical Response, Inc., Term Loan, 5.25% (1 mo. USD LIBOR + 4.25%), 10/02/2025		1,350,900	1,342,457
IRB Holding Corp., Term Loan, 3.92% (TSFR1M + 3.00%), 12/15/2027		1,509,982	1,491,583
PetSmart LLC, Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), 02/11/2028		1,022,030	1,014,876
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 4.56% (1 mo. USD LIBOR + 3.75%), 04/20/2028		2,406,331	2,384,265
Surgery Center Holdings, Inc., Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), 09/03/2026		1,350,820	1,340,311

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
United States–(continued)
United Natural Foods, Inc., Term Loan B, 4.01% (3 mo. USD LIBOR + 3.25%), 10/22/2025		$         1,268,584		$       1,262,742
				12,465,816
Total Variable Rate Senior Loan Interests (Cost $13,868,063)				13,784,779
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.36%
Fannie Mae Grantor Trust, IO,
0.63%, 11/25/2040(m)		2,376,132		45,448
0.37%, 12/25/2041(m)		14,589,522		147,029
Fannie Mae Interest STRIPS, IO,
7.50%, 05/25/2023 - 11/25/2029(o)		75,116		11,210
6.50%, 04/25/2029 - 07/25/2032(o)		1,038,822		163,636
6.00%, 12/25/2032 - 08/25/2035(o)		1,292,217		207,474
5.50%, 11/25/2033 - 06/25/2035(o)		1,079,285		178,764
Fannie Mae REMICs, IO,
5.50%, 06/25/2023(o)		3,943		75
6.03%, 02/25/2024 - 05/25/2035(l)(o)		638,845		77,819
6.93% (7.60% - (1.00 x 1 mo. USD LIBOR)), 06/25/2026(l)(o)		77,404		5,461
7.35%, 11/18/2031 - 12/18/2031(l)(o)		139,757		20,464
7.23% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031(l)(o)		2,740		410
7.28% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032(l)(o)		33,279		4,730
7.45% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032(l)(o)		63,702		10,106
7.43%, 03/25/2032 - 04/25/2032(l)(o)		91,700		14,767
6.33% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(l)(o)		40,944		5,095
7.13% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(l)(o)		31,379		4,863
7.33%, 07/25/2032 - 09/25/2032(l)(o)		141,032		23,549
7.55%, 12/18/2032(l)(o)		112,261		14,958
7.53% (8.20% - (1.00 x 1 mo. USD LIBOR)), 01/25/2033(l)(o)		363,234		59,913
7.58%, 02/25/2033 - 05/25/2033(l)(o)		226,462		41,834
7.00%, 03/25/2033 - 04/25/2033(o)		519,383		83,921
6.88% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033(l)(o)		173,603		27,558

	Principal
	Amount		Value
5.38%, 03/25/2035 - 07/25/2038(l)(o)		$            146,500		$            14,045
6.08%, 03/25/2035 - 05/25/2035(l)(o)		277,192		19,109
5.93% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(l)(o)		355,210		36,615
6.56% (7.23% - (1.00 x 1 mo. USD LIBOR)), 09/25/2036(l)(o)		694,850		58,097
5.87% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037(l)(o)		907,477		116,844
4.00%, 04/25/2041(o)		1,024,137		112,493
5.88% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041(l)(o)		171,419		19,847
5.48% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042(l)(o)		408,505		73,417
7.00%, 07/25/2026		9,803		10,248
4.00%, 08/25/2026 - 03/25/2041		86,796		86,413
6.50%, 10/25/2028 - 04/25/2029		89,903		95,634
6.00%, 05/25/2031 - 01/25/2032		156,161		165,541
1.67%, 04/25/2032 - 12/25/2032(l)		114,697		116,870
1.05% (1 mo. USD LIBOR + 0.50%), 10/18/2032(l)		42,403		42,552
1.17% (1 mo. USD LIBOR + 0.50%), 12/25/2032(l)		75,584		75,943
1.07% (1 mo. USD LIBOR + 0.40%), 11/25/2033(l)		41,773		41,819
22.12% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036(l)		149,239		207,556
21.75% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(l)		165,231		216,201
1.61% (1 mo. USD LIBOR + 0.94%), 06/25/2037(l)		85,251		86,505
Federal Home Loan Mortgage Corp.,
6.50%, 09/01/2022		547		550
6.00%, 10/01/2022		631		665
8.50%, 08/01/2031		21,835		23,750
Federal National Mortgage Association,
5.50%, 05/01/2022 - 02/01/2035		26,491		28,178
7.00%, 06/01/2022 - 12/01/2033		14,793		15,722
8.50%, 07/01/2032		1,655		1,660
7.50%, 03/01/2033		18,291		19,934
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series K734, Class X1, IO, 0.78%, 02/25/2026(m)		4,020,993		82,255
Series K735, Class X1, IO, 1.10%, 05/25/2026(m)		6,760,190		221,162
Series K093, Class X1, IO, 1.09%, 05/25/2029(m)		45,630,049		2,547,649

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
Freddie Mac REMICs,
1.50%, 07/15/2023		$              14,801		$            14,809
5.00%, 09/15/2023		28,102		28,430
6.75%, 02/15/2024		4,204		4,310
6.50%, 02/15/2028 - 06/15/2032		77,564		83,727
1.00% (1 mo. USD LIBOR + 0.45%), 02/15/2029(l)		7,282		7,295
1.20% (1 mo. USD LIBOR + 0.65%), 07/15/2029(l)		11,305		11,384
1.55%, 02/15/2032 - 03/15/2032(l)		232,849		236,752
3.50%, 05/15/2032		78,637		78,171
1.05% (1 mo. USD LIBOR + 0.50%), 01/15/2033(l)		6,708		6,741
22.72% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035(l)		118,211		164,837
4.00%, 06/15/2038		66,586		66,656
3.00%, 05/15/2040		1,892		1,884
IO,
5.45%, 03/15/2024 - 04/15/2038(l)(o)		197,661		12,299
7.00%, 03/15/2028 - 04/15/2028(o)		40,191		5,121
8.15%, 07/17/2028(l)(o)		26,139		1,091
7.55% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029(l)(o)		55,274		5,769
8.40% (8.95% - (1.00 x 1 mo. USD LIBOR)), 08/15/2029(l)(o)		27,242		2,470
6.50% (7.05% - (1.00 x 1 mo. USD LIBOR)), 10/15/2033(l)(o)		253,366		26,908
6.15% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035(l)(o)		465,835		42,077
6.20% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035(l)(o)		29,340		2,631
6.17%, 05/15/2035(l)(o)		724,505		72,202
5.60% (6.15% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035(l)(o)		537,823		42,759
6.45% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037(l)(o)		146,258		20,826
5.52% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(l)(o)		267,878		32,657
5.70% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039(l)(o)		125,454		14,449
Freddie Mac STRIPS, IO,
7.00%, 04/01/2027 - 04/01/2030(o)		193,614		27,870
6.50%, 02/01/2028 - 06/01/2031(o)		48,879		7,607
7.50%, 12/15/2029(o)		55,407		9,083
6.00%, 12/15/2032(o)		103,341		14,343

	Principal
	Amount		Value
Government National Mortgage Association,
ARM, 1.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2027(l)		$                   934		$                 939
7.00%, 01/15/2028 - 01/20/2030		126,270		130,944
8.00%, 01/15/2028 - 09/15/2028		69,696		73,107
IO,
5.96% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037(l)(o)		487,482		60,631
6.06% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041(l)(o)		835,639		87,060
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $9,501,212)				7,084,197
	Shares
Preferred Stocks–0.18%
United States–0.18%
AT&T, Inc., 2.88%, Series B, Pfd.(d)		3,500,000		3,490,817
Claire’s Holdings LLC, Series A, Pfd.		195		50,456
Total Preferred Stocks (Cost $4,309,046)				3,541,273
Common Stocks & Other Equity Interests–0.12%
Argentina–0.10%
TMF Trust Co. S.A.(k)		212,833,143		1,845,573
United States–0.02%
ACNR Holdings, Inc.		2,129		154,353
Claire’s Holdings LLC		614		197,248
Cxloyalty Group, Inc., Wts., expiring 04/10/2024(k)		2,297		0
McDermott International Ltd.(s)		38,319		23,662
McDermott International Ltd., Series A, Wts., expiring 06/30/2027(k)(s)		76,715		9,973
McDermott International Ltd., Series B, Wts., expiring 06/30/2027(k)(s)		85,239		11,081
McDermott International Ltd., Wts.,expiring 12/31/2049(k)		55,393		34,205
Party City Holdco, Inc.(s)		10,188		31,481
Sabine Oil & Gas Holdings, Inc.(k)(s)		2,510		1,707
Windstream Services LLC(k)		399		6,783
				470,493
Total Common Stocks & Other Equity Interests (Cost $10,188,752)				2,316,066
Money Market Funds–6.62%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(p)(t)		45,067,410		45,067,410
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(p)(t)		32,277,479		32,271,024
Invesco Treasury Portfolio, Institutional Class, 0.23%(p)(t)		51,505,612		51,505,612
Total Money Market Funds (Cost $128,842,280)				128,844,046

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

17 Invesco Global Strategic Income Fund

	Shares		Value
Options Purchased–0.45% (Cost $12,183,803)(u)				$       8,659,147
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-92.16% (Cost $1,945,631,762)				1,793,595,512
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.96%
Invesco Private Government Fund, 0.40%(p)(t)(v)		23,106,098		23,106,098

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.35%(p)(t)(v)		53,914,230		$     53,914,230
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $77,019,183)				77,020,328
TOTAL INVESTMENTS IN SECURITIES-96.12% (Cost $2,022,650,945)				1,870,615,840
OTHER ASSETS LESS LIABILITIES–3.88%				75,549,538
NET ASSETS–100.00%				$1,946,165,378

Investment Abbreviations:
ARM	– Adjustable Rate Mortgage
ARS	– Argentina Peso
BRL	– Brazilian Real
CLP	– Chile Peso
CNY	– Chinese Yuan Renminbi
Conv.	– Convertible
COP	– Colombia Peso
Ctfs.	– Certificates
ETF	– Exchange-Traded Fund
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
IO	– Interest Only
LIBOR	– London Interbank Offered Rate
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
NZD	– New Zealand Dollar
Pfd.	– Preferred
PIK	– Pay-in-Kind
PLN	– Polish Zloty
REMICs	– Real Estate Mortgage Investment Conduits
RUB	– Russian Ruble
SOFR	– Secured Overnight Financing Rate
SONIA	– Sterling Overnight Index Average
STACR®	– Structured Agency Credit Risk
STRIPS	– Separately Traded Registered Interest and Principal Security
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.

18 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, 2022 was $813,178,321, which represented 41.78% of the Fund’s Net Assets.

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

^(c)  All or a portion of this security was out on loan at April 30, 2022.

^(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)  Zero coupon bond issued at a discount.

^(g)  The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

^(h)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

⁽ⁱ⁾  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

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

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

^(l)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2022.

^(m)  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, 2022.

⁽ⁿ⁾  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, 2022.

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

^(p)  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, 2022.

								Change in
								Unrealized			Realized
	Value		Purchases		Proceeds			Appreciation			Gain			Value
	October 31, 2021		at Cost		from Sales			(Depreciation)			(Loss)			April 30, 2022		Dividend Income
Invesco Senior Loan ETF		$72,429,002	$	-	$	(35,995,404	)		$(606,800	)	$	(963,243	)	$	34,863,555		$986,252
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		52,627,305		191,548,522		(199,108,417	)		-			-			45,067,410		10,877
Invesco Liquid Assets Portfolio, Institutional Class		38,016,641		136,820,373		(142,565,640	)		4,502			(4,852	)		32,271,024		15,966
Invesco Treasury Portfolio, Institutional Class		60,145,492		218,912,596		(227,552,476	)		-			-			51,505,612		17,563
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		17,905,063		125,238,373		(120,037,338	)		-			-			23,106,098		15,087	*
Invesco Private Prime Fund		41,778,482		233,861,564		(221,691,200	)		1,145			(35,761	)		53,914,230		48,962	*
Total		$282,901,985	$	906,381,428	$	(946,950,475	)		$(601,153	)	$	(1,003,856	)	$	240,727,929		$1,094,707

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

^(q)  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.

^(r)  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.

^(s)  Non-income producing security.

^(t)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(u)  The table below details options purchased.

^(v)  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.

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.

12/05/2022

USD

0.80

AUD

5,325,000

$

266,392

EUR versus CHF

Call

UBS AG

09/06/2022

CHF

1.06

EUR

42,000,000

45,150

EUR versus USD

Call

Bank of America, N.A.

10/31/2022

USD

1.15

EUR

4,200,000

402,178

Subtotal – Foreign Currency Call Options Purchased

713,720

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

19 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

Currency Risk

EUR versus CZK

Put

J.P. Morgan Chase Bank, N.A.

07/17/2023

CZK

24.00

EUR

1,400,000

$

124,059

EUR versus CZK

Put

J.P. Morgan Chase Bank, N.A.

02/05/2024

CZK

24.30

EUR

2,500,000

292,208

EUR versus CZK

Put

Morgan Stanley and Co. International PLC

12/07/2022

CZK

24.60

EUR

2,250,000

526,532

EUR versus PLN

Put

Bank of America, N.A.

03/24/2023

PLN

4.50

EUR

3,500,000

284,689

EUR versus SEK

Put

J.P. Morgan Chase Bank, N.A.

07/27/2022

SEK

10.20

EUR

35,000,000

283,940

USD versus BRL

Put

Goldman Sachs International

06/27/2022

BRL

4.78

USD

56,000,000

637,056

USD versus BRL

Put

J.P. Morgan Chase Bank, N.A.

08/22/2022

BRL

4.60

USD

1,750,000

293,043

USD versus BRL

Put

J.P. Morgan Chase Bank, N.A.

09/22/2022

BRL

4.30

USD

4,200,000

294,130

USD versus CAD

Put

Bank of America, N.A.

09/20/2022

CAD

1.20

USD

3,550,000

457,875

USD versus CAD

Put

Goldman Sachs International

08/12/2022

CAD

1.23

USD

45,000,000

150,210

USD versus CLP

Put

Bank of America, N.A.

06/28/2022

CLP

775.00

USD

42,000,000

61,824

USD versus CLP

Put

Morgan Stanley and Co. International PLC

07/11/2022

CLP

780.00

USD

2,100,000

94,735

USD versus CNH

Put

Goldman Sachs International

05/17/2022

CNH

6.25

USD

3,600,000

1,457

USD versus COP

Put

Morgan Stanley and Co. International PLC

06/16/2022

COP

3,850.00

USD

35,000,000

152,915

USD versus INR

Put

Standard Chartered Bank PLC

05/06/2022

INR

73.00

USD

2,840,000

753

USD versus INR

Put

Standard Chartered Bank PLC

07/06/2022

INR

74.00

USD

37,000,000

7,326

USD versus JPY

Put

Bank of America, N.A.

06/02/2022

JPY

127.00

USD

70,000,000

138,460

USD versus JPY

Put

Bank of America, N.A.

08/15/2022

JPY

113.00

USD

3,500,000

35,102

USD versus JPY

Put

Goldman Sachs International

07/08/2022

JPY

113.50

USD

71,000,000

1,775

USD versus JPY

Put

Goldman Sachs International

07/08/2022

JPY

114.00

USD

71,000,000

2,698

USD versus MXN

Put

Goldman Sachs International

06/23/2022

MXN

20.25

USD

35,000,000

402,220

USD versus MXN

Put

Morgan Stanley and Co. International PLC

06/28/2022

MXN

19.75

USD

42,000,000

193,620

USD versus RUB

Put

Bank of America, N.A.

02/22/2023

RUB

70.00

USD

3,500,000

957,373

USD versus RUB

Put

J.P. Morgan Chase Bank, N.A.

01/19/2023

RUB

70.00

USD

2,130,000

593,218

USD versus RUB

Put

J.P. Morgan Chase Bank, N.A.

02/16/2023

RUB

68.00

USD

2,100,000

502,106

USD versus RUB

Put

J.P. Morgan Chase Bank, N.A.

02/21/2023

RUB

68.00

USD

2,800,000

669,368

USD versus RUB

Put

UBS AG

08/19/2022

RUB

67.00

USD

1,750,000

395,224

USD versus THB

Put

Standard Chartered Bank PLC

05/05/2022

THB

32.85

USD

42,000,000

126

USD versus ZAR

Put

J.P. Morgan Chase Bank, N.A.

06/09/2022

ZAR

14.85

USD

42,000,000

32,718

USD versus ZAR

Put

J.P. Morgan Chase Bank, N.A.

06/28/2022

ZAR

15.50

USD

2,100,000

319,859

USD versus ZAR

Put

J.P. Morgan Chase Bank, N.A.

07/07/2022

ZAR

14.60

USD

56,000,000

38,808

Subtotal – Foreign Currency Put Options Purchased

7,945,427

Total Foreign Currency Options Purchased

$

8,659,147

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $50,730,027.

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

20 Invesco Global Strategic Income Fund

Open Over-The-Counter Credit Default Swaptions Written(a)

(Pay)/

Receive

Implied

Type of

Exercise

Reference

Fixed

Payment

Expiration

Credit

Notional

Counterparty

Contract

Rate

Entity

Rate

Frequency

Date

Spread(b)

Value

Value

Credit Risk

Goldman Sachs International

Put

99.00%

Markit CDX North America High Yield Index, Series 38, Version 1

5.00%

Quarterly

06/15/2022

4.614%

USD

52,500,000

$   (578,562

)

Goldman Sachs International

Put

100.00

Markit CDX North America High Yield Index, Series 38, Version 1

5.00

Quarterly

06/15/2022

4.614

USD

52,500,000

(713,562

)

J.P. Morgan Chase Bank, N.A.

Put

99.00

Markit CDX North America High Yield Index, Series 38, Version 1

5.00

Quarterly

06/15/2022

4.614

USD

70,000,000

(771,416

)

J.P. Morgan Chase Bank, N.A.

Put

425.00

Markit iTraxx Europe Crossover Index, Series 37, Version 1

5.00

Quarterly

06/15/2022

4.286

EUR

140,000,000

(2,837,533

)

Total Credit Default Swaptions Written

$(4,901,073

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $50,730,027.

^(b) Implied credit spreads represent the current level, as of April 30, 2022, 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)

Type of

Expiration

Exercise

Notional

Description

Contract

Counterparty

Date

Price

Value

Value

Currency Risk

EUR versus CZK

Call

Morgan Stanley and Co. International PLC

07/07/2022

CZK

27.30

EUR

22,500,000

$

(17,850

)

EUR versus SEK

Call

J.P. Morgan Chase Bank, N.A.

07/27/2022

SEK

10.70

EUR

35,000,000

(189,379

)

USD versus BRL

Call

Goldman Sachs International

06/27/2022

BRL

5.25

USD

56,000,000

(972,384

)

USD versus BRL

Call

J.P. Morgan Chase Bank, N.A.

09/22/2022

BRL

6.00

USD

1,400,000

(138,015

)

USD versus CAD

Call

Bank of America, N.A.

09/20/2022

CAD

1.40

USD

5,680,000

(314,252

)

USD versus CLP

Call

Bank of America, N.A.

06/28/2022

CLP

850.00

USD

42,000,000

(1,392,804

)

USD versus MXN

Call

Goldman Sachs International

06/23/2022

MXN

21.40

USD

35,000,000

(269,395

)

USD versus MXN

Call

Morgan Stanley and Co. International PLC

06/28/2022

MXN

21.35

USD

42,000,000

(372,624

)

USD versus ZAR

Call

J.P. Morgan Chase Bank, N.A.

07/07/2022

ZAR

15.50

USD

21,000,000

(833,952

)

Subtotal – Foreign Currency Call Options Written

(4,500,655

)

Currency Risk

EUR versus SEK

Put

J.P. Morgan Chase Bank, N.A.

07/27/2022

SEK

9.90

EUR

35,000,000

(64,689

)

EUR versus USD

Put

Bank of America, N.A.

10/31/2022

USD

0.95

EUR

2,100,000

(305,151

)

USD versus BRL

Put

Goldman Sachs International

06/27/2022

BRL

4.55

USD

56,000,000

(186,872

)

USD versus CLP

Put

Bank of America, N.A.

06/28/2022

CLP

735.00

USD

42,000,000

(9,282

)

USD versus MXN

Put

Goldman Sachs International

06/23/2022

MXN

19.65

USD

35,000,000

(117,600

)

USD versus MXN

Put

Morgan Stanley and Co. International PLC

06/28/2022

MXN

19.25

USD

42,000,000

(64,512

)

Subtotal — Foreign Currency Put Options Written

(748,106

)

Total – Foreign Currency Options Written

$

(5,248,761

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $50,730,027.

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 Interest Rate Swaptions Written(a)

Pay/

Receive

Type of

Exercise

Floating

Exercise

Payment

Expiration

Notional

Description

Contract

Counterparty

Rate

Rate Index

Rate

Frequency

Date

Value

Value

Interest Rate Risk

10 Year Interest Rate Swap

Call

Bank of America, N.A.

1.85

%

SOFR

Receive

Annually

06/08/2022

USD

35,000,000

$

(10,356

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

1.87

SOFR

Receive

Annually

05/09/2022

USD

52,500,000

(9

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

2.50

SOFR

Receive

Annually

06/21/2022

USD

87,500,000

(694,880

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

1.75

SONIA

Receive

Annually

05/16/2022

GBP

52,500,000

(153,822

)

30 Year Interest Rate Swap

Call

Goldman Sachs International

2.20

SOFR

Receive

Annually

05/27/2022

USD

8,750,000

(54,130

)

1 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

2.82

SOFR

Receive

At Maturity

02/17/2023

USD

525,000,000

(1,673,196

)

2 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

0.75

6 Month EURIBOR

Receive

Semi-Annually

02/16/2023

EUR

350,000,000

(622,253

)

5 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

0.85

6 Month EURIBOR

Receive

Semi-Annually

05/23/2022

EUR

87,500,000

(2,622

)

10 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

0.85

6 Month EURIBOR

Receive

Semi-Annually

05/09/2022

EUR

87,500,000

(1

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.60

SOFR

Receive

Annually

12/05/2022

USD

52,500,000

(575,861

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.82

SOFR

Receive

Annually

05/09/2022

USD

35,000,000

(110

)

3 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

0.66

6 Month EURIBOR

Receive

Semi-Annually

05/23/2022

EUR

87,500,000

(2,486

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

2.25

SOFR

Receive

Annually

05/23/2022

USD

70,000,000

(478,173

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

2.45

SOFR

Receive

Annually

06/21/2022

USD

52,500,000

(351,133

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.75

SONIA

Receive

Annually

06/09/2022

GBP

35,000,000

(254,683

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.50

SONIA

Receive

Annually

07/20/2022

GBP

64,750,000

(2,027,111

)

Subtotal–Interest Rate Call Swaptions Written

(6,900,826

)

Interest Rate Risk

10 Year Interest Rate Swap

Put

Bank of America, N.A.

2.15

SOFR

Pay

Annually

06/08/2022

USD

35,000,000

(1,831,711

)

2 Year Interest Rate Swap

Put

Bank of America, N.A.

2.22

3 Month CDOR

Pay

Quarterly

07/19/2022

CAD

177,500,000

(2,924,239

)

20 Year Interest Rate Swap

Put

Goldman Sachs International

0.53

TONAR

Pay

Annually

08/22/2022

JPY

3,600,000,000

(901,715

)

10 Year Interest Rate Swap

Put

Goldman Sachs International

2.75

6 Month EURIBOR

Pay

Semi-Annually

04/22/2024

EUR

105,000,000

(2,910,407

)

10 Year Interest Rate Swap

Put

Goldman Sachs International

2.17

SOFR

Pay

Annually

05/09/2022

USD

52,500,000

(2,535,537

)

1 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

2.82

SOFR

Pay

At Maturity

02/17/2023

USD

525,000,000

(3,911,051

)

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

1.20

6 Month EURIBOR

Pay

Semi-Annually

05/09/2022

EUR

87,500,000

(4,550,142

)

2 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.05

6 Month EURIBOR

Pay

Semi-Annually

07/27/2022

EUR

122,500,000

(811,781

)

30 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.50

SONIA

Pay

Annually

07/20/2022

GBP

17,500,000

(1,551,836

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.75

SONIA

Pay

Annually

06/09/2022

GBP

52,500,000

(1,532,216

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

3.75

SOFR

Pay

Annually

04/22/2024

USD

525,000,000

(12,075,483

)

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 Interest Rate Swaptions Written(a)–(continued)

Pay/

Receive

Type of

Exercise

Floating

Exercise

Payment

Expiration

Notional

Description

Contract

Counterparty

Rate

Rate Index

Rate

Frequency

Date

Value

Value

30 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.12

%

SOFR

Pay

Annually

05/09/2022

USD

35,000,000

$

(2,661,413

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.20

6 Month EURIBOR

Pay

Semi-Annually

05/10/2022

EUR

87,500,000

(4,558,966

)

30 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.25

SOFR

Pay

Annually

12/05/2022

USD

53,250,000

(4,767,451

)

Subtotal–Interest Rate Put Swaptions Written

(47,523,948

)

Total Open Over-The-Counter Interest Rate Swaptions Written

$

(54,424,774

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $50,730,027.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Euro-BTP		61		June-2022	$	8,387,635		$	1,092		$	1,092
U.S. Treasury 2 Year Notes		351		June-2022		73,995,188			(1,308,019	)		(1,308,019	)
U.S. Treasury 10 Year Notes		920		June-2022		109,623,750			(6,000,281	)		(6,000,281	)
Subtotal–Long Futures Contracts									(7,307,208	)		(7,307,208	)
Short Futures Contracts
Interest Rate Risk
Euro-Bobl		403		June-2022		(54,069,935	)		552,762			552,762
Euro-Bund		375		June-2022		(60,761,178	)		845,734			845,734
Euro-Buxl 30 Year Bonds		36		June-2022		(6,493,514	)		480,975			480,975
U.S. Treasury 5 Year Notes		201		June-2022		(22,647,047	)		884,531			884,531
U.S. Treasury 10 Year Ultra Notes		303		June-2022		(39,087,000	)		2,558,133			2,558,133
U.S. Treasury Long Bonds		66		June-2022		(9,285,375	)		979,755			979,755
U.S. Treasury Ultra Bonds		238		June-2022		(38,184,125	)		4,218,110			4,218,110
Subtotal–Short Futures Contracts									10,520,000			10,520,000
Total Futures Contracts								$	3,212,792		$	3,212,792

^(a)  Futures contracts collateralized by $7,501,943 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
05/17/2022	Bank of America, N.A.		AUD	6,390,000		USD	4,811,478	$	295,566
06/10/2022	Bank of America, N.A.		CLP	16,170,000,000		USD	19,600,000		784,240
06/10/2022	Bank of America, N.A.		EUR	17,500,000		USD	19,311,250		818,382
06/15/2022	Bank of America, N.A.		AUD	27,315,104		USD	20,143,250		828,861
06/15/2022	Bank of America, N.A.		CAD	8,073,961		USD	6,324,185		39,848
06/15/2022	Bank of America, N.A.		EUR	20,852,094		USD	23,023,213		981,988
06/15/2022	Bank of America, N.A.		GBP	13,366,664		USD	17,514,473		705,979
06/15/2022	Bank of America, N.A.		NOK	226,021,272		USD	25,719,626		1,619,086
06/15/2022	Bank of America, N.A.		NZD	19,336,168		USD	13,252,043		769,681
06/15/2022	Citibank, N.A.		EUR	47,120,000		USD	51,998,098		2,190,987
06/15/2022	Citibank, N.A.		GBP	8,000,000		USD	10,487,200		427,251
05/13/2022	Goldman Sachs International		CAD	25,128,195		USD	20,786,000		1,226,372
06/15/2022	Goldman Sachs International		AUD	30,833,000		USD	22,716,891		915,013
06/15/2022	Goldman Sachs International		CAD	31,567,304		USD	24,656,673		86,378

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

23 Invesco Global Strategic Income Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
06/15/2022	Goldman Sachs International		EUR	118,243,327		USD	130,419,635	$	5,433,249
06/15/2022	Goldman Sachs International		GBP	25,667,000		USD	33,631,470		1,355,382
06/15/2022	Goldman Sachs International		JPY	2,902,920,325		USD	23,435,000		1,034,878
06/15/2022	Goldman Sachs International		MXN	279,825,000		USD	13,650,000		49,959
06/15/2022	Goldman Sachs International		NOK	34,570,000		USD	4,000,000		313,817
06/15/2022	Goldman Sachs International		NZD	17,750,000		USD	12,158,573		700,153
06/15/2022	Goldman Sachs International		PLN	87,763,000		USD	20,030,812		335,223
06/15/2022	Goldman Sachs International		USD	14,136,931		MXN	301,815,000		531,866
06/15/2022	Goldman Sachs International		ZAR	204,295,000		USD	13,481,259		603,713
06/29/2022	Goldman Sachs International		BRL	95,795,000		USD	19,600,000		557,327
09/16/2022	Goldman Sachs International		RUB	818,748,000		USD	10,260,000		178,983
09/16/2022	Goldman Sachs International		USD	15,660,000		RUB	1,286,469,000		179,935
05/24/2022	J.P. Morgan Chase Bank, N.A.		USD	16,275,000		BRL	81,602,850		118,919
06/10/2022	J.P. Morgan Chase Bank, N.A.		USD	14,833,000		RUB	1,184,807,647		959,226
06/15/2022	J.P. Morgan Chase Bank, N.A.		AUD	72,110,317		USD	53,707,698		2,718,812
06/15/2022	J.P. Morgan Chase Bank, N.A.		CAD	36,015,000		USD	28,212,982		180,839
06/15/2022	J.P. Morgan Chase Bank, N.A.		CNY	933,139,142		USD	146,248,592		5,823,445
06/15/2022	J.P. Morgan Chase Bank, N.A.		EUR	81,863,315		USD	90,009,690		3,477,958
06/15/2022	J.P. Morgan Chase Bank, N.A.		GBP	17,963,063		USD	23,544,940		956,504
06/15/2022	J.P. Morgan Chase Bank, N.A.		NOK	261,376,630		USD	30,000,000		2,129,535
06/15/2022	J.P. Morgan Chase Bank, N.A.		SEK	233,246,644		USD	24,267,960		486,541
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	13,758,681		INR	1,071,732,486		175,673
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	2,565,745		MXN	54,774,800		96,417
06/15/2022	J.P. Morgan Chase Bank, N.A.		ZAR	946,890,000		USD	62,430,936		2,744,603
07/11/2022	J.P. Morgan Chase Bank, N.A.		ZAR	104,646,500		USD	7,000,000		422,103
07/29/2022	J.P. Morgan Chase Bank, N.A.		SEK	56,448,210		USD	6,095,326		331,618
08/25/2022	J.P. Morgan Chase Bank, N.A.		EUR	6,480,000		NOK	65,642,400		125,785
02/17/2023	J.P. Morgan Chase Bank, N.A.		RUB	217,087,500		USD	2,625,000		134,622
02/22/2023	J.P. Morgan Chase Bank, N.A.		RUB	232,295,700		USD	2,730,000		69,977
05/03/2022	Morgan Stanley and Co. International PLC		BRL	628,380,000		USD	129,416,126		2,315,326
05/03/2022	Morgan Stanley and Co. International PLC		USD	126,256,781		BRL	628,380,000		844,019
05/09/2022	Morgan Stanley and Co. International PLC		CLP	10,444,375,000		USD	12,500,000		262,786
06/02/2022	Morgan Stanley and Co. International PLC		USD	57,023,693		BRL	286,512,694		367,539
06/15/2022	Morgan Stanley and Co. International PLC		AUD	21,600,000		USD	15,985,512		712,248
06/15/2022	Morgan Stanley and Co. International PLC		CLP	15,521,512,500		USD	19,035,881		991,151
06/15/2022	Morgan Stanley and Co. International PLC		COP	97,024,000,000		USD	24,909,245		571,295
06/15/2022	Morgan Stanley and Co. International PLC		EUR	12,836,484		USD	14,174,174		605,664
06/15/2022	Morgan Stanley and Co. International PLC		GBP	5,135,000		USD	6,731,310		274,080
06/15/2022	Morgan Stanley and Co. International PLC		JPY	2,482,788,000		USD	21,000,000		1,841,791
06/15/2022	Morgan Stanley and Co. International PLC		NZD	18,781,000		USD	12,871,690		747,714
06/15/2022	Morgan Stanley and Co. International PLC		PLN	29,570,000		USD	6,778,989		142,951
06/15/2022	Morgan Stanley and Co. International PLC		USD	31,732,079		MXN	677,165,748		1,179,496
07/13/2022	Morgan Stanley and Co. International PLC		CLP	2,334,360,000		USD	2,800,000		100,283
06/15/2022	Royal Bank of Canada		CAD	58,212,000		USD	45,603,356		294,260
06/15/2022	Royal Bank of Canada		EUR	66,614,588		USD	73,520,522		3,107,105
06/15/2022	Royal Bank of Canada		GBP	10,365,000		USD	13,587,530		553,609
06/15/2022	Royal Bank of Canada		JPY	93,526,076		USD	807,317		85,632
06/15/2022	Standard Chartered Bank PLC		CNY	385,138,246		USD	60,378,799		2,420,568
Subtotal–Appreciation									61,334,211

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

24 Invesco Global Strategic Income Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
06/10/2022	Bank of America, N.A.		USD	19,250,000		PLN	82,512,430	$	(720,229	)
06/15/2022	Bank of America, N.A.		EUR	14,000,000		USD	14,727,020		(71,358	)
06/15/2022	Bank of America, N.A.		USD	62,286,994		AUD	86,796,000		(913,927	)
06/15/2022	Bank of America, N.A.		USD	23,461,289		CZK	540,430,800		(407,338	)
06/15/2022	Bank of America, N.A.		USD	61,491,656		EUR	55,721,005		(2,593,050	)
06/15/2022	Bank of America, N.A.		USD	41,135,996		JPY	4,765,646,262		(4,362,317	)
06/15/2022	Bank of America, N.A.		USD	19,027,081		PLN	83,468,000		(295,367	)
06/15/2022	Bank of America, N.A.		USD	33,188,842		SEK	316,994,103		(868,679	)
06/15/2022	Bank of America, N.A.		USD	12,052,459		ZAR	182,841,835		(527,194	)
02/27/2023	Bank of America, N.A.		RUB	374,472,000		USD	4,200,000		(80,345	)
06/15/2022	Citibank, N.A.		MXN	2,100,000		USD	98,359		(3,705	)
06/15/2022	Citibank, N.A.		USD	37,333,670		EUR	33,750,000		(1,659,010	)
06/15/2022	Goldman Sachs International		MXN	75,546,678		USD	3,563,711		(108,007	)
06/15/2022	Goldman Sachs International		USD	6,214,000		CAD	7,842,689		(109,672	)
06/15/2022	Goldman Sachs International		USD	65,393,383		CNY	417,079,000		(2,628,489	)
06/15/2022	Goldman Sachs International		USD	719,603		EUR	652,000		(30,421	)
06/10/2022	J.P. Morgan Chase Bank, N.A.		RUB	658,678,447		USD	7,493,498		(1,285,986	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		MXN	908,982,000		USD	42,578,261		(1,600,037	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	74,708,707		AUD	101,365,915		(3,033,317	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	50,253,438		CAD	64,196,733		(286,146	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	37,078,426		CNY	236,240,000		(1,527,419	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	1,902,553		COP	7,319,500,000		(66,495	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	117,911,168		EUR	106,821,509		(4,997,952	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	29,861,509		GBP	22,786,000		(1,208,260	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	26,222,259		JPY	3,037,770,065		(2,781,581	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	5,107,175		KRW	6,315,226,500		(107,812	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	33,460,333		NOK	294,802,509		(2,025,681	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	20,000,000		NZD	29,542,309		(929,118	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	30,000,000		SEK	282,775,312		(1,168,724	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	19,428,151		ZAR	300,306,952		(498,582	)
07/29/2022	J.P. Morgan Chase Bank, N.A.		USD	6,095,326		EUR	5,460,000		(309,105	)
05/03/2022	Morgan Stanley and Co. International PLC		BRL	286,512,694		USD	57,567,349		(384,834	)
05/03/2022	Morgan Stanley and Co. International PLC		USD	59,007,866		BRL	286,512,694		(1,055,684	)
05/09/2022	Morgan Stanley and Co. International PLC		USD	22,083,000		CLP	17,853,001,350		(1,165,424	)
06/02/2022	Morgan Stanley and Co. International PLC		BRL	628,380,000		USD	125,064,435		(806,088	)
06/15/2022	Morgan Stanley and Co. International PLC		PLN	11,875,000		USD	2,649,428		(15,535	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	17,967,337		AUD	24,375,711		(731,379	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	22,489,701		CAD	28,706,529		(146,080	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	41,331,308		CLP	34,098,100,000		(1,690,132	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	11,092,912		COP	43,208,000,000		(254,416	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	23,735,714		EUR	21,474,000		(1,037,116	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	1,434,754		GBP	1,094,507		(58,419	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	6,996,320		JPY	810,479,971		(742,325	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	15,750,000		MXN	323,024,625		(50,373	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	18,141,022		NOK	161,658,272		(903,477	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	25,417,265		NZD	37,086,168		(1,476,484	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	426,262		SEK	4,096,764		(8,563	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	18,339,680		ZAR	276,164,400		(931,914	)
06/16/2022	Morgan Stanley and Co. International PLC		USD	5,600,000		MXN	113,383,200		(90,404	)

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

25 Invesco Global Strategic Income Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
06/15/2022	Royal Bank of Canada		USD	44,629,920		CAD	56,980,000	$	(279,747	)
06/15/2022	Royal Bank of Canada		USD	6,104,982		EUR	5,541,671		(247,286	)
06/15/2022	Standard Chartered Bank PLC		USD	33,624,703		THB	1,120,605,750		(886,923	)
08/22/2022	UBS AG		RUB	169,995,000		USD	2,100,000		(18,873	)
Subtotal–Depreciation									(50,186,799	)
Total Forward Foreign Currency Contracts								$	11,147,412

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 Index, Series 37, Version 1		Buy		(1.00	)%		Quarterly		06/20/2027		0.009	%		EUR	15,050,000		$   (171,338	)	$	(75,998	)		$     95,340
Markit iTraxx Europe Sub Financials, Series 37, Version 1		Buy		(1.00	)		Quarterly		06/20/2027		0.020			EUR	14,875,000		522,246			726,760			204,514
Markit CDX North America High Yield Index, Series 38, Version 1		Buy		(5.00	)		Quarterly		06/20/2027		0.046			USD	35,000,000		(1,618,161	)		(510,754	)		1,107,407
Markit iTraxx Europe Index, Series 37, Version 1		Buy		(5.00	)		Quarterly		06/20/2027		0.043			EUR	58,359,000		(3,651,181	)		(1,901,286	)		1,749,895
Markit iTraxx Europe Index, Series 37, Version 1		Buy		(5.00	)		Quarterly		06/20/2027		0.043			EUR	23,346,000		(1,847,279	)		(760,592	)		1,086,687
Credit Suisse Group AG		Buy		(1.00	)		Quarterly		06/20/2027		0.014			EUR	3,550,000		42,706			64,458			21,752
Subtotal - Appreciation																	(6,723,007	)		(2,457,412	)		4,265,595
Credit Risk
Brazil Government International Bonds		Buy		(1.00	)		Quarterly		06/20/2027		0.022			USD	8,750,000		502,060			496,759			(5,301	)
Brazil Government International Bonds		Buy		(1.00	)		Quarterly		06/20/2025		0.015			USD	7,700,000		125,313			111,970			(13,343	)
Societe Generale		Sell		1.00			Quarterly		06/20/2027		0.011			EUR	10,500,000		11,481			(67,455	)		(78,936	)
Subtotal - Depreciation																	638,854			541,274			(97,580	)
Total Centrally Cleared Credit Default Swap Agreements																	$(6,084,153	)	$	(1,916,138	)		$4,168,015

^(a)  Centrally cleared swap agreements collateralized by $46,469,388 cash held with Counterparties.

^(b)  Implied credit spreads represent the current level, as of April 30, 2022, 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

SONIA

Annually

2.03

%

Annually

06/09/2032

GBP

7,000,000

$

–

$

65,145

$

65,145

Receive

3 Month COOVIBR

Quarterly

(8.29

)

Quarterly

03/10/2025

COP

49,175,000,000

–

137,847

137,847

Receive

3 Month JIBAR

Quarterly

(6.61

)

Quarterly

10/19/2026

ZAR

119,500,000

592

197,006

196,414

Pay

BZDIOVRA

At Maturity

12.11

At Maturity

01/02/2029

BRL

55,144,918

–

202,156

202,156

Receive

3 Month JIBAR

Quarterly

(6.65

)

Quarterly

10/11/2026

ZAR

124,250,000

–

207,134

207,134

Receive

3 Month JIBAR

Quarterly

(7.15

)

Quarterly

02/24/2031

ZAR

51,150,000

300

243,124

242,824

Receive

6 Month CZK PRIBOR

Semi-Annually

(3.95

)

Annually

01/17/2027

CZK

164,500,000

–

296,558

296,558

Pay

SONIA

Annually

1.80

Annually

07/20/2052

GBP

10,850,000

–

320,694

320,694

Pay

BZDIOVRA

At Maturity

12.24

At Maturity

01/02/2029

BRL

59,042,465

–

326,322

326,322

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

26 Invesco Global Strategic Income 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 JIBAR	Quarterly		(7.98	)%		Quarterly		03/07/2032		ZAR	160,000,000		$        –		$	331,869		$	331,869
Pay	BZDIOVRA	At Maturity		12.27			At Maturity		01/02/2029		BRL	58,186,033		–			340,651			340,651
Receive	3 Month JIBAR	Quarterly		(7.95	)		Quarterly		03/07/2032		ZAR	165,000,000		–			363,775			363,775
Receive	28 Day MXN TIIE	28 Day		(8.35	)		28 Day		03/06/2025		MXN	551,250,000		–			606,398			606,398
Receive	3 Month JIBAR	Quarterly		(7.32	)		Quarterly		07/15/2031		ZAR	206,100,000		–			905,340			905,340
Receive	3 Month JIBAR	Quarterly		(6.63	)		Quarterly		02/11/2031		ZAR	136,500,000		–			928,543			928,543
Receive	3 Month JIBAR	Quarterly		(6.70	)		Quarterly		01/29/2031		ZAR	145,000,000		–			939,978			939,978
Receive	3 Month JIBAR	Quarterly		(6.70	)		Quarterly		01/27/2031		ZAR	148,000,000		–			958,640			958,640
Receive	FBIL Overnight MIBOR	Semi-Annually		(5.65	)		Semi-Annually		02/17/2027		INR	1,837,500,000		–			967,719			967,719
Receive	6 Month EURIBOR	Semi-Annually		(0.86	)		Annually		03/24/2027		EUR	132,125,000		–			1,828,753			1,828,753
Receive	28 Day MXN TIIE	28 Day		(5.63	)		28 Day		05/29/2031		MXN	187,500,000		–			1,906,360			1,906,360
Receive	28 Day MXN TIIE	28 Day		(5.50	)		28 Day		11/29/2030		MXN	186,650,000		–			1,908,516			1,908,516
Receive	28 Day MXN TIIE	28 Day		(5.53	)		28 Day		05/29/2031		MXN	326,250,000		–			3,424,118			3,424,118
Receive	6 Month CLICP	Semi-Annually		(2.35	)		Semi-Annually		03/11/2026		CLP	22,500,000,000		–			4,134,263			4,134,263
Subtotal – Appreciation														892			21,540,909			21,540,017
Interest Rate Risk
Pay	6 Month EURIBOR	Semi-Annually		0.64			Annually		03/03/2032		EUR	54,392,000		–			(5,608,359	)		(5,608,359	)
Pay	SOFR	Annually		2.12			Annually		04/21/2052		USD	35,000,000		–			(2,452,669	)		(2,452,669	)
Pay	6 Month EURIBOR	Semi-Annually		0.77			Annually		05/11/2032		EUR	2,140,000		–			(2,007,344	)		(2,007,344	)
Pay	SONIA	Annually		1.03			Annually		09/02/2052		GBP	8,575,000		–			(1,656,155	)		(1,656,155	)
Pay	SOFR	Annually		2.41			Annually		06/02/2052		USD	64,400,000		–			(672,810	)		(672,810	)
Pay	BZDIOVRA	At Maturity		11.21			At Maturity		01/02/2031		BRL	40,562,171		–			(477,536	)		(477,536	)
Pay	BZDIOVRA	At Maturity		11.07			At Maturity		01/04/2027		BRL	82,711,643		–			(474,425	)		(474,425	)
Pay	SOFR	Annually		2.64			Annually		06/02/2032		USD	70,700,000		–			(439,936	)		(439,936	)
Pay	BZDIOVRA	At Maturity		8.68			At Maturity		01/04/2027		BRL	56,292,938		(5,900	)		(281,971	)		(276,071	)
Pay	3 Month CZK PRIBOR	Quarterly		4.75			Annually		01/17/2023		CZK	767,650,000		–			(263,742	)		(263,742	)
Receive	BZDIOVRA	At Maturity		(12.25	)		At Maturity		01/02/2025		BRL	139,089,601		–			(201,918	)		(201,918	)
Receive	6 Month THBFIX	Semi-Annually		(1.71	)		Semi-Annually		04/18/2025		THB	401,000,000		–			(20,371	)		(20,371	)
Subtotal – Depreciation														(5,900	)		(14,557,236	)		(14,551,336	)
Total Centrally Cleared Interest Rate Swap Agreements														$(5,008	)	$	6,983,673		$	6,988,681

^(a)  Centrally cleared swap agreements collateralized by $46,469,388 cash held with Counterparties.

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.		Buy		(1.00	)%		Quarterly		12/20/2024		0.013	%		EUR	3,750,000	$	24,984	$	27,997	$	3,013
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9		Sell		5.00			Quarterly		12/20/2022		0.020			EUR	10,000,000		275,120		333,596		58,476
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9		Sell		5.00			Quarterly		12/20/2022		0.002			EUR	35,000,000		939,072		1,167,588		228,516
J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)		Buy		(1.00	)		Quarterly		06/20/2027		0.020			EUR	5,250,000		186,259		270,334		84,075
Subtotal–Appreciation																		1,425,435		1,799,515		374,080

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

27 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.		Sell		1.00	%		Quarterly		12/20/2024		0.013	%		EUR	3,750,000	$	38,459	$	28,272		$	(10,187	)
Goldman Sachs International	Markit CDX North America High Yield Index, Series 35, Version 1		Sell		5.00			Quarterly		12/20/2025		0.021			USD	46,800,000		6,200,930		4,747,654			(1,453,276	)
Goldman Sachs International	Markit iTraxx Europe Crossover Index, Series 32, Version 5		Sell		5.00			Quarterly		12/20/2024		0.064			EUR	7,100,000		466,258		(263,795	)		(730,053	)
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		0.021			USD	14,600,000		1,820,847		1,481,106			(339,741	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8		Sell		5.00			Quarterly		12/20/2023		0.111			EUR	7,500,000		43,812		(748,153	)		(791,965	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8		Sell		5.00			Quarterly		12/20/2023		0.111			EUR	7,100,000		133,277		(708,252	)		(841,529	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8		Sell		5.00			Quarterly		12/20/2023		0.111			EUR	3,550,000		50,329		(354,126	)		(404,455	)
Subtotal–Depreciation																		8,753,912		4,182,706			(4,571,206	)
Total Open Over-The-Counter Credit Default Swap Agreements																	$	10,179,347	$	5,982,221		$	(4,197,126	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $50,730,027.

^(b)  Implied credit spreads represent the current level, as of April 30, 2022, 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

Interest Rate Risk

Bank of America, N.A.

Receive

3 Month MYR KLIBOR

Quarterly

(2.70

)%

Quarterly

03/16/2024

MYR  30,600,000

$–

$121,088

$121,088

Standard Chartered Bank PLC

Receive

3 Month MYR KLIBOR

Quarterly

(2.97

)

Quarterly

04/11/2024

MYR  65,000,000

–

109,820

109,820

Total Over-The-Counter Interest Rate Swap Agreements

$–

$230,908

$230,908

^(a) Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $50,730,027.

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

Receive

United States CPI Urban Consumers NSA

At Maturity

(4.28)%

At Maturity

03/09/2024

USD

161,000,000

$–

$1,980,094

$  1,980,094

Receive

United States CPI Urban Consumers NSA

At Maturity

(4.24)

At Maturity

03/11/2024

USD

65,039,000

–

818,505

818,505

Subtotal – Appreciation

–

2,798,599

2,798,599

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

28 Invesco Global Strategic Income 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)
Interest Rate Risk
Pay	United States CPI Urban Consumers NSA	At Maturity		3.67	%		At Maturity		03/29/2027		USD	68,250,000		$–		$     (67,879	)		$     (67,879	)
Pay	United States CPI Urban Consumers NSA	At Maturity		2.74			At Maturity		02/25/2032		USD	16,275,000		–		(834,819	)		(834,819	)
Pay	United States CPI Urban Consumers NSA	At Maturity		3.41			At Maturity		03/11/2027		USD	65,039,000		–		(1,082,098	)		(1,082,098	)
Pay	United States CPI Urban Consumers NSA	At Maturity		3.41			At Maturity		03/09/2027		USD	161,000,000		–		(2,756,611	)		(2,756,611	)
Receive	United States CPI Urban Consumers NSA	At Maturity		(4.93	)		At Maturity		03/29/2024		USD	68,250,000		–		(240,264	)		(240,264	)
Subtotal – Depreciation														–		(4,981,671	)		(4,981,671	)
Total – Centrally Cleared Inflation Swap Agreements														$–		$(2,183,072	)		$(2,183,072	)

^(a)  Centrally cleared swap agreements collateralized by $46,469,388 cash held with Counterparties.

Abbreviations:
AUD	–Australian Dollar
BRL	–Brazilian Real
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
EUR	–Euro
EURIBOR	–Euro Interbank Offered Rate
FBIL	–Financial Benchmarks India Private Ltd.
GBP	–British Pound Sterling
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
JPY	–Japanese Yen
KLIBOR	–Kuala Lumpur Interbank Offered Rate
KRW	–South Korean Won
MIBOR	–Mumbai Interbank Offered Rate
MXN	–Mexican Peso
MYR	–Malaysian Ringgit
NOK	–Norwegian Krone
NZD	–New Zealand Dollar
PLN	–Polish Zloty
PRIBOR	–Prague Interbank Offerred Rate
RUB	–Russian Ruble
SEK	–Swedish Krona
SOFR	–Secured Overnight Financing Rate
SONIA	–Sterling Overnight Index Average
THB	–Thai Baht
THBFIX	–Thai Baht Interest Rate Fixing
TIIE	–Interbank Equilibrium Interest Rate
TONAR	–Tokyo Overnight Average Rate
USD	–U.S. Dollar
ZAR	–South African Rand

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

29 Invesco Global Strategic Income Fund

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2022

U.S. Dollar Denominated Bonds & Notes	38.09%
Non-U.S. Dollar Denominated Bonds & Notes	33.06
Asset-Backed Securities	9.29
Affiliated Issuers	1.79
Agency Credit Risk Transfer Notes	1.49
Security Types Each Less Than 1% of Portfolio	1.82
Money Market Funds Plus Other Assets Less Liabilities	14.46

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

30 Invesco Global Strategic Income Fund

Consolidated Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,780,631,940)*	$	1,629,887,911
Investments in affiliates, at value (Cost $242,019,005)		240,727,929
Other investments:
Variation margin receivable – futures contracts		6,848,149
Swaps receivable – OTC		906,064
Unrealized appreciation on swap agreements – OTC		604,988
Premiums paid on swap agreements – OTC		10,179,347
Unrealized appreciation on forward foreign currency contracts outstanding		61,334,211
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		7,501,943
Cash collateral – centrally cleared swap agreements		46,469,388
Cash collateral – OTC Derivatives		50,730,027
Cash		66,409,054
Foreign currencies, at value (Cost $30,159,124)		29,631,565
Receivable for:
Investments sold		25,678,777
Fund shares sold		281,649
Dividends		124,919
Interest		23,310,056
Investment for trustee deferred compensation and retirement plans		521,573
Other assets		85,764
Total assets		2,201,233,314
Liabilities:
Other investments:
Options written, at value (premiums received $43,010,043)		64,574,608
Variation margin payable – centrally cleared swap agreements		39,697
Unrealized depreciation on forward foreign currency contracts outstanding		50,186,799
Swaps payable – OTC		45,806
Unrealized depreciation on swap agreements–OTC		4,571,206
Payable for:
Investments purchased		53,371,288
Dividends		919,423
Fund shares reacquired		2,293,198
Collateral upon return of securities loaned		77,019,183
Accrued fees to affiliates		989,763
Accrued other operating expenses		535,392
Trustee deferred compensation and retirement plans		521,573
Total liabilities		255,067,936
Net assets applicable to shares outstanding	$	1,946,165,378

Net assets consist of:
Shares of beneficial interest	$	3,071,567,708
Distributable earnings (loss)		(1,125,402,330	)
	$	1,946,165,378
Net Assets:
Class A	$	1,680,809,356
Class C	$	60,721,277
Class R	$	60,126,965
Class Y	$	127,659,885
Class R5	$	8,682
Class R6	$	16,839,213
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		524,963,102
Class C		19,020,409
Class R		18,766,289
Class Y		39,938,231
Class R5		2,710
Class R6		5,286,252
Class A:
Net asset value per share	$	3.20
Maximum offering price per share (Net asset value of $3.20 ÷ 95.75%)	$	3.34
Class C:
Net asset value and offering price per share	$	3.19
Class R:
Net asset value and offering price per share	$	3.20
Class Y:
Net asset value and offering price per share	$	3.20
Class R5:
Net asset value and offering price per share	$	3.20
Class R6:
Net asset value and offering price per share	$	3.19

* At April 30, 2022, securities with an aggregate value of $74,427,020 were on loan to brokers.

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

31 Invesco Global Strategic Income Fund

Consolidated Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $221,320)	$	34,051,831
Dividends from affiliates (includes securities lending income of $355,581)		1,386,239
Total investment income		35,438,070
Expenses:
Advisory fees		6,187,675
Administrative services fees		153,923
Custodian fees		264,788
Distribution fees:
Class A		2,216,794
Class C		354,913
Class R		165,867
Transfer agent fees – A, C, R and Y		1,341,629
Transfer agent fees – R5		2
Transfer agent fees – R6		2,407
Trustees’ and officers’ fees and benefits		16,196
Registration and filing fees		56,547
Reports to shareholders		53,935
Professional services fees		59,420
Other		245,207
Total expenses		11,119,303
Less: Fees waived and/or expense offset arrangement(s)		(225,300	)
Net expenses		10,894,003
Net investment income		24,544,067
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $867)		(71,355,689	)
Affiliated investment securities		(1,003,856	)
Foreign currencies		(3,813,440	)
Forward foreign currency contracts		15,575,692
Futures contracts		12,611,982
Option contracts written		(14,820,315	)
Swap agreements		(49,379,149	)
		(112,184,775	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(105,809,004	)
Affiliated investment securities		(601,153	)
Foreign currencies		272,923
Forward foreign currency contracts		(5,450,369	)
Futures contracts		3,691,275
Option contracts written		(15,538,638	)
Swap agreements		21,873,096
		(101,561,870	)
Net realized and unrealized gain (loss)		(213,746,645	)
Net increase (decrease) in net assets resulting from operations	$	(189,202,578	)

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

32 Invesco Global Strategic Income Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income		$     24,544,067			$     71,841,540
Net realized gain (loss)		(112,184,775	)		(25,589,444	)
Change in net unrealized appreciation (depreciation)		(101,561,870	)		12,600,729
Net increase (decrease) in net assets resulting from operations		(189,202,578	)		58,852,825
Distributions to shareholders from distributable earnings:
Class A		(27,256,571	)		(25,957,364	)
Class C		(759,055	)		(1,216,045	)
Class R		(883,394	)		(905,564	)
Class Y		(2,369,203	)		(2,208,688	)
Class R5		(153	)		(118	)
Class R6		(288,028	)		(271,613	)
Total distributions from distributable earnings		(31,556,404	)		(30,559,392	)
Return of capital:
Class A		–			(30,499,206	)
Class C		–			(619,123	)
Class R		–			(867,377	)
Class Y		–			(3,021,211	)
Class R5		–			(178	)
Class R6		–			(401,918	)
Total return of capital		–			(35,409,013	)
Total distributions		(31,556,404	)		(65,968,405	)
Share transactions–net:
Class A		(133,289,395	)		(222,799,297	)
Class C		(10,638,360	)		(78,911,388	)
Class R		(3,609,326	)		(8,352,959	)
Class Y		(14,518,376	)		(44,748,462	)
Class R6		(303,901	)		(1,719,097	)
Net increase (decrease) in net assets resulting from share transactions		(162,359,358	)		(356,531,203	)
Net increase (decrease) in net assets		(383,118,340	)		(363,646,783	)
Net assets:
Beginning of period		2,329,283,718			2,692,930,501
End of period		$1,946,165,378			$2,329,283,718

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

33 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(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)(e)
Class A
Six months ended 04/30/22		$3.56		$0.04		$(0.35	)		$(0.31	)		$(0.05	)		$      –			$(0.05	)		$3.20		(8.79	)%(f)		$1,680,809		0.99	%(f)(g)		1.01	%(f)(g)		2.27	%(f)(g)		48	%
Year ended 10/31/21		3.58		0.10		(0.03	)		0.07			(0.04	)		(0.05	)		(0.09	)		3.56		2.04	(f)		2,004,153		0.99	(f)		1.01	(f)		2.79	(f)		241
Year ended 10/31/20		3.75		0.10		(0.16	)		(0.06	)		(0.05	)		(0.06	)		(0.11	)		3.58		(1.47	)(f)		2,236,548		0.98	(f)		0.99	(f)		2.70	(f)		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
Class C
Six months ended 04/30/22		3.55		0.03		(0.35	)		(0.32	)		(0.04	)		–			(0.04	)		3.19		(9.17	)		60,721		1.75	(g)		1.77	(g)		1.51	(g)		48
Year ended 10/31/21		3.57		0.07		(0.02	)		0.05			(0.05	)		(0.02	)		(0.07	)		3.55		1.27			78,455		1.75			1.77			2.03			241
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
Class R
Six months ended 04/30/22		3.56		0.03		(0.34	)		(0.31	)		(0.05	)		–			(0.05	)		3.20		(8.91	)		60,127		1.25	(g)		1.27	(g)		2.01	(g)		48
Year ended 10/31/21		3.59		0.09		(0.03	)		0.06			(0.05	)		(0.04	)		(0.09	)		3.56		1.49			70,527		1.25			1.27			2.53			241
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
Class Y
Six months ended 04/30/22		3.55		0.04		(0.34	)		(0.30	)		(0.05	)		–			(0.05	)		3.20		(8.42	)		127,660		0.75	(g)		0.77	(g)		2.51	(g)		48
Year ended 10/31/21		3.58		0.11		(0.04	)		0.07			(0.04	)		(0.06	)		(0.10	)		3.55		2.00			157,186		0.75			0.77			3.03			241
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
Class R5
Six months ended 04/30/22		3.56		0.04		(0.34	)		(0.30	)		(0.06	)		–			(0.06	)		3.20		(8.62	)		9		0.66	(g)		0.68	(g)		2.60	(g)		48
Year ended 10/31/21		3.59		0.12		(0.04	)		0.08			(0.04	)		(0.07	)		(0.11	)		3.56		2.14			10		0.61			0.62			3.17			241
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 04/30/22		3.54		0.04		(0.33	)		(0.29	)		(0.06	)		–			(0.06	)		3.19		(8.40	)		16,839		0.66	(g)		0.68	(g)		2.60	(g)		48
Year ended 10/31/21		3.57		0.12		(0.04	)		0.08			(0.05	)		(0.06	)		(0.11	)		3.54		2.13			18,954		0.61			0.63			3.17			241
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

^(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 0.04%, 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.

^(d)  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 and $5,559,676,349 and $5,415,035,851 for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018 and 2017, 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 (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended April 30, 2022 and for the year ended ended October 31, 2021 and 2020.

^(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.

34 Invesco Global Strategic Income Fund

Notes to Consolidated Financial Statements

April 30, 2022

(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 and 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. 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 Subsidiary. 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 eight 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 eighth anniversary after a purchase of Class C shares.

    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 debt 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 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 may be valued up to 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.

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

35 Invesco Global Strategic Income Fund

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 based on relative net assets of Class R5 and Class R6. 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 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.

36 Invesco Global Strategic Income Fund

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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated 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 affiliates on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

    Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, the Fund paid the Adviser $20,952 in fees for securities lending agent services.

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.

37 Invesco Global Strategic Income Fund

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.

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

38 Invesco Global Strategic Income 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, 2022, if any, 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 have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

    There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

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

V. 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 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively

39 Invesco Global Strategic Income Fund

impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

W. 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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. 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 $5 billion		0.480	%
Over $10 billion		0.460	%

* 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, 2022, the effective advisory fee rate incurred by the Fund was 0.57%.

    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 June 30, 2023, 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”). 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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $224,303.

    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, 2022, 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, 2022, 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 Plans, 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

40 Invesco Global Strategic Income Fund

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, 2022, 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, 2022, IDI advised the Fund that IDI retained $33,230 in front-end sales commissions from the sale of Class A shares and $56 and $1,956 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, 2022. 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	$	–		$	741,292,349		$	–	$	741,292,349
Non-U.S. Dollar Denominated Bonds & Notes		–			643,440,646			0		643,440,646
Asset-Backed Securities		–			180,718,857			–		180,718,857
Exchange-Traded Funds		34,863,555			–			–		34,863,555
Agency Credit Risk Transfer Notes		–			29,050,597			–		29,050,597
Variable Rate Senior Loan Interests		–			13,784,779			–		13,784,779
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			7,084,197			–		7,084,197
Preferred Stocks		–			3,541,273			–		3,541,273
Common Stocks & Other Equity Interests		55,143			351,601			1,909,322		2,316,066
Money Market Funds		128,844,046			77,020,328			–		205,864,374
Options Purchased		–			8,659,147			–		8,659,147
Total Investments in Securities		163,762,744			1,704,943,774			1,909,322		1,870,615,840
Other Investments - Assets*
Futures Contracts		10,521,092			–			–		10,521,092
Forward Foreign Currency Contracts		–			61,334,211			–		61,334,211
Swap Agreements		–			29,209,199			–		29,209,199
		10,521,092			90,543,410			–		101,064,502
Other Investments - Liabilities*
Futures Contracts		(7,308,300	)		–			–		(7,308,300	)
Forward Foreign Currency Contracts		–			(50,186,799	)		–		(50,186,799	)
Options Written		–			(64,574,608	)		–		(64,574,608	)
Swap Agreements		–			(24,201,793	)		–		(24,201,793	)
		(7,308,300	)		(138,963,200	)		–		(146,271,500	)
Total Other Investments		3,212,792			(48,419,790	)		–		(45,206,998	)
Total Investments	$	166,975,536		$	1,656,523,984		$	1,909,322	$	1,825,408,842

* 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.

41 Invesco Global Strategic Income 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, 2022:

	Value
Derivative Assets	Credit Risk			Currency Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	–		$	–		$	10,521,092		$	10,521,092
Unrealized appreciation on swap agreements – Centrally Cleared(a)		4,265,595			–			24,338,616			28,604,211
Unrealized appreciation on forward foreign currency contracts outstanding		–			61,334,211			–			61,334,211
Unrealized appreciation on swap agreements – OTC		374,080			–			230,908			604,988
Options purchased, at value – OTC(b)		–			8,659,147			–			8,659,147
Total Derivative Assets		4,639,675			69,993,358			35,090,616			109,723,649
Derivatives not subject to master netting agreements		(4,265,595	)		–			(34,859,708	)		(39,125,303	)
Total Derivative Assets subject to master netting agreements	$	374,080		$	69,993,358		$	230,908		$	70,598,346
	Value
Derivative Liabilities	Credit Risk			Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	–		$	–		$	(7,308,300	)	$	(7,308,300	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		(97,580	)		–			(19,533,007	)		(19,630,587	)
Unrealized depreciation on forward foreign currency contracts outstanding		–			(50,186,799	)		–			(50,186,799	)
Unrealized depreciation on swap agreements – OTC		(4,571,206	)		–			–			(4,571,206	)
Options written, at value – OTC		(4,901,073	)		(5,248,761	)		(54,424,774	)		(64,574,608	)
Total Derivative Liabilities		(9,569,859	)		(55,435,560	)		(81,266,081	)		(146,271,500	)
Derivatives not subject to master netting agreements		97,580			–			26,841,307			26,938,887
Total Derivative Liabilities subject to master netting agreements	$	(9,472,279	)	$	(55,435,560	)	$	(54,424,774	)	$	(119,332,613	)

^(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, 2022.

																								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.	$	6,843,631	$	2,603,893	$	121,088	$	9,568,612	$	(10,839,804	)	$	(6,787,795	)	$	(15,003	)	$	(17,642,602	)	$	(8,073,990	)	$–	$	8,073,990		$	–
Citibank, N.A.		2,618,238		–		7,781		2,626,019		(1,662,715	)		–			(14,954	)		(1,677,669	)		948,350		–		(948,350	)		–
Goldman Sachs International		13,502,248		1,195,416		318,130		15,015,794		(2,876,589	)		(10,088,875	)		(2,183,328	)		(15,148,792	)		(132,998	)	–		132,998			–
J.P. Morgan Chase Bank, N.A.		20,952,577		3,443,457		954,233		25,350,267		(21,826,215	)		(15,594,249	)		(2,384,221	)		(39,804,685	)		(14,454,418	)	–		8,859,000			(5,595,418	)
Morgan Stanley and Co. International PLC		10,956,343		967,802		–		11,924,145		(11,548,647	)		(32,103,689	)		–			(43,652,336	)		(31,728,191	)	–		22,320,000			(9,408,191	)
Royal Bank of Canada		4,040,606		–		–		4,040,606		(527,033	)		–			–			(527,033	)		3,513,573		–		(3,513,573	)		–
Standard Chartered Bank PLC		2,420,568		8,205		109,820		2,538,593		(886,923	)		–			(19,506	)		(906,429	)		1,632,164		–		(1,290,000	)		342,164
UBS AG		–		440,374		–		440,374		(18,873	)		–			–			(18,873	)		421,501		–		(421,501	)		–
Total	$	61,334,211	$	8,659,147	$	1,511,052	$	71,504,410	$	(50,186,799	)	$	(64,574,608	)	$	(4,617,012	)	$	(119,378,419	)	$	(47,874,009	)	$–	$	33,212,564		$	(14,661,445	)

42 Invesco Global Strategic Income Fund

Effect of Derivative Investments for the six months ended April 30, 2022

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			Interest
	Risk			Risk			Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	15,575,692		$	-		$	15,575,692
Futures contracts		-			-			12,611,982			12,611,982
Options purchased(a)		-			2,579,672			(206,144	)		2,373,528
Options written		-			(17,902,244	)		3,081,929			(14,820,315	)
Swap agreements		3,783,325			-			(53,162,474	)		(49,379,149	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(5,450,369	)		-			(5,450,369	)
Futures contracts		-			-			3,691,275			3,691,275
Options purchased(a)		-			3,549,737			(696,469	)		2,853,268
Options written		(2,243,769	)		(25,290	)		(13,269,579	)		(15,538,638	)
Swap agreements		(995,284	)		-			22,868,380			21,873,096
Total	$	544,272		$	(1,672,802	)	$	(25,081,100	)	$	(26,209,630	)

^(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						Currency				Currency
	Foreign Currency		Futures		Swaptions		Options		Swaptions		Options		Swap
	Contracts		Contracts		Purchased		Purchased		Written		Written		Agreements
Average notional value	$	3,084,855,503	$	535,063,040	$	154,906,395	$	883,789,791	$	2,416,103,342	$	546,171,580	$	4,576,650,727

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $997.

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 carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

43 Invesco Global Strategic Income Fund

    The Fund had a capital loss carryforward as of October 31, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	455,403,622	$	351,401,530	$	806,805,152

* 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, 2022 was $711,974,643 and $909,081,907, 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	$	150,897,960
Aggregate unrealized (depreciation) of investments		(348,862,201	)
Net unrealized appreciation (depreciation) of investments	$	(197,964,241	)

    Cost of investments for tax purposes is $2,033,552,430.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		8,045,299		$	27,878,198			20,863,492		$	77,179,461
Class C		1,175,207			4,058,236			2,783,504			10,254,185
Class R		1,428,822			4,911,758			2,586,094			9,566,017
Class Y		14,320,966			50,689,099			9,009,632			33,154,213
Class R6		658,944			2,215,606			2,402,163			8,955,150
Issued as reinvestment of dividends:
Class A		6,504,880			22,295,027			12,530,450			46,049,135
Class C		201,547			689,168			435,507			1,597,225
Class R		252,297			866,238			473,313			1,740,994
Class Y		478,899			1,641,620			1,030,851			3,786,930
Class R6		69,683			237,896			160,580			587,476
Automatic conversion of Class C shares to Class A shares:
Class A		1,611,194			5,511,850			16,627,596			62,391,544
Class C		(1,615,942	)		(5,511,850	)		(16,673,698	)		(62,391,544	)
Reacquired:
Class A		(54,604,388	)		(188,974,470	)		(110,699,267	)		(408,419,437	)
Class C		(2,862,560	)		(9,873,914	)		(7,693,690	)		(28,371,254	)
Class R		(2,728,040	)		(9,387,322	)		(5,305,908	)		(19,659,970	)
Class Y		(19,118,990	)		(66,849,095	)		(22,140,461	)		(81,689,605	)
Class R6		(797,267	)		(2,757,403	)		(3,079,741	)		(11,261,723	)
Net increase (decrease) in share activity		(46,979,449	)	$	(162,359,358	)		(96,689,583	)	$	(356,531,203	)

^(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.

44 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, 2021 through April 30, 2022.

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     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$912.10	$4.69	$1,019.89	$4.96	0.99%
Class C	1,000.00	908.30	8.28	1,016.12	8.75	1.75
Class R	1,000.00	910.90	5.92	1,018.60	6.26	1.25
Class Y	1,000.00	915.80	3.56	1,021.08	3.76	0.75
Class R5	1,000.00	913.80	3.13	1,021.52	3.31	0.66
Class R6	1,000.00	916.00	3.14	1,021.52	3.31	0.66

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, 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.

45 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 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 number(s): 811-05426 and 033-19338                             Invesco Distributors, Inc.                                                                                               O-GLSI-SAR-1

Semiannual Report to Shareholders April 30, 2022

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
22	Consolidated Financial Statements
25	Consolidated Financial Highlights
26	Notes to Consolidated Financial Statements
36	Fund Expenses

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

Unless otherwise noted, all data is 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, 10/31/21 to 4/30/22, 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	-3.63	%
Class C Shares	-4.00
Class R Shares	-3.60
Class Y Shares	-3.49
Class R5 Shares	-3.39
Class R6 Shares	-3.49
FTSE US 3-Month Treasury Bill Index▼ (Broad Market/Style-Specific Index)	0.06
Source(s): ▼RIMES 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 insights about market and economic news and trends.

2 Invesco Global Targeted Returns Fund

Average Annual Total Returns
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	-0.59%
5 Years	-2.52
1 Year	-10.61
Class C Shares
Inception (12/19/13)	-0.65%
5 Years	-2.16
1 Year	-7.06
Class R Shares
Inception (12/19/13)	-0.16%
5 Years	-1.66
1 Year	-5.49
Class Y Shares
Inception (12/19/13)	0.34%
5 Years	-1.15
1 Year	-5.15
Class R5 Shares
Inception (12/19/13)	0.35%
5 Years	-1.15
1 Year	-5.04
Class R6 Shares
Inception (12/19/13)	0.35%
5 Years	-1.13
1 Year	-5.14

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Principal Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes–23.08%(a)
Brazil–0.05%
Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2025		BRL	50,000	$        9,638
France–0.67%
Electricite de France S.A., 5.88%(b)(c)(d)		GBP	100,000	119,074
Germany–0.55%
Volkswagen International Finance N.V., 3.88%(b)(c)(d)		EUR	100,000	97,188
Italy–0.30%
Italy Buoni Poliennali Del Tesoro, 1.45%, 03/01/2036(b)		EUR	60,000	53,147
Mexico–10.06%
Mexican Bonos,
Series M, 7.75%, 05/29/2031		MXN	17,500,000	786,949
Series M 20, 7.50%, 06/03/2027		MXN	500,000	22,984
Series M 20, 8.50%, 05/31/2029		MXN	20,490,000	974,822
				1,784,755
Portugal–0.19%
Portugal Obrigacoes do Tesouro OT, 2.88%, 10/15/2025(b)		EUR	30,000	33,781
Russia–0.00%
Russian Federal Bond - OFZ,
Series 6225, 7.25%, 05/10/2034(e)		RUB	2,000,000	0
Series 6239, 6.90%, 07/23/2031(e)		RUB	70,189,000	0
				0
South Africa–3.99%
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030		ZAR	6,349,000	360,156
Series 2032, 8.25%, 03/31/2032		ZAR	5,711,000	315,158
Series 2048, 8.75%, 02/28/2048		ZAR	650,000	33,460
				708,774
Spain–1.52%
Banco de Sabadell S.A., 5.63%, 05/06/2026(b)		EUR	100,000	111,279
Codere Finance 2 (Luxembourg) S.A., 10.75% PIK Rate, 2.00% Cash Rate, 11/30/2027(b)(f)		EUR	26,667	27,281
Codere New Holdco S.A., 7.50% PIK Rate, 0.00% Cash Rate, 11/30/2027(b)(f)		EUR	33,483	30,820
eDreams ODIGEO S.A., 5.50%, 07/15/2027(b)		EUR	100,000	99,616
				268,996

	Principal Amount				Value
United Kingdom–5.19%
Barclays PLC, 7.88%(b)(c)(d)		GBP		200,000	$    253,126
Gatwick Airport Finance PLC, 4.38%, 04/07/2026(b)		GBP		100,000	117,673
Nationwide Building Society, Series CCDS, 10.25%(b)(d)		GBP		38,000	79,559
Next Group PLC, 3.63%, 05/18/2028(b)		GBP		100,000	125,822
Rl Finance Bonds No. 3 PLC, 6.13%, 11/13/2028(b)		GBP		100,000	137,382
Tesco Property Finance 2 PLC, 6.05%, 10/13/2039(b)		GBP		39,066	57,072
United Kingdom Gilt Inflation-Linked, 0.13%, 03/22/2026(b)		GBP		24,792	35,598
Wheel Bidco Ltd., 6.75%, 07/15/2026(b)		GBP		100,000	115,783
					922,015
United States–0.56%
Coty, Inc., 3.88%, 04/15/2026(b)		EUR		100,000	99,085
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $5,388,368)					4,096,453
			Shares
Common Stocks & Other Equity Interests–16.55%
Australia–0.80%
Alumina Ltd.				14,485	18,349
Glencore PLC				5,696	35,111
Newcrest Mining Ltd.				1,291	24,202
QBE Insurance Group Ltd.				2,613	22,381
Woodside Petroleum Ltd.				1,512	32,863
Worley Ltd.				927	9,036
					141,942
Brazil–0.08%
Wheaton Precious Metals Corp.				156	6,998
Yara International ASA				140	7,120
					14,118
Canada–0.24%
Agnico Eagle Mines Ltd.				104	6,056
Barrick Gold Corp.				912	20,347
Barrick Gold Corp.				51	1,137
Canadian Pacific Railway Ltd.				81	5,925
Constellation Software, Inc.				3	4,722
Dollarama, Inc.				64	3,558
					41,745
China–1.97%
Alibaba Group Holding Ltd.(g)				2,280	27,866
Alibaba Group Holding Ltd., ADR(g)				155	15,049
Autohome, Inc., ADR				560	16,279
BeiGene Ltd., ADR(g)				21	3,360
China Overseas Land & Investment Ltd.				6,500	20,018
China South Publishing & Media Group Co. Ltd., A Shares				4,900	7,132
COSCO SHIPPING Ports Ltd.				10,000	7,085
Dongfeng Motor Group Co. Ltd., H Shares				18,000	13,126

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

5 Invesco Global Targeted Returns Fund

	Shares		Value
China–(continued)
Gree Electric Appliances, Inc. of Zhuhai, A Shares		3,800	$    17,884
JD.com, Inc., A Shares(g)		64	1,995
JD.com, Inc., ADR(g)		423	26,082
Ming Yang Smart Energy Group Ltd., A Shares		5,956	19,763
Minth Group Ltd.		2,000	4,716
NetEase, Inc., ADR		335	31,936
Ping An Insurance (Group) Co. of China Ltd., H Shares		3,500	22,508
Suofeiya Home Collection Co. Ltd., A Shares		6,200	19,121
Tencent Holdings Ltd.		300	14,072
Tencent Holdings Ltd., ADR		944	44,434
Tencent Music Entertainment Group, ADR(g)		1,699	7,221
Tingyi Cayman Islands Holding Corp.		12,000	21,793
Wuxi Biologics Cayman, Inc.(b)(g)		1,000	7,257
Youdao, Inc., ADR(g)		151	1,087
			349,784
Denmark–0.14%
Carlsberg A/S, Class B		60	7,594
Novo Nordisk A/S, Class B		121	13,839
Vestas Wind Systems A/S		144	3,705
			25,138
Finland–0.18%
Kone OYJ, Class B		58	2,783
Metso Outotec OYJ		441	3,732
Neste OYJ		97	4,170
Stora Enso OYJ, Class R		422	8,259
UPM-Kymmene OYJ		390	13,396
			32,340
France–1.08%
Arkema S.A.		43	4,853
Atos SE		100	2,419
AXA S.A.		345	9,134
BNP Paribas S.A.		133	6,821
Capgemini SE		54	10,985
Carrefour S.A.		484	10,260
Cie de Saint-Gobain		146	8,496
ENGIE S.A.		516	6,061
Hermes International		12	14,765
L’Oreal S.A.		10	3,638
Publicis Groupe S.A.		109	6,525
Sanofi		303	31,891
Thales S.A.		25	3,203
TotalEnergies SE		1,105	54,445
Veolia Environnement S.A.		367	10,578
Verallia S.A.(b)		301	8,207
			192,281
Germany–0.31%
Deutsche Post AG		208	8,979
Deutsche Telekom AG		650	11,973
HelloFresh SE(g)		44	1,882
Infineon Technologies AG		310	8,968
Mercedes-Benz Group AG		124	8,775
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Class R		35	8,375
Volkswagen AG, Preference Shares		12	1,883

	Shares		Value
Germany–(continued)
Vonovia SE		109	$      4,358
			55,193
Hong Kong–0.49%
AIA Group Ltd.		2,600	25,402
CK Asset Holdings Ltd.		3,500	23,694
CK Hutchison Holdings Ltd.		4,000	28,004
Link REIT		600	5,173
Pacific Basin Shipping Ltd.		12,000	5,527
			87,800
India–0.64%
Aurobindo Pharma Ltd.		2,043	16,744
Housing Development Finance Corp. Ltd.		847	24,387
ICICI Bank Ltd., ADR		1,157	22,029
Kotak Mahindra Bank Ltd.		102	2,369
Larsen & Toubro Ltd.		756	16,595
Mahindra & Mahindra Ltd.		1,363	16,328
Shriram Transport Finance Co. Ltd.		989	15,407
			113,859
Indonesia–0.27%
PT Astra International Tbk		69,200	36,108
PT Telkom Indonesia (Persero) Tbk		36,900	11,758
			47,866
Ireland–0.12%
CRH PLC		477	18,901
Ryanair Holdings PLC, ADR(g)		32	2,794
			21,695
Israel–0.04%
Nice Ltd., ADR(g)		32	6,605
Italy–0.10%
Enel S.p.A.		833	5,384
Intesa Sanpaolo S.p.A.		1,679	3,376
Telecom Italia S.p.A.		12,495	3,622
UniCredit S.p.A.		529	4,825
			17,207
Japan–0.01%
Sony Group Corp., ADR		17	1,463
Luxembourg–0.05%
ArcelorMittal S.A.		287	8,378
Helix Holdco S.A.(e)		500	0
			8,378
Macau–0.07%
Sands China Ltd.(g)		6,000	13,173
Netherlands–0.57%
Adyen N.V.(b)(g)		7	11,707
ASML Holding N.V.		8	4,526
BE Semiconductor Industries N.V.		106	6,419
ING Groep N.V.		676	6,326
Koninklijke Ahold Delhaize N.V.		113	3,338
Prosus N.V.		288	13,888
SBM Offshore N.V.		495	7,176
Shell PLC		1,652	44,713

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

6 Invesco Global Targeted Returns Fund

	Shares		Value
Netherlands–(continued)
Universal Music Group N.V.		140	$      3,239
			101,332
Portugal–0.04%
EDP - Energias de Portugal S.A.		1,413	6,579
Russia–0.00%
Sberbank of Russia PJSC, ADR(e)		70	0
Sberbank of Russia PJSC, ADR(e)		28	0
			0
Singapore–0.23%
ComfortDelGro Corp. Ltd.		10,000	10,531
United Overseas Bank Ltd.		1,400	30,004
			40,535
South Africa–0.15%
Anglo American PLC		599	26,581
South Korea–0.81%
Hyundai Motor Co., Second Pfd.		199	14,891
KB Financial Group, Inc.		235	10,860
LG Corp.		201	11,597
LOTTE Chemical Corp.		68	10,481
POSCO Holdings, Inc.		49	11,103
Samsung Electronics Co. Ltd.		1,043	55,419
Samsung Electronics Co. Ltd., Preference Shares		54	2,522
Samsung Fire & Marine Insurance Co. Ltd.		169	27,787
			144,660
Spain–0.21%
Amadeus IT Group S.A.(g)		131	8,168
Banco Bilbao Vizcaya Argentaria S.A.		1,326	6,978
CaixaBank S.A.		2,928	9,344
Cellnex Telecom S.A.(b)		24	1,122
Codere New Topco S.A.(e)(g)		1,248	0
Corp ACCIONA Energias Renovables S.A.		100	3,712
Repsol S.A.		501	7,517
			36,841
Sweden–0.12%
Biotage AB		92	1,891
Lundin Energy AB		123	5,088
Sandvik AB		379	7,126
SSAB AB, Class B		1,098	6,468
			20,573
Switzerland–0.30%
Lonza Group AG		11	6,458
Novartis AG		160	14,155
Roche Holding AG		55	20,370
Tecan Group AG, Class R		20	6,010
Zurich Insurance Group AG		13	5,913
			52,906
Taiwan–0.64%
Asustek Computer, Inc.		1,000	12,050
Hon Hai Precision Industry Co. Ltd.		4,400	15,054
Sea Ltd., ADR(g)		69	5,711

	Shares		Value
Taiwan–(continued)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		702	$  65,237
Uni-President Enterprises Corp.		7,000	16,152
			114,204
Thailand–0.16%
Kasikornbank PCL, NVDR		6,300	27,906
United Kingdom–4.33%
3i Group PLC		777	12,679
Ashtead Group PLC		218	11,271
AstraZeneca PLC		389	51,676
Aviva PLC		2,973	15,962
Babcock International Group PLC(g)		2,041	7,797
BAE Systems PLC		3,748	34,911
Balfour Beatty PLC		1,607	4,843
Barclays PLC		19,773	36,130
Barratt Developments PLC		3,379	20,688
Berkeley Group Holdings PLC		100	5,077
BP PLC		11,884	58,025
British American Tobacco PLC		587	24,738
Bunzl PLC		485	18,784
Burberry Group PLC		301	5,919
Compass Group PLC		530	11,164
Cranswick PLC		161	6,380
Croda International PLC		64	6,201
Diageo PLC		33	1,635
Drax Group PLC		950	9,568
easyJet PLC(g)		624	4,284
Experian PLC		333	11,542
Hays PLC		3,348	5,093
Hiscox Ltd.		1,025	12,136
ITV PLC		3,940	3,642
JD Sports Fashion PLC		6,863	11,359
Legal & General Group PLC		3,429	10,663
Marks & Spencer Group PLC(g)		4,645	7,965
Melrose Industries PLC		3,296	4,741
Mitchells & Butlers PLC(g)		2,123	6,044
National Grid PLC		2,993	44,500
NatWest Group PLC		2,197	5,907
Next PLC		293	21,990
Pennon Group PLC		314	4,368
Petrofac Ltd.(g)		842	1,421
Phoenix Group Holdings PLC		1,653	12,471
Prudential PLC		712	8,851
Reckitt Benckiser Group PLC		121	9,439
RELX PLC		860	25,684
RELX PLC		117	3,488
Rolls-Royce Holdings PLC(g)		1,955	1,996
Serco Group PLC		3,503	6,662
Severn Trent PLC		208	8,191
Smith & Nephew PLC		968	15,661
Spire Healthcare Group PLC(b)(g)		2,785	7,488
SSE PLC		1,916	44,631
Standard Chartered PLC		2,252	15,428
Tesco PLC		6,907	23,464
Travis Perkins PLC		398	6,059
Unilever PLC		375	17,418
United Utilities Group PLC		981	14,116

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

7 Invesco Global Targeted Returns Fund

	Shares		Value
United Kingdom–(continued)
Vodafone Group PLC		19,543	$    29,567
Whitbread PLC(g)		527	18,269
			767,986
United States–2.40%
ABIOMED, Inc.(g)		9	2,579
Accenture PLC, Class A		21	6,308
Adobe, Inc.(g)		7	2,772
Airbnb, Inc., Class A(g)		37	5,669
Alphabet, Inc., Class A(g)		7	15,975
Alphabet, Inc., Class C(g)		3	6,898
Amazon.com, Inc.(g)		10	24,856
American Express Co.		14	2,446
American Tower Corp.		37	8,918
Amphenol Corp., Class A		50	3,575
Apple, Inc.		19	2,995
Berkshire Hathaway, Inc., Class B(g)		10	3,228
Broadcom, Inc.		12	6,653
Coca-Cola Co. (The)		183	11,824
Copart, Inc.(g)		31	3,523
Costco Wholesale Corp.		2	1,063
Crowdstrike Holdings, Inc., Class A(g)		71	14,112
Danaher Corp.		34	8,538
Edwards Lifesciences Corp.(g)		8	846
Equifax, Inc.		5	1,018
Ferguson PLC		100	12,611
First Republic Bank		24	3,581
Herc Holdings, Inc.		27	3,451
Home Depot, Inc. (The)		19	5,708
Illumina, Inc.(g)		53	15,722
Installed Building Products, Inc.		56	4,506
Intercontinental Exchange, Inc.		25	2,895
JPMorgan Chase & Co.		77	9,191
KKR & Co., Inc., Class A		85	4,332
Markel Corp.(g)		2	2,707
Mastercard, Inc., Class A		63	22,893
Meta Platforms, Inc., Class A(g)		109	21,851
Microsoft Corp.		75	20,814
Moody’s Corp.		6	1,899
Nestle S.A.		67	8,650
Newmont Corp.		240	17,484
NIKE, Inc., Class B		21	2,619
NVIDIA Corp.		16	2,968
Old Dominion Freight Line, Inc.		11	3,081
PepsiCo, Inc.		28	4,808
Progressive Corp. (The)		119	12,776
salesforce.com, inc.(g)		63	11,084
ServiceNow, Inc.(g)		17	8,128
Sims Ltd.		723	10,459
Stellantis N.V.		560	7,485
Stryker Corp.		36	8,685
Texas Instruments, Inc.		34	5,788
Thermo Fisher Scientific, Inc.		31	17,140
TJX Cos., Inc. (The)		110	6,741
Twilio, Inc., Class A(g)		85	9,505
Twist Bioscience Corp.(g)		39	1,125
Uber Technologies, Inc.(g)		269	8,468
Union Pacific Corp.		33	7,732

	Shares		Value
United States–(continued)
Visa, Inc., Class A		28	$        5,968
			426,651
Total Common Stocks & Other Equity Interests (Cost $2,317,088)			2,937,341
	Principal Amount
U.S. Dollar Denominated Bonds & Notes–11.62%
Argentina–0.16%
Argentine Republic Government International Bond,
1.00%, 07/09/2029	$	4,402	1,422
1.50%, 07/09/2035(h)		97,000	27,800
			29,222
Brazil–0.94%
MARB BondCo PLC, 3.95%, 01/29/2031(b)		200,000	166,498
Canada–0.22%
1011778 BC ULC/New Red Finance, Inc.,
3.88%, 01/15/2028(b)		4,000	3,686
4.00%, 10/15/2030(b)		12,000	10,275
Hudbay Minerals, Inc., 6.13%, 04/01/2029(b)		8,000	7,580
Precision Drilling Corp., 6.88%, 01/15/2029(b)		7,000	6,800
Ritchie Bros. Holdings, Inc., 4.75%, 12/15/2031(b)		10,000	10,015
			38,356
France–0.05%
Altice France S.A., 5.50%, 10/15/2029(b)		10,000	8,512
United Kingdom–0.16%
Barclays Bank PLC, 1.06%(d)		20,000	17,270
Vodafone Group PLC, 4.13%, 06/04/2081(c)		14,000	12,119
			29,389
United States–10.09%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)		25,000	25,797
Allison Transmission, Inc.,
4.75%, 10/01/2027(b)		5,000	4,824
3.75%, 01/30/2031(b)		18,000	15,599
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)		38,000	37,712
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028(b)		16,000	14,943
Asbury Automotive Group, Inc.,
4.50%, 03/01/2028		3,000	2,802
4.63%, 11/15/2029(b)		12,000	10,820
Audacy Capital Corp., 6.75%, 03/31/2029(b)		10,000	8,674
Bausch Health Americas, Inc., 9.25%, 04/01/2026(b)		14,000	13,914
Bausch Health Cos., Inc., 6.13%, 04/15/2025(b)		14,000	14,050

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

8 Invesco Global Targeted Returns Fund

	Principal Amount		Value
United States–(continued)
Boeing Co. (The), 5.15%, 05/01/2030	$	100,000	$    99,418
Brink’s Co. (The), 5.50%, 07/15/2025(b)		10,000	10,042
Bristow Group, Inc., 6.88%, 03/01/2028(b)		18,000	17,664
Callon Petroleum Co.,
6.13%, 10/01/2024		5,000	4,943
8.00%, 08/01/2028(b)(i)		21,000	21,749
Calpine Corp., 3.75%, 03/01/2031(b)		14,000	11,817
Camelot Finance S.A., 4.50%, 11/01/2026(b)		21,000	19,767
Carnival Corp., 10.50%, 02/01/2026(b)		13,000	14,316
Carriage Services, Inc., 4.25%, 05/15/2029(b)		21,000	18,298
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.13%, 05/01/2027(b)		104,000	101,503
4.75%, 03/01/2030(b)		5,000	4,477
4.50%, 05/01/2032		24,000	20,235
4.25%, 01/15/2034(b)		10,000	7,967
Centene Corp.,
4.25%, 12/15/2027		3,000	2,913
4.63%, 12/15/2029		5,000	4,850
3.00%, 10/15/2030		9,000	7,844
Clarios Global L.P., 6.75%, 05/15/2025(b)		3,000	3,064
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		14,000	14,009
Clarivate Science Holdings Corp., 4.88%, 07/01/2029(b)		13,000	11,473
Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)		9,000	8,519
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029(b)		9,000	8,990
Coca-Cola Co. (The), 2.25%, 01/05/2032		50,000	43,884
Community Health Systems, Inc.,
8.00%, 03/15/2026(b)		12,000	12,420
6.13%, 04/01/2030(b)		13,000	10,706
Covanta Holding Corp.,
4.88%, 12/01/2029(b)		8,000	7,289
5.00%, 09/01/2030		7,000	6,333
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029(b)		17,000	17,750
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		9,000	8,022
CTR Partnership L.P./ CareTrust Capital Corp., 3.88%, 06/30/2028(b)		14,000	12,690
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)		13,000	12,451
DigitalBridge Group, Inc., Conv., 5.00%, 04/15/2023		8,000	8,023
DISH DBS Corp., 7.38%, 07/01/2028		3,000	2,627
DISH Network Corp., Conv., 3.38%, 08/15/2026		21,000	18,060

	Principal Amount		Value
United States–(continued)
Diversified Healthcare Trust,
4.75%, 05/01/2024	$	6,000	$    5,709
4.38%, 03/01/2031		19,000	14,775
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(b)		9,000	8,382
Earthstone Energy Holdings LLC, 8.00%, 04/15/2027(b)		17,000	16,968
Encompass Health Corp., 4.50%, 02/01/2028		12,000	11,115
Energizer Holdings, Inc., 4.75%, 06/15/2028(b)		8,000	7,044
EnerSys,
5.00%, 04/30/2023(b)		23,000	23,142
4.38%, 12/15/2027(b)		7,000	6,508
EnPro Industries, Inc., 5.75%, 10/15/2026		9,000	9,012
EQM Midstream Partners L.P., 6.50%, 07/01/2027(b)		9,000	9,101
Everi Holdings, Inc., 5.00%, 07/15/2029(b)		14,000	12,719
FirstCash, Inc., 5.63%, 01/01/2030(b)		7,000	6,522
Ford Motor Co.,
3.25%, 02/12/2032		22,000	17,915
4.75%, 01/15/2043		7,000	5,649
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028(b)		10,000	8,642
Gap, Inc. (The), 3.63%, 10/01/2029(b)(i)		19,000	15,485
Gartner, Inc.,
4.50%, 07/01/2028(b)		14,000	13,437
3.63%, 06/15/2029(b)		6,000	5,378
Genesis Energy L.P./Genesis Energy Finance Corp.,
5.63%, 06/15/2024		3,000	2,946
6.25%, 05/15/2026		10,000	9,339
8.00%, 01/15/2027		6,000	5,893
7.75%, 02/01/2028		8,000	7,711
Global Medical Response, Inc., 6.50%, 10/01/2025(b)		10,000	9,701
Gray Escrow II, Inc., 5.38%, 11/15/2031(b)		13,000	11,222
Gray Television, Inc., 7.00%, 05/15/2027(b)		8,000	8,280
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)		21,000	18,923
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)		8,000	7,926
HCA, Inc.,
5.88%, 02/15/2026		8,000	8,292
5.38%, 09/01/2026		10,000	10,246
5.88%, 02/01/2029		3,000	3,129
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028(b)		16,000	15,960
Holly Energy Partners L.P./ Holly Energy Finance Corp., 6.38%, 04/15/2027(b)		8,000	8,169
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(b)		10,000	9,702
IRB Holding Corp., 7.00%, 06/15/2025(b)		2,000	2,061

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)
iStar, Inc.,
4.75%, 10/01/2024	$	16,000	$  15,580
5.50%, 02/15/2026		3,000	2,923
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		12,000	12,038
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b)		13,000	12,056
Kontoor Brands, Inc., 4.13%, 11/15/2029(b)		10,000	8,692
Lamar Media Corp., 3.63%, 01/15/2031		13,000	11,330
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)		9,000	7,898
Level 3 Financing, Inc., 3.75%, 07/15/2029(b)		24,000	19,541
Lithia Motors, Inc., 3.88%, 06/01/2029(b)		13,000	11,756
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		13,000	11,371
Macy’s Retail Holdings LLC,
5.88%, 04/01/2029(b)		9,000	8,552
5.88%, 03/15/2030(b)		5,000	4,700
4.50%, 12/15/2034		7,000	5,473
Match Group Holdings II LLC, 4.63%, 06/01/2028(b)		14,000	13,071
Midwest Gaming Borrower LLC/ Midwest Gaming Finance Corp., 4.88%, 05/01/2029(b)		13,000	11,424
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026(b)		9,000	8,002
Mueller Water Products, Inc., 4.00%, 06/15/2029(b)		13,000	11,653
Nabors Industries Ltd., 7.25%, 01/15/2026(b)		5,000	4,893
Nabors Industries, Inc., 7.38%, 05/15/2027(b)		7,000	7,151
Navient Corp.,
7.25%, 09/25/2023		6,000	6,158
5.00%, 03/15/2027		8,000	7,298
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)		15,000	14,154
NFP Corp.,
6.88%, 08/15/2028(b)		16,000	14,236
4.88%, 08/15/2028(b)		5,000	4,557
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(b)		11,000	10,381
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		9,000	7,550
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)		16,000	15,903
Occidental Petroleum Corp.,
8.50%, 07/15/2027		1,000	1,129
6.13%, 01/01/2031		16,000	16,838
6.20%, 03/15/2040		8,000	8,294
OneMain Finance Corp.,
3.88%, 09/15/2028		6,000	5,093
5.38%, 11/15/2029		14,000	12,590
Papa John’s International, Inc., 3.88%, 09/15/2029(b)		22,000	19,274

	Principal Amount		Value
United States–(continued)
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)	$	16,000	$  14,617
Prestige Brands, Inc., 3.75%, 04/01/2031(b)		19,000	16,135
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)		9,000	8,559
Rockies Express Pipeline LLC,
4.95%, 07/15/2029(b)		4,000	3,750
4.80%, 05/15/2030(b)		16,000	14,677
6.88%, 04/15/2040(b)		10,000	9,519
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)		10,000	9,012
Ryan Specialty Group LLC, 4.38%, 02/01/2030(b)		5,000	4,566
SBA Communications Corp., 3.88%, 02/15/2027		21,000	19,954
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(b)		28,000	25,191
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)		13,000	12,368
Scripps Escrow II, Inc., 5.38%, 01/15/2031(b)		9,000	8,022
Select Medical Corp., 6.25%, 08/15/2026(b)		8,000	7,953
Sensata Technologies B.V., 4.88%, 10/15/2023(b)		12,000	12,046
Sensata Technologies, Inc.,
4.38%, 02/15/2030(b)		2,000	1,822
3.75%, 02/15/2031(b)		2,000	1,694
Service Properties Trust,
4.95%, 10/01/2029		4,000	3,202
4.38%, 02/15/2030		7,000	5,381
Sirius XM Radio, Inc.,
3.13%, 09/01/2026(b)		13,000	11,991
4.00%, 07/15/2028(b)		10,000	9,051
SM Energy Co.,
6.75%, 09/15/2026		3,000	2,989
6.63%, 01/15/2027		7,000	6,973
Sonic Automotive, Inc., 4.63%, 11/15/2029(b)		14,000	12,065
SS&C Technologies, Inc., 5.50%, 09/30/2027(b)		16,000	15,700
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)		14,000	12,570
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 5.50%, 01/15/2028(b)		10,000	9,336
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027(b)		18,000	18,050
Tenet Healthcare Corp., 4.88%, 01/01/2026(b)		12,000	11,763
Terminix Co. LLC (The), 7.45%, 08/15/2027		1,000	1,120
T-Mobile USA, Inc.,
4.75%, 02/01/2028		6,000	5,929
3.38%, 04/15/2029		9,000	8,152
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		9,000	8,808

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)
Valaris Ltd., 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(b)(f)	$	5,000	$	5,131
Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(f)		13,000		13,341
Verizon Communications, Inc., 2.36%, 03/15/2032		35,000		29,410
Vistra Corp., 7.00%(b)(c)(d)		2,000		1,949
Vistra Operations Co. LLC,
5.63%, 02/15/2027(b)		4,000		3,945
4.38%, 05/01/2029(b)		13,000		11,814
WMG Acquisition Corp., 3.75%, 12/01/2029(b)		14,000		12,566
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029(b)		9,000		7,892
				1,790,823
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,228,821)				2,062,800
U.S. Treasury Securities–0.55%
U.S. Treasury Inflation – Indexed Notes–0.28%
0.75%, 07/15/2028(j)		46,961		50,538
U.S. Treasury Notes–0.27%
1.63%, 05/15/2026		52,214		47,490
Total U.S. Treasury Securities (Cost $99,175)				98,028
	Shares
Money Market Funds–38.48%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(k)(l)		2,322,998		2,322,998

	Shares		Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(k)(l)		1,681,116	$	1,680,780
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.32%(k)(l)		170,453		170,453
Invesco Treasury Portfolio, Institutional Class, 0.23%(k)(l)		2,654,855		2,654,855
Total Money Market Funds (Cost $6,829,261)				6,829,086
Options Purchased–0.68% (Cost $100,322)(m)				120,266
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-90.96% (Cost $16,963,035)				16,143,974
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.18%
Invesco Private Government Fund, 0.40%(k)(l)(n)		8,847		8,847
Invesco Private Prime Fund, 0.35%(k)(l)(n)		22,029		22,029
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $30,872)				30,876
TOTAL INVESTMENTS IN SECURITIES–91.14% (Cost $16,993,907)				16,174,850
OTHER ASSETS LESS LIABILITIES–8.86%				1,572,991
NET ASSETS–100.00%			$	17,747,841

Investment Abbreviations:

ADR	– American Depositary Receipt
BRL	– Brazilian Real
Conv.	– Convertible
EUR	– Euro
GBP	– British Pound Sterling
MXN	– Mexican Peso
NVDR	– Non-Voting Depositary Receipt
Pfd.	– Preferred
PIK	– Pay-in-Kind
REIT	– Real Estate Investment Trust
RUB	– Russian Ruble
ZAR	– South African Rand

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

11 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, 2022 was $3,074,685, which represented 17.32% 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) 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) Step coupon bond. Rate shown is the rate in effect on April 30, 2022.

⁽ⁱ⁾ All or a portion of this security was out on loan at April 30, 2022.

^(j)  Principal amount of security and interest payments are adjusted for inflation. See Note 1I.

^(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, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$1,830,367		$6,103,371		$(5,610,740)		$       -		$        -		$2,322,998		$    376
Invesco Liquid Assets Portfolio, Institutional Class		1,399,713		4,359,550		(4,077,918)		(158)		(407)		1,680,780		636
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class		5,129,560		7,141,497		(12,100,604)		-		-		170,453		212
Invesco Treasury Portfolio, Institutional Class		2,091,848		6,975,281		(6,412,274)		-		-		2,654,855		685
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		34,125		(25,278)		-		-		8,847		4	*
Invesco Private Prime Fund		-		54,886		(32,860)		4		(1)		22,029		10	*
Total		$10,451,488		$24,668,710		$(28,259,674)		$(154)		$(408)		$6,859,962		$1,923

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

^(l)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(m)  The table below details options purchased.

⁽ⁿ⁾  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.

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

J.P. Morgan Chase Bank, N.A.

06/17/2022

13

EUR

3,950.00

EUR

513,500

$

6,599

S&P 500 Index

Call

Barclays Bank PLC

06/17/2022

2

USD

4,450.00

USD

890,000

5,709

Subtotal – Index Call Options Purchased

12,308

Equity Risk

FTSE Taiwan RIC Capped Index

Put

BNP Paribas S.A.

12/29/2022

7,132

TWD

1,594.40

TWD

11,371,261

52,657

Total Index Options Purchased

$

64,965

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $370,000.

^(b)  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 Global Targeted Returns Fund

Open Over-The-Counter Foreign Currency Options Purchased(a)
Description	Type of Contract	Counterparty	Expiration Date		Exercise Price		Notional Value		Value
Currency Risk
GBP Versus USD	Call	Barclays Bank PLC		10/28/2022	USD	1.40	GBP	24,680	$	41
GBP Versus USD	Call	J.P. Morgan Chase Bank, N.A.		10/28/2022	USD	1.40	GBP	76,329		129
GBP Versus USD	Call	J.P. Morgan Chase Bank, N.A.		10/28/2022	USD	1.40	GBP	60,926		103
GBP Versus USD	Call	J.P. Morgan Chase Bank, N.A.		10/28/2022	USD	1.40	GBP	23,843		40
USD Versus CNH	Call	UBS AG		02/15/2023	CNH	7.00	USD	47,977		454
USD Versus CNH	Call	UBS AG		02/15/2023	CNH	7.00	USD	64,155		607
Subtotal – Foreign Currency Call Options Purchased										1,374
Currency Risk
GBP Versus USD	Put	J.P. Morgan Chase Bank, N.A.		10/28/2022	USD	1.32	GBP	769,533		52,228
USD Versus CNH	Put	J.P. Morgan Chase Bank, N.A.		02/15/2023	CNH	6.16	USD	1,604,558		1,699
Subtotal – Foreign Currency Put Options Purchased										53,927
Total Foreign Currency Options Purchased									$	55,301

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $370,000.

Open Over-The-Counter Index Options Written(a)

Description

Type of Contract

Counterparty

Expiration Date

Number of Contracts

Exercise Price

Notional Value(b)

Value

Equity Risk

EURO STOXX 50 Index

Put

J.P. Morgan Chase Bank, N.A.

06/17/2022

13

EUR

3,425.00

EUR

445,250

$

(8,696

)

FTSE Taiwan RIC Capped Index

Put

BNP Paribas S.A.

12/29/2022

392

TWD

1,594.40

TWD

625,005

(2,894

)

S&P 500 Index

Put

Barclays Bank PLC

09/16/2022

5

USD

4,025.00

USD

2,012,500

(109,753

)

Total Index Options Written

$

(121,343

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $370,000.

^(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		Notional Value		Value
Currency Risk
GBP Versus USD	Call	J.P. Morgan Chase Bank, N.A.		10/28/2022	USD	1.40	GBP	769,533	$	(1,298	)
USD Versus CNH	Call	J.P. Morgan Chase Bank, N.A.		02/15/2023	CNH	7.00	USD	1,604,558		(15,179	)
Subtotal – Foreign Currency Call Options Written										(16,477	)
Currency Risk
GBP Versus USD	Put	Barclays Bank PLC		10/28/2022	USD	1.32	GBP	24,680		(1,675	)
GBP Versus USD	Put	J.P. Morgan Chase Bank, N.A.		10/28/2022	USD	1.32	GBP	76,329		(5,180	)
GBP Versus USD	Put	J.P. Morgan Chase Bank, N.A.		10/28/2022	USD	1.32	GBP	60,926		(4,135	)
GBP Versus USD	Put	J.P. Morgan Chase Bank, N.A.		10/28/2022	USD	1.32	GBP	23,843		(1,618	)
USD Versus CNH	Put	UBS AG		02/15/2023	CNH	6.16	USD	47,977		(51	)
USD Versus CNH	Put	UBS AG		02/15/2023	CNH	6.16	USD	64,155		(68	)
Subtotal – Foreign Currency Put Options Written										(12,727	)
Total – Foreign Currency Options Written									$	(29,204	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $370,000.

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

13 Invesco Global Targeted Returns Fund

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value			Value			Unrealized Appreciation (Depreciation)
Equity Risk
EURO STOXX Banks Index		274	June-2022	$	1,212,591		$	(70,777	)	$	(70,777	)
FTSE 100 Index		10	June-2022		944,722			47,236			47,236
Mini-DAX® Index		17	June-2022		1,263,461			11,765			11,765
Subtotal								(11,776	)		(11,776	)
Interest Rate Risk
Euro-Bobl		5	June-2022		670,843			(32,356	)		(32,356	)
U.S. Treasury Long Bonds		1	June-2022		140,688			(14,170	)		(14,170	)
Subtotal								(46,526	)		(46,526	)
Subtotal-Long Futures Contracts								(58,302	)		(58,302	)
Short Futures Contracts
Equity Risk
CAC 40® Index		18	May-2022		(1,229,829	)		(6,616	)		(6,616	)
E-Mini Russell 2000 Index		22	June-2022		(2,047,430	)		121,852			121,852
EURO STOXX 50 Index		32	June-2022		(1,261,214	)		4,693			4,693
EURO STOXX 600 Index		19	June-2022		(446,782	)		(16,328	)		(16,328	)
FTSE UK Mid Cap Tradable Plus Index		31	June-2022		(1,835,240	)		(28,890	)		(28,890	)
MSCI AC Asia ex Japan Index		19	June-2022		(1,008,894	)		3,898			3,898
MSCI World Index		8	June-2022		(689,520	)		2,973			2,973
Subtotal								81,582			81,582
Interest Rate Risk
Long Gilt		2	June-2022		(297,865	)		10,922			10,922
U.S. Treasury 10 Year Notes		5	June-2022		(595,781	)		36,621			36,621
Subtotal								47,543			47,543
Subtotal-Short Futures Contracts								129,125			129,125
Total Futures Contracts							$	70,823		$	70,823

^(a)  Futures contracts collateralized by $590,173 cash held with Merrill Lynch International, 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 CDX North America High Yield Index, Series 38, Versio 1		Buy		(5.00)%		Quarterly		06/20/2027		4.614%	USD	326,000	$	(10,914)	$	(4,757)	$	6,157
Credit Risk
Markit iTraxx Europe Crossover Index, Series 37, Version 1		Sell		5.00		Quarterly		06/20/2027		4.275	EUR	770,000		45,007		25,086		(19,921	)
Total Centrally Cleared Credit Default Swap Agreements													$	34,093	$	20,329	$	(13,764	)

^(a)  Centrally cleared swap agreements collateralized by $344,393 cash held with Credit Suisse.

^(b)  Implied credit spreads represent the current level, as of April 30, 2022, 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.

14 Invesco Global Targeted Returns Fund

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	SOFR		Annually		(2.79)%		Annually	04/22/2026		USD	2,588,750		$–	$	731		$	731
Receive	SOFR		Annually		(2.77)		Annually	04/29/2026		USD	2,588,750		–		1,559			1,559
Receive	SOFR		Annually		(2.45)		Annually	04/18/2032		USD	167,000		–		3,481			3,481
Receive	SOFR		Annually		(2.65)		Annually	04/29/2026		USD	2,088,750		–		6,160			6,160
Receive	6 Month EURIBOR		Semi-Annually		(1.45)		Annually	04/19/2047		EUR	326,000		–		12,323			12,323
Receive	SOFR		Annually		(1.77)		Annually	02/16/2032		USD	2,636,000		–		208,599			208,599
Receive	6 Month EURIBOR		Semi-Annually		0.29		Annually	06/16/2026		EUR	3,635,000		–		255,185			255,185
Receive	6 Month EURIBOR		Semi-Annually		(0.83)		Annually	02/16/2047		EUR	2,681,000		–		462,293			462,293
Subtotal – Appreciation													–		950,331			950,331
Interest Rate Risk
Pay	SOFR		Annually		1.76		Annually	02/16/2052		USD	2,652,000		–		(385,148	)		(385,148	)
Pay	6 Month EURIBOR		Semi-Annually		0.83		Annually	02/16/2032		EUR	2,652,000		–		(223,174	)		(223,174	)
Pay	SOFR		Annually		1.03		Annually	12/20/2026		USD	1,692,000		173		(125,629	)		(125,802	)
Pay	6 Month EURIBOR		Semi-Annually		0.13		Annually	12/07/2026		EUR	314,000		–		(22,734	)		(22,734	)
Pay	3 Month AUD BBSW		Quarterly		3.34		Quarterly	04/22/2026		AUD	3,350,500		–		(12,475	)		(12,475	)
Pay	3 Month AUD BBSW		Quarterly		3.36		Quarterly	04/29/2026		AUD	3,350,500		–		(11,908	)		(11,908	)
Pay	3 Month AUD BBSW		Quarterly		3.36		Quarterly	04/22/2026		AUD	3,350,500		–		(11,703	)		(11,703	)
Pay	SOFR		Annually		2.34		Annually	04/18/2052		USD	435,000		–		(10,809	)		(10,809	)
Pay	3 Month AUD BBSW		Quarterly		3.40		Quarterly	04/29/2026		AUD	3,350,500		–		(9,980	)		(9,980	)
Pay	6 Month EURIBOR		Semi-Annually		0.04		Annually	01/07/2027		EUR	117,000		–		(7,675	)		(7,675	)
Pay	6 Month EURIBOR		Semi-Annually		1.53		Annually	04/19/2032		EUR	92,000		–		(1,611	)		(1,611	)
Receive	SOFR		Annually		(2.81)		Annually	04/25/2026		USD	2,588,750		–		(190	)		(190	)
Subtotal – Depreciation													173		(823,036	)		(823,209	)
Total Centrally Cleared Interest Rate Swap Agreements													$173	$	127,295			$127,122

^(a)  Centrally cleared swap agreements collateralized by $344,393 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
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity	(2.62)%	At Maturity	02/15/2027		EUR	3,232,000		$         –		$	212,818		$	212,818
Interest Rate Risk
Pay	United Kingdom RPI	At Maturity	3.86	At Maturity	07/15/2028		GBP	5,606,521		(7,503	)		(921,408	)		(913,905	)
Total – Centrally Cleared Inflation Swap Agreements										$(7,503	)	$	(708,590	)		$(701,087	)

^(a)  Centrally cleared swap agreements collateralized by $344,393 cash held with Credit Suisse.

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

15 Invesco Global Targeted Returns Fund

Open Over-The-Counter Variance Swap Agreements(a)

Counterparty

Reference Entity

Pay/ Receive Variance

Volatility Strike Rate

Payment Frequency

Maturity Date

Notional Value

Unrealized Appreciation (Depreciation)

Equity Risk

Credit Suisse International

EURO STOXX 50 Index

Pay

28.60

%

At Maturity

12/20/2024

EUR

8,671

$

678

Credit Suisse International

S&P 500 Index

Receive

27.55

At Maturity

12/15/2023

USD

1,245

1,046

Goldman Sachs International

S&P 500 Index

Receive

29.20

At Maturity

12/15/2023

USD

571

92

Merrill Lynch International

Russell 2000 Index

Receive

31.00

At Maturity

12/15/2023

USD

2,018

1,983

Merrill Lynch International

S&P 500 Index

Pay

29.00

At Maturity

12/15/2023

USD

7,520

22,311

Merrill Lynch International

S&P 500 Index

Pay

29.00

At Maturity

12/15/2023

USD

5,241

15,702

Merrill Lynch International

S&P 500 Index

Receive

25.90

At Maturity

12/15/2023

USD

675

969

Societe Generale

S&P 500 Index

Pay

24.00

At Maturity

06/17/2022

USD

2,753

9,377

Societe Generale

S&P 500 Index

Pay

25.90

At Maturity

12/16/2022

USD

1,666

458

Subtotal – Appreciation

52,616

Equity Risk

Merrill Lynch International

S&P 500 Index

Pay

27.00

At Maturity

12/15/2023

USD

2,018

(5,303

)

Societe Generale

Russell 2000 Index

Receive

28.95

At Maturity

06/17/2022

USD

2,753

(8,000

)

Societe Generale

Russell 2000 Index

Receive

30.90

At Maturity

12/16/2022

USD

1,666

(1,135

)

UBS AG

S&P 500 Index

Pay

29.75

At Maturity

12/15/2023

USD

4,024

(1,303

)

Subtotal – Depreciation

(15,741

)

Total – Variance Swap Agreements

$

36,875

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $370,000.

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

$

8,269

BNP Paribas S.A.

EUR/USD

Pay

7.63

At Maturity

12/14/2022

EUR

4,334

1,548

BNP Paribas S.A.

EUR/USD

Receive

6.75

At Maturity

12/14/2022

EUR

7,965

6,131

BNP Paribas S.A.

EUR/USD

Receive

7.85

At Maturity

11/13/2023

EUR

8,119

1,383

BNP Paribas S.A.

USD/JPY

Receive

7.25

At Maturity

01/23/2023

USD

6,316

7,615

BNP Paribas S.A.

USD/JPY

Receive

7.33

At Maturity

01/23/2023

USD

12,985

15,434

BNP Paribas S.A.

USD/JPY

Receive

7.40

At Maturity

01/23/2023

USD

6,316

6,906

BNP Paribas S.A.

USD/JPY

Receive

7.80

At Maturity

11/13/2023

USD

1,505

1,984

BNP Paribas S.A.

USD/JPY

Receive

7.85

At Maturity

11/13/2023

USD

1,505

1,938

BNP Paribas S.A.

USD/JPY

Receive

7.95

At Maturity

01/10/2024

USD

6,268

8,108

Citibank, N.A.

EUR/USD

Receive

7.50

At Maturity

11/13/2023

EUR

8,118

4,233

Goldman Sachs International

USD/JPY

Pay

11.20

At Maturity

01/10/2024

USD

1,305

504

Goldman Sachs International

USD/JPY

Receive

7.60

At Maturity

11/13/2023

USD

1,148

1,651

Goldman Sachs International

USD/JPY

Receive

7.68

At Maturity

11/13/2023

USD

1,148

1,564

Goldman Sachs International

USD/JPY

Receive

7.73

At Maturity

11/13/2023

USD

1,466

1,997

Goldman Sachs International

USD/JPY

Receive

7.80

At Maturity

11/13/2023

USD

1,466

1,895

Goldman Sachs International

USD/JPY

Receive

7.85

At Maturity

11/13/2023

USD

1,466

1,828

Goldman Sachs International

USD/JPY

Receive

7.90

At Maturity

11/13/2023

USD

1,505

1,840

Goldman Sachs International

USD/JPY

Receive

7.85

At Maturity

01/10/2024

USD

3,103

4,444

Goldman Sachs International

USD/JPY

Receive

7.95

At Maturity

01/10/2024

USD

3,103

4,083

J.P. Morgan Chase Bank, N.A.

EUR/USD

Receive

5.98

At Maturity

12/14/2022

EUR

3,746

6,410

J.P. Morgan Chase Bank, N.A.

EUR/USD

Receive

6.31

At Maturity

12/14/2022

EUR

8,559

11,825

J.P. Morgan Chase Bank, N.A.

USD/JPY

Pay

11.10

At Maturity

01/23/2023

USD

4,640

0

J.P. Morgan Chase Bank, N.A.

USD/JPY

Pay

11.21

At Maturity

01/23/2023

USD

4,640

2,013

Morgan Stanley and Co. International PLC

EUR/USD

Pay

9.40

At Maturity

12/14/2022

EUR

4,645

10,289

Morgan Stanley and Co. International PLC

EUR/USD

Receive

6.50

At Maturity

12/14/2022

EUR

4,280

5,145

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

16 Invesco Global Targeted Returns Fund

Open Over-The-Counter 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

7.00

%

At Maturity

12/14/2022

EUR

23,893

$

12,373

Morgan Stanley and Co. International PLC

USD/JPY

Receive

8.00

At Maturity

01/23/2023

USD

3,160

185

Morgan Stanley and Co. International PLC

USD/JPY

Receive

7.80

At Maturity

11/13/2023

USD

2,296

2,868

Societe Generale

EUR/USD

Receive

6.50

At Maturity

12/14/2022

EUR

8,340

8,542

Societe Generale

EUR/USD

Receive

6.80

At Maturity

12/14/2022

EUR

4,673

3,387

Standard Chartered Bank PLC

USD/JPY

Receive

7.53

At Maturity

01/10/2024

USD

6,917

12,416

Subtotal – Appreciation

158,808

Currency Risk

BNP Paribas S.A.

EUR/USD

Pay

6.70

At Maturity

12/14/2022

EUR

2,778

(2,356

)

BNP Paribas S.A.

EUR/USD

Pay

8.76

At Maturity

12/14/2022

EUR

5,148

(1,609

)

BNP Paribas S.A.

USD/JPY

Pay

7.65

At Maturity

01/10/2024

USD

4,832

(12,545

)

J.P. Morgan Chase Bank, N.A.

USD/JPY

Pay

8.18

At Maturity

01/23/2023

USD

5,638

(16,217

)

J.P. Morgan Chase Bank, N.A.

USD/JPY

Receive

8.74

At Maturity

01/23/2023

USD

3,734

(2,909

)

J.P. Morgan Chase Bank, N.A.

USD/JPY

Receive

8.93

At Maturity

01/23/2023

USD

3,734

(3,575

)

J.P. Morgan Chase Bank, N.A.

USD/JPY

Receive

9.00

At Maturity

01/23/2023

USD

3,734

(3,558

)

J.P. Morgan Chase Bank, N.A.

USD/JPY

Receive

9.10

At Maturity

01/23/2023

USD

3,734

(4,019

)

J.P. Morgan Chase Bank, N.A.

USD/JPY

Receive

9.14

At Maturity

01/23/2023

USD

3,734

(4,234

)

Morgan Stanley and Co. International PLC

EUR/USD

Pay

6.23

At Maturity

11/13/2023

EUR

3,764

(10,706

)

Morgan Stanley and Co. International PLC

USD/JPY

Pay

7.60

At Maturity

01/23/2023

USD

2,808

(1,492

)

Subtotal – Depreciation

(63,220

)

Total – Volatility Swap Agreements

$

95,588

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $370,000.

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

Receive

Solactive European Oil Majors NTR Index

3 Month EURIBOR

Quarterly

6,812

April–2023

EUR

679,515

$–

$

3,789

$

3,789

Equity Risk

BNP Paribas S.A.

Receive

FTSE Taiwan RIC Capped Price Index

SOFR + 0.070%

Quarterly

366

November–2022

USD

1,094,516

–

(111,154

)

(111,154

)

Goldman Sachs International

Receive

China Securities Index 500 Net Total Return Index

SOFR - 10.350%

Quarterly

18

December–2022

USD

165,577

–

(21,637

)

(21,637

)

J.P. Morgan Chase Bank, N.A.

Receive

China Securities Index 500 Net Total Return Index

SOFR - 10.750%

Quarterly

41

December–2022

USD

377,148

–

(49,284

)

(49,284

)

J.P. Morgan Chase Bank, N.A.

Receive

China Securities Index 500 Net Total Return Index

SOFR - 7.250%

Quarterly

41

December–2022

USD

377,148

–

(49,284

)

(49,284

)

J.P. Morgan Chase Bank, N.A.

Receive

FTSE Taiwan RIC Capped Price Index

SOFR - 0.015%

Quarterly

144

November–2022

USD

430,629

–

(43,733

)

(43,733

)

Societe Generale

Receive

FTSE Taiwan RIC Capped Price Index

SOFR + 0.110%

Quarterly

29

November–2022

USD

86,724

–

(8,807

)

(8,807

)

Societe Generale

Receive

FTSE Taiwan RIC Capped Price Index

SOFR - 0.190%

Quarterly

102

November–2022

USD

305,029

–

(30,977

)

(30,977

)

Societe Generale

Receive

FTSE Taiwan RIC Capped Price Index

SOFR - 0.250%

Quarterly

33

November–2022

USD

93,218

–

(4,555

)

(4,555

)

Societe Generale

Receive

SG Strong Balance Sheet 250 C Index

3 Month USD LIBOR +0.490%

Quarterly

21

October–2022

USD

19,607

–

(1,931

)

(1,931

)

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

17 Invesco Global Targeted Returns Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(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)
Societe Generale	Receive	SG Strong Balance Sheet 250 C Index	3 Month USD LIBOR + 0.490%	Quarterly		289		October–2022	USD	269,834	$–	$	(26,573	)	$	(26,573	)
Societe Generale	Receive	SG Strong Balance Sheet 250 C Index	3 Month USD LIBOR + 0.490%	Quarterly		302		October–2022	USD	281,972	–		(27,768	)		(27,768	)
Societe Generale	Receive	SG Strong Balance Sheet 250 C Index	3 Month USD LIBOR + 0.490%	Quarterly		471		October–2022	USD	439,764	–		(43,307	)		(43,307	)
Societe Generale	Receive	SG Strong Balance Sheet 250 C Index	3 Month USD LIBOR + 0.490%	Quarterly		581		October–2022	USD	542,469	–		(53,422	)		(53,422	)
Societe Generale	Receive	SG Strong Balance Sheet 250 C Index	3 Month USD LIBOR + 0.490%	Quarterly		619		October–2022	USD	577,948	–		(56,916	)		(56,916	)
Societe Generale	Receive	SG Strong Balance Sheet 250 C Index	SOFR + 0.610%	Quarterly		79		October–2022	USD	73,761	–		(7,264	)		(7,264	)
Societe Generale	Receive	SG Strong Balance Sheet 250 C Index	SOFR + 0.610%	Quarterly		88		October–2022	USD	82,164	–		(8,091	)		(8,091	)
Subtotal – Depreciation											–		(544,703	)		(544,703	)
Total – Total Return Swap Agreements											$–	$	(540,914	)	$	(540,914	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $370,000.

^(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	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
		Deliver			Receive
Currency Risk
06/10/2022	Barclays Bank PLC		JPY	37,318,333		EUR	275,385	$	3,111
05/10/2022	BNP Paribas S.A.		KRW	461,263,000		USD	382,337		17,169
06/10/2022	BNP Paribas S.A.		CNY	10,300,579		USD	1,619,430		68,687
06/10/2022	BNP Paribas S.A.		EUR	190,000		USD	207,107		6,327
06/10/2022	BNP Paribas S.A.		GBP	270,000		USD	354,040		14,528
06/10/2022	BNP Paribas S.A.		USD	41,699		INR	3,217,000		150
06/10/2022	BNP Paribas S.A.		ZAR	609,968		USD	39,297		828
06/10/2022	Deutsche Bank AG		CHF	2,000		EUR	1,995		48
06/10/2022	Deutsche Bank AG		GBP	3,000		EUR	3,618		50
05/10/2022	Goldman Sachs International		EUR	747,000		USD	845,207		56,947
05/10/2022	Goldman Sachs International		GBP	374,000		USD	506,811		36,530
05/10/2022	Goldman Sachs International		JPY	37,318,333		EUR	275,385		2,998
05/13/2022	Goldman Sachs International		EUR	40,000		USD	44,931		2,716
05/13/2022	Goldman Sachs International		USD	13,781		GBP	11,000		50
05/16/2022	Goldman Sachs International		BRL	25,000		USD	5,080		44
05/16/2022	Goldman Sachs International		JPY	3,000,000		USD	25,695		2,571
05/16/2022	Goldman Sachs International		USD	4,992		BRL	25,000		44
06/10/2022	Goldman Sachs International		GBP	438,000		USD	582,341		31,576
06/10/2022	Goldman Sachs International		JPY	38,783,200		USD	303,451		4,252
06/10/2022	Goldman Sachs International		KRW	1,088,532,000		USD	893,998		32,346
07/08/2022	Goldman Sachs International		GBP	11,000		USD	14,381		547
07/12/2022	Goldman Sachs International		CNY	6,051,600		USD	944,957		36,186
07/12/2022	Goldman Sachs International		JPY	80,126,200		USD	627,883		8,803
12/13/2022	Goldman Sachs International		TWD	33,441,000		USD	1,225,484		70,890
04/12/2023	Goldman Sachs International		HKD	34,977,000		USD	4,482,794		8,169

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

18 Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
05/10/2022	J.P. Morgan Chase Bank, N.A.		TWD	67,106,884		USD	2,368,817	$	88,336
05/13/2022	J.P. Morgan Chase Bank, N.A.		EUR	110,000		USD	125,743		9,652
05/13/2022	J.P. Morgan Chase Bank, N.A.		GBP	337,000		USD	452,329		28,574
06/10/2022	J.P. Morgan Chase Bank, N.A.		EUR	667,000		USD	729,900		25,058
06/10/2022	J.P. Morgan Chase Bank, N.A.		JPY	103,596,000		USD	810,317		11,111
06/10/2022	J.P. Morgan Chase Bank, N.A.		TWD	67,106,884		USD	2,341,237		55,907
07/08/2022	J.P. Morgan Chase Bank, N.A.		EUR	140,000		USD	154,153		5,978
07/08/2022	J.P. Morgan Chase Bank, N.A.		GBP	270,000		USD	354,262		14,687
07/12/2022	J.P. Morgan Chase Bank, N.A.		GBP	283,000		USD	370,373		14,435
07/12/2022	J.P. Morgan Chase Bank, N.A.		KRW	343,316,000		USD	281,725		9,810
05/25/2022	State Street Bank & Trust Co.		AUD	179,758		USD	133,946		6,889
05/25/2022	State Street Bank & Trust Co.		CAD	36,758		USD	29,472		859
05/25/2022	State Street Bank & Trust Co.		CHF	72,478		USD	76,578		1,992
05/25/2022	State Street Bank & Trust Co.		CNY	400,227		USD	61,679		1,324
05/25/2022	State Street Bank & Trust Co.		DKK	194,587		USD	28,578		956
05/25/2022	State Street Bank & Trust Co.		EUR	1,247,574		USD	1,361,485		44,150
05/25/2022	State Street Bank & Trust Co.		GBP	1,029,850		USD	1,344,814		49,852
05/25/2022	State Street Bank & Trust Co.		HKD	1,990,331		USD	253,834		82
05/25/2022	State Street Bank & Trust Co.		IDR	676,153,000		USD	47,037		609
05/25/2022	State Street Bank & Trust Co.		INR	6,447,000		USD	84,376		362
05/25/2022	State Street Bank & Trust Co.		JPY	1,350,000		USD	10,542		133
05/25/2022	State Street Bank & Trust Co.		KRW	179,339,667		USD	144,956		2,999
05/25/2022	State Street Bank & Trust Co.		MXN	38,353,604		USD	1,902,895		31,404
05/25/2022	State Street Bank & Trust Co.		NOK	63,541		USD	7,243		468
05/25/2022	State Street Bank & Trust Co.		SEK	211,262		USD	22,459		933
05/25/2022	State Street Bank & Trust Co.		SGD	61,166		USD	44,936		710
05/25/2022	State Street Bank & Trust Co.		THB	808,000		USD	23,867		271
05/25/2022	State Street Bank & Trust Co.		TWD	2,973,192		USD	101,939		789
05/25/2022	State Street Bank & Trust Co.		USD	1,133		HKD	8,890		0
05/25/2022	State Street Bank & Trust Co.		ZAR	10,362,221		USD	679,451		24,798
05/10/2022	UBS AG		KRW	8,650,000		USD	7,111		263
05/10/2022	UBS AG		TWD	168,000		USD	5,982		273
Subtotal–Appreciation									839,231
Currency Risk
06/10/2022	Barclays Bank PLC		EUR	96,655		GBP	80,333		(1,124	)
06/10/2022	Barclays Bank PLC		USD	73,384		TWD	2,056,667		(3,345	)
07/12/2022	Barclays Bank PLC		USD	648,786		JPY	80,126,200		(29,706	)
05/10/2022	BNP Paribas S.A.		EUR	3,195		GBP	2,666		(19	)
05/10/2022	BNP Paribas S.A.		USD	93,424		KRW	113,553,000		(3,526	)
05/10/2022	BNP Paribas S.A.		USD	224,510		TWD	6,456,000		(5,117	)
06/10/2022	BNP Paribas S.A.		EUR	73,157		CHF	74,000		(1,093	)
06/10/2022	BNP Paribas S.A.		MXN	520,000		USD	23,943		(1,354	)
07/12/2022	BNP Paribas S.A.		USD	41,187		INR	3,148,000		(373	)
05/10/2022	Deutsche Bank AG		USD	48,016		TWD	1,328,667		(2,864	)
05/10/2022	Goldman Sachs International		EUR	295,586		JPY	37,318,333		(24,315	)
05/10/2022	Goldman Sachs International		USD	37,475		INR	2,839,000		(408	)
06/10/2022	Goldman Sachs International		EUR	295,474		JPY	37,318,333		(24,340	)
06/10/2022	Goldman Sachs International		USD	12,985		EUR	12,000		(304	)
06/10/2022	Goldman Sachs International		USD	92,810		KRW	113,005,000		(3,358	)
06/10/2022	Goldman Sachs International		USD	15,896		ZAR	250,000		(129	)

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

19 Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
		Deliver			Receive
07/08/2022	Goldman Sachs International		EUR	97,000		USD	102,507	$	(157	)
05/13/2022	J.P. Morgan Chase Bank, N.A.		USD	18,388		GBP	14,000		(784	)
05/16/2022	J.P. Morgan Chase Bank, N.A.		USD	50,084		JPY	5,800,000		(5,377	)
06/10/2022	J.P. Morgan Chase Bank, N.A.		USD	63,972		CNY	415,000		(1,494	)
06/10/2022	J.P. Morgan Chase Bank, N.A.		USD	11,077		EUR	10,000		(510	)
06/10/2022	J.P. Morgan Chase Bank, N.A.		USD	1,236,682		JPY	142,379,200		(138,277	)
07/12/2022	J.P. Morgan Chase Bank, N.A.		USD	38,143		KRW	46,482,000		(1,328	)
07/12/2022	J.P. Morgan Chase Bank, N.A.		USD	40,987		TWD	1,150,667		(1,702	)
04/12/2023	J.P. Morgan Chase Bank, N.A.		USD	172,323		HKD	1,346,000		(129	)
05/10/2022	Merrill Lynch International		USD	191,883		EUR	173,537		(8,761	)
05/10/2022	Morgan Stanley and Co. International PLC		USD	447,230		EUR	404,462		(20,427	)
05/10/2022	Standard Chartered Bank PLC		INR	492,000		USD	6,422		(1	)
05/09/2022	State Street Bank & Trust Co.		USD	1,185		IDR	17,130,548		(4	)
05/25/2022	State Street Bank & Trust Co.		CNY	36,221		USD	5,446		(17	)
05/25/2022	State Street Bank & Trust Co.		EUR	67,000		USD	70,546		(200	)
05/25/2022	State Street Bank & Trust Co.		GBP	26,000		USD	32,523		(170	)
05/25/2022	State Street Bank & Trust Co.		HKD	84,113		USD	10,722		(1	)
05/25/2022	State Street Bank & Trust Co.		INR	263,000		USD	3,427		(0	)
05/25/2022	State Street Bank & Trust Co.		TWD	141,000		USD	4,777		(19	)
05/25/2022	State Street Bank & Trust Co.		USD	5,050		AUD	7,000		(102	)
05/25/2022	State Street Bank & Trust Co.		USD	2,351		CAD	3,000		(15	)
05/25/2022	State Street Bank & Trust Co.		USD	3,951		CHF	3,803		(37	)
05/25/2022	State Street Bank & Trust Co.		USD	4,895		CNY	32,134		(50	)
05/25/2022	State Street Bank & Trust Co.		USD	1,152		DKK	8,000		(17	)
05/25/2022	State Street Bank & Trust Co.		USD	593,734		EUR	553,000		(9,811	)
05/25/2022	State Street Bank & Trust Co.		USD	94,193		GBP	73,000		(2,400	)
05/25/2022	State Street Bank & Trust Co.		USD	17,475		HKD	137,051		(1	)
05/25/2022	State Street Bank & Trust Co.		USD	5,450		KRW	6,859,000		(21	)
05/25/2022	State Street Bank & Trust Co.		USD	69,517		MXN	1,422,000		(129	)
05/25/2022	State Street Bank & Trust Co.		USD	2,056		SEK	20,000		(19	)
05/25/2022	State Street Bank & Trust Co.		USD	9,985		TWD	292,000		(52	)
05/25/2022	State Street Bank & Trust Co.		ZAR	495,000		USD	31,082		(190	)
05/10/2022	UBS AG		INR	366,000		USD	4,766		(13	)
06/10/2022	UBS AG		USD	72,677		CNY	462,000		(3,123	)
Subtotal–Depreciation									(296,713	)
Total Forward Foreign Currency Contracts								$	542,518

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

20 Invesco Global Targeted Returns Fund

Abbreviations:
AUD	–Australian Dollar
BBSW	–Bank Bill Swap Rate
BRL	–Brazilian Real
CAD	–Canadian Dollar
CHF	–Swiss Franc
CNH	–Chinese Renminbi
CNY	–Chinese Yuan Renminbi
DKK	–Danish Krone
EUR	–Euro
EURIBOR	–Euro Interbank Offered Rate
GBP	–British Pound Sterling
HICP	–Harmonised Index of Consumer Prices
HKD	–Hong Kong Dollar
IDR	–Indonesian Rupiah
INR	–Indian Rupee
JPY	–Japanese Yen
KRW	–South Korean Won
LIBOR	–London Interbank Offered Rate
MXN	–Mexican Peso
NOK	–Norwegian Krone
NSA	–Non-Seasonally Adjusted
RPI	–Retail Price Index
SEK	–Swedish Krona
SGD	–Singapore Dollar
SOFR	–Secured Overnight Financing Rate
THB	–Thai Baht
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		1.10	%		0.00	%		0.00	%
Credit		10.49			6.41			19.72
Currency		10.66			224.04			3.20
Equity		44.10			125.06			13.58
Inflation		7.96			58.93			(3.40	)
Interest Rate		17.98			219.56			15.63
Volatility(4)		7.71			1.45			0.75
Money Market Funds Plus Other Assets Less Liabilities		–			–			50.52

⁽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, 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, 2022.

⁽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, 2022.

⁽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.

21 Invesco Global Targeted Returns Fund

Consolidated Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $10,133,774)*	$	9,314,888
Investments in affiliated money market funds, at value (Cost $6,860,133)		6,859,962
Other investments:
Variation margin receivable – futures contracts		40,334
Variation margin receivable–centrally cleared swap agreements		21,338
Swaps receivable – OTC		7,122
Unrealized appreciation on swap agreements – OTC		215,213
Unrealized appreciation on forward foreign currency contracts outstanding		839,231
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		590,173
Cash collateral – centrally cleared swap agreements		344,393
Cash collateral – OTC Derivatives		370,000
Cash		138,095
Foreign currencies, at value (Cost $283,818)		285,733
Receivable for:
Investments sold		48,909
Fund shares sold		24,801
Dividends		28,127
Interest		150,980
Investment for trustee deferred compensation and retirement plans		24,711
Other assets		53,932
Total assets		19,357,942
Liabilities:
Other investments:
Options written, at value (premiums received $123,747)		150,547
Unrealized depreciation on forward foreign currency contracts outstanding		296,713
Swaps payable – OTC		2,955
Unrealized depreciation on swap agreements–OTC		623,664
Payable for:
Investments purchased		117,826
Fund shares reacquired		9,994
Accrued foreign taxes		2,871
Collateral upon return of securities loaned		30,872
Accrued fees to affiliates		25,654
Accrued other operating expenses		324,294
Trustee deferred compensation and retirement plans		24,711
Total liabilities		1,610,101
Net assets applicable to shares outstanding	$	17,747,841

Net assets consist of:
Shares of beneficial interest	$	25,884,174
Distributable earnings (loss)		(8,136,333	)
	$	17,747,841
Net Assets:
Class A	$	3,149,699
Class C	$	1,173,414
Class R	$	44,970
Class Y	$	13,201,374
Class R5	$	8,768
Class R6	$	169,616
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		361,673
Class C		139,061
Class R		5,217
Class Y		1,506,266
Class R5		1,000
Class R6		19,331
Class A:
Net asset value per share	$	8.71
Maximum offering price per share
(Net asset value of $8.71 ÷ 94.50%)	$	9.22
Class C:
Net asset value and offering price per share	$	8.44
Class R:
Net asset value and offering price per share	$	8.62
Class Y:
Net asset value and offering price per share	$	8.76
Class R5:
Net asset value and offering price per share	$	8.77
Class R6:
Net asset value and offering price per share	$	8.77

* At April 30, 2022, securities with an aggregate value of $29,600 were on loan to brokers.

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

22 Invesco Global Targeted Returns Fund

Consolidated Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	249,181
Dividends (net of foreign withholding taxes of $2,965)		45,865
Dividends from affiliated money market funds (includes securities lending income of $188)		2,097
Total investment income		297,143
Expenses:
Advisory fees		113,589
Administrative services fees		1,584
Custodian fees		115,766
Distribution fees:
Class A		6,144
Class C		7,098
Class R		109
Transfer agent fees – A, C, R and Y		19,706
Transfer agent fees – R5		1
Transfer agent fees – R6		25
Trustees’ and officers’ fees and benefits		8,502
Registration and filing fees		39,708
Licensing fees		87,043
Professional services fees		68,794
Other		8,714
Total expenses		476,783
Less: Fees waived and/or expenses reimbursed		(345,317	)
Net expenses		131,466
Net investment income		165,677
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $1,253)		(437,679	)
Affiliated investment securities		(408	)
Foreign currencies		(435,942	)
Forward foreign currency contracts		1,064,314
Futures contracts		553,429
Option contracts written		1,269,308
Swap agreements		75,021
		2,088,043
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $2,460)		(2,500,343	)
Affiliated investment securities		(154	)
Foreign currencies		(40,852	)
Forward foreign currency contracts		303,964
Futures contracts		18,586
Option contracts written		23,868
Swap agreements		(791,760	)
		(2,986,691	)
Net realized and unrealized gain (loss)		(898,648	)
Net increase (decrease) in net assets resulting from operations	$	(732,971	)

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

23 Invesco Global Targeted Returns Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income	$	165,677		$	503,622
Net realized gain		2,088,043			54,831
Change in net unrealized appreciation (depreciation)		(2,986,691	)		(494,757	)
Net increase (decrease) in net assets resulting from operations		(732,971	)		63,696
Distributions to shareholders from distributable earnings:
Class A		(40,208	)		–
Class C		(8,331	)		–
Class R		(275	)		–
Class Y		(139,634	)		–
Class R5		(92	)		–
Class R6		(1,736	)		–
Total distributions from distributable earnings		(190,276	)		–
Share transactions–net:
Class A		(3,018,097	)		(5,060,168	)
Class C		(684,956	)		(1,233,172	)
Class R		4,050			(7,515	)
Class Y		(3,685,849	)		(9,518,872	)
Class R6		5,538			(1,008,180	)
Net increase (decrease) in net assets resulting from share transactions		(7,379,314	)		(16,827,907	)
Net increase (decrease) in net assets		(8,302,561	)		(16,764,211	)
Net assets:
Beginning of period		26,050,402			42,814,613
End of period	$	17,747,841		$	26,050,402

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

24 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(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 04/30/22		$	9.09		$	0.07		$	(0.39	)		$	(0.32	)		$	(0.06	)		$	–			$	–			$	(0.06	)		$	8.71		(3.52	)%		$	3,150		1.39	%(d)		4.74	%(d)		1.49	%(d)		23	%
Year ended 10/31/21			9.14			0.11			(0.16	)			(0.05	)			–				–				–				–				9.09		(0.55	)			6,360		1.43			3.03			1.22			74
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
Class C
Six months ended 04/30/22			8.83			0.03			(0.37	)			(0.34	)			(0.05	)			–				–				(0.05	)			8.44		(3.89	)			1,173		2.14	(d)		5.49	(d)		0.74	(d)		23
Year ended 10/31/21			8.95			0.04			(0.16	)			(0.12	)			–				–				–				–				8.83		(1.34	)			1,921		2.18			3.78			0.47			74
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
Class R
Six months ended 04/30/22			9.00			0.05			(0.37	)			(0.32	)			(0.06	)			–				–				(0.06	)			8.62		(3.60	)			45		1.64	(d)		4.99	(d)		1.24	(d)		23
Year ended 10/31/21			9.08			0.09			(0.17	)			(0.08	)			–				–				–				–				9.00		(0.88	)			43		1.68			3.28			0.97			74
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
Class Y
Six months ended 04/30/22			9.17			0.08			(0.40	)			(0.32	)			(0.09	)			–				–				(0.09	)			8.76		(3.49	)			13,201		1.14	(d)		4.49	(d)		1.74	(d)		23
Year ended 10/31/21			9.20			0.14			(0.17	)			(0.03	)			–				–				–				–				9.17		(0.33	)			17,546		1.18			2.78			1.47			74
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
Class R5
Six months ended 04/30/22			9.17			0.08			(0.39	)			(0.31	)			(0.09	)			–				–				(0.09	)			8.77		(3.39	)			9		1.14	(d)		4.35	(d)		1.74	(d)		23
Year ended 10/31/21			9.20			0.14			(0.17	)			(0.03	)			–				–				–				–				9.17		(0.33	)			9		1.18			2.65			1.47			74
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
Class R6
Six months ended 04/30/22			9.18			0.08			(0.40	)			(0.32	)			(0.09	)			–				–				(0.09	)			8.77		(3.49	)			170		1.14	(d)		4.35	(d)		1.74	(d)		23
Year ended 10/31/21			9.21			0.14			(0.17	)			(0.03	)			–				–				–				–				9.18		(0.33	)			172		1.18			2.65			1.47			74
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

^(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)  Annualized.

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

25 Invesco Global Targeted Returns Fund

Notes to Consolidated Financial Statements

April 30, 2022

(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 Invesco Cayman Commodity Fund VII Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. 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 Subsidiary. 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 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 may be valued up to 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 debt 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

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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 based on relative net assets of Class R5 and Class R6. 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.

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

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short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated 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 Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, there were no securities lending transactions with the Adviser.

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

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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.

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, volatility, variance, inflation 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 and variance 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

29 Invesco Global Targeted Returns Fund

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, 2022, if any, 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. LIBOR Risk –  The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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. 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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.

U. 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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant

30 Invesco Global Targeted Returns Fund

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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. 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, 2022, 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 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, 2023, 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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $113,589, reimbursed fund level expenses of $214,331 and reimbursed class level expenses of $4,152, $1,203, $37, $11,979, $1 and $25 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, 2022, 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, 2022, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $15 in front-end sales commissions from the sale of Class A shares and $0 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.

31 Invesco Global Targeted Returns 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, 2022. 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	$	79,559		$	4,016,894			$0	$	4,096,453
Common Stocks & Other Equity Interests		685,476			2,251,865			0		2,937,341
U.S. Dollar Denominated Bonds & Notes		–			2,062,800			–		2,062,800
U.S. Treasury Securities		–			98,028			–		98,028
Money Market Funds		6,829,086			30,876			–		6,859,962
Options Purchased		–			120,266			–		120,266
Total Investments in Securities		7,594,121			8,580,729			0		16,174,850
Other Investments - Assets*
Futures Contracts		239,960			–			–		239,960
Forward Foreign Currency Contracts		–			839,231			–		839,231
Swap Agreements		–			1,384,519			–		1,384,519
		239,960			2,223,750			–		2,463,710
Other Investments - Liabilities*
Futures Contracts		(169,137	)		–			–		(169,137	)
Forward Foreign Currency Contracts		–			(296,713	)		–		(296,713	)
Options Written		–			(150,547	)		–		(150,547	)
Swap Agreements		–			(2,380,699	)		–		(2,380,699	)
		(169,137	)		(2,827,959	)		–		(2,997,096	)
Total Other Investments		70,823			(604,209	)		–		(533,386	)
Total Investments	$	7,664,944		$	7,976,520			$0	$	15,641,464

* 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.

32 Invesco Global Targeted Returns 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, 2022:

	Value
Derivative Assets	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts -Exchange-Traded(a)	$	–		$	–		$	192,417		$	47,543		$	239,960
Unrealized appreciation on swap agreements - Centrally Cleared(a)		6,157			–			–			1,163,149			1,169,306
Unrealized appreciation on forward foreign currency contracts outstanding		–			839,231			–			–			839,231
Unrealized appreciation on swap agreements - OTC		–			158,808			56,405			–			215,213
Options purchased, at value - OTC(b)		–			55,301			64,965			–			120,266
Total Derivative Assets		6,157			1,053,340			313,787			1,210,692			2,583,976
Derivatives not subject to master netting agreements		(6,157	)		–			(192,417	)		(1,210,692	)		(1,409,266	)
Total Derivative Assets subject to master netting agreements	$	–		$	1,053,340		$	121,370		$	–		$	1,174,710
	Value
Derivative Liabilities	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts -Exchange-Traded(a)	$	–		$	–		$	(122,611	)	$	(46,526	)	$	(169,137	)
Unrealized depreciation on swap agreements - Centrally Cleared(a)		(19,921	)		–			–			(1,737,114	)		(1,757,035	)
Unrealized depreciation on forward foreign currency contracts outstanding		–			(296,713	)		–			–			(296,713	)
Unrealized depreciation on swap agreements - OTC		–			(63,220	)		(560,444	)		–			(623,664	)
Options written, at value - OTC		–			(29,204	)		(121,343	)		–			(150,547	)
Total Derivative Liabilities		(19,921	)		(389,137	)		(804,398	)		(1,783,640	)		(2,997,096	)
Derivatives not subject to master netting agreements		19,921			–			122,611			1,783,640			1,926,172
Total Derivative Liabilities subject to master netting agreements	$	–		$	(389,137	)	$	(681,787	)	$	–		$	(1,070,924	)

^(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.

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, 2022.

	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	$	3,111	$	5,750	$	8,269	$	17,130	$	(34,175	)	$	(111,428	)	$	–		$	(145,603	)	$	(128,473	)		$–	$	110,000		$	(18,473	)
BNP Paribas S.A.		107,689		52,657		51,047		211,393		(11,482	)		(2,894	)		(128,176	)		(142,552	)		68,841			–		–			68,841
Citibank, N.A.		–		–		4,233		4,233		–			–			–			–			4,233			–		–			4,233
Credit Suisse International		–		–		1,724		1,724		–			–			–			–			1,724			–		–			1,724
Deutsche Bank AG		98		–		–		98		(2,864	)		–			–			(2,864	)		(2,766	)		–		–			(2,766	)
Goldman Sachs International		294,669		–		25,149		319,818		(53,011	)		–			(21,637	)		(74,648	)		245,170			–		(200,000	)		45,170
J.P. Morgan Chase Bank, N.A.		263,548		60,798		25,908		350,254		(149,601	)		(36,106	)		(176,951	)		(362,658	)		(12,404	)		–		12,404			–
Merrill Lynch International		–		–		40,965		40,965		(8,761	)		–			(5,303	)		(14,064	)		26,901			–		(26,901	)		–
Morgan Stanley and Co. International PLC		–		–		30,860		30,860		(20,427	)		–			(12,198	)		(32,625	)		(1,765	)		–		–			(1,765	)
Societe Generale		–		–		21,764		21,764		–			–			(281,051	)		(281,051	)		(259,287	)		–		170,000			(89,287	)
Standard Chartered Bank PLC		–		–		12,416		12,416		(1	)		–			–			(1	)		12,415			–		–			12,415
State Street Bank & Trust Co.		169,580		–		–		169,580		(13,255	)		–			–			(13,255	)		156,325			–		–			156,325
UBS AG		536		1,061		–		1,597		(3,136	)		(119	)		(1,303	)		(4,558	)		(2,961	)		–		–			(2,961	)
Total	$	839,231	$	120,266	$	222,335	$	1,181,832	$	(296,713	)	$	(150,547	)	$	(626,619	)	$	(1,073,879	)	$	107,953			$–	$	65,503		$	173,456

33 Invesco Global Targeted Returns Fund

Effect of Derivative Investments for the six months ended April 30, 2022

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	$	-	$	-		$	1,064,314	$	-		$	-		$	1,064,314
Futures contracts		-		-			-		543,315			10,114			553,429
Options purchased		-		-			217,325		(1,068,251	)		-			(850,926	)
Options written		-		-			5,238		1,264,070			-			1,269,308
Swap agreements		17,270		(57,364	)		-		198,715			(83,600	)		75,021
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-		-			303,964		-			-			303,964
Futures contracts		-		-			-		98,952			(80,366	)		18,586
Options purchased		-		-			33,312		(114,110	)		-			(80,798	)
Options written		-		-			2,565		21,303			-			23,868
Swap agreements		2,166		(8,369	)		231,777		(974,268	)		(43,066	)		(791,760	)
Total	$	19,436	$	(65,733	)	$	1,858,495	$	(30,274	)	$	(196,918	)	$	1,585,006

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

	Forward Foreign Currency Contracts		Futures Contracts		Index Options Purchased		Foreign Currency Options Purchased		Index Options Written		Foreign Currency Options Written		Swap Agreements
Average notional value	$	59,998,147	$	23,494,108	$	5,277,198	$	2,491,966	$	4,408,886	$	2,222,340	$	65,932,402
Average contracts		–		–		3,713		–		205		–		–

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 carryforward 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, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	1,553,360	$	6,226,813	$	7,780,173

* 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.

34 Invesco Global Targeted Returns 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, 2022 was $2,639,016 and $4,946,774, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	3,389,859
Aggregate unrealized (depreciation) of investments		(5,791,624	)
Net unrealized appreciation (depreciation) of investments	$	(2,401,765	)

Cost of investments for tax purposes is $18,069,992.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		2,516		$	22,271			164,283		$	1,516,972
Class C		346			3,004			3,299			30,026
Class R		441			3,913			3,414			31,122
Class Y		243,372			2,183,558			490,782			4,595,136
Class R6		522			4,667			1,941			18,105
Issued as reinvestment of dividends:
Class A		2,018			18,140			-			-
Class C		881			7,689			-			-
Class R		24			217			-			-
Class Y		13,056			117,894			-			-
Class R6		181			1,644			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		18,936			169,856			40,558			378,498
Class C		(19,517	)		(169,856	)		(41,550	)		(378,498	)
Reacquired:
Class A		(361,401	)		(3,228,364	)		(752,358	)		(6,955,638	)
Class C		(60,212	)		(525,793	)		(98,119	)		(884,700	)
Class R		(9	)		(80	)		(4,242	)		(38,637	)
Class Y		(664,170	)		(5,987,301	)		(1,515,377	)		(14,114,008	)
Class R6		(86	)		(773	)		(109,419	)		(1,026,285	)
Net increase (decrease) in share activity		(823,102	)	$	(7,379,314	)		(1,816,788	)	$	(16,827,907	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 82% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which 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.

35 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, 2021 through April 30, 2022.

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     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses     Paid During Period2		Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2	Annualized         Expense     Ratio
Class A	$1,000.00	$963.70	$6.77		$1,017.90	$6.95		1.39	%
Class C	1,000.00	960.00	10.40		1,014.18	10.69		2.14
Class R	1,000.00	964.00	7.99		1,016.66	8.20		1.64
Class Y	1,000.00	965.10	5.55	��	1,019.14	5.71		1.14
Class R5	1,000.00	966.10	5.56		1,019.14	5.71		1.14
Class R6	1,000.00	965.10	5.55		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, 2021 through April 30, 2022, 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.

36 Invesco Global Targeted Returns 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 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 number(s): 811-05426 and 033-19338 Invesco Distributors, Inc.                     GTR-SAR-1

Semiannual Report to Shareholders April 30, 2022

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
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 is 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, 10/31/21 to 4/30/22, 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	-22.83	%
Class C Shares	-23.08
Class R Shares	-22.89
Class Y Shares	-22.72
Class R5 Shares	-22.76
Class R6 Shares	-22.69
MSCI China Index▼ (Broad Market Index)	-25.05
MSCI China All Shares Index∎ (Style-Specific Index)	-23.79
Lipper China Region Funds Index¨ (Peer Group Index)	-28.89
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg LP; ¨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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	5.84	%
10 Years	2.62
5 Years	-1.21
1 Year	-42.53
Class C Shares
Inception (3/31/06)	5.82	%
10 Years	2.59
5 Years	-0.82
1 Year	-40.20
Class R Shares
10 Years	2.94	%
5 Years	-0.34
1 Year	-39.31
Class Y Shares
Inception (10/3/08)	5.92	%
10 Years	3.46
5 Years	0.16
1 Year	-39.03
Class R5 Shares
Inception (3/31/06)	6.68	%
10 Years	3.63
5 Years	0.29
1 Year	-39.03
Class R6 Shares
10 Years	3.41	%
5 Years	0.31
1 Year	-38.98

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 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 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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.46%(b)
Airlines–1.06%
China Eastern Airlines Corp. Ltd., H Shares(c)		2,848,000	$	957,451
Apparel Retail–1.52%
Pou Sheng International (Holdings) Ltd. (Hong Kong)(c)		11,922,000		1,379,136
Application Software–2.52%
Beijing Shiji Information Technology Co. Ltd., A Shares		844,578		2,279,608
Automobile Manufacturers–0.25%
Jiangling Motors Corp. Ltd., B Shares		311,100		227,448
Construction Materials–1.49%
Asia Cement China Holdings Corp.		2,090,500		1,350,594
Diversified Banks–18.10%
Bank of China Ltd., H Shares		8,415,000		3,312,383
China Construction Bank Corp., H Shares		6,719,000		4,774,394
China Merchants Bank Co. Ltd., A Shares		647,832		3,885,680
Industrial & Commercial Bank of China Ltd., H Shares		4,744,000		2,859,249
Postal Savings Bank of China Co. Ltd., H Shares(d)		2,036,000		1,547,868
				16,379,574
Electronic Components–1.64%
Simplo Technology Co. Ltd. (Taiwan)		151,000		1,483,046
Electronic Manufacturing Services–0.59%
FIH Mobile Ltd.(c)		4,268,000		529,132
Financial Exchanges & Data–3.53%
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		75,400		3,197,729
Footwear–1.72%
Stella International Holdings Ltd.		1,472,000		1,551,218
Gas Utilities–2.02%
Towngas Smart Energy Co. Ltd.		3,715,564		1,830,534
Gold–4.51%
Zijin Mining Group Co. Ltd., H Shares		2,776,000		4,082,048
Health Care Equipment–0.85%
MicroPort CardioFlow Medtech Corp.(c)(d)		4,645		1,611
MicroPort Scientific Corp.		388,000		764,212
Shanghai MicroPort MedBot Group Co. Ltd.(c)		352		1,246
				767,069
Health Care Supplies–3.10%
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		2,649,200		2,807,333

	Shares		Value
Hotels, Resorts & Cruise Lines–0.84%
Shanghai Jinjiang International Hotels Co. Ltd., B Shares		381,578	$	758,374
Household Products–3.66%
Vinda International Holdings Ltd. (Hong Kong)		1,375,000		3,315,408
Hypermarkets & Super Centers–1.76%
Sun Art Retail Group Ltd.(e)		5,139,500		1,594,684
Interactive Home Entertainment–5.61%
NetEase, Inc., ADR(e)		53,246		5,075,941
Interactive Media & Services–10.99%
Tencent Holdings Ltd.		190,600		8,940,165
Weibo Corp., ADR(c)(e)		43,449		1,005,410
				9,945,575
Internet & Direct Marketing Retail–14.17%
JD.com, Inc., A Shares(c)		33,900		1,056,679
JD.com, Inc., ADR(c)(e)		80,530		4,965,480
Meituan, B Shares(c)(d)		216,100		4,638,368
Pinduoduo, Inc., ADR(c)		50,171		2,161,868
				12,822,395
Oil & Gas Refining & Marketing–1.85%
Formosa Petrochemical Corp. (Taiwan)		540,000		1,672,290
Packaged Foods & Meats–3.08%
Uni-President China Holdings Ltd.		3,176,000		2,788,262
Pharmaceuticals–2.98%
China Animal Healthcare Ltd.(f)		349,000		0
Jiangsu Hengrui Medicine Co. Ltd., A Shares		548,184		2,437,097
Shanghai Fudan-Zhangjiang Bio- Pharmaceutical Co. Ltd., H Shares		615,000		255,341
				2,692,438
Restaurants–2.46%
Ajisen (China) Holdings Ltd. (Hong Kong)		3,929,000		555,455
Gourmet Master Co. Ltd. (Taiwan), (Acquired 02/25/2021-05/06/2021; Cost $1,655,986)(g)		537,000		1,672,903
				2,228,358
Steel–3.40%
Baoshan Iron & Steel Co. Ltd., A Shares		3,152,500		3,074,853
Technology Hardware, Storage & Peripherals–1.76%
Asustek Computer, Inc. (Taiwan)		132,000		1,590,645
Total Common Stocks & Other Equity Interests (Cost $95,194,123)				86,381,143
Money Market Funds–4.59%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(h)(i)		1,430,313		1,430,313
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(h)(i)		1,083,737		1,083,520

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

5 Invesco Greater China Fund

	Shares		Value
Invesco Treasury Portfolio, Institutional Class, 0.23%(h)(i)		1,634,644	$	1,634,644
Total Money Market Funds (Cost $4,148,435)				4,148,477
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $99,342,558)				90,529,620
Investments Purchased with Cash Collateral from Securities on Loan–11.11%
Money Market Funds–11.11%
Invesco Private Government Fund, 0.40%(h)(i)(j)		3,016,676		3,016,676

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.35%(h)(i)(j)		7,038,944	$	7,038,944
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,055,620)				10,055,620
TOTAL INVESTMENTS IN SECURITIES–111.16% (Cost $109,398,178)				100,585,240
OTHER ASSETS LESS LIABILITIES–(11.16)%				(10,095,787	)
NET ASSETS–100.00%			$	90,489,453

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

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

^(c)  Non-income producing security.

^(d)  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, 2022 was $6,187,847, which represented 6.84% of the Fund’s Net Assets.

^(e)  All or a portion of this security was out on loan at April 30, 2022.

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

^(g)  Restricted security. The value of this security at April 30, 2022 represented 1.85% of the Fund’s Net Assets.

^(h)  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, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$3,397,896	$	12,166,504	$	(14,134,087	)		$  -	$	-	$	1,430,313		$   485
Invesco Liquid Assets Portfolio, Institutional Class		2,519,751		8,690,360		(10,125,613	)		90		(1,068)		1,083,520		366
Invesco Treasury Portfolio, Institutional Class		3,883,309		13,904,576		(16,153,241	)		-		-		1,634,644		391
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		28,962		6,364,259		(3,376,545	)		-		-		3,016,676		2,217*
Invesco Private Prime Fund		67,579		14,844,190		(7,873,198	)		-		373		7,038,944		1,354*
Total		$9,897,497	$	55,969,889	$	(51,662,684	)		$90	$	(695)	$	14,204,097		$4,813

* 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.

⁽ⁱ⁾  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(j)  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 Greater China Fund

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Financials	21.63	%
Consumer Discretionary	20.96
Communication Services	16.60
Materials	9.40
Consumer Staples	8.51
Health Care	6.93
Information Technology	6.50
Utilities	2.02
Other Sectors, Each Less than 2% of Net Assets	2.91
Money Market Funds Plus Other Assets Less Liabilities	4.54

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

7 Invesco Greater China Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $95,194,123)*	$	86,381,143
Investments in affiliated money market funds, at value (Cost $14,204,055)		14,204,097
Foreign currencies, at value (Cost $39,442)		39,438
Receivable for:
Fund shares sold		6,604
Dividends		2,351
Investment for trustee deferred compensation and retirement plans		66,910
Other assets		168,751
Total assets		100,869,294
Liabilities:
Payable for:
Fund shares reacquired		71,340
Collateral upon return of securities loaned		10,055,620
Accrued fees to affiliates		73,134
Accrued other operating expenses		65,938
Trustee deferred compensation and retirement plans		113,809
Total liabilities		10,379,841
Net assets applicable to shares outstanding	$	90,489,453
Net assets consist of:
Shares of beneficial interest	$	109,127,308
Distributable earnings (loss)		(18,637,855	)
	$	90,489,453

Net Assets:
Class A	$	78,635,003
Class C	$	3,201,316
Class R	$	465,115
Class Y	$	7,671,801
Class R5	$	7,666
Class R6	$	508,552
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,036,514
Class C		172,131
Class R		23,929
Class Y		393,011
Class R5		393
Class R6		26,052
Class A:
Net asset value per share	$	19.48
Maximum offering price per share (Net asset value of $19.48 ÷ 94.50%)	$	20.61
Class C:
Net asset value and offering price per share	$	18.60
Class R:
Net asset value and offering price per share	$	19.44
Class Y:
Net asset value and offering price per share	$	19.52
Class R5:
Net asset value and offering price per share	$	19.51
Class R6:
Net asset value and offering price per share	$	19.52

* At April 30, 2022, securities with an aggregate value of $10,280,253 were on loan to brokers.

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

8 Invesco Greater China Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Dividends	$	73,586
Dividends from affiliated money market funds (includes securities lending income of $1,738)		2,980
Non-cash dividend income		317,353
Total investment income		393,919
Expenses:
Advisory fees		472,264
Administrative services fees		7,872
Custodian fees		48,598
Distribution fees:
Class A		118,323
Class C		15,683
Class R		1,536
Transfer agent fees – A, C, R and Y		102,310
Transfer agent fees – R5		6
Transfer agent fees – R6		97
Trustees’ and officers’ fees and benefits		9,343
Registration and filing fees		41,308
Reports to shareholders		7,250
Professional services fees		29,507
Other		5,191
Total expenses		859,288
Less: Fees waived and/or expenses reimbursed		(47,124	)
Net expenses		812,164
Net investment income (loss)		(418,245	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(8,842,762	)
Affiliated investment securities		(695	)
Foreign currencies		(54,625	)
Forward foreign currency contracts		(280	)
		(8,898,362	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(18,366,294	)
Affiliated investment securities		90
Foreign currencies		(25	)
		(18,366,229	)
Net realized and unrealized gain (loss)		(27,264,591	)
Net increase (decrease) in net assets resulting from operations	$	(27,682,836	)

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

9 Invesco Greater China Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income (loss)	$	(418,245	)	$	285,485
Net realized gain (loss)		(8,898,362	)		773,471
Change in net unrealized appreciation (depreciation)		(18,366,229	)		(31,937,409	)
Net increase (decrease) in net assets resulting from operations		(27,682,836	)		(30,878,453	)
Distributions to shareholders from distributable earnings:
Class A		(65,396	)		(368,979	)
Class C		–			(19,714	)
Class Y		(30,560	)		(40,345	)
Class R5		(71	)		(427	)
Class R6		(4,044	)		(4,688	)
Total distributions from distributable earnings		(100,071	)		(434,153	)
Share transactions–net:
Class A		(7,582,521	)		68,016,911
Class C		(190,135	)		1,787,175
Class R		(75,179	)		911,501
Class Y		(698,232	)		6,185,251
Class R5		(6,726	)		4,762
Class R6		(295,328	)		352,739
Net increase (decrease) in net assets resulting from share transactions		(8,848,121	)		77,258,339
Net increase (decrease) in net assets		(36,631,028	)		45,945,733
Net assets:
Beginning of period		127,120,481			81,174,748
End of period	$	90,489,453		$	127,120,481

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

10 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 04/30/22		$25.26		$(0.09	)(d)		$(5.67	)		$(5.76	)		$(0.02	)		$ –			$(0.02	)		$19.48		(22.83	)%		$78,635		1.50	%(e)		1.58	%(e)		(0.77	)%(d)(e)		52	%
Year ended 10/31/21		29.41		0.07			(4.06	)		(3.99	)		–			(0.16	)		(0.16	)		25.26		(13.66	)		110,423		1.52			1.52			0.23			101
Year ended 10/31/20		23.24		0.00	(d)		6.42			6.42			(0.25	)		–			(0.25	)		29.41		27.92			68,875		1.66			1.67			0.02	(d)		59
Year ended 10/31/19		25.52		0.20	(d)		1.77			1.97			(0.21	)		(4.04	)		(4.25	)		23.24		9.33			62,869		1.76			1.76			0.86	(d)		59
Year ended 10/31/18		29.40		0.34	(d)		(4.06	)(f)		(3.72	)		(0.16	)		–			(0.16	)		25.52		(12.71	)(f)		59,615		1.79			1.80			1.15	(d)		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
Class C
Six months ended 04/30/22		24.17		(0.15	)(d)		(5.42	)		(5.57	)		–			–			–			18.60		(23.04	)(g)		3,201		2.16	(e)(g)		2.24	(e)(g)		(1.43	)(d)(e)(g)		52
Year ended 10/31/21		28.37		(0.15	)		(3.89	)		(4.04	)		–			(0.16	)		(0.16	)		24.17		(14.33	)		4,296		2.27			2.27			(0.52	)		101
Year ended 10/31/20		22.35		(0.18	)(d)		6.21			6.03			(0.01	)		–			(0.01	)		28.37		26.98			3,647		2.41			2.42			(0.73	)(d)		59
Year ended 10/31/19		24.65		0.02	(d)		1.72			1.74			–			(4.04	)		(4.04	)		22.35		8.51			5,198		2.51			2.51			0.11	(d)		59
Year ended 10/31/18		28.45		0.11	(d)		(3.91	)(f)		(3.80	)		–			–			–			24.65		(13.36	)(f)		10,155		2.54			2.55			0.40	(d)		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
Class R
Six months ended 04/30/22		25.21		(0.12	)(d)		(5.65	)		(5.77	)		–			–			–			19.44		(22.89	)		465		1.75	(e)		1.83	(e)		(1.02	)(d)(e)		52
Period ended 10/31/21(h)		32.59		0.01			(7.39	)		(7.38	)		–			–			–			25.21		(22.65	)		701		1.71	(e)		1.71	(e)		0.04	(e)		101
Class Y
Six months ended 04/30/22		25.34		(0.06	)(d)		(5.68	)		(5.74	)		(0.08	)		–			(0.08	)		19.52		(22.72	)		7,672		1.25	(e)		1.33	(e)		(0.52	)(d)(e)		52
Year ended 10/31/21		29.44		0.14			(4.08	)		(3.94	)		–			(0.16	)		(0.16	)		25.34		(13.47	)		10,703		1.27			1.27			0.48			101
Year ended 10/31/20		23.26		0.06	(d)		6.43			6.49			(0.31	)		–			(0.31	)		29.44		28.26			7,754		1.41			1.42			0.27	(d)		59
Year ended 10/31/19		25.57		0.26	(d)		1.76			2.02			(0.29	)		(4.04	)		(4.33	)		23.26		9.56			9,339		1.51			1.51			1.11	(d)		59
Year ended 10/31/18		29.44		0.42	(d)		(4.07	)(f)		(3.65	)		(0.22	)		–			(0.22	)		25.57		(12.48	)(f)		7,801		1.54			1.55			1.40	(d)		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
Class R5
Six months ended 04/30/22		25.37		(0.06	)(d)		(5.70	)		(5.76	)		(0.10	)		–			(0.10	)		19.51		(22.76	)		8		1.23	(e)		1.23	(e)		(0.50	)(d)(e)		52
Year ended 10/31/21		29.45		0.18			(4.10	)		(3.92	)		–			(0.16	)		(0.16	)		25.37		(13.40	)		17		1.17			1.17			0.58			101
Year ended 10/31/20		23.27		0.11	(d)		6.43			6.54			(0.36	)		–			(0.36	)		29.45		28.49			32		1.26			1.27			0.42	(d)		59
Year ended 10/31/19		25.58		0.30	(d)		1.77			2.07			(0.34	)		(4.04	)		(4.38	)		23.27		9.79			23		1.33			1.33			1.29	(d)		59
Year ended 10/31/18		29.46		0.46	(d)		(4.08	)(f)		(3.62	)		(0.26	)		–			(0.26	)		25.58		(12.38	)(f)		25		1.40			1.40			1.54	(d)		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
Class R6
Six months ended 04/30/22		25.37		(0.05	)(d)		(5.69	)		(5.74	)		(0.11	)		–			(0.11	)		19.52		(22.69	)		509		1.17	(e)		1.17	(e)		(0.44	)(d)(e)		52
Year ended 10/31/21		29.43		0.18			(4.08	)		(3.90	)		–			(0.16	)		(0.16	)		25.37		(13.34	)		981		1.13			1.13			0.62			101
Year ended 10/31/20		23.26		0.11	(d)		6.42			6.53			(0.36	)		–			(0.36	)		29.43		28.46			867		1.25			1.26			0.43	(d)		59
Year ended 10/31/19		25.57		0.30	(d)		1.77			2.07			(0.34	)		(4.04	)		(4.38	)		23.26		9.79			642		1.33			1.33			1.29	(d)		59
Year ended 10/31/18		29.45		0.46	(d)		(4.07	)(f)		(3.61	)		(0.27	)		–			(0.27	)		25.57		(12.36	)(f)		629		1.40			1.40			1.54	(d)		45
Period ended 10/31/17(h)		23.28		0.25			5.92			6.17			–			–			–			29.45		26.50			107		1.47	(e)		1.47	(e)		0.68	(e)		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 year ended October 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $64,937,627 in connection with the acquisition of Invesco Pacific Growth Fund into the Fund.

^(d)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the six months ended April 30,2022. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.16) and (1.06)%, $(0.22) and (1.72)%, $(0.19) and (1.31)%, $(0.13) and (0.81)% , $(0.13) and (0.79)% and $(0.12) and (0.73)% for Class A, Class C, Class R, 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, 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.

^(e)  Annualized.

^(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)  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 0.91% for the six months ended April 30, 2022.

^(h)  Commencement date of April 23, 2021 and April 04, 2017 for Class R and Class R6 shares, respectively.

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

11 Invesco Greater China Fund

Notes to Financial Statements

April 30, 2022

(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. 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 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 may be valued up to 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.

12 Invesco Greater China Fund

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

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

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

D. Distributions – Distributions from net investment income 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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, fees paid to the Adviser were less than $500.

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 Greater China 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. 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.

M. 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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. 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		0.870%
Next $1 billion		0.820%
Next $49 billion		0.770%
Over $51 billion		0.760%

For the six months ended April 30, 2022, 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. (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 May 1, 2022, through at least June 30, 2023, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to May 1, 2022, the Adviser had contractually agreed, through 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”). 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 June 30, 2023. 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 wavers or reimbursements prior to the end of each fiscal year end.

The Adviser has contractually agreed, through at least June 30, 2024, 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, 2022, the Adviser waived advisory fees of $1,631 and reimbursed class level expenses of $39,980, $1,448, $259, $3,806, $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, 2022, 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.

14 Invesco Greater China 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, 2022, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $7,149 in front-end sales commissions from the sale of Class A shares and $8 and $68 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, 2022. 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	$	13,208,699	$	73,172,444		$0	$	86,381,143
Money Market Funds		4,148,477		10,055,620		–		14,204,097
Total Investments	$	17,357,176	$	83,228,064		$0	$	100,585,240

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.

Effect of Derivative Investments for the six months ended April 30, 2022

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	$(280)

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

	Forward Foreign Currency Contracts
Average notional value	$1,038,761

15 Invesco Greater China Fund

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 carryforward 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, 2021.

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	192,513	$–	$	192,513

* 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, 2022 was $49,475,286 and $53,147,212, 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	$	12,268,763
Aggregate unrealized (depreciation) of investments		(21,272,975	)
Net unrealized appreciation (depreciation) of investments	$	(9,004,212	)

Cost of investments for tax purposes is $109,589,452.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended				Year ended
	April 30, 2022(a)				October 31, 2021
	Shares		Amount		Shares		Amount
Sold:
Class A		293,952	$	6,537,267		486,983	$	14,703,904
Class C		50,091		1,007,496		31,778		952,536
Class R		4,969		111,834		5,448		148,412
Class Y		85,391		1,933,600		102,517		3,096,780
Class R5		19		450		2,735		83,928
Class R6		4,794		105,835		15,152		427,144
Issued as reinvestment of dividends:
Class A		2,464		57,624		11,997		350,678
Class C		-		-		654		18,429
Class Y		1,118		26,180		1,258		36,821
Class R5		1		31		11		313
Class R6		144		3,377		157		4,589

16 Invesco Greater China Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		5,324		$	113,448			36,493		$	1,081,327
Class C		(5,573	)		(113,448	)		(37,913	)		(1,081,327	)
Issued in connection with acquisitions:(b)
Class A		-			-			2,392,360			77,968,123
Class C		-			-			118,746			3,718,418
Class R		-			-			31,836			1,037,560
Class Y		-			-			516,671			16,873,017
Class R5		-			-			553			18,086
Class R6		-			-			19,702			643,779
Reacquired:
Class A		(637,437	)		(14,290,860	)		(897,378	)		(26,087,121	)
Class C		(50,097	)		(1,084,183	)		(64,105	)		(1,820,881	)
Class R		(8,853	)		(187,013	)		(9,471	)		(274,471	)
Class Y		(115,851	)		(2,658,012	)		(461,461	)		(13,821,367	)
Class R5		(315	)		(7,207	)		(3,701	)		(97,565	)
Class R6		(17,538	)		(404,540	)		(25,816	)		(722,773	)
Net increase (decrease) in share activity		(387,397	)	$	(8,848,121	)		2,275,206		$	77,258,339

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 44% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b) 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 3,079,868 shares of the Fund for 2,996,030 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 $100,258,983, 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 $192,632,829 immediately after the acquisition.

The pro forma results of operations for the year ended October 31, 2021 assuming the reorganization had been completed on November 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income (loss)	$	(440,870	)
Net realized/unrealized gains (loss)		(18,268,537	)
Change in net assets resulting from operations	$	(18,709,407	)

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.

17 Invesco Greater China Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

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     (11/01/21)	Ending     Account Value     (04/30/22)1	Expenses       Paid During       Period2,3	Ending     Account Value     (04/30/22)	Expenses       Paid During       Period2,4	Annualized       Expense Ratio2
Class A	$1,000.00	$771.70	$6.59	$1,017.36	$7.50	1.50%
Class C	1,000.00	769.20	9.48	1,014.08	10.79	2.16
Class R	1,000.00	771.10	7.68	1,016.12	8.75	1.75
Class Y	1,000.00	772.80	5.49	1,018.60	6.26	1.25
Class R5	1,000.00	772.40	5.41	1,018.70	6.16	1.23
Class R6	1,000.00	773.10	5.14	1,018.99	5.86	1.17

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year. Effective May 1, 2022, 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 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00% 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 1.58%, 2.24%, 1.83%, 1.33%, 1.23% and 1.17% 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 $6.94, $9.83, $8.04, $5.85, $5.41 and $5.14 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 $7.90, $11.18, $9.15, $6.66, $6.16 and $5.86 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

18 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

∎ 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 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 number(s): 811-05426 and 033-19338                   Invesco Distributors, Inc. CHI-SAR-1                                         

Semiannual Report to Shareholders April 30, 2022

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 is 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, 10/31/21 to 4/30/22, 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	-15.44	%
Class C Shares	-15.78
Class Y Shares	-15.35
Investor Class Shares	-15.46
Class R6 Shares	-15.32
MSCI World Index▼ (Broad Market Index)	-11.30
S&P Composite 1500 Health Care Index▼ (Style-Specific Index)	-3.03
Source(s): ▼RIMES Technologies Corp.
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 S&P Composite 1500® Health Care Index comprises those companies included in the S&P Composite 1500 that are classified as members of the GICS® Health Care sector.     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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (8/7/89)	10.19	%
10 Years	10.03
5 Years	7.10
1 Year	-13.41
Class C Shares
Inception (3/1/99)	8.40	%
10 Years	9.99
5 Years	7.50
1 Year	-9.69
Class Y Shares
Inception (10/3/08)	10.31	%
10 Years	10.93
5 Years	8.59
1 Year	-8.16
Investor Class Shares
Inception (7/15/05)	8.37	%
10 Years	10.65
5 Years	8.31
1 Year	-8.40
Class R6 Shares
10 Years	10.83	%
5 Years	8.65
1 Year	-8.08

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.80%
Biotechnology–13.95%
AbbVie, Inc.		356,656	$      52,385,633
Alnylam Pharmaceuticals, Inc.(b)		21,217	2,830,984
Amgen, Inc.(c)		53,277	12,423,664
Arcus Biosciences, Inc.(b)		83,564	2,023,084
Argenx SE, ADR (Netherlands)(b)		22,213	6,382,239
BioCryst Pharmaceuticals, Inc.(b)(c)		147,550	1,370,740
Biohaven Pharmaceutical Holding Co. Ltd.(b)(c)		91,087	8,122,228
Genmab A/S, ADR (Denmark)(b)(c)		222,635	7,832,299
Gilead Sciences, Inc.		130,166	7,724,050
Halozyme Therapeutics, Inc.(b)(c)		179,423	7,158,978
Horizon Therapeutics PLC(b)		180,338	17,774,113
Incyte Corp.(b)		36,346	2,724,496
Legend Biotech Corp., ADR(b)		37,219	1,494,343
Natera, Inc.(b)		132,455	4,651,820
Regeneron Pharmaceuticals, Inc.(b)		55,958	36,882,477
Seagen, Inc.(b)		38,358	5,025,282
United Therapeutics Corp.(b)		39,959	7,095,120
Veracyte, Inc.(b)(c)		85,055	1,741,076
Vertex Pharmaceuticals, Inc.(b)		29,076	7,944,145
			193,586,771
Health Care Distributors–1.57%
AmerisourceBergen Corp.		143,618	21,727,967
Health Care Equipment–17.65%
Abbott Laboratories		197,101	22,370,964
AtriCure, Inc.(b)		55,437	2,878,843
Axonics, Inc.(b)		90,087	4,668,308
CONMED Corp.(c)		14,546	1,934,036
DexCom, Inc.(b)		47,309	19,329,511
Edwards Lifesciences Corp.(b)		226,520	23,961,286
Globus Medical, Inc., Class A(b)(c)		178,001	11,787,226
IDEXX Laboratories, Inc.(b)		62,603	26,949,340
Inari Medical, Inc.(b)		101,754	8,211,548
Inmode Ltd.(b)		55,794	1,400,987
Insulet Corp.(b)		56,659	13,540,935
Intuitive Surgical, Inc.(b)		148,538	35,545,143
Omnicell, Inc.(b)(c)		19,994	2,182,745
Penumbra, Inc.(b)(c)		39,105	6,747,959
ResMed, Inc.		37,640	7,526,871
Shockwave Medical, Inc.(b)		57,039	8,620,304
STERIS PLC		47,985	10,751,039
Stryker Corp.		117,451	28,336,228
Tandem Diabetes Care, Inc.(b)		85,256	8,225,499
			244,968,772
Health Care Facilities–4.98%
Acadia Healthcare Co., Inc.(b)		86,689	5,884,449
HCA Healthcare, Inc.		161,289	34,604,555
Surgery Partners, Inc.(b)(c)		225,613	11,542,361
Tenet Healthcare Corp.(b)		235,001	17,039,923
			69,071,288

	Shares		Value
Health Care Services–2.62%
AMN Healthcare Services, Inc.(b)		45,096	$        4,408,134
CVS Health Corp.		310,468	29,845,289
Option Care Health, Inc.(b)		72,688	2,171,917
			36,425,340
Health Care Supplies–1.35%
Alcon, Inc. (Switzerland)		137,651	9,802,128
Cooper Cos., Inc. (The)		24,907	8,992,423
			18,794,551
Health Care Technology–1.62%
Certara, Inc.(b)(c)		116,297	2,134,050
Doximity, Inc., Class A(b)(c)		36,979	1,474,353
Evolent Health, Inc., Class A(b)(c)		54,636	1,503,583
Health Catalyst, Inc.(b)(c)		124,605	2,073,427
Inspire Medical Systems, Inc.(b)		74,118	15,250,519
			22,435,932
Life Sciences Tools & Services–16.10%
Bio-Rad Laboratories, Inc., Class A(b)		12,992	6,652,684
Bio-Techne Corp.		36,550	13,877,669
Danaher Corp.		228,473	57,376,424
IQVIA Holdings, Inc.(b)		93,533	20,389,259
Lonza Group AG (Switzerland)		13,599	7,983,919
Medpace Holdings, Inc.(b)		39,735	5,307,404
Mettler-Toledo International, Inc.(b)		9,973	12,740,807
Quanterix Corp.(b)		93,927	2,084,240
Repligen Corp.(b)		92,962	14,617,345
Thermo Fisher Scientific, Inc.		124,743	68,972,900
West Pharmaceutical Services, Inc.		42,715	13,457,788
			223,460,439
Managed Health Care–16.45%
Anthem, Inc.		131,819	66,163,911
Humana, Inc.		23,043	10,243,996
Molina Healthcare, Inc.(b)		49,879	15,634,572
UnitedHealth Group, Inc.		268,123	136,353,952
			228,396,431
Pharmaceuticals–20.51%
Arvinas, Inc.(b)		44,609	2,452,157
AstraZeneca PLC (United Kingdom)		38,268	5,083,592
AstraZeneca PLC, ADR (United Kingdom)(c)		600,862	39,897,237
Catalent, Inc.(b)		160,659	14,549,279
Eli Lilly and Co.		250,252	73,106,117
Merck & Co., Inc.		199,943	17,732,945
Novo Nordisk A/S, Class B (Denmark)		310,938	35,562,588
Pacira BioSciences, Inc.(b)(c)		29,119	2,171,404
Pfizer, Inc.		685,307	33,628,014
Roche Holding AG (Switzerland)		80,465	29,801,553
Zoetis, Inc.		173,709	30,789,920
			284,774,806
Total Common Stocks & Other Equity Interests (Cost $1,026,094,585)			1,343,642,297

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

5 Invesco Health Care Fund

	Shares		Value
Money Market Funds–3.29%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)		15,769,340	$	15,769,340
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(d)(e)		11,911,919		11,909,537
Invesco Treasury Portfolio, Institutional Class, 0.23%(d)(e)		18,022,103		18,022,103
Total Money Market Funds (Cost $45,700,105)				45,700,980
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $1,071,794,690)				1,389,343,277

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.26%
Invesco Private Government Fund, 0.40%(d)(e)(f)		21,916,063	$	21,916,063
Invesco Private Prime Fund, 0.35%(d)(e)(f)		51,137,479		51,137,479
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $73,053,542)				73,053,542
TOTAL INVESTMENTS IN SECURITIES–105.35% (Cost $1,144,848,232)				1,462,396,819
OTHER ASSETS LESS LIABILITIES–(5.35)%				(74,253,084	)
NET ASSETS–100.00%			$	1,388,143,735

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, 2022.

^(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, 2022.

							Change in
							Unrealized		Realized
	Value		Purchases		Proceeds		Appreciation		Gain		Value
	October 31, 2021		at Cost		from Sales		(Depreciation)		(Loss)		April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio,
Institutional Class		$  9,024,801	$	59,280,357	$	(52,535,818)		$       -	$	-	$	15,769,340		$    3,796
Invesco Liquid Assets Portfolio, Institutional Class		7,098,845		42,343,112		(37,525,584)		(945)		(5,891)		11,909,537		4,758
Invesco Treasury Portfolio, Institutional Class		10,314,059		67,748,980		(60,040,936)		-		-		18,022,103		4,983
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		20,776,049		96,864,687		(95,724,673)		-		-		21,916,063		8,539*
Invesco Private Prime Fund		48,477,448		180,927,891		(178,249,675)		-		(18,185)		51,137,479		29,792*
Total		$95,691,202	$	447,165,027	$	(424,076,686)		$(945)	$	(24,076)	$	118,754,522		$  51,868

* 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, 2022.

^(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 industry, based on Net Assets

as of April 30, 2022

Pharmaceuticals	20.51	%
Health Care Equipment	17.65
Managed Health Care	16.45
Life Sciences Tools & Services	16.10
Biotechnology	13.95
Health Care Facilities	4.98
Health Care Services	2.62
Health Care Technology	1.62
Health Care Distributors	1.57
Health Care Supplies	1.35
Money Market Funds Plus Other Assets Less Liabilities	3.20

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, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,026,094,585)*	$	1,343,642,297
Investments in affiliated money market funds, at value (Cost $118,753,647)		118,754,522
Foreign currencies, at value (Cost $1,054)		987
Receivable for:
Investments sold		8,934,033
Fund shares sold		197,593
Dividends		2,567,215
Investment for trustee deferred compensation and retirement plans		210,054
Other assets		94,834
Total assets		1,474,401,535
Liabilities:
Payable for:
Investments purchased		11,092,902
Fund shares reacquired		1,137,300
Collateral upon return of securities loaned		73,053,542
Accrued fees to affiliates		675,615
Accrued other operating expenses		27,702
Trustee deferred compensation and retirement plans		270,739
Total liabilities		86,257,800
Net assets applicable to shares outstanding	$	1,388,143,735
Net assets consist of:
Shares of beneficial interest	$	1,072,831,924
Distributable earnings		315,311,811
	$	1,388,143,735

Net Assets:
Class A	$	716,020,477
Class C	$	21,552,311
Class Y	$	47,584,776
Investor Class	$	601,610,549
Class R6	$	1,375,622
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		21,161,553
Class C		1,231,427
Class Y		1,357,289
Investor Class		17,775,943
Class R6		39,099
Class A:
Net asset value per share	$	33.84
Maximum offering price per share (Net asset value of $33.84 ÷ 94.50%)	$	35.81
Class C:
Net asset value and offering price per share	$	17.50
Class Y:
Net asset value and offering price per share	$	35.06
Investor Class:
Net asset value and offering price per share	$	33.84
Class R6:
Net asset value and offering price per share	$	35.18

* At April 30, 2022, securities with an aggregate value of $69,461,875 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, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $132,128)	$	6,300,203
Dividends from affiliated money market funds (includes securities lending income of $30,947)		44,484
Total investment income		6,344,687
Expenses:
Advisory fees		4,769,732
Administrative services fees		114,857
Custodian fees		5,681
Distribution fees:
Class A		997,391
Class C		127,422
Investor Class		833,419
Transfer agent fees – A, C, Y and Investor		914,812
Transfer agent fees – R6		262
Trustees’ and officers’ fees and benefits		14,318
Registration and filing fees		47,165
Reports to shareholders		7,211
Professional services fees		20,740
Other		4,294
Total expenses		7,857,304
Less: Fees waived and/or expense offset arrangement(s)		(10,987	)
Net expenses		7,846,317
Net investment income (loss)		(1,501,630	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		3,268,355
Affiliated investment securities		(24,076	)
Foreign currencies		(4,286	)
		3,239,993
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(261,727,411	)
Affiliated investment securities		(945	)
Foreign currencies		(49,374	)
		(261,777,730	)
Net realized and unrealized gain (loss)		(258,537,737	)
Net increase (decrease) in net assets resulting from operations	$	(260,039,367	)

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, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income (loss)	$	(1,501,630	)	$	(4,051,113	)
Net realized gain		3,239,993			353,783,297
Change in net unrealized appreciation (depreciation)		(261,777,730	)		45,114,847
Net increase (decrease) in net assets resulting from operations		(260,039,367	)		394,847,031
Distributions to shareholders from distributable earnings:
Class A		(175,765,424	)		(51,038,869	)
Class C		(9,290,808	)		(3,032,486	)
Class Y		(11,596,963	)		(3,235,578	)
Investor Class		(146,619,587	)		(42,472,982	)
Class R6		(399,985	)		(48,621	)
Total distributions from distributable earnings		(343,672,767	)		(99,828,536	)
Share transactions–net:
Class A		129,949,177			1,975,758
Class C		5,793,867			(2,348,157	)
Class Y		7,610,449			6,894,946
Investor Class		114,857,655			(1,056,978	)
Class R6		(109,228	)		1,657,633
Net increase in net assets resulting from share transactions		258,101,920			7,123,202
Net increase (decrease) in net assets		(345,610,214	)		302,141,697
Net assets:
Beginning of period		1,733,753,949			1,431,612,252
End of period	$	1,388,143,735		$	1,733,753,949

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 04/30/22		$50.30		$(0.04	)		$(6.49	)		$(6.53	)		$    –			$(9.93	)		$(9.93	)		$33.84		(15.46	)%		$716,020		1.02	%(d)		1.02	%(d)		(0.20	)%(d)		18	%
Year ended 10/31/21		41.82		(0.11	)		11.49			11.38			(0.01	)		(2.89	)		(2.90	)		50.30		28.20			896,054		1.02			1.02			(0.24	)		78
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
Class C
Six months ended 04/30/22		31.06		(0.10	)		(3.53	)		(3.63	)		–			(9.93	)		(9.93	)		17.50		(15.78	)		21,552		1.77	(d)		1.77	(d)		(0.95	)(d)		18
Year ended 10/31/21		26.99		(0.29	)		7.25			6.96			–			(2.89	)		(2.89	)		31.06		27.26			29,391		1.77			1.77			(0.99	)		78
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
Class Y
Six months ended 04/30/22		51.69		0.01			(6.71	)		(6.70	)		–			(9.93	)		(9.93	)		35.06		(15.35	)		47,585		0.77	(d)		0.77	(d)		0.05	(d)		18
Year ended 10/31/21		42.90		0.00			11.79			11.79			(0.11	)		(2.89	)		(3.00	)		51.69		28.52			60,527		0.77			0.77			0.01			78
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
Investor Class
Six months ended 04/30/22		50.31		(0.04	)		(6.50	)		(6.54	)		–			(9.93	)		(9.93	)		33.84		(15.48	)		601,611		1.02	(d)		1.02	(d)		(0.20	)(d)		18
Year ended 10/31/21		41.83		(0.11	)		11.49			11.38			(0.01	)		(2.89	)		(2.90	)		50.31		28.20			745,607		1.02			1.02			(0.24	)		78
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
Class R6
Six months ended 04/30/22		51.82		0.03			(6.74	)		(6.71	)		–			(9.93	)		(9.93	)		35.18		(15.33	)		1,376		0.68	(d)		0.68	(d)		0.14	(d)		18
Year ended 10/31/21		42.97		0.04			11.83			11.87			(0.13	)		(2.89	)		(3.02	)		51.82		28.66			2,174		0.69			0.69			0.09			78
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	(d)		0.78	(d)		0.22	(d)		36

^(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)  Annualized.

^(e)  Commencement date of April 04, 2017.

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, 2022

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 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 may be valued up to 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 debt 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.

12 Invesco Health Care Fund

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

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

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

D. Distributions – Distributions from net investment income 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, the Fund paid the Adviser $1,008 in fees for securities lending agent services.

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. 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.

M. 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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. 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, 2022, 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, 2023, 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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $10,589.

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, 2022, 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.

14 Invesco Health Care Fund

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, 2022, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $61,388 in front-end sales commissions from the sale of Class A shares and $514 and $900 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2022, the Fund incurred $15,376 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, 2022. 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	$	1,265,210,645	$	78,431,652	$–	$	1,343,642,297
Money Market Funds		45,700,980		73,053,542	–		118,754,522
Total Investments	$	1,310,911,625	$	151,485,194	$–	$	1,462,396,819

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $398.

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 carryforward 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, 2021.

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, 2022 was $277,576,002 and $378,823,870, 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	$	389,654,269
Aggregate unrealized (depreciation) of investments		(72,358,442	)
Net unrealized appreciation of investments	$	317,295,827

Cost of investments for tax purposes is $1,145,100,992.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		574,748		$	22,380,572			1,021,136		$	47,149,711
Class C		117,203			2,440,032			253,829			7,316,274
Class Y		141,775			5,652,145			355,766			16,886,586
Investor Class		95,693			3,860,906			137,542			6,363,951
Class R6		6,385			251,068			34,237			1,708,753
Issued as reinvestment of dividends:
Class A		4,091,961			158,317,971			1,048,926			46,121,227
Class C		440,490			8,840,630			103,744			2,835,324
Class Y		233,867			9,366,384			62,753			2,829,545
Investor Class		3,463,003			134,018,202			899,683			39,568,061
Class R6		7,307			293,596			980			44,284
Automatic conversion of Class C shares to Class A shares:
Class A		39,537			1,472,922			138,688			6,338,338
Class C		(74,699	)		(1,472,922	)		(223,346	)		(6,338,338	)
Reacquired:
Class A		(1,358,929	)		(52,222,288	)		(2,111,190	)		(97,633,518	)
Class C		(197,741	)		(4,013,873	)		(215,019	)		(6,161,417	)
Class Y		(189,258	)		(7,408,080	)		(269,011	)		(12,821,185	)
Investor Class		(603,163	)		(23,021,453	)		(1,012,104	)		(46,988,990	)
Class R6		(16,553	)		(653,892	)		(1,953	)		(95,404	)
Net increase in share activity		6,771,626		$	258,101,920			224,661		$	7,123,202

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 12% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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, 2021 through April 30, 2022.

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 (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (04/30/22)1	Expenses Paid During Period2	Ending Account Value (04/30/22)	Expenses Paid During Period2
Class A	$1,000.00	$845.60	$4.67	$1,019.74	$5.11	1.02%
Class C	1,000.00	842.20	8.08	1,016.02	8.85	1.77
Class Y	1,000.00	846.50	3.53	1,020.98	3.86	0.77
Investor Class	1,000.00	845.40	4.67	1,019.74	5.11	1.02
Class R6	1,000.00	846.80	3.11	1,021.42	3.41	0.68

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, 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 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 number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. GHC-SAR-1                    

Semiannual Report to Shareholders	April 30, 2022
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
22	Consolidated Financial Statements
25	Consolidated Financial Highlights
26	Notes to Consolidated Financial Statements
36	Fund Expenses

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

Unless otherwise noted, all data is 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, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-10.77	%
Class C Shares	-11.16
Class R Shares	-10.94
Class Y Shares	-10.85
Class R5 Shares	-10.62
Class R6 Shares	-10.63
FTSE Non-U.S. Dollar World Government Bond Index▼	-15.47
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index▼	-13.17
JP Morgan EMBI Global Diversified Index▼	-15.45
Custom Invesco International Bond Index∎	-14.72
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 insights about market and economic news and trends.

2 Invesco International Bond Fund

Average Annual Total Returns		��
As of 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (6/15/95)	5.58	%
10 Years	-0.19
5 Years	-2.22
1 Year	-20.05
Class C Shares
Inception (6/15/95)	5.50	%
10 Years	-0.34
5 Years	-2.13
1 Year	-18.08
Class R Shares
Inception (3/1/01)	4.86	%
10 Years	-0.05
5 Years	-1.66
1 Year	-16.85
Class Y Shares
Inception (9/27/04)	3.85	%
10 Years	0.47
5 Years	-1.16
1 Year	-16.53
Class R5 Shares
10 Years	0.33	%
5 Years	-1.17
1 Year	-16.41
Class R6 Shares
Inception (1/27/12)	0.77	%
10 Years	0.66
5 Years	-1.02
1 Year	-16.28

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

		Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–53.01%(a)
Argentina–4.49%
Argentina Treasury Bond BONCER,
1.40%, 03/25/2023	ARS		1,711,725,360	$   35,744,998
1.50%, 03/25/2024	ARS		988,313,000	18,616,102
4.00%, 04/27/2025	ARS		117,500,000	5,041,330
2.00%, 11/09/2026	ARS		825,000,000	13,317,386
Argentine Bonos del Tesoro, 15.50%, 10/17/2026	ARS		135,000,000	444,744
Provincia de Buenos Aires Government Bonds, 47.68% (BADLAR + 3.75%), 04/12/2025(b)(c)	ARS		120,000,000	1,000,943
				74,165,503
Austria–0.15%
Erste Group Bank AG, 4.25%(b)(d)(e)	EUR		2,600,000	2,491,898
Belgium–1.12%
KBC Group N.V.,
4.25%(b)(d)(e)	EUR		7,000,000	6,952,494
4.75%(b)(d)(e)	EUR		400,000	418,815
Kingdom of Belgium Government Bond, Series 88, 1.70%, 06/22/2050(b)	EUR		11,137,000	11,074,766
				18,446,075
Brazil–7.83%
Brazil Notas do Tesouro Nacional,
Series B, 6.00%, 05/15/2055	BRL		28,000,000	23,010,674
Series F, 10.00%, 01/01/2029	BRL		565,000,000	103,801,913
Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032(b)	BRL		13,315,125	2,504,691
				129,317,278
Canada–2.77%
Province of Manitoba, 7.75%, 12/22/2025	CAD		25,000,000	22,502,296
Province of Quebec, 8.50%, 04/01/2026	CAD		25,000,000	23,274,744
				45,777,040
Chile–0.80%
Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033(b)	CLP		16,000,000,000	13,200,682
China–7.00%
China Development Bank,
Series 2103, 3.30%, 03/03/2026	CNY		280,000,000	43,334,750
Series 2110, 3.41%, 06/07/2031	CNY		180,000,000	27,884,834

		Principal Amount		Value
China–(continued)
China Government Bond,
3.72%, 04/12/2051	CNY		130,000,000	$  20,981,398
3.53%, 10/18/2051	CNY		150,000,000	23,556,968
				115,757,950
Colombia–3.40%
Colombian TES,
Series B, 7.75%, 09/18/2030	COP		75,000,000,000	38,342,108
Series B, 7.25%, 10/26/2050	COP		52,500,000,000	9,329,536
Fideicomiso PA Concesion Ruta al Mar, 6.75%, 02/15/2044(b)	COP		8,000,000,000	1,435,103
Fideicomiso PA Costera, Series B, 6.25%, 01/15/2034(b)	COP		6,107,644,400	1,512,252
PA Autopista Rio Magdalena, 6.05%, 06/15/2036(b)	COP		23,500,000,000	5,565,385
				56,184,384
Egypt–0.37%
Egypt Government International Bond, 4.75%, 04/16/2026(b)	EUR		6,800,000	6,054,570
France–1.04%
Accor S.A., 4.38%(b)(d)(e)	EUR		2,500,000	2,560,628
Credit Agricole S.A.,
4.00%(b)(d)(e)	EUR		1,500,000	1,487,103
7.50%(b)(d)(e)	GBP		2,968,000	3,885,693
French Republic Government Bond OAT, 0.75%, 05/25/2052(b)	EUR		11,850,000	9,248,584
				17,182,008
Germany–0.59%
Bayer AG, 2.38%, 11/12/2079(b)(d)	EUR		5,000,000	5,005,106
Deutsche Lufthansa AG, 4.38%, 08/12/2075(b)(d)	EUR		5,000,000	4,796,595
				9,801,701
Greece–4.50%
Hellenic Republic Government Bond,
2.00%, 04/22/2027(b)	EUR		20,000,000	20,690,811
0.75%, 06/18/2031(b)	EUR		29,825,000	25,425,750
1.88%, 01/24/2052(b)	EUR		40,000,000	28,079,484
Series GDP, 0.00%, 10/15/2042	EUR		107,000,000	129,812
				74,325,857
India–3.32%
India Government Bond,
8.40%, 07/28/2024	INR		1,997,000,000	27,485,282
8.15%, 11/24/2026	INR		500,000,000	6,894,071
State of Gujarat India, 7.52%, 05/24/2027	INR		500,000,000	6,682,828

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

5 Invesco International Bond Fund

		Principal Amount		Value
India–(continued)
State of Maharashtra India, 7.99%, 10/28/2025	INR		500,000,000	$    6,808,722
State of Tamil Nadu India, 8.53%, 03/09/2026	INR		500,000,000	6,920,776
				54,791,679
Ivory Coast–0.21%
Ivory Coast Government International Bond, 4.88%, 01/30/2032(b)	EUR		3,950,000	3,514,701
Malaysia–0.45%
Malaysia Government Bond, Series 317, 4.76%, 04/07/2037	MYR		33,000,000	7,481,807
Mexico–2.47%
Mexican Bonos,
Series M, 7.75%, 05/29/2031	MXN		581,000,000	26,126,707
Series M, 7.75%, 11/13/2042	MXN		170,000,000	7,215,451
Series M 30, 8.50%, 11/18/2038	MXN		160,000,000	7,412,401
				40,754,559
Netherlands–0.59%
Cooperatieve Rabobank U.A., 4.38%(b)(d)(e)	EUR		9,600,000	9,747,862
New Zealand–0.82%
New Zealand Government Bond, Series 551, 2.75%, 05/15/2051	NZD		26,000,000	13,596,375
Poland–0.80%
Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032	PLN		87,500,000	13,288,470
Romania–0.19%
Romanian Government International Bond, 2.00%, 04/14/2033(b)	EUR		4,106,000	3,174,510
Russia–0.00%
Mos.ru, 5.00%, 08/22/2034	RUB		103,214,252	0
Russian Federal Bond - OFZ,
Series 6219, 7.75%, 09/16/2026(f)	RUB		3,000,000,000	0
Series 6236, 5.70%, 05/17/2028(f)	RUB		700,000,000	0
				0

		Principal Amount		Value
South Africa–6.44%
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030	ZAR		270,000,000	$   15,316,099
Series 2032, 8.25%, 03/31/2032	ZAR		187,300,000	10,336,043
Series 2037, 8.50%, 01/31/2037	ZAR		1,275,000,000	66,747,269
Series 2048, 8.75%, 02/28/2048	ZAR		272,000,000	14,001,735
				106,401,146
Spain–0.90%
Banco Bilbao Vizcaya Argentaria S.A.,
6.00%(b)(d)(e)	EUR		1,800,000	1,902,613
6.00%(b)(d)(e)	EUR		600,000	633,967
CaixaBank S.A., 5.88%(b)(d)(e)	EUR		2,400,000	2,546,123
Repsol International Finance B.V., 3.75%(b)(d)(e)	EUR		5,000,000	5,107,114
Telefonica Europe B.V., 2.88%(b)(d)(e)	EUR		5,000,000	4,751,507
				14,941,324
Supranational–0.65%
African Development Bank,
0.00%, 04/05/2046(g)	ZAR		600,000,000	5,026,436
0.00%, 01/17/2050(g)	ZAR		310,000,000	2,047,364
International Finance Corp., 0.00%, 03/23/2038(g)	MXN		350,000,000	3,653,248
				10,727,048
Sweden–0.14%
Heimstaden Bostad AB, 3.38%(b)(d)(e)	EUR		2,500,000	2,359,225
Switzerland–0.58%
Credit Suisse Group AG, 2.88%, 04/02/2032(b)(d)	EUR		5,000,000	4,946,593
Dufry One B.V., 2.00%, 02/15/2027(b)	EUR		5,000,000	4,580,605
				9,527,198
United Kingdom–1.39%
Gatwick Airport Finance PLC, 4.38%, 04/07/2026(b)	GBP		5,400,000	6,354,367
HSBC Holdings PLC, 5.25%(b)(d)(e)	EUR		5,000,000	5,286,356
International Consolidated Airlines Group S.A.,
2.75%, 03/25/2025(b)	EUR		2,400,000	2,376,878
1.50%, 07/04/2027(b)	EUR		2,600,000	2,235,014
Nationwide Building Society, 5.75%(b)(d)(e)	GBP		2,500,000	3,114,129
NatWest Group PLC,
5.13%(d)(e)	GBP		1,550,000	1,859,139
4.50%(d)(e)	GBP		1,550,000	1,739,526
				22,965,409
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,014,855,476)				875,976,259

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–17.35%
Angola–0.14%
Angolan Government International Bond, 8.75%, 04/14/2032(b)	$	2,500,000	$    2,372,213
Argentina–0.29%
Argentine Republic Government International Bond, 0.75%, 07/09/2030(h)		15,000,000	4,747,650
Brazil–0.49%
Braskem Netherlands Finance B.V., 4.50%, 01/31/2030(b)		2,500,000	2,256,675
CSN Inova Ventures, 6.75%, 01/28/2028(b)		2,500,000	2,488,487
Klabin Austria GmbH,
5.75%, 04/03/2029(b)		1,000,000	985,095
7.00%, 04/03/2049(b)(i)		2,500,000	2,427,138
			8,157,395
Chile–0.72%
AES Andes S.A., 6.35%, 10/07/2079(b)(d)		2,500,000	2,405,837
Mercury Chile Holdco LLC, 6.50%, 01/24/2027(b)		10,000,000	9,464,450
			11,870,287
Colombia–1.14%
Bancolombia S.A., 4.88%, 10/18/2027(d)		10,000,000	9,737,750
Colombia Government International Bond, 4.13%, 02/22/2042		7,500,000	5,257,500
Ecopetrol S.A., 4.63%, 11/02/2031		4,546,000	3,806,684
			18,801,934
Denmark–0.15%
Danske Bank A/S, 7.00%(b)(d)(e)		2,500,000	2,491,245
Dominican Republic–0.32%
Dominican Republic International Bond,
4.50%, 01/30/2030(b)		975,000	844,050
4.88%, 09/23/2032(b)		3,300,000	2,779,683
5.30%, 01/21/2041(b)		2,110,000	1,671,672
			5,295,405
Ecuador–0.12%
Ecuador Government International Bond, 5.50%, 07/31/2030(b)(h)		2,500,000	2,038,266
Egypt–0.46%
Egypt Government International Bond,
7.63%, 05/29/2032(b)		4,100,000	3,206,766
8.50%, 01/31/2047(b)		3,550,000	2,587,559
8.88%, 05/29/2050(b)		2,500,000	1,849,750
			7,644,075

	Principal Amount		Value
El Salvador–0.03%
El Salvador Government International Bond, 5.88%, 01/30/2025(b)	$	1,000,000	$       482,341
France–0.75%
BNP Paribas S.A., 7.38%(b)(d)(e)		2,500,000	2,604,012
Credit Agricole S.A., 6.88%(b)(d)(e)		2,500,000	2,516,875
Electricite de France S.A., 5.25%(b)(d)(e)		2,600,000	2,577,250
Societe Generale S.A.,
7.38%(b)(d)(e)(i)		2,500,000	2,510,763
4.75%(b)(d)(e)		2,500,000	2,225,962
			12,434,862
Guatemala–0.39%
CT Trust, 5.13%, 02/03/2032(b)		2,817,000	2,628,641
Guatemala Government Bond,
4.90%, 06/01/2030(b)		1,560,000	1,533,233
3.70%, 10/07/2033(b)		2,661,000	2,287,964
			6,449,838
Hong Kong–0.26%
Melco Resorts Finance Ltd.,
4.88%, 06/06/2025(b)(i)		2,500,000	2,238,337
5.75%, 07/21/2028(b)		2,500,000	2,113,225
			4,351,562
India–0.80%
JSW Steel Ltd., 3.95%, 04/05/2027(b)		6,000,000	5,353,209
Network i2i Ltd.,
5.65%(b)(d)(e)		1,500,000	1,479,855
3.98%(b)(d)(e)		1,500,000	1,387,762
Reliance Industries Ltd., 4.88%, 02/10/2045(b)		5,000,000	4,997,109
			13,217,935
Indonesia–0.94%
PT Freeport Indonesia,
4.76%, 04/14/2027(b)(i)		1,165,000	1,163,451
5.32%, 04/14/2032(b)		1,713,000	1,665,893
PT Indofood CBP Sukses Makmur Tbk, 4.75%, 06/09/2051(b)		5,000,000	4,042,089
PT Indonesia Asahan Aluminium (Persero), 5.45%, 05/15/2030(b)		2,500,000	2,511,162
PT Pertamina (Persero), 4.18%, 01/21/2050(b)(i)		2,500,000	2,092,422
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 4.38%, 02/05/2050(b)		5,000,000	4,029,475
			15,504,492
Iraq–0.11%
Iraq International Bond, 5.80%, 01/15/2028(b)		1,875,000	1,816,706

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–0.57%
Coriolanus DAC,
Series 116, 0.00%, 04/30/2025(b)(g)	$	1,039,953	$       993,137
Series 119, 0.00%, 04/30/2025(b)(g)		1,106,384	1,056,576
Series 120, 0.00%, 04/30/2025(b)(g)		1,615,732	1,542,995
Series 122, 0.00%, 04/30/2025(b)(g)		1,213,401	1,158,776
Series 124, 0.00%, 04/30/2025(b)(g)		1,136,990	1,085,805
Series 126, 0.00%, 04/30/2025(b)		1,271,971	1,214,709
Series 127, 0.00%, 04/30/2025(b)(g)		1,262,841	1,205,991
0.00%, 04/30/2025(b)(g)		1,156,316	1,104,261
			9,362,250
Ivory Coast–0.18%
Ivory Coast Government International Bond, 5.38%, 07/23/2024(b)		3,009,000	2,973,795
Macau–0.13%
MGM China Holdings Ltd., 5.88%, 05/15/2026(b)		2,500,000	2,209,688
Mexico–1.94%
Alpek S.A.B. de C.V., 3.25%, 02/25/2031(b)		2,443,000	2,074,107
America Movil S.A.B. de C.V., 5.38%, 04/04/2032(b)		6,786,000	6,190,189
Banco Mercantil del Norte S.A.,
8.38%(b)(d)(e)		2,500,000	2,584,437
5.88%(b)(d)(e)		2,490,000	2,235,149
Braskem Idesa S.A.P.I.,
7.45%, 11/15/2029(b)		5,000,000	4,690,275
6.99%, 02/20/2032(b)		2,076,000	1,866,708
Cemex S.A.B. de C.V., 5.13%(b)(d)(e)		3,457,000	3,163,155
Nemak S.A.B. de C.V., 3.63%, 06/28/2031(b)		4,254,000	3,477,815
Petroleos Mexicanos,
7.69%, 01/23/2050		2,500,000	1,958,588
6.95%, 01/28/2060		5,250,000	3,816,619
			32,057,042
Netherlands–0.12%
ING Groep N.V., 6.75%(b)(d)(e)		2,000,000	2,015,000
Nigeria–0.44%
Nigeria Government International Bond,
6.50%, 11/28/2027(b)		2,500,000	2,226,562
8.38%, 03/24/2029(b)		2,632,000	2,462,447
7.88%, 02/16/2032(b)		3,000,000	2,527,500
			7,216,509

	Principal Amount		Value
Oman–0.29%
Oman Government International Bond, 6.75%, 01/17/2048(b)	$	5,000,000	$    4,701,250
Panama–0.14%
Cable Onda S.A., 4.50%, 01/30/2030(b)		2,500,000	2,340,938
South Africa–0.57%
Republic of South Africa Government International Bond, 7.30%, 04/20/2052		3,334,000	3,130,226
Sasol Financing USA LLC, 4.38%, 09/18/2026		3,249,000	3,053,264
Stillwater Mining Co., 4.00%, 11/16/2026(b)		3,500,000	3,222,135
			9,405,625
Sweden–0.30%
Swedbank AB, Series NC5, 5.63%(b)(d)(e)		5,000,000	4,959,375
Switzerland–2.33%
Credit Suisse Group AG,
7.50%(b)(d)(e)		5,000,000	4,964,000
6.25%(b)(d)(e)		9,800,000	9,535,390
UBS Group AG,
7.00%(b)(d)(e)(j)		2,500,000	2,546,875
7.00%(b)(d)(e)(j)		12,800,000	13,088,128
5.13%(b)(d)(e)		8,639,000	8,317,724
			38,452,117
Thailand–0.28%
GC Treasury Center Co. Ltd., 4.40%, 03/30/2032(b)		2,500,000	2,384,804
Muang Thai Life Assurance PCL, 3.55%, 01/27/2037(b)(d)		2,450,000	2,278,094
			4,662,898
United Kingdom–2.28%
abrdn PLC, 4.25%, 06/30/2028(b)		2,500,000	2,464,390
Barclays PLC, 8.00%(d)(e)		2,500,000	2,582,813
BP Capital Markets PLC, 4.88%(d)(e)		3,500,000	3,366,387
British Telecommunications PLC, 4.25%, 11/23/2081(b)(d)(i)		5,000,000	4,671,500
HSBC Holdings PLC,
6.00%(d)(e)		4,650,000	4,475,625
6.50%(d)(e)		2,500,000	2,445,325
M&G PLC, 6.50%, 10/20/2048(b)(d)		2,500,000	2,668,627
Standard Chartered PLC, 6.00%(b)(d)(e)(i)		10,500,000	10,460,625
Vodafone Group PLC, 3.25%, 06/04/2081(d)(i)		5,000,000	4,505,675
			37,640,967
United Republic of Tanzania–0.27%
HTA Group Ltd., 7.00%, 12/18/2025(b)		4,500,000	4,463,505

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 States–0.40%
AT&T, Inc., 2.88%, 05/23/2022		$	5,000,000	$    4,986,882
United States International Development Finance Corp., Series 4, 3.13%, 04/15/2028			1,600,000	1,575,878
				6,562,760
Total U.S. Dollar Denominated Bonds & Notes (Cost $317,757,918)				286,699,925
Asset-Backed Securities–8.57%
Alba PLC, Series 2007-1, Class F, 3.97% (SONIA + 3.37%), 03/17/2039(b)(c)	GBP		1,364,200	1,667,360
Eurohome UK Mortgages PLC, Series 2007-1, Class M2, 1.54% (3 mo. GBP LIBOR + 0.50%), 06/15/2044(b)(c)	GBP		4,000,000	4,608,827
Series 2007-1, Class B1, 1.94% (3 mo. GBP LIBOR + 0.90%), 06/15/2044(b)(c)	GBP		5,275,000	5,751,127
Series 2007-2, Class B1, 2.44% (3 mo. GBP LIBOR + 1.40%), 09/15/2044(b)(c)	GBP		4,000,000	4,610,522
Series 2007-1, Class M1, 1.34% (3 mo. GBP LIBOR + 0.30%), 06/15/2044(b)(c)	GBP		5,200,000	6,081,200
Series 2007-2, Class B2, 5.04% (3 mo. GBP LIBOR + 4.00%), 09/15/2044(b)(c)	GBP		3,750,000	4,674,919
Eurosail PLC, Series 2007-4X, Class D1A, 2.77% (3 mo. GBP LIBOR + 1.75%), 06/13/2045(b)(c)	GBP		4,937,625	5,753,029
Grifonas Finance No. 1 PLC, Class B, 0.04% (6 mo. EURIBOR + 0.52%), 08/28/2039(b)(c)	EUR		5,000,000	4,473,664
Hawksmoor Mortgage Funding 2019-1 PLC, Series 2019-1X, Class F, 4.02% (SONIA + 3.50%), 05/25/2053(b)(c)	GBP		6,842,000	8,628,520
Hawksmoor Mortgage Funding PLC, Series 2019-1X, Class G, 4.02% (SONIA + 3.50%), 05/25/2053(b)(c)	GBP		3,801,000	4,790,400
Ludgate Funding PLC, Series 2007-1, Class RES, 1.00%, 01/01/2061(b)(k)	GBP		207,500,000	5,309,481
Mansard Mortgages PLC, Series 2007-2X, Class B2, 4.04% (SONIA + 3.12%), 12/15/2049(b)(c)	GBP		5,914,499	7,250,501

		Principal Amount		Value
Newgate Funding PLC, Series 2006-2, Class CB, 0.00% (3 mo. EURIBOR + 0.43%), 12/01/2050(b)(c)	EUR		1,755,711	$    1,713,369
Series 2007-2X, Class CB, 0.00% (3 mo. EURIBOR + 0.44%), 12/15/2050(b)(c)	EUR		2,380,765	2,287,547
Series 2007-1X, Class CB, 0.00% (3 mo. EURIBOR + 0.38%), 12/01/2050(b)(c)	EUR		1,347,258	1,282,742
ResLoC UK PLC, Series 2007-1X, Class D1A, 0.70% (3 mo. EURIBOR + 1.20%), 12/15/2043(b)(c)	EUR		4,804,981	4,824,973
RMAC Securities No. 1 PLC, Series 2006-NS4X, Class B1C, 0.35% (3 mo. EURIBOR + 0.85%), 06/12/2044(b)(c)	EUR		9,228,295	9,140,414
Towd Point Mortgage Funding 2019 - Granite4 PLC, Series 2019-GR4X, Class FR, 2.74% (SONIA + 2.05%), 10/20/2051(b)(c)	GBP		3,000,000	3,749,921
Series 2019-GR4X, Class GR, 3.19% (SONIA + 2.50%), 10/20/2051(b)(c)	GBP		2,500,000	3,136,201
Sestante Finance S.r.l., Series 2005, Class C1, 0.35% (3 mo. EURIBOR + 0.80%), 07/15/2045(b)(c)	EUR		9,700,000	5,207,624
IM Pastor 4, FTA, Series A, 0.00% (3 mo. EURIBOR + 0.14%), 03/22/2044(b)(c)	EUR		8,692,306	8,585,008
Series B, 0.00% (3 mo. EURIBOR + 0.19%), 03/22/2044(b)(c)	EUR		3,800,000	2,488,662
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)(c)	EUR		31,321,644	29,543,480
Lusitano Mortgages No. 5 PLC, Class D, 0.51% (3 mo. EURIBOR + 0.96%), 07/15/2059(b)(c)	EUR		6,737,584	6,096,871
Total Asset-Backed Securities (Cost $153,856,727)				141,656,362
		Shares
Preferred Stocks–0.16%
United States–0.16%
AT&T, Inc., 2.88%, Series B, Pfd.(d) (Cost $2,941,785)			2,700,000	2,692,916

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

9 Invesco International Bond Fund

	Shares		Value
Common Stocks & Other Equity Interests–0.16%
Argentina–0.16%
TMF Trust Co. S.A.(f) (Cost $2,232,683)		299,764,989	$       2,599,399
Money Market Funds–9.78%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(l)(m)		56,522,235	56,522,235
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(l)(m)		40,480,592	40,472,496
Invesco Treasury Portfolio, Institutional Class, 0.23%(l)(m)		64,596,840	64,596,840
Total Money Market Funds (Cost $161,590,187)			161,591,571
Options Purchased–0.93%
(Cost $19,926,130)(n)			15,307,661
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-89.96% (Cost $1,673,160,906)			1,486,524,093

Investment Abbreviations:
ARS	– Argentina Peso
BADLAR	– Buenos Aires Deposits of Large Amounts Rate
BRL	– Brazilian Real
CAD	– Canadian Dollar
CLP	– Chile Peso
CNY	– Chinese Yuan Renminbi
COP	– Colombia Peso
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
INR	– Indian Rupee
LIBOR	– London Interbank Offered Rate
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
NZD	– New Zealand Dollar
Pfd.	– Preferred
PLN	– Polish Zloty
RUB	– Russian Ruble
SONIA	– Sterling Overnight Index Average
ZAR	– South African Rand

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.88%
Invesco Private Government Fund, 0.40%(l)(m)(o)		4,341,812	$       4,341,812
Invesco Private Prime Fund, 0.35%(l)(m)(o)		10,130,894	10,130,894
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,472,375)			14,472,706
TOTAL INVESTMENTS IN SECURITIES-90.84% (Cost $1,687,633,281)			1,500,996,799
OTHER ASSETS LESS LIABILITIES–9.16%			151,347,322
NET ASSETS–100.00%			$1,652,344,121

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

10 Invesco International Bond 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, 2022 was $584,932,338, which represented 35.40% of the Fund’s Net Assets.

^(c)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2022.

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

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

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

⁽ⁱ⁾  All or a portion of this security was out on loan at April 30, 2022.

^(j)  The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

^(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, 2022.

^(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, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	331,219,101		$	(274,696,866)		$	-		$	-		$	56,522,235		$	13,165
Invesco Liquid Assets Portfolio, Institutional Class			937,266			236,585,073			(197,050,277)			1,665			(1,231)			40,472,496			19,973
Invesco Treasury Portfolio, Institutional Class			-			378,536,116			(313,939,276)			-			-			64,596,840			21,433
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,260,112			37,634,857			(36,553,157)			-			-			4,341,812			2,109*
Invesco Private Prime Fund			7,606,928			57,510,671			(54,982,474)			331			(4,562)			10,130,894			7,296*
Total		$	11,804,306		$	1,041,485,818		$	(877,222,050)		$	1,996		$	(5,793)		$	176,064,277		$	63,976

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

^(m)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

⁽ⁿ⁾  The table below details options purchased.

^(o)  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 1J.

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.

12/05/2022

USD

0.80

AUD

7,500,000

$

375,199

EUR versus CHF

Call

UBS AG

09/06/2022

CHF

1.06

EUR

60,000,000

64,500

EUR versus USD

Call

Bank of America, N.A.

05/05/2022

USD

1.17

EUR

120,000,000

127

EUR versus USD

Call

Bank of America, N.A.

10/31/2022

USD

1.15

EUR

6,000,000

574,541

EUR versus USD

Call

Goldman Sachs International

05/05/2022

USD

1.15

EUR

80,000,000

84

EUR versus USD

Call

Goldman Sachs International

05/23/2022

USD

1.11

EUR

125,000,000

21,231

Subtotal – Foreign Currency Call Options Purchased

1,035,682

Currency Risk

EUR versus CZK

Put

J.P. Morgan Chase Bank, N.A.

07/17/2023

CZK

24.00

EUR

2,000,000

177,227

EUR versus CZK

Put

J.P. Morgan Chase Bank, N.A.

02/05/2024

CZK

24.30

EUR

2,500,000

292,208

EUR versus CZK

Put

Morgan Stanley and Co. International PLC

12/07/2022

CZK

24.60

EUR

3,000,000

702,043

EUR versus PLN

Put

Bank of America, N.A.

03/24/2023

PLN

4.50

EUR

5,000,000

406,699

EUR versus SEK

Put

J.P. Morgan Chase Bank, N.A.

07/27/2022

SEK

10.20

EUR

50,000,000

405,628

USD versus BRL

Put

Goldman Sachs International

06/27/2022

BRL

4.78

USD

50,000,000

568,800

USD versus BRL

Put

Goldman Sachs International

09/30/2022

BRL

4.60

USD

15,000,000

2,874,210

USD versus BRL

Put

J.P. Morgan Chase Bank, N.A.

08/22/2022

BRL

4.60

USD

2,500,000

418,633

USD versus BRL

Put

J.P. Morgan Chase Bank, N.A.

09/22/2022

BRL

4.30

USD

6,000,000

420,186

USD versus CAD

Put

Bank of America, N.A.

09/20/2022

CAD

1.20

USD

10,000,000

1,289,790

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 CAD

Put

Goldman Sachs International

08/12/2022

CAD

1.23

USD

45,000,000

$

150,210

USD versus CLP

Put

Bank of America, N.A.

06/28/2022

CLP

775.00

USD

60,000,000

88,320

USD versus CLP

Put

Morgan Stanley and Co. International PLC

07/11/2022

CLP

780.00

USD

3,000,000

135,336

USD versus CNH

Put

Goldman Sachs International

05/17/2022

CNH

6.25

USD

10,000,000

4,050

USD versus COP

Put

Morgan Stanley and Co. International PLC

06/16/2022

COP

3,850.00

USD

50,000,000

218,450

USD versus INR

Put

Standard Chartered Bank PLC

05/06/2022

INR

73.00

USD

4,000,000

1,060

USD versus INR

Put

Standard Chartered Bank PLC

07/06/2022

INR

74.00

USD

50,000,000

9,900

USD versus JPY

Put

Bank of America, N.A.

06/02/2022

JPY

127.00

USD

100,000,000

197,800

USD versus JPY

Put

Bank of America, N.A.

08/15/2022

JPY

113.00

USD

5,000,000

50,145

USD versus JPY

Put

Goldman Sachs International

07/08/2022

JPY

113.50

USD

150,000,000

3,750

USD versus JPY

Put

Goldman Sachs International

07/08/2022

JPY

114.00

USD

150,000,000

5,700

USD versus MXN

Put

Goldman Sachs International

06/23/2022

MXN

20.25

USD

50,000,000

574,600

USD versus MXN

Put

Morgan Stanley and Co. International PLC

06/28/2022

MXN

19.75

USD

60,000,000

276,600

USD versus RUB

Put

Bank of America, N.A.

02/22/2023

RUB

70.00

USD

5,000,000

1,367,675

USD versus RUB

Put

J.P. Morgan Chase Bank, N.A.

01/19/2023

RUB

70.00

USD

3,000,000

835,518

USD versus RUB

Put

J.P. Morgan Chase Bank, N.A.

02/16/2023

RUB

68.00

USD

3,000,000

717,294

USD versus RUB

Put

J.P. Morgan Chase Bank, N.A.

02/21/2023

RUB

68.00

USD

4,000,000

956,240

USD versus RUB

Put

UBS AG

08/19/2022

RUB

67.00

USD

2,500,000

564,605

USD versus THB

Put

Standard Chartered Bank PLC

05/05/2022

THB

32.85

USD

60,000,000

180

USD versus ZAR

Put

J.P. Morgan Chase Bank, N.A.

06/09/2022

ZAR

14.85

USD

60,000,000

46,740

USD versus ZAR

Put

J.P. Morgan Chase Bank, N.A.

06/28/2022

ZAR

15.50

USD

3,000,000

456,942

USD versus ZAR

Put

J.P. Morgan Chase Bank, N.A.

07/07/2022

ZAR

14.60

USD

80,000,000

55,440

Subtotal – Foreign Currency Put Options Purchased

14,271,979

Total Foreign Currency Options Purchased

$

15,307,661

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,210,000.

		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)				Notional Value		Value
Credit Risk
Goldman Sachs International	Put	0.99%	Markit CDX North America High Yield Index, Series 38, Version 1	5.00%	Quarterly	06/15/2022		4.614	%	USD		75,000,000	$	(826,517	)
Goldman Sachs International	Put	1.00	Markit CDX North America High Yield Index, Series 38, Version 1	5.00	Quarterly	06/15/2022		4.614		USD		75,000,000		(1,019,374	)
J.P. Morgan Chase Bank, N.A.	Put	0.99	Markit CDX North America High Yield Index, Series 38, Version 1	5.00	Quarterly	06/15/2022		4.614		USD		100,000,000		(1,102,022	)
J.P. Morgan Chase Bank, N.A.	Put	4.25	Markit iTraxx Europe Crossover Index, Series 37, Version 1	5.00	Quarterly	06/15/2022		4.286		EUR		100,000,000		(2,026,809	)
Total Credit Default Swaptions Written													$	(4,974,722	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,210,000.

^(b) Implied credit spreads represent the current level, as of April 30, 2022, 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.

12 Invesco International Bond Fund

Open Over-The-Counter Foreign Currency Options Written(a)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

EUR versus CZK

Call

Morgan Stanley and Co. International PLC

07/07/2022

CZK

27.30

EUR

30,000,000

$

(23,800

)

EUR versus SEK

Call

J.P. Morgan Chase Bank, N.A.

07/27/2022

SEK

10.70

EUR

50,000,000

(270,542

)

USD versus BRL

Call

Goldman Sachs International

06/27/2022

BRL

5.25

USD

50,000,000

(868,200

)

USD versus BRL

Call

J.P. Morgan Chase Bank, N.A.

09/22/2022

BRL

6.00

USD

2,000,000

(197,164

)

USD versus CAD

Call

Bank of America, N.A.

09/20/2022

CAD

1.40

USD

16,000,000

(885,216

)

USD versus CLP

Call

Bank of America, N.A.

06/28/2022

CLP

850.00

USD

60,000,000

(1,989,720

)

USD versus MXN

Call

Goldman Sachs International

06/23/2022

MXN

21.40

USD

50,000,000

(384,850

)

USD versus MXN

Call

Morgan Stanley and Co. International PLC

06/28/2022

MXN

21.35

USD

60,000,000

(532,320

)

USD versus ZAR

Call

J.P. Morgan Chase Bank, N.A.

07/07/2022

ZAR

15.50

USD

30,000,000

(1,191,360

)

Subtotal – Foreign Currency Call Options Written

(6,343,172

)

Currency Risk

EUR versus SEK

Put

J.P. Morgan Chase Bank, N.A.

07/27/2022

SEK

9.90

EUR

50,000,000

(92,413

)

EUR versus USD

Put

Bank of America, N.A.

10/31/2022

USD

0.95

EUR

3,000,000

(435,930

)

USD versus BRL

Put

Goldman Sachs International

06/27/2022

BRL

4.55

USD

50,000,000

(166,850

)

USD versus CLP

Put

Bank of America, N.A.

06/28/2022

CLP

735.00

USD

60,000,000

(13,260

)

USD versus MXN

Put

Goldman Sachs International

06/23/2022

MXN

19.65

USD

50,000,000

(168,000

)

USD versus MXN

Put

Morgan Stanley and Co. International PLC

06/28/2022

MXN

19.25

USD

60,000,000

(92,160

)

Subtotal – Foreign Currency Put Options Written

(968,613

)

Total – Foreign Currency Options Written

$

(7,311,785

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,210,000.

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

Notional Value

Value

Interest Rate Risk

10 Year Interest Rate Swap

Call

Bank of America, N.A.

1.85%

SOFR

Receive

Annually

06/08/2022

USD

50,000,000

$

(14,794

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

1.87

SOFR

Receive

Annually

05/09/2022

USD

75,000,000

(13

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

2.50

SOFR

Receive

Annually

06/21/2022

USD

125,000,000

(992,686

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

1.75

SONIA

Receive

Annually

05/16/2022

GBP

75,000,000

(219,747

)

30 Year Interest Rate Swap

Call

Goldman Sachs International

2.20

SOFR

Receive

Annually

05/27/2022

USD

12,500,000

(77,328

)

2 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

0.75

6 Month EURIBOR

Receive

Semi-Annually

02/16/2023

EUR

500,000,000

(888,933

)

5 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

0.85

6 Month EURIBOR

Receive

Semi-Annually

05/23/2022

EUR

125,000,000

(3,745

)

10 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

0.85

6 Month EURIBOR

Receive

Semi-Annually

05/09/2022

EUR

125,000,000

(1

)

1 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

2.82

SOFR

Receive

At Maturity

02/17/2023

USD

250,000,000

(796,760

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.60

SOFR

Receive

Annually

12/05/2022

USD

75,000,000

(822,658

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.82

SOFR

Receive

Annually

05/09/2022

USD

50,000,000

(157

)

3 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

0.66

6 Month EURIBOR

Receive

Semi-Annually

05/23/2022

EUR

125,000,000

(3,551

)

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 Interest Rate Swaptions Written(a)–(continued)

Description

Type of Contract

Counterparty

Exercise Rate

Floating Rate Index

Pay/ Receive Exercise Rate

Payment Frequency

Expiration Date

Notional Value

Value

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

2.25%

SOFR

Receive

Annually

05/23/2022

USD

100,000,000

$

(683,104

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

2.45

SOFR

Receive

Annually

06/21/2022

USD

75,000,000

(501,619

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.75

SONIA

Receive

Annually

06/09/2022

GBP

50,000,000

(363,833

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.50

SONIA

Receive

Annually

07/20/2022

GBP

92,500,000

(2,895,873

)

Subtotal–Interest Rate Call Swaptions Written

(8,264,802

)

Interest Rate Risk

10 Year Interest Rate Swap

Put

Bank of America, N.A.

2.15

SOFR

Pay

Annually

06/08/2022

USD

50,000,000

(2,616,730

)

2 Year Interest Rate Swap

Put

Bank of America, N.A.

2.22

3 Month CDOR

Pay

Quarterly

07/19/2022

CAD

250,000,000

(4,118,647

)

10 Year Interest Rate Swap

Put

Goldman Sachs International

2.75

6 Month EURIBOR

Pay

Semi-Annually

04/22/2024

EUR

150,000,000

(4,157,725

)

20 Year Interest Rate Swap

Put

Goldman Sachs International

0.53

TONAR

Pay

Annually

08/22/2022

JPY

6,857,143,000

(1,717,552

)

10 Year Interest Rate Swap

Put

Goldman Sachs International

2.17

SOFR

Pay

Annually

05/09/2022

USD

75,000,000

(3,622,196

)

1 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

2.82

SOFR

Pay

At Maturity

02/17/2023

USD

250,000,000

(1,862,405

)

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

1.20

6 Month EURIBOR

Pay

Semi-Annually

05/09/2022

EUR

125,000,000

(6,500,203

)

2 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.05

6 Month EURIBOR

Pay

Semi-Annually

07/27/2022

EUR

175,000,000

(1,159,688

)

30 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.50

SONIA

Pay

Annually

07/20/2022

GBP

25,000,000

(2,216,909

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

3.75

SOFR

Pay

Annually

04/22/2024

USD

250,000,000

(5,750,230

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.75

SONIA

Pay

Annually

06/09/2022

GBP

75,000,000

(2,188,879

)

30 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.12

SOFR

Pay

Annually

05/09/2022

USD

50,000,000

(3,802,019

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.20

6 Month EURIBOR

Pay

Semi-Annually

05/10/2022

EUR

125,000,000

(6,512,809

)

30 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.25

SOFR

Pay

Annually

12/05/2022

USD

75,000,000

(6,714,720

)

Subtotal–Interest Rate Put Swaptions Written

(52,940,712

)

Total Open Over-The-Counter Interest Rate Swaptions Written

$

(61,205,514

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,210,000.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation
Interest Rate Risk
Euro-BTP		173		June-2022	$	23,787,883	$	3,095	$	3,095

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

14 Invesco International Bond Fund

Open Futures Contracts(a)–(continued)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value		Unrealized Appreciation
Interest Rate Risk
Euro-Bobl		447		June-2022	$	(59,973,352	)	$	700,096	$	700,096
Euro-Bund		685		June-2022		(110,990,419	)		1,360,329		1,360,329
Euro-Buxl 30 Year Bonds		51		June-2022		(9,199,145	)		681,382		681,382
U.S. Treasury 5 Year Notes		11		June-2022		(1,239,391	)		8,594		8,594
U.S. Treasury 10 Year Notes		63		June-2022		(7,506,844	)		123,766		123,766
U.S. Treasury 10 Year Ultra Notes		118		June-2022		(15,222,000	)		712,253		712,253
U.S. Treasury Ultra Bonds		87		June-2022		(16,204,187	)		1,153,125		1,153,125
Subtotal–Short Futures Contracts									4,739,545		4,739,545
Total Futures Contracts								$	4,742,640	$	4,742,640

^(a) Futures contracts collateralized by $5,295,177 cash held with Merrill Lynch International, the futures commission merchant.

Open Forward Foreign Currency Contracts
									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
Currency Risk
05/17/2022	Bank of America, N.A.		AUD		9,000,000	USD		6,776,730	$	416,290
06/10/2022	Bank of America, N.A.		CLP		23,100,000,000	USD		28,000,000		1,120,342
06/10/2022	Bank of America, N.A.		EUR		25,000,000	USD		27,587,500		1,169,117
06/15/2022	Bank of America, N.A.		AUD		40,365,104	USD		29,766,842		1,224,856
06/15/2022	Bank of America, N.A.		EUR		78,102,000	USD		86,233,980		3,678,059
06/15/2022	Bank of America, N.A.		JPY		12,237,365,500	USD		105,630,210		11,201,686
06/15/2022	Bank of America, N.A.		NOK		445,178,855	USD		50,541,728		3,072,518
06/15/2022	Bank of America, N.A.		USD		34,861,804	MXN		744,194,937		1,307,521
06/15/2022	Citibank, N.A.		EUR		66,820,000	USD		73,737,541		3,106,998
06/15/2022	Citibank, N.A.		GBP		5,410,000	USD		7,094,007		290,967
06/15/2022	Citibank, N.A.		USD		25,490,194	MXN		526,385,000		93,143
05/13/2022	Goldman Sachs International		CAD		25,128,195	USD		20,786,000		1,226,372
06/15/2022	Goldman Sachs International		AUD		30,833,000	USD		22,716,891		915,013
06/15/2022	Goldman Sachs International		CAD		46,136,160	USD		36,000,000		90,089
06/15/2022	Goldman Sachs International		EUR		216,918,000	USD		239,354,680		10,066,504
06/15/2022	Goldman Sachs International		GBP		23,231,000	USD		30,439,580		1,226,746
06/15/2022	Goldman Sachs International		JPY		4,152,905,325	USD		34,221,985		2,176,466
06/15/2022	Goldman Sachs International		MXN		399,750,000	USD		19,500,000		71,371
06/15/2022	Goldman Sachs International		NOK		106,821,300	USD		12,360,000		969,696
06/15/2022	Goldman Sachs International		NZD		25,000,000	USD		17,124,750		986,132
06/15/2022	Goldman Sachs International		PLN		85,722,000	USD		19,564,979		327,427
06/15/2022	Goldman Sachs International		USD		7,839,955	MXN		167,378,344		294,958
06/15/2022	Goldman Sachs International		ZAR		83,000,000	USD		5,477,102		245,274
06/29/2022	Goldman Sachs International		BRL		131,962,500	USD		27,000,000		767,746
09/08/2022	Goldman Sachs International		EUR		68,000,000	USD		75,820,000		3,554,576
09/16/2022	Goldman Sachs International		RUB		1,137,150,000	USD		14,250,000		248,588
09/16/2022	Goldman Sachs International		USD		21,750,000	RUB		1,786,762,500		249,910
05/24/2022	J.P. Morgan Chase Bank, N.A.		USD		23,250,000	BRL		116,575,500		169,884
06/10/2022	J.P. Morgan Chase Bank, N.A.		USD		14,833,000	RUB		1,184,807,647		959,226
06/15/2022	J.P. Morgan Chase Bank, N.A.		AUD		66,593,777	USD		49,812,135		2,723,970
06/15/2022	J.P. Morgan Chase Bank, N.A.		CAD		17,177,876	USD		13,456,590		86,254
06/15/2022	J.P. Morgan Chase Bank, N.A.		CNY		1,521,959,500	USD		238,532,952		9,498,099
06/15/2022	J.P. Morgan Chase Bank, N.A.		EUR		164,516,940	USD		181,099,627		7,200,782
06/15/2022	J.P. Morgan Chase Bank, N.A.		GBP		120,162,570	USD		157,475,899		6,372,238
06/15/2022	J.P. Morgan Chase Bank, N.A.		JPY		521,245,482	USD		4,499,430		477,286

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

15 Invesco International Bond Fund

	Open Forward Foreign Currency Contracts–(continued)
									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
06/15/2022	J.P. Morgan Chase Bank, N.A.		NOK		345,721,396	USD		39,716,045	$	2,851,938
06/15/2022	J.P. Morgan Chase Bank, N.A.		SEK		233,246,644	USD		24,267,960		486,541
06/15/2022	J.P. Morgan Chase Bank, N.A.		THB		206,712,000	USD		6,213,090		174,131
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		38,598,618	INR		3,006,639,385		492,832
06/15/2022	J.P. Morgan Chase Bank, N.A.		ZAR		1,953,051,780	USD		128,769,815		5,661,008
06/27/2022	J.P. Morgan Chase Bank, N.A.		USD		70,563,204	IDR		1,127,600,000,000		6,588,004
07/11/2022	J.P. Morgan Chase Bank, N.A.		ZAR		149,495,000	USD		10,000,000		603,005
07/29/2022	J.P. Morgan Chase Bank, N.A.		SEK		120,960,450	USD		13,061,412		710,610
08/25/2022	J.P. Morgan Chase Bank, N.A.		EUR		9,000,000	NOK		91,170,000		174,702
02/17/2023	J.P. Morgan Chase Bank, N.A.		RUB		310,125,000	USD		3,750,000		192,317
02/22/2023	J.P. Morgan Chase Bank, N.A.		RUB		331,851,000	USD		3,900,000		99,967
05/03/2022	Morgan Stanley and Co. International PLC		BRL		671,436,244	USD		138,283,647		2,473,971
05/03/2022	Morgan Stanley and Co. International PLC		USD		134,907,825	BRL		671,436,244		901,851
05/09/2022	Morgan Stanley and Co. International PLC		CLP		10,444,375,000	USD		12,500,000		262,786
06/02/2022	Morgan Stanley and Co. International PLC		USD		28,430,150	BRL		142,845,866		183,243
06/15/2022	Morgan Stanley and Co. International PLC		AUD		27,000,000	USD		19,981,890		890,310
06/15/2022	Morgan Stanley and Co. International PLC		CLP		21,017,875,000	USD		25,776,843		1,342,248
06/15/2022	Morgan Stanley and Co. International PLC		COP		332,614,200,000	USD		85,392,981		1,958,491
06/15/2022	Morgan Stanley and Co. International PLC		EUR		77,650,000	USD		85,634,651		3,556,506
06/15/2022	Morgan Stanley and Co. International PLC		GBP		5,786,000	USD		7,584,685		308,827
06/15/2022	Morgan Stanley and Co. International PLC		JPY		2,364,560,000	USD		20,000,000		1,754,086
06/15/2022	Morgan Stanley and Co. International PLC		NZD		25,700,000	USD		17,613,675		1,023,175
06/15/2022	Morgan Stanley and Co. International PLC		PLN		42,295,000	USD		9,696,446		204,692
06/15/2022	Morgan Stanley and Co. International PLC		SEK		196,406,700	USD		20,435,828		410,545
06/15/2022	Morgan Stanley and Co. International PLC		USD		10,236,468	MXN		218,447,250		380,494
07/13/2022	Morgan Stanley and Co. International PLC		CLP		3,334,800,000	USD		4,000,000		143,261
06/15/2022	Royal Bank of Canada		CAD		164,477,500	USD		128,851,886		831,428
06/15/2022	Royal Bank of Canada		EUR		52,858,540	USD		58,338,385		2,465,482
06/15/2022	Royal Bank of Canada		GBP		1,695,000	USD		2,224,620		93,168
06/15/2022	Standard Chartered Bank PLC		CNY		26,976,071	USD		4,229,086		169,543
06/27/2022	Standard Chartered Bank PLC		IDR		1,127,600,000,000	USD		77,829,928		678,720
Subtotal–Appreciation										115,653,986
Currency Risk
06/10/2022	Bank of America, N.A.		USD		27,500,000	PLN		117,874,900		(1,028,899	)
06/15/2022	Bank of America, N.A.		EUR		20,000,000	USD		21,038,600		(101,939	)
06/15/2022	Bank of America, N.A.		USD		73,130,675	AUD		102,500,000		(653,379	)
06/15/2022	Bank of America, N.A.		USD		5,808,751	CAD		7,415,916		(36,600	)
06/15/2022	Bank of America, N.A.		USD		70,278,990	EUR		63,596,386		(3,055,894	)
06/15/2022	Bank of America, N.A.		USD		4,313,352	JPY		499,706,136		(457,415	)
06/15/2022	Bank of America, N.A.		USD		22,409,491	NOK		199,657,361		(1,120,122	)
06/15/2022	Bank of America, N.A.		USD		17,133,750	NZD		25,000,000		(995,132	)
06/15/2022	Bank of America, N.A.		USD		19,027,081	PLN		83,468,000		(295,367	)
06/15/2022	Bank of America, N.A.		USD		65,118,850	SEK		621,685,216		(1,732,914	)
06/15/2022	Bank of America, N.A.		USD		9,526,812	ZAR		144,526,500		(416,718	)
09/21/2022	Bank of America, N.A.		CAD		108,910,200	USD		84,000,000		(733,665	)
02/27/2023	Bank of America, N.A.		RUB		534,960,000	USD		6,000,000		(114,779	)
06/15/2022	Citibank, N.A.		MXN		721,400,000	USD		33,788,594		(1,272,852	)
06/15/2022	Citibank, N.A.		USD		149,673,839	EUR		135,415,000		(6,536,533	)
06/15/2022	Citibank, N.A.		USD		51,320,092	GBP		39,148,746		(2,090,794	)
06/15/2022	Goldman Sachs International		MXN		237,197,000	USD		11,148,487		(379,751	)

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)
06/15/2022	Goldman Sachs International		USD		96,769,037	CAD		123,449,777	$	(682,355	)
06/15/2022	Goldman Sachs International		USD		65,393,384	CNY		417,079,000		(2,628,489	)
06/15/2022	Goldman Sachs International		USD		116,602,477	EUR		105,073,000		(5,537,482	)
06/15/2022	Goldman Sachs International		USD		40,803,748	ZAR		618,340,000		(1,827,260	)
06/10/2022	J.P. Morgan Chase Bank, N.A.		RUB		993,662,890	USD		11,304,470		(1,940,001	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		INR		4,634,235,000	USD		59,493,356		(759,619	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		MXN		371,834,500	USD		17,417,360		(654,522	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		73,698,052	AUD		99,994,643		(2,992,283	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		47,310,145	CAD		60,434,717		(271,005	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		83,701,976	CNY		533,589,195		(3,403,833	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		6,341,755	COP		24,398,000,000		(221,647	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		414,932,586	EUR		375,886,233		(17,610,698	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		20,430,132	GBP		15,589,332		(826,646	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		8,287,757	IDR		119,136,500,000		(126,278	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		65,362,166	JPY		7,572,010,854		(6,933,429	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		28,458,752	KRW		35,190,384,742		(600,763	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		50,207,377	NOK		442,583,400		(3,014,920	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		17,500,000	NZD		25,849,521		(812,978	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		38,600,000	SEK		363,517,504		(1,536,392	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		57,993,030	SGD		78,794,550		(1,020,889	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD		18,000,000	ZAR		284,162,400		(88,087	)
07/29/2022	J.P. Morgan Chase Bank, N.A.		USD		13,061,412	EUR		11,700,000		(662,368	)
05/03/2022	Morgan Stanley and Co. International PLC		BRL		142,845,866	USD		28,701,199		(191,866	)
05/03/2022	Morgan Stanley and Co. International PLC		USD		29,419,394	BRL		142,845,866		(526,329	)
05/09/2022	Morgan Stanley and Co. International PLC		USD		22,083,000	CLP		17,853,001,350		(1,165,424	)
06/02/2022	Morgan Stanley and Co. International PLC		BRL		671,436,244	USD		133,633,780		(861,320	)
06/15/2022	Morgan Stanley and Co. International PLC		PLN		16,970,000	USD		3,786,172		(22,200	)
06/15/2022	Morgan Stanley and Co. International PLC		USD		40,964,444	AUD		55,575,151		(1,667,501	)
06/15/2022	Morgan Stanley and Co. International PLC		USD		15,883,794	CAD		20,274,551		(103,171	)
06/15/2022	Morgan Stanley and Co. International PLC		USD		56,449,550	CLP		46,652,947,818		(2,212,578	)
06/15/2022	Morgan Stanley and Co. International PLC		USD		20,673,153	COP		80,524,000,000		(474,140	)
06/15/2022	Morgan Stanley and Co. International PLC		USD		36,517,162	CZK		839,420,000		(708,788	)
06/15/2022	Morgan Stanley and Co. International PLC		USD		53,084,919	EUR		47,882,000		(2,472,354	)
06/15/2022	Morgan Stanley and Co. International PLC		USD		41,947,792	GBP		32,000,000		(1,707,997	)
06/15/2022	Morgan Stanley and Co. International PLC		USD		124,737,329	JPY		14,450,040,000		(13,234,902	)
06/15/2022	Morgan Stanley and Co. International PLC		USD		22,500,000	MXN		461,463,750		(71,962	)
06/15/2022	Morgan Stanley and Co. International PLC		USD		18,526,423	NOK		165,092,664		(922,671	)
06/15/2022	Morgan Stanley and Co. International PLC		USD		426,261	SEK		4,096,756		(8,563	)
06/15/2022	Morgan Stanley and Co. International PLC		USD		21,739,680	ZAR		326,634,000		(1,150,609	)
06/16/2022	Morgan Stanley and Co. International PLC		USD		8,000,000	MXN		161,976,000		(129,149	)
06/15/2022	Royal Bank of Canada		USD		75,863,198	CAD		96,874,500		(461,286	)
06/15/2022	Royal Bank of Canada		USD		12,007,433	EUR		10,865,721		(522,073	)
06/15/2022	Royal Bank of Canada		USD		36,794,482	GBP		28,068,000		(1,499,151	)
06/15/2022	Standard Chartered Bank PLC		USD		93,430	CNY		595,961		(3,746	)
06/15/2022	Standard Chartered Bank PLC		USD		54,442,539	THB		1,813,339,000		(1,467,000	)
08/22/2022	UBS AG		RUB		242,850,000	USD		3,000,000		(26,961	)
Subtotal–Depreciation										(106,786,438	)
Total Forward Foreign Currency Contracts									$	8,867,548

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

17 Invesco International Bond Fund

	Open Centrally Cleared Credit Default Swap Agreements(a)
			(Pay)/
			Receive						Implied					Upfront						Unrealized
	Buy/Sell		Fixed		Payment		Maturity		Credit					Payments Paid						Appreciation
Reference Entity	Protection		Rate		Frequency		Date		Spread(b)			Notional Value		(Received)			Value			(Depreciation)
Credit Risk
Markit iTraxx Europe Index, Series 37, Version 1		Buy		(1.00)%		Quarterly		06/20/2027		0.902	%		EUR   21,500,000	$	(244,769	)	$	(108,569	)	$	136,200
Markit iTraxx Europe Sub Financials, Series 37, Version 1		Buy		(1.00)		Quarterly		06/20/2027		1.969			EUR   21,250,000		746,066			1,038,228			292,162
Markit CDX North America High Yield Index, Series 38, Version 1		Buy		(5.00)		Quarterly		06/20/2027		4.614			USD   50,000,000		(2,311,659	)		(729,649	)		1,582,010
Markit iTraxx Europe Index, Series 37, Version 1		Buy		(5.00)		Quarterly		06/20/2027		4.275			EUR   58,295,000		(3,923,000	)		(1,899,200	)		2,023,800
Credit Suisse Group AG		Buy		(1.00)		Quarterly		06/20/2027		1.354			EUR     5,000,000		60,149			90,786			30,637
Subtotal – Appreciation															(5,673,213	)		(1,608,404	)		4,064,809
Credit Risk
Brazil Government International Bonds		Buy		(1.00)		Quarterly		06/20/2027		2.235			USD   12,500,000		717,228			709,656			(7,572	)
Brazil Government International Bonds		Buy		(1.00)		Quarterly		06/20/2025		1.488			USD     9,000,000		146,470			130,874			(15,596	)
Societe Generale		Sell		1.00		Quarterly		06/20/2027		1.124			EUR   15,000,000		16,402			(96,364	)		(112,766	)
Subtotal – Depreciation															880,100			744,166			(135,934	)
Total Centrally Cleared Credit Default Swap Agreements														$	(4,793,113	)	$	(864,238	)		$3,928,875

^(a)  Centrally cleared swap agreements collateralized by $45,953,306 cash held with Counterparties.

^(b)  Implied credit spreads represent the current level, as of April 30, 2022, 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

Receive

3 Month JIBAR

Quarterly

(7.45

)%

Quarterly

04/29/2027

ZAR

385,000,000

$

–

$           –

$           –

Receive

FBIL Overnight MIBOR

Semi-Annually

(6.62

)

Semi-Annually

05/02/2027

INR

1,800,000,000

–

–

–

Receive

3 Month JIBAR

Quarterly

(7.98

)

Quarterly

03/07/2032

ZAR

16,000,000

–

33,187

33,187

Receive

3 Month JIBAR

Quarterly

(7.95

)

Quarterly

03/07/2032

ZAR

16,500,000

–

36,377

36,377

Pay

SONIA

Annually

2.03

Annually

06/09/2032

GBP

10,000,000

–

93,065

93,065

Receive

SOFR

Annually

(2.66

)

Annually

04/24/2034

USD

48,750,000

–

164,623

164,623

Receive

3 Month COOVIBR

Quarterly

(8.29

)

Quarterly

03/10/2025

COP

70,250,000,000

–

196,924

196,924

Pay

BZDIOVRA

At Maturity

12.11

At Maturity

01/02/2029

BRL

78,778,454

–

288,794

288,794

Receive

6 Month CZK PRIBOR

Semi-Annually

(3.95

)

Annually

01/17/2027

CZK

235,000,000

–

423,655

423,655

Pay

SONIA

Annually

1.80

Annually

07/20/2052

GBP

15,500,000

–

458,135

458,135

Pay

BZDIOVRA

At Maturity

12.24

At Maturity

01/02/2029

BRL

84,389,236

–

466,174

466,174

Pay

BZDIOVRA

At Maturity

12.27

At Maturity

01/02/2029

BRL

83,122,904

–

486,645

486,645

Receive

3 Month JIBAR

Quarterly

(6.61

)

Quarterly

10/19/2026

ZAR

336,700,000

1,669

555,078

553,409

Receive

3 Month JIBAR

Quarterly

(6.65

)

Quarterly

10/11/2026

ZAR

350,000,000

–

583,476

583,476

Receive

3 Month JIBAR

Quarterly

(7.15

)

Quarterly

02/24/2031

ZAR

147,600,000

865

701,565

700,700

Receive

28 Day MXN TIIE

28 Day

(8.35

)

28 Day

03/06/2025

MXN

787,500,000

–

866,284

866,284

Receive

3 Month JIBAR

Quarterly

(7.50

)

Quarterly

03/01/2031

ZAR

310,000,000

1,928

1,031,406

1,029,478

Receive

FBIL Overnight MIBOR

Semi-Annually

(5.65

)

Semi-Annually

02/17/2027

INR

2,625,000,000

–

1,382,455

1,382,455

Receive

28 Day MXN TIIE

28 Day

(5.50

)

28 Day

11/29/2030

MXN

251,250,000

–

2,569,057

2,569,057

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

18 Invesco International Bond 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	6 Month EURIBOR	Semi-Annually	(0.86)%		Annually		03/24/2027		EUR	94,375,000	$	–			$2,612,504			$      2,612,504
Receive	3 Month COOVIBR	Quarterly	(4.20)		Quarterly		02/08/2031		COP	43,000,000,000		–			3,535,597			3,535,597
Receive	6 Month CLICP	Semi-Annually	(2.34)		Semi-Annually		03/10/2026		CLP	30,000,000,000		–			5,521,900			5,521,900
Subtotal – Appreciation												4,462			22,006,901			22,002,439
Interest Rate Risk
Pay	6 Month EURIBOR	Semi-Annually	0.64		Annually		03/03/2032		EUR	130,274,000		(17,798	)		(13,432,553	)		(13,414,755	)
Pay	28 Day MXN TIIE	28 Day	6.12		28 Day		02/11/2031		MXN	660,000,000		–			(5,625,263	)		(5,625,263	)
Pay	SOFR	Annually	2.12		Annually		04/21/2052		USD	50,000,000		–			(3,503,813	)		(3,503,813	)
Pay	SONIA	Annually	1.03		Annually		09/02/2052		GBP	12,250,000		–			(2,365,935	)		(2,365,935	)
Pay	BZDIOVRA	At Maturity	11.07		At Maturity		01/04/2027		BRL	118,159,490		–			(677,750	)		(677,750	)
Pay	BZDIOVRA	At Maturity	11.21		At Maturity		01/02/2031		BRL	56,336,349		–			(663,244	)		(663,244	)
Pay	3 Month CZK PRIBOR	Quarterly	4.75		Annually		01/17/2023		CZK	1,096,650,000		–			(376,777	)		(376,777	)
Receive	BZDIOVRA	At Maturity	(12.25)		At Maturity		01/02/2025		BRL	198,699,430		–			(288,454	)		(288,454	)
Receive	6 Month THBFIX	Semi-Annually	(1.71)		Semi-Annually		04/18/2025		THB	573,000,000		–			(29,108	)		(29,108	)
Subtotal - Depreciation												(17,798	)		(26,962,897	)		(26,945,099	)
Total Centrally Cleared Interest Rate Swap Agreements											$	(13,336	)	$	(4,955,996	)	$	(4,942,660	)

^(a)  Centrally cleared swap agreements collateralized by $45,953,306 cash held with Counterparties.

Open Over-The-Counter Credit Default Swap Agreements(a)
				(Pay)/							Implied						Upfront					Unrealized
		Buy/Sell		Receive			Payment		Maturity		Credit			Notional			Payments Paid					Appreciation
Counterparty	Reference Entity	Protection		Fixed Rate			Frequency		Date		Spread(b)			Value			(Received)		Value			(Depreciation)
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.		Buy		(1.00	)%		Quarterly		12/20/2024		1.270	%		EUR	5,000,000	$	33,302	$	37,329		$	4,027
J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)		Buy		(1.00	)		Quarterly		06/20/2027		2.008			EUR	7,500,000		266,085		386,192			120,107
Subtotal-Appreciation																		299,387		423,521			124,134
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.		Sell		1.00			Quarterly		12/20/2024		0.728			EUR	10,000,000		51,265		37,697			(13,568	)
Goldman Sachs International	Markit iTraxx Europe Crossover Index, Series 32, Version 5		Sell		5.00			Quarterly		12/20/2024		6.395			EUR	10,000,000		656,701		(371,543	)		(1,028,244	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8		Sell		5.00			Quarterly		12/20/2023		11.059			EUR	5,000,000		29,208		(498,769	)		(527,977	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8		Sell		5.00			Quarterly		12/20/2023		11.059			EUR	10,000,000		187,715		(997,538	)		(1,185,253	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8		Sell		5.00			Quarterly		12/20/2023		11.059			EUR	5,000,000		70,886		(498,769	)		(569,655	)
Subtotal–Depreciation																		995,775		(2,328,922	)		(3,324,697	)
Total Open Over-The-Counter Credit Default Swap Agreements																	$	1,295,162	$	(1,905,401	)	$	(3,200,563	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,210,000.

^(b)  Implied credit spreads represent the current level, as of April 30, 2022, 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.

19 Invesco International Bond Fund

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

Interest Rate Risk

Bank of America, N.A.

Receive

3 Month MYR KLIBOR

Quarterly

(2.70)%

Quarterly

03/16/2024

MYR  198,000,000

$–

$335,790

$

335,790

Standard Chartered Bank PLC

Receive

3 Month MYR KLIBOR

Quarterly

(2.97)

Quarterly

04/11/2024

MYR  216,700,000

–

156,875

156,875

J.P. Morgan Chase Bank, N.A.

Receive

3 Month MYR KLIBOR

Quarterly

(3.48)

Quarterly

04/29/2025

MYR  150,000,000

–

–

–

Total Over-The-Counter Interest Rate Swap Agreements

$–

$492,665

$

492,665

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,210,000.

Open Centrally Cleared Inflation Rate Swap Agreements(a)
										Upfront
										Payments				Unrealized
	Floating Rate	Payment	Fixed	Payment	Maturity					Paid				Appreciation
Pay/Receive	Index	Frequency	Rate	Frequency	Date		Notional Value			(Received)	Value			(Depreciation)
Interest Rate Risk
Receive	United States CPI Urban Consumers NSA	At Maturity	(4.28)%	At Maturity		03/09/2024		USD	230,000,000	$–	$	2,828,706		$	2,828,706
Receive	United States CPI Urban Consumers NSA	At Maturity	(4.24)	At Maturity		03/11/2024		USD	61,942,000	–		779,530			779,530
Subtotal – Appreciation										–		3,608,236			3,608,236
Interest Rate Risk
Pay	United States CPI Urban Consumers NSA	At Maturity	3.67	At Maturity		03/29/2027		USD	97,500,000	–		(96,970	)		(96,970	)
Pay	United States CPI Urban Consumers NSA	At Maturity	3.41	At Maturity		03/11/2027		USD	61,942,000	–		(1,030,571	)		(1,030,571	)
Pay	United States CPI Urban Consumers NSA	At Maturity	2.74	At Maturity		02/25/2032		USD	23,250,000	–		(1,192,599	)		(1,192,599	)
Pay	United States CPI Urban Consumers NSA	At Maturity	3.41	At Maturity		03/09/2027		USD	230,000,000	–		(3,938,016	)		(3,938,016	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(4.93)	At Maturity		03/29/2024		USD	97,500,000	–		(343,234	)		(343,234	)
Subtotal – Depreciation										–		(6,601,390	)		(6,601,390	)
Total – Centrally Cleared Inflation Swap Agreements										$-	$	(2,993,154	)	$	(2,993,154	)

^(a)  Centrally cleared swap agreements collateralized by $45,953,306 cash held with Counterparties.

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

20 Invesco International Bond Fund

Abbreviations:

AUD	–Australian Dollar
BRL	–Brazilian Real
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
CPI	–Consumer Price Index
CZK	–Czech Koruna
EUR	–Euro
EURIBOR	–Euro Interbank Offered Rate
FBIL	–Financial Benchmarks India Private Ltd.
GBP	–British Pound Sterling
IDR	–Indonesian Rupiah
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
JPY	–Japanese Yen
KLIBOR	–Kuala Lumpur Interbank Offered Rate
KRW	–South Korean Won
MIBOR	–Mumbai Interbank Offered Rate
MXN	–Mexican Peso
MYR	–Malaysian Ringgit
NOK	–Norwegian Krone
NSA	–Non-Seasonally Adjusted
NZD	–New Zealand Dollar
PLN	–Polish Zloty
PRIBOR	–Prague Interbank Offerred Rate
RUB	–Russian Ruble
SEK	–Swedish Krona
SGD	–Singapore Dollar
SOFR	–Secured Overnight Financing Rate
SONIA	–Sterling Overnight Index Average
THB	–Thai Baht
THBFIX	–Thai Baht Interest Rate Fixing
TIIE	–Interbank Equilibrium Interest Rate
TONAR	–Tokyo Overnight Average Rate
USD	–U.S. Dollar
ZAR	–South African Rand

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2022

Non-U.S. Dollar Denominated Bonds & Notes	53.01%
U.S. Dollar Denominated Bonds & Notes	17.35
Asset-Backed Securities	8.57
Security Types Each Less Than 1% of Portfolio	0.32
Money Market Funds Plus Other Assets Less Liabilities	20.75

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

21 Invesco International Bond Fund

Consolidated Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,511,570,719)*	$	1,324,932,522
Investments in affiliated money market funds, at value (Cost $176,062,562)		176,064,277
Other investments:
Variation margin receivable – futures contracts		4,922,702
Swaps receivable – OTC		335,044
Unrealized appreciation on swap agreements – OTC		616,799
Premiums paid on swap agreements – OTC		1,295,162
Unrealized appreciation on forward foreign currency contracts outstanding		115,653,986
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		5,295,177
Cash collateral – centrally cleared swap agreements		45,953,306
Cash collateral – OTC Derivatives		73,210,000
Cash		63,746,066
Foreign currencies, at value (Cost $44,562,430)		42,483,132
Receivable for:
Investments sold		25,315,794
Fund shares sold		456,751
Dividends		37,238
Interest		22,903,013
Principal paydowns		2,512
Investment for trustee deferred compensation and retirement plans		440,539
Other assets		69,761
Total assets		1,903,733,781
Liabilities:
Other investments:
Options written, at value (premiums received $45,646,459)		73,492,021
Variation margin payable – centrally cleared swap agreements		3,070,536
Unrealized depreciation on forward foreign currency contracts outstanding		106,786,438
Swaps payable – OTC		85,153
Unrealized depreciation on swap agreements–OTC		3,324,697
Payable for:
Investments purchased		44,880,539
Dividends		997,696
Fund shares reacquired		1,954,978
Accrued foreign taxes		135,364
Collateral upon return of securities loaned		14,472,375
Accrued fees to affiliates		900,494
Accrued other operating expenses		848,830
Trustee deferred compensation and retirement plans		440,539
Total liabilities		251,389,660
Net assets applicable to shares outstanding	$	1,652,344,121

Net assets consist of:
Shares of beneficial interest	$	2,208,088,184
Distributable earnings (loss)		(555,744,063	)
	$	1,652,344,121
Net Assets:
Class A	$	553,502,727
Class C	$	22,054,669
Class R	$	48,716,898
Class Y	$	688,189,484
Class R5	$	1,063,763
Class R6	$	338,816,580
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		123,902,055
Class C		4,956,436
Class R		10,937,759
Class Y		154,127,310
Class R5		237,813
Class R6		75,948,682
Class A:
Net asset value per share	$	4.47
Maximum offering price per share (Net asset value of $4.47 ÷ 95.75%)	$	4.67
Class C:
Net asset value and offering price per share	$	4.45
Class R:
Net asset value and offering price per share	$	4.45
Class Y:
Net asset value and offering price per share	$	4.47
Class R5:
Net asset value and offering price per share	$	4.47
Class R6:
Net asset value and offering price per share	$	4.46

* At April 30, 2022, securities with an aggregate value of $13,987,454 were on loan to brokers.

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

22 Invesco International Bond Fund

Consolidated Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $534,516)	$	38,256,288
Dividends from affiliated money market funds (includes securities lending income of $9,060)		63,631
Total investment income		38,319,919
Expenses:
Advisory fees		5,768,353
Administrative services fees		141,592
Custodian fees		296,353
Distribution fees:
Class A		780,293
Class C		133,052
Class R		139,906
Transfer agent fees – A, C, R and Y		1,274,265
Transfer agent fees – R5		76
Transfer agent fees – R6		72,387
Trustees’ and officers’ fees and benefits		15,948
Registration and filing fees		52,490
Professional services fees		60,387
Other		(341,924	)
Total expenses		8,393,178
Less: Fees waived and/or expense offset arrangement(s)		(23,069	)
Net expenses		8,370,109
Net investment income		29,949,810
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $19,882)		(120,194,252	)
Affiliated investment securities		(5,793	)
Foreign currencies		(2,450,153	)
Forward foreign currency contracts		1,489,960
Futures contracts		30,735,319
Option contracts written		(3,249,110	)
Swap agreements		(77,540,973	)
		(171,215,002	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $206,462)		(94,583,611	)
Affiliated investment securities		1,996
Foreign currencies		(1,269,111	)
Forward foreign currency contracts		(2,092,536	)
Futures contracts		4,899,025
Option contracts written		(17,884,819	)
Swap agreements		40,141,106
		(70,787,950	)
Net realized and unrealized gain (loss)		(242,002,952	)
Net increase (decrease) in net assets resulting from operations	$	(212,053,142	)

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

23 Invesco International Bond Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income	$	29,949,810		$	74,439,003
Net realized gain (loss)		(171,215,002	)		(79,750,107	)
Change in net unrealized appreciation (depreciation)		(70,787,950	)		(56,669,898	)
Net increase (decrease) in net assets resulting from operations		(212,053,142	)		(61,981,002	)
Distributions to shareholders from distributable earnings:
Class A		(8,808,381	)		–
Class C		(266,174	)		–
Class R		(703,791	)		–
Class Y		(12,814,520	)		–
Class R5		(3,132	)		–
Class R6		(6,818,125	)		–
Total distributions from distributable earnings		(29,414,123	)		–
Return of capital:
Class A		–			(21,704,815	)
Class C		–			(810,790	)
Class R		–			(1,769,009	)
Class Y		–			(31,503,592	)
Class R5		–			(907	)
Class R6		–			(17,034,255	)
Total return of capital		–			(72,823,368	)
Share transactions–net:
Class A		(59,543,924	)		(163,005,229	)
Class C		(5,175,401	)		(33,693,204	)
Class R		(5,350,336	)		(15,250,325	)
Class Y		(146,568,917	)		(109,968,834	)
Class R5		1,053,625			62,702
Class R6		(79,172,740	)		(73,986,017	)
Net increase (decrease) in net assets resulting from share transactions		(294,757,693	)		(395,840,907	)
Net increase (decrease) in net assets		(536,224,958	)		(530,645,277	)
Net assets:
Beginning of period		2,188,569,079			2,719,214,356
End of period	$	1,652,344,121		$	2,188,569,079

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

24 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 04/30/22		$	5.08		$	0.07		$	(0.61	)		$	(0.54	)		$	(0.07	)		$	–			$	(0.07	)		$	4.47		(10.77	)%		$	553,503		1.01	%(e)		1.01	%(e)		2.82	%(e)		47	%
Year ended 10/31/21			5.41			0.15			(0.33	)			(0.18	)			–				(0.15	)			(0.15	)			5.08		(3.54	)			690,866		1.01			1.07			2.73			197
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	(e)		1.03	(e)		4.60	(e)		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
Class C
Six months ended 04/30/22			5.06			0.05			(0.61	)			(0.56	)			(0.05	)			–				(0.05	)			4.45		(11.16	)			22,055		1.76	(e)		1.76	(e)		2.07	(e)		47
Year ended 10/31/21			5.39			0.11			(0.33	)			(0.22	)			–				(0.11	)			(0.11	)			5.06		(4.29	)			30,414		1.76			1.82			1.98			197
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	(e)		1.79	(e)		3.84	(e)		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
Class R
Six months ended 04/30/22			5.06			0.06			(0.61	)			(0.55	)			(0.06	)			–				(0.06	)			4.45		(10.94	)			48,717		1.26	(e)		1.26	(e)		2.57	(e)		47
Year ended 10/31/21			5.39			0.14			(0.34	)			(0.20	)			–				(0.13	)			(0.13	)			5.06		(3.80	)			60,913		1.26			1.32			2.48			197
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	(e)		1.29	(e)		4.34	(e)		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
Class Y
Six months ended 04/30/22			5.08			0.08			(0.62	)			(0.54	)			(0.07	)			–				(0.07	)			4.47		(10.65	)			688,189		0.76	(e)		0.76	(e)		3.07	(e)		47
Year ended 10/31/21			5.40			0.16			(0.32	)			(0.16	)			–				(0.16	)			(0.16	)			5.08		(3.11	)			936,624		0.76			0.82			2.98			197
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	(e)		0.79	(e)		4.84	(e)		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
Class R5
Six months ended 04/30/22			5.08			0.07			(0.60	)			(0.53	)			(0.08	)			–				(0.08	)			4.47		(10.62	)			1,064		0.69	(e)		0.69	(e)		3.14	(e)		47
Year ended 10/31/21			5.41			0.16			(0.32	)			(0.16	)			–				(0.17	)			(0.17	)			5.08		(3.16	)			70		0.64			0.64			3.10			197
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	(e)		0.68	(e)		4.93	(e)		7
Period ended 09/30/19(f)			5.41			0.11			(0.01	)			0.10				–				(0.10	)			(0.10	)			5.41		1.74				10		0.65	(e)		0.67	(e)		5.48	(e)		105
Class R6
Six months ended 04/30/22			5.07			0.08			(0.61	)			(0.53	)			(0.08	)			–				(0.08	)			4.46		(10.63	)			338,817		0.63	(e)		0.63	(e)		3.20	(e)		47
Year ended 10/31/21			5.40			0.17			(0.33	)			(0.16	)			–				(0.17	)			(0.17	)			5.07		(3.17	)			469,683		0.64			0.65			3.10			197
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	(e)		0.62	(e)		5.01	(e)		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

^(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% and 0.01% for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018 and 2017 respectively.

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

^(e)  Annualized.

^(f)  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.

25 Invesco International Bond Fund

Notes to Consolidated Financial Statements

April 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco 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 and the Invesco International Bond Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. 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 Susbsidiary. 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 eight 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 eighth anniversary after a purchase of Class C shares.

    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 debt 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 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 may be valued up to 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.

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

26 Invesco International Bond Fund

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 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 based on relative net assets of Class R5 and Class R6. 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. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated 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

27 Invesco International Bond Fund

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 Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, there were no securities lending transactions with the Adviser.

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.

28 Invesco International Bond Fund

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.

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, 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.

29 Invesco International Bond Fund

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, 2022, if any, 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 have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

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

T. 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.

U. 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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. 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, 2022, the effective advisory fee rate incurred by the Fund was 0.58%.

    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

30 Invesco International Bond 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). 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 February 28, 2023, 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 1.01%, 1.76%, 1.26%, 0.76%, 0.76%, and 0.76%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, 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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $22,745.

    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, 2022, 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, 2022, 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 Plans, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $10,631 in front-end sales commissions from the sale of Class A shares and $183 and $940 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.

31 Invesco International Bond Fund

    The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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	$	–	$	875,976,259		$	0	$	875,976,259
U.S. Dollar Denominated Bonds & Notes		–		286,699,925			–		286,699,925
Asset-Backed Securities		–		141,656,362			–		141,656,362
Preferred Stocks		–		2,692,916			–		2,692,916
Common Stocks & Other Equity Interests		–		–			2,599,399		2,599,399
Money Market Funds		161,591,571		14,472,706			–		176,064,277
Options Purchased		–		15,307,661			–		15,307,661
Total Investments in Securities		161,591,571		1,336,805,829			2,599,399		1,500,996,799
Other Investments - Assets*
Futures Contracts		4,742,640		–			–		4,742,640
Forward Foreign Currency Contracts		–		115,653,986			–		115,653,986
Swap Agreements		–		30,292,283			–		30,292,283
		4,742,640		145,946,269			–		150,688,909
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(106,786,438	)		–		(106,786,438	)
Options Written		–		(73,492,021	)		–		(73,492,021	)
Swap Agreements		–		(37,007,120	)		–		(37,007,120	)
		–		(217,285,579	)		–		(217,285,579	)
Total Other Investments		4,742,640		(71,339,310	)		–		(66,596,670	)
Total Investments	$	166,334,211	$	1,265,466,519		$	2,599,399	$	1,434,400,129

* 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, 2022:

	Value
	Credit			Currency		Interest
Derivative Assets	Risk			Risk		Rate Risk			Total
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	–		$	–	$	4,742,640		$	4,742,640
Unrealized appreciation on swap agreements – Centrally Cleared(a)		4,064,809			–		25,610,675			29,675,484
Unrealized appreciation on forward foreign currency contracts outstanding		–			115,653,986		–			115,653,986
Unrealized appreciation on swap agreements – OTC		124,134			–		492,665			616,799
Options purchased, at value – OTC(b)		–			15,307,661		–			15,307,661
Total Derivative Assets		4,188,943			130,961,647		30,845,980			165,996,570
Derivatives not subject to master netting agreements		(4,064,809	)		–		(30,353,315	)		(34,418,124	)
Total Derivative Assets subject to master netting agreements	$	124,134		$	130,961,647	$	492,665		$	131,578,446

32 Invesco International Bond Fund

	Value
	Credit			Currency			Interest
Derivative Liabilities	Risk			Risk			Rate Risk			Total
Unrealized depreciation on swap agreements – Centrally Cleared(a)	$	(135,934	)	$	–		$	(33,546,489	)	$	(33,682,423	)
Unrealized depreciation on forward foreign currency contracts outstanding		–			(106,786,438	)		–			(106,786,438	)
Unrealized depreciation on swap agreements – OTC		(3,324,697	)		–			–			(3,324,697	)
Options written, at value – OTC		(4,974,722	)		(7,311,785	)		(61,205,514	)		(73,492,021	)
Total Derivative Liabilities		(8,435,353	)		(114,098,223	)		(94,752,003	)		(217,285,579	)
Derivatives not subject to master netting agreements		135,934			–			33,546,489			33,682,423
Total Derivative Liabilities subject to master netting agreements	$	(8,299,419	)	$	(114,098,223	)	$	(61,205,514	)	$	(183,603,156	)

^(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, 2022.

																								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.	$	23,190,389	$	4,350,296	$	335,790	$	27,876,475	$	(10,742,823	)	$	(10,074,297	)	$	(41,604	)	$	(20,858,724	)	$	7,017,751			$–	$	–		$	7,017,751
Citibank, N.A.		3,491,108		–		10,383		3,501,491		(9,900,179	)		–			(19,924	)		(9,920,103	)		(6,418,612	)		–		6,418,612			–
Goldman Sachs International		23,416,868		4,202,635		63,563		27,683,066		(11,055,337	)		(14,221,038	)		(1,028,243	)		(26,304,618	)		1,378,448			–		–			1,378,448
J.P. Morgan Chase Bank, N.A.		45,522,794		4,782,056		385,232		50,690,082		(43,476,358	)		(14,932,357	)		(2,292,214	)		(60,700,929	)		(10,010,847	)		–		–			(10,010,847	)
Morgan Stanley and Co. International PLC		15,794,486		1,332,429		–		17,126,915		(27,631,524	)		(34,264,329	)		–			(61,895,853	)		(44,768,938	)		–		11,100,000			(33,668,938	)
Royal Bank of Canada		3,390,078		–		–		3,390,078		(2,482,510	)		–			–			(2,482,510	)		907,568			–		(410,000	)		497,568
Standard Chartered Bank PLC		848,263		11,140		156,875		1,016,278		(1,470,746	)		–			(27,864	)		(1,498,610	)		(482,332	)		–		482,332			–
UBS AG		–		629,105		–		629,105		(26,961	)		–			–			(26,961	)		602,144			–		(602,144	)		–
Total	$	115,653,986	$	15,307,661	$	951,843	$	131,913,490	$	(106,786,438	)	$	(73,492,021	)	$	(3,409,849	)	$	(183,688,308	)	$	(51,774,818	)		$–	$	16,988,800		$	(34,786,018	)

Effect of Derivative Investments for the six months ended April 30, 2022

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	$	–	$	1,489,960		$	–		$	–		$	1,489,960
Futures contracts		–		–			–			30,735,319			30,735,319
Options purchased(a)		–		(11,434,668	)		508,472			(886,436	)		(11,812,632	)
Options written		–		(20,777,088	)		(949,038	)		18,477,016			(3,249,110	)
Swap agreements		3,773,886		–			59,143			(81,374,002	)		(77,540,973	)

33 Invesco International Bond Fund

	Location of Gain (Loss) on Consolidated Statement of Operations
	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	–		$	(2,092,536	)	$	–		$	–		$	(2,092,536	)
Futures contracts		–			–			–			4,899,025			4,899,025
Options purchased(a)		–			7,465,282			–			(956,334	)		6,508,948
Options written		(2,389,508	)		1,572,064			–			(17,067,375	)		(17,884,819	)
Swap agreements		455,697			–			–			39,685,409			40,141,106
Total	$	1,840,075		$	(23,776,986	)	$	(381,423	)	$	(6,487,378	)	$	(28,805,712	)

^(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		Swaptions Purchased		Foreign Currency Options Purchased		Swaptions Written		Foreign Currency Options Written		Swap Agreements
Average notional value	$	6,006,383,241	$	424,737,433	$	301,496,682	$	1,569,965,316	$	2,584,844,871	$	706,686,249	$	5,750,087,386

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $324.

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 carryforward 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, 2021, as follows:

	Capital Loss Carryforward*
Expiration		Short-Term		Long-Term	Total
Not subject to expiration		$	104,357,905	$55,415,703	$	159,773,608

* 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.

34 Invesco International Bond 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, 2022 was $753,194,084 and $1,070,476,100, 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	$	202,241,606
Aggregate unrealized (depreciation) of investments		(425,528,343	)
Net unrealized appreciation (depreciation) of investments	$	(223,286,737	)

    Cost of investments for tax purposes is $1,654,175,579.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		3,887,499		$	19,231,008			10,679,165		$	59,163,264
Class C		265,008			1,299,182			749,964			4,152,544
Class R		776,546			3,814,720			1,933,033			10,661,305
Class Y		28,724,651			144,146,824			52,906,667			292,887,665
Class R5		225,675			1,061,270			11,857			62,852
Class R6		6,575,280			32,704,183			25,033,048			138,232,595
Issued as reinvestment of dividends:
Class A		1,492,816			7,260,508			3,272,113			17,895,284
Class C		46,530			225,360			120,518			658,289
Class R		143,494			695,963			321,804			1,754,902
Class Y		1,893,498			9,223,510			4,262,472			23,303,587
Class R5		652			2,990			114			596
Class R6		1,242,201			6,033,886			2,726,524			14,911,604
Automatic conversion of Class C shares to Class A shares:
Class A		392,373			1,913,454			4,513,898			25,808,212
Class C		(393,850	)		(1,913,454	)		(4,530,213	)		(25,808,212	)
Reacquired:
Class A		(17,879,567	)		(87,948,894	)		(47,989,282	)		(265,871,989	)
Class C		(972,723	)		(4,786,489	)		(2,295,274	)		(12,695,825	)
Class R		(2,010,215	)		(9,861,019	)		(5,025,642	)		(27,666,532	)
Class Y		(60,954,402	)		(299,939,251	)		(77,271,663	)		(426,160,086	)
Class R5		(2,191	)		(10,635	)		(142	)		(746	)
Class R6		(24,475,190	)		(117,910,809	)		(41,611,072	)		(227,130,216	)
Net increase (decrease) in share activity		(61,021,915	)	$	(294,757,693	)		(72,192,111	)	$	(395,840,907	)

(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% 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.

35 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, 2021 through April 30, 2022.

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     (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending     Account Value     (04/30/22)1	Expenses     Paid During     Period	Ending     Account Value     (04/30/22)	Expenses     Paid During     Period2
Class A	$1,000.00	$892.30	$4.74	$1,019.79	$5.06	1.01%
Class C	1,000.00	888.40	8.24	1,016.07	8.80	1.76
Class R	1,000.00	890.60	5.91	1,018.55	6.31	1.26
Class Y	1,000.00	891.50	3.56	1,021.03	3.81	0.76
Class R5	1,000.00	893.80	3.24	1,021.37	3.46	0.69
Class R6	1,000.00	893.70	2.96	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, 2021 through April 30, 2022, 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.

36 Invesco International Bond 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 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 number(s): 811-05426 and 033-19338             Invesco Distributors, Inc. O-IBD-SAR-1                            

Semiannual Report to Shareholders April 30, 2022

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
13	Consolidated Financial Statements
16	Consolidated Financial Highlights
17	Notes to Consolidated Financial Statements
25	Fund Expenses

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

Unless otherwise noted, all data is 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, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-6.17	%
Class C Shares	-6.57
Class R Shares	-6.29
Class Y Shares	-6.03
Class R5 Shares	-6.02
Class R6 Shares	-6.03
Bloomberg 3-Month Treasury Bellwether Index▼ (Broad Market/Style-Specific Index)	0.07
Lipper Absolute Return Funds Index∎ (Peer Group Index)	-2.89
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The Bloomberg 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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception	1.72	%
5 Years	-0.26
1 Year	-10.84
Class C Shares
Inception	1.62	%
5 Years	0.12
1 Year	-7.23
Class R Shares
Inception	2.09	%
5 Years	0.62
1 Year	-5.87
Class Y Shares
Inception (9/26/12)	2.59	%
5 Years	1.14
1 Year	-5.41
Class R5 Shares
Inception	2.60	%
5 Years	1.14
1 Year	-5.41
Class R6 Shares
Inception	2.58	%
5 Years	1.12
1 Year	-5.42

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.

    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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–37.89%(a)
U.S. Treasury Bills–12.34%
U.S. Treasury Bills		0.10%		05/26/2022	$	11,180		$  11,179,247
U.S. Treasury Bills		0.13%		06/09/2022		1,780		1,779,747
U.S. Treasury Bills		0.73%		09/08/2022		9,400		9,364,422
								22,323,416
U.S. Treasury Floating Rate Notes–25.55%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)		0.89%		01/31/2024		23,500		23,531,860
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)		0.84%		04/30/2024		22,700		22,702,278
								46,234,138
Total U.S. Treasury Securities (Cost $68,534,425)								68,557,554
					Shares
Money Market Funds–47.49%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(c)(d)						39,159,843		39,159,843
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(c)(d)						13,820,341		13,817,577
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.32%(c)(d)						11,072,012		11,072,012
Invesco Treasury Portfolio, Institutional Class, 0.23%(c)(d)						21,864,964		21,864,964
Total Money Market Funds (Cost $85,913,425)								85,914,396
Options Purchased–1.63%
(Cost $2,424,227)(e)								2,952,110
TOTAL INVESTMENTS IN SECURITIES–87.01% (Cost $156,872,077)								157,424,060
OTHER ASSETS LESS LIABILITIES–12.99%								23,507,235
NET ASSETS–100.00%								$180,931,295

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, 2022.

^(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, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	53,989,266		$	80,926,734		$	(95,756,157)		$	-		$	-			$	39,159,843		$	12,065
Invesco Liquid Assets Portfolio, Institutional Class			18,897,176			57,804,810			(62,875,826)			1,665			(10,248	)			13,817,577			6,115
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class			20,435,916			45,305,564			(54,669,468)			-			-				11,072,012			5,823
Invesco Treasury Portfolio, Institutional Class			29,978,590			92,487,696			(100,601,322)			-			-				21,864,964			6,683
Total		$	123,300,948		$	276,524,804		$	(313,902,773)		$	1,665		$	(10,248)				$85,914,396		$	30,686

^(d) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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

06/17/2022

7

USD 4,050.00

USD 2,835,000

$

92,085

S&P 500 Index

Put

05/20/2022

7

USD 4,025.00

USD 2,817,500

53,025

S&P 500 Index

Put

07/15/2022

7

USD 4,150.00

USD 2,905,000

143,045

S&P 500 Index

Put

09/16/2022

7

USD 4,350.00

USD 3,045,000

249,585

S&P 500 Index

Put

10/21/2022

7

USD 4,250.00

USD 2,975,000

232,610

S&P 500 Index

Put

08/19/2022

7

USD 4,250.00

USD 2,975,000

199,115

S&P 500 Index

Put

11/18/2022

7

USD 4,450.00

USD 3,115,000

314,580

S&P 500 Index

Put

12/16/2022

7

USD 4,475.00

USD 3,132,500

332,500

S&P 500 Index

Put

01/20/2023

7

USD 4,650.00

USD 3,255,000

410,795

S&P 500 Index

Put

02/17/2023

7

USD 4,375.00

USD 3,062,500

312,305

S&P 500 Index

Put

03/17/2023

7

USD 4,175.00

USD 2,922,500

259,840

S&P 500 Index

Put

04/21/2023

7

USD 4,450.00

USD 3,115,000

352,625

Total Index Options Purchased

$

2,952,110

(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			June-2022		$	2,636,250		$	92,646			$	92,646
Coffee ’C’		14			July-2022			1,166,025			(48,068	)			(48,068	)
Cotton No. 2		28			December-2022			1,708,980			146,131				146,131
Gasoline Reformulated Blendstock Oxygenate Blending		19			May-2022			2,747,035			133,182				133,182
Gold 100 oz.		29			June-2022			5,543,930			(141,625	)			(141,625	)
Kansas City Wheat		17			July-2022			939,888			33,943				33,943
LME Nickel		17			June-2022			3,238,500			(198,953	)			(198,953	)
Low Sulphur Gas Oil		17			June-2022			1,983,050			345,676				345,676
Natural Gas		64			November-2022			4,795,520			909,356				909,356
New York Harbor Ultra-Low Sulfur Diesel		11			May-2022			1,855,946			364,072				364,072
Silver		22			July-2022			2,539,350			(234,933	)			(234,933	)
Soybean Meal		42			July-2022			1,815,660			(92,960	)			(92,960	)
Soybeans		11			July-2022			926,613			99,395				99,395
Sugar No. 11		46			February-2023			1,004,640			(2,313	)			(2,313	)
WTI Crude		27			July-2022			2,723,760			135,242				135,242
Subtotal											1,540,791				1,540,791
Equity Risk
E-Mini Russell 2000 Index		83			June-2022			7,724,395			(809,165	)			(809,165	)
EURO STOXX 50 Index		118			June-2022			4,650,727			12,851				12,851
FTSE 100 Index		143			June-2022			13,509,531			612,578				612,578
S&P/TSX 60 Index		89			June-2022			17,347,604			(535,824	)			(535,824	)
Tokyo Stock Price Index		105			June-2022			15,397,033			261,816				261,816
Subtotal											(457,744	)			(457,744	)

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)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
Australia 10 Year Bonds		256		June-2022		$	22,454,004		$	(432,211	)		$	(432,211	)
Canada 10 Year Bonds		88		June-2022			8,655,805			(377,778	)			(377,778	)
Euro-Bund		50		June-2022			8,101,490			(234,564	)			(234,564	)
Japan 10 Year Bonds		3		June-2022			3,458,756			(15,862	)			(15,862	)
U.S. Treasury Long Bonds		25		June-2022			3,517,188			(328,513	)			(328,513	)
Subtotal										(1,388,928	)			(1,388,928	)
Subtotal–Long Futures Contracts										(305,881	)			(305,881	)
Short Futures Contracts
Commodity Risk
Cocoa		78		July-2022			(2,002,260)			71,237				71,237
Corn		26		July-2022			(1,057,550)			(146,074	)			(146,074	)
Lean Hogs		121		December-2022			(4,127,310)			110,319				110,319
Live Cattle		40		December-2022			(2,375,200)			(4,494	)			(4,494	)
LME Nickel		4		June-2022			(762,000)			17,184				17,184
Soybean Oil		24		August-2022			(1,151,280)			(136,709	)			(136,709	)
Wheat		9		July-2022			(475,087)			(24,955	)			(24,955	)
Subtotal										(113,492	)			(113,492	)
Equity Risk
E-Mini S&P 500 Index		32		June-2022			(6,604,000)			221,783				221,783
MSCI EAFE Index		181		June-2022			(18,069,230)			212,218				212,218
MSCI Emerging Markets Index		269		June-2022			(14,222,030)			299,436				299,436
Subtotal										733,437				733,437
Interest Rate Risk
Long Gilt		20		June-2022			(2,978,648)			186,629				186,629
Subtotal–Short Futures Contracts										806,574				806,574
Total Futures Contracts									$	500,693			$	500,693

^(a)  Futures contracts collateralized by $17,185,000 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		2,300		November–2022	USD	1,943,837		$–	$	(101,610	)	$	(101,610	)
Barclays Bank PLC		Receive	Barclays Commodity Strategy 1748 Excess Return Index		0.42			Monthly		89,220		April–2023	USD	27,487,112		–		(115,656	)		(115,656	)
Canadian Imperial Bank of Commerce		Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30			Monthly		28,300		February–2023	USD	3,525,809		–		(149,503	)		(149,503	)
Macquarie Bank Ltd.		Receive	Macquarie F6 Carry Alpha Index		0.32			Monthly		233,930		April–2023	USD	61,768,211		–		(445,192	)		(445,192	)
Morgan Stanley Capital Services LLC		Receive	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.30			Monthly		24,850		July–2022	USD	3,617,916		–		(230,036	)		(230,036	)
Total – Total Return Swap Agreements																$–	$	(1,041,997	)	$	(1,041,997	)

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

7                         Invesco Macro Allocation Strategy Fund

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $3,330,000.

^(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.

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
BNP Paribas S.A.		Receive	MSCI EAFE Minimum Volatility Daily Net Total Return Index		SOFR		Monthly		2,717		June–2022		USD	5,687,089		$–		$	(245,291	)		$	(245,291	)
BNP Paribas S.A.		Receive	MSCI USA Minimum Volatility Daily Net Total Return Index		SOFR - 0.150%		Monthly		40		September–2022		USD	212,165		–			(12,945	)			(12,945	)
BNP Paribas S.A.		Receive	MSCI USA Minimum Volatility Daily Net Total Return Index		SOFR - 0.250%		Monthly		1,062		September–2022		USD	5,563,542		–			(274,251	)			(274,251	)
BNP Paribas S.A.		Receive	MSCI USA Momentum Net Total Return Index		SOFR - 0.240%		Monthly		124		May–2022		USD	467,127		–			(36,318	)			(36,318	)
BNP Paribas S.A.		Receive	MSCI USA Quality Index		SOFR - 0.160%		Monthly		47		May–2022		USD	199,704		–			(20,255	)			(20,255	)
BNP Paribas S.A.		Receive	MSCI USA Quality Index		SOFR - 0.260%		Monthly		1,382		May–2022		USD	5,537,798		–			(261,212	)			(261,212	)
Citibank, N.A.		Receive	MSCI EAFE Quality Index		SOFR - 0.280%		Monthly		1,345		June–2022		USD	6,245,508		–			(275,045	)			(275,045	)
Goldman Sachs International		Receive	MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index		1 Month USD LIBOR + 0.580%		Monthly		260		May–2022		USD	527,498		–			(14,258	)			(14,258	)
Goldman Sachs International		Receive	MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index		1 Month USD LIBOR + 0.720%		Monthly		400		June–2022		USD	811,536		–			(21,936	)			(21,936	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI EAFE Minimum Volatility Daily Net Total Return Index		1 Month USD LIBOR + 0.220%		Monthly		333		June–2022		USD	685,700		–			(18,745	)			(18,745	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI EAFE Momentum Index		SOFR - 0.240%		Monthly		975		June–2022		USD	6,297,934		–			(257,441	)			(257,441	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index		1 Month USD LIBOR + 0.790%		Monthly		170		May–2022		USD	344,903		–			(9,323	)			(9,323	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index		SOFR + 0.920%		Monthly		4,060		July–2022		USD	8,297,909		–			(283,469	)			(283,469	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Momentum Index		1 Month USD LIBOR + 0.785%		Monthly		602		June–2022		USD	7,038,157		–			(305,851	)			(305,851	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Momentum Index		1 Month USD LIBOR + 0.785%		Monthly		203		June–2022		USD	2,373,332		–			(103,136	)			(103,136	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI USA Minimum Volatility Daily Net Total Return Index		1 Month USD LIBOR		Monthly		11		May–2022		USD	57,626		–			(2,841	)			(2,841	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI USA Minimum Volatility Daily Net Total Return Index		1 Month USD LIBOR		Monthly		77		May–2022		USD	403,383		–			(19,884	)			(19,884	)\

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)(b)–(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)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI USA Momentum Net Total Return Index		1 Month USD LIBOR + 0.170%		Monthly		1,521		May–2022	USD	5,729,835	$–	$	(445,476	)	$	(445,476	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI USA Quality Index		1 Month USD LIBOR + 0.160%		Monthly		121		May–2022	USD	484,858	–		(22,870	)		(22,870	)
Total – Total Return Swap Agreements														$–	$	(2,630,547	)	$	(2,630,547	)

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $3,330,000.

^(b)  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	%

Barclays Commodity Strategy 1748 Excess Return Index

Long Futures Contracts
Aluminum	3.65	%
Brent Crude	7.14	%
Cocoa	0.00	%
Coffee	2.06	%
Corn	5.61	%
Cotton	1.44	%
Gas Oil	2.94	%
Gasoline	2.37	%
Gold	12.94	%
Heating Oil	2.26	%
Kansas Wheat	1.98	%
Lean Hogs	1.93	%
Live Cattle	2.77	%
Natural Gas	12.03	%
Nickel	3.41	%
Silver	4.34	%
Soybean Meal	3.03	%
Soybean Oil	3.20	%
Soybeans	5.41	%
Sugar	2.40	%
US Copper	4.56	%
Wheat	3.32	%
WTI Crude	8.17	%
Zinc	3.04	%
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	(3.65	)%
Brent Crude	(7.14	)%
Cocoa	(0.00	)%
Coffee	(2.06	)%
Corn	(5.61	)%
Cotton	(1.44	)%
Gas Oil	(2.94	)%
Gasoline	(2.37	)%
Gold	(12.94	)%
Heating Oil	(2.26	)%
Kansas Wheat	(1.98	)%
Lean Hogs	(1.93	)%
Live Cattle	(2.77	)%
Natural Gas	(12.03	)%
Nickel	(3.41	)%
Silver	(4.34	)%
Soybean Meal	(3.03	)%
Soybean Oil	(3.20	)%
Soybeans	(5.41	)%
Sugar	(2.40	)%
US Copper	(4.56	)%
Wheat	(3.32	)%
WTI Crude	(8.17	)%
Zinc	(3.04	)%
Total	(100.00	)%

Canadian Imperial Bank of Commerce Dynamic Roll LME Copper

Excess Return Index 2

Long Futures Contracts
Copper	100	%

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

Macquarie F6 Carry Alpha Index

S&P GSCI Aluminum Dynamic Roll Index Excess Return

Long Futures Contracts
Aluminum	4.79	%
Coffee ’C’	2.83	%
Copper	5.95	%
Corn	7.56	%
Cotton No. 2	1.72	%
Heating Oil	2.88	%
KC HRW Wheat	2.61	%
Lean Hogs	1.96	%
Live Cattle	4.20	%
Low Sulphur Gasoil	3.76	%
Natural Gas	17.73	%
Nickel	4.59	%
RBOB Gasoline	2.85	%
Soybean Meal	3.74	%
Soybean Oil	4.36	%
Soybeans	6.87	%
Sugar No. 11	3.25	%
Wheat	4.39	%
WTI Crude	10.16	%
Zinc	3.80	%
Total	100.00	%
Short Futures Contracts
Aluminum	(4.58	)%
Coffee ’C’	(2.71	)%
Copper	(5.65	)%
Corn	(7.79	)%
Cotton No. 2	(1.97	)%
Heating Oil	(3.20	)%
KC HRW Wheat	(2.47	)%
Lean Hogs	(2.34	)%
Live Cattle	(3.59	)%
Low Sulphur Gasoil	(4.28	)%
Natural Gas	(16.23	)%
Nickel	(4.36	)%
RBOB Gasoline	(3.28	)%
Soybean Meal	(3.83	)%
Soybean Oil	(4.69	)%
Soybeans	(7.27	)%
Sugar No. 11	(3.04	)%
Wheat	(4.16	)%
WTI Crude	(10.84	)%
Zinc	(3.72	)%
Total	(100.00	)%
Long Futures Contracts
Aluminum	100	%

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

11                         Invesco Macro Allocation Strategy Fund

Abbreviations:

LIBOR –London Interbank Offered Rate

SOFR –Secured Overnight Financing Rate

USD     –U.S. Dollar

Notional Asset Weights as of April 30, 2022

Asset Class	Notional Asset Weights*
Equities		43.72	%
Fixed Income		24.31
Commodities		64.12
Options		18.59
Total		150.74

* Total Notional Asset Weights 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.

12                         Invesco Macro Allocation Strategy Fund

Consolidated Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $70,958,652)	$    71,509,664
Investments in affiliated money market funds, at value (Cost $85,913,425)	85,914,396
Other investments:
Variation margin receivable – futures contracts	322,874
Unrealized appreciation on LME futures contracts	17,184
Swaps receivable – OTC	636,814
Deposits with brokers:
Cash collateral – exchange-traded futures contracts	17,185,000
Cash collateral – exchange-traded options contracts	4,095,000
Cash collateral – OTC Derivatives	3,330,000
Cash	1,540,869
Foreign currencies, at value (Cost $31)	27
Receivable for:
Investments sold	23,406,550
Fund shares sold	960,304
Dividends	13,792
Interest	66,665
Investment for trustee deferred compensation and retirement plans	26,393
Other assets	42,585
Total assets	209,068,117
Liabilities:
Other investments:
Swaps payable – OTC	44,358
Unrealized depreciation on LME futures contracts	198,953
Unrealized depreciation on swap agreements–OTC	3,672,544
Payable for:
Investments purchased	23,661,027
Fund shares reacquired	399,455
Accrued fees to affiliates	28,729
Accrued other operating expenses	103,227
Trustee deferred compensation and retirement plans	28,529
Total liabilities	28,136,822
Net assets applicable to shares outstanding	$180,931,295

Net assets consist of:
Shares of beneficial interest	$	199,913,813
Distributable earnings (loss)		(18,982,518	)
	$	180,931,295
Net Assets:
Class A	$	1,724,466
Class C	$	235,375
Class R	$	126,138
Class Y	$	4,605,130
Class R5	$	7,545
Class R6	$	174,232,641
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		219,678
Class C		30,290
Class R		16,079
Class Y		581,419
Class R5		952
Class R6		22,031,320
Class A:
Net asset value per share	$	7.85
Maximum offering price per share
(Net asset value of $7.85 ÷ 94.50%)	$	8.31
Class C:
Net asset value and offering price per share	$	7.77
Class R:
Net asset value and offering price per share	$	7.84
Class Y:
Net asset value and offering price per share	$	7.92
Class R5:
Net asset value and offering price per share	$	7.93
Class R6:
Net asset value and offering price per share	$	7.91

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

13                         Invesco Macro Allocation Strategy Fund

Consolidated Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	114,500
Dividends from affiliated money market funds		30,686
Total investment income		145,186
Expenses:
Advisory fees		1,308,906
Administrative services fees		17,314
Custodian fees		35,180
Distribution fees:
Class A		2,262
Class C		1,288
Class R		285
Transfer agent fees – A, C, R and Y		5,147
Transfer agent fees – R5		2
Transfer agent fees – R6		39,201
Trustees’ and officers’ fees and benefits		9,221
Registration and filing fees		39,626
Reports to shareholders		1,107
Professional services fees		37,544
Other		15,642
Total expenses		1,512,725
Less: Fees waived and/or expenses reimbursed		(114,937	)
Net expenses		1,397,788
Net investment income (loss)		(1,252,602	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(1,825,972	)
Affiliated investment securities		(10,248	)
Foreign currencies		58,674
Futures contracts		(3,516,980	)
Swap agreements		(4,288,841	)
		(9,583,367	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		2,109,519
Affiliated investment securities		1,665
Foreign currencies		45,474
Futures contracts		53,810
Swap agreements		(5,764,447	)
		(3,553,979	)
Net realized and unrealized gain (loss)		(13,137,346	)
Net increase (decrease) in net assets resulting from operations	$	(14,389,948	)

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

14                         Invesco Macro Allocation Strategy Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30, 2022			October 31, 2021
Operations:
Net investment income (loss)	$	(1,252,602	)	$	(2,587,535	)
Net realized gain (loss)		(9,583,367	)		21,118,307
Change in net unrealized appreciation (depreciation)		(3,553,979	)		4,259,818
Net increase (decrease) in net assets resulting from operations		(14,389,948	)		22,790,590
Distributions to shareholders from distributable earnings:
Class A		(169,053	)		–
Class C		(19,921	)		–
Class R		(10,162	)		–
Class Y		(529,967	)		–
Class R5		(796	)		–
Class R6		(22,091,201	)		–
Total distributions from distributable earnings		(22,821,100	)		–
Share transactions–net:
Class A		21,001			(372,312	)
Class C		(93,427	)		(554,593	)
Class R		(7,498	)		40,352
Class Y		(462,731	)		(5,461,382	)
Class R6		(33,136,780	)		52,072,741
Net increase (decrease) in net assets resulting from share transactions		(33,679,435	)		45,724,806
Net increase (decrease) in net assets		(70,890,483	)		68,515,396
Net assets:
Beginning of period		251,821,778			183,306,382
End of period	$	180,931,295		$	251,821,778

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

15                         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 04/30/22		$	9.16		$	(0.05	)		$	(0.45	)		$	(0.50	)		$	(0.49	)		$	(0.32	)		$	(0.81	)		$	7.85		(6.17	)%		$	1,724		1.42	%(d)		1.56	%(d)		(1.30	)%(d)		92	%
Year ended 10/31/21			8.18			(0.12	)			1.10				0.98				–				–				–				9.16		11.98				1,982		1.42			1.62			(1.36	)		86
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
Class C
Six months ended 04/30/22			8.98			(0.08	)			(0.46	)			(0.54	)			(0.35	)			(0.32	)			(0.67	)			7.77		(6.57	)			235		2.17	(d)		2.31	(d)		(2.05	)(d)		92
Year ended 10/31/21			8.08			(0.19	)			1.09				0.90				–				–				–				8.98		11.14				364		2.17			2.37			(2.11	)		86
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
Class R
Six months ended 04/30/22			9.12			(0.06	)			(0.45	)			(0.51	)			(0.45	)			(0.32	)			(0.77	)			7.84		(6.29	)			126		1.67	(d)		1.81	(d)		(1.55	)(d)		92
Year ended 10/31/21			8.17			(0.15	)			1.10				0.95				–				–				–				9.12		11.63				151		1.67			1.87			(1.61	)		86
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
Class Y
Six months ended 04/30/22			9.25			(0.04	)			(0.45	)			(0.49	)			(0.52	)			(0.32	)			(0.84	)			7.92		(6.03	)			4,605		1.17	(d)		1.31	(d)		(1.05	)(d)		92
Year ended 10/31/21			8.25			(0.10	)			1.10				1.00				–				–				–				9.25		12.12				5,934		1.17			1.37			(1.11	)		86
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
Class R5
Six months ended 04/30/22			9.26			(0.04	)			(0.45	)			(0.49	)			(0.52	)			(0.32	)			(0.84	)			7.93		(6.02	)			8		1.17	(d)		1.26	(d)		(1.05	)(d)		92
Year ended 10/31/21			8.26			(0.10	)			1.10				1.00				–				–				–				9.26		12.11				9		1.17			1.22			(1.11	)		86
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
Class R6
Six months ended 04/30/22			9.24			(0.04	)			(0.45	)			(0.49	)			(0.52	)			(0.32	)			(0.84	)			7.91		(6.03	)			174,233		1.17	(d)		1.26	(d)		(1.05	)(d)		92
Year ended 10/31/21			8.23			(0.10	)			1.11				1.01				–				–				–				9.24		12.27				243,382		1.17			1.22			(1.11	)		86
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

^(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)  Annualized.

^(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.

16                         Invesco Macro Allocation Strategy Fund

Notes to Consolidated Financial Statements

April 30, 2022

(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 Invesco Cayman Commodity Fund V Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. 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 Subsidiary. 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 debt 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 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 may be valued up to 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.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

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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 based on relative net assets of Class R5 and Class R6. 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 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

18                         Invesco Macro Allocation Strategy 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 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 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

19                         Invesco Macro Allocation Strategy Fund

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. LIBOR Risk–The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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.

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 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.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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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, 2022, 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 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, 2023, 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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $72,733 and reimbursed class level expenses of $713, $102, $45, $2,141, $1 and $39,202 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, 2022, 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, 2022, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $146 in front-end sales commissions from the sale of Class A shares and $0 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

21                         Invesco Macro Allocation Strategy 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, 2022. 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		$	–			$	68,557,554			$–		$	68,557,554
Money Market Funds			85,914,396				–			–			85,914,396
Options Purchased			2,952,110				–			–			2,952,110
Total Investments in Securities			88,866,506				68,557,554			–			157,424,060
Other Investments - Assets*
Futures Contracts			4,265,694				–			–			4,265,694
			4,265,694				–			–			4,265,694
Other Investments - Liabilities*
Futures Contracts			(3,765,001	)			–			–			(3,765,001	)
Swap Agreements			–				(3,672,544	)		–			(3,672,544	)
			(3,765,001	)			(3,672,544	)		–			(7,437,545	)
Total Other Investments			500,693				(3,672,544	)		–			(3,171,851	)
Total Investments		$	89,367,199			$	64,885,010			$–		$	154,252,209

* 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, 2022:

	Value
Derivative Assets	Commodity Risk				Equity Risk				Interest Rate Risk				Total
Unrealized appreciation on futures contracts –Exchange-Traded(a)		$	2,458,383			$	1,620,682			$	186,629			$	4,265,694
Options purchased, at value – Exchange-Traded(b)			–				2,952,110				–				2,952,110
Total Derivative Assets			2,458,383				4,572,792				186,629				7,217,804
Derivatives not subject to master netting agreements			(2,458,383	)			(4,572,792	)			(186,629	)			(7,217,804	)
Total Derivative Assets subject to master netting agreements		$	–			$	–			$	–			$	–
	Value
Derivative Liabilities	Commodity Risk				Equity Risk				Interest Rate Risk				Total
Unrealized depreciation on futures contracts –Exchange-Traded(a)		$	(1,031,084	)		$	(1,344,989	)		$	(1,388,928	)		$	(3,765,001	)
Unrealized depreciation on swap agreements – OTC			(1,041,997	)			(2,630,547	)			–				(3,672,544	)
Total Derivative Liabilities			(2,073,081	)			(3,975,536	)			(1,388,928	)			(7,437,545	)
Derivatives not subject to master netting agreements			1,031,084				1,344,989				1,388,928				3,765,001
Total Derivative Liabilities subject to master netting agreements		$	(1,041,997	)		$	(2,630,547	)		$	–			$	(3,672,544	)

^(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.

22                         Invesco Macro Allocation Strategy Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2022.

	Financial Derivative Assets			Financial Derivative Liabilities								Collateral (Received)/Pledged
Counterparty	Swap Agreements			Swap Agreements				Net Value of Derivatives				Non-Cash		Cash			Net Amount(a)
Fund
BNP Paribas S.A.		$	–		$	(851,275	)		$	(851,275	)		$–		$	490,000			$(361,275	)
Citibank, N.A.			208,260			(275,047	)			(66,787	)		–			66,787			–
Goldman Sachs International			–			(36,902	)			(36,902	)		–			36,902			–
J.P. Morgan Chase Bank, N.A.			428,554			(1,505,621	)			(1,077,067	)		–			1,077,067			–
Subtotal – Fund			636,814			(2,668,845	)			(2,032,031	)					1,670,756			(361,275	)
Subsidiary
Barclays Bank PLC			–			(219,052	)			(219,052	)		–			–			(219,052	)
Canadian Imperial Bank of Commerce			–			(150,091	)			(150,091	)		–			–			(150,091	)
Macquarie Bank Ltd.			–			(448,486	)			(448,486	)		–			390,000			(58,486	)
Morgan Stanley Capital Services LLC			–			(230,428	)			(230,428	)		–			150,000			(80,428	)
Subtotal – Subsidiary			–			(1,048,057	)			(1,048,057	)		–			540,000			(508,057	)
Total			$636,814		$	(3,716,902)			$	(3,080,088)			$–		$	2,210,756		$	(869,332)

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

Effect of Derivative Investments for the six months ended April 30, 2022

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		$	(3,496,407	)		$	3,335,785			$	(3,356,358	)		$	(3,516,980	)
Options purchased(a)			-				(1,836,521	)			-				(1,836,521	)
Swap agreements			1,314,972				(5,603,813	)			-				(4,288,841	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts			754,159				(1,628,810	)			928,461				53,810
Options purchased(a)			-				2,092,573				-				2,092,573
Swap agreements			(2,116,706	)			(3,647,741	)			-				(5,764,447	)
Total		$	(3,543,982	)		$	(7,288,527	)		$	(2,427,897	)		$	(13,260,406	)

^(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		Options Purchased		Swap Agreements
Average notional value		$298,048,825		$44,572,500		$193,341,754
Average contracts		–		106		–

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

23                         Invesco Macro Allocation Strategy Fund

(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 carryforward 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, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short- Term	Long-Term	Total
Not subject to expiration	$659,604	$1,432,485	$2,092,089

* 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, 2022 was $1,913,790 and $974,680, 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	$ 4,923,240
Aggregate unrealized (depreciation) of investments	(10,944,461	)
Net unrealized appreciation (depreciation) of investments	$(6,021,221	)

Cost of investments for tax purposes is $160,273,430.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		12,281		$	99,363			79,759		$	733,387
Class C		3,745			29,783			2,580			23,183
Class R		3,686			29,609			5,178			46,899
Class Y		11,673			96,748			137,105			1,261,958
Class R6		142,918			1,239,083			7,293,808			66,867,282
Issued as reinvestment of dividends:
Class A		16,257			138,513			-			-
Class C		2,046			17,284			-			-
Class R		1,107			9,432			-			-
Class Y		56,522			484,962			-			-
Class R6		2,577,644			22,090,405			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		4,785			41,147			28,670			258,713
Class C		(4,858	)		(41,147	)		(29,083	)		(258,713	)
Reacquired:
Class A		(29,970	)		(258,022	)		(150,015	)		(1,364,412	)
Class C		(11,193	)		(99,347	)		(35,389	)		(319,063	)
Class R		(5,219	)		(46,539	)		(706	)		(6,547	)
Class Y		(128,051	)		(1,044,441	)		(754,036	)		(6,723,340	)
Class R6		(7,026,570	)		(56,466,268	)		(1,588,368	)		(14,794,541	)
Net increase (decrease) in share activity		(4,373,197	)	$	(33,679,435	)		4,989,503		$	45,724,806

^(a) 95% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

24                         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, 2021 through April 30, 2022.

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 (11/01/21)		Ending Account Value (04/30/22)1		Expenses Paid During Period2		Ending Account Value (04/30/22)		Expenses Paid During Period2		Annualized Expense Ratio
Class A		$1,000.00		$938.30		$6.82		$1,017.75		$7.10		1.42%
Class C		1,000.00		934.30		10.41		1,014.03		10.84		2.17
Class R		1,000.00		937.10		8.02		1,016.51		8.35		1.67
Class Y		1,000.00		939.70		5.63		1,018.99		5.86		1.17
Class R5		1,000.00		939.80		5.63		1,018.99		5.86		1.17
Class R6		1,000.00		939.70		5.63		1,018.99		5.86		1.17

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, 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.

25                         Invesco Macro Allocation 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 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 number(s): 811-05426 and 033-19338                     Invesco Distributors, Inc.                                                                                       MAS-SAR-1            

Semiannual Report to Shareholders April 30, 2022

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
29	Financial Statements
32	Financial Highlights
33	Notes to 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 is 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, 10/31/21 to 4/30/22, 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	-9.67	%
Class C Shares	-10.13
Class R Shares	-9.88
Class Y Shares	-9.66
Class R5 Shares	-9.56
Class R6 Shares	-9.64
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)	-9.47
Custom Invesco Multi-Asset Income Index∎ (Style-Specific Index)	-10.11
Lipper Mixed-Asset Target Allocation Conservative Funds Index◆ (Peer Group Index)	-8.41
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc. The Bloomberg 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 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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (12/14/11)	3.40	%
10 Years	3.10
5 Years	-0.32
1 Year	-12.00
Class C Shares
Inception (12/14/11)	3.36	%
10 Years	3.06
5 Years	0.04
1 Year	-8.55
Class R Shares
Inception (12/14/11)	3.70	%
10 Years	3.42
5 Years	0.54
1 Year	-7.20
Class Y Shares
Inception (12/14/11)	4.22	%
10 Years	3.93
5 Years	1.05
1 Year	-6.73
Class R5 Shares
Inception (12/14/11)	4.22	%
10 Years	3.94
5 Years	1.04
1 Year	-6.63
Class R6 Shares
10 Years	3.95	%
5 Years	1.08
1 Year	-6.69

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–31.56%
Aerospace & Defense–0.48%
Boeing Co. (The),
4.51%, 05/01/2023	$	176,000	$	177,665
2.75%, 02/01/2026		119,000		112,508
2.25%, 06/15/2026		134,000		122,648
Bombardier, Inc. (Canada),
7.50%, 03/15/2025(b)		554,000		538,139
7.88%, 04/15/2027(b)		734,000		684,671
General Dynamics Corp., 3.25%, 04/01/2025		201,000		200,332
Howmet Aerospace, Inc., 5.13%, 10/01/2024(c)		712,000		725,368
Rolls-Royce PLC (United Kingdom),
3.63%, 10/14/2025(b)		870,000		818,905
5.75%, 10/15/2027(b)		492,000		475,107
Spirit AeroSystems, Inc., 5.50%, 01/15/2025(b)		503,000		498,604
TransDigm, Inc.,
8.00%, 12/15/2025(b)		698,000		727,365
6.25%, 03/15/2026(b)		1,746,000		1,739,217
				6,820,529
Agricultural & Farm Machinery–0.02%
Deere & Co., 2.75%, 04/15/2025		225,000		221,085
Airlines–0.41%
American Airlines, Inc., 11.75%, 07/15/2025(b)		845,000		973,381
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/2026(b)		939,000		931,878
5.75%, 04/20/2029(b)		1,801,000		1,738,325
Delta Air Lines, Inc., 7.38%, 01/15/2026(c)		339,000		361,432
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026(b)		838,000		818,416
Southwest Airlines Co., 4.75%, 05/04/2023		159,000		161,818
United Airlines, Inc., 4.38%, 04/15/2026(b)(c)		799,000		772,233
				5,757,483
Airport Services–0.02%
Promontoria Holding 264 B.V. (Netherlands), 7.88%, 03/01/2027(b)		263,000		247,574
Alternative Carriers–0.14%
Lumen Technologies, Inc.,
5.63%, 04/01/2025(c)		369,000		360,518
4.50%, 01/15/2029(b)		305,000		241,391
Series P, 7.60%, 09/15/2039		1,574,000		1,376,758
				1,978,667

	Principal Amount		Value
Aluminum–0.16%
Arconic Corp., 6.00%, 05/15/2025(b)(c)	$	744,000	$	748,397
Kaiser Aluminum Corp., 4.50%, 06/01/2031(b)		1,721,000		1,486,849
				2,235,246
Apparel Retail–0.10%
Foot Locker, Inc., 4.00%, 10/01/2029(b)		537,000		447,960
Gap, Inc. (The), 3.63%, 10/01/2029(b)(c)		975,000		794,625
Ross Stores, Inc., 0.88%, 04/15/2026		264,000		236,332
				1,478,917
Application Software–0.10%
Adobe, Inc., 3.25%, 02/01/2025		225,000		225,937
CDK Global, Inc., 5.00%, 10/15/2024(c)		263,000		270,912
Citrix Systems, Inc., 1.25%, 03/01/2026		70,000		68,168
LogMeIn, Inc., 5.50%, 09/01/2027(b)		739,000		647,552
PTC, Inc., 3.63%, 02/15/2025(b)		263,000		255,117
				1,467,686
Asset Management & Custody Banks–0.09%
Brightsphere Investment Group, Inc., 4.80%, 07/27/2026		528,000		492,067
FS KKR Capital Corp., 4.63%, 07/15/2024		274,000		274,106
Golub Capital BDC, Inc., 3.38%, 04/15/2024		193,000		189,539
Legg Mason, Inc., 4.75%, 03/15/2026		59,000		61,066
Main Street Capital Corp., 5.20%, 05/01/2024		174,000		176,110
Owl Rock Capital Corp., 5.25%, 04/15/2024		138,000		139,723
				1,332,611
Auto Parts & Equipment–0.14%
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		719,000		719,460
Dana, Inc., 4.50%, 02/15/2032		283,000		234,016
IHO Verwaltungs GmbH (Germany), 7.13% PIK Rate, 6.38% Cash Rate, 05/15/2029(b)(d)		251,000		239,214
ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025(b)(c)		771,000		754,605
				1,947,295
Automobile Manufacturers–0.62%
American Honda Finance Corp., 2.35%, 01/08/2027		170,000		160,269

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

5 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Automobile Manufacturers–(continued)
Ford Motor Co., 9.00%, 04/22/2025	$	518,000	$	577,894
Ford Motor Credit Co. LLC,
4.06%, 11/01/2024		728,000		712,994
2.30%, 02/10/2025(c)		607,000		564,455
4.69%, 06/09/2025		291,000		285,694
5.13%, 06/16/2025		682,000		681,079
4.13%, 08/04/2025		545,000		523,849
3.38%, 11/13/2025		811,000		779,667
4.39%, 01/08/2026		582,000		562,302
General Motors Co., 6.13%, 10/01/2025		135,000		142,707
General Motors Financial Co., Inc.,
2.75%, 06/20/2025		375,000		359,822
5.25%, 03/01/2026		181,000		186,055
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		1,842,000		1,847,765
Jaguar Land Rover Automotive PLC (United Kingdom),
7.75%, 10/15/2025(b)		434,000		435,467
5.88%, 01/15/2028(b)		585,000		514,174
PM General Purchaser LLC, 9.50%, 10/01/2028(b)		239,000		230,948
Toyota Motor Credit Corp., 1.15%, 08/13/2027		150,000		131,777
				8,696,918
Automotive Retail–0.13%
Penske Automotive Group, Inc., 3.50%, 09/01/2025(c)		342,000		330,473
Sonic Automotive, Inc., 4.63%, 11/15/2029(b)(c)		1,801,000		1,552,060
				1,882,533
Biotechnology–0.03%
Emergent BioSolutions, Inc., 3.88%, 08/15/2028(b)		570,000		484,788
Broadcasting–0.27%
AMC Networks, Inc., 4.75%, 08/01/2025(c)		494,000		477,611
Discovery Communications LLC, 3.80%, 03/13/2024		225,000		225,168
Fox Corp., 4.03%, 01/25/2024		250,000		252,561
iHeartCommunications, Inc.,
6.38%, 05/01/2026		490,000		491,837
8.38%, 05/01/2027		532,000		527,606
Liberty Interactive LLC,
8.50%, 07/15/2029		284,000		256,123
8.25%, 02/01/2030(c)		710,000		628,194
Univision Communications, Inc., 5.13%, 02/15/2025(b)		920,000		905,096
				3,764,196
Building Products–0.24%
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(b)		269,000		224,148
Griffon Corp., 5.75%, 03/01/2028		1,181,000		1,056,292
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030(b)		1,608,000		1,392,850

	Principal Amount		Value
Building Products–(continued)
Standard Industries, Inc.,
4.75%, 01/15/2028(b)	$	255,000	$	234,962
4.38%, 07/15/2030(b)		509,000		425,015
				3,333,267
Cable & Satellite–0.95%
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029(b)		802,000		676,876
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.50%, 05/01/2026(b)(c)		631,000		633,401
5.00%, 02/01/2028(b)		1,872,000		1,785,270
CSC Holdings LLC,
7.50%, 04/01/2028(b)(c)		411,000		379,528
6.50%, 02/01/2029(b)		1,286,000		1,223,848
5.75%, 01/15/2030(b)		877,000		729,440
4.63%, 12/01/2030(b)		903,000		692,393
4.50%, 11/15/2031(b)		371,000		305,402
5.00%, 11/15/2031(b)		320,000		247,920
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc, 5.88%, 08/15/2027(b)		1,863,000		1,757,042
DISH DBS Corp.,
7.75%, 07/01/2026		915,000		861,820
5.25%, 12/01/2026(b)		532,000		489,453
7.38%, 07/01/2028(c)		814,000		712,775
5.13%, 06/01/2029		1,740,000		1,361,150
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027(b)		982,000		977,669
Telesat Canada/Telesat LLC (Canada), 5.63%, 12/06/2026(b)		352,000		251,772
Time Warner Entertainment Co. L.P., 8.38%, 03/15/2023		38,000		39,720
VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032(b)		388,000		335,525
				13,461,004
Casinos & Gaming–0.83%
Caesars Entertainment, Inc., 8.13%, 07/01/2027(b)(c)		662,000		692,578
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025(b)		532,000		543,888
Codere Finance 2 (Luxembourg) S.A. (Spain), 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027(b)(d)		100,894		99,381
Genting New York LLC/GENNY Capital, Inc., 3.30%, 02/15/2026(b)		325,000		297,406
International Game Technology PLC, 6.50%, 02/15/2025(b)		699,000		712,131
Melco Resorts Finance Ltd. (Hong Kong),
4.88%, 06/06/2025(b)		1,374,000		1,230,190
5.25%, 04/26/2026(b)		310,000		271,974
5.75%, 07/21/2028(b)		819,000		692,293
MGM China Holdings Ltd. (Macau),
5.25%, 06/18/2025(b)		683,000		616,834
4.75%, 02/01/2027(b)		646,000		543,515

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

6 Invesco Multi-Asset Income Fund

	Principal
	Amount		Value
Casinos & Gaming–(continued)
MGM Resorts International,
6.75%, 05/01/2025	$	613,000	$	628,282
5.75%, 06/15/2025(c)		415,000		412,788
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029(b)		447,000		358,172
Sabre GLBL, Inc.,
9.25%, 04/15/2025(b)		494,000		527,883
7.38%, 09/01/2025(b)		1,180,000		1,195,847
Studio City Finance Ltd. (Macau),
6.00%, 07/15/2025(b)		784,000		662,260
6.50%, 01/15/2028(b)		479,000		376,643
5.00%, 01/15/2029(b)		842,000		581,995
Wynn Macau Ltd. (Macau),
5.50%, 01/15/2026(b)		385,000		330,661
5.63%, 08/26/2028(b)		740,000		591,064
5.13%, 12/15/2029(b)		397,000		313,511
				11,679,296
Coal & Consumable Fuels–0.09%
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 7.50%, 05/01/2025(b)		745,000		747,954
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)		463,000		472,308
Natural Resource Partners L.P./NRP Finance Corp., 9.13%, 06/30/2025(b)		119,000		121,661
				1,341,923
Commodity Chemicals–0.03%
Valvoline, Inc., 4.25%, 02/15/2030(b)		541,000		470,305
Communications Equipment–0.21%
CommScope Technologies LLC, 6.00%, 06/15/2025(b)		477,000		417,971
Hughes Satellite Systems Corp., 5.25%, 08/01/2026		944,000		919,239
ViaSat, Inc.,
5.63%, 09/15/2025(b)		786,000		722,204
5.63%, 04/15/2027(b)		755,000		701,629
6.50%, 07/15/2028(b)		277,000		239,612
				3,000,655
Computer & Electronics Retail–0.01%
Dell International LLC/EMC Corp., 6.02%, 06/15/2026		125,000		132,143
Construction & Engineering–0.06%
Artera Services LLC, 9.03%, 12/04/2025(b)		279,000		264,422
Dycom Industries, Inc., 4.50%, 04/15/2029(b)		125,000		114,214
Fluor Corp., 3.50%, 12/15/2024		243,000		238,623
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(b)		36,000		34,926

	Principal
	Amount		Value
Construction & Engineering–(continued)
Tutor Perini Corp., 6.88%, 05/01/2025(b)	$	264,000	$	247,554
				899,739
Construction Machinery & Heavy Trucks–0.04%
Trinity Industries, Inc., 4.55%, 10/01/2024		367,000		365,193
Wabtec Corp., 3.45%, 11/15/2026		235,000		225,416
				590,609
Construction Materials–0.02%
Eco Material Technologies, Inc., 7.88%, 01/31/2027(b)		253,000		245,265
Consumer Finance–0.33%
American Express Co., 3.30%, 05/03/2027		75,000		73,174
ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024(b)		712,000		679,960
goeasy Ltd. (Canada), 5.38%, 12/01/2024(b)		335,000		328,983
Navient Corp.,
5.88%, 10/25/2024		272,000		270,304
6.75%, 06/25/2025		271,000		270,855
4.88%, 03/15/2028		279,000		245,316
5.50%, 03/15/2029		221,000		194,682
5.63%, 08/01/2033		302,000		239,160
OneMain Finance Corp.,
6.88%, 03/15/2025		686,000		690,723
8.88%, 06/01/2025		334,000		350,742
7.13%, 03/15/2026		952,000		965,557
Synchrony Financial, 3.95%, 12/01/2027		75,000		71,763
World Acceptance Corp., 7.00%, 11/01/2026(b)		279,000		242,405
				4,623,624
Copper–0.01%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		75,000		75,997
Data Processing & Outsourced Services–0.02%
Automatic Data Processing, Inc., 3.38%, 09/15/2025		225,000		226,113
Western Union Co. (The), 1.35%, 03/15/2026		75,000		68,007
				294,120
Department Stores–0.15%
Macy’s Retail Holdings LLC, 6.13%, 03/15/2032(b)		1,569,000		1,454,330
Nordstrom, Inc., 4.38%, 04/01/2030(c)		692,000		603,154
				2,057,484
Distillers & Vintners–0.04%
Constellation Brands, Inc., 3.70%, 12/06/2026		117,000		116,028

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

7 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Distillers & Vintners–(continued)
Diageo Capital PLC (United Kingdom),
2.63%, 04/29/2023	$	200,000	$	200,088
3.50%, 09/18/2023		200,000		201,606
				517,722
Diversified Banks–0.69%
Banco Santander S.A. (Spain),
3.85%, 04/12/2023		200,000		201,855
2.75%, 05/28/2025		400,000		382,830
Bank of America Corp.,
4.45%, 03/03/2026		200,000		200,475
3.50%, 04/19/2026		160,000		157,156
1.32%, 06/19/2026(e)		160,000		146,695
1.20%, 10/24/2026(e)		160,000		144,467
Series L, 4.18%, 11/25/2027		135,000		132,948
Banque Centrale de Tunisie International Bond (Tunisia), 5.75%, 01/30/2025(b)		600,000		413,933
Barclays PLC (United Kingdom), 4.38%, 09/11/2024		306,000		307,680
Canadian Imperial Bank of Commerce (Canada), 2.25%, 01/28/2025		350,000		337,276
Citigroup, Inc.,
3.11%, 04/08/2026(e)		225,000		217,815
4.45%, 09/29/2027		75,000		74,529
HSBC Holdings PLC (United Kingdom), 3.60%, 05/25/2023		203,000		204,574
Intesa Sanpaolo S.p.A. (Italy),
5.71%, 01/15/2026(b)(c)		956,000		952,445
4.20%, 06/01/2032(b)(e)		940,000		779,448
JPMorgan Chase & Co.,
3.38%, 05/01/2023		200,000		201,223
2.30%, 10/15/2025(e)		365,000		350,369
2.01%, 03/13/2026(e)		134,000		126,314
2.08%, 04/22/2026(e)		134,000		126,101
1.05%, 11/19/2026(e)		160,000		143,897
4.25%, 10/01/2027		75,000		74,694
Lloyds Banking Group PLC (United Kingdom),
3.90%, 03/12/2024		606,000		607,429
4.45%, 05/08/2025		275,000		278,148
Mitsubishi UFJ Financial Group, Inc. (Japan),
0.96%, 10/11/2025(e)		200,000		186,599
3.29%, 07/25/2027		60,000		57,617
NatWest Group PLC (United Kingdom),
6.10%, 06/10/2023		11,000		11,282
6.00%, 12/19/2023		51,000		52,548
5.13%, 05/28/2024		529,000		538,889
PNC Bank N.A., 4.20%, 11/01/2025		275,000		279,838
Royal Bank of Canada (Canada), 4.65%, 01/27/2026		125,000		127,679
Sumitomo Mitsui Financial Group, Inc. (Japan),
2.35%, 01/15/2025		275,000		264,725
2.63%, 07/14/2026		150,000		142,187
Toronto-Dominion Bank (The) (Canada), 3.50%, 07/19/2023		200,000		201,735

	Principal Amount		Value
Diversified Banks–(continued)
U.S. Bancorp, 1.45%, 05/12/2025	$	125,000	$	117,837
U.S. Bank N.A., 3.40%, 07/24/2023		250,000		252,128
Vnesheconombank Via VEB Finance PLC (Russia), 5.94%, 11/21/2023(b)		1,450,000		145,000
Wells Fargo & Co.,
2.19%, 04/30/2026(e)		150,000		141,764
4.30%, 07/22/2027		130,000		130,049
Westpac Banking Corp. (Australia),
3.65%, 05/15/2023		17,000		17,213
3.30%, 02/26/2024(c)		559,000		561,057
				9,790,448
Diversified Capital Markets–0.22%
Deutsche Bank AG (Germany),
3.70%, 05/30/2024		185,000		183,737
3.70%, 05/30/2024		188,000		188,536
4.50%, 04/01/2025		953,000		937,391
4.30%, 05/24/2028(e)		1,804,000		1,770,279
				3,079,943
Diversified Metals & Mining–0.29%
Corp. Nacional del Cobre de Chile (Chile),
6.15%, 10/24/2036(b)		1,390,000		1,512,146
5.63%, 10/18/2043(b)		95,000		99,254
4.88%, 11/04/2044(b)		105,000		99,553
4.50%, 08/01/2047(b)		1,740,000		1,579,337
Perenti Finance Pty. Ltd. (Australia), 6.50%, 10/07/2025(b)(c)		740,000		742,035
				4,032,325
Diversified Real Estate Activities–0.03%
Greystar Real Estate Partners LLC, 5.75%, 12/01/2025(b)		376,000		378,138
Diversified REITs–0.29%
iStar, Inc.,
4.75%, 10/01/2024		481,000		468,359
4.25%, 08/01/2025(c)		519,000		495,323
5.50%, 02/15/2026		636,000		619,741
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 4.63%, 06/15/2025(b)		630,000		629,480
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025(b)		1,216,000		1,239,384
VICI Properties L.P./VICI Note Co., Inc., 3.50%, 02/15/2025(b)(c)		651,000		625,780
				4,078,067
Diversified Support Services–0.02%
MPH Acquisition Holdings LLC, 5.75%, 11/01/2028(b)(c)		367,000		320,083
Drug Retail–0.02%
Rite Aid Corp., 8.00%, 11/15/2026(b)		225,000		189,516

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

8 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Drug Retail–(continued)
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026	$	75,000	$	73,677
				263,193
Electric Utilities–0.31%
Berkshire Hathaway Energy Co., 3.50%, 02/01/2025		127,000		127,068
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)		247,000		248,868
Duke Energy Corp., 3.75%, 04/15/2024		300,000		302,289
Edison International,
2.95%, 03/15/2023		45,000		44,863
5.75%, 06/15/2027		75,000		77,832
FirstEnergy Transmission LLC, 4.35%, 01/15/2025(b)		369,000		368,619
NRG Energy, Inc.,
5.25%, 06/15/2029(b)(c)		1,013,000		955,553
3.88%, 02/15/2032(b)		547,000		457,429
Pacific Gas and Electric Co.,
3.75%, 02/15/2024		230,000		228,925
3.30%, 12/01/2027		100,000		91,066
PG&E Corp., 5.25%, 07/01/2030(c)		523,000		476,267
Terraform Global Operating LLC, 6.13%, 03/01/2026(b)		351,000		345,774
Vistra Operations Co. LLC, 5.63%, 02/15/2027(b)		689,000		679,475
				4,404,028
Electrical Components & Equipment–0.09%
Sensata Technologies B.V., 5.00%, 10/01/2025(b)		445,000		442,230
Vertiv Group Corp., 4.13%, 11/15/2028(b)		439,000		383,034
WESCO Distribution, Inc., 7.13%, 06/15/2025(b)		481,000		500,245
				1,325,509
Electronic Components–0.05%
Imola Merger Corp., 4.75%, 05/15/2029(b)		517,000		481,469
Likewize Corp., 9.75%, 10/15/2025(b)		239,000		232,747
				714,216
Electronic Manufacturing Services–0.00%
Tyco Electronics Group S.A. (Switzerland), 3.13%, 08/15/2027		75,000		72,539
Environmental & Facilities Services–0.07%
GFL Environmental, Inc. (Canada), 3.75%, 08/01/2025(b)		1,040,000		986,684
Fertilizers & Agricultural Chemicals–0.18%
Consolidated Energy Finance S.A. (Switzerland), 5.63%, 10/15/2028(b)		1,018,000		942,999
OCI N.V. (Netherlands), 4.63%, 10/15/2025(b)		1,612,000		1,620,084
				2,563,083

	Principal Amount		Value
Financial Exchanges & Data–0.06%
Coinbase Global, Inc., 3.63%, 10/01/2031(b)	$	1,146,000	$	848,745
Food Distributors–0.24%
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)		1,087,000		926,705
Prosperous Ray Ltd. (China), 4.63%, 11/12/2023(b)		1,750,000		1,786,019
US Foods, Inc., 6.25%, 04/15/2025(b)		623,000		640,793
				3,353,517
Food Retail–0.13%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC,
7.50%, 03/15/2026(b)		538,000		566,164
4.63%, 01/15/2027(b)		1,128,000		1,057,759
Fresh Market, Inc. (The), 9.75%, 05/01/2023(b)		215,000		209,937
				1,833,860
Footwear–0.03%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(b)		401,000		419,950
Gas Utilities–0.04%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.50%, 05/20/2025		399,000		393,480
ONE Gas, Inc., 1.10%, 03/11/2024		250,000		239,156
				632,636
Health Care Facilities–0.36%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/2025(b)		486,000		485,400
CommonSpirit Health, 1.55%, 10/01/2025		64,000		59,424
Encompass Health Corp., 5.75%, 09/15/2025		250,000		254,710
HCA, Inc.,
5.00%, 03/15/2024		468,000		479,263
5.38%, 02/01/2025		725,000		746,750
5.88%, 02/15/2026		787,000		815,725
7.50%, 11/15/2095		235,000		273,481
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026(b)		522,000		537,237
Tenet Healthcare Corp., 4.88%, 01/01/2026(b)		1,293,000		1,267,470
Universal Health Services, Inc., 1.65%, 09/01/2026(b)		134,000		119,268
				5,038,728
Health Care REITs–0.06%
Diversified Healthcare Trust, 9.75%, 06/15/2025		709,000		744,085
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		120,000		122,193
				866,278

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

9 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Health Care Services–0.25%
Akumin Escrow, Inc., 7.50%, 08/01/2028(b)	$	639,000	$	508,078
Akumin, Inc., 7.00%, 11/01/2025(b)(c)		444,000		374,680
Community Health Systems, Inc.,
8.00%, 03/15/2026(b)		1,106,000		1,144,738
6.88%, 04/15/2029(b)(c)		650,000		571,064
6.13%, 04/01/2030(b)		530,000		436,495
RP Escrow Issuer LLC, 5.25%, 12/15/2025(b)		397,000		369,758
Sutter Health, Series 20A, 1.32%, 08/15/2025		167,000		154,989
				3,559,802
Health Care Supplies–0.04%
Mozart Debt Merger Sub, Inc., 5.25%, 10/01/2029(b)(c)		698,000		608,405
Health Care Technology–0.06%
Minerva Merger Sub, Inc., 6.50%, 02/15/2030(b)(c)		858,000		790,698
Home Furnishings–0.05%
Tempur Sealy International, Inc., 3.88%, 10/15/2031(b)		937,000		778,216
Home Improvement Retail–0.05%
JELD-WEN, Inc.,
6.25%, 05/15/2025(b)		501,000		513,167
4.63%, 12/15/2025(b)		259,000		244,457
				757,624
Homebuilding–0.07%
Empire Communities Corp. (Canada), 7.00%, 12/15/2025(b)		477,000		452,559
Mattamy Group Corp. (Canada), 4.63%, 03/01/2030(b)		276,000		235,288
Meritage Homes Corp., 6.00%, 06/01/2025		246,000		250,615
				938,462
Hotel & Resort REITs–0.19%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026		101,000		100,992
Service Properties Trust,
4.35%, 10/01/2024		805,000		746,960
4.50%, 03/15/2025		323,000		292,788
7.50%, 09/15/2025		552,000		551,658
5.25%, 02/15/2026		323,000		287,904
4.95%, 10/01/2029(c)		595,000		476,350
4.38%, 02/15/2030		311,000		239,078
				2,695,730
Hotels, Resorts & Cruise Lines–0.32%
Carnival Corp.,
7.63%, 03/01/2026(b)(c)		587,000		575,196
5.75%, 03/01/2027(b)(c)		355,000		322,056
6.00%, 05/01/2029(b)		745,000		669,748
Expedia Group, Inc., 3.60%, 12/15/2023		44,000		44,032
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025(b)		490,000		501,177

	Principal Amount		Value
Hotels, Resorts & Cruise Lines–(continued)
Royal Caribbean Cruises Ltd.,
11.50%, 06/01/2025(b)	$	1,241,000	$	1,350,642
5.50%, 04/01/2028(b)(c)		151,000		138,046
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(b)		493,000		512,752
Travel + Leisure Co., 6.60%, 10/01/2025(c)		444,000		461,229
				4,574,878
Household Products–0.11%
Energizer Holdings, Inc., 4.38%, 03/31/2029(b)		564,000		470,342
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 5.00%, 12/31/2026(b)		576,000		510,541
Spectrum Brands, Inc., 5.75%, 07/15/2025		501,000		506,621
				1,487,504
Housewares & Specialties–0.03%
Newell Brands, Inc., 4.88%, 06/01/2025(c)		490,000		496,938
Hypermarkets & Super Centers–0.01%
Walmart, Inc., 2.55%, 04/11/2023		200,000		200,537
Independent Power Producers & Energy Traders–0.08%
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Spain), 5.38%, 12/30/2030(b)		1,044,000		751,357
TransAlta Corp. (Canada), 6.50%, 03/15/2040		413,000		414,315
				1,165,672
Industrial Conglomerates–0.17%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,
4.75%, 09/15/2024		982,000		958,717
6.38%, 12/15/2025		667,000		663,342
6.25%, 05/15/2026(c)		324,000		321,800
5.25%, 05/15/2027		468,000		437,982
				2,381,841
Industrial Machinery–0.01%
Stanley Black & Decker, Inc., 3.40%, 03/01/2026		134,000		133,481
Insurance Brokers–0.06%
Alliant Holdings Intermediate LLC/ Alliant Holdings Co-Issuer, 6.75%, 10/15/2027(b)		257,000		243,320
HUB International Ltd., 7.00%, 05/01/2026(b)		616,000		611,300
				854,620
Integrated Oil & Gas–1.31%
BP Capital Markets PLC (United Kingdom),
2.75%, 05/10/2023		314,000		313,904
3.51%, 03/17/2025		300,000		299,863
Cenovus Energy, Inc. (Canada), 5.38%, 07/15/2025		161,000		167,158

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

10 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Integrated Oil & Gas–(continued)
Exxon Mobil Corp., 1.57%, 04/15/2023	$	500,000	$	496,112
KazMunayGas National Co. JSC (Kazakhstan), 6.38%, 10/24/2048(b)		1,500,000		1,437,935
Occidental Petroleum Corp.,
8.00%, 07/15/2025		310,000		334,436
5.88%, 09/01/2025		556,000		571,718
5.50%, 12/01/2025		464,000		472,677
5.55%, 03/15/2026		1,031,000		1,057,950
Petroleos Mexicanos (Mexico),
6.84%, 01/23/2030		3,100,000		2,830,827
6.63%, 06/15/2035		2,455,000		1,995,326
7.69%, 01/23/2050		4,600,000		3,603,801
Petronas Capital Ltd. (Malaysia),
3.50%, 03/18/2025(b)		1,000,000		1,001,548
4.55%, 04/21/2050(b)		1,220,000		1,243,415
Saudi Arabian Oil Co. (Saudi Arabia), 4.25%, 04/16/2039(b)		2,812,000		2,695,597
				18,522,267
Integrated Telecommunication Services–0.61%
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027(b)		574,000		582,587
Altice France S.A. (France),
5.13%, 07/15/2029(b)		200,000		169,642
5.50%, 10/15/2029(b)		200,000		170,227
British Telecommunications PLC (United Kingdom), 4.50%, 12/04/2023		200,000		203,152
CommScope, Inc.,
6.00%, 03/01/2026(b)		956,000		903,325
4.75%, 09/01/2029(b)		862,000		722,136
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)		1,682,000		1,637,705
Consolidated Communications, Inc., 6.50%, 10/01/2028(b)		292,000		255,162
Embarq Corp., 8.00%, 06/01/2036		1,176,000		1,060,646
Frontier Communications Holdings LLC, 6.00%, 01/15/2030(b)		266,000		231,765
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b)		889,000		855,520
Level 3 Financing, Inc.,
4.25%, 07/01/2028(b)		551,000		466,510
3.75%, 07/15/2029(b)(c)		1,127,000		917,592
Telecom Italia Capital S.A. (Italy), 7.72%, 06/04/2038		414,000		389,466
				8,565,435
Interactive Home Entertainment–0.02%
Cinemark USA, Inc., 5.88%, 03/15/2026(b)		266,000		248,381
Interactive Media & Services–0.05%
Audacy Capital Corp.,
6.50%, 05/01/2027(b)		268,000		230,827
6.75%, 03/31/2029(b)		265,000		229,852

	Principal Amount		Value
Interactive Media & Services–(continued)
TripAdvisor, Inc., 7.00%, 07/15/2025(b)	$	309,000	$	317,139
				777,818
Internet & Direct Marketing Retail–0.15%
Alibaba Group Holding Ltd. (China), 2.80%, 06/06/2023		200,000		199,021
GrubHub Holdings, Inc., 5.50%, 07/01/2027(b)		289,000		247,491
Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026(b)		311,000		288,096
QVC, Inc.,
4.75%, 02/15/2027(c)		605,000		542,528
4.38%, 09/01/2028		506,000		430,849
5.45%, 08/15/2034		436,000		350,184
				2,058,169
Internet Services & Infrastructure–0.06%
Condor Merger Sub, Inc., 7.38%, 02/15/2030(b)		740,000		662,933
VeriSign, Inc., 5.25%, 04/01/2025		150,000		155,199
				818,132
Investment Banking & Brokerage–0.29%
BGC Partners, Inc., 5.38%, 07/24/2023		33,000		33,535
Goldman Sachs Group, Inc. (The), 1.95%, 10/21/2027(e)		75,000		67,441
MDGH GMTN (RSC) Ltd. (United Arab Emirates),
4.50%, 11/07/2028(b)		1,180,000		1,234,731
3.75%, 04/19/2029(b)		1,740,000		1,740,090
Morgan Stanley, 3.63%, 01/20/2027		130,000		126,888
NFP Corp., 6.88%, 08/15/2028(b)		763,000		678,898
Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026		200,000		179,780
				4,061,363
IT Consulting & Other Services–0.05%
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029(b)		273,000		251,507
International Business Machines Corp.,
3.45%, 02/19/2026		150,000		149,237
3.30%, 05/15/2026		100,000		98,691
1.70%, 05/15/2027		100,000		91,080
Kyndryl Holdings, Inc., 2.05%, 10/15/2026(b)		186,000		162,548
				753,063
Leisure Facilities–0.11%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b)(c)		635,000		638,972
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/2025(b)		235,000		246,367
Vail Resorts, Inc., 6.25%, 05/15/2025(b)		370,000		378,810

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

11 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Leisure Facilities–(continued)
Viking Cruises Ltd., 13.00%, 05/15/2025(b)	$	222,000	$	243,234
				1,507,383
Leisure Products–0.05%
Mattel, Inc., 3.38%, 04/01/2026(b)		513,000		499,449
Party City Holdings, Inc., 8.75%, 02/15/2026(b)		198,000		182,227
				681,676
Life & Health Insurance–0.03%
Genworth Holdings, Inc., 6.50%, 06/15/2034		268,000		250,257
Principal Financial Group, Inc., 3.40%, 05/15/2025		160,000		158,417
				408,674
Marine–0.03%
NCL Corp. Ltd., 5.88%, 03/15/2026(b)		524,000		484,703
Marine Ports & Services–0.21%
DP World Ltd. (United Arab Emirates), 6.85%, 07/02/2037(b)		2,590,000		2,954,097
Metal & Glass Containers–0.21%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
5.25%, 04/30/2025(b)		819,000		814,414
4.13%, 08/15/2026(b)		307,000		284,287
5.25%, 08/15/2027(b)		267,000		229,796
5.25%, 08/15/2027(b)		541,000		465,617
Ball Corp., 4.88%, 03/15/2026(c)		741,000		741,878
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024(b)		394,000		385,180
				2,921,172
Mortgage REITs–0.03%
New Residential Investment Corp., 6.25%, 10/15/2025(b)		522,000		497,915
Movies & Entertainment–0.16%
Netflix, Inc.,
5.88%, 02/15/2025		496,000		515,237
5.88%, 11/15/2028		901,000		930,283
6.38%, 05/15/2029		347,000		368,292
5.38%, 11/15/2029(b)		393,000		393,930
RELX Capital, Inc. (United Kingdom), 3.50%, 03/16/2023		110,000		110,669
				2,318,411
Multi-line Insurance–0.02%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		94,000		98,892
XLIT Ltd. (Bermuda), 4.45%, 03/31/2025		194,000		197,270
				296,162

	Principal Amount		Value
Multi-Utilities–0.11%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(e)	$	1,037,000	$	949,830
DTE Energy Co., Series E, Investment Units, 5.25%, 12/01/2077		18,062		419,580
Public Service Enterprise Group, Inc., 2.88%, 06/15/2024		230,000		226,502
				1,595,912
Office REITs–0.01%
Office Properties Income Trust, 2.65%, 06/15/2026		133,000		119,267
Office Services & Supplies–0.03%
ACCO Brands Corp., 4.25%, 03/15/2029(b)(c)		545,000		474,831
Oil & Gas Drilling–0.25%
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(b)		1,565,000		1,476,953
Rockies Express Pipeline LLC,
4.80%, 05/15/2030(b)		142,000		130,257
7.50%, 07/15/2038(b)		366,000		361,950
6.88%, 04/15/2040(b)		1,577,000		1,501,209
				3,470,369
Oil & Gas Equipment & Services–0.16%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		75,000		71,772
Oceaneering International, Inc., 4.65%, 11/15/2024		652,000		631,586
TechnipFMC PLC (United Kingdom), 6.50%, 02/01/2026(b)		614,000		636,178
USA Compression Partners L.P./USA Compression Finance Corp.,
6.88%, 04/01/2026		622,000		610,384
6.88%, 09/01/2027		257,000		251,513
				2,201,433
Oil & Gas Exploration & Production–0.73%
Civitas Resources, Inc., 5.00%, 10/15/2026(b)		778,000		740,131
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b)		738,000		738,904
Devon Energy Corp., 5.25%, 10/15/2027		75,000		77,417
Endeavor Energy Resources L.P./EER Finance, Inc., 6.63%, 07/15/2025(b)		358,000		368,323
EQT Corp., 6.63%, 02/01/2025		606,000		631,500
Genesis Energy L.P./Genesis Energy Finance Corp.,
5.63%, 06/15/2024		10,000		9,819
8.00%, 01/15/2027		1,257,000		1,234,493
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028(b)		1,068,000		1,065,341
Ithaca Energy North Sea PLC (United Kingdom), 9.00%, 07/15/2026(b)		249,000		254,265

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

12 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026(b)	$	187,000	$	171,712
Murphy Oil Corp.,
5.75%, 08/15/2025		338,000		338,460
7.05%, 05/01/2029		473,000		490,901
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/2025(b)		531,000		523,699
Range Resources Corp., 4.88%, 05/15/2025		467,000		462,921
Sinopec Group Overseas Development 2018 Ltd. (China), 2.95%, 11/12/2029(b)		2,760,000		2,549,911
SM Energy Co., 10.00%, 01/15/2025(b)(c)		389,000		420,999
Talos Production, Inc., 12.00%, 01/15/2026		288,000		310,039
				10,388,835
Oil & Gas Refining & Marketing–0.25%
CVR Energy, Inc., 5.25%, 02/15/2025(b)		445,000		431,121
EnLink Midstream Partners L.P., 5.60%, 04/01/2044		454,000		375,458
HF Sinclair Corp., 5.88%, 04/01/2026(b)		94,000		96,626
Parkland Corp. (Canada),
4.50%, 10/01/2029(b)		229,000		200,843
4.63%, 05/01/2030(b)		226,000		198,153
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/2025(b)		1,186,000		1,231,738
Puma International Financing S.A. (Singapore), 5.13%, 10/06/2024(b)		600,000		575,640
Weatherford International Ltd., 8.63%, 04/30/2030(b)		427,000		423,277
				3,532,856
Oil & Gas Storage & Transportation–1.09%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), 4.60%, 11/02/2047(b)		3,587,000		3,560,223
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025(b)		373,000		384,639
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029(b)		1,178,000		1,230,003
DCP Midstream Operating L.P., 5.38%, 07/15/2025(c)		478,000		481,004
Energy Transfer L.P.,
Series 5Y, 4.20%, 09/15/2023		33,000		33,337
3.90%, 05/15/2024		236,000		235,506
5.50%, 06/01/2027		50,000		51,836
Energy Transfer L.P./Regency Energy Finance Corp., 4.50%, 11/01/2023		34,000		34,325
EQM Midstream Partners L.P.,
6.00%, 07/01/2025(b)		589,000		584,441
6.50%, 07/15/2048		1,568,000		1,445,539

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)	$	479,000	$	479,606
ITT Holdings LLC, 6.50%, 08/01/2029(b)		497,000		440,444
Neptune Energy Bondco PLC (United Kingdom), 6.63%, 05/15/2025(b)		821,000		814,855
New Fortress Energy, Inc.,
6.75%, 09/15/2025(b)		1,188,000		1,169,438
6.50%, 09/30/2026(b)		490,000		474,766
NuStar Logistics L.P., 5.75%, 10/01/2025		358,000		356,616
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/2026(b)		1,741,000		1,628,819
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.,
7.50%, 10/01/2025(b)		358,000		366,037
5.50%, 01/15/2028(b)		758,000		707,654
Western Midstream Operating L.P.,
3.60%, 02/01/2025		465,000		445,298
5.75%, 02/01/2050		501,000		442,423
				15,366,809
Other Diversified Financial Services–0.54%
Albion Financing 1 S.a.r.l/Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026(b)		200,000		186,364
Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027(b)		635,000		599,672
Blackstone Private Credit Fund, 3.25%, 03/15/2027(b)		75,000		67,343
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029(b)		687,000		617,441
Global Aircraft Leasing Co. Ltd. (Cayman Islands), 7.25% PIK Rate, 6.50% Cash Rate, 09/15/2024(b)(d)		1,315,000		1,135,818
Hazine Mustesarligi Varlik Kiralama A.S. (Turkey), 5.00%, 04/06/2023(b)		320,000		321,088
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026(b)		251,000		234,429
Midcap Financial Issuer Trust,
6.50%, 05/01/2028(b)		306,000		264,399
5.63%, 01/15/2030(b)		285,000		227,457
PHH Mortgage Corp., 7.88%, 03/15/2026(b)		1,299,000		1,170,639
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 04/16/2029(b)		1,200,000		1,047,461
4.63%, 04/06/2031(b)		500,000		427,891
United Wholesale Mortgage LLC,
5.50%, 11/15/2025(b)		677,000		623,277
5.50%, 04/15/2029(b)		410,000		340,893
VistaJet Malta Finance PLC/XO Management Holding, Inc. (Switzerland), 6.38%, 02/01/2030(b)		407,000		355,653
				7,619,825

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

13 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Packaged Foods & Meats–0.16%
Conagra Brands, Inc., 1.38%, 11/01/2027	$	100,000	$	85,073
FAGE International S.A./FAGE USA Dairy Industry, Inc. (Luxembourg), 5.63%, 08/15/2026(b)		1,265,000		1,179,257
Pilgrim’s Pride Corp., 4.25%, 04/15/2031(b)		291,000		265,912
Post Holdings, Inc., 4.63%, 04/15/2030(b)		685,000		586,490
Tyson Foods, Inc., 4.00%, 03/01/2026		127,000		127,688
				2,244,420
Paper Packaging–0.08%
Berry Global, Inc., 1.57%, 01/15/2026		134,000		121,992
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/2026		544,000		542,616
LABL, Inc.,
6.75%, 07/15/2026(b)		276,000		265,955
5.88%, 11/01/2028(b)		266,000		243,706
				1,174,269
Paper Products–0.08%
Domtar Corp., 6.75%, 10/01/2028(b)		499,000		495,525
Glatfelter Corp., 4.75%, 11/15/2029(b)		885,000		709,115
				1,204,640
Personal Products–0.10%
Avon Products, Inc. (United Kingdom), 6.50%, 03/15/2023(c)		1,000,000		1,035,060
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025(b)		381,000		375,506
				1,410,566
Pharmaceuticals–0.54%
AdaptHealth LLC, 4.63%, 08/01/2029(b)		635,000		538,975
Bausch Health Americas, Inc.,
9.25%, 04/01/2026(b)(c)		540,000		536,679
8.50%, 01/31/2027(b)(c)		635,000		601,936
Bausch Health Cos., Inc.,
5.50%, 11/01/2025(b)		626,000		606,826
9.00%, 12/15/2025(b)		645,000		648,225
5.00%, 01/30/2028(b)		483,000		357,055
4.88%, 06/01/2028(b)		805,000		715,210
6.25%, 02/15/2029(b)		611,000		445,346
7.25%, 05/30/2029(b)		305,000		231,102
5.25%, 01/30/2030(b)		479,000		333,039
Bristol-Myers Squibb Co., 0.75%, 11/13/2025		275,000		250,926
Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.13%, 04/01/2029(b)		543,000		472,983
Merck & Co., Inc., 2.75%, 02/10/2025		183,000		181,173
Mylan, Inc., 4.20%, 11/29/2023		33,000		33,296

	Principal Amount		Value
Pharmaceuticals–(continued)
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)	$	814,000	$	743,638
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		705,000		694,476
Royalty Pharma PLC, 1.20%, 09/02/2025		200,000		181,857
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		134,000		130,263
				7,703,005
Publishing–0.12%
Gannett Holdings LLC, 6.00%, 11/01/2026(b)		1,806,000		1,646,620
Railroads–0.11%
Empresa de Transporte de Pasajeros Metro S.A. (Chile), 4.70%, 05/07/2050(b)		1,550,000		1,414,894
Union Pacific Corp., 3.15%, 03/01/2024		200,000		200,290
				1,615,184
Regional Banks–0.03%
First Horizon Corp., 3.55%, 05/26/2023		55,000		55,064
Santander Holdings USA, Inc., 4.40%, 07/13/2027		75,000		74,096
Truist Financial Corp., 4.00%, 05/01/2025		275,000		278,073
				407,233
Reinsurance–0.07%
Enstar Finance LLC,
5.75%, 09/01/2040(e)		410,000		404,024
5.50%, 01/15/2042(e)		638,000		594,460
				998,484
Residential REITs–0.01%
Spirit Realty L.P., 4.45%, 09/15/2026		75,000		75,776
Restaurants–0.13%
Aramark Services, Inc.,
5.00%, 04/01/2025(b)		382,000		379,185
6.38%, 05/01/2025(b)(c)		953,000		971,702
Brinker International, Inc., 5.00%, 10/01/2024(b)(c)		498,000		497,514
				1,848,401
Retail REITs–0.10%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 5.75%, 05/15/2026(b)		1,290,000		1,251,365
Realty Income Corp., 4.88%, 06/01/2026		124,000		128,278
Simon Property Group L.P., 3.30%, 01/15/2026		64,000		62,960
				1,442,603
Security & Alarm Services–0.19%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026(b)		256,000		247,706

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

14 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Security & Alarm Services–(continued)
CoreCivic, Inc., 8.25%, 04/15/2026	$	651,000	$	669,931
Prime Security Services Borrower LLC/ Prime Finance, Inc.,
5.75%, 04/15/2026(b)		858,000		824,093
6.25%, 01/15/2028(b)(c)		1,042,000		935,247
				2,676,977
Semiconductor Equipment–0.02%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 2.70%, 05/01/2025(b)		278,000		266,109
Semiconductors–0.04%
ams-OSRAM AG (Austria), 7.00%, 07/31/2025(b)(c)		394,000		399,617
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		77,000		75,198
Micron Technology, Inc., 4.19%, 02/15/2027		75,000		74,549
				549,364
Sovereign Debt–11.53%
Abu Dhabi Government International Bond (United Arab Emirates), 2.70%, 09/02/2070(b)		3,000,000		2,126,910
Angolan Government International Bond (Angola), 9.13%, 11/26/2049(b)		1,140,000		1,011,271
Argentine Republic Government International Bond (Argentina), 0.75%, 07/09/2030(f)		3,000,000		949,530
Bahrain Government International Bond (Bahrain), 7.00%, 01/26/2026(b)		2,000,000		2,135,726
Bolivian Government International Bond (Bolivia), 4.50%, 03/20/2028(b)		699,000		598,887
Brazilian Government International Bond (Brazil),
4.25%, 01/07/2025		1,600,000		1,613,528
4.63%, 01/13/2028		2,000,000		1,951,790
7.13%, 01/20/2037		2,000,000		2,151,590
CBB International Sukuk Programme Co. WLL (Bahrain), 4.50%, 03/30/2027(b)		2,000,000		1,993,704
Colombia Government International Bond (Colombia),
3.88%, 04/25/2027		4,750,000		4,323,212
4.50%, 03/15/2029		1,640,000		1,490,793
7.38%, 09/18/2037		3,500,000		3,616,585
6.13%, 01/18/2041		1,950,000		1,726,988
5.63%, 02/26/2044		2,000,000		1,604,200
Costa Rica Government International Bond (Costa Rica),
5.63%, 04/30/2043(b)		1,300,000		1,108,022
7.16%, 03/12/2045(b)		800,000		776,396

	Principal Amount		Value
Sovereign Debt–(continued)
Dominican Republic International Bond (Dominican Republic),
5.95%, 01/25/2027(b)(c)	$	2,228,000	$	2,237,398
7.45%, 04/30/2044(b)		2,935,000		2,851,813
6.85%, 01/27/2045(b)(c)		2,902,000		2,621,360
6.40%, 06/05/2049(b)		935,000		795,847
Ecuador Government International Bond (Ecuador), 5.50%, 07/31/2030(b)(f)		3,135,000		2,555,986
Egypt Government International Bond (Egypt),
7.60%, 03/01/2029(b)		200,000		170,550
8.50%, 01/31/2047(b)		2,896,000		2,110,865
7.90%, 02/21/2048(b)		1,200,000		826,771
8.70%, 03/01/2049(b)		2,110,000		1,549,230
El Salvador Government International Bond (El Salvador), 7.65%, 06/15/2035(b)		1,110,000		432,403
Ghana Government International Bond (Ghana),
7.63%, 05/16/2029(b)		818,000		519,487
8.13%, 03/26/2032(b)		2,590,000		1,602,174
8.95%, 03/26/2051(b)		738,000		429,221
Hungary Government International Bond (Hungary), 2.13%, 09/22/2031(b)		600,000		482,011
Indonesia Government International Bond (Indonesia),
8.50%, 10/12/2035(b)		3,830,000		5,149,715
6.63%, 02/17/2037(b)		1,100,000		1,270,009
6.75%, 01/15/2044(b)		2,530,000		3,068,612
Ivory Coast Government International Bond (Ivory Coast), 6.38%, 03/03/2028(b)		650,000		647,192
Jamaica Government International Bond (Jamaica), 6.75%, 04/28/2028		1,600,000		1,733,095
Jordan Government International Bond (Jordan), 6.13%, 01/29/2026(b)		1,000,000		973,945
Kazakhstan Government International Bond (Kazakhstan),
3.88%, 10/14/2024(b)		1,650,000		1,679,863
5.13%, 07/21/2025(b)		2,000,000		2,095,666
4.88%, 10/14/2044(b)		1,000,000		950,290
6.50%, 07/21/2045(b)		1,700,000		1,927,164
KSA Sukuk Ltd. (Saudi Arabia), 4.30%, 01/19/2029(b)		2,000,000		2,074,404
Malaysia Sukuk Global Bhd. (Malaysia), 3.18%, 04/27/2026(b)		250,000		250,159
Mexico Government International Bond (Mexico),
5.55%, 01/21/2045(c)		500,000		490,036
4.60%, 01/23/2046		250,000		213,688
5.75%, 10/12/2110		420,000		382,053
Nigeria Government International Bond (Nigeria), 8.75%, 01/21/2031(b)		2,550,000		2,318,409

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

15 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Oman Government International Bond (Oman),
4.75%, 06/15/2026(b)	$	3,310,000	$	3,263,614
5.63%, 01/17/2028(b)		3,725,000		3,741,576
6.75%, 01/17/2048(b)		2,054,000		1,931,273
Pakistan Government International Bond (Pakistan), 8.25%, 04/15/2024(b)		1,640,000		1,476,098
Panama Government International Bond (Panama),
4.00%, 09/22/2024		3,225,000		3,241,899
7.13%, 01/29/2026		1,110,000		1,226,940
3.88%, 03/17/2028		1,000,000		968,200
Paraguay Government International Bond (Paraguay), 5.00%, 04/15/2026(b)		1,000,000		1,012,911
Perusahaan Penerbit SBSN Indonesia III (Indonesia),
4.33%, 05/28/2025(b)		300,000		307,350
4.15%, 03/29/2027(b)		2,600,000		2,640,326
Peruvian Government International Bond (Peru),
4.13%, 08/25/2027		1,226,000		1,222,334
2.84%, 06/20/2030		1,170,000		1,045,781
6.55%, 03/14/2037		1,084,000		1,249,370
Philippine Government International Bond (Philippines),
4.20%, 01/21/2024		100,000		101,750
10.63%, 03/16/2025		2,144,000		2,572,992
3.00%, 02/01/2028		1,000,000		962,811
6.38%, 01/15/2032		2,000,000		2,318,936
5.00%, 01/13/2037		2,000,000		2,077,546
Qatar Government International Bond (Qatar),
4.00%, 03/14/2029(b)		4,000,000		4,108,536
5.10%, 04/23/2048(b)		3,660,000		4,082,565
RAK Capital (United Arab Emirates), 3.09%, 03/31/2025(b)		743,000		733,445
Republic of Poland Government International Bond (Poland),
3.00%, 03/17/2023		599,000		598,894
4.00%, 01/22/2024		3,595,000		3,637,076
Republic of South Africa Government International Bond (South Africa), 5.75%, 09/30/2049		5,853,000		4,658,461
Romanian Government International Bond (Romania),
4.38%, 08/22/2023(b)		833,000		843,921
3.00%, 02/27/2027(b)		1,250,000		1,165,805
6.13%, 01/22/2044(b)		2,000,000		2,068,656
5.13%, 06/15/2048(b)		2,344,000		2,135,450
4.00%, 02/14/2051(b)		1,750,000		1,337,206
Russian Foreign Bond - Eurobond (Russia),
4.75%, 05/27/2026(b)		3,200,000		672,000
4.25%, 06/23/2027(b)		2,800,000		826,000
12.75%, 06/24/2028(b)		2,060,000		711,730

	Principal Amount		Value
Sovereign Debt–(continued)
Saudi Government International Bond (Saudi Arabia),
3.25%, 10/26/2026(b)	$	500,000	$	498,150
3.63%, 03/04/2028(b)		3,100,000		3,099,938
4.38%, 04/16/2029(b)		538,000		560,397
4.50%, 10/26/2046(b)		1,000,000		961,510
5.00%, 04/17/2049(b)		1,548,000		1,611,994
5.25%, 01/16/2050(b)		2,680,000		2,911,166
Sharjah Sukuk Program Ltd. (United Arab Emirates),
3.85%, 04/03/2026(b)		600,000		600,889
4.23%, 03/14/2028(b)		1,019,000		1,012,427
Sri Lanka Government International Bond (Sri Lanka), 6.83%, 07/18/2026(b)		903,000		399,207
Turkey Government International Bond (Turkey),
7.38%, 02/05/2025		527,000		526,520
4.88%, 10/09/2026		326,000		288,631
6.00%, 03/25/2027		1,890,000		1,726,944
7.63%, 04/26/2029		2,430,000		2,327,350
11.88%, 01/15/2030		1,920,000		2,288,486
8.00%, 02/14/2034		1,580,000		1,546,493
6.88%, 03/17/2036		1,218,000		1,051,119
7.25%, 03/05/2038		1,170,000		1,043,932
UAE International Government Bond (United Arab Emirates), 3.25%, 10/19/2061(b)		3,600,000		2,978,298
Ukraine Government International Bond (Ukraine),
7.75%, 09/01/2023(b)		650,000		267,905
7.75%, 09/01/2024(b)		650,000		226,782
7.75%, 09/01/2026(b)		4,450,000		1,518,046
7.75%, 09/01/2027(b)		1,090,000		368,965
9.75%, 11/01/2028(b)		900,000		306,135
Uruguay Government International Bond (Uruguay), 4.50%, 08/14/2024		2,215,922		2,261,925
				162,913,209
Specialized Consumer Services–0.02%
WW International, Inc., 4.50%, 04/15/2029(b)		308,000		244,093
Specialized REITs–0.06%
American Tower Corp., 1.30%, 09/15/2025		134,000		122,752
EPR Properties, 4.75%, 12/15/2026		75,000		73,670
GLP Capital L.P./GLP Financing II, Inc.,
5.38%, 11/01/2023		32,000		32,501
3.35%, 09/01/2024		203,000		200,402
Iron Mountain, Inc., 5.25%, 07/15/2030(b)		519,000		476,582
				905,907
Specialty Chemicals–0.12%
PPG Industries, Inc., 1.20%, 03/15/2026		67,000		61,074
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)		871,000		828,352

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

16 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Specialty Chemicals–(continued)
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026(b)	$	832,000	$	760,294
				1,649,720
Specialty Stores–0.19%
Bath & Body Works, Inc.,
6.88%, 11/01/2035(c)		1,449,000		1,418,650
6.75%, 07/01/2036		175,000		170,098
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b)		377,000		340,550
Staples, Inc., 7.50%, 04/15/2026(b)		786,000		751,880
				2,681,178
Steel–0.01%
ArcelorMittal S.A. (Luxembourg), 4.55%, 03/11/2026		134,000		135,503
Systems Software–0.08%
NortonLifeLock, Inc., 5.00%, 04/15/2025(b)		678,000		678,000
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)		502,000		443,178
				1,121,178
Technology Distributors–0.02%
Avnet, Inc., 4.63%, 04/15/2026		75,000		75,323
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/2025(b)		260,000		262,950
				338,273
Technology Hardware, Storage & Peripherals–0.17%
Apple, Inc., 3.25%, 02/23/2026		150,000		149,821
Diebold Nixdorf, Inc., 9.38%, 07/15/2025(b)(c)		497,000		440,561
HP, Inc., 1.45%, 06/17/2026		150,000		134,866
Seagate HDD Cayman, 4.75%, 01/01/2025		249,000		247,443
Xerox Corp., 6.75%, 12/15/2039		513,000		482,530
Xerox Holdings Corp.,
5.00%, 08/15/2025(b)		476,000		457,536
5.50%, 08/15/2028(b)		530,000		477,980
				2,390,737
Thrifts & Mortgage Finance–0.19%
Enact Holdings, Inc., 6.50%, 08/15/2025(b)		1,356,000		1,351,823
Home Point Capital, Inc., 5.00%, 02/01/2026(b)		466,000		368,727
PennyMac Financial Services, Inc.,
5.38%, 10/15/2025(b)		362,000		342,801
5.75%, 09/15/2031(b)		280,000		230,089
Radian Group, Inc., 6.63%, 03/15/2025(c)		334,000		340,435
				2,633,875
Tires & Rubber–0.07%
FXI Holdings, Inc., 12.25%, 11/15/2026(b)		341,000		364,017

	Principal Amount		Value
Tires & Rubber–(continued)
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025(c)	$	567,000	$	595,299
				959,316
Tobacco–0.04%
Altria Group, Inc., 4.40%, 02/14/2026		134,000		135,561
BAT Capital Corp. (United Kingdom), 3.22%, 09/06/2026		134,000		126,831
Vector Group Ltd., 5.75%, 02/01/2029(b)		317,000		278,692
				541,084
Trading Companies & Distributors–0.04%
Aircastle Ltd., 4.40%, 09/25/2023		40,000		40,196
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/2025(b)		541,000		516,327
				556,523
Trucking–0.04%
Hertz Corp. (The), 5.00%, 12/01/2029(b)		253,000		221,701
Ryder System, Inc., 3.65%, 03/18/2024		200,000		199,466
XPO Logistics, Inc., 6.25%, 05/01/2025(b)		154,000		157,651
				578,818
Wireless Telecommunication Services–0.22%
Sprint Corp.,
7.63%, 02/15/2025		935,000		995,654
7.63%, 03/01/2026		940,000		1,021,949
T-Mobile USA, Inc.,
2.25%, 02/15/2026(c)		626,000		576,599
2.25%, 02/15/2026(b)		508,000		467,911
				3,062,113
Total U.S. Dollar Denominated Bonds & Notes (Cost $499,178,638)				446,085,195
Equity Linked Notes–25.42%
Diversified Banks–17.31%
Bank of Montreal (Materials Select Sector SPDR Fund) (Canada), 14.90%, 05/17/2022(b)		8,887,000		8,508,253
Bank of Montreal (Utilities Select Sector SPDR Fund) (Canada), 17.38%, 05/17/2022(b)		9,459,000		8,549,159
BNP Paribas Issuance B.V. (Consumer Discretionary Select Sector SPDR Fund) (France),
16.10%, 05/11/2022(b)		14,316,000		11,737,108
18.26%, 05/20/2022(b)		13,924,000		12,431,391
BNP Paribas Issuance B.V. (Consumer Staples Select Sector SPDR Fund) (France),
11.30%, 05/03/2022(b)		10,895,000		11,146,888
12.95%, 05/19/2022(b)		10,248,000		10,026,546
14.95%, 06/07/2022(b)		10,190,000		9,713,614

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

17 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Diversified Banks–(continued)
Canadian Imperial Bank of Commerce (Technology Select Sector SPDR Fund) (Canada),
Series 1, 15.22%, 05/02/2022	$	20,056,000	$	17,748,126
14.69%, 06/03/2022(b)		18,349,000		18,184,173
Citigroup Global Markets Holdings, Inc. (Health Care Select Sector SPDR Fund), 15.34%, 05/13/2022(b)		15,660,000		14,365,325
JPMorgan Chase Bank, N.A. (Technology Select Sector SPDR Fund),
16.50%, 05/04/2022(b)		19,431,000		16,598,967
13.81%, 05/10/2022(b)		19,820,000		17,146,155
20.42%, 06/08/2022(b)		18,886,000		18,886,000
Royal Bank of Canada (Financial Select Sector SPDR Fund) (Canada), Conv., 12.25%, 05/12/2022(b)		12,967,000		11,624,439
Royal Bank of Canada (iShares US Real Estate ETF) (Canada), Conv., 12.40%, 05/24/2022(b)		9,275,000		8,835,523
Royal Bank of Canada (Technology Select Sector SPDR Fund) (Canada), Conv., 16.68%, 05/27/2022(b)		18,634,000		17,701,230
Societe Generale S.A. (Technology Select Sector SPDR Fund) (France), 11.40%, 05/16/2022(b)		13,865,000		13,063,915
UBS AG (Industrial Select Sector SPDR Fund) (Switzerland), Series 1, 17.75%, 05/18/2022(b)		19,330,000		18,365,194
				244,632,006
Diversified Capital Markets–1.77%
Credit Suisse AG (Financial Select Sector SPDR Fund) (Switzerland), 18.95%, 06/01/2022(b)		12,301,000		11,661,226
Credit Suisse AG (Health Care Select Sector SPDR Fund) (Switzerland), 13.25%, 05/26/2022(b)		14,843,000		13,350,466
				25,011,692
Investment Banking & Brokerage–6.34%
GS Finance Corp. (Energy Select Sector SPDR Fund), 22.46%, 05/24/2023(b)		12,871,000		11,739,125
GS Finance Corp. (Financial Select Sector SPDR Fund), 12.93%, 05/25/2022(b)		12,319,000		11,083,919
GS Finance Corp. (Health Care Select Sector SPDR Fund), 15.54%, 06/02/2022(b)		14,710,000		14,430,279
GS Finance Corp. (Industrial Select Sector SPDR Fund), 12.05%, 05/09/2022(b)		14,284,000		12,477,203

	Principal Amount		Value
Investment Banking & Brokerage–(continued)
Nomura International Funding Pte. Ltd. (Communication Services Select Sector SPDR Fund) (Japan), 13.98%, 05/23/2022(b)	$	16,229,000	$	13,935,353
Nomura International Funding Pte. Ltd. (Consumer Discretionary Select Sector SPDR Fund) (Japan), 15.52%, 05/31/2022(b)		13,713,000		12,660,506
Nomura International Funding Pte. Ltd. (iShares Communications Services Select Sector SPDR Fund) (Japan), 11.52%, 05/06/2022(b)		17,243,000		13,303,501
				89,629,886
Total Equity Linked Notes (Cost $388,706,656)				359,273,584
U.S. Treasury Securities–19.20%
U.S. Treasury Bills–0.07%
0.11% - 0.43%, 05/26/2022(g)(h)		574,000		573,873
0.80% - 0.99%, 09/15/2022(h)		375,000		373,471
				947,344
U.S. Treasury Bonds–16.18%
1.88%, 11/15/2051		291,500,000		228,713,634
U.S. Treasury Notes–2.95%
0.13%, 01/31/2023		6,950,000		6,860,665
0.75%, 12/31/2023		13,250,000		12,846,289
1.13%, 01/15/2025		15,250,000		14,557,793
1.25%, 12/31/2026		8,100,000		7,502,309
				41,767,056
Total U.S. Treasury Securities (Cost $316,778,545)				271,428,034
	Shares
Preferred Stocks–8.62%
Alternative Carriers–0.10%
Qwest Corp., 6.50%, Pfd.		39,898		891,720
Qwest Corp., 6.75%, Pfd.		26,198		587,883
				1,479,603
Apparel, Accessories & Luxury Goods–0.01%
Fossil Group, Inc., 7.00%, Pfd.		6,054		145,296
Asset Management & Custody Banks–0.24%
Affiliated Managers Group, Inc., 5.88%, Pfd.		12,140		296,095
Affiliated Managers Group, Inc., 4.75%, Pfd.		11,094		218,552
Affiliated Managers Group, Inc., 4.20%, Pfd.		8,037		143,701
Apollo Asset Management, Inc., 6.38%, Series A, Pfd.		11,450		284,761
Apollo Asset Management, Inc., 6.38%, Series B, Pfd.		12,492		318,296
Northern Trust Corp., 4.70%, Series E, Pfd.		16,144		366,469
Oaktree Capital Group LLC, 6.63%, Series A, Pfd.		6,489		165,924

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

18 Invesco Multi-Asset Income Fund

	Shares		Value
Asset Management & Custody Banks–(continued)
Oaktree Capital Group LLC, 6.55%, Series B, Pfd.		9,032	$	225,348
Prospect Capital Corp., 5.35%, Series A, Pfd.		6,054		117,448
State Street Corp., 5.35%, Series G, Pfd.(e)		20,289		517,572
State Street Corp., 5.90%, Series D, Pfd.(c)(e)		30,158		759,982
				3,414,148
Automobile Manufacturers–0.11%
Ford Motor Co., 6.20%, Pfd.		30,132		778,912
Ford Motor Co., 6.00%, Pfd.		32,428		815,240
				1,594,152
Consumer Finance–0.28%
Capital One Financial Corp., 5.00%, Series I, Pfd.		60,541		1,258,042
Capital One Financial Corp., 4.80%, Series J, Pfd.		50,450		1,000,424
Capital One Financial Corp., 4.63%, Series K, Pfd.		5,044		95,029
Capital One Financial Corp., 4.38%, Series L, Pfd.		27,244		495,023
Capital One Financial Corp., 4.25%, Series N, Pfd.		17,153		302,922
Navient Corp., 6.00%, Pfd.		12,108		248,940
Synchrony Financial, 5.63%, Series A, Pfd.		30,270		625,984
				4,026,364
Department Stores–0.01%
Dillard’s Capital Trust I, 7.50%, Pfd.		8,072		219,962
Diversified Banks–2.03%
Bank of America Corp., 6.00%, Series GG, Pfd.		62,528		1,564,450
Bank of America Corp., 5.88%, Series HH, Pfd.		39,508		967,156
Bank of America Corp., 5.38%, Series KK, Pfd.		67,474		1,516,815
Bank of America Corp., 5.00%, Series LL, Pfd.		67,369		1,424,181
Bank of America Corp., 4.38%, Series NN, Pfd.(c)		62,256		1,144,265
Bank of America Corp., 4.13%, Series PP, Pfd.		48,676		872,761
Bank of America Corp., 4.25%, Series QQ, Pfd.		60,111		1,071,779
Citigroup, Inc., 7.13%, Series J, Pfd.(e)		38,343		1,000,752
Citigroup, Inc., 6.88%, Series K, Pfd.(e)		60,339		1,600,190
JPMorgan Chase & Co., 5.75%, Series DD, Pfd.		68,381		1,678,753
JPMorgan Chase & Co., 6.00%, Series EE, Pfd.		74,333		1,862,042
JPMorgan Chase & Co., 4.75%, Series GG, Pfd.		36,139		732,176
JPMorgan Chase & Co., 4.55%, Series JJ, Pfd.		61,337		1,164,790
JPMorgan Chase & Co., 4.63%, Series LL, Pfd.		74,491		1,443,636
JPMorgan Chase & Co., 4.20%, Series MM, Pfd.		80,795		1,463,197

	Shares		Value
Diversified Banks–(continued)
U.S. Bancorp, 5.50%, Series K, Pfd.		22,647	$	546,699
U.S. Bancorp, 3.75%, Series L, Pfd.		20,674		352,698
U.S. Bancorp, 4.00%, Series M, Pfd.		30,601		543,168
U.S. Bancorp, 4.50%, Series O, Pfd.		18,073		358,388
Wells Fargo & Co., 5.63%, Series Y, Pfd.		26,803		632,551
Wells Fargo & Co., 5.85%, Series Q, Pfd.(e)		70,556		1,720,861
Wells Fargo & Co., 6.63%, Series R, Pfd.(e)		33,180		870,975
Wells Fargo & Co., 4.75%, Series Z, Pfd.		81,822		1,591,438
Wells Fargo & Co., 4.70%, Series AA, Pfd.		47,392		914,666
Wells Fargo & Co., 4.38%, Series CC, Pfd.		42,307		764,910
Wells Fargo & Co., 4.25%, Series DD, Pfd.		50,780		899,822
				28,703,119
Diversified Chemicals–0.01%
EI du Pont de Nemours and Co., 4.50%, Series B, Pfd.		1,688		160,394
Diversified REITs–0.08%
Global Net Lease, Inc., 7.25%, Series A, Pfd.		6,845		173,452
Global Net Lease, Inc., 6.88%, Series B, Pfd.		4,560		111,674
iStar, Inc., 8.00%, Series D, Pfd.		4,036		103,322
iStar, Inc., 7.50%, Series I, Pfd.		5,045		126,781
PS Business Parks, Inc., 5.25%, Series X, Pfd., (Acquired 09/20/2017-05/14/2020; Cost $286,957)(i)		11,612		228,989
PS Business Parks, Inc., 5.20%, Series Y, Pfd., (Acquired 12/04/2017-05/15/2020; Cost $255,083)(i)		10,196		201,983
PS Business Parks, Inc., 4.88%, Series Z, Pfd.		8,371		154,026
				1,100,227
Electric Utilities–0.51%
Alabama Power Co., 5.00%, Series A, Pfd.		9,610		242,172
BIP Bermuda Holdings I Ltd., 5.13%, Pfd.		12,156		245,430
Brookfield Infrastructure Finance ULC, 5.00%, Pfd.		10,782		209,710
Duke Energy Corp., 5.63%, Pfd.		20,220		515,408
Duke Energy Corp., 5.75%, Series A, Pfd.		40,321		1,049,959
Entergy Arkansas LLC, 4.88%, Pfd.		16,675		411,372
Entergy Louisiana LLC, 4.88%, Pfd.		10,914		268,484
Entergy Mississippi LLC, 4.90%, Pfd.		10,487		252,946
Entergy New Orleans LLC, 5.50%, Pfd.		4,304		105,405
Georgia Power Co., 5.00%, Series 2017-A, Pfd.		10,481		258,461
National Rural Utilities Cooperative Finance Corp., 5.50%, Pfd.		10,090		242,664
Pacific Gas and Electric Co., 6.00%, Series A, Pfd.		4,250		106,080

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

19 Invesco Multi-Asset Income Fund

	Shares		Value
Electric Utilities–(continued)
SCE Trust II, 5.10%, Pfd.		6,678	$	146,248
SCE Trust III, 5.75%, Series H, Pfd.(e)		11,099		260,161
SCE Trust IV, 5.38%, Series J, Pfd.(e)		13,117		285,951
SCE Trust V, 5.45%, Series K, Pfd.(e)		11,878		283,528
SCE Trust VI, 5.00%, Pfd.		21,665		436,550
Southern Co. (The), 5.25%, Pfd.		18,111		406,773
Southern Co. (The), 4.95%, Series 2020, Pfd.		40,790		861,485
Southern Co. (The), 4.20%, Series C, Pfd.		30,881		605,576
				7,194,363
Gas Utilities–0.03%
South Jersey Industries, Inc., 5.63%, Pfd.		8,072		141,260
Spire, Inc., 5.90%, Series A, Pfd.		10,090		252,048
				393,308
Health Care REITs–0.03%
Diversified Healthcare Trust, 5.63%, Pfd.		25,180		419,247
Independent Power Producers & Energy Traders–0.05%
NextEra Energy Capital Holdings, Inc., 5.65%, Series N, Pfd.		27,748		697,585
Integrated Telecommunication Services–0.32%
AT&T, Inc., 5.35%, Pfd.		53,377		1,323,216
AT&T, Inc., 5.63%, Pfd.(c)		33,297		832,425
AT&T, Inc., 5.00%, Series A, Pfd.		48,433		993,845
AT&T, Inc., 4.75%, Series C, Pfd.		70,631		1,370,948
				4,520,434
Internet & Direct Marketing Retail–0.12%
Qurate Retail, Inc., 8.00%, Pfd.		12,816		1,044,248
QVC, Inc., 6.38%, Pfd.		8,984		202,140
QVC, Inc., 6.25%, Pfd.		19,975		440,848
				1,687,236
Investment Banking & Brokerage–0.67%
Brookfield Finance I (UK) PLC, 4.50%, Pfd.		9,379		176,138
Brookfield Finance, Inc., 4.63%, Series 50, Pfd.		17,250		326,888
Charles Schwab Corp. (The), 5.95%, Series D, Pfd.		29,717		749,463
Charles Schwab Corp. (The), 4.45%, Series J, Pfd.		24,828		500,036
Goldman Sachs Group, Inc. (The), 5.50%, Series J, Pfd.(e)		40,353		1,026,580
Goldman Sachs Group, Inc. (The), 6.38%, Series K, Pfd.(e)		28,259		723,430
Morgan Stanley, 5.85%, Series K, Pfd.(e)		40,360		1,018,283
Morgan Stanley, 7.13%, Series E, Pfd.(e)		34,811		909,611
Morgan Stanley, 6.88%, Series F, Pfd.(e)		34,306		891,956
Morgan Stanley, 6.38%, Series I, Pfd.(e)		40,360		1,050,571
Morgan Stanley, 4.88%, Series L, Pfd.		20,180		416,313
Morgan Stanley, 4.25%, Series O, Pfd.		52,469		937,096
Stifel Financial Corp., 5.20%, Pfd.		9,103		197,353

	Shares		Value
Investment Banking & Brokerage–(continued)
Stifel Financial Corp., 6.25%, Series B, Pfd.		6,368	$	160,792
Stifel Financial Corp., 6.13%, Series C, Pfd.		9,126		229,428
Stifel Financial Corp., 4.50%, Series D, Pfd.		12,137		229,025
				9,542,963
Leisure Products–0.04%
Brunswick Corp., 6.50%, Pfd.		7,465		190,358
Brunswick Corp., 6.63%, Pfd.		5,045		129,253
Brunswick Corp., 6.38%, Pfd.		9,284		234,142
				553,753
Life & Health Insurance–0.65%
AEGON Funding Co. LLC, 5.10%, Pfd.		37,333		789,593
American Equity Investment Life Holding Co., 5.95%, Series A, Pfd.(e)		16,120		398,003
American Equity Investment Life Holding Co., 6.63%, Series B, Pfd.(e)		12,131		314,072
Athene Holding Ltd., 6.35%, Series A, Pfd.(e)		34,574		879,908
Athene Holding Ltd., 5.63%, Series B, Pfd.		13,792		313,768
Athene Holding Ltd., 6.38%, Series C, Pfd.(e)		24,024		633,753
Athene Holding Ltd., 4.88%, Series D, Pfd.		23,023		459,079
Brighthouse Financial, Inc., 6.25%, Pfd.		15,322		392,090
Brighthouse Financial, Inc., 6.60%, Series A, Pfd.		17,119		431,741
Brighthouse Financial, Inc., 6.75%, Series B, Pfd.		16,212		415,027
Brighthouse Financial, Inc., 5.38%, Series C, Pfd.		23,161		495,877
Brighthouse Financial, Inc., 4.63%, Series D, Pfd.		14,028		244,929
CNO Financial Group, Inc., 5.13%, Pfd.		6,054		124,107
Globe Life, Inc., 4.25%, Pfd.		13,117		259,192
MetLife, Inc., 5.63%, Series E, Pfd.		32,486		826,769
MetLife, Inc., 4.75%, Series F, Pfd.		40,365		909,423
Prudential Financial, Inc., 5.63%, Pfd.		22,884		566,379
Prudential Financial, Inc., 4.13%, Pfd.(c)		20,050		414,333
Unum Group, 6.25%, Pfd.		12,108		308,028
				9,176,071
Multi-line Insurance–0.08%
American International Group, Inc., 5.85%, Series A, Pfd.		20,180		499,455
Assurant, Inc., 5.25%, Pfd.		10,090		220,568
Hartford Financial Services Group, Inc. (The), 6.00%, Series G, Pfd.		13,924		360,353
				1,080,376
Multi-Utilities–0.29%
Algonquin Power & Utilities Corp., 6.88%, Pfd.(e)		11,609		300,325
Algonquin Power & Utilities Corp., 6.20%, Series 19-A, Pfd.(e)		14,121		361,498
Brookfield Infrastructure Partners L.P., 5.13%, Series 13, Pfd.		8,104		157,541

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

20 Invesco Multi-Asset Income Fund

	Shares		Value
Multi-Utilities–(continued)
Brookfield Infrastructure Partners L.P., 5.00%, Series 14, Pfd.		8,625	$	163,271
CMS Energy Corp., 5.63%, Pfd.		6,939		172,573
CMS Energy Corp., 5.88%, Pfd.(j)		7,290		183,416
CMS Energy Corp., 5.88%, Pfd.(j)		30,830		772,292
CMS Energy Corp., 4.20%, Series C, Pfd.		8,968		167,702
DTE Energy Co., 4.38%, Series G, Pfd.		7,020		139,066
DTE Energy Co., 4.38%, Pfd.(c)		11,427		226,597
Integrys Holding, Inc., 6.00%, Pfd.(e)		10,480		264,620
NiSource, Inc., 6.50%, Series B, Pfd.(e)		20,180		528,111
Sempra Energy, 5.75%, Pfd.		30,573		732,223
				4,169,235
Office REITs–0.12%
Hudson Pacific Properties, Inc., 4.75%, Series C, Pfd.		17,153		325,392
Office Properties Income Trust, 6.38%, Pfd.		6,538		150,505
SL Green Realty Corp., 6.50%, Series I, Pfd.		9,283		237,459
Vornado Realty Trust, 5.40%, Series L, Pfd.		9,233		185,306
Vornado Realty Trust, 5.25%, Series M, Pfd.		12,201		237,188
Vornado Realty Trust, 5.25%, Series N, Pfd.		12,389		238,488
Vornado Realty Trust, 4.45%, Series O, Pfd.		15,961		279,956
				1,654,294
Office Services & Supplies–0.03%
Pitney Bowes, Inc., 6.70%, Pfd.		17,153		382,683
Oil & Gas Storage & Transportation–0.18%
DCP Midstream L.P., 7.88%, Series B, Pfd.(e)		6,508		156,908
DCP Midstream L.P., 7.95%, Series C, Pfd.(e)		4,440		107,892
Enbridge, Inc., 6.38%, Series B, Pfd.(e)		24,216		605,400
Energy Transfer L.P., 7.63%, Series D, Pfd.(e)		17,135		411,926
Energy Transfer L.P., 7.38%, Series C, Pfd.(e)		17,981		427,408
Energy Transfer L.P., 7.60%, Series E, Pfd.(e)		33,286		805,521
				2,515,055
Other Diversified Financial Services–0.17%
Brookfield BRP Holdings Canada, Inc., 4.63%, Pfd.		14,273		250,919
Brookfield BRP Holdings Canada, Inc., 4.88%, Pfd.(c)		10,602		196,561
Carlyle Finance LLC, 4.63%, Pfd.		20,180		378,577
Equitable Holdings, Inc., 5.25%, Series A, Pfd.		32,106		698,627
Equitable Holdings, Inc., 4.30%, Series C, Pfd.		12,324		228,610
KKR Group Finance Co. IX LLC, 4.63%, Pfd.		20,180		388,869
Voya Financial, Inc., 5.35%, Series B, Pfd.(e)		12,108		298,462
				2,440,625

	Shares		Value
Property & Casualty Insurance–0.42%
Allstate Corp. (The), 5.63%, Series G, Pfd.		23,229	$	567,949
Allstate Corp. (The), 5.10%, Series H, Pfd.		46,396		1,036,023
Allstate Corp. (The), 4.75%, Series I, Pfd.		12,104		262,778
American Financial Group, Inc., 5.88%, Pfd.		4,828		119,155
American Financial Group, Inc., 5.13%, Pfd.		7,947		175,867
American Financial Group, Inc., 5.63%, Pfd.		6,088		148,730
American Financial Group, Inc., 4.50%, Pfd.		8,419		169,222
Arch Capital Group Ltd., 5.45%, Series F, Pfd.		13,033		295,197
Arch Capital Group Ltd., 4.55%, Series G, Pfd.		20,511		395,657
Argo Group International Holdings Ltd., 7.00%, Pfd.(e)		6,061		152,495
Argo Group U.S., Inc., 6.50%, Pfd.		5,795		142,731
Aspen Insurance Holdings Ltd., 5.63%, Pfd.		10,081		234,786
Aspen Insurance Holdings Ltd., 5.95%, Pfd.(e)		11,117		272,255
Aspen Insurance Holdings Ltd., 5.63%, Pfd.		10,081		233,375
AXIS Capital Holdings Ltd., 5.50%, Series E, Pfd.		22,198		496,125
PartnerRe Ltd., 4.88%, Series J, Pfd.		8,072		162,086
Selective Insurance Group, Inc., 4.60%, Series B, Pfd.		8,072		155,951
W.R. Berkley Corp., 5.70%, Pfd.		6,983		166,964
W.R. Berkley Corp., 5.10%, Pfd.		12,239		263,873
W.R. Berkley Corp., 4.25%, Pfd.		10,617		199,918
W.R. Berkley Corp., 4.13%, Pfd.		12,008		236,798
				5,887,935
Real Estate Operating Companies–0.08%
Brookfield Property Partners L.P., 6.50%, Series A-1, Pfd.		6,674		146,427
Brookfield Property Partners L.P., 6.38%, Series A-2, Pfd.		9,494		200,228
Brookfield Property Partners L.P., 5.75%, Series A, Pfd.		11,649		230,068
Brookfield Property Preferred L.P., 6.25%, Pfd.		27,087		565,306
				1,142,029
Regional Banks–1.05%
Associated Banc-Corp., 5.88%, Series E, Pfd.		4,036		104,411
Associated Banc-Corp., 5.63%, Series F, Pfd.		4,036		97,752
Bank of Hawaii Corp., 4.38%, Series A, Pfd.		7,265		144,428
Bank OZK, 4.63%, Series A, Pfd.		14,126		254,268
Cadence Bank, 5.50%, Series A, Pfd.		6,962		168,759
Citizens Financial Group, Inc., 6.35%, Series D, Pfd.(e)		8,624		223,103
Citizens Financial Group, Inc., 5.00%, Series E, Pfd.		22,087		456,317

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

21 Invesco Multi-Asset Income Fund

	Shares		Value
Regional Banks–(continued)
Cullen/Frost Bankers, Inc., 4.45%, Series B, Pfd.		6,205	$	124,410
F.N.B. Corp., 7.25%, Pfd.(e)		4,475		114,963
Fifth Third Bancorp, 6.63%, Series I, Pfd.(e)		19,645		508,609
Fifth Third Bancorp, 6.00%, Series A, Pfd.		5,096		129,693
Fifth Third Bancorp, 4.95%, Series K, Pfd.		11,653		246,461
First Citizens BancShares, Inc., 5.38%, Series A, Pfd.		13,925		326,680
First Citizens BancShares, Inc., 5.63%, Series C, Pfd.		8,072		185,575
First Horizon Corp., 6.50%, Pfd.		6,545		170,890
First Horizon Corp., 6.10%, Series D, Pfd.(e)		3,550		88,573
First Horizon Corp., 4.70%, Series F, Pfd.		6,054		119,567
First Republic Bank, 5.13%, Series H, Pfd.		7,280		154,118
First Republic Bank, 5.50%, Series I, Pfd.		11,602		268,702
First Republic Bank, 4.70%, Series J, Pfd.		15,810		305,133
First Republic Bank, 4.13%, Series K, Pfd.		21,393		376,089
First Republic Bank, 4.25%, Series L, Pfd.		30,224		539,801
First Republic Bank, 4.00%, Series M, Pfd.		30,330		530,775
First Republic Bank, 4.50%, Series N, Pfd.		30,193		567,326
Fulton Financial Corp., 5.13%, Series A, Pfd.		8,072		170,077
Hancock Whitney Corp., 6.25%, Pfd.		6,909		174,763
Huntington Bancshares, Inc., 4.50%, Series H, Pfd.		20,601		386,063
Huntington Bancshares, Inc., 5.70%, Series C, Pfd.		6,710		165,401
KeyCorp, 6.13%, Series E, Pfd.(e)		20,542		548,677
KeyCorp, 5.65%, Series F, Pfd.		17,051		402,745
KeyCorp, 5.63%, Series G, Pfd.		17,866		425,211
M&T Bank Corp., 5.63%, Series H, Pfd.(e)		11,436		275,608
Old National Bancorp, 7.00%, Series C, Pfd.		4,933		129,245
Old National Bancorp, 7.00%, Series A, Pfd.		4,371		114,389
Popular Capital Trust II, 6.13%, Pfd.		5,247		137,996
Regions Financial Corp., 6.38%, Series B, Pfd.(e)		19,507		501,330
Regions Financial Corp., 5.70%, Series C, Pfd.(e)		20,322		492,808
Regions Financial Corp., 4.45%, Series E, Pfd.		16,797		314,104
Signature Bank, 5.00%, Series A, Pfd.		29,463		563,627
Silvergate Capital Corp., 5.38%, Series A, Pfd.		8,072		153,691
SVB Financial Group, 5.25%, Series A, Pfd.		14,126		306,110
Synovus Financial Corp., 6.30%, Series D, Pfd.(e)		8,093		200,706

	Shares		Value
Regional Banks–(continued)
Synovus Financial Corp., 5.88%, Series E, Pfd.(e)		14,106	$	360,690
Texas Capital Bancshares, Inc., 5.75%, Series B, Pfd.		12,108		268,434
Truist Financial Corp., 5.25%, Series O, Pfd.		22,632		521,668
Truist Financial Corp., 4.75%, Series R, Pfd.		37,967		771,110
Valley National Bancorp, 6.25%, Series A, Pfd.(e)		4,641		122,337
Washington Federal, Inc., 4.88%, Series A, Pfd.		12,108		231,868
Webster Financial Corp., 5.25%, Series F, Pfd.		6,054		128,284
Western Alliance Bancorporation, 4.25%, Series A, Pfd.(e)		12,108		266,013
Wintrust Financial Corp., 6.50%, Series D, Pfd.(e)		5,030		131,736
Wintrust Financial Corp., 6.88%, Series E, Pfd.(e)		11,618		308,923
				14,780,017
Reinsurance–0.13%
Enstar Group Ltd., 7.00%, Series D, Pfd.(e)		16,631		427,417
Enstar Group Ltd., 7.00%, Series E, Pfd.		3,946		100,031
Reinsurance Group of America, Inc., 5.75%, Pfd.(e)		16,144		417,484
RenaissanceRe Holdings Ltd., 5.75%, Series F, Pfd.		9,962		239,686
RenaissanceRe Holdings Ltd., 4.20%, Series G, Pfd.		20,335		381,891
SiriusPoint Ltd., 8.00%, Series B, Pfd.(e)		8,072		213,262
				1,779,771
Renewable Electricity–0.01%
Brookfield Renewable Partners L.P., 5.25%, Series 17, Pfd.		8,104		169,049
Residential REITs–0.03%
American Homes 4 Rent, 5.88%, Series F, Pfd., (Acquired 07/18/2017-07/07/2020; Cost $295,917)(i)		12,007		301,856
American Homes 4 Rent, 5.88%, Series G, Pfd., (Acquired 07/18/2017; Cost $83,901)(i)		3,344		84,436
American Homes 4 Rent, 6.25%, Series H, Pfd., (Acquired 04/02/2019; Cost $74,954)(i)		2,972		78,193
				464,485
Retail REITs–0.08%
Agree Realty Corp., 4.25%, Series A, Pfd.		7,063		132,714
Federal Realty Investment Trust, 5.00%, Series C, Pfd., (Acquired 06/14/2018-05/14/2020; Cost $174,561)(i)		7,237		177,017
Kimco Realty Corp., 5.13%, Series L, Pfd.		9,100		223,496
Kimco Realty Corp., 5.25%, Series M, Pfd.		10,657		258,326

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

22 Invesco Multi-Asset Income Fund

	Shares		Value
Retail REITs–(continued)
SITE Centers Corp., 6.38%, Series A, Pfd.		7,063	$	174,103
Spirit Realty Capital, Inc., 6.00%, Series A, Pfd.		6,962		172,100
				1,137,756
Specialized REITs–0.33%
Digital Realty Trust, Inc., 5.25%, Series J, Pfd.		8,228		194,592
Digital Realty Trust, Inc., 5.85%, Series K, Pfd.		8,369		213,242
Digital Realty Trust, Inc., 5.20%, Series L, Pfd.		13,880		326,874
EPR Properties, 5.75%, Series G, Pfd., (Acquired 05/12/2020-06/02/2020; Cost $123,575(i)		7,112		167,061
Public Storage, 5.15%, Series F, Pfd.		4,007		99,173
Public Storage, 5.05%, Series G, Pfd.		8,839		212,932
Public Storage, 5.60%, Series H, Pfd.		11,868		301,685
Public Storage, 4.88%, Series I, Pfd.		13,170		306,334
Public Storage, 4.70%, Series J, Pfd.		6,609		148,108
Public Storage, 4.75%, Series K, Pfd.		9,294		216,178
Public Storage, 4.63%, Series L, Pfd.		24,604		543,748
Public Storage, 4.13%, Series M, Pfd.		9,981		197,624
Public Storage, 3.88%, Series N, Pfd.		12,392		230,739
Public Storage, 3.90%, Series O, Pfd.		7,641		140,747
Public Storage, 4.00%, Series P, Pfd.		26,849		507,715
Public Storage, 3.95%, Series Q, Pfd.		8,261		155,720
Public Storage, 4.00%, Series R, Pfd.		14,457		272,948
Public Storage, 4.10%, Series S, Pfd., (Acquired 01/04/2022; Cost $500,000)(i)		20,000		388,200
				4,623,620
Thrifts & Mortgage Finance–0.04%
New York Community Bancorp, Inc., 6.38%, Series A, Pfd.(e)		20,786		534,616
Trading Companies & Distributors–0.13%
Air Lease Corp., 6.15%, Series A, Pfd.(e)		10,090		252,250
Fortress Transportation and Infrastructure Investors LLC, 8.00%, Series B, Pfd.(e)		4,999		117,977
Fortress Transportation and Infrastructure Investors LLC, 8.25%, Series A, Pfd.(e)		4,210		101,335
Fortress Transportation and Infrastructure Investors LLC, 8.25%, Series C, Pfd.(e)		4,232		103,430
Triton International Ltd., 8.00%, Pfd.		5,750		149,960
Triton International Ltd., 7.38%, Pfd.		7,045		180,704
Triton International Ltd., 6.88%, Pfd.		6,008		149,059
Triton International Ltd., 5.75%, Series E, Pfd.		7,192		169,659
WESCO International, Inc., 10.63%, Series A, Pfd.(e)		21,806		622,561
				1,846,935
Wireless Telecommunication Services–0.16%
Telephone and Data Systems, Inc., 6.63%, Series UU, Pfd.		16,930		400,564

	Shares				Value
Wireless Telecommunication Services–(continued)
Telephone and Data Systems, Inc., 6.00%, Series VV, Pfd.				27,796	$	562,313
United States Cellular Corp., 6.25%, Pfd.				20,610		446,619
United States Cellular Corp., 5.50%, Pfd.				19,980		401,198
United States Cellular Corp., 5.50%, Pfd.				19,980		402,397
						2,213,091
Total Preferred Stocks (Cost $137,620,207)						121,849,797
			Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes–0.71%(k)
Aerospace & Defense–0.03%
Airbus SE (France), 2.38%, 04/02/2024(b)		EUR		257,000		276,768
Thales S.A. (France), 0.75%, 01/23/2025(b)		EUR		200,000		207,435
						484,203
Agricultural Products–0.01%
Archer-Daniels-Midland Co., 1.00%, 09/12/2025		EUR		125,000		130,118
Apparel, Accessories & Luxury Goods–0.01%
EssilorLuxottica S.A. (France), 2.38%, 04/09/2024(b)		EUR		100,000		108,187
Application Software–0.01%
SAP SE (Germany), 0.01%, 05/17/2023(b)		EUR		200,000		210,168
Auto Parts & Equipment–0.01%
Magna International, Inc. (Canada), 1.50%, 09/25/2027		EUR		100,000		103,156
Automobile Manufacturers–0.04%
BMW Finance N.V. (Germany),
0.63%, 10/06/2023(b)		EUR		75,000		79,118
1.00%, 01/21/2025(b)		EUR		150,000		157,460
Mercedes-Benz International Finance B.V. (Germany), 2.00%, 08/22/2026(b)		EUR		45,000		48,333
Nissan Motor Co. Ltd. (Japan), 2.65%, 03/17/2026(b)		EUR		100,000		102,996
Volkswagen Financial Services AG (Germany), 0.13%, 02/12/2027(b)		EUR		30,000		28,292
Volkswagen Leasing GmbH (Germany),
1.50%, 06/19/2026(b)		EUR		100,000		101,987
0.38%, 07/20/2026(b)		EUR		85,000		82,632
						600,818
Brewers–0.01%
Anheuser-Busch InBev S.A./N.V. (Belgium), 2.88%, 09/25/2024(b)		EUR		175,000		192,867
Broadcasting–0.01%
ITV PLC (United Kingdom), 1.38%, 09/26/2026(b)		EUR		125,000		125,490

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

23 Invesco Multi-Asset Income Fund

	Principal Amount			Value
Broadcasting–(continued)
TDF Infrastructure S.A.S.U. (France), 2.50%, 04/07/2026(b)		EUR	100,000	$	104,337
					229,827
Building Products–0.01%
CRH Finland Services OYJ (Ireland), 0.88%, 11/05/2023(b)		EUR	100,000		105,410
Cable & Satellite–0.01%
SES S.A. (Luxembourg), 1.63%, 03/22/2026(b)		EUR	120,000		124,010
Casinos & Gaming–0.02%
Codere Finance 2 (Luxembourg) S.A. (Spain), 3.00% PIK Rate, 8.00% Cash Rate, 09/30/2026(b)(d)		EUR	213,303		237,931
Construction & Engineering–0.01%
Autoroutes du Sud de la France S.A. (France), 2.95%, 01/17/2024(b)		EUR	100,000		108,764
Construction Materials–0.00%
HeidelbergCement Finance (Luxembourg) S.A. (Germany), 1.63%, 04/07/2026(b)		EUR	40,000		41,794
Consumer Finance–0.02%
Santander Consumer Finance S.A. (Spain),
1.13%, 10/09/2023(b)		EUR	100,000		105,825
1.00%, 02/27/2024(b)		EUR	200,000		210,457
					316,282
Data Processing & Outsourced Services–0.01%
Euronet Worldwide, Inc., 1.38%, 05/22/2026		EUR	100,000		99,516
Diversified Banks–0.20%
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 0.38%, 10/02/2024(b)		EUR	200,000		205,970
Banque Federative du Credit Mutuel S.A. (France),
1.25%, 01/14/2025(b)		EUR	100,000		104,920
0.63%, 11/19/2027(b)		EUR	100,000		95,799
Belfius Bank S.A. (Belgium), 0.01%, 10/15/2025(b)		EUR	200,000		200,151
BNP Paribas S.A. (France),
1.50%, 11/17/2025(b)		EUR	100,000		103,821
0.25%, 04/13/2027(b)(e)		EUR	100,000		97,338
BPCE S.A. (France),
0.88%, 01/31/2024(b)		EUR	100,000		104,880
0.63%, 09/26/2024(b)		EUR	300,000		310,067
Cooperatieve Rabobank U.A. (Netherlands), 0.63%, 02/27/2024(b)		EUR	100,000		104,898
Credit Agricole S.A. (France),
1.00%, 09/16/2024(b)		EUR	100,000		105,122
1.38%, 03/13/2025(b)		EUR	100,000		104,397
0.38%, 10/21/2025(b)		EUR	100,000		100,411

	Principal Amount			Value
Diversified Banks–(continued)
de Volksbank N.V. (Netherlands), 0.01%, 09/16/2024(b)		EUR	100,000	$	102,736
Euroclear Bank S.A. (Belgium), 0.50%, 07/10/2023(b)		EUR	100,000		105,677
HSBC Continental Europe S.A. (France), 0.60%, 03/20/2023(b)		EUR	200,000		211,862
ING Groep N.V. (Netherlands),
1.00%, 09/20/2023(b)		EUR	100,000		106,099
1.13%, 02/14/2025(b)		EUR	100,000		104,292
KBC Group N.V. (Belgium), 1.13%, 01/25/2024(b)		EUR	100,000		105,919
Mediobanca Banca di Credito Finanziario S.p.A. (Italy), 0.88%, 01/15/2026(b)		EUR	100,000		100,003
Nationale-Nederlanden Bank N.V. (The) (Netherlands), 0.38%, 05/31/2023(b)		EUR	200,000		210,436
Nordea Bank Abp (Finland), 1.13%, 02/12/2025(b)		EUR	100,000		104,885
OP Corporate Bank PLC (Finland), 0.38%, 02/26/2024(b)		EUR	100,000		104,236
					2,893,919
Diversified Capital Markets–0.01%
Deutsche Bank AG (Germany), 2.63%, 02/12/2026(b)		EUR	100,000		105,446
Diversified Chemicals–0.01%
BASF SE (Germany),
0.10%, 06/05/2023(b)		EUR	100,000		105,101
2.50%, 01/22/2024(b)		EUR	54,000		58,649
					163,750
Diversified Support Services–0.01%
APRR S.A. (France), 1.50%, 01/15/2024(b)		EUR	100,000		106,650
Electric Utilities–0.01%
EDP Finance B.V. (Portugal), 1.50%, 11/22/2027(b)		EUR	100,000		103,015
Enel Finance International N.V. (Italy), 5.25%, 09/29/2023		EUR	115,000		129,507
					232,522
Food Retail–0.01%
ELO SACA (France), 2.88%, 01/29/2026(b)		EUR	100,000		102,168
Gas Utilities–0.01%
2i Rete Gas S.p.A. (Italy), 1.75%, 08/28/2026(b)		EUR	100,000		104,307
Health Care Equipment–0.01%
Zimmer Biomet Holdings, Inc., 2.43%, 12/13/2026		EUR	100,000		106,675
Health Care Services–0.00%
Fresenius Medical Care AG & Co. KGaA (Germany), 0.63%, 11/30/2026(b)		EUR	30,000		30,079
Integrated Oil & Gas–0.03%
Eni S.p.A. (Italy), 1.00%, 03/14/2025(b)		EUR	130,000		135,269

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

24 Invesco Multi-Asset Income Fund

	Principal Amount			Value
Integrated Oil & Gas–(continued)
OMV AG (Austria), 0.75%, 12/04/2023(b)		EUR	95,000	$	100,215
Shell International Finance B.V. (Netherlands), 0.38%, 02/15/2025(b)		EUR	160,000		164,605
					400,089
Integrated Telecommunication Services–0.01%
Vantage Towers AG (Germany), 0.38%, 03/31/2027(b)		EUR	100,000		96,375
IT Consulting & Other Services–0.01%
DXC Technology Co., 1.75%, 01/15/2026		EUR	100,000		103,356
Life & Health Insurance–0.01%
Ethias S.A. (Belgium), 5.00%, 01/14/2026(b)		EUR	100,000		112,438
New York Life Global Funding, 0.25%, 01/23/2027(b)		EUR	100,000		97,953
					210,391
Multi-Sector Holdings–0.02%
Berkshire Hathaway, Inc., 1.13%, 03/16/2027		EUR	100,000		102,390
Criteria Caixa S.A. (Spain), 1.50%, 05/10/2023(b)		EUR	200,000		213,010
					315,400
Office REITs–0.03%
Globalworth Real Estate Investments Ltd. (Romania), 2.95%, 07/29/2026(b)		EUR	100,000		98,971
Inmobiliaria Colonial SOCIMI S.A. (Spain), 1.63%, 11/28/2025(b)		EUR	300,000		312,778
					411,749
Other Diversified Financial Services–0.04%
Clearstream Banking AG (Germany), 0.01%, 12/01/2025(b)		EUR	100,000		100,941
Codere New Holdco S.A. (Spain), 7.50% PIK Rate, 0.00% Cash Rate, 11/30/2027(b)(d)		EUR	109,374		100,677
LeasePlan Corp. N.V. (Netherlands),
0.13%, 09/13/2023		EUR	100,000		104,136
3.50%, 04/09/2025(b)		EUR	200,000		220,472
					526,226
Pharmaceuticals–0.02%
Bayer AG (Germany), 0.38%, 07/06/2024(b)		EUR	200,000		207,357
Novartis Finance S.A. (Switzerland), 1.63%, 11/09/2026(b)		EUR	100,000		106,844
					314,201
Precious Metals & Minerals–0.01%
Anglo American Capital PLC (South Africa), 1.63%, 03/11/2026(b)		EUR	100,000		102,975

	Principal Amount				Value
Real Estate Operating Companies–0.01%
Samhallsbyggnadsbolaget i Norden AB (Sweden), 1.13%, 09/04/2026(b)		EUR		100,000	$	93,625
Renewable Electricity–0.01%
Southern Power Co., 1.85%, 06/20/2026		EUR		100,000		104,345
Restaurants–0.01%
Sodexo S.A. (France), 0.75%, 04/27/2025(b)		EUR		150,000		154,719
Specialized REITs–0.01%
American Tower Corp., 1.95%, 05/22/2026		EUR		100,000		104,372
Tobacco–0.01%
Imperial Brands Finance PLC (United Kingdom), 3.38%, 02/26/2026(b)		EUR		100,000		109,022
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $11,221,682)						9,985,412
Variable Rate Senior Loan Interests–0.12%(l)(m)
Commodity Chemicals–0.12%
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 4.56% (1 mo. USD LIBOR + 3.75%), 04/20/2028 (Cost $1,665,032)		$		1,681,850		1,666,428
Asset-Backed Securities–0.00%
Banc of America Funding Trust, Series 2007-1, Class 1A3, 6.00%, 01/25/2037				54,078		48,815
GMACM Home Equity Loan Trust, Series 2007-HE2, Class A2, 6.05%, 12/25/2037(n)				1,993		2,054
Total Asset-Backed Securities (Cost $51,067)						50,869
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.00%
Collateralized Mortgage Obligations–0.00%
Fannie Mae REMICs, IO,
6.03% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024(o)(p)				232		4
9.25% (9.80% - (1.00 x 1 mo. USD LIBOR)), 03/17/2031(o)(p)				20		1
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $1,201)						5
			Shares
Common Stocks & Other Equity Interests–0.00%
Other Diversified Financial Services–0.00%
Codere New Topco S.A. (Spain) (Cost $0)(q)(r)				4,076		0
Money Market Funds–18.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(s)(t)				86,171,742		86,171,742
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(s)(t)				69,711,657		69,697,714

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

25 Invesco Multi-Asset Income Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.23%(s)(t)		98,481,992	$	98,481,992
Total Money Market Funds (Cost $254,351,271)				254,351,448
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-103.63% (Cost $1,609,574,299)				1,464,690,772
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.45%
Invesco Private Government Fund, 0.40%(s)(t)(u)		10,386,517		10,386,517

Investment Abbreviations:
Conv.	– Convertible
ETF	– Exchange-Traded Fund
EUR	– Euro
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
SPDR	– Standard & Poor’s Depositary Receipt
USD	– U.S. Dollar

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.35%(s)(t)(u)		24,235,205	$	24,235,205
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $34,619,109)				34,621,722
TOTAL INVESTMENTS IN SECURITIES–106.08% (Cost $1,644,193,408)				1,499,312,494
OTHER ASSETS LESS LIABILITIES–(6.08)%				(85,881,152	)
NET ASSETS–100.00%			$	1,413,431,342

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

26 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, 2022 was $639,184,220, which represented 45.22% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at April 30, 2022.

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

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

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

⁽ⁱ⁾  Restricted security. The aggregate value of these securities at April 30, 2022 was $1,627,735, which represented less than 1% of the Fund’s Net Assets.

^(j)  The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

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

^(l)  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.

^(m)  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.

⁽ⁿ⁾  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, 2022.

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

^(p)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2022.

^(q)  Non-income producing security.

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

^(s)  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, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	92,515,254		$	165,875,205		$	(172,218,717)		$	-		$	-		$	86,171,742		$	22,401
Invesco Liquid Assets Portfolio, Institutional Class			74,264,221			118,482,289			(123,013,369)			(12,662)			(22,765)			69,697,714			28,446
Invesco Treasury Portfolio, Institutional Class			105,731,720			189,571,662			(196,821,390)			-			-			98,481,992			27,856
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			16,713,748			44,835,497			(51,162,728)			-			-			10,386,517			6,606*
Invesco Private Prime Fund			38,998,746			76,311,595			(91,061,114)			2,613			(16,635)			24,235,205			23,836*
Total		$	328,223,689		$	595,076,248		$	(634,277,318)		$	(10,049)		$	(39,400)		$	288,973,170		$	109,145

* 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.

^(t)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(u)  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.

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		173		June-2022	$	16,100,245	$	(1,891,307	)	$	(1,891,307	)
E-Mini S&P 500 Index		202		June-2022		41,687,750		(3,000,086	)		(3,000,086	)
EURO STOXX 50 Index		200		June-2022		7,882,588		67,056			67,056
FTSE 100 Index		400		June-2022		37,788,899		1,873,874			1,873,874
MSCI Emerging Market Index		100		June-2022		5,287,000		(417,813	)		(417,813	)
Tokyo Stock Price Index		222		June-2022		32,553,728		250,959			250,959
Subtotal								(3,117,317	)		(3,117,317	)

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

27 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 5 Year Notes		12		June-2022	$	1,352,063		$	(16,687	)	$	(16,687	)
U.S. Treasury 10 Year Notes		172		June-2022		20,494,875			(987,984	)		(987,984	)
U.S. Treasury 10 Year Ultra Notes		161		June-2022		20,769,000			(1,308,016	)		(1,308,016	)
U.S. Treasury Ultra Bonds		16		June-2022		2,567,000			(267,344	)		(267,344	)
Subtotal									(2,580,031	)		(2,580,031	)
Subtotal–Long Futures Contracts									(5,697,348	)		(5,697,348	)
Short Futures Contracts
Interest Rate Risk
Euro-Bobl		30		June-2022		(4,025,057	)		166,957			166,957
Euro-Bund		70		June-2022		(11,342,087	)		955,363			955,363
Euro-Schatz		29		June-2022		(3,369,727	)		42,942			42,942
Long Gilt		366		June-2022		(54,509,267	)		3,664,452			3,664,452
U.S. Treasury 2 Year Notes		3		June-2022		(632,438	)		(211	)		(211	)
U.S. Treasury Long Bonds		146		June-2022		(20,540,375	)		1,996,688			1,996,688
Subtotal–Short Futures Contracts									6,826,191			6,826,191
Total Futures Contracts								$	1,128,843		$	1,128,843

^(a)  Futures contracts collateralized by $13,185,000 cash held with Goldman Sachs & Co. LLC, the futures commission merchant.

Open Forward Foreign Currency Contracts
								Unrealized Appreciation (Depreciation)
Settlement Date		Contract to
	Counterparty	Deliver			Receive
Currency Risk
06/15/2022	J.P. Morgan Chase Bank, N.A.		EUR	9,383,090		USD	10,301,388		$383,209
Currency Risk
06/15/2022	Bank of America, N.A.		USD	81,968		EUR	75,000		(2,690)
06/15/2022	Canadian Imperial Bank of Commerce		USD	69,467		EUR	64,000		(1,817)
Subtotal–Depreciation									(4,507)
Total Forward Foreign Currency Contracts									$378,702

Abbreviations:

EUR –Euro

USD –U.S. Dollar

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2022

U.S. Dollar Denominated Bonds & Notes	31.56	%
Equity Linked Notes	25.42
U.S. Treasury Securities	19.20
Preferred Stocks	8.62
Security Types Each Less Than 1% of Portfolio	0.83
Money Market Funds Plus Other Assets Less Liabilities	14.37

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

28 Invesco Multi-Asset Income Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,355,223,028)*	$	1,210,339,324
Investments in affiliated money market funds, at value (Cost $288,970,380)		288,973,170
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		383,209
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		13,185,000
Cash		14,647,160
Foreign currencies, at value (Cost $27,563)		26,726
Receivable for:
Investments sold		480,342
Fund shares sold		296,813
Dividends		1,062,251
Interest		11,406,007
Principal paydowns		46
Investment for trustee deferred compensation and retirement plans		242,264
Other assets		76,473
Total assets		1,541,118,785
Liabilities:
Other investments:
Variation margin payable - futures contracts		1,488,412
Unrealized depreciation on forward foreign currency contracts outstanding		4,507
Payable for:
Investments purchased		88,360,000
Fund shares reacquired		1,364,552
Collateral upon return of securities loaned		34,619,109
Accrued fees to affiliates		729,691
Accrued other operating expenses		833,878
Trustee deferred compensation and retirement plans		287,294
Total liabilities		127,687,443
Net assets applicable to shares outstanding	$	1,413,431,342

Net assets consist of:
Shares of beneficial interest	$	2,025,715,197
Distributable earnings (loss)		(612,283,855	)
	$	1,413,431,342
Net Assets:
Class A	$	996,401,015
Class C	$	110,997,002
Class R	$	27,386,094
Class Y	$	219,987,289
Class R5	$	70,032
Class R6	$	58,589,910
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		116,714,791
Class C		13,005,844
Class R		3,205,552
Class Y		25,748,835
Class R5		8,203
Class R6		6,858,714
Class A:
Net asset value per share	$	8.54
Maximum offering price per share (Net asset value of $8.54 ÷ 94.50%)	$	9.04
Class C:
Net asset value and offering price per share	$	8.53
Class R:
Net asset value and offering price per share	$	8.54
Class Y:
Net asset value and offering price per share	$	8.54
Class R5:
Net asset value and offering price per share	$	8.54
Class R6:
Net asset value and offering price per share	$	8.54

* At April 30, 2022, securities with an aggregate value of $33,482,101 were on loan to brokers.

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

29 Invesco Multi-Asset Income Fund

Statement of Operations

For the six months ended April 30, 2022

(Unaudited)

Investment income:
Interest	$	40,463,389
Dividends (net of foreign withholding taxes of $836)		6,691,149
Dividends from affiliated money market funds (includes securities lending income of $79,613)		158,316
Total investment income		47,312,854
Expenses:
Advisory fees		3,522,590
Administrative services fees		114,623
Custodian fees		20,390
Distribution fees:
Class A		1,281,713
Class C		657,926
Class R		76,840
Transfer agent fees – A, C, R and Y		865,558
Transfer agent fees – R5		37
Transfer agent fees – R6		10,001
Trustees’ and officers’ fees and benefits		18,677
Registration and filing fees		55,859
Licensing fees		429,461
Reports to shareholders		33,654
Professional services fees		30,072
Other		15,050
Total expenses		7,132,451
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(455,210	)
Net expenses		6,677,241
Net investment income		40,635,613
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(9,711,431	)
Affiliated investment securities		(39,400	)
Foreign currencies		25,616
Forward foreign currency contracts		551,852
Futures contracts		(7,139,571	)
		(16,312,934	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(179,516,724	)
Affiliated investment securities		(10,049	)
Foreign currencies		162,898
Forward foreign currency contracts		317,781
Futures contracts		(712,441	)
		(179,758,535	)
Net realized and unrealized gain (loss)		(196,071,469	)
Net increase (decrease) in net assets resulting from operations	$	(155,435,856	)

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

30 Invesco Multi-Asset Income Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income	$	40,635,613		$	88,982,572
Net realized gain (loss)		(16,312,934	)		82,998,501
Change in net unrealized appreciation (depreciation)		(179,758,535	)		34,412,725
Net increase (decrease) in net assets resulting from operations		(155,435,856	)		206,393,798
Distributions to shareholders from distributable earnings:
Class A		(33,975,056	)		(71,763,758	)
Class C		(3,534,560	)		(8,990,275	)
Class R		(867,198	)		(2,967,083	)
Class Y		(7,997,593	)		(19,341,966	)
Class R5		(2,409	)		(5,253	)
Class R6		(2,003,219	)		(4,148,032	)
Total distributions from distributable earnings		(48,380,035	)		(107,216,367	)
Share transactions–net:
Class A		(39,112,928	)		(94,140,757	)
Class C		(19,319,426	)		(74,779,394	)
Class R		(16,032,666	)		(11,542,014	)
Class Y		(21,858,559	)		(105,129,569	)
Class R5		2,048			(12,046	)
Class R6		1,912,486			(4,237,143	)
Net increase (decrease) in net assets resulting from share transactions		(94,409,045	)		(289,840,923	)
Net increase (decrease) in net assets		(298,224,936	)		(190,663,492	)
Net assets:
Beginning of period		1,711,656,278			1,902,319,770
End of period	$	1,413,431,342		$	1,711,656,278

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

31 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 04/30/22		$	9.75		$	0.24		$	(1.16	)		$	(0.92	)		$	(0.29	)		$	–			$	(0.29	)		$	8.54		(9.67	)%(d)		$	996,401		0.82	%(d)(e)		0.88	%(d)(e)		5.18	%(d)(e)		69	%
Year ended 10/31/21			9.26			0.48			0.59				1.07				(0.58	)			–				(0.58	)			9.75		11.73	(d)			1,178,389		0.82	(d)		0.91	(d)		4.93	(d)		53
Year ended 10/31/20			10.79			0.58			(1.55	)			(0.97	)			(0.56	)			–				(0.56	)			9.26		(8.97	)(d)			1,209,154		0.82	(d)		0.92	(d)		6.13	(d)		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
Class C
Six months ended 04/30/22			9.75			0.21			(1.18	)			(0.97	)			(0.25	)			–				(0.25	)			8.53		(10.13	)			110,997		1.59	(e)		1.65	(e)		4.41	(e)		69
Year ended 10/31/21			9.26			0.40			0.60				1.00				(0.51	)			–				(0.51	)			9.75		10.89				147,030		1.59			1.68			4.16			53
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
Class R
Six months ended 04/30/22			9.76			0.23			(1.17	)			(0.94	)			(0.28	)			–				(0.28	)			8.54		(9.88	)			27,386		1.09	(e)		1.15	(e)		4.91	(e)		69
Year ended 10/31/21			9.27			0.45			0.59				1.04				(0.55	)			–				(0.55	)			9.76		11.43				47,214		1.09			1.18			4.66			53
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
Class Y
Six months ended 04/30/22			9.76			0.25			(1.17	)			(0.92	)			(0.30	)			–				(0.30	)			8.54		(9.66	)			219,987		0.59	(e)		0.65	(e)		5.41	(e)		69
Year ended 10/31/21			9.27			0.50			0.59				1.09				(0.60	)			–				(0.60	)			9.76		11.99				274,095		0.59			0.68			5.16			53
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
Class R5
Six months ended 04/30/22			9.75			0.25			(1.16	)			(0.91	)			(0.30	)			–				(0.30	)			8.54		(9.56	)			70		0.59	(e)		0.64	(e)		5.41	(e)		69
Year ended 10/31/21			9.27			0.50			0.58				1.08				(0.60	)			–				(0.60	)			9.75		11.89				78		0.59			0.60			5.16			53
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
Class R6
Six months ended 04/30/22			9.76			0.25			(1.17	)			(0.92	)			(0.30	)			–				(0.30	)			8.54		(9.64	)			58,590		0.56	(e)		0.57	(e)		5.44	(e)		69
Year ended 10/31/21			9.27			0.51			0.59				1.10				(0.61	)			–				(0.61	)			9.76		12.05				64,850		0.54			0.55			5.21			53
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

^(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)  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 six months ended April 30, 2022 and for the years ended October 31, 2021 and 2020.

^(e) Annualized.

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

32 Invesco Multi-Asset Income Fund

Notes to Financial Statements

April 30, 2022

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 debt 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 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 may be valued up to 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 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

33 Invesco Multi-Asset Income 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.

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 based on relative net assets of Class R5 and Class R6. 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. 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 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.

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

34 Invesco Multi-Asset Income Fund

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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, the fund paid the Adviser $1,255 in fees for securities lending agent services.

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. 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.

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

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

Q. 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

35 Invesco Multi-Asset Income Fund

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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. 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, 2022, the effective advisory fee rate incurred by the Fund was 0.45%.

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, 2023, 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, 2023. 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.

Further, the Adviser has contractually agreed, through at least June 30, 2024, 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, 2022, the Adviser waived advisory fees of $65,949 and reimbursed class level expenses of $282,973, $33,645, $7,849, $64,221, $14 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, 2022, 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, 2022, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $57,725 in front-end sales commissions from the sale of Class A shares and $1,783 and $4,606 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.

36 Invesco Multi-Asset Income 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, 2022. 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	$	419,580		$	445,665,615			$–	$	446,085,195
Equity Linked Notes		–			359,273,584			–		359,273,584
U.S. Treasury Securities		–			271,428,034			–		271,428,034
Preferred Stocks		121,849,797			–			–		121,849,797
Non-U.S. Dollar Denominated Bonds & Notes		–			9,985,412			–		9,985,412
Variable Rate Senior Loan Interests		–			1,666,428			–		1,666,428
Asset-Backed Securities		–			50,869			–		50,869
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			5			–		5
Common Stocks & Other Equity Interests		–			–			0		0
Money Market Funds		254,351,448			34,621,722			–		288,973,170
Total Investments in Securities		376,620,825			1,122,691,669			0		1,499,312,494
Other Investments - Assets*
Futures Contracts		9,018,291			–			–		9,018,291
Forward Foreign Currency Contracts		–			383,209			–		383,209
		9,018,291			383,209			–		9,401,500
Other Investments - Liabilities*
Futures Contracts		(7,889,448	)		–			–		(7,889,448	)
Forward Foreign Currency Contracts		–			(4,507	)		–		(4,507	)
		(7,889,448	)		(4,507	)		–		(7,893,955	)
Total Other Investments		1,128,843			378,702			–		1,507,545
Total Investments		$377,749,668		$	1,123,070,371			$0	$	1,500,820,039

* Forward foreign currency contracts and futures contracts are valued at unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the 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, 2022:

	Value
Derivative Assets	Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts -Exchange-Traded(a)	$	–	$	2,191,889		$	6,826,402		$	9,018,291
Unrealized appreciation on forward foreign currency contracts outstanding		383,209		–			–			383,209
Total Derivative Assets		383,209		2,191,889			6,826,402			9,401,500
Derivatives not subject to master netting agreements		–		(2,191,889	)		(6,826,402	)		(9,018,291	)
Total Derivative Assets subject to master netting agreements	$	383,209	$	–		$	–		$	383,209

37 Invesco Multi–Asset Income Fund

	Value
Derivative Liabilities	Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts -Exchange-Traded(a)	$	–		$	(5,309,206	)	$	(2,580,242	)	$	(7,889,448	)
Unrealized depreciation on forward foreign currency contracts outstanding		(4,507	)		–			–			(4,507	)
Total Derivative Liabilities		(4,507	)		(5,309,206	)		(2,580,242	)		(7,893,955	)
Derivatives not subject to master netting agreements		–			5,309,206			2,580,242			7,889,448
Total Derivative Liabilities subject to master netting agreements	$	(4,507	)	$	–		$	–		$	(4,507	)

^(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, 2022.

	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.	$          –	$(2,690)	$  (2,690)	$–	$–	$	(2,690	)
Canadian Imperial Bank of Commerce	–	(1,817)	(1,817)	–	–		(1,817	)
J.P. Morgan Chase Bank, N.A.	383,209	–	383,209	–	–		383,209
Total	$383,209	$(4,507)	$378,702	$–	$–	$	378,702

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk		Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	551,852	$	-		$	-		$	551,852
Futures contracts		-		(6,676,849	)		(462,722	)		(7,139,571	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		317,781		-			-			317,781
Futures contracts		-		(4,677,245	)		3,964,804			(712,441	)
Total	$	869,633	$	(11,354,094	)	$	3,502,082		$	(6,982,379	)

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

	Forward Foreign Currency Contracts	Futures Contracts
Average notional value	$9,822,925	$297,025,026

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, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $559.

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

38 Invesco Multi-Asset Income Fund

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 carryforward 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, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	311,494,797	$	122,928,949	$	434,423,746

* 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, 2022 was $369,695,892 and $691,536,913, 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	$	15,873,693
Aggregate unrealized (depreciation) of investments		(173,203,312	)
Net unrealized appreciation (depreciation) of investments	$	(157,329,619)

Cost of investments for tax purposes is $1,658,149,658.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		3,523,281		$	33,415,338			7,128,123		$	69,477,960
Class C		480,143			4,501,877			1,252,443			12,208,067
Class R		335,636			3,110,425			1,078,403			10,463,046
Class Y		2,722,727			25,683,295			5,484,763			53,435,990
Class R6		216,867			1,984,194			516,714			5,035,545
Issued as reinvestment of dividends:
Class A		3,189,817			29,691,696			6,476,987			63,061,818
Class C		285,892			2,663,779			695,997			6,772,970
Class R		91,424			851,312			301,005			2,933,273
Class Y		594,055			5,536,089			1,361,455			13,260,495
Class R5		220			2,048			406			3,954
Class R6		211,823			1,971,445			417,894			4,070,849
Automatic conversion of Class C shares to Class A shares:
Class A		853,557			7,851,352			3,713,985			36,122,567
Class C		(853,647	)		(7,851,352	)		(3,714,866	)		(36,122,567	)

39 Invesco Multi-Asset Income Fund

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(11,698,827	)	$	(110,071,314	)		(26,983,354	)	$	(262,803,102	)
Class C		(1,991,822	)		(18,633,730	)		(5,926,072	)		(57,637,864	)
Class R		(2,059,275	)		(19,994,403	)		(2,572,091	)		(24,938,333	)
Class Y		(5,656,112	)		(53,077,943	)		(17,640,042	)		(171,826,054	)
Class R5		-			-			(1,616	)		(16,000	)
Class R6		(216,146	)		(2,043,153	)		(1,364,800	)		(13,343,537	)
Net increase (decrease) in share activity		(9,970,387	)	$	(94,409,045	)		(29,774,666	)	$	(289,840,923	)

^(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.

40 Invesco Multi-Asset Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

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      (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized       Expense Ratio
		Ending     Account Value     (04/30/22)1	Expenses       Paid During        Period2	Ending     Account Value        (04/30/22)	Expenses       Paid During        Period2
Class A	$1,000.00	$903.30	$3.87	$1,020.73	$4.11	0.82%
Class C	1,000.00	898.70	7.49	1,016.91	7.95	1.59
Class R	1,000.00	901.20	5.14	1,019.39	5.46	1.09
Class Y	1,000.00	903.40	2.78	1,021.87	2.96	0.59
Class R5	1,000.00	904.40	2.79	1,021.87	2.96	0.59
Class R6	1,000.00	903.60	2.64	1,022.02	2.81	0.56

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2021 through April 30, 2022, 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 Multi-Asset 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 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 number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. MAIN-SAR-1

Semiannual Report to Shareholders April 30, 2022

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 is 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, 10/31/21 to 4/30/22, 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	-11.44	%
S&P 500 Index▼ (Broad Market Index)	-9.65
Invesco US Large Cap Index▼ (Style-Specific Index)	-11.01
Source(s): ▼RIMES Technologies Corp.
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.     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 4/30/22, including maximum applicable sales charges
Class R6 Shares
Inception (12/18/17)	10.43	%
1 Year	-2.15

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.04%
Advertising–0.04%
Omnicom Group, Inc.		143	$        10,887
Aerospace & Defense–1.54%
Boeing Co. (The)(b)		407	60,578
General Dynamics Corp.		193	45,650
L3Harris Technologies, Inc.		138	32,052
Lockheed Martin Corp.		189	81,671
Northrop Grumman Corp.		109	47,894
Raytheon Technologies Corp.		1,047	99,371
TransDigm Group, Inc.(b)		37	22,008
			389,224
Agricultural & Farm Machinery–0.29%
Deere & Co.		196	74,000
Agricultural Products–0.14%
Archer-Daniels-Midland Co.		392	35,108
Air Freight & Logistics–0.59%
C.H. Robinson Worldwide, Inc.		91	9,660
Expeditors International of Washington, Inc.		119	11,789
FedEx Corp.		173	34,382
United Parcel Service, Inc., Class B		514	92,510
			148,341
Airlines–0.04%
Delta Air Lines, Inc.(b)		114	4,905
Southwest Airlines Co.(b)		107	4,999
			9,904
Alternative Carriers–0.06%
Liberty Global PLC, Class C (United Kingdom)(b)		332	7,869
Lumen Technologies, Inc.		718	7,223
			15,092
Apparel Retail–0.30%
Ross Stores, Inc.		242	24,144
TJX Cos., Inc. (The)		832	50,985
			75,129
Apparel, Accessories & Luxury Goods–0.16%
lululemon athletica, inc.(b)		79	28,016
VF Corp.		256	13,312
			41,328
Application Software–2.32%
Adobe, Inc.(b)		328	129,872
ANSYS, Inc.(b)		59	16,266
Autodesk, Inc.(b)		152	28,771
Cadence Design Systems, Inc.(b)		190	28,662
Citrix Systems, Inc.		85	8,509
DocuSign, Inc.(b)		136	11,016
HubSpot, Inc.(b)		32	12,142
Intuit, Inc.		194	81,237
Palantir Technologies, Inc., Class A(b)		1,126	11,710

	Shares		Value
Application Software–(continued)
RingCentral, Inc., Class A(b)		56	$        4,752
Roper Technologies, Inc.		74	34,774
salesforce.com, inc.(b)		675	118,759
Splunk, Inc.(b)		110	13,422
Synopsys, Inc.(b)		108	30,973
Unity Software, Inc.(b)		140	9,297
Workday, Inc., Class A(b)		137	28,318
Zoom Video Communications, Inc., Class A(b)		153	15,234
			583,714
Asset Management & Custody Banks–0.93%
Ameriprise Financial, Inc.		75	19,912
Bank of New York Mellon Corp. (The)		555	23,343
BlackRock, Inc.		100	62,468
Blackstone, Inc., Class A		505	51,293
Franklin Resources, Inc.		203	4,992
KKR & Co., Inc., Class A		399	20,337
Northern Trust Corp.		142	14,633
State Street Corp.		258	17,278
T. Rowe Price Group, Inc.		164	20,179
			234,435
Auto Parts & Equipment–0.08%
Aptiv PLC(b)		185	19,684
Automobile Manufacturers–2.45%
Ford Motor Co.		2,771	39,237
General Motors Co.(b)		1,034	39,199
Rivian Automotive, Inc., Class A(b)		345	10,433
Tesla, Inc.(b)		608	529,422
			618,291
Automotive Retail–0.26%
AutoZone, Inc.(b)		14	27,377
CarMax, Inc.(b)		113	9,693
O’Reilly Automotive, Inc.(b)		47	28,508
			65,578
Biotechnology–2.15%
AbbVie, Inc.		1,243	182,572
Amgen, Inc.		392	91,411
Biogen, Inc.(b)		101	20,951
BioMarin Pharmaceutical, Inc.(b)		120	9,762
BioNTech SE, ADR (Germany)(b)		167	23,176
CureVac N.V. (Germany)(b)(c)		34	581
Gilead Sciences, Inc.		888	52,694
Incyte Corp.(b)		155	11,619
Moderna, Inc.(b)		248	33,334
Regeneron Pharmaceuticals, Inc.(b)		74	48,774
Seagen, Inc.(b)		131	17,162
Vertex Pharmaceuticals, Inc.(b)		179	48,906
			540,942
Broadcasting–0.11%
Fox Corp., Class A		383	13,727

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

5 Invesco U.S. Managed Volatility Fund

	Shares		Value
Broadcasting–(continued)
Paramount Global, Class B		463	$        13,482
			27,209
Building Products–0.30%
Carrier Global Corp.		594	22,732
Johnson Controls International PLC		487	29,157
Trane Technologies PLC		164	22,942
			74,831
Cable & Satellite–0.76%
Charter Communications, Inc., Class A(b)		83	35,565
Comcast Corp., Class A		3,140	124,846
Liberty Broadband Corp., Class C(b)		113	12,636
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		382	15,998
Sirius XM Holdings, Inc.		521	3,126
			192,171
Casinos & Gaming–0.09%
DraftKings, Inc., Class A(b)		235	3,215
Las Vegas Sands Corp.(b)		538	19,061
			22,276
Commodity Chemicals–0.22%
Dow, Inc.		521	34,646
LyondellBasell Industries N.V., Class A		186	19,722
			54,368
Communications Equipment–0.76%
Arista Networks, Inc.(b)		171	19,762
Cisco Systems, Inc.		2,965	145,226
Motorola Solutions, Inc.		119	25,429
			190,417
Computer & Electronics Retail–0.05%
Best Buy Co., Inc.		142	12,770
Construction Machinery & Heavy Trucks–0.47%
Caterpillar, Inc.		380	80,005
Cummins, Inc.		97	18,352
PACCAR, Inc.		241	20,015
			118,372
Construction Materials–0.13%
Martin Marietta Materials, Inc.		44	15,586
Vulcan Materials Co.		93	16,023
			31,609
Consumer Electronics–0.05%
Garmin Ltd.		106	11,632
Consumer Finance–0.65%
American Express Co.		524	91,548
Capital One Financial Corp.		287	35,766
Discover Financial Services		203	22,829
Synchrony Financial		348	12,810
			162,953
Copper–0.16%
Freeport-McMoRan, Inc.		1,021	41,402
Data Processing & Outsourced Services–3.25%
Automatic Data Processing, Inc.		294	64,145
Block, Inc., Class A(b)		365	36,332

	Shares		Value
Data Processing & Outsourced Services–(continued)
Fidelity National Information Services, Inc.		426	$        42,238
Fiserv, Inc.(b)		438	42,889
FleetCor Technologies, Inc.(b)		54	13,474
Global Payments, Inc.		196	26,848
Mastercard, Inc., Class A		679	246,735
Paychex, Inc.		227	28,768
PayPal Holdings, Inc.(b)		813	71,487
Visa, Inc., Class A		1,152	245,526
			818,442
Distillers & Vintners–0.18%
Brown-Forman Corp., Class B		273	18,411
Constellation Brands, Inc., Class A		109	26,824
			45,235
Distributors–0.05%
Genuine Parts Co.		99	12,875
Diversified Banks–2.73%
Bank of America Corp.		5,600	199,808
Citigroup, Inc.		1,396	67,301
JPMorgan Chase & Co.		2,055	245,285
NU Holdings Ltd., Class A (Brazil)(b)		1,498	9,003
U.S. Bancorp		1,045	50,745
Wells Fargo & Co.		2,665	116,274
			688,416
Diversified Support Services–0.17%
Cintas Corp.		63	25,027
Copart, Inc.(b)		150	17,048
			42,075
Drug Retail–0.08%
Walgreens Boots Alliance, Inc.		501	21,242
Electric Utilities–1.58%
American Electric Power Co., Inc.		355	35,184
Avangrid, Inc.		40	1,774
Duke Energy Corp.		541	59,596
Edison International		268	18,436
Entergy Corp.		142	16,877
Eversource Energy		242	21,151
Exelon Corp.		697	32,606
FirstEnergy Corp.		408	17,670
NextEra Energy, Inc.		1,380	98,008
PPL Corp.		528	14,948
Southern Co. (The)		746	54,749
Xcel Energy, Inc.		379	27,765
			398,764
Electrical Components & Equipment–0.47%
AMETEK, Inc.		160	20,201
Eaton Corp. PLC		282	40,896
Emerson Electric Co.		415	37,425
Rockwell Automation, Inc.		82	20,719
			119,241
Electronic Components–0.19%
Amphenol Corp., Class A		414	29,601
Corning, Inc.		524	18,440
			48,041

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

6 Invesco U.S. Managed Volatility Fund

	Shares		Value
Electronic Equipment & Instruments–0.13%
Keysight Technologies, Inc.(b)		141	$        19,778
Zebra Technologies Corp., Class A(b)		37	13,678
			33,456
Electronic Manufacturing Services–0.11%
TE Connectivity Ltd. (Switzerland)		231	28,824
Environmental & Facilities Services–0.36%
Republic Services, Inc.		145	19,469
Waste Connections, Inc.		183	25,249
Waste Management, Inc.		280	46,043
			90,761
Fertilizers & Agricultural Chemicals–0.12%
Corteva, Inc.		509	29,364
Financial Exchanges & Data–1.15%
CME Group, Inc., Class A		252	55,274
Coinbase Global, Inc., Class A(b)		94	10,595
Intercontinental Exchange, Inc.		392	45,397
MarketAxess Holdings, Inc.		26	6,854
Moody’s Corp.		131	41,459
MSCI, Inc.		55	23,169
Nasdaq, Inc.		80	12,590
S&P Global, Inc.		249	93,748
			289,086
Food Distributors–0.12%
Sysco Corp.		357	30,516
Food Retail–0.11%
Kroger Co. (The)		508	27,412
Footwear–0.43%
NIKE, Inc., Class B		870	108,489
General Merchandise Stores–0.55%
Dollar General Corp.		162	38,480
Dollar Tree, Inc.(b)		156	25,342
Target Corp.		330	75,455
			139,277
Gold–0.16%
Newmont Corp.		564	41,087
Health Care Distributors–0.23%
AmerisourceBergen Corp.		102	15,432
Cardinal Health, Inc.		188	10,913
McKesson Corp.		104	32,199
			58,544
Health Care Equipment–2.43%
Abbott Laboratories		1,235	140,173
Baxter International, Inc.		346	24,587
Becton, Dickinson and Co.		198	48,944
Boston Scientific Corp.(b)		995	41,899
DexCom, Inc.(b)		68	27,783
Edwards Lifesciences Corp.(b)		434	45,909
IDEXX Laboratories, Inc.(b)		59	25,398
Intuitive Surgical, Inc.(b)		251	60,064
Medtronic PLC		945	98,620
ResMed, Inc.		103	20,597
Stryker Corp.		247	59,591

	Shares		Value
Health Care Equipment–(continued)
Zimmer Biomet Holdings, Inc.		148	$        17,871
			611,436
Health Care Facilities–0.14%
HCA Healthcare, Inc.		166	35,615
Health Care REITs–0.22%
Healthpeak Properties, Inc.		370	12,140
Ventas, Inc.		280	15,554
Welltower, Inc.		314	28,514
			56,208
Health Care Services–0.67%
Cigna Corp.		221	54,538
CVS Health Corp.		917	88,151
Laboratory Corp. of America Holdings(b)		63	15,138
Quest Diagnostics, Inc.		83	11,109
			168,936
Health Care Supplies–0.06%
Align Technology, Inc.(b)		51	14,786
Embecta Corp.(b)		38	1,156
			15,942
Health Care Technology–0.15%
Cerner Corp.		205	19,196
Veeva Systems, Inc., Class A(b)		97	17,649
			36,845
Home Improvement Retail–1.23%
Home Depot, Inc. (The)		727	218,391
Lowe’s Cos., Inc.		462	91,351
			309,742
Homebuilding–0.12%
D.R. Horton, Inc.		219	15,240
Lennar Corp., Class A		182	13,921
			29,161
Hotels, Resorts & Cruise Lines–0.76%
Airbnb, Inc., Class A(b)		221	33,859
Booking Holdings, Inc.(b)		29	64,099
Carnival Corp.(b)		573	9,913
Expedia Group, Inc.(b)		109	19,048
Hilton Worldwide Holdings, Inc.(b)		193	29,971
Marriott International, Inc., Class A(b)		197	34,971
			191,861
Household Products–1.49%
Church & Dwight Co., Inc.		169	16,488
Clorox Co. (The)		87	12,482
Colgate-Palmolive Co.		596	45,922
Kimberly-Clark Corp.		240	33,319
Procter & Gamble Co. (The)		1,671	268,279
			376,490
Hypermarkets & Super Centers–1.28%
Costco Wholesale Corp.		313	166,428
Walmart, Inc.		1,019	155,897
			322,325

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 Conglomerates–0.83%
3M Co.		398	$        57,400
General Electric Co.		771	57,478
Honeywell International, Inc.		481	93,078
			207,956
Industrial Gases–0.59%
Air Products and Chemicals, Inc.		155	36,281
Linde PLC (United Kingdom)		360	112,305
			148,586
Industrial Machinery–0.52%
Dover Corp.		101	13,463
Fortive Corp.		246	14,145
Illinois Tool Works, Inc.		222	43,759
Otis Worldwide Corp.		300	21,852
Parker-Hannifin Corp.		90	24,374
Stanley Black & Decker, Inc.		114	13,697
			131,290
Industrial REITs–0.33%
Prologis, Inc.		517	82,870
Insurance Brokers–0.57%
Aon PLC, Class A		150	43,198
Arthur J. Gallagher & Co.		143	24,094
Marsh & McLennan Cos., Inc.		354	57,242
Willis Towers Watson PLC		86	18,478
			143,012
Integrated Oil & Gas–2.00%
Chevron Corp.		1,358	212,758
Exxon Mobil Corp.		2,978	253,874
Occidental Petroleum Corp.		664	36,580
			503,212
Integrated Telecommunication Services–0.93%
AT&T, Inc.		5,026	94,790
Verizon Communications, Inc.		2,999	138,854
			233,644
Interactive Home Entertainment–0.27%
Activision Blizzard, Inc.		514	38,859
Electronic Arts, Inc.		187	22,075
ROBLOX Corp., Class A(b)		216	6,620
			67,554
Interactive Media & Services–5.29%
Alphabet, Inc., Class A(b)		414	944,827
Match Group, Inc.(b)		187	14,801
Meta Platforms, Inc., Class A(b)		1,578	316,342
Pinterest, Inc., Class A(b)		389	7,982
Snap, Inc., Class A(b)		778	22,142
Twitter, Inc.(b)		547	26,814
			1,332,908
Internet & Direct Marketing Retail–3.39%
Amazon.com, Inc.(b)		312	775,516
Coupang, Inc. (South Korea)(b)		626	8,057
DoorDash, Inc., Class A(b)		137	11,156
eBay, Inc.		424	22,014
MercadoLibre, Inc. (Brazil)(b)		34	33,103

	Shares		Value
Internet & Direct Marketing Retail–(continued)
Wayfair, Inc., Class A(b)		53	$        4,078
			853,924
Internet Services & Infrastructure–0.33%
Akamai Technologies, Inc.(b)		108	12,126
Okta, Inc.(b)		101	12,050
Snowflake, Inc., Class A(b)		193	33,088
Twilio, Inc., Class A(b)		117	13,083
VeriSign, Inc.(b)		78	13,938
			84,285
Investment Banking & Brokerage–0.92%
Charles Schwab Corp. (The)		1,185	78,601
Goldman Sachs Group, Inc. (The)		229	69,957
Morgan Stanley		983	79,220
Robinhood Markets, Inc., Class A(b)		306	3,001
			230,779
IT Consulting & Other Services–1.04%
Accenture PLC, Class A		463	139,067
Cognizant Technology Solutions Corp., Class A		374	30,256
EPAM Systems, Inc.(b)		39	10,335
International Business Machines Corp.		631	83,424
			263,082
Leisure Products–0.01%
Peloton Interactive, Inc., Class A(b)		202	3,547
Life & Health Insurance–0.40%
Aflac, Inc.		406	23,256
MetLife, Inc.		573	37,634
Principal Financial Group, Inc.		178	12,129
Prudential Financial, Inc.		266	28,864
			101,883
Life Sciences Tools & Services–1.60%
Agilent Technologies, Inc.		207	24,689
Danaher Corp.		457	114,766
Illumina, Inc.(b)		110	32,632
IQVIA Holdings, Inc.(b)		133	28,993
Mettler-Toledo International, Inc.(b)		16	20,440
Thermo Fisher Scientific, Inc.		277	153,159
Waters Corp.(b)		44	13,333
West Pharmaceutical Services, Inc.		52	16,383
			404,395
Managed Health Care–1.95%
Anthem, Inc.		169	84,826
Centene Corp.(b)		401	32,301
Humana, Inc.		89	39,566
UnitedHealth Group, Inc.		660	335,643
			492,336
Metal & Glass Containers–0.07%
Ball Corp.		222	18,018
Movies & Entertainment–0.83%
Netflix, Inc.(b)		309	58,821
Roku, Inc., Class A(b)		82	7,618
Walt Disney Co. (The)(b)		1,283	143,221
			209,660

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

8 Invesco U.S. Managed Volatility Fund

	Shares		Value
Multi-line Insurance–0.20%
American International Group, Inc.		572	$        33,468
Hartford Financial Services Group, Inc. (The)		236	16,503
			49,971
Multi-Sector Holdings–1.66%
Berkshire Hathaway, Inc., Class B(b)		1,296	418,388
Multi-Utilities–0.80%
Ameren Corp.		180	16,722
CMS Energy Corp.		202	13,875
Consolidated Edison, Inc.		249	23,092
Dominion Energy, Inc.		573	46,780
DTE Energy Co.		137	17,953
Public Service Enterprise Group, Inc.		355	24,729
Sempra Energy		225	36,306
WEC Energy Group, Inc.		222	22,211
			201,668
Office REITs–0.13%
Alexandria Real Estate Equities, Inc.		114	20,766
Boston Properties, Inc.		110	12,936
			33,702
Oil & Gas Equipment & Services–0.23%
Baker Hughes Co., Class A		644	19,977
Schlumberger N.V.		986	38,464
			58,441
Oil & Gas Exploration & Production–0.77%
ConocoPhillips		903	86,254
EOG Resources, Inc.		413	48,222
Hess Corp.		197	20,305
Pioneer Natural Resources Co.		166	38,590
			193,371
Oil & Gas Refining & Marketing–0.38%
Marathon Petroleum Corp.		411	35,864
Phillips 66		329	28,544
Valero Energy Corp.		287	31,995
			96,403
Oil & Gas Storage & Transportation–0.39%
Cheniere Energy, Inc.		179	24,310
Kinder Morgan, Inc.		1,396	25,337
ONEOK, Inc.		312	19,759
Williams Cos., Inc. (The)		864	29,627
			99,033
Packaged Foods & Meats–0.98%
Campbell Soup Co.		131	6,186
Conagra Brands, Inc.		336	11,736
General Mills, Inc.		422	29,848
Hershey Co. (The)		103	23,254
Hormel Foods Corp.		389	20,380
JM Smucker Co. (The)		74	10,133
Kellogg Co.		241	16,509
Kraft Heinz Co. (The)		723	30,821
McCormick & Co., Inc.		176	17,700
Mondelez International, Inc., Class A		972	62,675
Tyson Foods, Inc., Class A		201	18,725
			247,967

	Shares		Value
Paper Packaging–0.10%
Amcor PLC		1,011	$        11,990
International Paper Co.		264	12,218
			24,208
Personal Products–0.17%
Estee Lauder Cos., Inc. (The), Class A		163	43,042
Pharmaceuticals–4.20%
Bristol-Myers Squibb Co.		1,532	115,314
Eli Lilly and Co.		636	185,795
Johnson & Johnson		1,852	334,212
Merck & Co., Inc.		1,777	157,602
Pfizer, Inc.		3,951	193,876
Royalty Pharma PLC, Class A		287	12,220
Zoetis, Inc.		333	59,024
			1,058,043
Property & Casualty Insurance–0.68%
Allstate Corp. (The)		192	24,296
Chubb Ltd.		302	62,348
Markel Corp.(b)		9	12,179
Progressive Corp. (The)		412	44,232
Travelers Cos., Inc. (The)		166	28,396
			171,451
Railroads–0.79%
CSX Corp.		1,543	52,986
Norfolk Southern Corp.		166	42,808
Union Pacific Corp.		444	104,025
			199,819
Real Estate Services–0.10%
CBRE Group, Inc., Class A(b)		228	18,933
Zillow Group, Inc., Class C(b)		150	5,973
			24,906
Regional Banks–0.78%
Fifth Third Bancorp		479	17,977
First Republic Bank		124	18,503
KeyCorp		649	12,532
M&T Bank Corp.		126	20,997
PNC Financial Services Group, Inc. (The)		293	48,667
Regions Financial Corp.		662	13,717
SVB Financial Group(b)		41	19,993
Truist Financial Corp.		938	45,352
			197,738
Research & Consulting Services–0.23%
CoStar Group, Inc.(b)		273	17,368
Equifax, Inc.		87	17,706
Verisk Analytics, Inc.		113	23,058
			58,132
Residential REITs–0.23%
AvalonBay Communities, Inc.		96	21,838
Equity Residential		259	21,109
Essex Property Trust, Inc.		46	15,146
			58,093
Restaurants–0.96%
Chipotle Mexican Grill, Inc.(b)		20	29,112
McDonald’s Corp.		526	131,058

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

9 Invesco U.S. Managed Volatility Fund

	Shares		Value
Restaurants–(continued)
Starbucks Corp.		788	$        58,817
Yum! Brands, Inc.		203	23,753
			242,740
Retail REITs–0.22%
Realty Income Corp.		398	27,605
Simon Property Group, Inc.		231	27,258
			54,863
Semiconductor Equipment–0.58%
Applied Materials, Inc.		613	67,644
KLA Corp.		106	33,842
Lam Research Corp.		97	45,179
			146,665
Semiconductors–4.44%
Advanced Micro Devices, Inc.(b)		1,140	97,493
Analog Devices, Inc.		358	55,268
Broadcom, Inc.		285	158,001
GLOBALFOUNDRIES, Inc.(b)		374	19,556
Intel Corp.		2,871	125,147
Marvell Technology, Inc.		613	35,603
Microchip Technology, Inc.		385	25,102
Micron Technology, Inc.		790	53,870
NVIDIA Corp.		1,691	313,630
QUALCOMM, Inc.		798	111,473
Skyworks Solutions, Inc.		115	13,030
Texas Instruments, Inc.		650	110,662
			1,118,835
Soft Drinks–1.61%
Coca-Cola Co. (The)		3,025	195,445
Keurig Dr Pepper, Inc.		551	20,608
Monster Beverage Corp.(b)		262	22,448
PepsiCo, Inc.		972	166,902
			405,403
Specialized REITs–1.20%
American Tower Corp.		320	77,126
Crown Castle International Corp.		303	56,119
Digital Realty Trust, Inc.		202	29,516
Equinix, Inc.		63	45,302
Public Storage		123	45,695
SBA Communications Corp., Class A		76	26,380
Weyerhaeuser Co.		528	21,764
			301,902
Specialty Chemicals–0.63%
Celanese Corp.		75	11,020
DuPont de Nemours, Inc.		359	23,669
Ecolab, Inc.		176	29,804
International Flavors & Fragrances, Inc.		180	21,834
PPG Industries, Inc.		167	21,374
Sherwin-Williams Co. (The)		184	50,593
			158,294
Specialty Stores–0.06%
Ulta Beauty, Inc.(b)		38	15,078
Steel–0.11%
Nucor Corp.		181	28,015

	Shares		Value
Systems Software–6.79%
Crowdstrike Holdings, Inc., Class A(b)		147	$          29,218
Fortinet, Inc.(b)		98	28,323
Microsoft Corp.		5,196	1,441,994
NortonLifeLock, Inc.		407	10,191
Oracle Corp.		1,050	77,070
Palo Alto Networks, Inc.(b)		68	38,167
ServiceNow, Inc.(b)		141	67,412
UiPath, Inc., Class A(b)		206	3,673
VMware, Inc., Class A		146	15,774
			1,711,822
Technology Distributors–0.06%
CDW Corp.		95	15,502
Technology Hardware, Storage & Peripherals–7.48%
Apple, Inc.		11,427	1,801,467
Dell Technologies, Inc., Class C		198	9,308
Hewlett Packard Enterprise Co.		902	13,900
HP, Inc.		715	26,190
NetApp, Inc.		156	11,427
Seagate Technology Holdings PLC		149	12,224
Western Digital Corp.(b)		215	11,410
			1,885,926
Tobacco–0.71%
Altria Group, Inc.		1,273	70,741
Philip Morris International, Inc.		1,085	108,500
			179,241
Trading Companies & Distributors–0.15%
Fastenal Co.		404	22,345
W.W. Grainger, Inc.		32	16,001
			38,346
Trucking–0.24%
Old Dominion Freight Line, Inc.		72	20,169
Uber Technologies, Inc.(b)		1,238	38,972
			59,141
Water Utilities–0.08%
American Water Works Co., Inc.		125	19,260
Wireless Telecommunication Services–0.21%
T-Mobile US, Inc.(b)		419	51,596
Total Common Stocks & Other Equity Interests (Cost $17,907,822)			24,207,321
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-96.04% (Cost $17,907,822)			24,207,321
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 0.40%(d)(e)(f) (Cost $560)		560	560
TOTAL INVESTMENTS IN SECURITIES–96.04% (Cost $17,908,382)			24,207,881
OTHER ASSETS LESS LIABILITIES–3.96%			997,387
NET ASSETS–100.00%			$25,205,268

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

10 Invesco U.S. Managed Volatility Fund

Investment Abbreviations:

ADR	– American Depositary Receipt
REIT	– Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2022.

^(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, 2022.

							Change in
							Unrealized		Realized
	Value		Purchases		Proceeds		Appreciation		Gain		Value
	October 31, 2021		at Cost		from Sales		(Depreciation)		(Loss)		April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$   32,778	$	1,613,396	$	(1,646,174)		$  -		$   -		$    -		$  5
Invesco Liquid Assets Portfolio, Institutional Class		33,013		1,152,425		(1,185,428)		(2)		(8)		-		17
Invesco Treasury Portfolio, Institutional Class		37,461		1,843,881		(1,881,342)		-		-		-		19
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		10,370		(9,810)		-		-		560		-*
Invesco Private Prime Fund		-		21,500		(21,500)		-		-		-		-*
Total		$103,252	$	4,641,572	$	(4,744,254)		$(2)		$(8)		$560		$41

* 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, 2022.

^(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 1H.

Open Futures Contracts(a)
	Number of		Expiration		Notional				Unrealized
Short Futures Contracts	Contracts		Month		Value		Value		Appreciation
Equity Risk
E-Mini S&P 500 Index		52		June-2022		$(10,731,500)		$353,807		$353,807

^(a) Futures contracts collateralized by $522,000 cash held with Goldman Sachs International, the futures commission merchant.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Information Technology	27.49	%
Health Care	13.58
Consumer Discretionary	11.00
Financials	10.67
Communication Services	8.49
Industrials	6.99
Consumer Staples	6.88
Energy	3.77
Utilities	2.46
Real Estate	2.43
Materials	2.28
Money Market Funds Plus Other Assets Less Liabilities	3.96

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, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 17,907,822)	$24,207,321
Investments in affiliated money market funds, at value     (Cost $ 560)	560
Other investments:
Variation margin receivable – futures contracts	391,394
Deposits with brokers:
Cash collateral – exchange-traded futures contracts	522,000
Receivable for:
Investments sold	229,684
Dividends	19,367
Investment for trustee deferred compensation and retirement plans	18,753
Other assets	15,097
Total assets	25,404,176
Liabilities:
Payable for:
Investments purchased	86,339
Amount due custodian	45,502
Collateral upon return of securities loaned	560
Accrued fees to affiliates	1,803
Accrued other operating expenses	45,951
Trustee deferred compensation and retirement plans	18,753
Total liabilities	198,908
Net assets applicable to shares outstanding	$25,205,268

Net assets consist of:
Shares of beneficial interest	$	22,084,290
Distributable earnings		3,120,978
	$	25,205,268
Net Assets:
Class R6	$	25,205,268
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		1,968,439
Class R6:
Net asset value and offering price per share	$	12.80

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, 2022

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $12)	$	176,600
Dividends from affiliated money market funds (includes securities lending income of $32)		73
Total investment income		176,673
Expenses:
Advisory fees		12,910
Administrative services fees		1,833
Custodian fees		25,892
Transfer agent fees		4,466
Trustees’ and officers’ fees and benefits		8,467
Registration and filing fees		9,948
Professional services fees		21,331
Other		(9,421	)
Total expenses		75,426
Less: Fees waived and/or expenses reimbursed		(56,081	)
Net expenses		19,345
Net investment income		157,328
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		247,172
Affiliated investment securities		(8	)
Futures contracts		(469,090	)
		(221,926	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(3,335,670	)
Affiliated investment securities		(2	)
Futures contracts		353,807
		(2,981,865	)
Net realized and unrealized gain (loss)		(3,203,791	)
Net increase (decrease) in net assets resulting from operations	$	(3,046,463	)

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, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income	$	157,328		$	292,297
Net realized gain (loss)		(221,926	)		(951,906	)
Change in net unrealized appreciation (depreciation)		(2,981,865	)		7,203,216
Net increase (decrease) in net assets resulting from operations		(3,046,463	)		6,543,607
Distributions to shareholders from distributable earnings:
Class R6		(350,184	)		(1,821,222	)
Share transactions–net:
Class R6		48,787			10,166,162
Net increase (decrease) in net assets		(3,347,860	)		14,888,547
Net assets:
Beginning of period		28,553,128			13,664,581
End of period	$	25,205,268		$	28,553,128

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 04/30/22		$14.63		$0.09		$(1.72	)		$(1.63	)		$(0.18	)		$(0.02	)		$(0.20	)		$12.80		(11.30	)%		$25,205		0.15	%(d)		0.58	%(d)		1.22	%(d)		19	%
Year ended 10/31/21		12.27		0.16		3.72			3.88			(0.16	)		(1.36	)		(1.52	)		14.63		34.64			28,553		0.15			0.59			1.22			33
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	(d)		3.40	(d)		1.74	(d)		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)  Annualized.

^(e)  Commencement date of December 18, 2017.

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, 2022

(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 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 may be valued up to 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 debt 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. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, fees paid to the Adviser were less than $500.

I. 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.

J. 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.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social

17 Invesco U.S. Managed Volatility Fund

and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. 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, 2023, 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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $12,910 and reimbursed Fund expenses of $43,171.

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, 2022, 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, 2022, 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, 2022, the Fund incurred $2 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, 2022. 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	$	24,207,321	$	–		$–	$	24,207,321
Money Market Funds		–		560		–		560
Total Investments in Securities		24,207,321		560		–		24,207,881
Other Investments - Assets
Futures Contracts*		353,807		–		–		353,807
Total Investments	$	24,561,128	$	560		$–	$	24,561,688

* Unrealized appreciation.

18 Invesco U.S. Managed Volatility Fund

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2022:

	Value
	Equity
Derivative Assets	Risk
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	353,807
Derivatives not subject to master netting agreements		(353,807	)
Total Derivative Assets subject to master netting agreements	$	–

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

Effect of Derivative Investments for the six months ended April 30, 2022

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	$(469,090)
Change in Net Unrealized Appreciation:
Futures contracts	353,807
Total	$(115,283)

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

	Futures
	Contracts
Average notional value	$	5,441,450

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 carryforward 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, 2021.

19 Invesco U.S. Managed Volatility 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, 2022 was $4,821,963 and $6,014,339, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	3,870,922
Aggregate unrealized (depreciation) of investments		(613,642	)
Net unrealized appreciation of investments	$	3,257,280

Cost of investments for tax purposes is $21,304,408.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class R6		313,369		$	4,400,529			1,256,654		$	15,960,141
Issued as reinvestment of dividends:
Class R6		24,153			349,981			89,748			1,059,021
Reacquired:
Class R6		(320,372	)		(4,701,723	)		(509,006	)		(6,853,000	)
Net increase in share activity		17,150		$	48,787			837,396		$	10,166,162

^(a)  85% 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, 2021 through April 30, 2022.

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 (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (04/30/22)1	Expenses Paid During Period2	Ending Account Value (04/30/22)	Expenses Paid During Period2
Class R6	$1,000.00	$885.60	$0.70	$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, 2021 through April 30, 2022, 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 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 number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. USMGV-SAR-1                            

Semiannual Report to Shareholders April 30, 2022

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 is 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, 10/31/21 to 4/30/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-12.22	%
Class C Shares	-12.50
Class Y Shares	-12.03
Class R5 Shares	-12.02
Class R6 Shares	-12.02
Bloomberg Global Aggregate Index▼ (Broad Market/Style-Specific Index)	-11.69
Lipper Global Income Funds Index∎ (Peer Group Index)	-8.63
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc. The Bloomberg 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 4/30/22, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	2.20	%
10 Years	-0.08
5 Years	-0.39
1 Year	-16.76
Class C Shares
Inception (3/31/06)	2.09	%
10 Years	-0.26
5 Years	-0.27
1 Year	-14.55
Class Y Shares
Inception (10/3/08)	2.14	%
10 Years	0.61
5 Years	0.74
1 Year	-12.79
Class R5 Shares
Inception (3/31/06)	2.69	%
10 Years	0.54
5 Years	0.61
1 Year	-12.80
Class R6 Shares
10 Years	0.60	%
5 Years	0.75
1 Year	-12.78

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 21-23, 2022, 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, 2021 through December 31, 2021 (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, 2022

(Unaudited)

	Principal Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes–59.77%(a)
Australia–4.69%
Australia Government Bond,
Series 133, 5.50%, 04/21/2023(b)		AUD	60,000	$	43,877
Series 142, 4.25%, 04/21/2026(b)		AUD	1,156,000		860,103
Series 157, 1.50%, 06/21/2031(b)		AUD	850,000		524,499
Series 162, 1.75%, 06/21/2051(b)		AUD	34,000		16,561
BHP Billiton Finance Ltd., Series 13, 3.13%, 04/29/2033(b)		EUR	100,000		108,787
Macquarie Group Ltd., 0.95%, 05/21/2031(b)		EUR	100,000		89,404
National Australia Bank Ltd., 1.25%, 05/18/2026(b)		EUR	65,000		67,730
					1,710,961
Austria–0.12%
OMV AG, 1.00%, 07/03/2034(b)		EUR	50,000		44,168
Belgium–0.20%
Anheuser-Busch InBev S.A./N.V., 2.88%, 09/25/2024(b)		EUR	65,000		71,636
Canada–3.35%
Canadian Government Bond,
0.25%, 11/01/2022		CAD	887,000		684,676
1.25%, 03/01/2027		CAD	98,000		71,226
1.50%, 06/01/2031		CAD	271,000		188,593
2.00%, 12/01/2051		CAD	261,000		172,716
Canadian Imperial Bank of Commerce, 0.38%, 05/03/2024(b)		EUR	100,000		104,059
					1,221,270
Finland–0.29%
Transmission Finance DAC, 1.50%, 05/24/2023(b)		EUR	100,000		106,484
France–5.84%
Airbus SE, 2.38%, 04/02/2024(b)		EUR	100,000		107,692
Banque Federative du Credit Mutuel S.A., 3.00%, 05/21/2024(b)		EUR	100,000		108,329
BPCE S.A., 1.00%, 01/14/2032(b)		EUR	100,000		89,181
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.38%(b)(c)(d)		EUR	100,000		112,294
Danone S.A., 1.25%, 05/30/2024(b)		EUR	100,000		106,179
Dassault Systemes SE, 0.13%, 09/16/2026(b)		EUR	100,000		99,437
Engie Alliance GIE, 5.75%, 06/24/2023(b)		EUR	50,000		56,126

	Principal Amount			Value
France–(continued)
French Republic Government Bond OAT, 0.01%, 11/25/2030(b)		EUR	1,000,000	$	944,619
Holding d’Infrastructures de Transport S.A.S.U., 1.63%, 09/18/2029(b)		EUR	100,000		94,576
Imerys S.A., 1.00%, 07/15/2031(b)		EUR	100,000		86,900
La Mondiale SAM, 5.05%(b)(c)(d)		EUR	100,000		111,471
Mercialys S.A., 4.63%, 07/07/2027(b)		EUR	100,000		110,876
Societe Generale S.A., 1.25%, 02/15/2024(b)		EUR	100,000		105,412
					2,133,092
Germany–12.29%
Bayer AG, 3.13%, 11/12/2079(b)(c)		EUR	100,000		97,504
BMW Finance N.V., 0.75%, 07/12/2024(b)		EUR	50,000		52,390
Bundesobligation, Series 183, 0.01%, 04/10/2026(b)		EUR	1,493,785		1,540,327
Bundesrepublik Deutschland Bundesanleihe,
0.01%, 08/15/2030(b)		EUR	1,319,193		1,299,053
0.01%, 08/15/2050(b)		EUR	295,697		231,478
Commerzbank AG,
0.63%, 08/28/2024(b)		EUR	70,000		72,513
0.38%, 09/01/2027(b)		EUR	25,000		24,157
Deutsche Telekom International Finance B.V.,
2.75%, 10/24/2024(b)		EUR	50,000		55,114
0.63%, 12/13/2024(b)		EUR	80,000		83,147
E.ON International Finance B.V., 5.53%, 02/21/2023		EUR	50,000		55,051
E.ON SE, 0.88%, 05/22/2024(b)		EUR	75,000		78,974
Grenke Finance PLC, 1.50%, 10/05/2023(b)		EUR	60,000		61,798
Hella GmbH & Co. KGaA, 1.00%, 05/17/2024		EUR	50,000		51,971
HOCHTIEF AG, 0.63%, 04/26/2029(b)		EUR	50,000		44,485
LANXESS AG, 0.01%, 09/08/2027(b)		EUR	37,000		34,438
Mercedes-Benz International Finance B.V.,
0.25%, 11/06/2023(b)		EUR	101,000		105,788
0.01%, 02/08/2024(b)		EUR	38,000		39,373
Merck Financial Services GmbH, 0.13%, 07/16/2025(b)		EUR	100,000		101,548
Roadster Finance DAC, 2.38%, 12/08/2027(b)		EUR	100,000		99,348
Volkswagen Bank GmbH, 1.25%, 06/10/2024(b)		EUR	100,000		104,926
Volkswagen Financial Services AG, 1.50%, 10/01/2024(b)		EUR	60,000		62,926
Vonovia Finance B.V., 1.25%, 12/06/2024(b)		EUR	100,000		104,545

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

5 Invesco World Bond Factor Fund

	Principal Amount			Value
Germany–(continued)
Wintershall Dea Finance B.V., 1.82%, 09/25/2031(b)		EUR	100,000	$	86,015
					4,486,869
Indonesia–0.49%
Indonesia Treasury Bond, Series FR81, 6.50%, 06/15/2025		IDR	2,546,000,000		179,091
Italy–0.57%
2i Rete Gas S.p.A., 1.61%, 10/31/2027(b)		EUR	100,000		102,390
Enel Finance International N.V., 1.00%, 09/16/2024(b)		EUR	100,000		105,000
					207,390
Japan–9.71%
Japan Government Bond,
Series 146, 0.10%, 12/20/2025		JPY	177,550,000		1,374,857
Series 361, 0.10%, 12/20/2030		JPY	140,900,000		1,077,198
Series 420, 0.10%, 01/01/2023		JPY	32,550,000		251,150
Series 69, 0.70%, 12/20/2050		JPY	102,200,000		739,619
Nissan Motor Co. Ltd., 2.65%, 03/17/2026(b)		EUR	100,000		102,996
					3,545,820
Malaysia–0.12%
Malaysia Government Bond, Series 120, 4.07%, 06/15/2050		MYR	222,000		43,595
Mexico–0.77%
Mexican Bonos, Series M 20, 10.00%, 12/05/2024		MXN	5,600,000		280,365
Netherlands–0.14%
Heineken N.V., 3.50%, 03/19/2024(b)		EUR	45,000		49,597
New Zealand–0.97%
New Zealand Government Bond,
Series 0526, 0.50%, 05/15/2026		NZD	442,000		253,024
Series 0532, 2.00%, 05/15/2032		NZD	181,000		100,867
					353,891
Norway–2.72%
Norway Government Bond,
Series 475, 2.00%, 05/24/2023(b)		NOK	3,480,000		372,065
Series 479, 1.75%, 02/17/2027(b)		NOK	4,029,000		412,765
Series 484, 2.13%, 05/18/2032(b)		NOK	2,073,000		208,839
					993,669
Poland–0.43%
Republic of Poland Government Bond, Series 725, 3.25%, 07/25/2025		PLN	775,000		157,142

	Principal Amount			Value
Romania–0.26%
NE Property B.V., 1.88%, 10/09/2026(b)		EUR	100,000	$	96,546
Russia–0.00%
Russian Federal Bond - OFZ, Series 6221, 7.70%, 03/23/2033(e)		RUB	10,543,000		0
South Korea–0.80%
Korea Treasury Bond,
Series 2512, 2.25%, 12/10/2025		KRW	176,130,000		136,224
Series 3012, 1.50%, 12/10/2030		KRW	112,340,000		77,714
Series 5003, 1.50%, 03/10/2050		KRW	140,830,000		77,821
					291,759
Spain–0.86%
Banco Bilbao Vizcaya Argentaria S.A., 0.38%, 10/02/2024(b)		EUR	100,000		102,985
Banco Santander S.A., 3.25%, 04/04/2026(b)		EUR	100,000		108,010
Santander Consumer Finance S.A., 0.38%, 01/17/2025(b)		EUR	100,000		102,095
					313,090
Sweden–4.85%
Balder Finland OYJ, 1.00%, 01/20/2029(b)		EUR	100,000		89,917
Svenska Handelsbanken AB, 1.13%, 12/14/2022(b)		EUR	106,000		112,710
Swedbank AB, 0.75%, 05/05/2025(b)		EUR	100,000		103,496
Sweden Government Bond, Series 1056, 2.25%, 06/01/2032(b)		SEK	1,945,000		207,905
Series 1057, 1.50%, 11/13/2023(b)		SEK	4,025,000		412,068
Series 1059, 1.00%, 11/12/2026(b)		SEK	7,940,000		788,077
Telia Co. AB, 3.88%, 10/01/2025(b)		EUR	50,000		56,873
					1,771,046
Switzerland–4.73%
Swiss Confederation Government Bond,
4.00%, 02/11/2023(b)		CHF	107,000		113,872
3.25%, 06/27/2027(b)		CHF	999,000		1,173,698
2.25%, 06/22/2031(b)		CHF	357,000		413,885
4.00%, 01/06/2049(b)		CHF	14,000		24,818
					1,726,273
Thailand–0.10%
Thailand Government Bond, 1.88%, 06/17/2049		THB	1,949,000		36,735
United Kingdom–3.75%
BAT International Finance PLC, 2.25%, 01/16/2030(b)		EUR	100,000		94,078
BP Capital Markets PLC, 0.90%, 07/03/2024(b)		EUR	100,000		104,810
CNH Industrial Finance Europe S.A., 1.63%, 07/03/2029(b)		EUR	100,000		99,588

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 Kingdom–(continued)
Informa PLC, 1.50%, 07/05/2023(b)		EUR	100,000	$	106,180
Lloyds Banking Group PLC, 0.50%, 11/12/2025(b)(c)		EUR	100,000		102,289
NatWest Markets PLC, 1.00%, 05/28/2024(b)		EUR	100,000		104,825
United Kingdom Gilt,
0.75%, 07/22/2023(b)		GBP	233,000		290,450
0.63%, 06/07/2025(b)		GBP	54,769		66,841
0.63%, 10/22/2050(b)		GBP	455,442		401,053
					1,370,114
United States–1.72%
Abbott Ireland Financing DAC, 0.88%, 09/27/2023(b)		EUR	100,000		106,034
Altria Group, Inc., 3.13%, 06/15/2031		EUR	100,000		101,853
Apple, Inc., 0.88%, 05/24/2025		EUR	100,000		104,697
Goldman Sachs Group, Inc. (The),
0.13%, 08/19/2024(b)		EUR	60,000		61,398
0.25%, 01/26/2028(b)		EUR	47,000		43,746
Johnson & Johnson, 0.65%, 05/20/2024		EUR	100,000		105,371
Wells Fargo & Co., 0.50%, 04/26/2024(b)		EUR	100,000		103,787
					626,886
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $25,594,212)					21,817,489
U.S. Dollar Denominated Bonds & Notes–23.51%
Australia–0.27%
Westpac Banking Corp.,
2.35%, 02/19/2025		$	65,000		63,245
3.35%, 03/08/2027			35,000		34,385
					97,630
Brazil–0.06%
Suzano Austria GmbH, 3.75%, 01/15/2031			25,000		21,696
Canada–0.67%
Brookfield Finance, Inc., 4.85%, 03/29/2029			90,000		92,403
Magna International, Inc., 3.63%, 06/15/2024			52,000		52,165
Suncor Energy, Inc., 3.10%, 05/15/2025			40,000		39,285
TransCanada PipeLines Ltd., 4.88%, 01/15/2026			60,000		61,907
					245,760
Chile–0.07%
Enel Generacion Chile S.A., 4.25%, 04/15/2024			25,000		24,850
France–0.29%
Sanofi, 3.38%, 06/19/2023			105,000		105,862
Japan–0.14%
Mitsubishi UFJ Financial Group, Inc., 4.29%, 07/26/2038			30,000		29,350

	Principal Amount		Value
Japan–(continued)
Sumitomo Mitsui Financial Group, Inc., 2.14%, 09/23/2030	$	25,000	$	20,437
				49,787
Mexico–0.42%
America Movil S.A.B. de C.V.,
6.38%, 03/01/2035		35,000		40,588
6.13%, 03/30/2040		100,000		113,615
				154,203
Netherlands–0.55%
Cooperatieve Rabobank U.A., 5.25%, 05/24/2041		85,000		97,226
Koninklijke KPN N.V., 8.38%, 10/01/2030		30,000		37,426
Shell International Finance B.V.,
6.38%, 12/15/2038		35,000		42,881
4.55%, 08/12/2043		25,000		25,091
				202,624
Switzerland–0.16%
Tyco Electronics Group S.A., 3.45%, 08/01/2024		60,000		60,111
United Kingdom–2.36%
Barclays PLC, 4.84%, 05/09/2028		200,000		197,022
BAT Capital Corp.,
3.56%, 08/15/2027		35,000		32,673
4.54%, 08/15/2047		60,000		47,652
5.28%, 04/02/2050		75,000		66,807
BP Capital Markets PLC,
2.75%, 05/10/2023		46,000		45,986
3.72%, 11/28/2028		35,000		34,301
British Airways Pass-Through Trust, Series 2019-1, Class A, 3.35%, 06/15/2029(b)		48,701		44,579
British Telecommunications PLC, 9.63%, 12/15/2030		20,000		25,607
HSBC Holdings PLC,
4.58%, 06/19/2029(c)		200,000		196,512
6.10%, 01/14/2042		48,000		54,565
Mead Johnson Nutrition Co., 4.13%, 11/15/2025		95,000		96,846
Reynolds American, Inc., 5.70%, 08/15/2035		18,000		17,788
				860,338
United States–18.52%
Adventist Health System, 2.95%, 03/01/2029		40,000		37,363
Aflac, Inc., 1.13%, 03/15/2026		50,000		45,593
Aircastle Ltd., 4.40%, 09/25/2023		55,000		55,269
Altria Group, Inc.,
4.40%, 02/14/2026		21,000		21,245
4.80%, 02/14/2029		74,000		73,432
5.95%, 02/14/2049		10,000		9,792
Amazon.com, Inc., 4.25%, 08/22/2057		40,000		39,874
American Express Co.,
2.50%, 07/30/2024		90,000		88,161
3.00%, 10/30/2024		50,000		49,578

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)
American Honda Finance Corp., 2.15%, 09/10/2024	$	65,000	$	63,488
American Water Capital Corp., 6.59%, 10/15/2037		14,000		17,110
Ameriprise Financial, Inc., 4.00%, 10/15/2023		44,000		44,575
AmerisourceBergen Corp., 3.40%, 05/15/2024		50,000		49,954
Appalachian Power Co., 7.00%, 04/01/2038		25,000		30,004
Apple, Inc.,
3.25%, 02/23/2026		35,000		34,958
4.45%, 05/06/2044		35,000		36,040
2.85%, 08/05/2061		45,000		33,906
Athene Holding Ltd., 4.13%, 01/12/2028		20,000		19,274
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 4.08%, 12/15/2047		75,000		66,996
Bank of America Corp.,
4.20%, 08/26/2024		188,000		189,912
4.00%, 01/22/2025		30,000		30,017
4.45%, 03/03/2026		35,000		35,083
Berkshire Hathaway Finance Corp., 5.75%, 01/15/2040		25,000		28,715
BGC Partners, Inc., 3.75%, 10/01/2024		36,000		35,664
Boeing Co. (The),
2.25%, 06/15/2026		100,000		91,528
2.70%, 02/01/2027		29,000		26,739
6.63%, 02/15/2038		92,000		100,128
Booking Holdings, Inc., 4.63%, 04/13/2030		65,000		66,571
Broadcom, Inc., 4.93%, 05/15/2037(b)		25,000		23,397
California Institute of Technology, 4.70%, 11/01/2111		22,000		21,903
Capital One Financial Corp., 3.20%, 02/05/2025		75,000		73,793
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.05%, 03/30/2029		59,000		58,805
Chevron USA, Inc., 3.85%, 01/15/2028		30,000		30,259
Cigna Corp., 4.50%, 02/25/2026		55,000		56,131
Citigroup, Inc.,
3.75%, 06/16/2024		45,000		45,385
8.13%, 07/15/2039		20,000		27,599
Collins Aerospace, 3.20%, 03/15/2024		51,000		51,114
Comcast Corp., 3.70%, 04/15/2024		87,000		87,921
CommonSpirit Health,
2.76%, 10/01/2024		65,000		63,705
1.55%, 10/01/2025		82,000		76,137
Constellation Energy Generation LLC, 6.25%, 10/01/2039		60,000		62,881

	Principal
	Amount		Value
United States–(continued)
Corning, Inc., 5.85%, 11/15/2068	$	13,000	$	14,193
Cummins, Inc., 4.88%, 10/01/2043		55,000		55,967
Dell International LLC/EMC Corp., 6.02%, 06/15/2026		75,000		79,286
Dignity Health, 5.27%, 11/01/2064		25,000		25,657
Discovery Communications LLC, 3.95%, 06/15/2025		150,000		148,865
Duke Energy Corp., 3.25%, 01/15/2082(c)		25,000		21,280
DuPont de Nemours, Inc., 4.49%, 11/15/2025		65,000		66,233
Eaton Vance Corp., 3.63%, 06/15/2023		52,000		52,525
Eli Lilly and Co., 5.50%, 03/15/2027		75,000		80,855
Energy Transfer L.P., 4.95%, 05/15/2028		35,000		34,980
Enstar Group Ltd., 3.10%, 09/01/2031		25,000		20,991
Expedia Group, Inc., 4.63%, 08/01/2027		16,000		16,098
Exxon Mobil Corp., 3.18%, 03/15/2024		52,000		52,299
Federal Realty Investment Trust, 3.95%, 01/15/2024		45,000		45,297
FedEx Corp., 4.75%, 11/15/2045		107,000		101,952
Fifth Third Bancorp, 2.38%, 01/28/2025		50,000		48,271
FS KKR Capital Corp., 4.63%, 07/15/2024		25,000		25,010
General Motors Co., 6.75%, 04/01/2046		93,000		100,762
Georgia-Pacific LLC, 8.88%, 05/15/2031		15,000		20,177
Gilead Sciences, Inc., 3.70%, 04/01/2024		84,000		84,491
GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029		20,000		20,033
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024		186,000		187,786
Harley-Davidson, Inc., 4.63%, 07/28/2045		26,000		22,700
Hasbro, Inc., 6.35%, 03/15/2040		50,000		54,874
HCA, Inc., 5.25%, 06/15/2026		100,000		103,161
Hewlett Packard Enterprise Co., 6.35%, 10/15/2045		30,000		31,834
Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030		15,000		13,507
HP, Inc., 6.00%, 09/15/2041		31,000		32,315
Intel Corp., 4.95%, 03/25/2060		41,000		43,616
International Business Machines Corp., 7.13%, 12/01/2096		43,000		59,048
IPALCO Enterprises, Inc., 4.25%, 05/01/2030		68,000		65,005
JPMorgan Chase & Co., 3.88%, 09/10/2024		115,000		115,514

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)
Kemper Corp., 3.80%, 02/23/2032	$	25,000	$	22,403
KLA Corp., 4.65%, 11/01/2024		47,000		48,177
Kohl’s Corp., 5.55%, 07/17/2045		68,000		65,900
Marsh & McLennan Cos., Inc., 5.88%, 08/01/2033		25,000		28,045
MetLife, Inc., Series D, 4.37%, 09/15/2023		76,000		77,500
Microsoft Corp.,
3.13%, 11/03/2025		100,000		100,200
3.95%, 08/08/2056		41,000		39,832
Mid-America Apartments L.P., 1.10%, 09/15/2026		25,000		22,333
MidAmerican Energy Co., 6.75%, 12/30/2031		20,000		24,264
Morgan Stanley, 3.70%, 10/23/2024		85,000		85,255
NiSource, Inc., 3.60%, 05/01/2030		30,000		28,111
Nordstrom, Inc., 5.00%, 01/15/2044		88,000		73,117
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		110,000		92,170
Oracle Corp.,
3.63%, 07/15/2023		50,000		50,407
2.50%, 04/01/2025		85,000		81,161
1.65%, 03/25/2026		40,000		36,183
4.10%, 03/25/2061		45,000		33,442
Pacific Gas and Electric Co.,
4.20%, 03/01/2029		25,000		23,384
4.40%, 03/01/2032		25,000		22,732
Paramount Global, 7.88%, 07/30/2030		35,000		41,309
Parker-Hannifin Corp., 3.30%, 11/21/2024		55,000		54,687
Patterson-UTI Energy, Inc., 5.15%, 11/15/2029		99,000		94,269
Philip Morris International, Inc.,
2.10%, 05/01/2030		25,000		21,404
6.38%, 05/16/2038		30,000		34,005
4.50%, 03/20/2042		35,000		32,227
PNC Financial Services Group, Inc. (The), 3.90%, 04/29/2024		50,000		50,500
PPG Industries, Inc., 1.20%, 03/15/2026		40,000		36,462
QUALCOMM, Inc., 2.90%, 05/20/2024		50,000		49,908
Ralph Lauren Corp., 2.95%, 06/15/2030		44,000		40,153
San Diego Gas & Electric Co., 6.00%, 06/01/2039		50,000		57,361
Seagate HDD Cayman, 4.75%, 01/01/2025		50,000		49,687
Simon Property Group L.P., 6.75%, 02/01/2040		38,000		46,030
Southern California Edison Co.,
6.65%, 04/01/2029		75,000		81,887
6.00%, 01/15/2034		47,000		51,341
Series 2004-G, 5.75%, 04/01/2035		30,000		31,999

	Principal Amount		Value
United States–(continued)
Southern Power Co., 5.15%, 09/15/2041	$	35,000	$	34,155
Southwest Airlines Co., 3.00%, 11/15/2026		100,000		95,491
Spectra Energy Partners L.P., 4.75%, 03/15/2024		63,000		64,347
Spirit Realty L.P., 3.20%, 02/15/2031		30,000		26,740
Starbucks Corp., 3.85%, 10/01/2023		22,000		22,271
Stewart Information Services Corp., 3.60%, 11/15/2031		25,000		21,591
Swiss Re America Holding Corp., 7.00%, 02/15/2026		47,000		52,449
Sysco Corp., 6.60%, 04/01/2050		46,000		54,789
Time Warner Cable LLC, 7.30%, 07/01/2038		30,000		33,690
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026		50,000		56,076
Travelers Cos., Inc. (The), 6.25%, 06/15/2037		25,000		30,016
Truist Financial Corp., 2.50%, 08/01/2024		60,000		58,933
Union Electric Co., 8.45%, 03/15/2039		48,000		66,337
United Parcel Service, Inc., 2.20%, 09/01/2024		55,000		54,173
US Airways Pass-Through Trust, Series 2013-1A, Class PTT, 3.95%, 11/15/2025		35,672		33,816
Wachovia Corp., 7.57%, 08/01/2016(f)		82,000		91,723
Walmart, Inc., 3.30%, 04/22/2024		27,000		27,244
Waste Management, Inc., 3.13%, 03/01/2025		50,000		49,755
Wells Fargo & Co.,
4.10%, 06/03/2026		76,000		75,713
5.38%, 02/07/2035		90,000		97,071
Xilinx, Inc., 2.95%, 06/01/2024		40,000		39,739
				6,758,545
Total U.S. Dollar Denominated Bonds & Notes (Cost $9,463,378)				8,581,406
U.S. Government Sponsored Agency Mortgage-Backed Securities–9.82%
Federal Home Loan Mortgage Corp.,
2.50%, 07/01/2035 - 08/01/2050		638,680		591,984
4.50%, 09/01/2049 - 01/01/2050		37,139		37,897
3.00%, 01/01/2050 - 05/01/2050		226,129		215,342
2.00%, 01/01/2051 - 10/01/2051		554,171		490,579

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

9 Invesco World Bond Factor Fund

	Principal Amount		Value
Federal National Mortgage Association,
4.50%, 06/01/2049	$	17,556	$	17,886
3.00%, 10/01/2049 - 03/01/2050		180,795		172,426
2.50%, 01/01/2050 - 08/01/2050		450,001		413,667
2.00%, 03/01/2051 - 08/01/2051		491,791		435,239
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K038, Class X1, IO, 1.25%, 03/25/2024(g)		1,467,285		25,691
Uniform Mortgage-Backed Securities, TBA,
2.00%, 05/01/2037(h)		420,000		393,539
2.50%, 05/01/2052(h)		579,000		528,221
3.00%, 05/01/2052(h)		278,000		262,168
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $3,934,156)				3,584,639
U.S. Treasury Securities–7.05%
U.S. Treasury Bills–0.33%
0.26 - 0.41%, 05/26/2022(i)(j)	$	120,967	$	120,967
U.S. Treasury Bonds–2.31%
1.63%, 11/15/2050		1,080,077		842,390
U.S. Treasury Notes–4.41%
0.25%, 09/30/2023		511,529		498,219

	Principal Amount		Value
U.S. Treasury Notes–(continued)
0.38%, 12/31/2025	$	828,923	$	768,217
1.13%, 02/15/2031		385,148		345,281
				1,611,717
Total U.S. Treasury Securities (Cost $2,926,644)				2,575,074
	Shares
Exchange-Traded Funds–1.11%
United States–1.11%
Invesco High Yield Bond Factor ETF(k) (Cost $446,307)		17,500		404,600
Money Market Funds–1.14%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(k)(l)		145,747		145,747
Invesco Liquid Assets Portfolio, Institutional Class, 0.29%(k)(l)		101,966		101,946
Invesco Treasury Portfolio, Institutional Class, 0.23%(k)(l)		166,568		166,568
Total Money Market Funds (Cost $414,258)				414,261
TOTAL INVESTMENTS IN SECURITIES–102.40% (Cost $42,778,955)				37,377,469
OTHER ASSETS LESS LIABILITIES–(2.40)%				(876,992	)
NET ASSETS–100.00%			$	36,500,477

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

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

10 Invesco World Bond Factor 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, 2022 was $15,563,909, which represented 42.64% 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)  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, 2022.

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

⁽ⁱ⁾  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.

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

^(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, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Invesco High Yield Bond Factor ETF		$   446,425		$            �� -		$                  -		$(41,825)			$     -		$404,600		$     11,604
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		349,902		2,541,813		(2,745,968)		-			-		145,747		36
Invesco Liquid Assets Portfolio, Institutional Class		240,290		1,815,581		(1,953,841)		3			(87)		101,946		42
Invesco Treasury Portfolio, Institutional Class		399,888		2,904,929		(3,138,249)		-			-		166,568		49
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		78,566		(78,566)		-			-		-		1*
Invesco Private Prime Fund		-		176,668		(176,668)		-			-		-		8*
Total		$1,436,505		$ 7,517,557		$  (8,093,292)		$(41,822	)		$(87)		$818,861		$     11,740

* 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.

^(l)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Canada 10 Year Bonds		3		June-2022	$	295,084		$	(23,096	)	$	(23,096	)
Euro-Bund		1		June-2022		162,030			(13,693	)		(13,693	)
Euro-Buxl 30 Year Bonds		3		June-2022		541,126			(93,615	)		(93,615	)
Japan 10 Year Bonds		1		June-2022		1,152,919			(8,168	)		(8,168	)
Long Gilt		5		June-2022		744,662			(24,583	)		(24,583	)
Subtotal–Long Futures Contracts									(163,155	)		(163,155	)
Short Futures Contracts
Interest Rate Risk
Euro-Schatz		1		June-2022		(116,198	)		1,714			1,714
Total Futures Contracts								$	(161,441	)	$	(161,441	)

Open Forward Foreign Currency Contracts
								Unrealized Appreciation (Depreciation)
Settlement Date		Contract to
	Counterparty	Deliver			Receive
Currency Risk
06/15/2022	Bank of America, N.A.		CAD	312,620		USD	250,008	$	6,682
06/15/2022	Bank of America, N.A.		INR	910,220		USD	11,883		49
06/15/2022	Bank of America, N.A.		JPY	3,669,160		USD	31,738		3,425
06/15/2022	Bank of America, N.A.		NOK	6,876,923		USD	765,902		32,618

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)
								Unrealized Appreciation (Depreciation)
Settlement Date		Contract to
	Counterparty	Deliver			Receive
06/15/2022	Bank of America, N.A.		PLN	17,000		USD	3,861	$	46
06/15/2022	Bank of America, N.A.		USD	16,956		INR	1,308,680		59
06/15/2022	Barclays Bank PLC		CAD	387,220		USD	301,911		520
06/15/2022	Barclays Bank PLC		SEK	12,360,450		USD	1,273,532		13,282
06/15/2022	Barclays Bank PLC		SGD	7,340		USD	5,400		93
06/15/2022	BNP Paribas S.A.		GBP	1,054,659		USD	1,387,679		61,453
06/15/2022	BNP Paribas S.A.		USD	3,117		TRY	48,450		49
06/01/2022	Citibank, N.A.		USD	69,485		BRL	356,530		1,955
06/15/2022	Citibank, N.A.		CZK	87,000		USD	3,754		43
06/15/2022	Citibank, N.A.		EUR	228,000		USD	253,168		12,166
06/15/2022	Citibank, N.A.		IDR	1,121,294,120		USD	78,177		1,361
06/15/2022	Citibank, N.A.		KRW	2,816,300		USD	2,307		77
06/15/2022	Citibank, N.A.		NZD	914,201		USD	623,675		33,518
06/15/2022	Citibank, N.A.		PLN	540,000		USD	122,721		1,536
06/15/2022	Citibank, N.A.		SGD	12,080		USD	8,887		152
06/15/2022	Citibank, N.A.		USD	85,660		INR	6,628,000		515
06/15/2022	Citibank, N.A.		USD	4,358		MXN	92,750		150
06/15/2022	Deutsche Bank AG		IDR	592,238,880		USD	41,275		704
06/15/2022	Deutsche Bank AG		NOK	1,782,060		USD	203,652		13,632
06/15/2022	Deutsche Bank AG		SEK	20,221,451		USD	2,083,755		22,012
06/01/2022	Goldman Sachs International		BRL	82,610		USD	17,284		731
06/01/2022	Goldman Sachs International		USD	35,890		BRL	184,173		1,014
06/15/2022	Goldman Sachs International		CHF	76,790		USD	83,095		3,983
06/15/2022	Goldman Sachs International		CLP	8,414,590		USD	10,584		801
06/15/2022	Goldman Sachs International		EUR	8,063,521		USD	8,938,748		415,388
06/15/2022	Goldman Sachs International		GBP	276,729		USD	364,459		16,473
06/15/2022	Goldman Sachs International		HUF	1,498,714		USD	4,279		124
06/15/2022	Goldman Sachs International		NOK	8,034,000		USD	894,644		37,983
06/15/2022	Goldman Sachs International		USD	3,859		TRY	64,000		322
06/15/2022	Goldman Sachs International		ZAR	2,019,000		USD	131,909		4,643
06/15/2022	J.P. Morgan Chase Bank, N.A.		AUD	316,713		USD	232,009		8,063
06/15/2022	J.P. Morgan Chase Bank, N.A.		CAD	141,725		USD	113,769		3,458
06/15/2022	J.P. Morgan Chase Bank, N.A.		COP	9,270,356		USD	2,420		95
06/15/2022	J.P. Morgan Chase Bank, N.A.		EUR	38,560		USD	42,725		1,966
06/15/2022	J.P. Morgan Chase Bank, N.A.		INR	3,697,210		USD	48,260		190
06/15/2022	J.P. Morgan Chase Bank, N.A.		MXN	168,000		USD	8,361		196
06/15/2022	J.P. Morgan Chase Bank, N.A.		NOK	983,062		USD	109,623		4,800
06/15/2022	J.P. Morgan Chase Bank, N.A.		NZD	594,490		USD	405,482		21,712
06/15/2022	J.P. Morgan Chase Bank, N.A.		SGD	6,150		USD	4,524		77
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	47,867		INR	3,697,210		203
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	12,498		MXN	266,000		430
06/15/2022	Morgan Stanley and Co. International PLC		AUD	3,416,610		USD	2,502,913		87,043
06/15/2022	Morgan Stanley and Co. International PLC		CAD	617,090		USD	481,728		1,417
06/15/2022	Morgan Stanley and Co. International PLC		CHF	1,654,833		USD	1,792,955		88,084
06/15/2022	Morgan Stanley and Co. International PLC		NOK	5,970,453		USD	685,905		49,278
06/15/2022	Morgan Stanley and Co. International PLC		NZD	528,065		USD	360,202		19,312
06/15/2022	Royal Bank of Canada		EUR	252,000		USD	279,251		12,880
06/15/2022	Royal Bank of Canada		SEK	168,640		USD	17,378		184
06/15/2022	State Street Bank & Trust Co.		CHF	318,330		USD	344,867		16,912
06/15/2022	UBS AG		AUD	279,770		USD	204,931		7,107

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)
								Unrealized Appreciation (Depreciation)
Settlement Date		Contract to
	Counterparty	Deliver			Receive
06/15/2022	UBS AG		JPY	95,942,009		USD	816,458	$	76,129
06/15/2022	UBS AG		KRW	12,266,700		USD	10,045		335
06/15/2022	UBS AG		NZD	242,902		USD	165,696		8,891
06/15/2022	UBS AG		SGD	34,050		USD	25,042		423
06/15/2022	UBS AG		USD	93,750		TRY	1,536,750		6,643
Subtotal–Appreciation									1,103,387
Currency Risk
06/15/2022	Bank of America, N.A.		MXN	97,400		USD	4,576		(157	)
06/15/2022	Bank of America, N.A.		USD	278,470		CAD	357,130		(500	)
06/15/2022	Bank of America, N.A.		USD	396,585		EUR	357,110		(19,110	)
06/15/2022	Bank of America, N.A.		USD	4,012		PLN	17,000		(197	)
06/15/2022	Barclays Bank PLC		USD	532,013		SEK	4,972,250		(25,051	)
06/15/2022	Barclays Bank PLC		USD	136,749		SGD	185,880		(2,348	)
06/15/2022	Barclays Bank PLC		USD	73,361		THB	2,424,000		(2,546	)
06/15/2022	BNP Paribas S.A.		TRY	48,450		USD	2,914		(251	)
06/15/2022	BNP Paribas S.A.		USD	11,790		GBP	9,000		(473	)
06/15/2022	Citibank, N.A.		INR	192,560		USD	2,489		(15	)
06/15/2022	Citibank, N.A.		USD	49,447		CZK	1,146,000		(561	)
06/15/2022	Citibank, N.A.		USD	179,538		EUR	161,690		(8,628	)
06/15/2022	Citibank, N.A.		USD	114,155		IDR	1,638,020,468		(1,942	)
06/15/2022	Citibank, N.A.		USD	122,878		KRW	150,950,000		(3,381	)
06/15/2022	Citibank, N.A.		USD	514,569		NZD	735,300		(39,900	)
06/15/2022	Citibank, N.A.		USD	4,091		PLN	18,000		(51	)
06/15/2022	Citibank, N.A.		USD	6,109		SGD	8,290		(115	)
06/15/2022	Deutsche Bank AG		USD	777,053		GBP	590,540		(34,453	)
06/15/2022	Deutsche Bank AG		USD	2,139		IDR	30,687,000		(37	)
06/15/2022	Deutsche Bank AG		USD	902,673		NOK	8,104,810		(38,461	)
06/15/2022	Deutsche Bank AG		USD	791,233		SEK	7,452,680		(31,371	)
06/15/2022	Goldman Sachs International		USD	263,211		CHF	242,940		(12,925	)
06/15/2022	Goldman Sachs International		USD	33,628		CLP	27,593,540		(1,549	)
06/15/2022	Goldman Sachs International		USD	6,988,075		EUR	6,295,000		(334,090	)
06/15/2022	Goldman Sachs International		USD	500,043		GBP	380,000		(22,196	)
06/15/2022	Goldman Sachs International		USD	42,594		HUF	14,759,410		(1,668	)
06/15/2022	Goldman Sachs International		USD	548,898		NOK	4,929,160		(23,304	)
06/15/2022	Goldman Sachs International		USD	134,873		ZAR	2,062,380		(4,873	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		MXN	4,572,100		USD	214,825		(7,388	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	120,478		AUD	160,633		(6,895	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	123,039		CAD	157,816		(203	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	21,012		EUR	19,000		(929	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	460,476		JPY	53,235,108		(49,693	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	3,870		MXN	77,750		(91	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	4,931		NOK	44,272		(210	)
06/15/2022	J.P. Morgan Chase Bank, N.A.		USD	350,110		NZD	512,800		(19,074	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	1,841,724		AUD	2,498,267		(75,209	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	459,286		CAD	589,077		(780	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	84,479		CHF	78,000		(4,120	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	1,704,184		GBP	1,295,203		(75,474	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	288,396		NOK	2,589,164		(12,315	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	200		PLN	879		(2	)
06/15/2022	Morgan Stanley and Co. International PLC		USD	100,118		SEK	971,580		(1,058	)

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

13 Invesco World Bond Factor Fund

Open Forward Foreign Currency Contracts–(continued)
								Unrealized Appreciation (Depreciation)
Settlement Date		Contract to
	Counterparty	Deliver			Receive
06/15/2022	Royal Bank of Canada		USD	40,553		COP	155,344,000	$	(1,586	)
06/15/2022	Royal Bank of Canada		USD	18,040		SEK	168,640		(846	)
06/15/2022	State Street Bank & Trust Co.		USD	80,596		EUR	73,000		(3,433	)
06/15/2022	State Street Bank & Trust Co.		USD	71,614		JPY	8,279,392		(7,726	)
06/15/2022	UBS AG		TRY	39,000		USD	2,366		(181	)
06/15/2022	UBS AG		USD	3,187,655		CNY	20,306,000		(131,870	)
06/15/2022	UBS AG		USD	84,836		EUR	76,383		(4,097	)
06/15/2022	UBS AG		USD	435,539		GBP	331,220		(19,032	)
06/15/2022	UBS AG		USD	2,135,338		JPY	251,575,600		(194,079	)
06/15/2022	UBS AG		USD	9,986		KRW	12,266,700		(275	)
06/15/2022	UBS AG		USD	77,435		NZD	112,190		(5,011	)
06/15/2022	UBS AG		USD	984		THB	32,499		(34	)
Subtotal–Depreciation									(1,231,764	)
Total Forward Foreign Currency Contracts								$	(128,377	)

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	SONIA	Annually		(1.25	)%	Annually		09/30/2051		GBP	6,000	$	(559	)	$	771		$	1,330
Receive	SONIA	Annually		(1.08	)	Annually		11/30/2023		GBP	86,000		(342	)		1,785			2,127
Receive	3 Month NDBB	Quarterly		(1.29	)	Semi-Annually		08/31/2023		NZD	160,000		(20	)		2,995			3,015
Receive	6 Month NIBOR	Semi-Annually		(1.27	)	Annually		08/31/2031		NOK	302,000		931			4,431			3,500
Receive	6 Month EUR LIBOR	Semi-Annually		(0.49	)	Annually		08/31/2023		EUR	383,000		561			5,277			4,716
Receive	6 Month NIBOR	Semi-Annually		(1.04	)	Annually		08/31/2026		NOK	800,000		1,575			6,297			4,722
Receive	6 Month NIBOR	Semi-Annually		(1.90	)	Annually		01/06/2027		NOK	1,248,000		11			5,593			5,582
Receive	6 Month NIBOR	Semi-Annually		(1.94	)	Annually		01/06/2032		NOK	654,000		5			5,919			5,914
Receive	6 Month EUR LIBOR	Semi-Annually		(0.37	)	Annually		11/30/2023		EUR	656,000		210			11,888			11,678
Receive	3 Month NDBB	Quarterly		(2.64	)	Semi-Annually		01/06/2032		NZD	213,000		1,079			14,165			13,086
Receive	SARON	Semi-Annually		(0.33	)	Annually		12/02/2026		CHF	268,000		48			15,036			14,988
Receive	SARON	Annually		(0.04	)	Annually		02/02/2027		CHF	406,000		–			15,340			15,340
Pay	China 7-Day Reverse Repo Rate	Quarterly		2.83		Quarterly		04/08/2026		CNY	7,065,538		–			15,833			15,833
Receive	3 Month USD LIBOR	Quarterly		(0.67	)	Semi-Annually		10/08/2024		USD	317,000		–			17,796			17,796
Pay	China 7-Day Reverse Repo Rate	Quarterly		2.59		Quarterly		10/29/2025		CNY	20,000,000		–			19,429			19,429
Receive	3 Month STIBOR	Quarterly		(1.15	)	Annually		02/02/2032		SEK	1,956,000		576			20,526			19,950
Receive	3 Month USD LIBOR	Quarterly		(1.81	)	Semi-Annually		10/08/2051		USD	113,000		–			21,622			21,622
Receive	3 Month NDBB	Quarterly		(1.07	)	Semi-Annually		04/09/2026		NZD	334,523		624			22,548			21,924
Receive	SONIA	Annually		(1.18	)	Annually		09/30/2031		GBP	192,000		(7,666	)		15,724			23,390
Receive	3 Month NDBB	Quarterly		(1.81	)	Semi-Annually		08/03/2031		NZD	920,000		8,106			97,381			89,275
Receive	3 Month NDBB	Quarterly		(1.46	)	Semi-Annually		08/03/2026		NZD	1,780,000		8,399			111,880			103,481
Subtotal – Appreciation													13,538			432,236			418,698
Interest Rate Risk
Pay	3 Month CDOR	Semi-Annually		1.83		Semi-Annually		12/02/2026		CAD	177,000		–			(7,765	)		(7,765	)
Pay	TONAR	Annually		0.06		Annually		03/01/2024		JPY	51,556,000		560			189			(371	)
Pay	3 Month STIBOR	Annually		0.49		Quaterly		02/08/2031		SEK	171		(1	)		(3	)		(2	)
Subtotal – Depreciation													559			(7,579	)		(8,138	)
Total Centrally Cleared Interest Rate Swap Agreements												$	14,097		$	424,657		$	410,560

^(a)  Centrally cleared swap agreements collateralized by $143,000 cash held with Credit Suisse Securities (USA) LLC.

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

14 Invesco World Bond Factor Fund

Abbreviations:
AUD	–Australian Dollar
BRL	–Brazilian Real
CAD	–Canadian Dollar
CDOR	–Canadian Dealer Offered Rate
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
NDBB	–New Zealand Dollar Bank Bill
NIBOR	–Norwegian Interbank Offered Rate
NOK	–Norwegian Krone
NZD	–New Zealand Dollar
PLN	–Polish Zloty
SARON	–Swiss Average Rate Overnight
SEK	–Swedish Krona
SGD	–Singapore Dollar
SONIA	–Sterling Overnight Index Average
STIBOR	–Stockholm Interbank Offered Rate
THB	–Thai Baht
TONAR	–Tokyo Overnight Average Rate
TRY	–Turkish Lira
USD	–U.S. Dollar
ZAR	–South African Rand

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2022

Sovereign Debt	44.52	%
Financials	13.26
Collateralized Mortgage Obligations	9.82
U.S. Treasury Securities	7.05
Industrials	3.18
Utilities	3.14
Consumer Discretionary	3.11
Information Technology	3.02
Health Care	2.71
Consumer Staples	2.63
Communication Services	2.44
Energy	2.42
Other Sectors, Each Less than 2% of Net Assets	3.97
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.

15 Invesco World Bond Factor Fund

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $41,918,390)	$	36,558,608
Investments in affiliates, at value (Cost $ 860,565)		818,861
Other investments:
Variation margin receivable–centrally cleared swap agreements		21,317
Unrealized appreciation on forward foreign currency contracts outstanding		1,103,387
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		143,000
Foreign currencies, at value (Cost $90,399)		91,207
Receivable for:
Fund shares sold		20,232
Dividends		72
Interest		281,012
Investment for trustee deferred compensation and retirement plans		28,331
Other assets		53,887
Total assets		39,119,914
Liabilities:
Other investments:
Variation margin payable - futures contracts		8,853
Unrealized depreciation on forward foreign currency contracts outstanding		1,231,764
Payable for:
TBA sales commitment		1,211,062
Fund shares reacquired		43,561
Amount due custodian		9,256
Accrued foreign taxes		189
Accrued fees to affiliates		18,653
Accrued other operating expenses		65,420
Trustee deferred compensation and retirement plans		30,679
Total liabilities		2,619,437
Net assets applicable to shares outstanding	$	36,500,477

Net assets consist of:
Shares of beneficial interest	$	42,210,666
Distributable earnings (loss)		(5,710,189	)
	$	36,500,477
Net Assets:
Class A	$	19,877,042
Class C	$	1,611,646
Class Y	$	13,669,350
Class R5	$	746
Class R6	$	1,341,693
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,143,981
Class C		174,247
Class Y		1,475,251
Class R5		81
Class R6		144,651
Class A:
Net asset value per share	$	9.27
Maximum offering price per share (Net asset value of $9.27 ÷ 95.75%)	$	9.68
Class C:
Net asset value and offering price per share	$	9.25
Class Y:
Net asset value and offering price per share	$	9.27
Class R5:
Net asset value and offering price per share	$	9.21
Class R6:
Net asset value and offering price per share	$	9.28

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, 2022

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $1,211)	$	226,253
Dividends from affiliates (includes securities lending income of $17)		11,748
Total investment income		238,001
Expenses:
Advisory fees		55,951
Administrative services fees		3,003
Custodian fees		39,605
Distribution fees:
Class A		28,169
Class C		9,179
Transfer agent fees – A, C and Y		37,056
Transfer agent fees – R6		213
Trustees’ and officers’ fees and benefits		8,535
Registration and filing fees		32,708
Professional services fees		29,688
Other		3,862
Total expenses		247,969
Less: Fees waived and/or expenses reimbursed		(149,837	)
Net expenses		98,132
Net investment income		139,869
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(864,355	)
Affiliated investment securities		(87	)
Foreign currencies		11,829
Forward foreign currency contracts		100,594
Futures contracts		(104,118	)
Swap agreements		16,721
		(839,416	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $624)		(4,708,233	)
Affiliated investment securities		(41,822	)
Foreign currencies		1,495
Forward foreign currency contracts		103,030
Futures contracts		(105,597	)
Swap agreements		255,103
		(4,496,024	)
Net realized and unrealized gain (loss)		(5,335,440	)
Net increase (decrease) in net assets resulting from operations	$	(5,195,571	)

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, 2022 and the year ended October 31, 2021

(Unaudited)

	April 30,			October 31,
	2022			2021
Operations:
Net investment income	$	139,869		$	240,062
Net realized gain (loss)		(839,416	)		1,250,504
Change in net unrealized appreciation (depreciation)		(4,496,024	)		(1,776,023	)
Net increase (decrease) in net assets resulting from operations		(5,195,571	)		(285,457	)
Distributions to shareholders from distributable earnings:
Class A		(328,526	)		(598,985	)
Class C		(20,450	)		(38,984	)
Class Y		(247,542	)		(362,187	)
Class R5		(13	)		(23	)
Class R6		(19,847	)		(16,326	)
Total distributions from distributable earnings		(616,378	)		(1,016,505	)
Share transactions–net:
Class A		(1,122,520	)		(1,284,998	)
Class C		(214,526	)		(346,200	)
Class Y		(489,730	)		5,128,819
Class R6		321,426			971,470
Net increase (decrease) in net assets resulting from share transactions		(1,505,350	)		4,469,091
Net increase (decrease) in net assets		(7,317,299	)		3,167,129
Net assets:
Beginning of period		43,817,776			40,650,647
End of period	$	36,500,477		$	43,817,776

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 04/30/22		$	10.71		$	0.03			$	(1.32	)		$	(1.29	)		$	(0.13	)		$	(0.02	)		$	–			$	(0.15	)		$	9.27		(12.22	)%		$	19,877		0.54	%(d)		1.26	%(d)		0.61	%(d)		60	%
Year ended 10/31/21			11.01			0.05				(0.10	)			(0.05	)			(0.12	)			(0.13	)			–				(0.25	)			10.71		(0.49	)			24,150		0.54			1.25			0.49			165
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
Class C
Six months ended 04/30/22			10.68			(0.01	)			(1.31	)			(1.32	)			(0.09	)			(0.02	)			–				(0.11	)			9.25		(12.50	)			1,612		1.29	(d)		2.01	(d)		(0.14	)(d)		60
Year ended 10/31/21			10.98			(0.03	)			(0.10	)			(0.13	)			(0.04	)			(0.13	)			–				(0.17	)			10.68		(1.24	)			2,079		1.29			2.00			(0.26	)		165
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
Class Y
Six months ended 04/30/22			10.70			0.04				(1.31	)			(1.27	)			(0.14	)			(0.02	)			–				(0.16	)			9.27		(12.03	)			13,669		0.29	(d)		1.01	(d)		0.86	(d)		60
Year ended 10/31/21			11.01			0.08				(0.11	)			(0.03	)			(0.15	)			(0.13	)			–				(0.28	)			10.70		(0.33	)			16,365		0.29			1.00			0.74			165
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
Class R5
Six months ended 04/30/22			10.63			0.05				(1.31	)			(1.26	)			(0.14	)			(0.02	)			–				(0.16	)			9.21		(12.02	)			1		0.29	(d)		0.86	(d)		0.86	(d)		60
Year ended 10/31/21			10.94			0.08				(0.11	)			(0.03	)			(0.15	)			(0.13	)			–				(0.28	)			10.63		(0.34	)			1		0.29			0.85			0.74			165
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
Class R6
Six months ended 04/30/22			10.71			0.04				(1.31	)			(1.27	)			(0.14	)			(0.02	)			–				(0.16	)			9.28		(12.02	)			1,342		0.29	(d)		0.86	(d)		0.86	(d)		60
Year ended 10/31/21			11.02			0.08				(0.11	)			(0.03	)			(0.15	)			(0.13	)			–				(0.28	)			10.71		(0.33	)			1,224		0.29			0.85			0.74			165
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

^(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)  Annualized.

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, 2022

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 debt 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 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 may be valued up to 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 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

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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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “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 affiliates 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (the “BNYM”) also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, there were no securities lending transactions with the Adviser.

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

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

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

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

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

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

L. 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.

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 becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in

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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, 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 Agreement, 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, 2022, if any, 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. 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.

O. LIBOR Risk - The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

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

R. 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.

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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond

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markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. 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, 2022, 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, 2023, 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, 2023. 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, 2024, 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, 2022, the Adviser waived advisory fees of $55,951 and reimbursed fund level expenses of $56,618 and reimbursed class level expenses of $20,839, $1,698, $14,518, $0 and $213 of Class A, Class C, 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, 2022, 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, 2022, 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, 2022, 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, 2022, IDI advised the Fund that IDI retained $637 in front-end sales commissions from the sale of Class A shares and $29 and $101 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.

24 Invesco World Bond Factor Fund

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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	$           –	$	21,817,489		$0	$	21,817,489
U.S. Dollar Denominated Bonds & Notes	–		8,581,406		–		8,581,406
U.S. Government Sponsored Agency Mortgage-Backed Securities	–		3,584,639		–		3,584,639
U.S. Treasury Securities	–		2,575,074		–		2,575,074
Exchange-Traded Funds	404,600		–		–		404,600
Money Market Funds	414,261		–		–		414,261
Total Investments in Securities	818,861		36,558,608		0		37,377,469
Other Investments - Assets*
Futures Contracts	1,714		–		–		1,714
Forward Foreign Currency Contracts	–		1,103,387		–		1,103,387
Swap Agreements	–		418,698		–		418,698
	1,714		1,522,085		–		1,523,799
Other Investments - Liabilities*
Futures Contracts	(163,155)		–		–		(163,155	)
Forward Foreign Currency Contracts	–		(1,231,764	)	–		(1,231,764	)
Swap Agreements	–		(8,138	)	–		(8,138	)
	(163,155)		(1,239,902	)	–		(1,403,057	)
Total Other Investments	(161,441)		282,183		–		120,742
Total Investments	$657,420	$	36,840,791		$0	$	37,498,211

* 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 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, 2022:

	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	–	$	1,714		$	1,714
Unrealized appreciation on swap agreements – Centrally Cleared(a)		–		418,698			418,698
Unrealized appreciation on forward foreign currency contracts outstanding		1,103,387		–			1,103,387
Total Derivative Assets		1,103,387		420,412			1,523,799
Derivatives not subject to master netting agreements		–		(420,412	)		(420,412	)
Total Derivative Assets subject to master netting agreements	$	1,103,387	$	–		$	1,103,387

25 Invesco World Bond Factor Fund

	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	–		$	(163,155	)	$	(163,155	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		–			(8,138	)		(8,138	)
Unrealized depreciation on forward foreign currency contracts outstanding		(1,231,764	)		–			(1,231,764	)
Total Derivative Liabilities		(1,231,764	)		(171,293	)		(1,403,057	)
Derivatives not subject to master netting agreements		–			171,293			171,293
Total Derivative Liabilities subject to master netting agreements	$	(1,231,764	)	$	–		$	(1,231,764	)

^(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, 2022.

	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.	$     42,879	$     (19,964)	$    22,915	$–	$–	$	22,915
Barclays Bank PLC	13,895	(29,945)	(16,050)	–	–		(16,050	)
BNP Paribas S.A.	61,502	(724)	60,778	–	–		60,778
Citibank, N.A.	51,473	(54,593)	(3,120)	–	–		(3,120	)
Deutsche Bank AG	36,348	(104,322)	(67,974)	–	–		(67,974	)
Goldman Sachs International	481,462	(400,605)	80,857	–	–		80,857
J.P. Morgan Chase Bank, N.A.	41,190	(84,483)	(43,293)	–	–		(43,293	)
Morgan Stanley and Co. International PLC	245,134	(168,958)	76,176	–	–		76,176
Royal Bank of Canada	13,064	(2,432)	10,632	–	–		10,632
State Street Bank & Trust Co.	16,912	(11,159)	5,753	–	–		5,753
UBS AG	99,528	(354,579)	(255,051)	–	–		(255,051	)
Total	$1,103,387	$(1,231,764)	$(128,377)	$–	$–	$	(128,377	)

Effect of Derivative Investments for the six months ended April 30, 2022

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	$	100,594	$	-		$	100,594
Futures contracts		-		(104,118	)		(104,118	)
Swap agreements		-		16,721			16,721
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		103,030		-			103,030
Futures contracts		-		(105,597	)		(105,597	)
Swap agreements		-		255,103			255,103
Total	$	203,624	$	62,109		$	265,733

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	$51,860,282	$3,507,515	$10,435,174

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

26 Invesco World Bond Factor Fund

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 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 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 carryforward 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, 2021.

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, 2022 was $16,690,912 and $16,315,627, 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	$1,570,713
Aggregate unrealized (depreciation) of investments	(6,706,523	)
Net unrealized appreciation (depreciation) of investments	$(5,135,810	)

Cost of investments for tax purposes is $42,634,021.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2022(a)						Year ended October 31, 2021(a)
	Shares			Amount			Shares			Amount
Sold:
Class A		125,112		$	1,285,477			445,039		$	4,926,597
Class C		16,985			171,208			57,595			632,108
Class Y		283,943			2,925,741			936,589			10,306,720
Class R6		34,977			364,599			94,190			1,036,295
Issued as reinvestment of dividends:
Class A		28,625			299,098			49,932			553,308
Class C		1,540			16,195			3,097			34,438
Class Y		17,249			179,679			26,094			288,436
Class R6		1,894			19,683			1,459			16,039
Automatic conversion of Class C shares to Class A shares:
Class A		2,557			26,173			39,260			435,539
Class C		(2,562	)		(26,173	)		(39,358	)		(435,539	)
Reacquired:
Class A		(267,457	)		(2,733,268	)		(655,265	)		(7,200,442	)
Class C		(36,314	)		(375,756	)		(52,733	)		(577,207	)
Class Y		(354,929	)		(3,595,150	)		(498,338	)		(5,466,337	)
Class R6		(6,460	)		(62,856	)		(7,390	)		(80,864	)
Net increase (decrease) in share activity		(154,840	)	$	(1,505,350	)		400,171		$	4,469,091

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 45% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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, 2021 through April 30, 2022.

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     (11/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized       Expense Ratio
		Ending     Account Value     (04/30/22)1	Expenses       Paid During        Period2	Ending     Account Value        (04/30/22)	Expenses       Paid During        Period2
Class A	$1,000.00	$877.80	$2.51	$1,022.12	$2.71	0.54%
Class C	1,000.00	875.00	6.00	1,018.40	6.46	1.29
Class Y	1,000.00	879.70	1.35	1,023.36	1.45	0.29
Class R5	1,000.00	879.80	1.35	1,023.36	1.45	0.29
Class R6	1,000.00	879.80	1.35	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, 2021 through April 30, 2022, 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 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 number(s): 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 16, 2022, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 16, 2022, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on 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 6, 2022

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 6, 2022
By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	July 6, 2022