Aim Investment Funds N-CSR Certified 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:	10/31/22

ITEM 1. REPORTS TO STOCKHOLDERS.

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

(b) Not applicable.

Annual Report to Shareholders October 31, 2022

Invesco Balanced-Risk Allocation Fund

Nasdaq:

A: ABRZX ∎ C: ABRCX ∎ R: ABRRX ∎ Y: ABRYX ∎ R5: ABRIX ∎ R6: ALLFX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Consolidated Schedule of Investments
17	Consolidated Financial Statements
20	Consolidated Financial Highlights
21	Notes to Consolidated Financial Statements
30	Report of Independent Registered Public Accounting Firm
31	Fund Expenses
32	Approval of Investment Advisory and Sub-Advisory Contracts
34	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Balanced-Risk Allocation Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Balanced-Risk Allocation Style Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-13.99	%
Class C Shares	-14.57
Class R Shares	-14.21
Class Y Shares	-13.78
Class R5 Shares	-13.72
Class R6 Shares	-13.69
S&P 500 Index▼ (Broad Market Index)	-14.61
Custom Invesco Balanced-Risk Allocation Style Index∎ (Style-Specific Index)	-16.98
Lipper Alternative Global Macro Funds Index¨ (Peer Group Index)	-11.64
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ¨Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2022, the Fund at NAV reported negative absolute performance as two of the macro factors in which the Fund invests: growth (equities) and defensive (fixed-income) detracted from Fund performance. The Fund invests in derivatives, such as swaps, options, and futures, which are expected to correspond to the performance of US and international fixed-income, equity and commodity markets. The strategic allocation portion of the investment process involves first selecting representative assets for each asset class from a universe of more than 50 assets. Next, we seek to construct the portfolio so that an approximately equal amount of risk comes from our three asset classes: growth (equities), defensive (fixed-income) and real return (commodities). Tactical adjustments to the Fund’s portfolio are then made on a monthly basis to try and take advantage of short-term market dynamics.

    The Fund’s strategic exposure to the growth macro factor, obtained through the use of swaps and futures, detracted from results for the fiscal year, with five of the six markets in which the Fund invests delivering negative returns as a consequence of the resurgence of inflation and central bank efforts to combat the strongest rise in prices in decades. Amongst the equity markets that the Fund invests in, only the UK was able to post positive results as the sector make-up of that market had a higher exposure to sectors that performed well in this environment including energy and staples. Japan equities were a very mild detractor as the Bank of Japan (BOJ) bucked the trend of other central banks by not raising rates and maintaining a very accommodative policy. US large- and small-caps fell over the fiscal year both as a result of aggressive hiking by the US Federal

Reserve as well as a sector make-up that tilted toward growth-oriented sectors like technology, which were relative underperformers. European equities fell on rate hikes and inflationary pressures as well as the war between Russia and Ukraine, which has raised fears of energy security and the follow through impact on economic activity. Emerging markets were the lead detractor from the Fund’s absolute performance within the growth macro factor largely on the poor performance of China, which continues to struggle with COVID-19 outbreaks and economic shutdowns resulting from their zero COVID-19 policy. Tactical shifts in the Fund’s positioning through the fiscal year proved difficult as there was no persistent performance month-to-month, which made getting on the right side of the trend a challenge.

    The Fund’s strategic exposure to the real return macro factor, obtained through the use of swaps, futures and commodity-linked notes contributed to the Fund’s absolute performance for the fiscal year. Our motivation for holding commodities has been to help offset weakness in equity and fixed-income performance during periods of unexpected inflation. In aggregate, that is the result we achieved even though performance was mixed across the commodity complexes. Contribution to returns was led by the energy complex as prices for oil, distillates and natural gas all rose over the fiscal year. The price behavior for energy was spurred not only by tight supply issues stemming from longstanding underinvestment and the additional pressures brought through Russia’s invasion of Ukraine, but also on what has been steady demand. Agricultural commodities also bolstered results as adverse weather impacted crops such as the soy complex and corn. Corn prices also saw an increase from the Russia/ Ukraine war in that Ukraine is a major producer

of corn along its border with Russia and as grain embargoes were put into place. Metals did not fare as well over the fiscal year. Concerns that the aggressive central bank hiking would plunge economies into recession led to demand destruction for industrial metals like aluminum and copper, both of which saw prices fall. Gold and silver prices also fell on a combination of a strong dollar and higher real rates. Tactical shifts over the fiscal year in the real return macro factor produced modest losses for the Fund as strong early period commodity performance became volatile later in the fiscal year creating whipsaw losses.

    The Fund’s strategic exposure to the defensive macro factor, obtained through the use of swaps and futures, was the largest detractor from the Fund’s absolute performance during the fiscal year due to a combination of strong inflation readings and aggressive actions by central banks. Japan government bonds were the top performer among the Fund’s defensive macro factor holdings, turning in a flat result for the fiscal year. The BOJ’s approach of not joining other major central banks in raising rates in the fiscal year and lower inflation readings than the rest of the world left yields relatively unchanged over the fiscal year. The remaining bond markets in which the Fund invests, including Australia, Canada, UK, US and Germany, generated losses as their respective central banks hiked rates to the highest levels in at least a decade and as inflation climbed to the highest readings in several decades. Periods of high inflation and higher rates are damaging to bond returns as their fixed coupon payments become less attractive, which has a downward impact on bond prices. Tactical shifts in the defense macro factor produced gains for the Fund in the fiscal year as factors such as the rising inflation and rate environment led our models to be underweight in these exposures.

    Please note that our strategy is principally implemented with derivative instruments that include futures, options, commodity-linked notes and total return swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in Invesco Balanced-Risk Allocation Fund. As always, we welcome your comments and questions.

Portfolio manager(s):

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Christian Ulrich

2 Invesco Balanced-Risk Allocation Fund

Scott Wolle

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

3 Invesco Balanced-Risk Allocation Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

3 Source: Lipper Inc.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Balanced-Risk Allocation Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (6/2/09)	5.07	%
10 Years	2.64
5 Years	0.91
1 Year	-18.69
Class C Shares
Inception (6/2/09)	5.03	%
10 Years	2.62
5 Years	1.32
1 Year	-15.25
Class R Shares
Inception (6/2/09)	5.24	%
10 Years	2.97
5 Years	1.80
1 Year	-14.21
Class Y Shares
Inception (6/2/09)	5.78	%
10 Years	3.48
5 Years	2.31
1 Year	-13.78
Class R5 Shares
Inception (6/2/09)	5.81	%
10 Years	3.53
5 Years	2.35
1 Year	-13.72
Class R6 Shares
Inception (9/24/12)	3.45	%
10 Years	3.61
5 Years	2.44
1 Year	-13.69

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.

5 Invesco Balanced-Risk Allocation Fund

Supplemental Information

Invesco Balanced-Risk Allocation Fund’s investment objective is to provide total return with a low to moderate correlation to traditional financial market indices.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

∎ The Custom Invesco Balanced-Risk Allocation Style Index 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.

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

6 Invesco Balanced-Risk Allocation Fund

Fund Information

Target Risk Contribution and Notional Asset Weights as of October 31, 2022

Asset Class	Target Risk Contribution*			Notional Asset Weights**
Equities and Options		25.72	%		44.99	%
Fixed Income		36.59			68.32
Commodities		37.69			25.49
Total		100.00	%		138.80	%

  * 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.

7 Invesco Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

October 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–34.46%
U.S. Treasury Bills–13.69%(a)
U.S. Treasury Bills		1.71	%		12/08/2022	$	95,800	$	95,630,647
U.S. Treasury Bills		2.84	%		01/26/2023		91,000		90,134,249
U.S. Treasury Bills		3.39	%		03/09/2023		63,400		62,457,735
									248,222,631
U.S. Treasury Floating Rate Notes–20.77%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)		4.09	%		01/31/2024		114,500		114,487,008
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)		4.04	%		04/30/2024		128,300		128,113,689
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)		4.15	%		07/31/2024		134,000		133,869,651
									376,470,348
Total U.S. Treasury Securities (Cost $625,471,229)									624,692,979
				Expiration Date
Commodity-Linked Securities–3.77%
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		22,850		32,296,681
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		25,600		36,062,128
Total Commodity-Linked Securities (Cost $61,278,726)									68,358,809
						Shares
Money Market Funds–53.89%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(e)(f)							263,828,894		263,828,894
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(e)(f)							60,960,429		60,972,621
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Institutional Class, 3.16%(e)(f)							174,522,956		174,522,956
Invesco Treasury Obligations Portfolio, Institutional Class, 3.12%(e)(f)							380,000,000		380,000,000
Invesco Treasury Portfolio, Institutional Class, 3.08%(e)(f)							97,546,164		97,546,164
Total Money Market Funds (Cost $976,864,608)									976,870,635
Options Purchased–1.84%
(Cost $26,462,914)(g)									33,248,201
TOTAL INVESTMENTS IN SECURITIES–93.96% (Cost $1,690,077,477)									1,703,170,624
OTHER ASSETS LESS LIABILITIES–6.04%									109,426,676
NET ASSETS–100.00%								$	1,812,597,300

Investment Abbreviations:

EMTN – European Medium-Term Notes

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

8 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 October 31, 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 October 31, 2022 was $68,358,809, which represented 3.77% 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 fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	389,413,824	$	727,002,206	$	(852,587,136	)	$	-		$	-		$263,828,894		$2,454,884
Invesco Liquid Assets Portfolio, Institutional Class		129,916,815		519,287,290		(588,207,517	)		(95,866	)		71,899		60,972,621		643,279
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Institutional Class		143,068,345		1,043,364,213		(1,011,909,602	)		-			-		174,522,956		1,639,040
Invesco Treasury Obligations Portfolio, Institutional Class		524,000,000		-		(144,000,000	)		-			-		380,000,000		3,670,414
Invesco Treasury Portfolio, Institutional
Class		156,128,941		830,859,664		(889,442,441	)		-			-		97,546,164		531,848
Total	$	1,342,527,925	$	3,120,513,373	$	(3,486,146,696	)	$	(95,866	)	$	71,899		$976,870,635		$8,939,465

^(f)  The rate shown is the 7-day SEC standardized yield as of October 31, 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		12/16/2022		120		EUR	3,800.00		EUR	4,560,000	$     263,863
EURO STOXX 50 Index		Put		12/16/2022		120		EUR	3,900.00		EUR	4,680,000	357,193
EURO STOXX 50 Index		Put		05/19/2023		120		EUR	3,500.00		EUR	4,200,000	241,686
EURO STOXX 50 Index		Put		06/16/2023		130		EUR	3,600.00		EUR	4,680,000	336,855
EURO STOXX 50 Index		Put		07/21/2023		120		EUR	3,400.00		EUR	4,080,000	238,484
EURO STOXX 50 Index		Put		08/18/2023		130		EUR	3,500.00		EUR	4,550,000	320,796
EURO STOXX 50 Index		Put		09/15/2023		120		EUR	3,350.00		EUR	4,020,000	245,600
EURO STOXX 50 Index		Put		10/20/2023		120		EUR	3,200.00		EUR	3,840,000	209,548
EURO STOXX 50 Index		Put		03/17/2023		130		EUR	4,150.00		EUR	5,395,000	704,029
EURO STOXX 50 Index		Put		01/20/2023		130		EUR	4,000.00		EUR	5,200,000	516,716
EURO STOXX 50 Index		Put		02/17/2023		120		EUR	3,600.00		EUR	4,320,000	198,520
EURO STOXX 50 Index		Put		04/21/2023		120		EUR	3,700.00		EUR	4,440,000	306,555
FTSE 100 Index		Put		05/19/2023		50		GBP	7,225.00		GBP	3,612,500	230,507
FTSE 100 Index		Put		06/16/2023		50		GBP	7,375.00		GBP	3,687,500	286,700
FTSE 100 Index		Put		07/21/2023		50		GBP	6,950.00		GBP	3,475,000	199,830
FTSE 100 Index		Put		08/18/2023		50		GBP	7,200.00		GBP	3,600,000	267,204
FTSE 100 Index		Put		09/15/2023		50		GBP	7,000.00		GBP	3,500,000	230,220
FTSE 100 Index		Put		10/20/2023		50		GBP	6,800.00		GBP	3,400,000	207,571
FTSE 100 Index		Put		11/18/2022		50		GBP	6,900.00		GBP	3,450,000	22,936
FTSE 100 Index		Put		12/16/2022		50		GBP	6,800.00		GBP	3,400,000	38,131
FTSE 100 Index		Put		01/20/2023		50		GBP	7,350.00		GBP	3,675,000	192,089
FTSE 100 Index		Put		02/17/2023		50		GBP	7,175.00		GBP	3,587,500	160,552
FTSE 100 Index		Put		03/17/2023		50		GBP	7,025.00		GBP	3,512,500	148,797
FTSE 100 Index		Put		04/21/2023		50		GBP	7,250.00		GBP	3,625,000	221,906

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

9 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	04/21/2023	75		USD	1,110.00		USD	8,325,000	$  1,888,125
MSCI Emerging Markets Index	Put	05/19/2023	75		USD	1,030.00		USD	7,725,000	1,336,875
MSCI Emerging Markets Index	Put	06/16/2023	75		USD	1,030.00		USD	7,725,000	1,362,750
MSCI Emerging Markets Index	Put	07/21/2023	70		USD	975.00		USD	6,825,000	994,700
MSCI Emerging Markets Index	Put	08/18/2023	70		USD	970.00		USD	6,790,000	987,350
MSCI Emerging Markets Index	Put	09/15/2023	70		USD	950.00		USD	6,650,000	926,800
MSCI Emerging Markets Index	Put	10/20/2023	70		USD	850.00		USD	5,950,000	588,700
MSCI Emerging Markets Index	Put	11/18/2022	75		USD	1,210.00		USD	9,075,000	2,600,250
MSCI Emerging Markets Index	Put	12/16/2022	75		USD	1,170.00		USD	8,775,000	2,355,375
MSCI Emerging Markets Index	Put	01/20/2023	75		USD	1,180.00		USD	8,850,000	2,410,875
MSCI Emerging Markets Index	Put	02/17/2023	75		USD	1,170.00		USD	8,775,000	2,302,125
MSCI Emerging Markets Index	Put	03/17/2023	75		USD	1,130.00		USD	8,475,000	1,999,500
Nikkei 225 Index	Put	06/09/2023	28		JPY	25,500.00		JPY	714,000,000	218,434
Nikkei 225 Index	Put	06/09/2023	28		JPY	26,000.00		JPY	728,000,000	248,562
Nikkei 225 Index	Put	09/08/2023	28		JPY	25,750.00		JPY	721,000,000	297,522
Nikkei 225 Index	Put	09/08/2023	28		JPY	26,500.00		JPY	742,000,000	350,247
Nikkei 225 Index	Put	09/08/2023	28		JPY	27,750.00		JPY	777,000,000	457,581
Nikkei 225 Index	Put	12/08/2023	28		JPY	25,000.00		JPY	700,000,000	310,703
Nikkei 225 Index	Put	12/09/2022	28		JPY	27,250.00		JPY	763,000,000	115,808
Nikkei 225 Index	Put	12/09/2022	28		JPY	26,750.00		JPY	749,000,000	82,854
Nikkei 225 Index	Put	03/10/2023	28		JPY	28,500.00		JPY	798,000,000	357,779
Nikkei 225 Index	Put	03/10/2023	28		JPY	25,500.00		JPY	714,000,000	139,346
Nikkei 225 Index	Put	03/10/2023	28		JPY	25,750.00		JPY	721,000,000	151,585
Nikkei 225 Index	Put	06/09/2023	28		JPY	27,250.00		JPY	763,000,000	340,832
S&P 500 Index	Put	05/19/2023	8		USD	4,075.00		USD	3,260,000	270,840
S&P 500 Index	Put	06/16/2023	8		USD	4,050.00		USD	3,240,000	270,840
S&P 500 Index	Put	08/18/2023	9		USD	4,100.00		USD	3,690,000	347,310
S&P 500 Index	Put	09/15/2023	9		USD	3,900.00		USD	3,510,000	278,190
S&P 500 Index	Put	10/20/2023	8		USD	3,625.00		USD	2,900,000	182,440
S&P 500 Index	Put	11/18/2022	8		USD	4,450.00		USD	3,560,000	459,320
S&P 500 Index	Put	12/16/2022	8		USD	4,475.00		USD	3,580,000	474,400
S&P 500 Index	Put	01/20/2023	8		USD	4,650.00		USD	3,720,000	599,640
S&P 500 Index	Put	02/17/2023	9		USD	4,375.00		USD	3,937,500	450,495
S&P 500 Index	Put	03/17/2023	8		USD	4,225.00		USD	3,380,000	319,080
S&P 500 Index	Put	04/21/2023	8		USD	4,425.00		USD	3,540,000	439,840
S&P 500 Index	Put	07/21/2023	8		USD	3,750.00		USD	3,000,000	184,840
Total Index Options Purchased										$33,248,201

* 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		426		December-2022	$	38,774,520	$	2,627,257		$	2,627,257
Gasoline Reformulated Blendstock Oxygenate Blending		392		November-2022		41,583,125		802,879			802,879
Low Sulphur Gas Oil		32		December-2022		3,263,200		282,777			282,777
Natural Gas		197		November-2022		12,519,350		(3,507,892	)		(3,507,892	)
New York Harbor Ultra-Low Sulfur Diesel		289		November-2022		44,596,226		2,307,068			2,307,068
WTI Crude		458		January-2023		38,517,800		547,869			547,869
Subtotal								3,059,958			3,059,958

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

10 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		1,010		December-2022	$	93,576,500		$	(2,591,155	)	$	(2,591,155	)
EURO STOXX 50 Index		30		December-2022		1,072,646			(12,029	)		(12,029	)
FTSE 100 Index		100		December-2022		8,150,878			(424,740	)		(424,740	)
MSCI Emerging Markets Index		740		December-2022		31,583,200			(4,577,141	)		(4,577,141	)
Nikkei 225 Index		63		December-2022		11,672,551			51,590			51,590
Subtotal									(7,553,475	)		(7,553,475	)
Interest Rate Risk
Australia 10 Year Bonds		3,815		December-2022		289,126,538			(3,762,807	)		(3,762,807	)
Canada 10 Year Bonds		2,965		December-2022		267,760,818			(4,127,680	)		(4,127,680	)
Euro-Bund		1,382		December-2022		189,075,967			(9,547,674	)		(9,547,674	)
Japan 10 Year Bonds		137		December-2022		137,069,101			156,456			156,456
Long Gilt		2,085		December-2022		244,200,692			(13,668,873	)		(13,668,873	)
U.S. Treasury Long Bonds		893		December-2022		107,606,500			(13,139,466	)		(13,139,466	)
Subtotal									(44,090,044	)		(44,090,044	)
Subtotal–Long Futures Contracts									(48,583,561	)		(48,583,561	)
Short Futures Contracts
Equity Risk
E-Mini S&P 500 Index		104		December-2022		(20,191,600	)		(1,095,452	)		(1,095,452	)
Total Futures Contracts								$	(49,679,013	)	$	(49,679,013	)

^(a)  Futures contracts collateralized by $65,895,001 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		94,300	March-2023		USD	41,198,472	$–	$	284,758		$	284,758
Merrill Lynch International	Receive	MLCX Natural Gas Annual Excess Return Index		0.25		Monthly		151,000	June-2023		USD	20,070,074	–		0			0
Morgan Stanley Capital Services LLC	Receive	S&P GSCI Aluminum Dynamic Index Excess Return		0.30		Monthly		78,000	July-2023		USD	8,112,101	–		8,174			8,174
Royal Bank of Canada	Receive	RBC Enhanced Agricultural Basket 07 Excess Return Index		0.35		Monthly		235,000	May-2023		USD	30,391,869	–		0			0
Subtotal – Appreciation													–		292,932			292,932
Commodity Risk
Barclays Bank PLC	Receive	Barclays Commodity Strategy 1452 Excess Return Index		0.26		Monthly		2,700	November-2022		USD	1,689,448	–		(24,024	)		(24,024	)
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.27		Monthly		260,000	August-2023		USD	24,014,562	–		(387,010	)		(387,010	)
Subtotal – Depreciation													–		(411,034	)		(411,034	)
Total – Total Return Swap Agreements													$–	$	(118,102	)	$	(118,102	)

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $3,540,000.

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

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

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

11 Invesco Balanced-Risk Allocation Fund

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

Counterparty

Pay/ Receive

Reference Entity(c)

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Equity Risk

BNP Paribas S.A.

Receive

Invesco U.S. Low Volatility Total Return Index

SOFR + 0.050%

Monthly

3,400

November-2022

USD

19,021,130

$–

$

1,203,868

$

1,203,868

BNP Paribas S.A.

Receive

Invesco US Large Cap Broad Quality Total Return Index

SOFR + 0.280%

Monthly

2,350

November-2022

USD

19,152,101

–

813,898

813,898

BNP Paribas S.A.

Receive

MSCI EMU Minimum Volatility Index

1 mo. EURIBOR - 0.400%

Monthly

9,600

March-2023

EUR

26,015,328

–

904,225

904,225

BNP Paribas S.A.

Receive

MSCI EMU Momentum Index

1 mo. EURIBOR - 0.360%

Monthly

5,900

December-2022

EUR

26,419,244

–

1,247,576

1,247,576

BNP Paribas S.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.400%

Monthly

57,066

February-2023

JPY

150,665,653

–

18,398

18,398

BNP Paribas S.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.420%

Monthly

100,000

January-2023

JPY

264,020,000

–

32,240

32,240

BNP Paribas S.A.

Receive

MSCI Japan Quality Index

TONAR - 0.330%

Monthly

47,594

February-2023

JPY

124,345,512

–

38,352

38,352

Citibank, N.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.420%

Monthly

1,794,732

January-2023

JPY

4,738,451,426

–

578,630

578,630

Goldman Sachs International

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR + 0.700%

Monthly

13,104

December-2022

USD

21,845,154

–

92,121

92,121

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.390%

Monthly

686,810

January-2023

JPY

1,813,315,762

–

221,431

221,431

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

TONAR - 0.400%

Monthly

81,392

February-2023

JPY

214,891,158

–

26,241

26,241

Goldman Sachs International

Receive

MSCI Japan Quality Index

TONAR - 0.300%

Monthly

697,469

January-2023

JPY

1,822,228,433

–

562,028

562,028

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)

Counterparty

Pay/ Receive

Reference Entity(c)

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Goldman Sachs International

Receive

MSCI Japan Quality Index

TONAR - 0.310%

Monthly

150,000

January-2023

JPY

391,894,500

$–

$

120,872

$

120,872

Goldman Sachs International

Receive

MSCI Japan Quality Index

TONAR - 0.330%

Monthly

1,800,000

January-2023

JPY

4,702,734,000

–

1,450,459

1,450,459

Goldman Sachs International

Receive

MSCI Japan Quality Index

TONAR - 0.330%

Monthly

64,937

February-2023

JPY

169,656,354

–

52,327

52,327

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

Receive

Invesco UK Broad Low Volatility Net Total Return Index

SONIA + 0.190%

Monthly

2,605

November-2022

GBP

11,497,428

–

483,083

483,083

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

Receive

Invesco UK Broad Price Momentum Net Total Return Index

SONIA + 0.190%

Monthly

1,966

November-2022

GBP

10,506,599

–

375,226

375,226

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

Receive

Invesco UK Broad Price Momentum Net Total Return Index

SONIA + 0.190%

Monthly

1,960

November-2022

GBP

10,474,534

–

374,080

374,080

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

Receive

Invesco UK Broad Price Momentum Net Total Return Index

SONIA + 0.230%

Monthly

224

November-2022

GBP

1,197,090

–

42,752

42,752

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

Receive

Invesco UK Broad Quality Net Total Return Index

SONIA + 0.230%

Monthly

1,760

November-2022

GBP

10,479,304

–

437,718

437,718

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

Receive

Invesco UK Broad Quality Net Total Return Index

SONIA + 0.230%

Monthly

180

November-2022

GBP

1,071,747

–

44,767

44,767

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

Receive

Invesco US Large Cap Broad Price Momentum Total Return Index

SOFR + 0.280%

Monthly

3,000

November-2022

USD

20,407,410

–

1,575,636

1,575,636

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

13 Invesco Balanced-Risk Allocation Fund

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

Counterparty

Pay/ Receive

Reference Entity(c)

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

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

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR + 0.680%

Monthly

1,344

December-2022

USD

2,240,529

$–

$

9,448

$

9,448

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

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR + 0.700%

Monthly

3,000

January-2023

USD

5,001,180

–

21,090

21,090

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

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR + 0.790%

Monthly

7,580

January-2023

USD

12,636,315

–

53,287

53,287

Merrill Lynch International

Receive

Invesco UK Broad Low Volatility Net Total Return Index

SONIA + 0.190%

Monthly

2,395

November-2022

GBP

10,570,572

–

444,140

444,140

Merrill Lynch International

Receive

Invesco UK Broad Quality Net Total Return Index

SONIA + 0.190%

Monthly

1,760

November-2022

GBP

10,479,304

–

437,718

437,718

Merrill Lynch International

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR + 0.680%

Monthly

1,455

November-2022

USD

2,425,572

–

10,229

10,229

Merrill Lynch International

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR+ 0.720%

Monthly

8,017

March-2023

USD

13,364,820

–

56,359

56,359

Merrill Lynch International

Receive

MSCI EMU Quality Volatility Index

1 mo. EURIBOR - 0.250%

Monthly

7,700

January-2023

EUR

26,039,783

–

788,832

788,832

Subtotal - Appreciation

–

12,517,031

12,517,031

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

14 Invesco Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)
Counterparty	Pay/ Receive		Reference Entity(c)	Floating Rate Index		Payment Frequency		Number of Contracts		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Equity Risk
Goldman Sachs International		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Net Total Return Index		SOFR + 0.760%		Monthly		1,590		November-2022		USD	9,503,684		$–	$	(123,491	)	$	(123,491	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Net Total Return Index		SOFR + 0.550%		Monthly		7,510		November-2022		USD	44,888,472		–		(583,282	)		(583,282	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Net Total Return Index		SOFR+ 0.680%		Monthly		600		January-2023		USD	3,586,296		–		(46,600	)		(46,600	)
Subtotal - Depreciation																–		(753,373	)		(753,373	)
Total - Total Return Swap Agreements																$–	$	11,763,658		$	11,763,658

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $3,540,000.

^(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	6.14%
	Corn	8.08
	Cotton	18.63
	Lean Hogs	0.49
	Live Cattle	0.88
	Soybean	18.59
	Soybean Oil	14.00
	Soymeal	20.29
	Sugar	6.22
	Wheat	6.68
	Total	100.00%

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

15 Invesco Balanced-Risk Allocation Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
RBC Enhanced Agricultural Basket 07 Excess Return Index
	Long Futures Contracts
	Coffee	6.14%
	Corn	8.08
	Cotton	18.63
	Lean Hogs	0.49
	Live Cattle	0.88
	Soybean	18.59
	Soybean Oil	14.00
	Soymeal	20.29
	Sugar	6.22
	Wheat	6.68
	Total	100.00%
J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts
	Gas Oil	100.00%
MLCX Natural Gas Annual Excess Return Index
	Long Futures Contracts
	Natural Gas	100.00%
S&P GSCI Aluminum Dynamic Roll Index Excess Return
	Long Futures Contracts
	Aluminum	100.00%
Barclays Commodity Strategy 1452 Excess Return Index
	Long Futures Contracts
	Copper	100.00%
Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2
	Long Futures Contracts
	Copper	100.00%

Abbreviations:
EMU	–European Economic and Monetary Union
EUR	–Euro
EURIBOR	–Euro Interbank Offered Rate
GBP	–British Pound Sterling
JPY	–Japanese Yen
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.

16 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $713,212,869)	$	726,299,989
Investments in affiliated money market funds, at value (Cost $976,864,608)		976,870,635
Other investments:
Swaps receivable – OTC		19,958
Unrealized appreciation on swap agreements – OTC		12,809,963
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		65,895,001
Cash collateral – OTC Derivatives		3,540,000
Cash		11,227,936
Foreign currencies, at value (Cost $26,761,162)		27,020,662
Receivable for:
Fund shares sold		728,515
Dividends		2,415,857
Interest		144,840
Investment for trustee deferred compensation and retirement plans		464,633
Other assets		74,524
Total assets		1,827,512,513
Liabilities:
Other investments:
Variation margin payable - futures contracts		6,995,641
Swaps payable – OTC		2,989,734
Unrealized depreciation on swap agreements-OTC		1,164,407
Payable for:
Fund shares reacquired		2,030,467
Accrued fees to affiliates		1,077,694
Accrued trustees’ and officers’ fees and benefits		1,436
Accrued other operating expenses		140,398
Trustee deferred compensation and retirement plans		515,436
Total liabilities		14,915,213
Net assets applicable to shares outstanding	$	1,812,597,300

Net assets consist of:
Shares of beneficial interest	$	2,042,884,957
Distributable earnings (loss)		(230,287,657	)
	$	1,812,597,300
Net Assets:
Class A	$	852,411,928
Class C	$	100,108,616
Class R	$	16,270,138
Class Y	$	792,547,449
Class R5	$	12,873,720
Class R6	$	38,385,449
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		103,416,264
Class C		13,073,758
Class R		2,027,848
Class Y		93,736,603
Class R5		1,521,516
Class R6		4,522,802
Class A:
Net asset value per share	$	8.24
Maximum offering price per share (Net asset value of $8.24 ÷ 94.50%)	$	8.72
Class C:
Net asset value and offering price per share	$	7.66
Class R:
Net asset value and offering price per share	$	8.02
Class Y:
Net asset value and offering price per share	$	8.46
Class R5:
Net asset value and offering price per share	$	8.46
Class R6:
Net asset value and offering price per share	$	8.49

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 Operations

For the year ended October 31, 2022

Investment income:
Interest	$	9,017,500
Dividends from affiliated money market funds (net of foreign withholding taxes of $223,188)		8,939,465
Total investment income		17,956,965
Expenses:
Advisory fees		19,210,676
Administrative services fees		314,409
Custodian fees		155,001
Distribution fees:
Class A	��	2,462,592
Class C		1,347,978
Class R		86,952
Transfer agent fees – A, C, R and Y		2,602,424
Transfer agent fees – R5		14,718
Transfer agent fees – R6		13,873
Trustees’ and officers’ fees and benefits		35,248
Registration and filing fees		145,060
Reports to shareholders		63,812
Professional services fees		98,874
Other		923,305
Total expenses		27,474,922
Less: Fees waived and/or expense offset arrangement(s)		(814,679	)
Net expenses		26,660,243
Net investment income (loss)		(8,703,278	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		22,389,586
Affiliated investment securities		71,899
Foreign currencies		(11,797,136	)
Futures contracts		(238,084,688	)
Swap agreements		(91,398,926	)
		(318,819,265	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		18,797,063
Affiliated investment securities		(95,866	)
Foreign currencies		346,207
Futures contracts		(7,544,637	)
Swap agreements		7,949,922
		19,452,689
Net realized and unrealized gain (loss)		(299,366,576	)
Net increase (decrease) in net assets resulting from operations	$	(308,069,854	)

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

18 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income (loss)	$	(8,703,278	)	$	(29,679,403	)
Net realized gain (loss)		(318,819,265	)		484,770,750
Change in net unrealized appreciation		19,452,689			14,666,344
Net increase (decrease) in net assets resulting from operations		(308,069,854	)		469,757,691
Distributions to shareholders from distributable earnings:
Class A		(225,061,518	)		(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		(497,106,738	)		(30,305,991	)
Share transactions–net:
Class A		127,096,042			91,241,745
Class C		(13,473,598	)		(235,030,332	)
Class R		4,973,468			(364,637	)
Class Y		85,280,229			(125,674,098	)
Class R5		1,621,069			(1,898,401	)
Class R6		5,266,488			(131,933,646	)
Net increase (decrease) in net assets resulting from share transactions		210,763,698			(403,659,369	)
Net increase (decrease) in net assets		(594,412,894	)		35,792,331
Net assets:
Beginning of year		2,407,010,194			2,371,217,863
End of year	$	1,812,597,300		$	2,407,010,194

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

19 Invesco Balanced-Risk Allocation Fund

Consolidated Financial Highlights

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Year ended 10/31/22		$	12.09		$	(0.04	)		$	(1.29	)		$	(1.33	)		$	(1.43	)		$	(1.09	)		$	(2.52	)		$	8.24		(13.99	)%		$	852,412		1.31	%		1.35	%		(0.47	)%		92	%
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
Class C
Year ended 10/31/22			11.36			(0.11	)			(1.19	)			(1.30	)			(1.31	)			(1.09	)			(2.40	)			7.66		(14.57	)			100,109		2.06			2.10			(1.22	)		92
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
Class R
Year ended 10/31/22			11.82			(0.07	)			(1.25	)			(1.32	)			(1.39	)			(1.09	)			(2.48	)			8.02		(14.21	)			16,270		1.56			1.60			(0.72	)		92
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
Class Y
Year ended 10/31/22			12.34			(0.02	)			(1.31	)			(1.33	)			(1.46	)			(1.09	)			(2.55	)			8.46		(13.66	)			792,547		1.06			1.10			(0.22	)		92
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
Class R5
Year ended 10/31/22			12.35			(0.02	)			(1.31	)			(1.33	)			(1.47	)			(1.09	)			(2.56	)			8.46		(13.72	)			12,874		1.04			1.08			(0.20	)		92
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
Class R6
Year ended 10/31/22			12.38			(0.01	)			(1.32	)			(1.33	)			(1.47	)			(1.09	)			(2.56	)			8.49		(13.62	)			38,385		0.97			1.01			(0.13	)		92
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

^(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.

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

20 Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Financial Statements

October 31, 2022

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the

21 Invesco Balanced-Risk Allocation Fund

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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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

22 Invesco Balanced-Risk Allocation Fund

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 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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 or asset. 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 net asset value (“NAV”) per share 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.

23 Invesco Balanced-Risk Allocation Fund

    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. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

O. 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. 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.

During the period, the Fund experienced a low interest rate environment 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.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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.

Q. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (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
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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.90%.

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 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

24 Invesco Balanced-Risk Allocation Fund

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 year ended October 31, 2022, the Adviser waived advisory fees of $810,989.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $126,431 in front-end sales commissions from the sale of Class A shares and $1,837 and $9,945 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	–	$	624,692,979		$–	$	624,692,979
Commodity-Linked Securities		–		68,358,809		–		68,358,809
Money Market Funds		976,870,635		–		–		976,870,635
Options Purchased		33,248,201		–		–		33,248,201
Total Investments in Securities		1,010,118,836		693,051,788		–		1,703,170,624
Other Investments – Assets*
Futures Contracts		6,775,896		–		–		6,775,896
Swap Agreements		–		12,809,963		–		12,809,963
		6,775,896		12,809,963		–		19,585,859

25 Invesco Balanced-Risk Allocation Fund

	Level 1			Level 2			Level 3		Total
Other Investments - Liabilities*
Futures Contracts	$	(56,454,909	)	$	–			$–	$	(56,454,909	)
Swap Agreements		–			(1,164,407	)		–		(1,164,407	)
		(56,454,909	)		(1,164,407	)		–		(57,619,316	)
Total Other Investments		(49,679,013	)		11,645,556			–		(38,033,457	)
Total Investments	$	960,439,823		$	704,697,344			$–	$	1,665,137,167

* 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 October 31, 2022:

	Value
	Commodity			Equity			Interest
Derivative Assets	Risk			Risk			Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	6,567,850		$	51,590		$	156,456		$	6,775,896
Unrealized appreciation on swap agreements – OTC		292,932			12,517,031			–			12,809,963
Options purchased, at value – Exchange-Traded(b)		–			33,248,201			–			33,248,201
Total Derivative Assets		6,860,782			45,816,822			156,456			52,834,060
Derivatives not subject to master netting agreements		(6,567,850	)		(33,299,791	)		(156,456	)		(40,024,097	)
Total Derivative Assets subject to master netting agreements	$	292,932		$	12,517,031		$	–		$	12,809,963

	Value
	Commodity			Equity			Interest
Derivative Liabilities	Risk			Risk			Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(3,507,892	)	$	(8,700,517	)	$	(44,246,500	)	$	(56,454,909	)
Unrealized depreciation on swap agreements – OTC		(411,034	)		(753,373	)		–			(1,164,407	)
Total Derivative Liabilities		(3,918,926	)		(9,453,890	)		(44,246,500	)		(57,619,316	)
Derivatives not subject to master netting agreements		3,507,892			8,700,517			44,246,500			56,454,909
Total Derivative Liabilities subject to master netting agreements	$	(411,034	)	$	(753,373	)	$	–		$	(1,164,407	)

^(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 October 31, 2022.

	Financial		Financial
	Derivative		Derivative						Collateral
	Assets		Liabilities						(Received)/Pledged
	Swap		Swap			Net Value of								Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash		Cash			Amount(a)
Fund
BNP Paribas S.A.	$	4,259,354	$	(53,655	)	$	4,205,699			$–	$	(4,205,699	)	$	–
Citibank, N.A.		586,049		–			586,049			–		(250,000	)		336,049
Goldman Sachs International		2,537,221		(172,476	)		2,364,745			–		(1,760,000	)		604,745
J.P. Morgan Chase Bank, N.A.		3,417,087		(811,348	)		2,605,739			–		(2,605,739	)		–
Merrill Lynch International		1,737,278		(55,244	)		1,682,034			–		(1,640,000	)		42,034
Subtotal - Fund		12,536,989		(1,092,723	)		11,444,266			–		(10,461,438	)		982,828
Subsidary
Barclays Bank PLC		–		(24,201	)		(24,201	)		–		–			(24,201	)
Canadian Imperial Bank of Commerce		–		(390,688	)		(390,688	)		–		–			(390,688	)

26 Invesco Balanced-Risk Allocation Fund

	Financial		Financial
	Derivative		Derivative						Collateral
	Assets		Liabilities						(Received)/Pledged
	Swap		Swap			Net Value of								Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash		Cash			Amount(a)
J.P. Morgan Chase Bank, N.A.	$	284,758	$	(2,215	)	$	282,543			$–	$	(282,543	)	$	–
Merrill Lynch International		–		(1,975,504	)		(1,975,504	)		–		1,975,504			–
Morgan Stanley Capital Services LLC		8,174		(981	)		7,193			–		–			7,193
Royal Bank of Canada		–		(667,829	)		(667,829	)		–		667,829			–
Subtotal - Subsidary		292,932		(3,061,418	)		(2,768,486	)		–		2,360,790			(407,696	)
Total	$	12,829,921	$	(4,154,141	)	$	8,675,780			$–	$	(8,100,648	)	$	575,132

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

Effect of Derivative Investments for the year ended October 31, 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			Equity			Interest
	Risk			Risk			Rate Risk			Total
Realized Gain (Loss):
Futures contracts	$	48,255,161		$	(89,205,347	)	$	(197,134,502	)	$	(238,084,688	)
Options purchased(a)		-			(4,749,098	)		-			(4,749,098	)
Swap agreements		(1,142	)		(92,763,738	)		1,365,954			(91,398,926	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(1,405,340	)		(15,054,448	)		8,915,151			(7,544,637	)
Options purchased(a)		-			17,901,028			-			17,901,028
Swap agreements		7,315,811			634,111			-			7,949,922
Total	$	54,164,490		$	(183,237,492	)	$	(186,853,397	)	$	(315,926,399	)

^(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.

			Equity
	Futures		Options		Swap
	Contracts		Purchased		Agreements
Average notional value	$	2,068,411,994	$	395,680,263	$	863,872,979
Average contracts		–		3,977		–

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,690.

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.

27 Invesco Balanced-Risk Allocation Fund

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	428,299,995	$	30,305,991
Long-term capital gain		68,806,743		–
Total distributions	$	497,106,738	$	30,305,991

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Net unrealized appreciation (depreciation) – investments	$	(4,442,021	)
Net unrealized appreciation – foreign currencies		738,730
Temporary book/tax differences		(382,276	)
Capital loss carryforward		(226,202,090	)
Shares of beneficial interest		2,042,884,957
Total net assets	$	1,812,597,300

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to derivative instruments.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$115,328,279		$110,873,811		$226,202,090

* 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 year ended October 31, 2022 was $30,602,596 and $24,839,378, 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	$	39,240,751
Aggregate unrealized (depreciation) of investments		(43,682,772	)
Net unrealized appreciation (depreciation) of investments	$	(4,442,021	)

Cost of investments for tax purposes is $1,669,579,188.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses, derivative instruments and income from the Subsidiary, on October 31, 2022, undistributed net investment income (loss) was increased by $1,128,768, undistributed net realized gain (loss) was increased by $118,284,907 and shares of beneficial interest was decreased by $119,413,675. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended				Year ended
	October 31, 2022(a)				October 31, 2021
	Shares		Amount		Shares		Amount
Sold:
Class A		7,675,989	$	73,144,192		7,717,868	$	89,718,206
Class C		1,764,890		15,574,741		1,858,756		20,404,306
Class R		512,017		4,634,315		395,503		4,525,565
Class Y		23,303,511		228,108,540		19,773,947		234,498,165
Class R5		98,801		961,133		128,696		1,486,744
Class R6		862,016		8,179,105		1,393,714		16,794,691

28 Invesco Balanced-Risk Allocation Fund

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
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		3,448,280			31,918,195			18,455,595			209,165,274
Class C		(3,697,763	)		(31,918,195	)		(19,548,435	)		(209,165,274	)
Reacquired:
Class A		(19,509,831	)		(183,861,403	)		(18,796,945	)		(217,287,141	)
Class C		(3,218,052	)		(28,229,625	)		(4,412,659	)		(47,520,768	)
Class R		(371,925	)		(3,354,588	)		(451,008	)		(5,037,418	)
Class Y		(33,306,794	)		(316,623,942	)		(31,568,339	)		(372,296,789	)
Class R5		(263,981	)		(2,598,386	)		(313,605	)		(3,631,042	)
Class R6		(1,150,430	)		(11,350,157	)		(13,027,447	)		(151,290,856	)
Net increase (decrease) in share activity		20,227,430		$	210,763,698			(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 58% 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 Balanced-Risk Allocation Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Balanced-Risk Allocation Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related consolidated statement of operations for the year ended October 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

30 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 May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/22)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$893.70	$6.40	$1,018.45	$6.82	1.34%
Class C	1,000.00	891.70	9.97	1,014.67	10.61	2.09
Class R	1,000.00	893.10	7.59	1,017.19	8.08	1.59
Class Y	1,000.00	895.10	5.21	1,019.71	5.55	1.09
Class R5	1,000.00	895.20	5.06	1,019.86	5.40	1.06
Class R6	1,000.00	896.50	4.73	1,020.21	5.04	0.99

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

31 Invesco Balanced-Risk Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Balanced-Risk Allocation Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Balanced-Risk Allocation Style Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

32 Invesco Balanced-Risk Allocation Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s contractual management fees and its total expense ratio were in the fourth quintile of its expense group, and its actual management fees were in the fifth quintile of its expense group, and discussed with management reasons for such relative actual and contractual management fees and total expenses.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

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

transactions through “soft dollar” arrangements to any significant degree.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

33 Invesco Balanced-Risk Allocation Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$68,806,743
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.26	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$145,875,892

34 Invesco Balanced-Risk Allocation Fund

Trustees and Officers

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

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Balanced-Risk Allocation Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Balanced-Risk Allocation Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Balanced-Risk Allocation Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Balanced-Risk Allocation Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Balanced-Risk Allocation Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Balanced-Risk Allocation Fund

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

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-AR-1                                         

Annual Report to Shareholders October 31, 2022

Invesco Balanced-Risk Commodity Strategy Fund

Nasdaq:

A: BRCAX ∎ C: BRCCX ∎ R: BRCRX ∎ Y: BRCYX ∎ R5: BRCNX ∎ R6: IBRFX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Consolidated Schedule of Investments
14	Consolidated Financial Statements
17	Consolidated Financial Highlights
18	Notes to Consolidated Financial Statements
26	Report of Independent Registered Public Accounting Firm
27	Fund Expenses
28	Approval of Investment Advisory and Sub-Advisory Contracts
30	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary For the fiscal year ended October 31, 2022, Class A shares of Invesco Balanced-Risk Commodity Strategy Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg Commodity Index, the Fund’s broad market/style-specific benchmark.   Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	6.63	%
Class C Shares	5.69
Class R Shares	6.17
Class Y Shares	6.80
Class R5 Shares	6.76
Class R6 Shares	6.77
Bloomberg Commodity Index▼ (Broad Market/Style-Specific Index)	11.15
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

The fiscal year ended October 31, 2022, provided positive returns for commodities due to gains in the energy and agriculture sectors that were favorably impacted by the war between Russia and Ukraine. Given Russia is the third largest oil producer in the world and Russia and Ukraine combined produce approximately one-third of the world’s wheat, the war has led to supply disruptions and an energy crisis in Europe resulting from sanctions on Russian output. Industrial metals and precious metals declined as inflation remains at a high and persistent level causing central banks to take aggressive actions in the form of interest rate increases that have resulted in fears of a global economic recession. Moreover, the environment has seen both high volatility and a high divergence of returns across commodity complexes and individual exposures. Commodities surged after Russia invaded Ukraine in March 2022 with prices reaching a peak in early June; afterwards, recession fears gripped the markets and there was a general decline that saw many commodities fall back to their pre-war levels. With that background in mind, the Fund invests with a strategic long bias in four commodity complexes – agriculture, energy, industrial metals and precious metals – and then makes tactical adjustments on a monthly basis to try to take advantage of short-term market dynamics. Gains in the energy sector dominated net results during the fiscal year, and in fact, energy’s contribution was more than 100% of net total returns due to the war’s supply disruptions and the subsequent impact on oil, natural gas and refined products. The Fund’s ability to tactically adjust its exposure to assets detracted from the Fund’s relative performance over the fiscal year mainly due to the Fund being underweight and even periodically net short natural gas and wheat leading up to and into Russia’s in-

vasion of Ukraine. Overall, the Fund under-performed the Bloomberg Commodity Index, primarily due to the monthly tactical positioning in energy.

    Sanctions on Russian oil and natural gas forced Europe to source products from alternative producers in an already tight market which propelled energy to be the top contributing sub-complex in the Fund. Compounding the supply imbalance was limited excess refined product capacity in the US for gasoline, diesel and heating oil while OPEC implemented a production cut late in the fiscal year despite protest from the White House. Gains were exceptional in the energy sector with all assets up significantly due to supply/demand imbalances. As a result, top contributors based on allocation weights were heating oil, unleaded gasoline, gasoil and Brent crude. Tactical positioning in energy was the Fund’s primary detractor mostly due to pre-war positioning that was net short natural gas while concurrently being underweight in heating oil and gasoil.

    The Fund’s strategic positioning within the agriculture sector contributed to overall results as positive returns from grains and livestock were able to overcome losses in soft commodities including cotton, coffee and sugar. Gains in wheat and corn dominated headlines but the Fund’s leading contributors were soymeal, soybeans and soybean oil that were rewarded by poor weather across North and South America that impaired production. Soybean oil further benefited from temporary shortages of palm oil and sunflower oil from Ukraine, as well as its crossover use as a biofuel given the soaring prices of refined petroleum products such as diesel. Cotton and coffee prices suffered due to demand fears as soaring energy prices and tight monetary policy raised the risk of a global economic slowdown. Tactical agriculture exposure was a net detractor mainly due to the Fund’s net

short position in wheat in the pre-war period of early 2022.

    Strategic positioning in industrial metals was a detractor from the Fund’s relative performance as it was the worst-performing of the four primary sub-complexes. Copper was the worst performing commodity in the Fund’s universe as demand for metal has declined along with Chinese economic activity. China is both a primary consumer and processor of the metal

along with aluminum and the country’s ongoing zero-COVID-19 policy has resulted in three straight reported declines in manufacturing activity. Global central bank efforts to contain inflation have led to a spike in interest rates which has reduced spending on new construction and industrial metals demand in tandem. Tactical exposure was favorable as the Fund was underweight across the fiscal year.

    The Fund’s strategic exposure to precious metals also detracted from overall results as both gold and silver declined. Rising interest rates and the US dollar weighed on the price of gold despite elevated levels of inflation as investors currently believe the US Federal Reserve and other central banks will be successful in their battle with inflation. Silver’s losses were compounded by the metal’s crossover use as an industrial metal making it more economically sensitive than gold. Tactical exposure was favorable as the Fund was net underweight across the fiscal year.

    Please note that our strategy is principally implemented with derivative instruments that include futures, total return swaps and commodity-linked notes. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in Invesco Balanced-Risk Commodity Strategy Fund.

Portfolio manager(s):

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc.

2 Invesco Balanced-Risk Commodity Strategy Fund

makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco Balanced-Risk Commodity Strategy Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1   Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Balanced-Risk Commodity Strategy Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (11/30/10)	-1.37	%
10 Years	-2.25
5 Years	4.01
1 Year	0.72
Class C Shares
Inception (11/30/10)	-1.40	%
10 Years	-2.28
5 Years	4.41
1 Year	4.80
Class R Shares
Inception (11/30/10)	-1.13	%
10 Years	-1.94
5 Years	4.93
1 Year	6.17
Class Y Shares
Inception (11/30/10)	-0.64	%
10 Years	-1.47
5 Years	5.43
1 Year	6.80
Class R5 Shares
Inception (11/30/10)	-0.60	%
10 Years	-1.41
5 Years	5.47
1 Year	6.76
Class R6 Shares
Inception (9/24/12)	-1.67	%
10 Years	-1.37
5 Years	5.48
1 Year	6.77

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.

5 Invesco Balanced-Risk Commodity Strategy Fund

Supplemental Information

Invesco Balanced-Risk Commodity Strategy Fund’s investment objective is to provide total return.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

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

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

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

6 Invesco Balanced-Risk Commodity Strategy Fund

Fund Information

Target Risk Contribution and Notional Asset Weights as of October 31, 2022

Asset Class	Target Risk Contribution*	Notional Asset Weights**
Agriculture	20.36%	28.35%
Energy	64.89	44.58
Industrial Metals	9.88	14.22
Precious Metals	4.87	13.70
Total	100.00%	100.85%

* 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.

7 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Schedule of Investments

October 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–30.15%
U.S. Treasury Bills–9.78%(a)
U.S. Treasury Bills		1.48	%		11/25/2022	$	59,300	$	59,241,886
U.S. Treasury Bills		1.71	%		12/08/2022		56,200		56,100,651
									115,342,537
U.S. Treasury Floating Rate Notes–20.37%(b)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)		4.10	%		01/31/2024		80,200		80,190,900
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)		4.04	%		04/30/2024		74,500		74,391,815
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)		4.15	%		07/31/2024		85,600		85,516,732
									240,099,447
Total U.S. Treasury Securities (Cost $355,642,491)									355,441,984
				Expiration Date
Commodity-Linked Securities–6.97%
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		11,141,453
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)					08/01/2023		14,730		12,757,762
Citigroup Global Markets Holdings Inc.,, 1 month SOFR plus 0.04% (linked to the S&P GSCI Gold Excess Return Index, multiplied by 2.5)(c)					11/30/2023		33,500		32,837,224
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		25,469,019
Total Commodity-Linked Securities (Cost $80,930,000)									82,205,458
						Shares
Money Market Funds–56.66%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(d)(e)							161,006,414		161,006,414
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(d)(e)							114,006,606		114,029,407
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Institutional Class, 3.16%(d)(e)							209,004,299		209,004,299
Invesco Treasury Portfolio, Institutional Class, 3.08%(d)(e)							184,007,331		184,007,331
Total Money Market Funds (Cost $668,001,883)									668,047,451
TOTAL INVESTMENTS IN SECURITIES-93.78% (Cost $1,104,574,374)									1,105,694,893
OTHER ASSETS LESS LIABILITIES-6.22%									73,386,734
NET ASSETS-100.00%								$	1,179,081,627

Investment Abbreviations:

SOFR – Secured Overnight Financing Rate

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

8 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 October 31, 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 October 31, 2022 was $82,205,458, which represented 6.97% 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 fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	219,699,971	$	435,059,306	$	(493,752,863	)	$	-	$	-	$	161,006,414	$	1,698,803
Invesco Liquid Assets Portfolio, Institutional Class		155,968,493		310,756,647		(352,680,616	)		60,468		(75,585)		114,029,407		1,213,772
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Institutional Class		317,059,908		1,696,227,438		(1,804,283,047	)		-		-		209,004,299		2,156,749
Invesco Treasury Portfolio, Institutional Class		251,085,682		497,210,635		(564,288,986	)		-		-		184,007,331		1,842,087
Total	$	943,814,054	$	2,939,254,026	$	(3,215,005,512	)	$	60,468	$	(75,585)	$	668,047,451	$	6,911,411

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Coffee ’C’		308		March-2023	$	20,102,775	$	(5,185,946	)	$	(5,185,946	)
Corn		1,122		December-2022		38,793,150		1,936,153			1,936,153
Natural Gas		537		November-2022		34,126,350		(8,881,709	)		(8,881,709	)
Soybeans		1,100		July-2023		79,103,750		1,276,621			1,276,621
Wheat		240		December-2022		10,587,000		(1,427,581	)		(1,427,581	)
Total Futures Contracts							$	(12,282,462	)	$	(12,282,462	)

^(a) Futures contracts collateralized by $51,865,000 cash held with Goldman Sachs & Co., 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 Brent Crude Roll Yield Index

0.35

%

Monthly

33,600

February–2023

USD

19,281,000

$–

$

531,105

$

531,105

Barclays Bank PLC

Receive

Barclays WTI Crude Roll Yield Excess Return Index

0.35

Monthly

228,500

March–2023

USD

93,418,066

–

1,995,056

1,995,056

Goldman Sachs International

Receive

S&P GSCI Soybean Meal Excess Return Index

0.42

Monthly

23,050

December–2022

USD

27,185,862

–

1,858,982

1,858,982

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

Pay

S&P GSCI Gold Index Excess Return

0.09

Monthly

40,500

July–2023

USD

4,851,240

–

39,301

39,301

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

Receive

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

0.25

Monthly

214,500

March–2023

USD

93,712,326

–

647,726

647,726

Macquarie Bank Ltd.

Pay

Macquarie Single Commodity Nickel type A Excess Return Index

0.17

Monthly

212,000

February–2023

USD

29,999,102

–

695,763

695,763

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

9 Invesco Balanced-Risk Commodity Strategy 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)
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Zinc type A Excess Return Index		0.12	%	Monthly		65,000	October–2023		USD	12,394,961	$–	$	891,586		$	891,586
Macquarie Bank Ltd.	Receive	Macquarie Aluminium Dynamic Selection Index		0.30		Monthly		1,470,000	February–2023		USD	76,976,697	–		298,557			298,557
Merrill Lynch International	Pay	Merrill Lynch Gold Excess Return Index		0.01		Monthly		9,000	September–2023		USD	1,675,845	–		0			0
Merrill Lynch International	Pay	MLCIAPLH Excess Return Index		0.00		Monthly		360,000	September–2023		USD	2,973,996	–		0			0
Merrill Lynch International	Pay	MLCX2CCER Excess Return Index		0.00		Monthly		321,000	December–2022		USD	15,778,402	–		0			0
Merrill Lynch International	Pay	MLCX2LCER Excess Return Index		0.06		Monthly		260,000	March–2023		USD	16,030,066	–		0			0
Merrill Lynch International	Receive	Merrill Lynch Soybean Meal Index		0.30		Monthly		19,200	February–2023		USD	15,930,472	–		0			0
Merrill Lynch International	Receive	MLCX Dynamic Enhanced Copper Excess Return Index		0.25		Monthly		76,800	February–2023		USD	54,017,426	–		0			0
Merrill Lynch International	Receive	MLCX Natural Gas Annual Excess Return Index		0.25		Monthly		281,300	June–2023		USD	37,388,821	–		0			0
Merrill Lynch International	Receive	MLCX1XBE Excess Return Index		0.10		Monthly		132,700	September–2023		USD	54,376,280	–		0			0
Morgan Stanley Capital Services LLC	Receive	Morgan Stanley MSCY2XB0 Index		0.15		Monthly		57,500	September–2023		USD	44,548,338	–		1,575,673			1,575,673
Morgan Stanley Capital Services LLC	Receive	MS Soybean Oil Dynamic Roll		0.30		Monthly		168,700	April–2023		USD	46,298,804	–		4,065,670			4,065,670
Royal Bank of Canada	Receive	RBC Enhanced Brent Crude Oil 01 Excess Return Index		0.35		Monthly		87,900	December–2022		USD	45,515,262	–		0			0
Subtotal – Appreciation													–		12,599,419			12,599,419
Commodity Risk
BNP Paribas S.A.	Receive	BNP Paribas Commodity Daily Dynamic Curve CO Index		0.25		Monthly		51,500	August–2023		USD	30,878,355	–		(535,214	)		(535,214	)
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.27		Monthly		147,500	August–2023		USD	13,623,646	–		(219,554	)		(219,554	)
Cargill, Inc.	Receive	Cargill Single Commodity Index		0.41		Monthly		26,300	June–2023		USD	6,068,054	–		(161,072	)		(161,072	)
Goldman Sachs International	Receive	Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index		0.45		Monthly		932,000	December–2022		USD	53,264,480	–		(7,101,066	)		(7,101,066	)
Macquarie Bank Ltd.	Receive	Macquarie Single Commodity Silver type A Excess Return Index		0.16		Monthly		139,500	February–2023		USD	27,557,067	–		(327,560	)		(327,560	)

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

10 Invesco Balanced-Risk Commodity Strategy 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)
Morgan Stanley Capital Services LLC	Pay	Morgan Stanley MSCY2KW0 Index		0.05	%		Monthly		22,200		December–2022		USD	6,571,164	$–	$	(184,642	)	$	(184,642	)
UBS AG	Receive	UBS Modified Roll Select Heating Oil Strategy		0.30			Monthly		724,000		December–2022		USD	96,379,242	–		(793,214	)		(793,214	)
Subtotal – Depreciation															–		(9,322,322	)		(9,322,322	)
Total – Total Return Swap Agreements															$–	$	3,277,097		$	3,277,097

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $7,070,000.

^(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 Brent Crude Roll Yield Index
	Long Futures Contracts
	Brent Crude	100.00%
Barclays WTI Crude Roll Yield Excess Return Index
	Long Futures Contracts
	WTI Crude	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%
J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts
	Gas Oil	100.00%
Macquarie Aluminum Dynamic Selection Index
	Long Futures Contracts
	Aluminum	100.00%
Macquarie Single Commodity Nickel type A Excess Return Index
	Long Futures Contracts
	Nickel	100.00%
Macquarie Single Commodity Zinc type A Excess Return Index
	Long Futures Contracts
	Zinc	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%

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

11 Invesco Balanced-Risk Commodity Strategy Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
MLCX2CCER Excess Return Index
	Long Futures Contracts
	Cocoa	100.00%
MLCX2LCER Excess Return Index
	Long Futures Contracts
	Live Cattle	100.00%
Merrill Lynch Soybean Meal Index
	Long Futures Contracts
	Soybean Meal	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%
MLCX1XBE Excess Return Index
	Long Futures Contracts
	Gasoline Unleaded	100.00%
Morgan Stanley MSCY2XB0 Index
	Long Futures Contracts
	Gasoline RBOB	100.00%
MS Soybean Oil Dynamic Roll Index
	Long Futures Contracts
	Soybean Oil	100.00%
RBC Enhanced Brent Crude Oil 01 Excess Return Index
	Long Futures Contracts
	Brent Crude	100.00%
BNP Paribas Commodity Daily Dynamic Curve CO Index
	Long Futures Contracts
	Brent Crude	100.00%
Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2
	Long Futures Contracts
	Copper	100.00%
Cargill Single Commodity Index
	Long Futures Contracts
	Sugar	100.00%
Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index
	Long Futures Contracts
	Cotton	100.00%

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

12 Invesco Balanced-Risk Commodity Strategy Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
Macquarie Single Commodity Silver type A Excess Return Index
	Long Futures Contracts
	Silver	100.00%
Morgan Stanley MSCY2KW0 Index
	Long Futures Contracts
	Kansas Wheat	100.00%
UBS Modified Roll Select Heating Oil Strategy
	Long Futures Contracts
	Heating Oil	100.00%

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

13 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $436,572,491)	$	437,647,442
Investments in affiliated money market funds, at value (Cost $668,001,883)		668,047,451
Other investments:
Variation margin receivable – futures contracts		6,601,242
Swaps receivable – OTC		11,500,303
Unrealized appreciation on swap agreements – OTC		12,599,419
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		51,865,000
Cash collateral – OTC Derivatives		7,070,000
Cash		31,560,382
Receivable for:
Fund shares sold		953,992
Dividends		1,737,531
Interest		638,982
Investment for trustee deferred compensation and retirement plans		56,713
Other assets		49,579
Total assets		1,230,328,036
Liabilities:
Other investments:
Swaps payable – OTC		5,380,312
Unrealized depreciation on swap agreements – OTC		9,322,322
Payable for:
Investments purchased		33,500,000
Fund shares reacquired		1,950,444
Accrued fees to affiliates		678,813
Accrued trustees’ and officers’ fees and benefits		1,187
Accrued other operating expenses		308,474
Trustee deferred compensation and retirement plans		104,857
Total liabilities		51,246,409
Net assets applicable to shares outstanding	$	1,179,081,627

Net assets consist of:
Shares of beneficial interest	$	1,093,434,744
Distributable earnings		85,646,883
	$	1,179,081,627
Net Assets:
Class A	$	86,967,987
Class C	$	26,354,554
Class R	$	11,778,994
Class Y	$	515,659,498
Class R5	$	154,844,844
Class R6	$	383,475,750
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,952,776
Class C		3,962,225
Class R		1,660,318
Class Y		68,735,734
Class R5		20,534,664
Class R6		50,726,170
Class A:
Net asset value per share	$	7.28
Maximum offering price per share (Net asset value of $7.28 ÷ 94.50%)	$	7.70
Class C:
Net asset value and offering price per share	$	6.65
Class R:
Net asset value and offering price per share	$	7.09
Class Y:
Net asset value and offering price per share	$	7.50
Class R5:
Net asset value and offering price per share	$	7.54
Class R6:
Net asset value and offering price per share	$	7.56

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

14 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Operations

For the year ended October 31, 2022

Investment income:
Interest	$	5,450,342
Dividends from affiliated money market funds		6,911,411
Total investment income		12,361,753
Expenses:
Advisory fees		13,801,331
Administrative services fees		214,876
Custodian fees		114,811
Distribution fees:
Class A		183,440
Class C		237,166
Class R		37,521
Transfer agent fees – A, C, R and Y		1,916,848
Transfer agent fees – R5		168,781
Transfer agent fees – R6		131,234
Trustees’ and officers’ fees and benefits		32,383
Registration and filing fees		176,679
Reports to shareholders		233,605
Professional services fees		88,158
Other		(6,648	)
Total expenses		17,330,185
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(2,370,138	)
Net expenses		14,960,047
Net investment income (loss)		(2,598,294	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		30,757,584
Affiliated investment securities		(75,585	)
Futures contracts		70,015,050
Swap agreements		52,260,726
		152,957,775
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(33,380,764	)
Affiliated investment securities		60,468
Futures contracts		(37,927,439	)
Swap agreements		8,734,618
		(62,513,117	)
Net realized and unrealized gain		90,444,658
Net increase in net assets resulting from operations	$	87,846,364

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

15 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income (loss)	$	(2,598,294	)	$	(11,587,526	)
Net realized gain		152,957,775			222,479,514
Change in net unrealized appreciation (depreciation)		(62,513,117	)		62,178,589
Net increase in net assets resulting from operations		87,846,364			273,070,577
Distributions to shareholders from distributable earnings:
Class A		(6,880,799	)		–
Class C		(2,650,024	)		–
Class R		(435,805	)		–
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		49,014,032			20,958,217
Class C		11,850,576			10,493,372
Class R		9,747,043			748,742
Class Y		(319,309,638	)		439,936,930
Class R5		9,937,358			(43,724,049	)
Class R6		(48,603,744	)		286,291,421
Net increase (decrease) in net assets resulting from share transactions		(287,364,373	)		714,704,633
Net increase (decrease) in net assets		(413,473,534	)		987,775,210
Net assets:
Beginning of year		1,592,555,161			604,779,951
End of year	$	1,179,081,627		$	1,592,555,161

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

16 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Financial Highlights

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains			Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Year ended 10/31/22		$	8.01		$	(0.03	)		$	0.47			$	0.44			$	(1.17	)		$       –			$	(1.17	)		$	7.28		6.63	%		$	86,968		1.31	%		1.56	%		(0.41	)%		106	%
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	(d)		1.58	(d)		0.79	(d)		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
Class C
Year ended 10/31/22			7.44			(0.08	)			0.42				0.34				(1.13	)		–				(1.13	)			6.65		5.69				26,355		2.06			2.31			(1.16	)		106
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	(d)		2.33	(d)		0.04	(d)		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
Class R
Year ended 10/31/22			7.85			(0.05	)			0.45				0.40				(1.16	)		–				(1.16	)			7.09		6.17				11,779		1.56			1.81			(0.66	)		106
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	(d)		1.83	(d)		0.54	(d)		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
Class Y
Year ended 10/31/22			8.22			(0.01	)			0.47				0.46				(1.18	)		–				(1.18	)			7.50		6.80				515,659		1.06			1.31			(0.16	)		106
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	(d)		1.33	(d)		1.04	(d)		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
Class R5
Year ended 10/31/22			8.26			(0.01	)			0.47				0.46				(1.18	)		–				(1.18	)			7.54		6.76				154,845		1.06			1.17			(0.16	)		106
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	(d)		1.17	(d)		1.04	(d)		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
Class R6
Year ended 10/31/22			8.28			(0.01	)			0.47				0.46				(1.18	)		–				(1.18	)			7.56		6.77				383,476		1.04			1.10			(0.14	)		106
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	(d)		1.08	(d)		1.09	(d)		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

^(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)  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.

17 Invesco Balanced-Risk Commodity Strategy Fund

Notes to Consolidated Financial Statements

October 31, 2022

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the

18 Invesco Balanced-Risk Commodity Strategy Fund

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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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

19 Invesco Balanced-Risk Commodity Strategy Fund

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 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. For settlement of LME commodity futures contracts, cash is not transferred until the settled futures contracts expire. Net realized gains or losses on LME contracts which have been closed out but for which the contract has not yet expired are reflected as a receivable or payable on the Consolidated Statements of Assets and Liabilities. 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 net asset value (“NAV”) per share 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. 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.

During the period, the Fund experienced a low interest rate environment 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.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

20 Invesco Balanced-Risk Commodity Strategy Fund

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

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

N. 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
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 year ended October 31, 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 29, 2024, 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 29, 2024. 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 year ended October 31, 2022, the Adviser waived advisory fees of $776,946 and reimbursed class level expenses of $141,242, $45,571, $14,625, $1,307,589, $83,479 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 year ended October 31, 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 year ended October 31, 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

21 Invesco Balanced-Risk Commodity Strategy 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $52,669 in front-end sales commissions from the sale of Class A shares and $2,418 and $8,355 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	–		$	355,441,984			$–	$	355,441,984
Commodity-Linked Securities		–			82,205,458			–		82,205,458
Money Market Funds		668,047,451			–			–		668,047,451
Total Investments in Securities		668,047,451			437,647,442			–		1,105,694,893
Other Investments - Assets*
Futures Contracts		3,212,774			–			–		3,212,774
Swap Agreements		–			12,599,419			–		12,599,419
		3,212,774			12,599,419			–		15,812,193
Other Investments - Liabilities*
Futures Contracts		(15,495,236	)		–			–		(15,495,236	)
Swap Agreements		–			(9,322,322	)		–		(9,322,322	)
		(15,495,236	)		(9,322,322	)		–		(24,817,558	)
Total Other Investments		(12,282,462	)		3,277,097			–		(9,005,365	)
Total Investments	$	655,764,989		$	440,924,539			$–	$	1,096,689,528

* 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 October 31, 2022:

	Value
Derivative Assets	Commodity Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	3,212,774
Unrealized appreciation on swap agreements – OTC		12,599,419
Total Derivative Assets		15,812,193
Derivatives not subject to master netting agreements		(3,212,774	)
Total Derivative Assets subject to master netting agreements	$	12,599,419

22 Invesco Balanced-Risk Commodity Strategy Fund

	Value
Derivative Liabilities	Commodity Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(15,495,236	)
Unrealized depreciation on swap agreements – OTC		(9,322,322	)
Total Derivative Liabilities		(24,817,558	)
Derivatives not subject to master netting agreements		15,495,236
Total Derivative Liabilities subject to master netting agreements	$	(9,322,322	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash	Cash			Net Amount
Barclays Bank PLC	$	2,526,161	$	(15,905	)	$	2,510,256		$–	$	(2,510,256	)	$	–
BNP Paribas S.A.		–		(539,779	)		(539,779	)	–		470,000			(69,779	)
Canadian Imperial Bank of Commerce		–		(221,640	)		(221,640	)	–		–			(221,640	)
Cargill, Inc.		–		(162,813	)		(162,813	)	–		162,813			–
Goldman Sachs International		1,858,983		(7,124,848	)		(5,265,865	)	–		5,150,000			(115,865	)
J.P. Morgan Chase Bank, N.A.		687,027		(5,122	)		681,905		–		(681,905	)		–
Macquarie Bank Ltd.		1,885,904		(333,947	)		1,551,957		–		(210,000	)		1,341,957
Merrill Lynch International		7,043,826		(5,284,095	)		1,759,731		–		(1,759,731	)		–
Morgan Stanley Capital Services LLC		5,641,343		(193,070	)		5,448,273		–		(5,430,000	)		18,273
Royal Bank of Canada		4,456,477		(12,604	)		4,443,873		–		(4,443,873	)		–
UBS AG		–		(808,811	)		(808,811	)	–		808,811			–
Total	$	24,099,721	$	(14,702,634	)	$	9,397,087		$–	$	(8,444,141	)	$	952,946

Effect of Derivative Investments for the year ended October 31, 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
Realized Gain:
Futures contracts	$  70,015,050
Swap agreements	52,260,726
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts	(37,927,439)
Swap agreements	8,734,618
Total	$  93,082,955

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

	Futures Contracts		Swap Agreements
Average notional value	$	327,674,351	$	1,043,288,017

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $686.

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

23                      Invesco Balanced-Risk Commodity Strategy 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 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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022	2021
Ordinary income*	$213,955,525	$–

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Undistributed ordinary income	$	91,826,443
Net unrealized appreciation – investments		1,053,488
Temporary book/tax differences		(91,953	)
Capital loss carryforward		(7,141,095	)
Shares of beneficial interest		1,093,434,744
Total net assets	$	1,179,081,627

    The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to Subsidiary differences.

    The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

    The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	7,141,095	$–	$	7,141,095

* 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 year ended October 31, 2022 was $93,230,000 and $139,315,072, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$23,826,780
Aggregate unrealized (depreciation) of investments	(22,773,292	)
Net unrealized appreciation of investments	$ 1,053,488

Cost of investments for tax purposes is $1,095,636,040.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of income from the Subsidiary, on October 31, 2022, undistributed net investment income (loss) was increased by $85,864,920 and undistributed net realized gain was decreased by $85,864,920. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

24 Invesco Balanced-Risk Commodity Strategy Fund

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		10,005,503		$	78,497,690			5,621,619		$	42,637,268
Class C		2,282,984			16,402,860			1,726,047			12,129,709
Class R		1,688,747			12,822,228			182,131			1,380,411
Class Y		41,531,853			326,502,418			94,018,115			736,285,871
Class R5		3,312,197			26,956,361			1,368,949			10,698,962
Class R6		33,672,573			270,113,458			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		87,779			672,462			49,518			364,740
Class C		(95,624	)		(672,462	)		(53,128	)		(364,740	)
Reacquired:
Class A		(4,757,894	)		(36,086,351	)		(2,912,281	)		(22,043,791	)
Class C		(901,355	)		(6,198,779	)		(179,974	)		(1,271,597	)
Class R		(468,097	)		(3,509,495	)		(89,754	)		(631,669	)
Class Y		(97,250,116	)		(752,450,276	)		(38,297,924	)		(296,348,941	)
Class R5		(5,004,803	)		(39,448,389	)		(7,184,371	)		(54,423,011	)
Class R6		(40,672,733	)		(323,042,897	)		(18,482,950	)		(149,197,415	)
Net increase (decrease) in share activity		(36,024,359	)	$	(287,364,373	)		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 77% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

25                      Invesco Balanced-Risk Commodity Strategy Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Balanced-Risk Commodity Strategy Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related consolidated statement of operations for the year ended October 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

26 Invesco Balanced-Risk Commodity Strategy Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/22)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$895.40	$6.21	$1,018.65	$6.61	1.30%
Class C	1,000.00	891.40	9.77	1,014.87	10.41	2.05
Class R	1,000.00	892.90	7.40	1,017.39	7.88	1.55
Class Y	1,000.00	895.00	5.02	1,019.91	5.35	1.05
Class R5	1,000.00	895.50	5.02	1,019.91	5.35	1.05
Class R6	1,000.00	895.70	4.97	1,019.96	5.30	1.04

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

27                      Invesco Balanced-Risk Commodity Strategy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Balanced-Risk Commodity Strategy Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Bloomberg Commodity Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period, reasonably comparable to the performance of the Index for the three year period, and above the performance of the Index for the five year period. The Board considered that the Fund’s tactical asset allocation strategy and underweight allocation to the energy sector impacted relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other

28 Invesco Balanced-Risk Commodity Strategy Fund

performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s contractual management fees and total expense ratio were in the fifth quintile of its expense group and discussed with management reasons for such relative contractual management fees and total expenses.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s

advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in

economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

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

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the

fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

29 Invesco Balanced-Risk Commodity Strategy Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.14	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

30 Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers

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

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-6 Invesco Balanced-Risk Commodity Strategy Fund

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

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-AR-1

Annual Report to Shareholders October 31, 2022

Invesco Core Bond Fund

Nasdaq:

A: OPIGX ∎ C: OPBCX ∎ R: OPBNX ∎ Y: OPBYX ∎ R5:TRTMX ∎ R6: OPBIX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
23	Financial Statements
26	Financial Highlights
27	Notes to Financial Statements
34	Auditor’s Report
35	Fund Expenses
36	Approval of Investment Advisory and Sub-Advisory Contracts
38	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary For the fiscal year ended October 31, 2022, Class A shares of Invesco Core Bond Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg U.S. Aggregate Bond Index.    Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-17.43	%
Class C Shares	-18.07
Class R Shares	-17.68
Class Y Shares	-17.21
Class R5 Shares	-17.36
Class R6 Shares	-17.22
Bloomberg U.S. Aggregate Bond Index▼	-15.68
Bloomberg U.S. Credit Index▼	-18.91
FTSE Broad Investment Grade Bond Index▼	-15.94
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

In the fourth quarter of 2021, concerns about inflation heightened as US inflation rose 7%,¹ its highest level in nearly 40 years. Though the US Federal Reserve (the Fed) left policy rates unchanged during the quarter, the Fed indicated its accommodative policies were coming to an end in 2022 through a willingness to raise interest rates to combat inflation and the announced reduction of its monthly bond purchase program. Additionally, US interest rate moves and inflation risk significantly affected fixed income valuations during the quarter. The two-year Treasury yield rose moderately from 0.27% to 0.73%, while the 10-year increased slightly from 1.48% to 1.52% during the quarter.² The yield curve, as measured by the yield differential between two- and 10-year Treasuries, flattened during the quarter.

At the beginning of 2022, geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrai-nian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply chain issues and aggravated inflation. During the second quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year increased slightly from 1.63% to 2.32%.²

In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation, as measured by the Consumer Price Index, increased further to 9.1% and fixed income markets

experienced significant negative performance as all bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).³ Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its key Fed funds rate during the fiscal year, including a 0.50% hike in May, and three 0.75% hikes in June, July and November, the largest hikes since 1994, to a target Fed funds rate of 3.75-4.00%, the highest since 2008.⁴ At their November 2022 meeting, the Fed signaled that its hawkish policies would continue, though a slowing of the pace of rate increases was likely. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 4.51% during the fiscal year, while 10-year Treasury rates increased from 2.98% to 4.10%.² At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.

The Fund, at NAV, generated negative returns for the fiscal year and underperformed its broad market/style-specific benchmark. Overweight exposure to investment-grade corporates and underweight exposure to Treasuries were the most notable detractors from the Fund’s relative performance. Outperformance from the securitized sector was driven by security selection, specifically within the mortgage-backed securities sector. Secu-

rity selection in utilities sectors also contributed to the Fund’s relative performance during the fiscal year while security selection in industrial and financial institution sectors detracted from relative performance.

    Overweight exposure to and security selection in commercial mortgage-backed securities, particularly conduit and single borrower issues, contributed to the Fund’s outperformance relative to its broad market/style-specific benchmark during the fiscal year. The Fund’s out-of-index exposure to US dollar-denominated emerging market (EM) corporate debt during the fiscal year also contributed to the Fund’s relative performance. Helping to support returns in US dollar-denominated EM corporate debt were accommodative central bank policies in the first half of the fiscal year.

    The Fund’s allocation to cash holdings slightly contributed to relative Fund performance during the fiscal year as a result of rising Treasury rates.

    The Fund benefited from incremental income earned from transactions in the highly liquid to-be-announced market for agency mortgage-backed securities (MBS). Such transactions involve the Fund selling an MBS to a financial institution, with an agreement to repurchase a substantially similar security at an agreed upon price and date. Cash received by the Fund as a result of this repurchase transaction may be invested in short-term instruments and the income from these investments, together with any additional fee income received from this activity, generates income for the Fund.

    The Fund may use active duration and yield curve positioning for risk management and for generating excess return versus its broad market/style-specific benchmark. Duration measures a portfolio’s price sensitivity to interest rate changes. Yield curve positioning refers to actively emphasizing particular points (maturities) along the yield curve with favorable risk-return expectations. Duration of the portfolio was maintained close to that of the broad market/style-specific benchmark, on average and the timing of changes and the degree of variance from the Fund’s broad market/style-specific benchmark during the fiscal year detracted from relative returns, particularly amongst 7- to 10-year maturity securities. Buying and selling US Treasury futures and interest rate swaptions were important tools used for the management of interest rate risk and to maintain our targeted portfolio duration.

    Part of the Fund’s strategy to manage credit and currency risk in the portfolio during the fiscal year entailed purchasing and selling credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the fiscal year. The currency management was carried out via currency forwards and options on an

2 Invesco Core Bond Fund

as-needed basis and we believe this was effective in managing the currency positioning within the Fund.

    We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The risk may be greater in the current market environment. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

    Thank you for investing in Invesco Core Bond Fund and for sharing our long-term investment horizon.

1 Source: US Bureau of Labor Statistics

2 Source: US Department of the Treasury

3 Source: Bloomberg

4 Source: Federal Reserve of Economic Data

Portfolio manager(s):

Matt Brill

Michael Hyman

Todd Schomberg

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco Core Bond Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Core Bond Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (4/15/88)	3.59	%
10 Years	0.59
5 Years	-1.52
1 Year	-20.90
Class C Shares
Inception (7/11/95)	2.20	%
10 Years	0.39
5 Years	-1.48
1 Year	-18.88
Class R Shares
Inception (3/1/01)	1.31	%
10 Years	0.72
5 Years	-0.99
1 Year	-17.68
Class Y Shares
Inception (4/27/98)	2.23	%
10 Years	1.25
5 Years	-0.40
1 Year	-17.21
Class R5 Shares
10 Years	1.11	%
5 Years	-0.51
1 Year	-17.36
Class R6 Shares
Inception (4/27/12)	1.87	%
10 Years	1.38
5 Years	-0.34
1 Year	-17.22

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 deduc-

tion 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.

5 Invesco Core Bond Fund

Supplemental Information

Invesco Core Bond Fund’s investment objective is to seek total return.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ 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.

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

6 Invesco Core Bond Fund

Fund Information

Portfolio Composition
By security type	% of total investments
U.S. Dollar Denominated Bonds & Notes		42.74	%
Asset-Backed Securities		22.76
U.S. Government Sponsored Agency Mortgage- Backed Securities		21.00
U.S. Treasury Securities		5.87
Security types each less than 1% of portfolio		1.26
Money Market Funds		6.37
Top Five Debt Issuers*
	% of total net assets
1.   Federal National Mortgage Association		21.30	%
2.   U.S. Treasury		7.29
3.   Government National Mortgage Association		3.97
4.   Bank of America Corp.		1.80
5.   PNC Financial Services Group, Inc. (The)		1.66

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

7 Invesco Core Bond Fund

Schedule of Investments^(a)

October 31, 2022

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–53.10%
Aerospace & Defense–1.09%
Huntington Ingalls Industries, Inc., 3.84%, 05/01/2025	$	4,676,000	$	4,454,781
Lockheed Martin Corp.,
4.95%, 10/15/2025		2,285,000		2,288,371
5.10%, 11/15/2027		2,143,000		2,148,867
5.25%, 01/15/2033		2,559,000		2,568,745
4.15%, 06/15/2053		1,006,000		804,690
5.70%, 11/15/2054		1,556,000		1,569,840
4.30%, 06/15/2062		1,204,000		963,131
5.90%, 1’1/15/2063		1,556,000		1,584,769
				16,383,194
Agricultural & Farm Machinery–0.96%
Cargill, Inc.,
4.88%, 10/10/2025(b)		2,604,000		2,583,656
3.63%, 04/22/2027(b)		1,384,000		1,298,304
4.00%, 06/22/2032(b)		1,672,000		1,497,477
5.13%, 10/11/2032(b)		1,440,000		1,405,647
4.38%, 04/22/2052(b)		1,208,000		983,716
CNH Industrial Capital LLC, 5.45%, 10/14/2025		3,516,000		3,479,579
John Deere Capital Corp., 4.55%, 10/11/2024		3,213,000		3,197,967
				14,446,346
Airlines–0.62%
American Airlines Pass-Through Trust,
Series 2021-1, Class B, 3.95%, 07/11/2030		2,048,000		1,606,977
Series 2021-1, Class A, 2.88%, 07/11/2034		2,217,000		1,732,017
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025(b)		1,494,193		1,456,601
4.75%, 10/20/2028(b)		2,816,504		2,622,030
United Airlines Pass-Through Trust,
Series 2020-1, Class A, 5.88%, 10/15/2027		1,926,954		1,862,266
Series 2019-2, Class AA, 2.70%, 05/01/2032		15,471		12,305
				9,292,196
Apparel Retail–0.11%
Ross Stores, Inc., 3.38%, 09/15/2024		1,657,000		1,600,896
Application Software–0.10%
salesforce.com, inc., 2.90%, 07/15/2051		2,399,000		1,548,632
Asset Management & Custody Banks–1.20%
Bank of New York Mellon Corp. (The),
4.41%, 07/24/2026(c)		3,274,000		3,181,891
4.60%, 07/26/2030(c)		779,000		731,387
5.83%, 10/25/2033(c)		2,278,000		2,283,135
Blackstone Holdings Finance Co. LLC, 6.20%, 04/22/2033(b)		5,838,000		5,827,959

	Principal Amount		Value
Asset Management & Custody Banks–(continued)
Blackstone Secured Lending Fund,
2.13%, 02/15/2027	$	2,121,000	$	1,713,834
2.85%, 09/30/2028		1,242,000		949,472
Northern Trust Corp., 6.13%, 11/02/2032		2,672,000		2,677,504
State Street Corp., 4.16%, 08/04/2033(c)		786,000		696,801
				18,061,983
Automobile Manufacturers–1.69%
BMW US Capital LLC (Germany),
3.89% (SOFR + 0.84%), 04/01/2025(b)(d)		901,000		896,671
3.45%, 04/01/2027(b)		1,281,000		1,182,889
3.70%, 04/01/2032(b)		1,438,000		1,236,145
General Motors Financial Co., Inc.,
4.15%, 06/19/2023		1,230,000		1,219,859
3.80%, 04/07/2025		1,304,000		1,233,209
6.05%, 10/10/2025		5,431,000		5,388,456
5.00%, 04/09/2027		1,961,000		1,854,786
Hyundai Capital America,
5.75%, 04/06/2023(b)		1,342,000		1,342,985
4.13%, 06/08/2023(b)		1,635,000		1,619,399
2.00%, 06/15/2028(b)		1,652,000		1,286,737
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026(b)		1,754,000		1,377,405
PACCAR Financial Corp., 4.95%, 10/03/2025		3,562,000		3,559,624
Stellantis Finance US, Inc., 6.38%, 09/12/2032(b)		1,032,000		956,993
Toyota Motor Credit Corp., 4.55%, 09/20/2027		2,351,000		2,288,598
				25,443,756
Automotive Retail–0.22%
Advance Auto Parts, Inc., 1.75%, 10/01/2027		2,451,000		2,003,360
AutoZone, Inc., 4.75%, 08/01/2032		1,482,000		1,379,158
				3,382,518
Biotechnology–0.54%
AbbVie, Inc.,
3.85%, 06/15/2024		1,571,000		1,539,218
3.20%, 05/14/2026		4,350,000		4,056,053
CSL Finance PLC (Australia),
3.85%, 04/27/2027(b)		779,000		734,591
4.05%, 04/27/2029(b)		598,000		549,798
4.63%, 04/27/2042(b)		593,000		501,014
4.75%, 04/27/2052(b)		913,000		767,596
				8,148,270

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

8 Invesco Core Bond Fund

	Principal Amount		Value
Cable & Satellite–0.97%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
6.09% (3 mo. USD LIBOR + 1.65%), 02/01/2024(d)	$	1,657,000	$	1,668,175
4.91%, 07/23/2025		4,350,000		4,225,785
3.50%, 06/01/2041		1,116,000		706,724
3.50%, 03/01/2042		1,922,000		1,203,925
3.90%, 06/01/2052		1,514,000		940,274
3.85%, 04/01/2061		1,597,000		923,686
Comcast Corp.,
5.25%, 11/07/2025		767,000		766,793
5.50%, 11/15/2032		4,203,000		4,176,437
				14,611,799
Construction Machinery & Heavy Trucks–0.18%
Komatsu Finance America, Inc., 5.50%, 10/06/2027(b)		2,647,000		2,645,882
Consumer Finance–0.31%
American Express Co.,
4.99%, 05/26/2033(c)		1,769,000		1,607,387
4.42%, 08/03/2033(c)		3,407,000		3,020,290
				4,627,677
Data Processing & Outsourced Services–0.58%
Fidelity National Information Services, Inc.,
4.70%, 07/15/2027		3,756,000		3,596,247
5.10%, 07/15/2032		3,756,000		3,539,843
PayPal Holdings, Inc., 5.05%, 06/01/2052		1,758,000		1,526,871
				8,662,961
Distributors–0.08%
Genuine Parts Co., 2.75%, 02/01/2032		1,593,000		1,236,316
Diversified Banks–10.45%
Australia & New Zealand Banking Group Ltd. (Australia), 6.75%(b)(c)(e)		2,590,000		2,482,625
Bank of America Corp.,
2.46%, 10/22/2025(c)		7,536,000		7,035,339
4.38%, 04/27/2028(c)		3,188,000		2,967,012
4.95%, 07/22/2028(c)		2,270,000		2,167,051
2.69%, 04/22/2032(c)		2,423,000		1,875,604
2.57%, 10/20/2032(c)		1,463,000		1,105,473
2.97%, 02/04/2033(c)		1,639,000		1,272,314
4.57%, 04/27/2033(c)		2,655,000		2,356,548
5.02%, 07/22/2033(c)		3,104,000		2,850,205
3.85%, 03/08/2037(c)		655,000		525,576
Series TT, 6.13%(c)(e)		5,314,000		5,035,015
Bank of Nova Scotia (The) (Canada), 8.63%, 10/27/2082(c)		4,065,000		4,089,862
Barclays PLC (United Kingdom),
7.44%, 11/02/2033(c)		4,430,000		4,425,452
8.00%(c)(e)		3,057,000		2,746,268
BPCE S.A. (France), 3.63% (SOFR + 0.57%), 01/14/2025(b)(d)		2,634,000		2,570,295

	Principal Amount		Value
Diversified Banks–(continued)
Citigroup, Inc.,
5.61%, 09/29/2026(c)	$	5,667,000	$	5,595,702
4.66%, 05/24/2028(c)		1,609,000		1,518,993
4.41%, 03/31/2031(c)		991,000		885,461
2.56%, 05/01/2032(c)		1,557,000		1,188,169
2.52%, 11/03/2032(c)		969,000		726,101
3.06%, 01/25/2033(c)		864,000		674,146
3.79%, 03/17/2033(c)		3,184,000		2,641,442
4.91%, 05/24/2033(c)		1,829,000		1,664,062
2.90%, 11/03/2042(c)		1,464,000		927,095
Citizens Bank N.A., 6.06%, 10/24/2025(c)		5,626,000		5,668,512
Cooperatieve Rabobank U.A. (Netherlands),
4.66%, 08/22/2028(b)(c)		2,613,000		2,418,955
3.76%, 04/06/2033(b)(c)		2,178,000		1,756,555
Fifth Third Bank N.A.,
5.85%, 10/27/2025(c)		5,937,000		5,946,927
3.85%, 03/15/2026		983,000		917,871
HSBC Holdings PLC (United Kingdom),
5.21%, 08/11/2028(c)		2,416,000		2,213,988
5.40%, 08/11/2033(c)		3,426,000		2,975,152
8.11%, 11/03/2033(c)		4,477,000		4,474,602
JPMorgan Chase & Co.,
3.80%, 07/23/2024(c)		1,481,000		1,460,107
2.08%, 04/22/2026(c)		1,526,000		1,389,962
4.32%, 04/26/2028(c)		3,147,000		2,929,714
4.85%, 07/25/2028(c)		2,415,000		2,297,610
4.59%, 04/26/2033(c)		1,901,000		1,695,556
4.91%, 07/25/2033(c)		3,701,000		3,370,633
5.72%, 09/14/2033(c)		5,096,000		4,758,228
KeyBank N.A.,
3.40%, 05/20/2026		1,304,000		1,202,970
4.90%, 08/08/2032		3,322,000		2,948,743
Mitsubishi UFJ Financial Group, Inc. (Japan),
4.79%, 07/18/2025(c)		7,913,000		7,765,054
5.02%, 07/20/2028(c)		2,250,000		2,139,803
1.80%, 07/20/2033(c)		2,859,000		2,598,911
Mizuho Financial Group, Inc. (Japan), 5.67%, 09/13/2033(c)		3,579,000		3,355,130
Nordea Bank Abp (Finland),
4.75%, 09/22/2025(b)		3,029,000		2,969,068
5.38%, 09/22/2027(b)		1,629,000		1,570,987
Standard Chartered PLC (United Kingdom),
2.68%, 06/29/2032(b)(c)		1,468,000		1,028,650
7.75%(b)(c)(e)		3,784,000		3,467,090
Sumitomo Mitsui Financial Group, Inc. (Japan), 2.22%, 09/17/2031		2,211,000		1,621,167
Swedbank AB (Sweden), 5.34%, 09/20/2027(b)		1,927,000		1,835,327
Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082(c)		3,343,000		3,388,966
Truist Bank, 2.64%, 09/17/2029(c)		1,855,000		1,717,907

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

9 Invesco Core Bond Fund

	Principal Amount		Value
Diversified Banks–(continued)
U.S. Bancorp,
4.55%, 07/22/2028(c)	$	2,408,000	$	2,290,499
4.97%, 07/22/2033(c)		1,838,000		1,676,186
5.85%, 10/21/2033(c)		3,621,000		3,611,976
2.49%, 11/03/2036(c)		3,525,000		2,587,074
Wells Fargo & Co.,
3.53%, 03/24/2028(c)		1,629,000		1,468,121
4.81%, 07/25/2028(c)		1,393,000		1,320,362
4.90%, 07/25/2033(c)		1,366,000		1,251,359
4.61%, 04/25/2053(c)		2,300,000		1,837,954
				157,253,486
Diversified Capital Markets–1.25%
Credit Suisse AG (Switzerland),
3.63%, 09/09/2024		1,315,000		1,222,644
5.00%, 07/09/2027		3,834,000		3,450,637
Credit Suisse Group AG (Switzerland),
4.55%, 04/17/2026		1,392,000		1,222,090
6.44%, 08/11/2028(b)(c)		3,663,000		3,309,065
4.19%, 04/01/2031(b)(c)		1,365,000		1,055,490
3.09%, 05/14/2032(b)(c)		1,255,000		862,154
6.54%, 08/12/2033(b)(c)		5,136,000		4,477,162
UBS Group AG (Switzerland),
4.13%, 04/15/2026(b)		1,014,000		946,142
4.75%, 05/12/2028(b)(c)		2,521,000		2,312,045
				18,857,429
Diversified Chemicals–0.78%
Celanese US Holdings LLC,
5.90%, 07/05/2024		3,140,000		3,086,261
6.05%, 03/15/2025		3,361,000		3,270,167
6.17%, 07/15/2027		3,516,000		3,319,847
6.38%, 07/15/2032		2,332,000		2,124,946
				11,801,221
Diversified REITs–0.67%
VICI Properties L.P.,
4.75%, 02/15/2028		2,137,000		1,950,002
4.95%, 02/15/2030		2,137,000		1,934,278
5.13%, 05/15/2032		1,550,000		1,376,865
VICI Properties L.P./VICI Note Co., Inc., 5.63%, 05/01/2024(b)		4,874,000		4,817,023
				10,078,168
Electric Utilities–2.25%
AEP Texas, Inc.,
3.95%, 06/01/2028(b)		2,489,000		2,256,753
4.70%, 05/15/2032		881,000		802,888
5.25%, 05/15/2052		1,283,000		1,121,513
American Electric Power Co., Inc.,
5.75%, 11/01/2027		2,149,000		2,143,305
5.95%, 11/01/2032		1,560,000		1,549,345
Duke Energy Corp.,
4.30%, 03/15/2028		1,658,000		1,559,971
5.00%, 08/15/2052		2,612,000		2,166,282
EDP Finance B.V. (Portugal), 6.30%, 10/11/2027(b)		912,000		908,936
Enel Finance America LLC (Italy), 7.10%, 10/14/2027(b)		1,014,000		1,011,656

	Principal Amount		Value
Electric Utilities–(continued)
Enel Finance International N.V. (Italy),
6.80%, 10/14/2025(b)	$	2,054,000	$	2,063,872
7.50%, 10/14/2032(b)		1,318,000		1,321,947
7.75%, 10/14/2052(b)		1,602,000		1,538,595
National Rural Utilities Cooperative Finance Corp.,
2.75%, 04/15/2032		1,720,000		1,381,069
5.80%, 01/15/2033		1,513,000		1,532,869
NextEra Energy Capital Holdings, Inc.,
4.63%, 07/15/2027		3,241,000		3,118,175
5.00%, 07/15/2032		1,021,000		971,200
Southern Co. (The),
5.15%, 10/06/2025		1,560,000		1,553,881
5.70%, 10/15/2032		1,521,000		1,505,366
Tampa Electric Co.,
3.88%, 07/12/2024		1,781,000		1,735,880
5.00%, 07/15/2052		1,046,000		920,436
Virginia Electric and Power Co.,
Series B, 3.75%, 05/15/2027		1,387,000		1,301,832
Series C, 4.63%, 05/15/2052		1,608,000		1,337,690
				33,803,461
Electrical Components & Equipment–0.46%
CenterPoint Energy Houston Electric LLC,
Series AI, 4.45%, 10/01/2032		3,746,000		3,515,052
Series AJ, 4.85%, 10/01/2052		3,783,000		3,337,490
				6,852,542
Electronic Equipment & Instruments–0.08%
Vontier Corp., 2.95%, 04/01/2031		1,614,000		1,135,433
Financial Exchanges & Data–1.15%
Cboe Global Markets, Inc., 3.00%, 03/16/2032		3,897,000		3,159,294
Intercontinental Exchange, Inc.,
4.00%, 09/15/2027		2,305,000		2,187,416
4.35%, 06/15/2029		1,777,000		1,684,914
4.60%, 03/15/2033		1,548,000		1,423,237
4.95%, 06/15/2052		2,123,000		1,842,162
5.20%, 06/15/2062		1,609,000		1,439,140
Moody’s Corp.,
2.00%, 08/19/2031		1,300,000		983,932
4.25%, 08/08/2032		894,000		806,169
2.75%, 08/19/2041		1,482,000		960,399
3.75%, 02/25/2052		1,426,000		1,009,453
3.10%, 11/29/2061		3,249,000		1,880,202
				17,376,318
General Merchandise Stores–0.42%
Dollar General Corp.,
4.63%, 11/01/2027		1,088,000		1,051,495
5.00%, 11/01/2032		958,000		913,450
5.50%, 11/01/2052		1,913,000		1,778,363
Target Corp., 4.50%, 09/15/2032		2,758,000		2,603,974
				6,347,282

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

10 Invesco Core Bond Fund

	Principal Amount		Value
Health Care Services–0.50%
Piedmont Healthcare, Inc.,
Series 2032, 2.04%, 01/01/2032	$	1,105,000	$	820,313
Series 2042, 2.72%, 01/01/2042		1,067,000		681,502
2.86%, 01/01/2052		1,219,000		703,471
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		3,254,000		1,744,777
Roche Holdings, Inc., 2.31%, 03/10/2027(b)		3,996,000		3,569,302
				7,519,365
Home Improvement Retail–1.00%
Home Depot, Inc. (The),
4.50%, 09/15/2032		2,753,000		2,611,977
4.95%, 09/15/2052		1,391,000		1,252,129
Lowe’s Cos., Inc.,
5.00%, 04/15/2033		5,104,000		4,819,966
5.63%, 04/15/2053		3,813,000		3,440,808
5.80%, 09/15/2062		3,178,000		2,847,927
				14,972,807
Homebuilding–0.08%
M.D.C. Holdings, Inc., 3.97%, 08/06/2061		2,500,000		1,249,705
Hotels, Resorts & Cruise Lines–0.36%
Expedia Group, Inc.,
4.63%, 08/01/2027		794,000		743,726
3.25%, 02/15/2030		5,712,000		4,609,373
				5,353,099
Household Products–0.32%
Church & Dwight Co., Inc., 5.60%, 11/15/2032		1,327,000		1,324,545
Colgate-Palmolive Co., 3.10%, 08/15/2027		3,716,000		3,471,089
				4,795,634
Hypermarkets & Super Centers–0.29%
Walmart, Inc.,
4.15%, 09/09/2032		2,629,000		2,490,250
4.50%, 09/09/2052		2,054,000		1,827,777
				4,318,027
Independent Power Producers & Energy Traders–0.05%
AES Corp. (The), 1.38%, 01/15/2026		803,000		694,042
Industrial Conglomerates–0.43%
Honeywell International, Inc., 5.00%, 02/15/2033		6,574,000		6,521,505
Insurance Brokers–0.17%
Marsh & McLennan Cos., Inc., 6.25%, 11/01/2052		1,072,000		1,096,112
Willis North America, Inc., 4.65%, 06/15/2027		1,587,000		1,494,443
				2,590,555

	Principal Amount		Value
Integrated Oil & Gas–0.66%
BP Capital Markets America, Inc.,
3.06%, 06/17/2041	$	1,967,000	$	1,378,914
2.94%, 06/04/2051		1,521,000		948,346
3.00%, 03/17/2052		1,011,000		627,757
BP Capital Markets PLC (United Kingdom),
4.38%(c)(e)		1,043,000		981,724
4.88%(c)(e)		3,221,000		2,728,589
Shell International Finance B.V. (Netherlands),
2.88%, 11/26/2041		2,463,000		1,693,911
3.00%, 11/26/2051		2,463,000		1,588,535
				9,947,776
Integrated Telecommunication Services–0.91%
AT&T, Inc.,
3.69% (SOFR + 0.64%), 03/25/2024(d)		2,067,000		2,055,253
4.30%, 02/15/2030		974,000		888,980
2.55%, 12/01/2033		3,743,000		2,762,691
Verizon Communications, Inc.,
1.75%, 01/20/2031		890,000		660,890
2.36%, 03/15/2032		6,006,000		4,553,570
2.85%, 09/03/2041		2,171,000		1,422,249
3.00%, 11/20/2060		1,129,000		631,920
3.70%, 03/22/2061		1,039,000		681,295
				13,656,848
Interactive Media & Services–0.59%
Meta Platforms, Inc.,
3.85%, 08/15/2032(b)		4,106,000		3,498,151
4.45%, 08/15/2052(b)		4,220,000		3,139,109
4.65%, 08/15/2062(b)		2,928,000		2,164,701
				8,801,961
Internet & Direct Marketing Retail–0.08%
Amazon.com, Inc., 2.88%, 05/12/2041		1,783,000		1,268,002
Investment Banking & Brokerage–1.53%
Charles Schwab Corp. (The),
2.45%, 03/03/2027		783,000		699,277
3.92% (SOFR + 1.05%), 03/03/2027(d)		2,731,000		2,674,205
2.90%, 03/03/2032		1,607,000		1,306,236
5.00%(c)(e)		1,580,000		1,406,200
Goldman Sachs Group, Inc. (The),
5.70%, 11/01/2024		3,041,000		3,041,969
3.50%, 04/01/2025		1,002,000		949,884
1.95%, 10/21/2027(c)		1,476,000		1,255,029
3.91% (SOFR + 1.12%), 02/24/2028(d)		1,031,000		984,334
4.48%, 08/23/2028(c)		1,897,000		1,763,157
1.99%, 01/27/2032(c)		1,081,000		789,973
2.65%, 10/21/2032(c)		1,748,000		1,325,494
3.10%, 02/24/2033(c)		1,138,000		892,440
3.44%, 02/24/2043(c)		1,408,000		961,022

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

11 Invesco Core Bond Fund

	Principal Amount		Value
Investment Banking & Brokerage–(continued)
Morgan Stanley,
5.00%, 11/24/2025	$	1,082,000	$	1,080,277
2.19%, 04/28/2026(c)		763,000		696,755
3.62%, 04/01/2031(c)		965,000		821,555
2.24%, 07/21/2032(c)		1,998,000		1,475,191
2.51%, 10/20/2032(c)		1,090,000		821,734
				22,944,732
Leisure Products–0.29%
Brunswick Corp.,
4.40%, 09/15/2032		1,837,000		1,462,199
5.10%, 04/01/2052		4,308,000		2,870,471
				4,332,670
Life & Health Insurance–2.25%
Delaware Life Global Funding,
Series 22-1, 3.31%, 03/10/2025(b)		3,826,000		3,550,796
Series 21-1, 2.66%, 06/29/2026(b)		10,423,000		9,143,160
F&G Global Funding, 2.00%, 09/20/2028(b)		2,245,000		1,788,940
GA Global Funding Trust,
2.25%, 01/06/2027(b)		2,836,000		2,441,119
1.95%, 09/15/2028(b)		2,544,000		2,038,435
2.90%, 01/06/2032(b)		2,436,000		1,848,946
MAG Mutual Holding Co., 4.75%, 04/30/2041(f)		9,203,000		7,457,467
Northwestern Mutual Global Funding, 4.35%, 09/15/2027(b)		3,482,000		3,337,620
Prudential Financial, Inc., 6.00%, 09/01/2052(c)		2,472,000		2,261,124
				33,867,607
Managed Health Care–2.01%
Elevance Health, Inc.,
5.50%, 10/15/2032		1,314,000		1,309,764
6.10%, 10/15/2052		938,000		957,550
Kaiser Foundation Hospitals,
Series 2021, 2.81%, 06/01/2041		2,490,000		1,670,441
3.00%, 06/01/2051		2,595,000		1,607,064
UnitedHealth Group, Inc.,
5.00%, 10/15/2024		3,551,000		3,554,114
5.15%, 10/15/2025		2,476,000		2,480,865
3.70%, 05/15/2027		1,780,000		1,683,458
5.25%, 02/15/2028		3,040,000		3,050,818
5.30%, 02/15/2030		5,169,000		5,171,491
5.35%, 02/15/2033		4,444,000		4,461,737
5.88%, 02/15/2053		2,220,000		2,268,813
6.05%, 02/15/2063		2,040,000		2,100,363
				30,316,478
Movies & Entertainment–0.43%
Warnermedia Holdings, Inc.,
5.05%, 03/15/2042(b)		4,050,000		2,969,720
5.14%, 03/15/2052(b)		5,023,000		3,514,281
				6,484,001
Multi-line Insurance–0.22%
Allianz SE (Germany), 3.20%(b)(c)(e)		2,890,000		1,958,842

	Principal Amount		Value
Multi-line Insurance–(continued)
Boardwalk Pipelines L.P., 3.60%, 09/01/2032	$	1,698,000	$	1,348,099
				3,306,941
Multi-Utilities–0.42%
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		830,000		713,133
WEC Energy Group, Inc.,
5.00%, 09/27/2025		3,710,000		3,697,884
5.15%, 10/01/2027		1,921,000		1,892,123
				6,303,140
Office REITs–0.29%
Office Properties Income Trust,
4.25%, 05/15/2024		2,347,000		2,132,300
4.50%, 02/01/2025		1,483,000		1,233,759
2.65%, 06/15/2026		314,000		229,153
2.40%, 02/01/2027		1,201,000		826,122
				4,421,334
Oil & Gas Exploration & Production–0.40%
Aker BP ASA (Norway), 2.00%, 07/15/2026(b)		1,535,000		1,334,085
EQT Corp.,
5.68%, 10/01/2025		3,604,000		3,566,491
5.70%, 04/01/2028		1,077,000		1,049,687
				5,950,263
Oil & Gas Storage & Transportation–1.51%
El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032		832,000		918,213
Enbridge, Inc. (Canada),
3.34% (SOFR + 0.63%), 02/16/2024(d)		542,000		536,110
1.60%, 10/04/2026		864,000		741,961
Energy Transfer L.P.,
4.25%, 03/15/2023		1,024,000		1,018,807
4.00%, 10/01/2027		808,000		731,576
Kinder Morgan, Inc.,
7.75%, 01/15/2032		1,236,000		1,345,256
4.80%, 02/01/2033		2,212,000		1,978,290
5.45%, 08/01/2052		4,237,000		3,591,886
MPLX L.P.,
1.75%, 03/01/2026		909,000		793,141
4.25%, 12/01/2027		756,000		697,689
4.95%, 03/14/2052		2,947,000		2,284,525
ONEOK, Inc., 6.35%, 01/15/2031		1,409,000		1,391,727
Targa Resources Corp.,
5.20%, 07/01/2027		1,916,000		1,849,588
6.25%, 07/01/2052		2,172,000		1,945,714
Williams Cos., Inc. (The),
2.60%, 03/15/2031		2,649,000		2,077,876
3.50%, 10/15/2051		1,287,000		826,497
				22,728,856
Other Diversified Financial Services–0.78%
Corebridge Financial, Inc., 6.88%, 12/15/2052(b)(c)		3,008,000		2,717,403
Jackson Financial, Inc.,
5.17%, 06/08/2027		1,409,000		1,347,379
5.67%, 06/08/2032		1,620,000		1,476,033

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

12 Invesco Core Bond Fund

	Principal Amount		Value
Other Diversified Financial Services–(continued)
Pershing Square Holdings Ltd.,
3.25%, 11/15/2030(b)	$	3,900,000	$	2,989,759
3.25%, 10/01/2031(b)		4,300,000		3,146,783
				11,677,357
Paper Packaging–0.28%
Berry Global, Inc., 1.65%, 01/15/2027		5,120,000		4,223,487
Pharmaceuticals–0.27%
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023(b)		1,536,000		1,506,596
Mayo Clinic, Series 2021, 3.20%, 11/15/2061		1,964,000		1,183,600
Mylan, Inc., 3.13%, 01/15/2023(b)		1,397,000		1,388,402
				4,078,598
Precious Metals & Minerals–0.07%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024(b)		1,168,000		1,123,541
Property & Casualty Insurance–0.30%
Fairfax Financial Holdings Ltd. (Canada), 5.63%, 08/16/2032(b)		3,084,000		2,796,694
Liberty Mutual Group, Inc., 5.50%, 06/15/2052(b)		2,088,000		1,721,879
				4,518,573
Railroads–1.07%
CSX Corp.,
4.10%, 11/15/2032		3,331,000		3,001,640
4.50%, 11/15/2052		3,330,000		2,719,844
Union Pacific Corp.,
4.50%, 01/20/2033		3,789,000		3,576,902
4.95%, 09/09/2052		3,741,000		3,372,691
5.15%, 01/20/2063		3,828,000		3,433,204
				16,104,281
Regional Banks–3.44%
Citizens Financial Group, Inc.,
4.30%, 12/03/2025		2,321,000		2,212,561
2.50%, 02/06/2030		1,061,000		822,576
2.64%, 09/30/2032		4,070,000		2,899,349
Fifth Third Bancorp,
6.36%, 10/27/2028(c)		2,463,000		2,475,263
4.77%, 07/28/2030(c)		2,873,000		2,637,986
4.34%, 04/25/2033(c)		1,677,000		1,456,621
Huntington Bancshares, Inc.,
4.00%, 05/15/2025		1,313,000		1,266,382
4.44%, 08/04/2028(c)		1,558,000		1,451,474
KeyCorp,
2.25%, 04/06/2027		1,495,000		1,282,071
4.79%, 06/01/2033(c)		1,117,000		1,011,761
PNC Financial Services Group, Inc. (The),
5.67%, 10/28/2025(c)		3,625,000		3,630,288
4.63%, 06/06/2033(c)		3,933,000		3,483,769
6.04%, 10/28/2033(c)		2,943,000		2,959,831
Series O, 8.12% (3 mo. USD LIBOR + 3.68%)(d)(e)		3,742,000		3,746,092
Series U, 6.00%(c)(e)		3,153,000		2,932,290
Series V, 6.20%(c)(e)		8,683,000		8,246,245

	Principal Amount		Value
Regional Banks–(continued)
Truist Financial Corp.,
4.12%, 06/06/2028(c)	$	2,184,000	$	2,021,672
4.92%, 07/28/2033(c)		4,842,000		4,318,517
6.12%, 10/28/2033(c)		2,904,000		2,913,283
				51,768,031
Residential REITs–0.27%
American Homes 4 Rent L.P.,
3.63%, 04/15/2032		2,171,000		1,750,752
4.30%, 04/15/2052		1,058,000		731,029
Invitation Homes Operating Partnership L.P.,
2.30%, 11/15/2028		510,000		406,376
2.70%, 01/15/2034		1,646,000		1,139,790
				4,027,947
Restaurants–0.30%
McDonald’s Corp., 5.15%, 09/09/2052		3,374,000		3,037,332
Starbucks Corp., 3.00%, 02/14/2032		1,843,000		1,527,127
				4,564,459
Retail REITs–0.82%
Agree L.P., 4.80%, 10/01/2032		1,368,000		1,203,693
Kimco Realty Corp.,
1.90%, 03/01/2028		1,101,000		895,263
2.25%, 12/01/2031		1,425,000		1,050,394
Kite Realty Group L.P., 4.00%, 10/01/2026		1,842,000		1,657,819
Kite Realty Group Trust, 4.75%, 09/15/2030		697,000		596,238
Realty Income Corp.,
2.20%, 06/15/2028		1,369,000		1,135,241
3.25%, 01/15/2031		846,000		704,259
5.63%, 10/13/2032		1,924,000		1,882,082
2.85%, 12/15/2032		2,333,000		1,827,882
Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080(b)(c)		1,658,000		1,403,945
				12,356,816
Semiconductor Equipment–0.09%
KLA Corp., 4.95%, 07/15/2052		1,604,000		1,399,282
Semiconductors–0.76%
Broadcom, Inc.,
3.46%, 09/15/2026		4,691,000		4,309,384
3.42%, 04/15/2033(b)		921,000		701,040
3.47%, 04/15/2034(b)		1,647,000		1,235,039
3.14%, 11/15/2035(b)		3,690,000		2,564,900
4.93%, 05/15/2037(b)		836,000		690,684
QUALCOMM, Inc.,
2.15%, 05/20/2030		1,251,000		1,026,327
3.25%, 05/20/2050		1,214,000		838,208
				11,365,582
Soft Drinks–0.11%
PepsiCo, Inc.,
3.60%, 02/18/2028		1,009,000		950,363
3.90%, 07/18/2032		837,000		775,946
				1,726,309

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

13 Invesco Core Bond Fund

	Principal Amount		Value
Sovereign Debt–0.13%
Bermuda Government International Bond (Bermuda), 5.00%, 07/15/2032(b)	$	2,109,000	$	1,959,336
Specialized Finance–0.11%
Blackstone Private Credit Fund, 7.05%, 09/29/2025(b)		1,726,000		1,712,000
Specialized REITs–1.40%
American Tower Corp.,
3.00%, 06/15/2023		1,144,000		1,127,839
3.38%, 10/15/2026		4,350,000		3,940,155
2.70%, 04/15/2031		2,075,000		1,620,072
4.05%, 03/15/2032		1,124,000		962,463
Crown Castle, Inc.,
4.45%, 02/15/2026		4,350,000		4,167,484
2.50%, 07/15/2031		1,803,000		1,388,956
EPR Properties,
4.75%, 12/15/2026		757,000		652,534
4.95%, 04/15/2028		1,903,000		1,564,145
3.60%, 11/15/2031		1,583,000		1,070,246
Extra Space Storage L.P., 2.35%, 03/15/2032		1,596,000		1,156,877
Prologis L.P., 4.63%, 01/15/2033		3,726,000		3,454,366
				21,105,137
Technology Hardware, Storage & Peripherals–0.49%
Apple, Inc.,
3.35%, 08/08/2032		3,369,000		2,973,387
4.38%, 05/13/2045		723,000		631,835
2.55%, 08/20/2060		3,283,000		1,895,541
2.80%, 02/08/2061		3,064,000		1,822,055
				7,322,818
Trucking–0.62%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
4.00%, 07/15/2025(b)		687,000		653,093
3.40%, 11/15/2026(b)		1,134,000		1,026,454
4.40%, 07/01/2027(b)		775,000		723,548
Ryder System, Inc., 4.63%, 06/01/2025		4,833,000		4,693,600
Triton Container International Ltd. (Bermuda), 2.05%, 04/15/2026(b)		2,683,000		2,267,887
				9,364,582
Wireless Telecommunication Services–0.84%
Rogers Communications, Inc. (Canada), 4.55%, 03/15/2052(b)		5,290,000		4,099,752
T-Mobile USA, Inc.,
3.50%, 04/15/2025		4,350,000		4,152,321
3.40%, 10/15/2052		4,565,000		2,959,494
5.65%, 01/15/2053		1,594,000		1,474,034
				12,685,601
Total U.S. Dollar Denominated Bonds & Notes (Cost $901,465,747)				799,026,851

	Principal Amount		Value
Asset-Backed Securities–28.27%
Alternative Loan Trust,
Series 2005-21CB, Class A7, 5.50%, 06/25/2035	$	575,183	$	450,103
Series 2005-29CB, Class A4, 5.00%, 07/25/2035		269,530		165,359
AmeriCredit Automobile Receivables Trust,
Series 2018-3, Class C, 3.74%, 10/18/2024		1,919,990		1,917,507
Series 2019-2, Class C, 2.74%, 04/18/2025		1,645,000		1,629,696
Series 2019-2, Class D, 2.99%, 06/18/2025		4,570,000		4,430,249
Series 2019-3, Class D, 2.58%, 09/18/2025		2,285,000		2,197,525
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(b)		4,415,000		3,716,627
Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.47%, 12/25/2059(b)(g)		581,710		540,868
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(g)		1,810,662		1,637,183
Series 2021-3, Class A1, 1.07%, 05/25/2066(b)(g)		1,114,810		854,797
Series 2021-7, Class A1, 1.98%, 10/25/2066(b)(g)		2,668,461		2,086,748
Series 2022-1, Class A1, 2.88%, 12/25/2066(b)(h)		4,623,814		3,928,229
Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-1A, Class A, 3.83%, 08/21/2028(b)		6,614,000		6,217,046
Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 5.54% (3 mo. USD LIBOR + 1.18%), 07/25/2034(b)(d)		7,338,000		7,038,265
Banc of America Funding Trust,
Series 2007-1, Class 1A3, 6.00%, 01/25/2037		176,072		139,882
Series 2007-C, Class 1A4, 3.18%, 05/20/2036(g)		65,225		61,559
Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037		194,951		156,103
Bank, Series 2019-BNK16, Class XA, IO, 0.94%, 02/15/2052(i)		23,762,928		1,027,963
Bayview MSR Opportunity Master Fund Trust,
Series 2021-4, Class A3, 3.00%, 10/25/2051(b)(g)		3,767,656		3,032,188
Series 2021-4, Class A4, 2.50%, 10/25/2051(b)(g)		3,768,532		2,913,757
Series 2021-4, Class A8, 2.50%, 10/25/2051(b)(g)		3,591,043		3,082,143
Series 2021-5, Class A1, 3.00%, 11/25/2051(b)(g)		3,990,285		3,226,066
Series 2021-5, Class A2, 2.50%, 11/25/2051(b)(g)		4,868,321		3,765,320
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(d)		159,853		149,228
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(d)		358,080		341,804

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

14 Invesco Core Bond Fund

	Principal Amount		Value
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.56%, 01/15/2051(i)	$	28,075,978	$	543,265
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(b)(g)		1,116,090		1,052,146
BX Commercial Mortgage Trust,
Series 2021-ACNT, Class A, 4.26% (1 mo. USD LIBOR + 0.85%), 11/15/2038(b)(d)		2,220,000		2,119,591
Series 2021-VOLT, Class A, 4.11% (1 mo. USD LIBOR + 0.70%), 09/15/2036(b)(d)		4,080,000		3,882,721
Series 2021-VOLT, Class B, 4.36% (1 mo. USD LIBOR + 0.95%), 09/15/2036(b)(d)		3,595,000		3,383,843
Series 2021-XL2, Class B, 4.41% (1 mo. USD LIBOR + 1.00%), 10/15/2038(b)(d)		1,450,309		1,355,694
BX Trust,
Series 2022-CLS, Class A, 5.76%, 10/13/2027(b)		1,625,000		1,609,901
Series 2022-LBA6, Class A, 4.38% (1 mo. Term SOFR + 1.00%), 01/15/2039(b)(d)		3,670,000		3,494,055
Series 2022-LBA6, Class B, 4.68% (1 mo. Term SOFR + 1.30%), 01/15/2039(b)(d)		2,265,000		2,136,282
Series 2022-LBA6, Class C, 4.98% (1 mo. Term SOFR + 1.60%), 01/15/2039(b)(d)		1,215,000		1,134,012
CarMax Auto Owner Trust, Series 2022-4, Class A4, 5.70%, 07/17/2028		7,031,000		7,021,910
CCG Receivables Trust,
Series 2019-2, Class B, 2.55%, 03/15/2027(b)		1,845,000		1,821,290
Series 2019-2, Class C, 2.89%, 03/15/2027(b)		900,000		887,041
CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 0.88%, 11/13/2050(i)		10,162,671		291,301
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 5.22% (3 mo. USD LIBOR + 0.98%), 04/20/2031(b)(d)		3,687,000		3,602,774
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(b)(g)		77,496		72,384
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.02%, 01/25/2036(g)		418,518		367,023
CIFC Funding Ltd. (Cayman Islands),
Series 2014-5A, Class A1R2, 5.28% (3 mo. USD LIBOR + 1.20%), 10/17/2031(b)(d)		1,497,000		1,465,238
Series 2016-1A, Class ARR, 5.36% (3 mo. USD LIBOR + 1.08%), 10/21/2031(b)(d)		1,538,000		1,483,872
Citigroup Commercial Mortgage Trust,
Series 2013-GC17, Class XA, IO, 0.99%, 11/10/2046(i)		11,802,195		74,261
Series 2014-GC21, Class AA, 3.48%, 05/10/2047		428,301		420,551
Series 2017-C4, Class XA, IO, 1.06%, 10/12/2050(i)		26,660,754		952,674

	Principal Amount		Value
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(d)	$	708,208	$	682,497
Series 2021-INV3, Class A3, 2.50%, 05/25/2051(b)(g)		3,804,129		2,951,712
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 01/15/2026		1,765,543		1,761,851
COLT Mortgage Loan Trust,
Series 2020-2, Class A1, 1.85%, 03/25/2065(b)(g)		158,421		155,111
Series 2021-5, Class A1, 1.73%, 11/26/2066(b)(g)		2,005,636		1,650,605
Series 2022-1, Class A1, 2.28%, 12/27/2066(b)(g)		2,862,024		2,357,086
Series 2022-2, Class A1, 2.99%, 02/25/2067(b)(h)		2,751,273		2,324,746
Series 2022-3, Class A1, 3.90%, 02/25/2067(b)(g)		3,800,252		3,356,595
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.37%, 12/10/2045(i)		2,862,764		29
Series 2013-CR6, Class AM, 3.15%, 03/10/2046(b)		2,945,000		2,920,131
Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		408,003		399,307
Series 2014-LC15, Class AM, 4.20%, 04/10/2047		2,865,000		2,759,678
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		5,720,000		5,438,209
Credit Suisse Mortgage Capital Trust,
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(b)(g)		700,039		639,468
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(b)(g)		923,417		782,231
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(b)(g)		3,670,658		3,315,720
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(b)(g)		1,890,000		1,512,406
Series 2022-ATH2, Class A1, 4.55%, 05/25/2067(b)(g)		3,888,589		3,617,680
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		10,613,000		8,595,927
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		602,843		322,772
Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 5.16% (3 mo. USD LIBOR + 1.08%), 01/15/2034(b)(d)		1,078,634		1,040,573
Ellington Financial Mortgage Trust,
Series 2020-1, Class A1, 2.01%, 05/25/2065(b)(g)		263,290		254,462
Series 2021-1, Class A1, 0.80%, 02/25/2066(b)(g)		357,630		281,190
Series 2022-1, Class A1, 2.21%, 01/25/2067(b)(g)		2,665,081		2,122,102
Series 2022-3, Class A1, 5.00%, 08/25/2067(b)(h)		3,641,707		3,424,927
Extended Stay America Trust, Series 2021-ESH, Class B, 4.79% (1 mo. USD LIBOR + 1.38%), 07/15/2038(b)(d)		1,688,813		1,605,888

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

15 Invesco Core Bond Fund

	Principal Amount		Value
First Horizon Alternative Mortgage Securities Trust, Series 2005- FA8, Class 1A6, 4.24% (1 mo. USD LIBOR + 0.65%), 11/25/2035(d)	$	367,570	$	169,284
Flagstar Mortgage Trust,
Series 2021-11IN, Class A6, 3.70%, 11/25/2051(b)(g)		6,076,901		5,185,045
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(b)(g)		1,311,577		1,119,088
FREMF Mortgage Trust,
Series 2013-K26, Class C, 3.55%, 12/25/2045(b)(g)		1,165,000		1,159,526
Series 2013-K27, Class C, 3.49%, 01/25/2046(b)(g)		650,000		646,550
Series 2013-K28, Class C, 3.46%, 06/25/2046(b)(g)		2,580,000		2,530,599
Series 2015-K44, Class B, 3.72%, 01/25/2048(b)(g)		1,175,000		1,116,652
Series 2017-K62, Class B, 3.88%, 01/25/2050(b)(g)		1,040,000		968,106
Series 2017-K724, Class B, 5.26%, 12/25/2049(b)(g)		780,000		757,956
GoldenTree Loan Management US CLO 1 Ltd., Series 2021-9A, Class A, 5.31% (3 mo. USD LIBOR + 1.07%), 01/20/2033(b)(d)		1,712,000		1,654,930
GoldenTree Loan Management US CLO 5 Ltd., Series 2019-5A, Class AR, 5.31% (3 mo. USD LIBOR + 1.07%), 10/20/2032(b)(d)		2,190,000		2,112,161
Golub Capital Partners CLO 40(A) Ltd., Series 2019-40A, Class AR, 5.45% (3 mo. USD LIBOR + 1.09%), 01/25/2032(b)(d)		5,264,000		5,094,099
GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class A, 4.11% (1 mo. Term SOFR + 0.73%), 08/15/2036(b)(d)		1,615,000		1,589,432
GS Mortgage Securities Trust,
Series 2013-GC16, Class AS, 4.65%, 11/10/2046		974,215		954,524
Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046		3		3
Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		287,032		283,616
Series 2020-GC47, Class A5, 2.38%, 05/12/2053		3,780,000		3,024,289
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(b)(g)		3,232,833		2,778,555
GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 3.65%, 07/25/2035(g)		63,818		58,955
Hertz Vehicle Financing III L.P.,
Series 2021-2A, Class A, 1.68%, 12/27/2027(b)		1,322,000		1,117,142
Series 2021-2A, Class B, 2.12%, 12/27/2027(b)		705,000		593,632
Hertz Vehicle Financing LLC,
Series 2021-1A, Class A, 1.21%, 12/26/2025(b)		978,000		889,525
Series 2021-1A, Class B, 1.56%, 12/26/2025(b)		432,000		393,503

	Principal Amount		Value
IP Lending LLC, 0.00%(f)	$	5,493,000	$	5,493,000
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-C16, Class AS, 4.52%, 12/15/2046		3,490,000		3,414,836
Series 2013-LC11, Class AS, 3.22%, 04/15/2046		1,722,000		1,681,869
Series 2014-C20, Class AS, 4.04%, 07/15/2047		3,950,000		3,792,680
JP Morgan Mortgage Trust,
Series 2007-A1, Class 5A1, 2.84%, 07/25/2035(g)		233,036		225,312
Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(b)(g)		4,576,167		3,531,065
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class AS, 4.07%, 11/15/2047		6,036,000		5,732,501
Series 2015-C27, Class XA, IO, 1.15%, 02/15/2048(i)		32,254,391		650,155
Series 2015-C28, Class AS, 3.53%, 10/15/2048		3,400,000		3,164,767
KKR CLO 30 Ltd., Series 30A, Class A1R, 5.10% (3 mo. USD LIBOR + 1.02%), 10/17/2031(b)(d)		3,771,000		3,673,146
LB Commercial Conduit Mortgage Trust, Series 1998-C1, Class IO, 0.82%, 02/18/2030(g)		7,410		0
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(b)(g)		6,493		1,165
Life Mortgage Trust,
Series 2021-BMR, Class A, 4.11% (1 mo. USD LIBOR + 0.70%), 03/15/2038(b)(d)		2,255,916		2,159,691
Series 2021-BMR, Class B, 4.29% (1 mo. USD LIBOR + 0.88%), 03/15/2038(b)(d)		3,671,394		3,460,741
Series 2021-BMR, Class C, 4.51% (1 mo. USD LIBOR + 1.10%), 03/15/2038(b)(d)		1,543,263		1,451,862
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 5.38% (3 mo. USD LIBOR + 1.15%), 04/19/2033(b)(d)		10,755,000		10,483,770
Med Trust,
Series 2021-MDLN, Class A, 4.36% (1 mo. USD LIBOR + 0.95%), 11/15/2038(b)(d)		2,660,000		2,538,553
Series 2021-MDLN, Class B, 4.86% (1 mo. USD LIBOR + 1.45%), 11/15/2038(b)(d)		4,303,000		4,087,057
Mello Mortgage Capital Acceptance Trust,
Series 2021-INV2, Class A4, 2.50%, 08/25/2051(b)(g)		2,471,623		2,108,884
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(b)(g)		2,444,801		2,085,998
MFA Trust,
Series 2021-AEI1, Class A3, 2.50%, 08/25/2051(b)(g)		2,711,604		2,103,996
Series 2021-AEI1, Class A4, 2.50%, 08/25/2051(b)(g)		3,285,817		2,821,152
Series 2021-INV2, Class A1, 1.91%, 11/25/2056(b)(g)		3,306,378		2,628,932

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

16 Invesco Core Bond Fund

	Principal Amount		Value
MHP Commercial Mortgage Trust,
Series 2021-STOR, Class A, 4.11% (1 mo. USD LIBOR + 0.70%), 07/15/2038(b)(d)	$	1,945,000	$	1,847,484
Series 2021-STOR, Class B, 4.31% (1 mo. USD LIBOR + 0.90%), 07/15/2038(b)(d)		1,460,000		1,380,660
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C9, Class AS, 3.46%, 05/15/2046		6,222,000		6,115,517
Series 2014-C19, Class AS, 3.83%, 12/15/2047		5,035,000		4,768,656
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.87%, 12/15/2050(i)		10,867,102		375,782
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 5.25% (3 mo. USD LIBOR + 1.02%), 04/19/2030(b)(d)		4,988,346		4,887,646
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 5.14% (3 mo. USD LIBOR + 1.06%), 04/16/2033(b)(d)		3,402,000		3,300,355
New Residential Mortgage Loan Trust, Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(b)(g)		2,571,177		2,193,732
OBX Trust,
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(b)(g)		3,354,817		2,685,618
Series 2022-NQM2, Class A1, 2.94%, 01/25/2062(b)(g)		3,929,972		3,360,549
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(b)(h)		2,554,691		2,265,266
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(b)(h)		2,305,000		1,802,021
Series 2022-NQM8, Class A1, 6.10%, 09/25/2062(b)(h)		5,327,422		5,150,975
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(b)(g)		2,845,822		2,446,617
OCP CLO Ltd. (Cayman Islands),
Series 2017-13A, Class A1AR, 5.04% (3 mo. USD LIBOR + 0.96%), 07/15/2030(b)(d)		3,192,000		3,118,112
Series 2020-8RA, Class A1, 5.30% (3 mo. USD LIBOR + 1.22%), 01/17/2032(b)(d)		6,027,000		5,875,861
Octagon Investment Partners 31 LLC, Series 2017-1A, Class AR, 5.29% (3 mo. USD LIBOR + 1.05%), 07/20/2030(b)(d)		5,500,000		5,383,406
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 5.30% (3 mo. USD LIBOR + 1.22%), 01/15/2033(b)(d)		5,507,000		5,362,326
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 5.50% (3 mo. USD LIBOR + 1.26%), 01/20/2033(b)(d)		5,076,061		4,933,713
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(b)(g)		3,905,627		3,048,458

	Principal Amount		Value
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024(b)	$	972,499	$	969,133
Progress Residential Trust,
Series 2020-SFR1, Class A, 1.73%, 04/17/2037(b)		6,818,387		6,173,191
Series 2021-SFR10, Class A, 2.39%, 12/17/2040(b)		2,415,000		1,991,857
Series 2022-SFR5, Class A, 4.45%, 06/17/2039(b)		3,226,440		3,026,672
Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 4.02% (3 mo. USD LIBOR + 1.04%), 02/20/2030(b)(d)		4,248,609		4,177,835
Residential Accredit Loans, Inc. Trust,
Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		48,749		37,248
Series 2007-QS6, Class A28, 5.75%, 04/25/2037		260,464		210,107
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 01/26/2060(b)(g)		585,491		554,123
RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067(b)		2,137,912		1,921,972
Santander Drive Auto Receivables Trust,
Series 2019-2, Class D, 3.22%, 07/15/2025		2,034,671		2,019,679
Series 2019-3, Class D, 2.68%, 10/15/2025		1,806,307		1,794,990
SG Residential Mortgage Trust,
Series 2022-1, Class A1, 3.17%, 03/27/2062(b)(g)		4,464,656		3,873,417
Series 2022-1, Class A2, 3.58%, 03/27/2062(b)(g)		1,883,377		1,628,431
Sonic Capital LLC,
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(b)		1,839,850		1,444,479
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(b)		1,800,283		1,260,511
STAR Trust,
Series 2021-1, Class A1, 1.22%, 05/25/2065(b)(g)		2,069,588		1,914,916
Series 2021-SFR1, Class A, 4.01% (1 mo. USD LIBOR + 0.60%), 04/17/2038(b)(d)		11,612,369		11,189,720
Starwood Mortgage Residential Trust,
Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(g)		143,077		141,889
Series 2021-6, Class A1, 1.92%, 11/25/2066(b)(g)		4,860,258		3,805,973
Series 2022-1, Class A1, 2.45%, 12/25/2066(b)(g)		3,514,672		2,855,423
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 5.48% (3 mo. USD LIBOR + 1.29%), 04/18/2033(b)(d)		3,000,000		2,916,600
Synchrony Card Funding LLC, Series 2022-A2, Class A, 3.86%, 07/15/2028		5,365,000		5,202,428
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(b)		4,540,800		3,805,271
TICP CLO XV Ltd., Series 2020-15A, Class A, 5.52% (3 mo. USD LIBOR + 1.28%), 04/20/2033(b)(d)		4,685,000		4,550,391

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

17 Invesco Core Bond Fund

	Principal Amount		Value
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(b)	$	4,417,247	$	3,584,935
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.07%, 11/15/2050(i)		15,806,057		533,636
Verus Securitization Trust,
Series 2020-1, Class A1, 2.42%, 01/25/2060(b)(h)		881,348		833,048
Series 2020-1, Class A2, 2.64%, 01/25/2060(b)(h)		1,110,605		1,050,195
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(b)(g)		233,094		227,317
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(g)		960,862		747,596
Series 2021-7, Class A1, 1.83%, 10/25/2066(b)(g)		3,843,829		3,092,186
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(g)		1,397,210		1,270,923
Series 2022-1, Class A1, 2.72%, 01/25/2067(b)(h)		2,611,055		2,141,899
Series 2022-3, Class A1, 4.13%, 02/25/2067(b)(h)		4,063,888		3,604,369
Series 2022-7, Class A1, 5.15%, 07/25/2067(b)(h)		1,352,606		1,276,819
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)		955,677		877,697
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7, 4.24%, 10/25/2033(g)		211,453		197,189
Series 2005-AR14, Class 1A4, 3.32%, 12/25/2035(g)		323,210		301,692
Series 2005-AR16, Class 1A1, 2.79%, 12/25/2035(g)		301,714		274,328
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048		1,822,102		1,785,502
Series 2017-C42, Class XA, IO, 0.86%, 12/15/2050(i)		17,885,304		624,768
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046		2,330,000		2,282,709
Series 2014-C20, Class AS, 4.18%, 05/15/2047		1,693,000		1,626,877
Series 2014-C25, Class AS, 3.98%, 11/15/2047		5,225,000		4,958,835
Series 2014-LC14, Class AS, 4.35%, 03/15/2047(g)		2,174,838		2,110,130
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(b)		5,781,812		4,617,649
Total Asset-Backed Securities (Cost $474,219,766)				425,428,560

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–26.09%
Collateralized Mortgage Obligations–0.73%
Fannie Mae Interest STRIPS,
IO, 7.00%, 06/25/2023 to 04/25/2032(j)	$	718,864	$	143,976
7.50%, 10/25/2023 to 11/25/2029(j)		44,877		2,379
6.50%, 04/25/2029 to 02/25/2033(i)(j)		1,161,639		190,183
6.00%, 06/25/2033 to 03/25/2036(i)(j)		759,497		132,054
5.50%, 09/25/2033 to 06/25/2035(i)(j)		1,337,558		231,002
Fannie Mae REMICs,
6.50%, 06/25/2023 to 10/25/2031		158,343		161,286
4.50%, 08/25/2025		12,871		12,698
5.50%, 12/25/2025 to 07/25/2046(j)		2,723,273		1,767,452
7.00%, 07/25/2026 to 04/25/2033(j)		486,622		78,517
4.00%, 08/25/2026 to 08/25/2047(j)		1,293,704		213,407
6.00%, 11/25/2028		67,545		68,492
7.50%, 12/25/2029		439,663		457,124
4.59% (1 mo. USD LIBOR + 1.00%), 07/25/2032(d)		58,047		58,535
3.99% (1 mo. USD LIBOR + 0.40%), 03/25/2033(d)		15,279		15,080
3.84% (1 mo. USD LIBOR + 0.25%), 08/25/2035(d)		52,432		51,823
11.05% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(d)		125,655		134,251
4.53% (1 mo. USD LIBOR + 0.94%), 06/25/2037(d)		79,309		78,907
5.00%, 04/25/2040		134,695		133,308
PO, 0.00%, 09/25/2023(k)		3,268		3,211
IO, 3.11% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 05/25/2035(d)(j)		420,236		30,431
4.56% (8.15% - (1.00 x 1 mo. USD LIBOR)), 04/25/2027(d)(j)		51,229		2,930
3.00%, 11/25/2027(j)		1,123,545		53,604
3.51% (7.10% - (1.00 x 1 mo. USD LIBOR)), 11/25/2030(d)(j)		12,256		789
6.39% (9.80% - (1.00 x 1 mo. USD LIBOR)), 03/17/2031(d)(j)		29		1
4.16% (7.75% - (1.00 x 1 mo. USD LIBOR)), 07/25/2031 to 02/25/2032(d)(j)		53,243		5,020
4.41% (7.85% - (1.00 x 1 mo. USD LIBOR)), 11/18/2031(d)(j)		46,732		4,169
4.31% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031(d)(j)		113,398		10,683
3.66% (7.25% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032(d)(j)		86,360		7,737
4.36% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032 to 07/25/2032(d)(j)		149,414		11,692

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

18 Invesco Core Bond Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
4.51% (8.10% - (1.00 x 1 mo. USD LIBOR)), 02/25/2032 to 03/25/2032(d)(j)	$	17,775	$	1,161
1.00% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(d)(j)		146,532		3,507
3.41% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 09/25/2032(d)(j)		378,964		29,320
4.41% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 12/25/2032(d)(j)		280,939		30,648
4.56% (8.00% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032(d)(j)		179,110		19,053
4.66% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032(d)(j)		51,650		4,412
4.61% (8.20% - (1.00 x 1 mo. USD LIBOR)), 01/25/2033(d)(j)		248,696		27,355
4.66% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033(d)(j)		178,182		23,867
3.96% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033(d)(j)		193,204		20,632
3.16% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035(d)(j)		78,906		5,081
3.01% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(d)(j)		262,529		15,139
3.50%, 08/25/2035(j)		4,026,671		510,780
2.51% (6.10% - (1.00 x 1 mo. USD LIBOR)), 10/25/2035(d)(j)		196,023		14,173
2.99% (6.58% - (1.00 x 1 mo. USD LIBOR)), 06/25/2036(d)(j)		12,483		1,084
2.46% (6.05% - (1.00 x 1 mo. USD LIBOR)), 07/25/2038(d)(j)		75,404		1,976
2.96% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041(d)(j)		376,703		24,091
2.56% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042(d)(j)		879,973		80,473
2.31% (5.90% - (1.00 x 1 mo. USD LIBOR)), 09/25/2047(d)(j)		6,278,431		397,771
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KC02, Class X1, IO, 1.91%, 03/25/2024(i)		65,637,690		302,918
Series KC03, Class X1, IO, 0.63%, 11/25/2024(i)		40,712,820		422,904
Series K734, Class X1, IO, 0.65%, 02/25/2026(i)		32,887,213		549,430
Series K735, Class X1, IO, 1.10%, 05/25/2026(i)		33,882,775		918,887
Series K093, Class X1, IO, 0.95%, 05/25/2029(i)		27,619,619		1,340,797

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac REMICs,
5.00%, 09/15/2023	$	22,808	$	22,732
4.46% (1 mo. USD LIBOR + 1.05%), 10/15/2023(d)		25,685		25,732
6.50%, 02/15/2028 to 06/15/2032		651,249		667,529
6.00%, 04/15/2029		40,597		41,166
4.31% (1 mo. USD LIBOR + 0.90%), 07/15/2031(d)		42,698		42,906
7.00%, 03/15/2032		174,607		182,726
3.50%, 05/15/2032		142,261		135,210
4.41% (1 mo. USD LIBOR + 1.00%), 06/15/2032(d)		198,082		199,429
12.24% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035(d)		35,197		40,583
3.81% (1 mo. USD LIBOR + 0.40%), 09/15/2035(d)		92,197		90,509
IO, 4.24% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026 to 03/15/2029(d)(j)		145,053		6,915
3.00%, 06/15/2027 to 05/15/2040(j)		3,763,457		186,903
2.50%, 05/15/2028(j)		801,863		36,348
4.29% (7.70% - (1.00 x 1 mo. USD LIBOR)), 03/15/2029(d)(j)		21,938		664
4.69% (8.10% - (1.00 x 1 mo. USD LIBOR)), 09/15/2029(d)(j)		7,952		449
4.34% (7.75% - (1.00 x 1 mo. USD LIBOR)), 01/15/2032(d)(j)		100,962		7,213
3.64% (7.05% - (1.00 x 1 mo. USD LIBOR)), 10/15/2033(d)(j)		224,233		13,699
3.29% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035(d)(j)		234,454		11,303
3.34% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035(d)(j)		170,089		8,710
3.31% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035(d)(j)		888,760		52,860
3.24% (6.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035(d)(j)		335,843		35,479
3.59% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037(d)(j)		85,114		7,989
2.59% (6.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2038(d)(j)		48,685		3,502
2.66% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(d)(j)		1,146,646		79,060
2.84% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039(d)(j)		311,543		18,817
2.69% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044(d)(j)		974,750		94,004
4.00%, 03/15/2045(j)		458,297		40,036
Freddie Mac STRIPS,
IO, 7.00%, 04/01/2027(j)		69,669		6,747
3.00%, 12/15/2027(j)		1,439,060		79,905
3.27%, 12/15/2027(i)		382,456		18,344
6.50%, 02/01/2028(j)		7,167		780
7.50%, 12/15/2029(j)		20,955		3,228
6.00%, 12/15/2032(j)		66,066		8,690
PO, 0.00%, 06/01/2026(k)		7,530		7,011
				10,983,378

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

19 Invesco Core Bond Fund

	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–0.09%
6.00%, 07/01/2024 to 11/01/2037	$	62,179	$	63,499
9.00%, 01/01/2025 to 05/01/2025		759		773
6.50%, 07/01/2028 to 04/01/2034		73,018		75,438
7.00%, 10/01/2031 to 10/01/2037		716,213		746,084
5.50%, 09/01/2039		396,014		405,245
				1,291,039
Federal National Mortgage Association (FNMA)–0.67%
6.50%, 12/01/2029 to 11/01/2031		490,973		506,664
7.50%, 01/01/2033 to 08/01/2033		520,492		541,212
7.00%, 04/01/2033 to 04/01/2034		306,622		316,625
5.50%, 02/01/2035 to 05/01/2036		386,023		395,154
4.00%, 05/01/2052		9,156,842		8,380,010
				10,139,665
Government National Mortgage Association (GNMA)–3.97%
ARM, 2.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2025 to 07/20/2027(d)		1,227		1,207
IO, 4.09% (7.50% - (1.00 x 1 mo. USD LIBOR)), 02/16/2032(d)(j)		19,661		5
3.14% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037(d)(j)		607,372		41,445
3.24% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041(d)(j)		1,773,488		99,777
4.50%, 09/16/2047(j)		2,727,636		466,998
2.79% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047(d)(j)		2,250,365		184,025
TBA, 2.50%, 11/01/2052(l)		69,445,000		58,865,970
				59,659,427
Uniform Mortgage-Backed Securities–20.63%
TBA, 2.50%, 11/01/2052(l)		80,000,000		65,500,555
3.00%, 11/01/2052(l)		80,000,000		68,018,750
4.00%, 11/01/2052(l)		16,410,000		14,920,023
4.50%, 11/01/2052(l)		16,409,000		15,396,257
5.00%, 11/01/2052(l)		46,000,000		44,370,234
5.50%, 11/01/2052(l)		59,800,000		58,998,452
6.00%, 11/01/2052(l)		43,000,000		43,219,669
				310,423,940
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $403,783,846)				392,497,449
U.S. Treasury Securities–7.29%
U.S. Treasury Bonds–3.16%
3.38%, 08/15/2042		29,752,400		25,675,392
2.88%, 05/15/2052		28,266,200		21,946,054
				47,621,446

	Principal Amount		Value
U.S. Treasury Notes–4.13%
4.38%, 10/31/2024	$	27,155,000	$	27,099,843
4.25%, 10/15/2025		10,400		10,346
4.13%, 09/30/2027		0		0
4.13%, 10/31/2027		34,018,600		33,843,192
3.88%, 09/30/2029		0		0
4.00%, 10/31/2029		831,200		823,472
2.75%, 08/15/2032		343,300		307,253
				62,084,106
Total U.S. Treasury Securities (Cost $117,405,531)				109,705,552
Agency Credit Risk Transfer Notes–0.79%
Fannie Mae Connecticut Avenue Securities,
Series 2016-C02, Class 1M2, 9.59% (1 mo. USD LIBOR + 6.00%), 09/25/2028(d)		1,173,089		1,212,631
Series 2022-R03, Class 1M1, 5.10% (30 Day Average SOFR + 2.10%), 03/25/2042(b)(d)		4,090,313		4,036,870
Series 2022-R04, Class 1M1, 5.00% (30 Day Average SOFR + 2.00%), 03/25/2042(b)(d)		2,122,119		2,087,307
Freddie Mac,
Series 2014-DN3, Class M3, STACR® , 7.59% (1 mo. USD LIBOR + 4.00%), 08/25/2024(d)		570,679		570,961
Series 2022-DNA3, Class M1A, STACR® , 5.00% (30 Day Average SOFR + 2.00%), 04/25/2042(b)(d)		3,018,368		2,960,034
Series 2022-DNA6, Class M1, STACR® , 5.15% (30 Day Average SOFR + 2.15%), 09/25/2042(b)(d)		999,546		992,834
Total Agency Credit Risk Transfer Notes (Cost $12,084,034)				11,860,637
Municipal Obligations–0.51%
California (State of) Health Facilities Financing Authority (Social Bonds),
Series 2022, RB, 4.19%, 06/01/2037		1,370,000		1,157,111
Series 2022, RB, 4.35%, 06/01/2041		995,000		817,997
California State University,
Series 2021 B, Ref. RB, 2.72%, 11/01/2052		1,725,000		1,000,174
Series 2021 B, Ref. RB, 2.94%, 11/01/2052		2,585,000		1,596,339
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041		4,965,000		3,159,150
Total Municipal Obligations (Cost $11,640,000)				7,730,771
	Shares
Preferred Stocks–0.28%
Asset Management & Custody Banks–0.08%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(c)		1,173,000		1,126,080
Investment Banking & Brokerage–0.11%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.(c)		2,214,000		1,647,216

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

20 Invesco Core Bond Fund

	Shares		Value
Other Diversified Financial Services–0.09%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.(c)		1,502,000	$	1,400,615
Total Preferred Stocks (Cost $4,889,000)				4,173,911
Money Market Funds–7.92%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(m)(n)		42,417,738		42,417,738
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(m)(n)		28,197,126		28,202,765

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 3.08%(m)(n)		48,477,414	$	48,477,414
Total Money Market Funds (Cost $119,087,974)				119,097,917
TOTAL INVESTMENTS IN SECURITIES-124.25% (Cost $2,044,575,898)				1,869,521,648
OTHER ASSETS LESS LIABILITIES-(24.25)%				(364,826,856	)
NET ASSETS–100.00%			$	1,504,694,792

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 October 31, 2022 was $491,821,337, which represented 32.69% 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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2022.

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

^(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 October 31, 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 October 31, 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 1N.

^(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 fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	120,599,560	$	188,957,598	$	(267,139,420	)	$	-	$	-	$	42,417,738	$	509,808
Invesco Liquid Assets Portfolio, Institutional Class		84,066,037		134,969,712		(190,813,870	)		17,612		(36,726)		28,202,765		344,431
Invesco Treasury Portfolio, Institutional Class		137,828,068		215,951,540		(305,302,194	)		-		-		48,477,414		552,964
Total	$	342,493,665	$	539,878,850	$	(763,255,484	)	$	17,612	$	(36,726)	$	119,097,917	$	1,407,203

⁽ⁿ⁾  The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

21 Invesco Core Bond Fund

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	29	December-2022	$	5,927,102		$	(126,064	)	$	(126,064	)
U.S. Treasury 5 Year Notes	142	December-2022		15,136,312			(12,598	)		(12,598	)
U.S. Treasury 10 Year Notes	680	December-2022		75,203,750			(3,254,193	)		(3,254,193	)
U.S. Treasury Long Bonds	227	December-2022		27,353,500			(2,270,844	)		(2,270,844	)
Subtotal-Long Futures Contracts							(5,663,699	)		(5,663,699	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 10 Year Ultra Notes	966	December-2022		(112,040,906	)		6,523,152			6,523,152
U.S. Treasury Ultra Bonds	3	December-2022		(382,969	)		(1,796	)		(1,796	)
Subtotal-Short Futures Contracts							6,521,356			6,521,356
Total Futures Contracts						$	857,657		$	857,657

^(a)  Futures contracts collateralized by $1,202,944 cash held with Bank of America Merrill Lynch, the futures commission merchant.

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

22 Invesco Core Bond Fund

Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $ 1,925,487,924)	$	1,750,423,731
Investments in affiliated money market funds, at value (Cost $ 119,087,974)		119,097,917
Other investments:
Variation margin receivable – futures contracts		2,478,355
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		1,202,944
Cash collateral – TBA commitments		3,088,000
Cash		13,914,797
Receivable for:
Investments sold		96,351,563
Fund shares sold		15,564,493
Dividends		372,884
Interest		9,920,397
Principal paydowns		1,210
Investment for trustee deferred compensation and retirement plans		123,185
Other assets		92,264
Total assets		2,012,631,740
Liabilities:
Payable for:
Investments purchased		128,565,076
TBA sales commitment		375,295,253
Dividends		746,072
Fund shares reacquired		2,379,987
Accrued fees to affiliates		657,262
Accrued trustees’ and officers’ fees and benefits		1,714
Accrued other operating expenses		168,399
Trustee deferred compensation and retirement plans		123,185
Total liabilities		507,936,948
Net assets applicable to shares outstanding	$	1,504,694,792

Net assets consist of:
Shares of beneficial interest	$	1,865,058,094
Distributable earnings (loss)		(360,363,302	)
	$	1,504,694,792
Net Assets:
Class A	$	566,063,913
Class C	$	41,619,597
Class R	$	68,228,060
Class Y	$	544,604,961
Class R5	$	13,606
Class R6	$	284,164,655
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		102,821,952
Class C		7,553,158
Class R		12,397,398
Class Y		99,541,575
Class R5		2,472
Class R6		51,654,699
Class A:
Net asset value per share	$	5.51
Maximum offering price per share (Net asset value of $5.51 ÷ 95.75%)	$	5.75
Class C:
Net asset value and offering price per share	$	5.51
Class R:
Net asset value and offering price per share	$	5.50
Class Y:
Net asset value and offering price per share	$	5.47
Class R5:
Net asset value and offering price per share	$	5.50
Class R6:
Net asset value and offering price per share	$	5.50

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

23 Invesco Core Bond Fund

Statement of Operations

For the year ended October 31, 2022

Investment income:
Interest (net of foreign withholding taxes of $(1,105))	$	47,390,688
Dividends from affiliated money market funds		1,407,203
Total investment income		48,797,891
Expenses:
Advisory fees		5,842,638
Administrative services fees		243,953
Custodian fees		18,287
Distribution fees:
Class A		1,642,689
Class C		541,799
Class R		386,062
Transfer agent fees – A, C, R and Y		2,279,149
Transfer agent fees – R5		11
Transfer agent fees – R6		92,483
Trustees’ and officers’ fees and benefits		33,287
Registration and filing fees		183,806
Reports to shareholders		73,025
Professional services fees		92,209
Other		26,525
Total expenses		11,455,923
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,395,660	)
Net expenses		10,060,263
Net investment income		38,737,628
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(165,046,819	)
Affiliated investment securities		(36,726	)
Foreign currencies		5,821
Forward foreign currency contracts		348,997
Futures contracts		(16,780,752	)
		(181,509,479	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(181,536,928	)
Affiliated investment securities		17,612
Futures contracts		2,619,625
		(178,899,691	)
Net realized and unrealized gain (loss)		(360,409,170	)
Net increase (decrease) in net assets resulting from operations	$	(321,671,542	)

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

24 Invesco Core Bond Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income	$	38,737,628		$	25,808,194
Net realized gain (loss)		(181,509,479	)		2,794,380
Change in net unrealized appreciation (depreciation)		(178,899,691	)		(24,947,671	)
Net increase (decrease) in net assets resulting from operations		(321,671,542	)		3,654,903
Distributions to shareholders from distributable earnings:
Class A		(16,307,502	)		(24,735,941	)
Class C		(896,446	)		(2,206,867	)
Class R		(1,685,982	)		(2,304,208	)
Class Y		(16,570,288	)		(23,138,369	)
Class R5		(416	)		(601	)
Class R6		(8,105,449	)		(9,852,844	)
Total distributions from distributable earnings		(43,566,083	)		(62,238,830	)
Share transactions–net:
Class A		(52,098,582	)		20,914,652
Class C		(15,137,193	)		(24,232,213	)
Class R		72,409			8,288,547
Class Y		(45,598,670	)		119,908,386
Class R6		35,989,122			56,640,636
Net increase (decrease) in net assets resulting from share transactions		(76,772,914	)		181,520,008
Net increase (decrease) in net assets		(442,010,539	)		122,936,081
Net assets:
Beginning of year		1,946,705,331			1,823,769,250
End of year	$	1,504,694,792		$	1,946,705,331

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

25 Invesco Core Bond Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover(d)(e)
Class A
Year ended 10/31/22	$	6.84	$	0.13	$	(1.31	)	$	(1.18	)	$	(0.15	)	$	–		$	(0.15	)	$	5.51		(17.43	)%	$	566,064		0.69	%		0.79	%		2.17	%		413	%
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	(f)		763,731		0.74	(f)		0.80	(f)		1.98	(f)		397
Ten months ended 10/31/19		6.57		0.17		0.46			0.63			(0.17	)		–			(0.17	)		7.03		9.73			563,054		0.75	(g)		0.81	(g)		2.95	(g)		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
Class C
Year ended 10/31/22		6.84		0.09		(1.32	)		(1.23	)		(0.10	)		–			(0.10	)		5.51		(18.07	)		41,620		1.44			1.54			1.42			413
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	(g)		1.56	(g)		2.15	(g)		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
Class R
Year ended 10/31/22		6.83		0.12		(1.31	)		(1.19	)		(0.14	)		–			(0.14	)		5.50		(17.68	)		68,228		0.94			1.04			1.92			413
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	(g)		1.07	(g)		2.66	(g)		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
Class Y
Year ended 10/31/22		6.79		0.15		(1.30	)		(1.15	)		(0.17	)		–			(0.17	)		5.47		(17.21	)		544,605		0.44			0.54			2.42			413
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	(g)		0.56	(g)		3.25	(g)		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
Class R5
Year ended 10/31/22		6.84		0.15		(1.32	)		(1.17	)		(0.17	)		–			(0.17	)		5.50		(17.36	)		14		0.44			0.45			2.42			413
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	(g)		0.41	(g)		3.29	(g)		86
Class R6
Year ended 10/31/22		6.83		0.15		(1.31	)		(1.16	)		(0.17	)		–			(0.17	)		5.50		(17.22	)		284,165		0.40			0.41			2.46			413
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	(g)		0.39	(g)		3.31	(g)		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

^(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% and 0.00% for the ten months ended October 31, 2019 and for the years ended December 31, 2018 and 2017, 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 and $9,083,844,819 and $8,679,566,809 for ten months ended October 31, 2019 and for the years ended December 31, 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 to average net assets reflect actual 12b-1 fees of 0.24% for the year ended October 31, 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.

26 Invesco Core Bond Fund

Notes to Financial Statements

October 31, 2022

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

27 Invesco Core Bond Fund

and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 exchange of the two

28 Invesco Core Bond Fund

currencies on the settlement date, 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).

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 for hedging 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 or asset. 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. 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 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. 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.

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.

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.

During the period, the Fund experienced a low interest rate environment 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.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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.

29 Invesco Core Bond Fund

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*
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 year ended October 31, 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 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 29, 2024, 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 29, 2024. 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.

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 year ended October 31, 2022, the Adviser waived advisory fees of $114,867 and reimbursed class level expenses of $589,074, $49,559, $71,608, $564,238, $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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $55,592 in front-end sales commissions from the sale of Class A shares and $13,208 and $2,390 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. 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 Adviser’s 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.

30 Invesco Core Bond Fund

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	–		$	791,569,384	$	7,457,467	$	799,026,851
Asset-Backed Securities		–			419,935,560		5,493,000		425,428,560
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			392,497,449		–		392,497,449
U.S. Treasury Securities		–			109,705,552		–		109,705,552
Agency Credit Risk Transfer Notes		–			11,860,637		–		11,860,637
Municipal Obligations		–			7,730,771		–		7,730,771
Preferred Stocks		–			4,173,911		–		4,173,911
Money Market Funds		119,097,917			–		–		119,097,917
Total Investments in Securities		119,097,917			1,737,473,264		12,950,467		1,869,521,648
Other Investments - Assets*
Futures Contracts		6,523,152			–		–		6,523,152
Other Investments - Liabilities*
Futures Contracts		(5,665,495	)		–		–		(5,665,495	)
Total Other Investments		857,657			–		–		857,657
Total Investments		$119,955,574		$	1,737,473,264		$12,950,467	$	1,870,379,305

* 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 October 31, 2022:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	6,523,152
Derivatives not subject to master netting agreements		(6,523,152	)
Total Derivative Assets subject to master netting agreements	$	–

	Value
Derivative Liabilities	Interest Rate Risk
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	(5,665,495	)
Derivatives not subject to master netting agreements		5,665,495
Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the year ended October 31, 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	$	348,997		$	-		$	348,997
Futures contracts		-			(16,780,752	)		(16,780,752	)
Options purchased(a)		(364,308	)		-			(364,308	)

31 Invesco Core Bond Fund

	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk			Total
Change in Net Unrealized Appreciation:
Futures contracts	$	-		$	2,619,625		$	2,619,625
Total	$	(15,311	)	$	(14,161,127	)	$	(14,176,438	)

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

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

	Forward Foreign Currency Contracts		Futures Contracts		Foreign Currency Options Purchased
Average notional value	$	88,919,871	$	332,797,313	$	63,917,326

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,314.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	43,566,083	$	50,564,465
Long-term capital gain		–		11,674,365
Total distributions	$	43,566,083	$	62,238,830

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Undistributed ordinary income	$	5,479,549
Net unrealized appreciation (depreciation) – investments		(182,843,559	)
Temporary book/tax differences		(120,270	)
Capital loss carryforward		(182,879,022	)
Shares of beneficial interest		1,865,058,094
Total net assets	$	1,504,694,792

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and derivative instruments.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

32 Invesco Core Bond Fund

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	142,619,694	$	40,259,328	$	182,879,022

* 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 year ended October 31, 2022 was $1,329,567,295 and $1,152,855,810, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	8,274,663
Aggregate unrealized (depreciation) of investments		(191,118,222	)
Net unrealized appreciation (depreciation) of investments	$	(182,843,559	)

Cost of investments for tax purposes is $2,053,222,864.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of dollar rolls, on October 31, 2022, undistributed net investment income was increased by $5,506,308 and undistributed net realized gain (loss) was decreased by $5,506,308. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended October 31, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		17,838,489		$	112,639,168			27,406,232		$	190,173,947
Class C		1,518,947			9,458,524			2,879,515			20,058,954
Class R		2,842,778			17,892,812			4,484,685			31,028,788
Class Y		74,333,819			455,512,781			64,678,895			444,839,834
Class R6		26,237,706			160,963,443			23,117,686			159,761,711
Issued as reinvestment of dividends:
Class A		2,390,857			14,761,196			3,282,857			22,851,333
Class C		131,458			814,804			293,791			2,053,420
Class R		271,732			1,673,246			329,541			2,294,068
Class Y		1,923,761			11,825,056			2,624,583			18,148,874
Class R6		1,043,833			6,429,314			1,103,448			7,669,664
Automatic conversion of Class C shares to Class A shares:
Class A		900,361			5,642,658			2,779,739			19,353,054
Class C		(899,544	)		(5,642,658	)		(2,776,541	)		(19,353,054	)
Reacquired:
Class A		(29,586,157	)		(185,141,604	)		(30,584,046	)		(211,463,682	)
Class C		(3,162,356	)		(19,767,863	)		(3,903,685	)		(26,991,533	)
Class R		(3,109,203	)		(19,493,649	)		(3,619,662	)		(25,034,309	)
Class Y		(82,922,888	)		(512,936,507	)		(49,988,861	)		(343,080,322	)
Class R6		(21,257,303	)		(131,403,635	)		(16,037,206	)		(110,790,739	)
Net increase (decrease) in share activity		(11,503,710	)	$	(76,772,914	)		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 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.

33 Invesco Core Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Core Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Core Bond Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended October 31, 2022 and the ten months ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6. For each of the three years in the period ended October 31, 2022 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The financial statements of Oppenheimer Total Return Bond Fund (subsequently renamed Invesco Core Bond Fund) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 22, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

34 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 May 1, 2022 through October 31, 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 (05/01/22)		Ending Account Value (10/31/22)1		Expenses Paid During Period2		Ending Account Value (10/31/22)		Expenses Paid During Period2		Annualized Expense Ratio
Class A		$1,000.00		$918.50		$3.34		$1,021.73		$3.52		0.69%
Class C		1,000.00		913.50		6.95		1,017.95		7.32		1.44
Class R		1,000.00		915.70		4.54		1,020.47		4.79		0.94
Class Y		1,000.00		919.10		2.13		1,022.99		2.24		0.44
Class R5		1,000.00		918.10		2.32		1,022.79		2.45		0.48
Class R6		1,000.00		918.20		1.98		1,023.14		2.09		0.41

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

35 Invesco Core Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Core Bond Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Bloomberg U.S. Aggregate Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the second quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results.

36 Invesco Core Bond Fund

The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial

fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

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

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds

attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

37 Invesco Core Bond Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Qualified Dividend Income*	5.86%
Corporate Dividends Received Deduction*	5.00%
U.S. Treasury Obligations*	12.34%
Qualified Business Income*	0.00%
Business Interest Income*	82.14%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

38 Invesco Core Bond Fund

Trustees and Officers

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

Name, Year of Birth and     Position(s)    Held with the Trust	Trustee         and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex     Overseen by Trustee	Other Directorship(s) Held by Trustee                 During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Core Bond Fund

Trustees and Officers—(continued)

Name, Year of Birth and            Position(s)    Held with the Trust	Trustee         and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex     Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Core Bond Fund

Trustees and Officers—(continued)

Name, Year of Birth and            Position(s)    Held with the Trust	Trustee         and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex     Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Core Bond Fund

Trustees and Officers—(continued)

Name, Year of Birth and            Position(s)    Held with the Trust	Trustee         and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex     Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Core Bond Fund

Trustees and Officers—(continued)

Name, Year of Birth and            Position(s)    Held with the Trust	Trustee         and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex     Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Core Bond Fund

Trustees and Officers—(continued)

Name, Year of Birth and            Position(s)    Held with the Trust	Trustee         and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex     Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Core Bond Fund

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

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): 811-03826 and 033-19338 Invesco Distributors, Inc. O-TRB-AR-1

Annual Report to Shareholders October 31, 2022

Invesco Developing Markets Fund

Nasdaq:

A: ODMAX ∎ C: ODVCX ∎ R: ODVNX ∎ Y: ODVYX ∎ R5: DVMFX ∎ R6: ODVIX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Consolidated Schedule of Investments
11	Consolidated Financial Statements
14	Consolidated Financial Highlights
15	Notes to Consolidated Financial Statements
22	Report of Independent Registered Public Accounting Firm
23	Fund Expenses
24	Approval of Investment Advisory and Sub-Advisory Contracts
27	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Developing Markets Fund (the Fund), at net asset value (NAV), underperformed the MSCI Emerging Markets Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-38.24	%
Class C Shares	-38.70
Class R Shares	-38.39
Class Y Shares	-38.08
Class R5 Shares	-37.94
Class R6 Shares	-37.98
MSCI Emerging Markets Index▼	-31.03
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

    Global equity markets declined in the first half of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

    Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

    During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and

emerging market equities were both in negative territory.

    Global markets have been enshrouded by geopolitical shock waves stemming from Russia’s invasion of Ukraine, rising inflation levels, recessionary fears, etc. Much of this has dampened sentiment toward emerging market equities. However, after two years of interconnected, unlikely and extreme events, we are encouraged by three important factors in emerging markets: valuations are cheap relative to US equities, central banks in most emerging market countries stayed ahead of inflationary pressures by raising interest rates and China seems poised for recovery from its debilitating zero-COVID-19 policy, which we believe would provide investment opportunities.

    From a sector perspective, the largest contributors to the Fund’s relative performance during the fiscal year were an overweight and stock selection in consumer staples, stock selection in consumer discretionary and an underweight and stock selection in real estate. The largest detractors from relative performance were an underweight and stock selection in energy, stock selection in communication services and an overweight and stock selection in health care.

    From a country perspective, the largest contributors to the Fund’s relative performance during the fiscal year were an underweight in China, an overweight in Mexico and an underweight allocation to and stock selection in South Korea. The largest detractors from the Fund’s relative performance were an overweight and stock selection in Russia, an overweight in Singapore (the Fund’s benchmark has no exposure) and an underweight position in Saudi Arabia.

    The largest contributors to the Fund’s absolute performance during the fiscal year included Wal-Mart de Mexico, Vale and Lojas Renner.

    Wal-Mart de Mexico (Walmex) offers an omnichannel shopping experience in Mexico’s

underpenetrated retail market. Walmex remains focused on providing a wide assortment of goods at attractive values and is currently working on expanding their Bodega banner catering to the most price-sensitive population. We believe Walmex should continue to grow market share in Mexico as expansion continues, fulfillment capabilities improve and the digital ecosystem evolves.

    Vale is a Brazilian multinational company that is one of the largest global iron ore and nickel producers with expertise in mining, logistics, energy and steelmaking. In our view, there should be structural support for these base metals as Russia’s iron ore supply is interrupted from the ongoing war in Ukraine and nickel is being increasingly used in batteries to fuel modern life, and to align with the global decarbonization efforts underway.

    Lojas Renner operates a fashion and lifestyle ecosystem in the fragmented Brazilian retail space. Lojas Renner designs and distributes a broad range of fashion apparel under a host of private brands that consumers have access to through digital channels and traditional stores. As the company continues to focus on digitizing the consumer experience, providing reliable delivery of goods, rewarding consumer loyalty and so on, we believe Lojas Renner should be poised to capture a larger slice of Brazilian retail sales.

    The largest detractors from the Fund’s absolute performance during the fiscal year included Taiwan Semiconductor Manufacturing (TSMC), Novatek and Yandex.

    TSMC is one of the world’s leading semiconductor foundries and the key enabler of the new computing revolution in the semiconductor industry, with multiple architectures, chip platforms and design teams competing to push computing and artificial intelligence innovation. Despite softening demand in the smartphone and consumer electronics segments, it is our view that TSMC has strong customer order commitment in the high performance computing applications over the next few years and has seen healthy demand in the data center and automotive segments.

    Novatek, which we have held for nearly 15 years, is one of the largest independent global gas producers, and we believe it has considerable growth options in its portfolio of low cost, competitively advantaged liquefied natural gas (LNG) projects on the Yamal Peninsula. We also believe that demand for Novatek’s LNG projects is fundamentally supported by the global push to develop sources of cleaner energy. Due to ongoing market closures, lack of trading partners, low liquidity, settlement concerns and future uncertainty, Invesco priced all Russian equity holdings of the Fund to zero as of March 2, 2022.

    Yandex is one of the dominant internet companies in Russia’s transforming digital landscape, holding positions in several categories including Russia’s search engine, shared mobility, food delivery, e-commerce and others. Note that Yandex runs one of the

2 Invesco Developing Markets Fund

most profitable mobility and food delivery platforms in the world and we believe it may benefit from future industry consolidation in e-commerce. However, Yandex has been affected by the impact of sanctions on Russia following the invasion of Ukraine. For the reasons described above, this Russian equity holding of the Fund was also priced at zero as of March 2, 2022.

    When we look longer term, we believe many emerging market companies are embarking on a new era - cutting back on oversized ambitions and focusing on opportunities that are profitable and cash generative. Our view is that this should lead to improved earnings and returns in these businesses as they become more rational and disciplined. We have been focused on finding investments in opportunities where the visible risks are well understood, have been deeply digested and have led to discounts in prices. We are looking out for circumstances where the risks have not yet been widely perceived. The net result is an opportunity to own undervalued, high-quality names with the potential for long-term structural growth.

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

Portfolio manager(s):

Justin Leverenz

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco Developing Markets Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Developing Markets Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (11/18/96)	8.67	%
10 Years	-0.29
5 Years	-5.55
1 Year	-41.64
Class C Shares
Inception (11/18/96)	8.65	%
10 Years	-0.32
5 Years	-5.19
1 Year	-39.28
Class R Shares
Inception (3/1/01)	7.69	%
10 Years	0.02
5 Years	-4.71
1 Year	-38.39
Class Y Shares
Inception (9/7/05)	5.36	%
10 Years	0.54
5 Years	-4.23
1 Year	-38.08
Class R5 Shares
10 Years	0.40	%
5 Years	-4.24
1 Year	-37.94
Class R6 Shares
Inception (12/29/11)	2.15	%
10 Years	0.70
5 Years	-4.09
1 Year	-37.98

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. 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.

5 Invesco Developing Markets Fund

Supplemental Information

Invesco Developing Markets Fund’s investment objective is to seek capital appreciation.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ 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 nonresident 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.

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

6 Invesco Developing Markets Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Financials	22.62%
Information Technology	21.18
Consumer Discretionary	16.62
Materials	9.53
Consumer Staples	9.20
Health Care	6.09
Communication Services	5.19
Industrials	4.97
Other Sectors, Each Less than 2% of Net Assets	1.36
Money Market Funds Plus Other Assets Less Liabilities	3.24

Top 10 Equity Holdings*

		% of total net assets
1.	Housing Development Finance Corp. Ltd.	8.92%
2.	Taiwan Semiconductor Manufacturing Co. Ltd.	6.48
3.	Kotak Mahindra Bank Ltd.	6.37
4.	Yum China Holdings, Inc.	5.46
5.	Tata Consultancy Services Ltd.	5.24
6.	Grupo Mexico S.A.B. de C.V., Class B	4.51
7.	Pernod Ricard S.A.	4.11
8.	Samsung Electronics Co. Ltd.	3.49
9.	H World Group Ltd., ADR	3.12
10.	ZTO Express (Cayman), Inc., ADR	2.72

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 October 31, 2022.

7 Invesco Developing Markets Fund

Consolidated Schedule of Investments

October 31, 2022

	Shares		Value
Common Stocks & Other Equity Interests–95.60%
Belgium–0.40%
Anheuser-Busch InBev S.A./N.V.		1,832,252	$	91,774,653
Brazil–7.98%
Ambev S.A.		139,047,690		430,696,552
Banco Bradesco S.A., Preference Shares		109,331,729		420,351,977
Lojas Renner S.A.		41,138,483		246,090,238
NU Holdings Ltd., Class A(a)		40,742,954		203,714,770
Vale S.A., ADR		34,476,996		446,132,328
WEG S.A.		10,019,978		78,134,685
				1,825,120,550
Chile–0.47%
Antofagasta PLC		6,208,369		83,558,550
Banco Santander Chile		649,718,381		23,399,096
				106,957,646
China–20.11%
BeiGene Ltd., ADR (Acquired 01/04/2021-08/04/2021; Cost $724,027,817)(a)(b)		2,235,297		377,519,310
Brii Biosciences Ltd.(a)		40,372,238		28,764,141
H World Group Ltd.		1,984,000		5,423,890
H World Group Ltd., ADR(c)(d)		26,367,347		714,027,757
Meituan, B Shares(a)(e)		24,176,100		384,575,800
MicroTech Medical Hangzhou Co. Ltd., H Shares(a)(e)		7,517,400		5,833,093
NetEase, Inc., ADR		9,063,153		504,092,570
New Horizon Health Ltd.(a)(e)		12,827,500		28,539,988
Silergy Corp.		8,562,000		98,473,256
Sunny Optical Technology Group Co. Ltd.		5,855,000		50,791,781
Tencent Holdings Ltd.		4,206,158		110,368,590
Wuxi Biologics Cayman, Inc.(a)(e)		48,709,000		220,359,767
Yum China Holdings, Inc.(c)		30,183,310		1,248,079,869
Zai Lab Ltd., ADR (Acquired 04/22/2021-01/21/2022; Cost $847,529,843)(a)(b)(c)		7,244,731		161,412,607
ZTO Express (Cayman), Inc.		2,473,482		41,929,651
ZTO Express (Cayman), Inc., ADR(c)		36,797,774		621,514,403
				4,601,706,473
France–5.36%
Kering S.A.		273,383		125,137,202
L’Oreal S.A.		49,577		15,565,390
Pernod Ricard S.A.		5,357,784		940,009,407
TotalEnergies SE		2,647,242		144,672,507
				1,225,384,506
Hong Kong–1.62%
AIA Group Ltd.		48,992,200		369,974,316
India–24.81%
Delhivery Ltd.(e)		4,814,900		20,021,003
Housing Development Finance Corp. Ltd.		68,477,338		2,041,513,479
Infosys Ltd.		30,849,933		572,294,637
Kotak Mahindra Bank Ltd.		63,390,950		1,458,033,997

	Shares		Value
India–(continued)
Oberoi Realty Ltd.(c)		14,966,740	$	167,067,876
Pine Labs Pvt. Ltd. (Acquired 09/09/2021; Cost $49,999,780)(b)(f)		134,098		62,853,388
Tata Consultancy Services Ltd.		31,072,921		1,197,648,432
Zee Entertainment Enterprises Ltd.(c)		49,112,015		155,536,647
				5,674,969,459
Indonesia–0.87%
PT Bank Central Asia Tbk		353,549,900		199,221,034
Italy–1.73%
Ermenegildo Zegna N.V.		5,142,215		56,358,677
PRADA S.p.A.		74,536,610		338,762,262
				395,120,939
Japan–0.11%
Daiichi Sankyo Co. Ltd.		790,400		25,344,584
Mexico–8.50%
America Movil S.A.B. de C.V., Class L, ADR		17,183,161		323,215,258
Fomento Economico Mexicano S.A.B. de C.V., Series CPO		1,881,075		13,503,523
Grupo Mexico S.A.B. de C.V., Class B		284,733,475		1,032,272,019
Wal-Mart de Mexico S.A.B. de C.V., Series V		149,212,434		576,350,254
				1,945,341,054
Peru–0.93%
Credicorp Ltd.		1,462,117		213,995,444
Philippines–1.64%
SM Investments Corp.		26,325,832		374,537,053
Russia–0.00%
Novatek PJSC, GDR(a)(e)(f)		8,262,941		8
Polyus PJSC, GDR(a)(e)(f)		1,319,684		1
Sberbank of Russia PJSC(a)(f)		4,942,538		5
TCS Group Holding PLC, GDR(e)(f)		2,747,795		3
Yandex N.V., Class A(a)(c)(f)		22,810,295		23
				40
South Africa–1.08%
FirstRand Ltd.		70,724,711		247,961,574
South Korea–8.84%
Coupang, Inc.(a)		1,322,159		22,833,686
LG Chem Ltd.		1,408,666		617,264,441
LG H&H Co. Ltd.		101,100		36,103,595
NAVER Corp.		813,013		96,380,019
Samsung Biologics Co. Ltd.(a)(e)		737,047		452,927,843
Samsung Electronics Co. Ltd.		19,176,496		797,425,876
				2,022,935,460
Switzerland–2.28%
Cie Financiere Richemont S.A.		5,260,240		514,493,339
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023(a)		15,598,668		7,633,043
				522,126,382

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

8 Invesco Developing Markets Fund

	Shares		Value
Taiwan–8.76%
MediaTek, Inc.		28,620,000	$	521,436,753
Taiwan Semiconductor Manufacturing Co. Ltd.		123,165,429		1,482,185,176
				2,003,621,929
United Kingdom–0.11%
AstraZeneca PLC, ADR		416,351		24,485,602
Total Common Stocks & Other Equity Interests (Cost $21,177,712,945)				21,870,578,698
Preferred Stocks–1.16%
China–0.29%
Abogen Therapeutics Ltd., Series C, Pfd. (Acquired 08/02/2021; Cost $65,429,977)(b)(f)		1,436,122		65,429,977
India–0.87%
Bundl Technologies Pvt. Ltd., Series K, Pfd. (Acquired 01/00/1900; Cost $0)(b)(f)		28,844		137,270,644
Pine Labs Pvt. Ltd., Series K, Pfd. (Acquired 09/09/2021; Cost $50,000,355)(b)(f)		103,185		62,854,111
				200,124,755
Total Preferred Stocks (Cost $305,907,589)				265,554,732

	Shares		Value
Money Market Funds–2.67%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(c)(g)		210,074,808	$	210,074,808
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(c)(g)		160,840,446		160,872,614
Invesco Treasury Portfolio, Institutional Class, 3.08%(c)(g)		240,085,494		240,085,494
Total Money Market Funds (Cost $610,984,975)				611,032,916
TOTAL INVESTMENTS IN SECURITIES–99.43% (Cost $22,094,605,509)				22,747,166,346
OTHER ASSETS LESS LIABILITIES–0.57%				129,291,678
NET ASSETS–100.00%			$	22,876,458,024

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

Notes to Consolidated Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Restricted security. The aggregate value of these securities at October 31, 2022 was $867,340,037, which represented 3.79% of the Fund’s Net Assets.

^(c)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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 fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	188,299,280	$	2,596,437,443	$	(2,574,661,915	)	$	-	$	-		$	210,074,808	$	2,596,906
Invesco Liquid Assets Portfolio, Institutional Class		145,359,504		1,854,598,173		(1,839,044,224	)		48,514		(89,353	)		160,872,614		1,974,376
Invesco Treasury Portfolio, Institutional Class		215,199,177		2,967,357,078		(2,942,470,761	)		-		-			240,085,494		2,783,483

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

9 Invesco Developing Markets Fund

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2022		Dividend Income
Investments in Other Affiliates:
Alsea S.A.B. de C.V.*	$	134,539,605	$	-	$	(122,524,060	)	$	24,982,311		$	(36,997,856	)	$	-	$	-
Grab Holdings, Inc., Class H, Pfd*		1,545,865,618		-		(645,131,084	)		(900,734,534	)		-			-		-
H World Group Ltd., ADR		1,284,440,610		7,597,532		(65,106,251	)		(522,891,762	)		9,987,628			714,027,757		5,264,101
Lojas Americanas S.A., Preference Shares*		130,156,093		-		(248,742,693	)		118,586,600			-			-		-
Oberoi Realty Ltd.*		257,865,739		-		(79,018,999	)		(45,630,325	)		33,851,461			167,067,876		521,009
Pagseguro Digital Ltd., Class A*		463,106,781		-		(146,268,570	)		1,362,034			(318,200,245	)		-		-
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		-			(467,203,122	)		-			1,248,079,869		14,379,310
Zai Lab Ltd., ADR		550,795,399		142,890,266		-			(532,273,058	)		-			161,412,607		-
Zee Entertainment Enterprises Ltd.		691,264,774		-		(420,757,383	)		(63,806,124	)		(51,164,620	)		155,536,647		2,864,114
ZTO Express (Cayman), Inc., ADR		745,433,095		292,462,158		(30,639,721	)		(395,980,569	)		10,239,440			621,514,403		6,224,754
Total	$	9,891,892,159	$	7,948,982,072	$	(9,156,803,008	)	$	(4,647,477,713	)	$	(357,921,412	)	$	3,678,672,098	$	36,608,053

* At October 31, 2022, this security was no longer an affiliate of the Fund.

^(d)  Effective June 27, 2022, the security’s name changed.

^(e)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $1,112,257,506, which represented 4.86% of the Fund’s Net Assets.

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

^(g)  The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

10 Invesco Developing Markets Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $17,112,545,228)	$	19,235,562,124
Investments in affiliates, at value (Cost $4,982,060,281)		3,511,604,222
Cash		72,541,564
Foreign currencies, at value (Cost $126,588,872)		120,839,911
Receivable for:
Investments sold		268,959,990
Fund shares sold		35,964,286
Dividends		34,890,148
Investment for trustee deferred compensation and retirement plans		1,185,550
Other assets		176,392
Total assets		23,281,724,187
Liabilities:
Payable for:
Investments purchased		134,648,776
Fund shares reacquired		57,356,865
Accrued foreign taxes		193,211,924
Accrued fees to affiliates		10,917,302
Accrued trustees’ and officers’ fees and benefits		297,473
Accrued other operating expenses		7,648,273
Trustee deferred compensation and retirement plans		1,185,550
Total liabilities		405,266,163
Net assets applicable to shares outstanding	$	22,876,458,024
Net assets consist of:
Shares of beneficial interest	$	23,634,711,656
Distributable earnings (loss)		(758,253,632	)
	$	22,876,458,024

Net Assets:
Class A	$	2,394,926,155
Class C	$	30,354,855
Class R	$	209,735,692
Class Y	$	10,871,572,857
Class R5	$	129,507
Class R6	$	9,369,738,958
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		76,141,794
Class C		1,070,527
Class R		7,006,312
Class Y		350,840,686
Class R5		4,110
Class R6		302,101,026
Class A:
Net asset value per share	$	31.45
Maximum offering price per share
(Net asset value of $31.45 ÷ 94.50%)	$	33.28
Class C:
Net asset value and offering price per share	$	28.36
Class R:
Net asset value and offering price per share	$	29.94
Class Y:
Net asset value and offering price per share	$	30.99
Class R5:
Net asset value and offering price per share	$	31.51
Class R6:
Net asset value and offering price per share	$	31.02

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

11 Invesco Developing Markets Fund

Consolidated Statement of Operations

For the year ended October 31, 2022

Investment income:
Dividends (net of foreign withholding taxes of $67,395,021)	$	484,607,104
Dividends from affiliates (net of foreign withholding taxes of $800,310)		36,608,053
Total investment income		521,215,157
Expenses:
Advisory fees		269,687,998
Administrative services fees		5,042,400
Custodian fees		10,372,068
Distribution fees:
Class A		8,196,240
Class C		479,325
Class R		1,430,973
Transfer agent fees – A, C, R and Y		35,995,183
Transfer agent fees – R5		2,622
Transfer agent fees – R6		5,021,382
Trustees’ and officers’ fees and benefits		400,728
Registration and filing fees		530,766
Professional services fees		2,574,319
Other		90,688
Total expenses		339,824,692
Less: Fees waived and/or expense offset arrangement(s)		(686,723	)
Net expenses		339,137,969
Net investment income		182,077,188
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $24,755,971)		(922,312,080	)
Affiliated investment securities		(357,921,412	)
Foreign currencies		(17,510,786	)
Forward foreign currency contracts		337,044
		(1,297,407,234	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $163,493,564)		(11,537,103,949	)
Affiliated investment securities		(4,647,477,713	)
Foreign currencies		(8,797,933	)
		(16,193,379,595	)
Net realized and unrealized gain (loss)		(17,490,786,829	)
Net increase (decrease) in net assets resulting from operations	$	(17,308,709,641	)

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

12 Invesco Developing Markets Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income	$	182,077,188		$	236,913,705
Net realized gain (loss)		(1,297,407,234	)		2,776,140,754
Change in net unrealized appreciation (depreciation)		(16,193,379,595	)		3,726,132,780
Net increase (decrease) in net assets resulting from operations		(17,308,709,641	)		6,739,187,239
Distributions to shareholders from distributable earnings:
Class A		(196,709,112	)		–
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		(2,367,292,207	)		(118,532,820	)
Share transactions–net:
Class A		(257,246,966	)		(363,923,954	)
Class C		(13,976,453	)		(191,599,552	)
Class R		(12,600,336	)		(73,578,715	)
Class Y		(2,926,163,579	)		1,599,558,338
Class R5		(8,363,219	)		(5,511,623	)
Class R6		(3,779,141,156	)		1,765,562,602
Net increase (decrease) in net assets resulting from share transactions		(6,997,491,709	)		2,730,507,096
Net increase (decrease) in net assets		(26,673,493,557	)		9,351,161,515
Net assets:
Beginning of year		49,549,951,581			40,198,790,066
End of year	$	22,876,458,024		$	49,549,951,581

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

13 Invesco Developing Markets Fund

Consolidated Financial Highlights

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Year ended 10/31/22		$	53.50		$	0.08			$	(19.74	)		$	(19.66	)		$	(0.04	)		$	(2.35	)		$	(2.39	)		$	31.45		(38.24	)%		$	2,394,926		1.24	%		1.24	%		0.23	%		27	%
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
Class C
Year ended 10/31/22			48.79			(0.19	)			(17.89	)			(18.08	)			–				(2.35	)			(2.35	)			28.36		(38.70	)			30,355		1.99			1.99			(0.52	)		27
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
Class R
Year ended 10/31/22			51.11			(0.01	)			(18.81	)			(18.82	)			–				(2.35	)			(2.35	)			29.94		(38.38	)			209,736		1.49			1.49			(0.02	)		27
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
Class Y
Year ended 10/31/22			52.78			0.19				(19.44	)			(19.25	)			(0.19	)			(2.35	)			(2.54	)			30.99		(38.08	)			10,871,573		0.99			0.99			0.48			27
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
Class R5
Year ended 10/31/22			53.52			0.26				(19.70	)			(19.44	)			(0.22	)			(2.35	)			(2.57	)			31.51		(37.93	)			130		0.89			0.89			0.58			27
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
Year ended 10/31/22			52.83			0.25				(19.44	)			(19.19	)			(0.27	)			(2.35	)			(2.62	)			31.02		(37.98	)			9,369,739		0.84			0.84			0.63			27
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

^(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 and 2018, 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.

14 Invesco Developing Markets Fund

Notes to Consolidated Financial Statements

October 31, 2022

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 OFI Global China Fund, LLC (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of Delaware. The Subsidiary may invest in companies established or operating in, or with significant exposure to, the People’s Republic of China or other developing markets countries. For operational efficiency and regulatory considerations, the Fund may gain access to such companies through an investment in the Subsidiary. The Fund may invest 10% of its total assets in the Subsidiary. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund

15 Invesco Developing Markets Fund

securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider,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. Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Tax reclaims on the Consolidated Statement of Assets and Liabilities.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Consolidated Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Consolidated Statement of Operations as Professional fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the year ended October 31, 2022, the Fund did not enter into any closing agreements.

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 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.

I. 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.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers.

16 Invesco Developing Markets Fund

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.

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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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. 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.

Following Russia’s invasion of Ukraine in late February 2022, various countries, including the United States, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus. The resulting responses to the military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional counter measures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to Russian issuers or the adjoining geographic regions.

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		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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.76%.

17 Invesco Developing Markets 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). 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 year ended October 31, 2022, the Adviser waived advisory fees of $677,281.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $45,004 in front-end sales commissions from the sale of Class A shares and $11,996 and $1,527 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

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

18 Invesco Developing Markets Fund

	Level 1		Level 2		Level 3		Total
Investments in Securities
Belgium	$	–	$	91,774,653	$	–	$	91,774,653
Brazil		1,825,120,550		–		–		1,825,120,550
Chile		–		106,957,646		–		106,957,646
China		3,626,646,516		975,059,957		65,429,977		4,667,136,450
France		–		1,225,384,506		–		1,225,384,506
Hong Kong		–		369,974,316		–		369,974,316
India		20,021,003		5,592,095,068		262,978,143		5,875,094,214
Indonesia		–		199,221,034		–		199,221,034
Italy		56,358,677		338,762,262		–		395,120,939
Japan		–		25,344,584		–		25,344,584
Mexico		1,945,341,054		–		–		1,945,341,054
Peru		213,995,444		–		–		213,995,444
Philippines		–		374,537,053		–		374,537,053
Russia		–		–		40		40
South Africa		–		247,961,574		–		247,961,574
South Korea		22,833,686		2,000,101,774		–		2,022,935,460
Switzerland		522,126,382		–		–		522,126,382
Taiwan		–		2,003,621,929		–		2,003,621,929
United Kingdom		24,485,602		–		–		24,485,602
Money Market Funds		611,032,916		–		–		611,032,916
Total Investments	$	8,867,961,830	$	13,550,796,356	$	328,408,160	$	22,747,166,346

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 year ended October 31, 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 10/31/22
Preferred Stocks	$	274,854,376	$	190,477,257	$	(142,000,717	)	$–	$	–		$	(57,776,184	)	$	–		$–	$	265,554,732
Common Stocks & Other Equity Interests		49,999,780		367,216,785		(496,793,614	)	–		(45,836,186	)		(4,493,221,764	)		4,681,488,427	**	–		62,853,428
Total	$	324,854,156	$	557,694,042	$	(638,794,331	)	$–	$	(45,836,186	)	$	(4,550,997,948	)	$	4,681,488,427		$–	$	328,408,160

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

** Amount includes $1,999,275,957 and $2,682,212,471 of Russian equity securities previously classified as Level 1 and Level 2 securities, respectively.

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

NOTE 4–Derivative Investments

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

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

Effect of Derivative Investments for the year ended October 31, 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
	Currency Risk
Realized Gain:
Forward foreign currency contracts		$337,044

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

	Forward Foreign Currency Contracts
Average notional value	$4,174,488

19 Invesco Developing Markets Fund

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $9,442.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	197,775,456	$	118,532,820
Long-term capital gain		2,169,516,751		–
Total distributions	$	2,367,292,207	$	118,532,820

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Undistributed ordinary income	$	176,772,150
Net unrealized appreciation – investments		285,133,936
Net unrealized appreciation (depreciation) – foreign currencies		(7,977,732	)
Temporary book/tax differences		(1,410,778	)
Capital loss carryforward		(1,210,771,208	)
Shares of beneficial interest		23,634,711,656
Total net assets	$	22,876,458,024

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to bankrupt securities, passive foreign investment companies and wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration		$1,210,771,208	$–		$1,210,771,208

* 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.

20 Invesco Developing Markets 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 year ended October 31, 2022 was $9,362,117,771 and $18,651,514,161, 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	$5,348,311,462
Aggregate unrealized (depreciation) of investments	(5,063,177,526	)
Net unrealized appreciation of investments	$285,133,936

Cost of investments for tax purposes is $22,462,032,410.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, foreign currency transactions and foreign capital gains taxes, on October 31, 2022, undistributed net investment income was decreased by $2,655,129 and undistributed net realized gain (loss) was increased by $2,655,129. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		15,975,399		$	628,270,673			10,429,350		$	573,327,688
Class C		109,960			4,097,121			141,844			7,142,114
Class R		921,028			36,451,727			672,573			35,209,233
Class Y		107,662,674			4,291,619,180			113,886,507			6,147,223,252
Class R5		22,052			953,261			49,865			2,754,655
Class R6		83,670,704			3,385,134,926			103,363,104			5,626,041,796
Issued as reinvestment of dividends:
Class A		3,677,641			174,320,239			-			-
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		212,455			8,587,167			3,298,037			176,648,746
Class C		(234,663	)		(8,587,167	)		(3,596,045	)		(176,648,746	)
Reacquired:
Class A		(27,234,377	)		(1,068,425,045	)		(20,323,402	)		(1,113,900,388	)
Class C		(342,845	)		(12,634,392	)		(445,316	)		(22,092,920	)
Class R		(1,707,185	)		(66,094,033	)		(2,082,922	)		(108,787,948	)
Class Y		(214,616,817	)		(8,172,636,280	)		(85,074,511	)		(4,588,367,233	)
Class R5		(225,231	)		(9,818,375	)		(149,767	)		(8,310,699	)
Class R6		(207,243,475	)		(7,998,960,919	)		(72,605,766	)		(3,916,291,451	)
Net increase (decrease) in share activity		(200,473,887	)	$	(6,997,491,709	)		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 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.

21 Invesco Developing Markets Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Developing Markets Fund

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Developing Markets Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related consolidated statement of operations for the year ended October 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the three years in the period ended October 31, 2022, the two months ended October 31, 2019, and the year ended August 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022, the two months ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through August 31, 2019 for Class R5.

The consolidated financial statements of Oppenheimer Developing Markets Fund (subsequently renamed Invesco Developing Markets Fund) as of and for the year ended August 31, 2018 and the consolidated financial highlights for the year then ended (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated October 25, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, brokers, and portfolio company investees; when replies were not received from brokers or portfolio company investees, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 27, 2022

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

22 Invesco Developing Markets Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses     Paid During     Period2	Ending     Account Value     (10/31/22)	Expenses     Paid During     Period2	Annualized       Expense Ratio
Class A	$1,000.00	$848.40	$5.87	$1,018.85	$6.41	1.26%
Class C	1,000.00	845.30	9.35	1,015.07	10.21	2.01
Class R	1,000.00	847.50	7.03	1,017.59	7.68	1.51
Class Y	1,000.00	849.50	4.71	1,020.11	5.14	1.01
Class R5	1,000.00	850.70	4.94	1,019.86	5.40	1.06
Class R6	1,000.00	850.30	4.01	1,020.87	4.38	0.86

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

23 Invesco Developing Markets Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Developing Markets Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized

environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI Emerging Markets Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the fourth quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The

24 Invesco Developing Markets Fund

Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board also considered that the Fund’s exposure to Chinese stocks and its growth investing bias negatively impacted performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board considered additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the

Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

25 Invesco Developing Markets Fund

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

26 Invesco Developing Markets Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$2,169,516,751
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	5.56	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
Foreign Taxes	$            0.0940		per share
Foreign Source Income	$            0.8211		per share
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

27 Invesco Developing Markets Fund

Trustees and Officers

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

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Developing Markets Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Developing Markets Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Developing Markets Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Developing Markets Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Developing Markets Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Developing Markets Fund

(This page intentionally left blank)

(This page intentionally left blank)

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-AR-1                                         

  Annual Report to Shareholders   October 31, 2022

Invesco Discovery Mid Cap Growth Fund

Nasdaq:

A: OEGAX ⬛ C: OEGCX ⬛ R: OEGNX ⬛ Y: OEGYX ⬛ R5: DMCFX ⬛ R6: OEGIX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
11	Financial Statements
14	Financial Highlights
15	Notes to Financial Statements
21	Report of Independent Registered Public Accounting Firm
22	Fund Expenses
23	Approval of Investment Advisory and Sub-Advisory Contracts
25	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Discovery Mid Cap Growth Fund (the Fund), at net asset value (NAV), underperformed the Russell Midcap Growth Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-30.69	%
Class C Shares	-31.15
Class R Shares	-30.85
Class Y Shares	-30.50
Class R5 Shares	-30.45
Class R6 Shares	-30.43
Russell Midcap Growth Indexq	-28.94
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

The fiscal year began with continued volatility in equity markets in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

    Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

    As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into second quarter of 2022 amid record inflation, rising interest rates and an

increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.² Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.¹ To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

    After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data reported in October came in higher than expected, and the labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.² The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations, but many companies’ forward earnings guidance was weaker than expected.

    In this environment, US stocks had negative double-digit returns for the fiscal year of -14.61%, as measured by the S&P 500 Index.⁴

    During the fiscal year, stock selection within the health care and industrials sectors was the primary driver of the Fund’s underperformance versus the Russell Midcap Growth Index. This was partially offset by stronger stock selection within the consumer discretionary sector and our underweight allocation to the communication services sector.

    The largest individual contributors to the Fund’s absolute performance during the fiscal year included Cheniere Energy, LPL Financial and Enphase Energy. Cheniere Energy is a US exporter of liquefied natural gas. Supplies from Russia to Europe fell due to the threat and then the onset of the Ukraine invasion, which raised prices on fuel used to heat homes and generate electricity. The price surge benefited Cheniere Energy. LPL Financial offers technology, brokerage and investment advisory services through business relationships with various types of financial advisors. The stock outperformed due to strong fourth quarter 2021 results and the opportunity to benefit from a higher federal funds rate. The company also has less credit risk than other companies, such as banks and we believe they are well positioned at this point in the economic cycle. Enphase Energy manufactures microinverter systems that convert direct current electricity from solar panels to alternating current for home use. Enphase Energy reported a strong quarter in the third quarter of 2022, beating expectations. Third-quarter guidance was well above expectations.

    The largest individual detractors from the Fund’s absolute performance during the fiscal year included HubSpot, MongoDB and Generac. HubSpot provides a cloud-based customer relationship management platform. Their underperformance was due to its outside exposure to Europe. The European region has been its fastest growth market and represents 35% of sales. MongoDB, an open-source database software provider, reduced its growth expectations for the second half of 2022 because transactional volume slowed due to macro-related headwinds. We exited the position during the fiscal year. Generac, a backup power generator manufacturer, experienced supply chain disruptions along with higher input costs, which led management to slightly reduce near-term earnings guidance. We exited the position during the fiscal year.

    Our long-term investment process remains the same. We seek dynamic companies with above-average, sustainable revenue and earnings growth that we believe are positioned to outperform. This includes leading firms in structurally attractive industries with committed management teams that have proven records of success.

    We thank you for your continued investment in the Invesco Discovery Mid Cap Growth Fund.

1 Source: Bloomberg LP

2 Source: US Bureau of Labor Statistics

2 Invesco Discovery Mid Cap Growth Fund

3 Source: US Federal Reserve

4 Source: Lipper Inc.

Portfolio manager(s):

Justin Livengood

Ronald Zibelli, Jr. - Lead

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco Discovery Mid Cap Growth Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Discovery Mid Cap Growth Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (11/1/00)	7.27	%
10 Years	11.26
5 Years	8.18
1 Year	-34.50
Class C Shares
Inception (11/1/00)	7.23	%
10 Years	11.21
5 Years	8.62
1 Year	-31.69
Class R Shares
Inception (3/1/01)	8.30	%
10 Years	11.60
5 Years	9.14
1 Year	-30.85
Class Y Shares
Inception (11/1/00)	7.99	%
10 Years	12.19
5 Years	9.69
1 Year	-30.50
Class R5 Shares
10 Years	12.02	%
5 Years	9.67
1 Year	-30.45
Class R6 Shares
Inception (2/28/13)	11.99	%
5 Years	9.86
1 Year	-30.43

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.

5 Invesco Discovery Mid Cap Growth Fund

Supplemental Information

Invesco Discovery Mid Cap Growth Fund’s investment objective is to seek capital appreciation.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ 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.

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

6 Invesco Discovery Mid Cap Growth Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Information Technology	26.98%
Health Care	16.62
Industrials	16.45
Consumer Discretionary	11.57
Financials	10.02
Energy	4.45
Consumer Staples	3.79
Materials	3.12
Real Estate	2.25
Communication Services	2.23
Money Market Funds Plus Other Assets Less Liabilities	2.52

Top 10 Equity Holdings*

		% of total net assets
1.	Cheniere Energy, Inc.	2.64%
2.	Paylocity Holding Corp.	2.55
3.	Waste Connections, Inc.	2.40
4.	Motorola Solutions, Inc.	2.39
5.	LPL Financial Holdings, Inc.	2.34
6.	Arthur J. Gallagher & Co.	2.24
7.	Gartner, Inc.	2.18
8.	Molina Healthcare, Inc.	2.16
9.	AmerisourceBergen Corp.	2.04
10.	Synopsys, Inc.	1.87

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 October 31, 2022.

7 Invesco Discovery Mid Cap Growth Fund

Schedule of Investments^(a)

October 31, 2022

	Shares		Value
Common Stocks & Other Equity Interests–97.48%
Advertising–0.49%
Trade Desk, Inc. (The), Class A(b)		513,533	$	27,340,497
Aerospace & Defense–1.76%
Northrop Grumman Corp.		178,774		98,148,714
Apparel, Accessories & Luxury Goods–1.30%
lululemon athletica, inc.(b)(c)		221,381		72,843,204
Application Software–12.18%
Bill.com Holdings, Inc.(b)		360,811		48,117,755
Cadence Design Systems, Inc.(b)		450,834		68,251,759
HubSpot, Inc.(b)(c)		80,738		23,943,661
Manhattan Associates, Inc.(b)		636,255		77,413,146
Paycom Software, Inc.(b)		128,606		44,497,676
Paylocity Holding Corp.(b)(c)		613,623		142,231,675
Roper Technologies, Inc.		219,370		90,937,640
Synopsys, Inc.(b)		356,908		104,413,436
Tyler Technologies, Inc.(b)		249,330		80,615,869
				680,422,617
Asset Management & Custody Banks–0.77%
Ameriprise Financial, Inc.		138,780		42,899,674
Automotive Retail–1.70%
O’Reilly Automotive, Inc.(b)		113,183		94,753,412
Biotechnology–1.86%
Alnylam Pharmaceuticals, Inc.(b)(c)		253,343		52,507,870
Natera, Inc.(b)(c)		421,842		19,809,700
Neurocrine Biosciences, Inc.(b)		275,191		31,679,988
				103,997,558
Building Products–1.73%
Advanced Drainage Systems, Inc.		328,800		38,101,344
Carlisle Cos., Inc.		244,437		58,371,556
				96,472,900
Communications Equipment–2.39%
Motorola Solutions, Inc.		535,249		133,657,028
Construction & Engineering–2.48%
Quanta Services, Inc.(c)		494,791		70,280,114
WillScot Mobile Mini Holdings Corp.(b)		1,604,220		68,227,476
				138,507,590
Construction Materials–0.64%
Vulcan Materials Co.		219,210		35,884,677
Data Processing & Outsourced Services–1.12%
ExlService Holdings, Inc.(b)(c)		345,653		62,856,998
Distributors–1.15%
Genuine Parts Co.		362,736		64,516,225
Electrical Components & Equipment–2.23%
AMETEK, Inc.		519,465		67,353,832
Hubbell, Inc.		241,382		57,323,397
				124,677,229

	Shares		Value
Environmental & Facilities Services–3.59%
Republic Services, Inc.		502,388	$	66,626,696
Waste Connections, Inc.		1,016,611		134,101,157
				200,727,853
Fertilizers & Agricultural Chemicals–0.61%
FMC Corp.		288,266		34,274,827
Financial Exchanges & Data–2.92%
FactSet Research Systems, Inc.		129,050		54,909,485
MSCI, Inc.		120,050		56,286,643
Nasdaq, Inc.		832,839		51,835,899
				163,032,027
Food Distributors–0.61%
Sysco Corp.		390,692		33,818,299
General Merchandise Stores–1.23%
Dollar General Corp.		270,601		69,016,785
Health Care Distributors–2.54%
AmerisourceBergen Corp.		724,708		113,938,592
McKesson Corp.		72,486		28,223,874
				142,162,466
Health Care Equipment–3.10%
DexCom, Inc.(b)		166,486		20,108,179
IDEXX Laboratories, Inc.(b)(c)		77,876		28,010,440
Insulet Corp.(b)(c)		272,511		70,528,572
ResMed, Inc.		128,657		28,779,284
Shockwave Medical, Inc.(b)		88,632		25,982,471
				173,408,946
Health Care Technology–0.21%
Doximity, Inc., Class A(b)(c)		435,725		11,533,641
Hotels, Resorts & Cruise Lines–1.70%
Hilton Worldwide Holdings, Inc.		704,050		95,229,803
Hypermarkets & Super Centers–1.08%
BJ’s Wholesale Club Holdings, Inc.(b)		779,925		60,366,195
Industrial Machinery–0.77%
Chart Industries, Inc.(b)(c)		193,066		43,030,550
Insurance Brokers–2.24%
Arthur J. Gallagher & Co.		667,772		124,926,786
Interactive Media & Services–0.27%
Pinterest, Inc., Class A(b)(c)		609,096		14,983,762
Investment Banking & Brokerage–2.34%
LPL Financial Holdings, Inc.(c)		510,949		130,624,112
IT Consulting & Other Services–4.47%
Amdocs Ltd.		867,076		74,837,329
Gartner, Inc.(b)		403,913		121,949,413
Globant S.A.(b)(c)		281,878		53,184,741
				249,971,483
Life Sciences Tools & Services–3.66%
Mettler-Toledo International, Inc.(b)(c)		59,017		74,652,374

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

8 Invesco Discovery Mid Cap Growth Fund

	Shares		Value
Life Sciences Tools & Services–(continued)
Repligen Corp.(b)(c)		572,107	$	104,403,806
West Pharmaceutical Services, Inc.		110,569		25,441,927
				204,498,107
Managed Health Care–3.84%
Humana, Inc.		167,705		93,592,806
Molina Healthcare, Inc.(b)		336,437		120,733,782
				214,326,588
Movies & Entertainment–1.47%
Liberty Media Corp.-Liberty Formula One, Class C(b)(c)		688,987		39,775,219
Live Nation Entertainment, Inc.(b)		529,442		42,148,878
				81,924,097
Office REITs–0.53%
Alexandria Real Estate Equities, Inc.		204,634		29,733,320
Oil & Gas Exploration & Production–1.28%
Antero Resources Corp.(b)		761,176		27,904,712
Pioneer Natural Resources Co.		169,301		43,410,470
				71,315,182
Oil & Gas Storage & Transportation–3.17%
Cheniere Energy, Inc.		835,970		147,473,468
Targa Resources Corp.		437,380		29,903,670
				177,377,138
Packaged Foods & Meats–1.34%
Hershey Co. (The)		314,054		74,986,674
Paper Packaging–1.21%
Avery Dennison Corp.		399,588		67,750,145
Pharmaceuticals–1.41%
Royalty Pharma PLC, Class A(c)		1,857,460		78,607,707
Property & Casualty Insurance–1.01%
W.R. Berkley Corp.		761,257		56,622,296
Regional Banks–0.74%
East West Bancorp, Inc.		577,749		41,349,496
Research & Consulting Services–2.57%
Booz Allen Hamilton Holding Corp.(c)		518,997		56,492,824
CoStar Group, Inc.(b)		1,051,449		86,975,861
				143,468,685
Restaurants–1.47%
Chipotle Mexican Grill, Inc.(b)(c)		55,005		82,415,642
Semiconductor Equipment–1.25%
Enphase Energy, Inc.(b)		226,872		69,649,704
Semiconductors–2.61%
First Solar, Inc.(b)		219,892		32,009,678
Lattice Semiconductor Corp.(b)(c)		851,628		41,312,474

Investment Abbreviations:

REIT – Real Estate Investment Trust

	Shares		Value
Semiconductors–(continued)
Monolithic Power Systems, Inc.		212,970	$	72,292,667
				145,614,819
Soft Drinks–0.76%
Monster Beverage Corp.(b)		453,694		42,520,202
Specialized REITs–1.72%
Extra Space Storage, Inc.		178,327		31,642,343
SBA Communications Corp., Class A		238,228		64,297,737
				95,940,080
Specialty Chemicals–0.66%
Albemarle Corp.		132,812		37,170,094
Specialty Stores–3.02%
Tractor Supply Co.(c)		347,892		76,456,225
Ulta Beauty, Inc.(b)		220,399		92,428,728
				168,884,953
Systems Software–2.96%
Crowdstrike Holdings, Inc., Class A(b)		415,340		66,952,808
Palo Alto Networks, Inc.(b)		572,762		98,280,232
				165,233,040
Trucking–1.32%
Old Dominion Freight Line, Inc.(c)		269,336		73,959,666
Total Common Stocks & Other Equity Interests (Cost $4,923,067,296)				5,447,433,493
Money Market Funds–4.38%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(d)(e)		79,857,341		79,857,341
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(d)(e)		73,979,913		73,994,709
Invesco Treasury Portfolio, Institutional Class, 3.08%(d)(e)		91,265,533		91,265,533
Total Money Market Funds (Cost $245,094,900)				245,117,583
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.86% (Cost $5,168,162,196)				5,692,551,076
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.15%
Invesco Private Government Fund, 3.18%(d)(e)(f)		80,573,512		80,573,512
Invesco Private Prime Fund, 3.28%(d)(e)(f)		207,131,108		207,131,108
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $287,705,111)				287,704,620
TOTAL INVESTMENTS IN SECURITIES–107.01% (Cost $5,455,867,307)				5,980,255,696
OTHER ASSETS LESS LIABILITIES–(7.01)%				(391,864,689	)
NET ASSETS–100.00%			$	5,588,391,007

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

9 Invesco Discovery Mid Cap Growth Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at October 31, 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 fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  39,308,439		$  875,877,986		$  (835,329,084)			$            -			$            -			$  79,857,341		$    658,965
Invesco Liquid Assets Portfolio, Institutional Class		45,034,577		625,627,133		(596,663,631	)		22,989			(26,359	)		73,994,709		637,068
Invesco Treasury Portfolio, Institutional Class		44,923,931		1,001,003,413		(954,661,811	)		-			-			91,265,533		718,427
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		127,163,287		1,025,918,148		(1,072,507,923	)		-			-			80,573,512		931,188	*
Invesco Private Prime Fund		296,714,340		2,053,389,874		(2,142,896,413	)		(494	)		(76,199	)		207,131,108		2,597,682	*
Total		$553,144,574		$5,581,816,554		$(5,602,058,862)			$22,495			$(102,558	)		$532,822,203		$5,543,330

* 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 October 31, 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.

10 Invesco Discovery Mid Cap Growth Fund

Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $ 4,923,067,296)*	$	5,447,433,493
Investments in affiliated money market funds, at value (Cost $ 532,800,011)		532,822,203
Cash		200,000
Receivable for:
Investments sold		115,601,001
Fund shares sold		3,346,154
Dividends		1,004,550
Investment for trustee deferred compensation and retirement plans		442,092
Other assets		139,614
Total assets		6,100,989,107
Liabilities:
Payable for:
Investments purchased		216,231,324
Fund shares reacquired		4,395,649
Collateral upon return of securities loaned		287,705,111
Accrued fees to affiliates		2,672,011
Accrued trustees’ and officers’ fees and benefits		8,080
Accrued other operating expenses		1,091,948
Trustee deferred compensation and retirement plans		493,977
Total liabilities		512,598,100
Net assets applicable to shares outstanding	$	5,588,391,007
Net assets consist of:
Shares of beneficial interest	$	5,320,859,212
Distributable earnings		267,531,795
	$5,588,391,007

Net Assets:
Class A	$	3,398,898,542
Class C	$	115,661,925
Class R	$	124,369,662
Class Y	$	668,812,166
Class R5	$	106,859,797
Class R6	$	1,173,788,915
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		158,077,643
Class C		7,503,339
Class R		6,460,067
Class Y		26,252,240
Class R5		4,902,359
Class R6		44,966,206
Class A:
Net asset value per share	$	21.50
Maximum offering price per share
(Net asset value of $21.50 ÷ 94.50%)	$	22.75
Class C:
Net asset value and offering price per share	$	15.41
Class R:
Net asset value and offering price per share	$	19.25
Class Y:
Net asset value and offering price per share	$	25.48
Class R5:
Net asset value and offering price per share	$	21.80
Class R6:
Net asset value and offering price per share	$	26.10

* At October 31, 2022, securities with an aggregate value of $283,081,274 were on loan to brokers.

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

11 Invesco Discovery Mid Cap Growth Fund

Statement of Operations

For the year ended October 31, 2022

Investment income:
Dividends (net of foreign withholding taxes of $207,208)	$	36,387,126
Dividends from affiliated money market funds (includes net securities lending income of $310,484)		2,324,944
Total investment income		38,712,070
Expenses:
Advisory fees		39,217,027
Administrative services fees		911,898
Custodian fees		87,331
Distribution fees:
Class A		9,871,415
Class C		1,451,672
Class R		706,932
Transfer agent fees – A, C, R and Y		7,670,614
Transfer agent fees – R5		110,702
Transfer agent fees – R6		404,738
Trustees’ and officers’ fees and benefits		72,385
Registration and filing fees		288,108
Reports to shareholders		302,895
Professional services fees		105,146
Other		70,183
Total expenses		61,271,046
Less: Fees waived and/or expense offset arrangement(s)		(180,020	)
Net expenses		61,091,026
Net investment income (loss)		(22,378,956	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(233,146,203	)
Affiliated investment securities		(102,558	)
Foreign currencies		8,837
		(233,239,924	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(2,289,794,894	)
Affiliated investment securities		22,495
		(2,289,772,399	)
Net realized and unrealized gain (loss)		(2,523,012,323	)
Net increase (decrease) in net assets resulting from operations	$	(2,545,391,279	)

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

12 Invesco Discovery Mid Cap Growth Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income (loss)	$	(22,378,956	)	$	(49,254,192	)
Net realized gain (loss)		(233,239,924	)		1,314,390,157
Change in net unrealized appreciation (depreciation)		(2,289,772,399	)		1,283,576,994
Net increase (decrease) in net assets resulting from operations		(2,545,391,279	)		2,548,712,959
Distributions to shareholders from distributable earnings:
Class A		(812,766,598	)		(153,166,655	)
Class C		(41,238,028	)		(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		(1,246,648,869	)		(224,280,188	)
Share transactions–net:
Class A		514,718,145			(8,259,876	)
Class C		11,920,207			(47,381,579	)
Class R		29,406,569			11,738,676
Class Y		127,483,890			181,629,615
Class R5		22,515,201			999,051
Class R6		311,123,821			248,383,514
Net increase in net assets resulting from share transactions		1,017,167,833			387,109,401
Net increase (decrease) in net assets		(2,774,872,315	)		2,711,542,172
Net assets:
Beginning of year		8,363,263,322			5,651,721,150
End of year	$	5,588,391,007		$	8,363,263,322

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

13 Invesco Discovery Mid Cap Growth Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			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
Year ended 10/31/22		$37.13		$(0.11	)		$  (9.79	)		$  (9.90	)		$(5.73	)		$21.50		(30.69	)%		$3,398,899		1.04	%		1.04	%		(0.44	)%		94	%
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	(e)		3,787,636		1.05	(e)		1.05	(e)		(0.54	)(e)		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
Class C
Year ended 10/31/22		28.52		(0.21	)		(7.17	)		(7.38	)		(5.73	)		15.41		(31.22	)(e)		115,662		1.78	(e)		1.78	(e)		(1.18	)(e)		94
Year ended 10/31/21		20.83		(0.36	)		9.13			8.77			(1.08	)		28.52		43.47	(e)		206,799		1.73	(e)		1.73	(e)		(1.46	)(e)		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
Class R
Year ended 10/31/22		33.95		(0.15	)		(8.82	)		(8.97	)		(5.73	)		19.25		(30.85	)		124,370		1.29			1.29			(0.69	)		94
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
Class Y
Year ended 10/31/22		42.77		(0.05	)		(11.51	)		(11.56	)		(5.73	)		25.48		(30.50	)		668,812		0.79			0.79			(0.19	)		94
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
Class R5
Year ended 10/31/22		37.45		(0.03	)		(9.89	)		(9.92	)		(5.73	)		21.80		(30.45	)		106,860		0.73			0.73			(0.13	)		94
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(f)		20.60		0.00			1.60			1.60			-			22.20		7.77			11		0.75	(g)		0.75	(g)		(0.01	)(g)		84
Class R6
Year ended 10/31/22		43.62		(0.02	)		(11.77	)		(11.79	)		(5.73	)		26.10		(30.43	)		1,173,789		0.67			0.67			(0.07	)		94
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

^(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 and 2018, 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)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.99% and 0.95% for Class C for the years ended October 31, 2022 and October 31, 2021 and 0.23% for Class A the year ended October 31, 2020.

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

^(g)  Annualized.

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

14 Invesco Discovery Mid Cap Growth Fund

Notes to Financial Statements

October 31, 2022

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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

15 Invesco Discovery Mid Cap Growth Fund

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 1940 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, the Fund paid the Adviser $14,351 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the 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.

16 Invesco Discovery Mid Cap Growth Fund

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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 year ended October 31, 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 of all shares 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 in such affiliated money market funds.

For the year ended October 31, 2022, the Adviser waived advisory fees of $159,185.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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.

17 Invesco Discovery Mid Cap Growth 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 year ended October 31, 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 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $594,371 in front-end sales commissions from the sale of Class A shares and $11,430 and $3,960 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $5,217 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	5,447,433,493	$	–		$ –	$	5,447,433,493
Money Market Funds		245,117,583		287,704,620		–		532,822,203
Total Investments	$	5,692,551,076	$	287,704,620		$ –	$	5,980,255,696

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $20,835.

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.

18 Invesco Discovery Mid Cap Growth Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	162,051,056	$	–
Long-term capital gain		1,084,597,813		224,280,188
Total distributions	$	1,246,648,869	$	224,280,188

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Net unrealized appreciation – investments	$	488,377,527
Temporary book/tax differences		(377,886	)
Late-Year ordinary loss deferral		(14,616,180	)
Capital loss carryforward		(205,851,666	)
Shares of beneficial interest		5,320,859,212
Total net assets	$	5,588,391,007

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	205,851,666	$–	$	205,851,666

* 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 year ended October 31, 2022 was $5,939,061,031 and $6,235,937,784, 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	$ 714,830,191
Aggregate unrealized (depreciation) of investments	(226,452,664	)
Net unrealized appreciation of investments	$488,377,527

Cost of investments for tax purposes is $5,491,878,169.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses and distributions, on October 31, 2022, undistributed net investment income (loss) was increased by $4,095,622, undistributed net realized gain (loss) was increased by $584,836 and shares of beneficial interest was decreased by $4,680,458. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information

	Summary of Share Activity
	Year ended				Year ended
	October 31, 2022(a)				October 31, 2021
	Shares		Amount		Shares		Amount
Sold:
Class A		11,816,206	$	295,474,702		13,472,916	$	431,707,965
Class C		1,051,819		19,432,387		1,370,442		33,869,961
Class R		1,284,557		28,768,746		1,312,889		38,649,773
Class Y		10,913,002		320,936,382		9,206,296		338,674,872
Class R5		719,838		18,284,370		606,551		20,213,465
Class R6		17,960,601		529,642,874		13,830,173		529,918,948

19 Invesco Discovery Mid Cap Growth Fund

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		26,589,469		$	773,221,924			5,005,084		$	145,998,307
Class C		1,909,121			40,053,351			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		679,402			16,377,029			1,506,533			47,789,753
Class C		(940,844	)		(16,377,029	)		(1,951,219	)		(47,789,753	)
Reacquired:
Class A		(23,451,842	)		(570,355,510	)		(19,661,369	)		(633,755,901	)
Class C		(1,768,643	)		(31,188,502	)		(1,728,578	)		(42,936,444	)
Class R		(1,360,714	)		(30,136,652	)		(1,094,876	)		(32,318,971	)
Class Y		(10,629,873	)		(305,358,232	)		(4,656,085	)		(174,026,889	)
Class R5		(759,081	)		(19,168,415	)		(722,088	)		(23,576,026	)
Class R6		(14,579,687	)		(423,845,352	)		(8,151,870	)		(313,316,892	)
Net increase in share activity		30,498,532		$	1,017,167,833			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.

20 Invesco Discovery Mid Cap Growth Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Discovery Mid Cap Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Discovery Mid Cap Growth Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the four years in the period ended October 31, 2022 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The financial statements of Oppenheimer Discovery Mid Cap Growth Fund (subsequently renamed Invesco Discovery Mid Cap Growth Fund) as of and for the year ended October 31, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

21 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 May 1, 2022 through October 31, 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           (05/01/22)	Ending           Account Value           (10/31/22)1	Expenses       Paid During       Period2	Ending           Account Value           (10/31/22)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$956.40	$5.28	$1,019.81	$5.45	1.07%
Class C	1,000.00	953.00	8.91	1,016.08	9.20	1.81
Class R	1,000.00	954.90	6.50	1,018.55	6.72	1.32
Class Y	1,000.00	957.50	4.05	1,021.07	4.18	0.82
Class R5	1,000.00	958.20	3.55	1,021.58	3.67	0.72
Class R6	1,000.00	958.20	3.31	1,021.83	3.41	0.67

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

22 Invesco Discovery Mid Cap Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Discovery Mid Cap Growth Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized

environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Russell Midcap^® Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its

23 Invesco Discovery Mid Cap Growth Fund

subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s

advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

24 Invesco Discovery Mid Cap Growth Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	1,084,597,813
Qualified Dividend Income*		11.36	%
Corporate Dividends Received Deduction*		10.51	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	162,051,056

25 Invesco Discovery Mid Cap Growth Fund

Trustees and Officers

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

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Discovery Mid Cap Growth Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each 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-AR-1                                         

Annual Report to Shareholders October 31, 2022

Invesco EQV Emerging Markets All Cap Fund

Nasdaq:

A: GTDDX ∎ C: GTDCX ∎ Y: GTDYX ∎ R5: GTDIX ∎ R6: GTDFX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
10	Financial Statements
13	Financial Highlights
14	Notes to Financial Statements
20	Report of Independent Registered Public Accounting Firm
21	Fund Expenses
22	Approval of Investment Advisory and Sub-Advisory Contracts
24	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco EQV Emerging Markets All Cap Fund (the Fund), at net asset value (NAV), outperformed the MSCI Emerging Markets Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-30.89	%
Class C Shares	-31.40
Class Y Shares	-30.71
Class R5 Shares	-30.68
Class R6 Shares	-30.60
MSCI Emerging Markets Index▼ (Broad Market/Style-Specific Index)	-31.03
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

    Global equity markets declined in the first half of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

    Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

    During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and

emerging market equities were both in negative territory.

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

    The Fund outperformed its broad market/style-specific benchmark, the MSCI Emerging Markets Index, for the fiscal year. On the positive side, strong stock selection in the consumer discretionary sector was the largest contributor to the Fund’s relative performance. Within the sector, Brazil-based Arcos Dorados, the owner of the McDonald’s (not a Fund holding) franchise in Latin America and the Caribbean, was a key contributor to both absolute and relative results. The Fund’s holdings in the real estate sector outperformed those of the benchmark sector, adding to relative return. Brazil-based shopping centers company Multiplan Empreendimentos Imobiliarios and United Arab Emirates-based real estate developer Emaar Properties had strong positive returns during the fiscal year, contributing favorably to the Fund’s relative performance as well. Security selection and an overweight in the industrials sector also contributed to the Fund’s relative return. Mexico-based airport operator Grupo Aero-portuario del Centro Norte was a notable contributor within the industrials sector. On a geographic basis, stock selection in Mexico, Brazil and China contributed to the Fund’s relative performance. Overweights in Mexico and Brazil and an underweight in China were beneficial as well.

    Conversely, security selection and an underweight in the financials sector was the largest detractor from relative Fund performance. Within the sector, SberBank of Russia was the most notable detractor. Due to market closures, lack of trading partners, low liquidity, settlement concerns and future uncertainty, Invesco has been employing fair value pricing for Russian equities held in its funds and the valuation of this security was

marked to zero on March 2, 2022. This impact was factored into the Fund’s NAV. Fund holdings in the communication services sector underperformed those of the benchmark sector, detracting from relative return. Russia-based internet company Yandex was a key detractor within communication services during the fiscal year. Similar to SberBank, the valuation of Yandex was marked to zero in March. Stock selection and an underweight in the energy sector also detracted from the Fund’s relative results. Not owning select benchmark index names, including Petroleo Brasileiro, negatively affected the Fund’s relative results. Geographically, security selection and an overweight in Russia detracted from relative Fund performance. Due to Russia’s invasion of Ukraine during the fiscal year, all Russian stocks were negatively impacted. An underweight in India and no exposure to Saudi Arabia also had a negative impact on the Fund’s relative performance.

    During the fiscal year, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio by adding companies based on our EQV characteristics for each company. We added several new holdings, including Taiwan-based information technology (IT) company MediaTek, a fabless semiconductor company, China-based consumer staples company Chongqing Fuling Zhacai and China-based industrials company AirTAC International, a manufacturer and supplier of pneumatic control equipment. We sold several holdings, including China-based consumer discretionary company Alibaba Group Holding, IT company Sunny Optical Technology and consumer staples company China Feihe.

    As always, we remain focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused investment process. We continue to look for high-quality growth companies that exhibit the following characteristics: strong organic revenue growth; high returns on capital; pricing power; strong balance sheets; cash generation; effective capital allocation and reasonable valuations. In addition, we continue to favor companies that are resilient in weak economic environments. Our balanced EQV-focused approach aligns with our goal of delivering attractive risk-adjusted returns over the long term.

    We thank you for your continued investment in Invesco EQV Emerging Markets All Cap Fund.

Portfolio manager(s):

Brent Bates

Steve Cao - Lead

Borge Endresen - Lead

Mark Jason

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views

2 Invesco EQV Emerging Markets All Cap Fund

and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco EQV Emerging Markets All Cap Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco EQV Emerging Markets All Cap Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (1/11/94)	4.00	%
10 Years	-0.23
5 Years	-3.99
1 Year	-34.68
Class C Shares
Inception (3/1/99)	7.14	%
10 Years	-0.26
5 Years	-3.62
1 Year	-32.06
Class Y Shares
Inception (10/3/08)	4.55	%
10 Years	0.59
5 Years	-2.66
1 Year	-30.71
Class R5 Shares
Inception (10/25/05)	5.62	%
10 Years	0.69
5 Years	-2.58
1 Year	-30.68
Class R6 Shares
Inception (9/24/12)	0.77	%
10 Years	0.75
5 Years	-2.51
1 Year	-30.60

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.

5 Invesco EQV Emerging Markets All Cap Fund

Supplemental Information

Invesco Emerging Markets All Cap Fund’s investment objective is long-term growth of capital.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ 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 nonresident 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.

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

6 Invesco EQV Emerging Markets All Cap Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Consumer Discretionary	18.91%
Financials	17.82
Consumer Staples	17.53
Information Technology	12.01
Industrials	9.03
Health Care	7.50
Real Estate	7.15
Communication Services	5.23
Money Market Funds Plus Other Assets Less Liabilities	4.82

Top 10 Equity Holdings*

		% of total net assets
1.	Yum China Holdings, Inc.	5.20%
2.	Arcos Dorados Holdings, Inc., Class A	4.67
3.	HDFC Bank Ltd., ADR	4.34
4.	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.	3.98
5.	Multiplan Empreendimentos Imobiliarios S.A.	3.66
6.	Gedeon Richter PLC	3.52
7.	Taiwan Semiconductor Manufacturing Co. Ltd.	3.33
8.	Samsung Electronics Co. Ltd.	3.15
9.	BDO Unibank, Inc.	3.08
10.	JD.com, Inc., ADR	3.00

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 October 31, 2022.

7 Invesco EQV Emerging Markets All Cap Fund

Schedule of Investments

October 31, 2022

	Shares		Value
Common Stocks & Other Equity Interests–95.18%
Brazil–15.66%
Ambev S.A., ADR		7,405,469	$	22,512,626
Arcos Dorados Holdings, Inc., Class A(a)		9,723,960		73,318,658
B3 S.A. - Brasil, Bolsa, Balcao		6,129,960		17,848,146
Multiplan Empreendimentos Imobiliarios S.A.		11,259,329		57,457,344
Raia Drogasil S.A.		5,920,900		30,157,561
Rede D’Or Sao Luiz S.A.(b)		3,274,900		20,395,612
TOTVS S.A.		3,772,700		24,218,901
				245,908,848
China–23.25%
Airtac International Group		936,000		21,499,107
China Mengniu Dairy Co. Ltd.		8,812,000		28,244,797
China Resources Beer Holdings Co. Ltd.		5,904,000		27,836,720
Chongqing Fuling Zhacai Group Co. Ltd., A Shares		5,703,059		17,596,054
Fuyao Glass Industry Group Co. Ltd., H Shares(b)		6,369,200		22,801,282
JD.com, Inc., ADR(c)		1,262,867		47,092,310
Prosus N.V.		222,367		9,677,972
Tencent Holdings Ltd.		954,300		25,040,606
Tongcheng Travel Holdings Ltd.(b)(d)		28,577,600		44,347,172
Wuliangye Yibin Co. Ltd., A Shares		2,140,260		39,181,938
Yum China Holdings, Inc.(c)		1,975,192		81,674,189
				364,992,147
Egypt–1.53%
Eastern Co. S.A.E.		14,250,488		7,008,823
Egyptian Financial Group-Hermes Holding Co.(d)		30,747,602		17,043,138
				24,051,961
France–2.17%
Bollore SE		6,808,819		34,051,443
Hungary–3.52%
Gedeon Richter PLC		2,790,740		55,184,097
India–5.90%
Emami Ltd.		4,289,538		24,552,150
HDFC Bank Ltd., ADR		1,092,650		68,083,021
				92,635,171
Indonesia–6.83%
PT Bank Central Asia Tbk		74,917,000		42,214,811
PT Kalbe Farma Tbk		319,828,200		42,048,683
PT Telkom Indonesia (Persero) Tbk		81,558,500		23,001,263
				107,264,757
Macau–0.50%
Galaxy Entertainment Group Ltd.		1,726,000		7,864,780
Mexico–13.55%
Bolsa Mexicana de Valores S.A.B. de C.V.		20,133,720		36,664,040
GMexico Transportes S.A.B. de C.V.		18,885,130		35,133,795
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		7,831,898		62,392,711

	Shares		Value
Mexico–(continued)
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		898,238	$	13,913,554
Kimberly-Clark de Mexico S.A.B. de C.V., Class A(c)		21,447,492		33,838,823
Wal-Mart de Mexico S.A.B. de C.V., Series V		7,952,134		30,716,036
				212,658,959
Nigeria–1.29%
Zenith Bank PLC		447,469,084		20,304,792
Philippines–5.38%
BDO Unibank, Inc.		21,884,310		48,368,951
SM Investments Corp.		613,590		8,729,532
SM Prime Holdings, Inc.		50,105,400		27,382,559
				84,481,042
Russia–0.00%
Detsky Mir PJSC(e)		6,640,610		7
Moscow Exchange MICEX-RTS PJSC(d)(e)		11,806,000		12
Ozon Holdings PLC, ADR(d)(e)		783,546		1
Sberbank of Russia PJSC(d)(e)		11,900,044		12
Sberbank of Russia PJSC, Preference Shares(d)(e)		15,636,015		15
Yandex N.V., Class A(d)(e)		1,617,426		1
				48
South Africa–0.65%
Naspers Ltd., Class N		98,890		10,239,751
South Korea–4.31%
Douzone Bizon Co. Ltd.		335,094		7,151,939
LEENO Industrial, Inc.		116,138		11,116,635
Samsung Electronics Co. Ltd.		1,188,962		49,441,205
				67,709,779
Taiwan–6.16%
ASPEED Technology, Inc.		155,000		8,013,766
MediaTek, Inc.		1,187,000		21,626,325
Taiwan Semiconductor Manufacturing Co. Ltd.		4,348,000		52,324,270
Visual Photonics Epitaxy Co. Ltd.		8,216,000		14,672,389
				96,636,750
Turkey–1.87%
Haci Omer Sabanci Holding A.S.		16,256,131		29,294,665
United Arab Emirates–1.75%
Emaar Properties PJSC		16,658,100		27,505,720
Vietnam–0.86%
Vietnam Dairy Products JSC		4,290,448		13,536,670
Total Common Stocks & Other Equity Interests (Cost $1,577,685,662)				1,494,321,380
Money Market Funds–4.05%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(a)(f)		24,452,871		24,452,871
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(a)(f)		11,274,693		11,276,948

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

8 Invesco EQV Emerging Markets All Cap Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 3.08%(a)(f)		27,946,138	$	27,946,138
Total Money Market Funds (Cost $63,672,571)				63,675,957
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–99.23% (Cost $1,641,358,233)				1,557,997,337
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.27%
Invesco Private Government Fund, 3.18%(a)(f)(g)		14,372,862		14,372,862

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 3.28%(a)(f)(g)		36,948,524	$	36,948,524
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $51,318,188)				51,321,386
TOTAL INVESTMENTS IN SECURITIES–102.50% (Cost $1,692,676,421)				1,609,318,723
OTHER ASSETS LESS LIABILITIES–(2.50)%				(39,252,113	)
NET ASSETS–100.00%			$	1,570,066,610

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 is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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 fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	51,451,993	$	154,140,232	$	(181,139,354	)	$	-	$	-	$	24,452,871	$	288,581
Invesco Liquid Assets Portfolio, Institutional Class		30,570,539		110,100,165		(129,385,252	)		1,032		(9,536)		11,276,948		147,126
Invesco Treasury Portfolio, Institutional Class		58,802,278		176,160,264		(207,016,404	)		-		-		27,946,138		306,619
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		312,596		111,126,543		(97,066,277	)		-		-		14,372,862		57,903*
Invesco Private Prime Fund		729,392		261,332,962		(225,125,854	)		3,198		8,826		36,948,524		159,519*
Investments in Other Affiliates:
Arcos Dorados Holdings, Inc., Class A		52,893,628		-		(10,929,198	)		34,274,952		(2,920,724)		73,318,658		1,247,976
Total	$	194,760,426	$	812,860,166	$	(850,662,339	)	$	34,279,182	$	(2,921,434)	$	188,316,001	$	2,207,724

* 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 October 31, 2022 was $87,544,066, which represented 5.58% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at October 31, 2022.

^(d)  Non-income producing security.

^(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 October 31, 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.

9 Invesco EQV Emerging Markets All Cap Fund

Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $1,520,548,364)*	$	1,421,002,722
Investments in affiliates, at value (Cost $172,128,057)		188,316,001
Foreign currencies, at value (Cost $3,965,464)		3,771,322
Receivable for:
Investments sold		9,803,584
Fund shares sold		891,086
Dividends		1,388,001
Investment for trustee deferred compensation and retirement plans		250,090
Other assets		79,241
Total assets		1,625,502,047
Liabilities:
Payable for:
Fund shares reacquired		2,463,558
Collateral upon return of securities loaned		51,318,188
Accrued fees to affiliates		716,053
Accrued trustees’ and officers’ fees and benefits		2,560
Accrued other operating expenses		655,009
Trustee deferred compensation and retirement plans		280,069
Total liabilities		55,435,437
Net assets applicable to shares outstanding	$	1,570,066,610
Net assets consist of:
Shares of beneficial interest	$	1,660,818,022
Distributable earnings (loss)		(90,751,412	)
	$	1,570,066,610

Net Assets:
Class A	$	388,330,340
Class C	$	7,695,646
Class Y	$	591,206,164
Class R5	$	135,693,087
Class R6	$	447,141,373
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		13,991,721
Class C		284,875
Class Y		21,277,961
Class R5		4,897,868
Class R6		16,143,546
Class A:
Net asset value per share	$	27.75
Maximum offering price per share (Net asset value of $27.75 ÷ 94.50%)	$	29.37
Class C:
Net asset value and offering price per share	$	27.01
Class Y:
Net asset value and offering price per share	$	27.78
Class R5:
Net asset value and offering price per share	$	27.70
Class R6:
Net asset value and offering price per share	$	27.70

* At October 31, 2022, securities with an aggregate value of $49,415,297 were on loan to brokers.

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

10 Invesco EQV Emerging Markets All Cap Fund

Statement of Operations

For the year ended October 31, 2022

Investment income:
Dividends (net of foreign withholding taxes of $5,167,842)	$	48,017,978
Dividends from affiliates (includes net securities lending income of $15,004)		2,005,306
Total investment income		50,023,284
Expenses:
Advisory fees		17,980,677
Administrative services fees		289,355
Custodian fees		935,033
Distribution fees:
Class A		1,181,479
Class C		111,612
Transfer agent fees – A, C and Y		2,095,525
Transfer agent fees – R5		172,317
Transfer agent fees – R6		192,235
Trustees’ and officers’ fees and benefits		36,477
Registration and filing fees		135,069
Reports to shareholders		245,812
Professional services fees		97,670
Other		13,693
Total expenses		23,486,954
Less: Fees waived and/or expense offset arrangement(s)		(94,004	)
Net expenses		23,392,950
Net investment income		26,630,334
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(26,874,936	)
Affiliated investment securities		(2,921,434	)
Foreign currencies		(172,212	)
		(29,968,582	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $116,485)		(791,507,049	)
Affiliated investment securities		34,279,182
Foreign currencies		(132,860	)
		(757,360,727	)
Net realized and unrealized gain (loss)		(787,329,309	)
Net increase (decrease) in net assets resulting from operations	$	(760,698,975	)

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

11 Invesco EQV Emerging Markets All Cap Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income	$	26,630,334		$	22,112,473
Net realized gain (loss)		(29,968,582	)		97,241,994
Change in net unrealized appreciation (depreciation)		(757,360,727	)		227,576,870
Net increase (decrease) in net assets resulting from operations		(760,698,975	)		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		(936,473	)		(15,190,495	)
Class C		(3,028,262	)		(2,792,302	)
Class Y		(132,804,152	)		(53,469,564	)
Class R5		(6,196,426	)		15,141,754
Class R6		(40,373,264	)		203,423,460
Net increase (decrease) in net assets resulting from share transactions		(183,338,577	)		147,112,853
Net increase (decrease) in net assets		(1,055,993,275	)		361,559,882
Net assets:
Beginning of year		2,626,059,885			2,264,500,003
End of year	$	1,570,066,610		$	2,626,059,885

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

12 Invesco EQV Emerging Markets All Cap Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Year ended 10/31/22		$41.94		$0.36			$(12.84	)		$(12.48	)		$(0.21	)		$(1.50	)		$(1.71	)		$27.75		(30.89	)%		$ 388,330		1.39	%		1.39	%		1.06	%		17	%
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
Class C
Year ended 10/31/22		40.94		0.11			(12.54	)		(12.43	)		–			(1.50	)		(1.50	)		27.01		(31.40	)		7,696		2.14			2.14			0.31			17
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
Class Y
Year ended 10/31/22		42.00		0.44			(12.84	)		(12.40	)		(0.32	)		(1.50	)		(1.82	)		27.78		(30.71	)		591,206		1.14			1.14			1.31			17
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
Class R5
Year ended 10/31/22		41.88		0.46			(12.80	)		(12.34	)		(0.34	)		(1.50	)		(1.84	)		27.70		(30.68	)		135,693		1.07			1.07			1.38			17
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
Class R6
Year ended 10/31/22		41.89		0.48			(12.79	)		(12.31	)		(0.38	)		(1.50	)		(1.88	)		27.70		(30.60	)		447,141		1.00			1.00			1.45			17
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

^(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.

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

13 Invesco EQV Emerging Markets All Cap Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

Invesco EQV 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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

14 Invesco EQV Emerging Markets All Cap Fund

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 1940 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, the Fund paid the Adviser $845 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliates on the 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

15 Invesco EQV Emerging Markets All Cap Fund

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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 year ended October 31, 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 of all shares 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 year ended October 31, 2022, the Adviser waived advisory fees of $91,377.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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.

16 Invesco EQV Emerging Markets All Cap Fund

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $32,822 in front-end sales commissions from the sale of Class A shares and $3,747 and $2,039 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $2,495 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	245,908,848	$	–		$  –	$	245,908,848
China		138,444,471		226,547,676		–		364,992,147
Egypt		24,051,961		–		–		24,051,961
France		–		34,051,443		–		34,051,443
Hungary		–		55,184,097		–		55,184,097
India		68,083,021		24,552,150		–		92,635,171
Indonesia		–		107,264,757		–		107,264,757
Macau		–		7,864,780		–		7,864,780
Mexico		212,658,959		–		–		212,658,959
Nigeria		–		20,304,792		–		20,304,792
Philippines		–		84,481,042		–		84,481,042
Russia		–		–		48		48
South Africa		–		10,239,751		–		10,239,751
South Korea		–		67,709,779		–		67,709,779
Taiwan		–		96,636,750		–		96,636,750
Turkey		–		29,294,665		–		29,294,665
United Arab Emirates		–		27,505,720		–		27,505,720
Vietnam		–		13,536,670		–		13,536,670
Money Market Funds		63,675,957		51,321,386		–		114,997,343
Total Investments	$	752,823,217	$	856,495,458		$48	$	1,609,318,723

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,627.

17 Invesco EQV Emerging Markets All Cap 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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	19,389,385	$	72,422,446
Long-term capital gain		92,566,338		60,061,862
Total distributions	$	111,955,723	$	132,484,308

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Undistributed ordinary income	$	24,376,875
Net unrealized appreciation (depreciation) – investments		(95,198,761	)
Net unrealized appreciation (depreciation) – foreign currencies		(184,272	)
Temporary book/tax differences		(209,765	)
Capital loss carryforward		(19,535,489	)
Shares of beneficial interest		1,660,818,022
Total net assets	$	1,570,066,610

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	19,535,489	$	–	$	19,535,489

* 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 year ended October 31, 2022 was $317,630,768 and $518,349,265, 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	$	264,551,557
Aggregate unrealized (depreciation) of investments		(359,750,318	)
Net unrealized appreciation (depreciation) of investments	$	(95,198,761	)

Cost of investments for tax purposes is $1,704,517,484.

18 Invesco EQV Emerging Markets All Cap Fund

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and distributions, on October 31, 2022, undistributed net investment income was decreased by $256,482 and undistributed net realized gain (loss) was increased by $256,482. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 10–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		1,785,231		$	59,015,273			1,889,937		$	81,886,430
Class C		47,250			1,591,114			76,205			3,255,333
Class Y		6,322,632			211,228,639			5,667,031			244,849,914
Class R5		973,625			32,575,583			1,141,051			49,259,888
Class R6		4,346,031			145,692,469			6,685,446			290,901,817
Issued as reinvestment of dividends:
Class A		549,442			20,944,720			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		47,349			1,514,612			91,667			3,898,704
Class C		(48,496	)		(1,514,612	)		(93,490	)		(3,898,704	)
Reacquired:
Class A		(2,483,704	)		(82,411,078	)		(2,945,340	)		(127,459,786	)
Class C		(108,967	)		(3,600,918	)		(68,030	)		(2,867,908	)
Class Y		(11,058,099	)		(371,061,537	)		(7,704,418	)		(333,818,808	)
Class R5		(1,450,932	)		(47,823,551	)		(1,038,107	)		(44,836,163	)
Class R6		(6,711,309	)		(216,826,059	)		(2,638,022	)		(114,232,877	)
Net increase (decrease) in share activity		(6,016,706	)	$	(183,338,577	)		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 48% 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.

19 Invesco EQV Emerging Markets All Cap Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco EQV Emerging Markets All Cap Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco EQV Emerging Markets All Cap Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

20 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 May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses     Paid During     Period2	Ending     Account Value     (10/31/22)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$895.40	$  6.69	$1,018.15	$  7.12	1.40%
Class C	1,000.00	892.00	10.25	1,014.37	10.92	2.15
Class Y	1,000.00	896.40	5.50	1,019.41	5.85	1.15
Class R5	1,000.00	896.70	5.16	1,019.76	5.50	1.08
Class R6	1,000.00	897.30	4.83	1,020.11	5.14	1.01

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

21 Invesco EQV Emerging Markets All Cap Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco EQV Emerging Markets All Cap Fund’s (formerly, Invesco Emerging Markets All Cap Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems

preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI Emerging Markets Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the third quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and five year periods and above the performance of the Index for the three year period. The Board noted that the Fund’s stock selection in and underweight exposure to certain sectors and geographic regions, as well as the Fund’s cash position in a rising equity market, detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could

22 Invesco EQV Emerging Markets All Cap Fund

produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and

the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but

not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

23 Invesco EQV Emerging Markets All Cap Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	92,566,338
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		3.03	%
U.S. Treasury Obligations*		0.05	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0911		per share
Foreign Source Income	$	0.9348		per share

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

24 Invesco EQV Emerging Markets All Cap Fund

Trustees and Officers

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

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco EQV Emerging Markets All Cap Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco EQV Emerging Markets All Cap Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco EQV Emerging Markets All Cap Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco EQV Emerging Markets All Cap Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco EQV Emerging Markets All Cap Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco EQV Emerging Markets All Cap Fund

(This page intentionally left blank)

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-AR-1                                         

Annual Report to Shareholders October 31, 2022

Invesco Emerging Markets Innovators Fund

Nasdaq:

A: EMIAX ∎ C: EMVCX ∎ R: EMIRX ∎ Y: EMIYX ∎ R5: EMIMX ∎ R6: EMVIX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
10	Financial Statements
13	Financial Highlights
14	Notes to Financial Statements
21	Auditor’s Report
22	Fund Expenses
23	Approval of Investment Advisory and Sub-Advisory Contracts
26	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Emerging Markets Innovators Fund (the Fund), at net asset value (NAV), underperformed the MSCI Emerging Markets Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-39.85	%
Class C Shares	-40.30
Class R Shares	-40.01
Class Y Shares	-39.68
Class R5 Shares	-39.73
Class R6 Shares	-39.77
MSCI Emerging Markets Index▼	-31.03
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

    Global equity markets declined in the first half of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

    Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

    During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and

emerging market equities were both in negative territory.

    Global markets have been enshrouded by geopolitical shock waves stemming from Russia’s invasion of Ukraine, rising inflation levels, recessionary fears, etc. Much of this has dampened sentiment toward emerging market equities. However, after two years of interconnected, unlikely and extreme events, we are encouraged by three important factors in emerging markets: valuations are cheap relative to US equities, central banks in most emerging market countries stayed ahead of inflationary pressures by raising interest rates and China seems poised for recovery from its debilitating zero-COVID-19 policy, which we believe would provide investment opportunities.

    From a sector perspective, the largest contributors to the Fund’s relative performance during the fiscal year were stock selection in consumer discretionary, an overweight and stock selection in consumer staples and stock selection in real estate. The largest detractors from the Fund’s relative performance were an underweight and stock selection in financials, stock selection and an overweight in health care and stock selection in information technology.

    From a country perspective, the largest contributors to the Fund’s relative performance during the fiscal year were an overweight in Mexico, an underweight allocation to and stock selection in South Korea and an overweight in Turkey. The largest detractors from the Fund’s relative performance were an overweight and stock selection in Russia, stock selection in China and an overweight in India.

    The largest contributors to the Fund’s absolute performance during the fiscal year included Arezzo Industria e Comercio (Arezzo), BIM Birlesik Magazalar (BIM) and Coca-Cola FEMSA.

    Arezzo is a Brazilian retailer that provides its consumers an omnichannel approach to

shopping for women, men and children’s apparel. We believe, Arezzo’s growth profile should be supported by further consolidation in Brazil’s fragmented retail market and ongoing investments in digital platforms. Our observations of improving macro data in Brazil, including receding inflation and higher gross domestic product growth estimates, should bolster discretionary spending.

    BIM operates the largest supermarket chain in Turkey offering consumers access to a large assortment of high-quality products at affordable prices. BIM’s private label products make up a large portion of store offerings providing BIM with price setting power, while digitalization initiatives have expanded their pool of customers.

    Coca-Cola FEMSA, a subsidiary of Fomento Economico Mexicano (FEMSA), retails and distributes a diversified portfolio of beverages inclusive of traditional Coca-Cola products, sports drinks and bottled water. In our view, a focus on product innovation and streamlining product fulfillment should allow for the further expansion of Coca-Cola FEMSA’s products throughout Latin/South America.

    The largest detractors from the Fund’s absolute performance during the fiscal year included Yandex, Silergy and WuXi Biologics.

    Yandex is one of the dominant internet companies in Russia’s transforming digital landscape, holding positions in several categories including Russia’s search engine, shared mobility, food delivery, e-commerce and others. Note that Yandex runs one of the most profitable mobility and food delivery platforms in the world and we believe it may benefit from future industry consolidation in e-commerce. However, Yandex has been affected by the impact of sanctions on Russia following the invasion of Ukraine. Due to ongoing market closures, lack of trading partners, low liquidity, settlement concerns and future uncertainty, Invesco priced all Russian equity holdings of the Fund to zero as of March 2, 2022.

    Silergy is the largest fabless producer in Taiwan and a global leader in PMIC (power management integrated circuits), a growing business as more IoT (Internet of Things) devices come to market and demand expands. Silergy has diversified its business into higher margin product mixes. Softening demand in the consumer electronics segment has had a negative impact on the industry.

    WuXi Biologics (WuXi) leveraged its unique technology and drug production know-how to become the largest contract development and manufacturing organization (CDMO) in China. WuXi collaborates with clients from conception through commercial manufacturing delivering end-to-end solutions and support.

    When we look longer term, we believe many emerging market companies are embarking on a new era - cutting back on oversized ambitions and focusing on opportunities that are profitable and cash generative. In our

2 Invesco Emerging Markets Innovators Fund

view, this should lead to improved earnings and returns in these businesses as they become more rational and disciplined. We have been focused on finding investments in opportunities where the visible risks are well understood, have been deeply digested and have led to discounts in prices. We are looking out for circumstances where the risks have not yet been widely perceived. The net result is an opportunity to own undervalued, high-quality names with the potential for long-term structural growth.

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

Portfolio manager(s):

Justin Leverenz

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco Emerging Markets Innovators Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 6/30/14

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Emerging Markets Innovators Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (6/30/14)	-3.64	%
5 Years	-7.50
1 Year	-43.17
Class C Shares
Inception (6/30/14)	-3.70	%
5 Years	-7.18
1 Year	-40.82
Class R Shares
Inception (6/30/14)	-3.25	%
5 Years	-6.71
1 Year	-40.01
Class Y Shares
Inception (6/30/14)	-2.75	%
5 Years	-6.23
1 Year	-39.68
Class R5 Shares
Inception	-2.87	%
5 Years	-6.25
1 Year	-39.73
Class R6 Shares
Inception (6/30/14)	-2.61	%
5 Years	-6.13
1 Year	-39.77

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.

5 Invesco Emerging Markets Innovators Fund

Supplemental Information

Invesco Emerging Markets Innovators Fund’s investment objective is to seek capital appreciation.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ 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 nonresident 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.

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

6 Invesco Emerging Markets Innovators Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Consumer Discretionary	27.37%
Consumer Staples	14.31
Industrials	12.21
Health Care	11.38
Information Technology	8.38
Financials	8.11
Real Estate	7.37
Materials	6.84
Communication Services	1.00
Money Market Funds Plus Other Assets Less Liabilities	3.03

Top 10 Equity Holdings*

		% of total net assets
1.	Le Travenues Technology Ltd.	6.49%
2.	Samsung Biologics Co. Ltd.	5.13
3.	Yum China Holdings, Inc.	5.08
4.	Arezzo Industria e Comercio S.A.	4.90
5.	H World Group Ltd., ADR	4.59
6.	LG Chem Ltd.	3.32
7.	Voltronic Power Technology Corp.	2.94
8.	Coca-Cola FEMSA S.A.B. de C.V., ADR	2.93
9.	Wal-Mart de Mexico S.A.B. de C.V., Series V	2.76
10.	Oberoi Realty Ltd.	2.73

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 October 31, 2022.

7 Invesco Emerging Markets Innovators Fund

Schedule of Investments

October 31, 2022

	Shares		Value
Common Stocks & Other Equity Interests–96.97%
Brazil–10.07%
Arezzo Industria e Comercio S.A.		310,000	$	6,271,416
Lojas Renner S.A.		341,910		2,045,304
NU Holdings Ltd., Class A(a)		192,905		964,525
Pagseguro Digital Ltd., Class A(a)		158,558		2,169,074
WEG S.A.		182,900		1,426,234
				12,876,553
Chile–2.81%
Banco Santander Chile		49,887,193		1,796,648
Parque Arauco S.A.		2,125,488		1,799,204
				3,595,852
China–24.94%
BeiGene Ltd. (Acquired 01/12/2021; Cost $1,613,033)(a)(b)		67,600		867,990
BeiGene Ltd., ADR (Acquired 08/11/2020-06/16/2022; Cost $2,004,939)(a)(b)		10,774		1,819,622
Brii Biosciences Ltd.(a)		1,126,500		802,601
H World Group Ltd., ADR		216,874		5,872,948
New Horizon Health Ltd.(a)(c)		462,500		1,029,019
Silergy Corp.		252,000		2,898,302
SITC International Holdings Co. Ltd.		725,000		1,188,738
Sunny Optical Technology Group Co. Ltd.		240,900		2,089,793
Tencent Music Entertainment Group, ADR(a)		353,742		1,277,008
Wuxi Biologics Cayman, Inc.(a)(c)		513,000		2,320,815
Yum China Holdings, Inc.		156,979		6,491,082
Zai Lab Ltd., ADR (Acquired 10/13/2021-01/07/2022; Cost $4,606,156)(a)(b)		52,088		1,160,521
Zhongsheng Group Holdings Ltd.		370,789		1,408,169
ZTO Express (Cayman), Inc., ADR		158,185		2,671,745
				31,898,353
India–17.49%
Asian Paints Ltd.		4,121		154,955
Godrej Properties Ltd.(a)		100,830		1,536,942
Havells India Ltd.		189,989		2,794,161
HDFC Life Insurance Co. Ltd.(c)		136,798		892,586
ICICI Lombard General Insurance Co. Ltd.(c)		95,324		1,346,660
ICICI Prudential Life Insurance Co. Ltd.(c)		289,650		1,774,630
Le Travenues Technology Ltd.(d)		7,200,800		8,303,809
Marico Ltd.		80,956		513,313
Oberoi Realty Ltd.		312,627		3,489,733
Voltas Ltd.		147,941		1,564,911
				22,371,700
Indonesia–5.64%
PT Ace Hardware Indonesia Tbk		46,685,600		1,691,053
PT Bank Rakyat Indonesia (Persero) Tbk		6,316,029		1,879,562
PT Semen Indonesia (Persero) Tbk		3,759,600		1,913,764
PT Unilever Indonesia Tbk		5,803,100		1,726,455
				7,210,834

	Shares		Value
Mexico–12.60%
Alsea S.A.B. de C.V.		924,684	$	1,773,015
Coca-Cola FEMSA S.A.B. de C.V., ADR		59,665		3,746,365
Fomento Economico Mexicano S.A.B. de C.V., Series CPO		339,900		2,440,013
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		93,795		2,195,162
Grupo Mexico S.A.B. de C.V., Class B		671,800		2,435,542
Wal-Mart de Mexico S.A.B. de C.V., Series V		912,500		3,524,637
				16,114,734
Peru–2.61%
Credicorp Ltd.		11,786		1,724,999
InRetail Peru Corp.(c)		46,827		1,615,531
				3,340,530
Philippines–2.09%
San Miguel Food and Beverage, Inc.		111,850		70,774
SM Prime Holdings, Inc.		4,750,800		2,596,308
				2,667,082
Russia–0.00%
Fix Price Group Ltd., GDR(c)(d)		148,043		0
Polyus PJSC, GDR(c)(d)		82,477		0
TCS Group Holding PLC, GDR(c)(d)		72,043		0
Yandex N.V., Class A(a)(d)		220,435		0
				0
South Korea–10.28%
Coupang, Inc.(a)		67,028		1,157,574
LG Chem Ltd.		9,687		4,244,754
LG H&H Co. Ltd.		3,324		1,187,026
Samsung Biologics Co. Ltd.(a)(c)		10,675		6,559,968
				13,149,322
Taiwan–4.80%
MediaTek, Inc.		131,000		2,386,730
Voltronic Power Technology Corp.		92,919		3,758,831
				6,145,561
Turkey–2.72%
BIM Birlesik Magazalar A.S.		481,875		3,479,544
United States–0.92%
Globant S.A.(a)		6,255		1,180,193
Total Common Stocks & Other Equity Interests (Cost $134,199,709)				124,030,258
Money Market Funds–1.21%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(e)(f)		540,907		540,907
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(e)(f)		386,333		386,410
Invesco Treasury Portfolio, Institutional Class, 3.08%(e)(f)		618,180		618,180
Total Money Market Funds (Cost $1,545,459)				1,545,497
TOTAL INVESTMENTS IN SECURITIES–98.18% (Cost $135,745,168)				125,575,755
OTHER ASSETS LESS LIABILITIES–1.82%				2,328,590
NET ASSETS–100.00%			$	127,904,345

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

8 Invesco Emerging Markets Innovators Fund

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)  Restricted security. The aggregate value of these securities at October 31, 2022 was $3,848,133, which represented 3.01% of the Fund’s Net Assets.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $15,539,209, which represented 12.15% of the Fund’s Net Assets.

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

^(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 fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	5,168,377	$	30,834,034	$	(35,461,504	)		$   -	$	-	$	540,907	$	8,368
Invesco Liquid Assets Portfolio, Institutional Class		3,651,667		22,024,310		(25,289,109	)		38		(496)		386,410		7,006
Invesco Treasury Portfolio, Institutional Class		5,906,716		35,238,897		(40,527,433	)		-		-		618,180		10,387
Total	$	14,726,760	$	88,097,241	$	(101,278,046	)		$38	$	(496)	$	1,545,497	$	25,761

^(f)  The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

9 Invesco Emerging Markets Innovators Fund

Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $134,199,709)	$	124,030,258
Investments in affiliated money market funds, at value (Cost $1,545,459)		1,545,497
Cash		300,000
Foreign currencies, at value (Cost $3,016,982)		2,799,974
Receivable for:
Fund shares sold		165,386
Dividends		168,434
Investment for trustee deferred compensation and retirement plans		18,602
Other assets		44,274
Total assets		129,072,425
Liabilities:
Payable for:
Fund shares reacquired		556,042
Accrued foreign taxes		339,662
Accrued fees to affiliates		67,299
Accrued trustees’ and officers’ fees and benefits		1,177
Accrued other operating expenses		185,298
Trustee deferred compensation and retirement plans		18,602
Total liabilities		1,168,080
Net assets applicable to shares outstanding	$	127,904,345
Net assets consist of:
Shares of beneficial interest	$	179,528,926
Distributable earnings (loss)		(51,624,581	)
	$	127,904,345

Net Assets:
Class A	$	37,385,816
Class C	$	9,061,536
Class R	$	5,210,830
Class Y	$	49,073,539
Class R5	$	7,041
Class R6	$	27,165,583
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		5,642,431
Class C		1,466,303
Class R		804,274
Class Y		7,253,456
Class R5		1,049
Class R6		3,963,161
Class A:
Net asset value per share	$	6.63
Maximum offering price per share (Net asset value of $6.63 ÷ 94.50%)	$	7.02
Class C:
Net asset value and offering price per share	$	6.18
Class R:
Net asset value and offering price per share	$	6.48
Class Y:
Net asset value and offering price per share	$	6.77
Class R5:
Net asset value and offering price per share	$	6.71
Class R6:
Net asset value and offering price per share	$	6.85

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

10 Invesco Emerging Markets Innovators Fund

Statement of Operations

For the year ended October 31, 2022

Investment income:
Dividends (net of foreign withholding taxes of $383,293)	$	3,600,819
Dividends from affiliated money market funds		25,761
Total investment income		3,626,580
Expenses:
Advisory fees		2,760,975
Administrative services fees		33,884
Custodian fees		187,484
Distribution fees:
Class A		149,064
Class C		132,313
Class R		31,723
Transfer agent fees – A, C, R and Y		292,537
Transfer agent fees – R5		4
Transfer agent fees – R6		19,125
Trustees’ and officers’ fees and benefits		21,657
Registration and filing fees		83,249
Professional services fees		108,488
Other		(29,517	)
Total expenses		3,790,986
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(439,323	)
Net expenses		3,351,663
Net investment income		274,917
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $976,548)		(40,255,337	)
Affiliated investment securities		(496	)
Foreign currencies		(194,708	)
Forward foreign currency contracts		(12,698	)
		(40,463,239	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $1,518,898)		(96,132,262	)
Affiliated investment securities		38
Foreign currencies		(181,530	)
		(96,313,754	)
Net realized and unrealized gain (loss)		(136,776,993	)
Net increase (decrease) in net assets resulting from operations	$	(136,502,076	)

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

11 Invesco Emerging Markets Innovators Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income (loss)	$	274,917		$	(2,429,104	)
Net realized gain (loss)		(40,463,239	)		45,142,513
Change in net unrealized appreciation (depreciation)		(96,313,754	)		22,177,647
Net increase (decrease) in net assets resulting from operations		(136,502,076	)		64,891,056
Distributions to shareholders from distributable earnings:
Class A		(9,157,227	)		(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		(1,397	)		(419	)
Class R6		(9,542,026	)		(4,744,973	)
Total distributions from distributable earnings		(41,576,203	)		(14,841,556	)
Share transactions–net:
Class A		(56,547,378	)		59,012,767
Class C		(1,366,014	)		(2,753,965	)
Class R		1,301,649			(521,215	)
Class Y		(60,903,339	)		(11,476,814	)
Class R6		(26,675,537	)		(60,850,966	)
Net increase (decrease) in net assets resulting from share transactions		(144,190,619	)		(16,590,193	)
Net increase (decrease) in net assets		(322,268,898	)		33,459,307
Net assets:
Beginning of year		450,173,243			416,713,936
End of year	$	127,904,345		$	450,173,243

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

12 Invesco Emerging Markets Innovators Fund

Financial Highlights

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income			Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Year ended 10/31/22		$	12.47		$	(0.00	)		$	(4.51	)		$	(4.51	)		$      -			$	(1.33	)		$	(1.33	)		$	6.63		(39.85	)%(e)		$	37,386		1.48	%(e)		1.69	%(e)		0.01	%(e)		17	%
Year ended 10/31/21			11.17			(0.08	)			1.78				1.70			-				(0.40	)			(0.40	)			12.47		15.15	(e)			136,638		1.58	(e)		1.64	(e)		(0.65	)(e)		50
Year ended 10/31/20			10.41			(0.06	)			0.82				0.76			-				-				-				11.17		7.30	(e)			70,918		1.68	(e)		1.68	(e)		(0.62	)(e)		67
Two months ended 10/31/19			9.85			(0.01	)			0.57				0.56			-				-				-				10.41		5.69				83,842		1.68	(f)		1.68	(f)		(0.63	)(f)		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
Class C
Year ended 10/31/22			11.81			(0.06	)			(4.24	)			(4.30	)		-				(1.33	)			(1.33	)			6.18		(40.35	)			9,062		2.24			2.45			(0.75	)		17
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	(f)		2.44	(f)		(1.40	)(f)		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
Class R
Year ended 10/31/22			12.25			(0.02	)			(4.42	)			(4.44	)		-				(1.33	)			(1.33	)			6.48		(40.01	)			5,211		1.74			1.95			(0.25	)		17
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	(f)		1.94	(f)		(0.90	)(f)		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
Class Y
Year ended 10/31/22			12.67			0.02				(4.59	)			(4.57	)		-				(1.33	)			(1.33	)			6.77		(39.68	)			49,074		1.24			1.45			0.25			17
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	(f)		1.44	(f)		(0.40	)(f)		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
Class R5
Year ended 10/31/22			12.58			0.02				(4.56	)			(4.54	)		-				(1.33	)			(1.33	)			6.71		(39.73	)			7		1.25			1.34			0.24			17
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	(f)		1.31	(f)		(0.26	)(f)		20
Period ended 08/31/19(g)			9.53			0.00				0.33				0.33			-				-				-				9.86		3.46				10		1.28	(f)		1.28	(f)		0.15	(f)		36
Class R6
Year ended 10/31/22			12.82			0.02				(4.66	)			(4.64	)		-				(1.33	)			(1.33	)			6.85		(39.77	)			27,166		1.25			1.34			0.24			17
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	(f)		1.27	(f)		(0.22	)(f)		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

^(a)  Calculated using average shares outstanding.

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

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.01% for the two months ended October 31, 2019 and the years ended August 31, 2019 and 2018, respectively.

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

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2022, 2021 and 2020.

^(f) Annualized.

^(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.

13 Invesco Emerging Markets Innovators Fund

Notes to Financial Statements

October 31, 2022

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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

14 Invesco Emerging Markets Innovators Fund

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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,

15 Invesco Emerging Markets Innovators Fund

realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Other Risks – 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.

Following Russia’s invasion of Ukraine in late February 2022, various countries, including the United States, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus. The resulting responses to the military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional counter measures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to Russian issuers or the adjoining geographic regions.

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		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 year ended October 31, 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 29, 2024, 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 29, 2024. 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 year ended October 31, 2022, the Adviser waived advisory fees of $3,169 and reimbursed class level expenses of $122,134, $27,270, $13,106, $225,137, $9 and $46,896 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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 year ended October 31, 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

16 Invesco Emerging Markets Innovators Fund

monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $18,053 in front-end sales commissions from the sale of Class A shares and $895 and $2,689 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $2,177 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	12,876,553	$	–	$	–	$	12,876,553
Chile		–		3,595,852		–		3,595,852
China		19,292,926		12,605,427		–		31,898,353
India		–		14,067,891		8,303,809		22,371,700
Indonesia		–		7,210,834		–		7,210,834
Mexico		16,114,734		–		–		16,114,734
Peru		3,340,530		–		–		3,340,530
Philippines		–		2,667,082		–		2,667,082
Russia		–		–		0		0
South Korea		1,157,574		11,991,748		–		13,149,322
Taiwan		–		6,145,561		–		6,145,561
Turkey		–		3,479,544		–		3,479,544
United States		1,180,193		–		–		1,180,193
Money Market Funds		1,545,497		–		–		1,545,497
Total Investments	$	55,508,007	$	61,763,939	$	8,303,809	$	125,575,755

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 year ended October 31, 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 10/31/22
Common Stocks & Other Equity Interests	$	–	$	9,964,902	$	(8,706,860	)	$–	$	2,544,427	$	(40,659,992	)	$	45,161,332	**	$–	$	8,303,809
Preferred Stocks		9,169,499		–		(9,169,499	)	–		–		–			–		–		–
Total	$	9,169,499	$	9,964,902	$	(17,876,359	)	$–	$	2,544,427	$	(40,659,992	)	$	45,161,332		$–	$	8,303,809

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

** Amount includes $37,157,402 and $8,003,930 of Russian equity securities previously classified as Level 1 and Level 2 securities, respectively.

17 Invesco Emerging Markets Innovators 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 10/31/22		Valuation Technique	Unobservable Inputs	Range of Unobservable Inputs	Unobservable Input Used
Le Travenues Technology Ltd.		$8,303,809	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.

Effect of Derivative Investments for the year ended October 31, 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		$(12,698)

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–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,602.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Long-term capital gain	$	41,576,203	$	14,841,556

18 Invesco Emerging Markets Innovators Fund

Tax Components of Net Assets at Period-End:

	2022
Net unrealized appreciation (depreciation) – investments	$	(15,306,002	)
Net unrealized appreciation (depreciation) – foreign currencies		(225,447	)
Temporary book/tax differences		(16,695	)
Late-Year ordinary loss deferral		(597,233	)
Capital loss carryforward		(35,479,204	)
Shares of beneficial interest		179,528,926
Total net assets	$	127,904,345

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	28,798,165	$	6,681,039	$	35,479,204

* 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 year ended October 31, 2022 was $40,201,907 and $214,856,540, 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	$	28,940,101
Aggregate unrealized (depreciation) of investments		(44,246,103	)
Net unrealized appreciation (depreciation) of investments	$	(15,306,002	)

Cost of investments for tax purposes is $140,881,757.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign capital gains taxes and net operating losses, on October 31, 2022, undistributed net investment income was increased by $1,213,817, undistributed net realized gain (loss) was increased by $1,235,530 and shares of beneficial interest was decreased by $2,449,347. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended October 31, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		1,042,462		$	8,912,777			6,255,457		$	80,659,716
Class C		174,172			1,434,037			321,067			4,060,781
Class R		213,127			1,750,743			133,649			1,731,723
Class Y		4,199,740			35,825,100			2,609,368			34,702,024
Class R6		3,012,596			26,026,269			1,363,252			18,353,203
Issued as reinvestment of dividends:
Class A		859,837			8,710,145			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			3,106,522			243,443			3,167,195
Automatic conversion of Class C shares to Class A shares:
Class A		72,182			589,410			188,539			2,464,557
Class C		(77,112	)		(589,410	)		(198,024	)		(2,464,557	)

19 Invesco Emerging Markets Innovators Fund

	Summary of Share Activity
	Year ended October 31, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(7,291,835	)	$	(74,759,710	)		(2,018,986	)	$	(26,434,005	)
Class C		(531,237	)		(4,287,171	)		(405,511	)		(5,059,541	)
Class R		(160,666	)		(1,327,562	)		(195,301	)		(2,524,988	)
Class Y		(13,636,919	)		(111,363,661	)		(3,990,225	)		(51,930,525	)
Class R6		(6,519,957	)		(55,808,328	)		(6,171,816	)		(82,371,364	)
Net increase (decrease) in share activity		(16,623,032	)	$	(144,190,619	)		(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 55% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

20 Invesco Emerging Markets Innovators Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Emerging Markets Innovators Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Emerging Markets Innovators Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended October 31, 2022, the two months ended October 31, 2019, and the year ended August 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022, the two months ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through August 31, 2019 for Class R5.

The financial statements of Oppenheimer Emerging Markets Innovators Fund (subsequently renamed Invesco Emerging Markets Innovators Fund) as of and for the year ended August 31, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 25, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

21 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 May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses     Paid During     Period2	Ending     Account Value     (10/31/22)	Expenses     Paid During     Period2	Annualized       Expense Ratio
Class A	$1,000.00	$878.10	$6.96	$1,017.80	$7.48	1.47%
Class C	1,000.00	875.40	10.54	1,013.96	11.32	2.23
Class R	1,000.00	876.90	8.18	1,016.48	8.79	1.73
Class Y	1,000.00	880.40	5.83	1,019.00	6.26	1.23
Class R5	1,000.00	879.40	6.02	1,018.80	6.46	1.27
Class R6	1,000.00	878.20	6.01	1,018.80	6.46	1.27

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

22 Invesco Emerging Markets Innovators Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Emerging Markets Innovators Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the

way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI Emerging Markets Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and five year periods and the fourth quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s

23 Invesco Emerging Markets Innovators Fund

acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that stock selection in and underweight or overweight exposure to certain sectors and geographic regions, as well as certain factor exposures, detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual and contractual management fees and total expense ratio were in the fifth quintile of its expense group, requested and considered additional information from management regarding the appropriateness of the management fees and total expense ratio, and discussed with management reasons for such relative actual and contractual management fees and total expenses.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts,

including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including

information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a

24 Invesco Emerging Markets Innovators Fund

summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

25 Invesco Emerging Markets Innovators Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$41,576,203
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

26 Invesco Emerging Markets Innovators Fund

Trustees and Officers

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations      Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University      Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801

T-6 Invesco Emerging Markets Innovators Fund

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

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-AR-1

Annual Report to Shareholders October 31, 2022

Invesco Emerging Markets Local Debt Fund

Nasdaq:

A: OEMAX ∎ C: OEMCX ∎ R: OEMNX ∎ Y: OEMYX ∎ R5: EMLDX ∎ R6: OEMIX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
16	Financial Statements
19	Financial Highlights
20	Notes to Financial Statements
29	Report of Independent Registered Public Accounting Firm
30	Fund Expenses
31	Approval of Investment Advisory and Sub-Advisory Contracts
34	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Emerging Markets Local Debt Fund (the Fund), at net asset value (NAV), outperformed the JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-16.80	%
Class C Shares	-17.45
Class R Shares	-17.02
Class Y Shares	-16.59
Class R5 Shares	-16.47
Class R6 Shares	-16.47
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index▼	-20.27
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

During the fiscal year ended October 31, 2022, global fixed-income markets remained volatile due to a series of shocks to financial markets from the Russia-Ukraine war, high commodity prices, high inflation, rapid monetary policy tightening, recession fears and slowing growth in China. Throughout the year, inflation data continued to surprise on the upside, leading both developed market (DM) and emerging market (EM) central banks to hike interest rates aggressively, prompting negative returns across fixed-income markets. In particular, the US Federal Reserve (the Fed) raised policy rates (which have a global impact) during the fiscal year at a pace and scale not seen in the past two decades. This prompted the US dollar to rise considerably over the fiscal year and generated uncertainty on the degree to which EM central banks would need to continue hiking despite getting an earlier start last year.

    Towards the end of 2021, concerns about inflation were already heightened, although the Fed left policy rates unchanged in the quarter. They indicated accommodative policies were coming to an end and announced the reduction of their monthly bond purchase program. In the first quarter of 2022, conflict and uncertainty drove sharp moves across risk assets following Russia’s invasion of Ukraine. As commodity prices spiked, this exacerbated existing inflationary pressures and forced several central banks to adopt a more hawkish stance. Global monetary policy divergence persisted, as most EMs (aside from China) seemed closer to the end of their interest rate hiking cycles, while various developed markets were in different stages. Elevated inflation and a tight labor market led the Fed to officially commence its rate hiking cycle, and the Bank of England raised rates twice after their initial increase in December,

while China signaled a potential increase in its monetary policy accommodation. The US dollar ended the quarter 2.3% higher.¹

    In the second quarter of 2022, capital markets were preoccupied with surging inflation that prompted the Fed and subsequently the European Central Bank and Reserve Bank of Australia, to shift toward tighter monetary policy. EM central banks across Latin America and Central Europe followed suit, alongside elevated food and energy prices. Toward the end of June, market focus shifted from inflation fears and the prospect of increasingly aggressive interest rate hikes to recession fears and the anticipation of lower rates. Though US and European economies were already decelerating, growth in Asia remained relatively resilient, supported by post-COVID-19 reopenings, despite some drag from lingering lockdowns in China, which is typically the region’s main driver. The US dollar rose considerably in April, fell slightly in May and then rose again in June, ending the quarter almost 6.5% higher.¹

    The third quarter of 2022 began with a relief rally in July as markets anticipated slowing inflation and possible rate cuts by the Fed in 2023. This narrative quickly reversed course in August and September on the back of continued geopolitical uncertainty, rising concerns of a global economic slowdown and persistent elevated inflation. As a result, central banks continued their aggressive rate hiking cycles, with the Fed hiking 1.5%, the European Central Bank hiking 1.25% and the Bank of England hiking 1%. In EMs, central banks in Asia, Central and Eastern Europe and Latin America all raised their interest rates, though it seemed like central banks such as Brazil and Hungary might be reaching the end of their hiking cycles. While global growth indicators continued to slow, European concerns about an energy crisis heading into winter lingered and China’s lackluster

re-opening dynamics remained intact, central banks continued to prioritize bringing down inflation over supporting growth. These conditions contributed to the US dollar’s rapid rise, increasing slightly in July and reaching 20-year highs in August and September, ending the quarter almost 7.1% higher.¹

    Over the fiscal year, underweight positioning in Russia, Egypt and Romania contributed the most to the Fund’s relative performance compared to the JP Morgan Government Bond Index – Emerging Markets (GBI-EM) Global Diversified Index, while positioning in Indonesia, Peru and Poland detracted the most. Specific positive contributors to relative Fund performance included positioning in the Turkish Lira, Egyptian Pound and Brazilian Real. Conversely, interest rate positioning in Colombia and Turkey and positioning in the South African Rand detracted from relative Fund performance.

    While the absolute return of the asset class year-to-date has experienced a large decline over the past fiscal year, the EM local asset class has done well on a relative basis, outperforming EM hard currency and some US duration-based strategies. We have seen considerable volatility this fiscal year from the rapid repricing of inflation expectations and the path of US interest rates (which have a global impact), yet we anticipate the value created from an income and total return perspective in EMs is meaningful. A year ago, EM monetary policy rates averaged around 3.25%, while today, the average policy rate is over 6.75%,¹ though there is divergence across regions. We believe the conditions are aligning for EMs to potentially outperform over the next two to three years.

    After hiking considerably in 2021, EM central banks may be approaching their interest rate peaks (having started their hiking cycles ahead of developed markets), and we expect the growth picture for EMs to remain stronger than that of the US and Europe, where a growth revival could take some time. While uncertainty on the path of US interest rates has prevented markets from unlocking the value we see in EMs so far, we believe the path of US interest rates should soon become clearer and inflation expectations in EMs should become more anchored. With average EM inflation already lower than US inflation, this makes the real-rate differential compelling. Additionally, with the US dollar recently reaching 40-year highs and the Fed getting closer to the end of its hiking cycle, we may be seeing signs of stability and reversal. A decline in the US dollar could serve as a tailwind for EMs.

    Overall, we believe individual country dynamics will drive performance going forward and we expect the dispersion in returns between countries will be larger than in the past, which argues for an actively managed approach such as ours. We believe this is a fertile landscape to extract performance alpha in the asset class, particularly as the Fed’s

2 Invesco Emerging Markets Local Debt Fund

monetary policy trajectory becomes more visible, and we remain focused on capitalizing on it.

    Please note that we implemented our strategy using derivative instruments, including futures, forwards, swaps and options. Therefore, a portion of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Part of the Fund’s strategy to manage credit and currency risk in the portfolio during the fiscal year entailed purchasing and selling credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the fiscal year. The currency management was carried out via currency forwards and options on an as-needed basis and we believe this strategy was effective in managing the currency positioning within the Fund.

    We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The risk may be greater in the current market environment. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon, and market forces such as supply and demand for similar securities. We are monitoring interest rates and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments held by the Fund.

    Thank you for investing in Invesco Emerging Markets Local Debt Fund.

1 Source: Bloomberg LP

Portfolio manager(s):

Hemant Baijal

Wim Vandenhoeck

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their

completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco Emerging Markets Local Debt Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Emerging Markets Local Debt Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (6/30/10)	-0.43	%
10 Years	-2.43
5 Years	-4.07
1 Year	-20.29
Class C Shares
Inception (6/30/10)	-0.58	%
10 Years	-2.62
5 Years	-4.04
1 Year	-18.24
Class R Shares
Inception (6/30/10)	-0.37	%
10 Years	-2.30
5 Years	-3.56
1 Year	-17.02
Class Y Shares
Inception (6/30/10)	0.17	%
10 Years	-1.76
5 Years	-3.06
1 Year	-16.59
Class R5 Shares
10 Years	-1.91	%
5 Years	-3.05
1 Year	-16.47
Class R6 Shares
Inception (9/28/12)	-1.53	%
10 Years	-1.66
5 Years	-2.91
1 Year	-16.47

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.

5 Invesco Emerging Markets Local Debt Fund

Supplemental Information

Invesco Emerging Markets Local Debt Fund’s investment objective is to seek total return.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ 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.

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

6 Invesco Emerging Markets Local Debt Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Sovereign Debt		71.28	%
Financials		2.02
Other Sectors, Each Less than 2% of Net Assets		4.08
Money Market Funds Plus Other Assets Less Liabilities		22.62

Top Five Debt Issuers*

		% of total net assets
1.	Republic of South Africa Government Bond		12.31	%
2.	Malaysia Government Bond		9.90
3.	Thailand Government Bond		7.58
4.	Colombian TES		7.38
5.	Indonesia Treasury Bond		7.00

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 October 31, 2022.

7 Invesco Emerging Markets Local Debt Fund

Schedule of Investments

October 31, 2022

		Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–75.84%(a)
Brazil–3.57%
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2027	BRL		15,000,000	$  2,761,467
Chile–2.93%
Bonos de la Tesoreria de la Republica, 0.00%, 03/01/2025	CLP		1,211,012,250	1,178,981
Bonos de la Tesoreria de la Republica en pesos, 2.30%, 10/01/2028(b)	CLP		1,300,000,000	1,088,078
				2,267,059
China–3.71%
China Development Bank, Series 2110, 3.41%, 06/07/2031	CNY		6,000,000	854,116
China Government Bond, 3.72%, 04/12/2051	CNY		4,000,000	606,998
Export-Import Bank of China (The), Series 2105, 3.22%, 05/14/2026	CNY		10,000,000	1,407,173
				2,868,287
Colombia–8.68%
Colombian TES,
Series B, 5.75%, 11/03/2027	COP		24,100,000,000	3,542,708
Series B, 7.25%, 10/18/2034	COP		3,500,000,000	443,834
Series B, 9.25%, 05/28/2042	COP		2,000,000,000	280,588
Series B, 7.25%, 10/26/2050	COP		13,300,000,000	1,445,157
PA Autopista Rio Magdalena, 6.05%, 06/15/2036(b)	COP		6,500,000,000	1,010,624
				6,722,911
Czech Republic–4.49%
Czech Republic Government Bond,
Series 100, 0.25%, 02/10/2027	CZK		20,000,000	635,578
Series 105, 2.75%, 07/23/2029	CZK		20,000,000	668,379
Series 125, 1.50%, 04/24/2040	CZK		2,000,000	44,031
Series 148, 6.00%, 02/26/2026	CZK		20,000,000	805,071
Series 49, 4.20%, 12/04/2036(b)	CZK		14,000,000	481,589
Series 78, 2.50%, 08/25/2028(b)	CZK		25,000,000	842,973
				3,477,621
India–3.11%
India Government Bond, 7.27%, 04/08/2026	INR		200,000,000	2,411,486

		Principal Amount		Value
Indonesia–7.00%
Indonesia Treasury Bond,
Series FR91, 6.38%, 04/15/2032	IDR		15,000,000,000	$     889,623
Series FR92, 7.13%, 06/15/2042	IDR		19,000,000,000	1,160,276
Series FR95, 6.38%, 08/15/2028	IDR		30,000,000,000	1,835,237
Series FR96, 7.00%, 02/15/2033	IDR		25,000,000,000	1,533,467
				5,418,603
Malaysia–9.90%
Malaysia Government Bond,
Series 0122, 3.58%, 07/15/2032	MYR		5,000,000	992,942
Series 0519, 3.76%, 05/22/2040	MYR		6,500,000	1,188,235
Series 115, 3.96%, 09/15/2025	MYR		8,000,000	1,695,177
Series 120, 4.07%, 06/15/2050	MYR		5,000,000	915,968
Series 513, 3.73%, 06/15/2028	MYR		14,000,000	2,869,350
				7,661,672
Mexico–3.85%
Mexican Bonos, Series M, 7.75%, 05/29/2031	MXN		65,000,000	2,891,023
Red de Carreteras de Occidente S.A.B. de C.V., 9.00%, 06/10/2028(b)	MXN		1,840,000	92,583
				2,983,606
Peru–2.02%
Peru Government Bond,
5.94%, 02/12/2029	PEN		2,000,000	450,787
6.15%, 08/12/2032	PEN		4,350,000	931,321
5.35%, 08/12/2040	PEN		1,000,000	178,021
				1,560,129
Poland–4.03%
Republic of Poland Government Bond,
Series 0727, 2.50%, 07/25/2027	PLN		6,000,000	970,235
Series 1029, 2.75%, 10/25/2029	PLN		9,000,000	1,347,908
Series 432, 1.75%, 04/25/2032	PLN		6,600,000	800,928
				3,119,071
Romania–0.62%
Romania Government Bond, Series 15, 4.75%, 10/11/2034	RON		3,500,000	481,205
South Africa–13.08%
Eskom Holdings SOC Ltd., Series ES23, 10.00%, 01/25/2023	ZAR		11,000,000	598,749

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

8 Invesco Emerging Markets Local Debt Fund

		Principal Amount		Value
South Africa–(continued)
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030	ZAR		65,000,000	$  3,038,789
Series 2037, 8.50%, 01/31/2037	ZAR		65,000,000	2,724,913
Series 2040, 9.00%, 01/31/2040	ZAR		45,000,000	1,929,962
Series R186, 10.50%, 12/21/2026	ZAR		20,000,000	1,142,674
Series R209, 6.25%, 03/31/2036	ZAR		20,000,000	690,793
				10,125,880
Supranational– 0.06%
International Finance Corp., 0.00%, 02/15/2029(b)(c)	TRY		7,300,000	47,206
Thailand–7.58%
Thailand Government Bond,
1.00%, 06/17/2027	THB		60,000,000	1,464,697
2.88%, 12/17/2028	THB		40,000,000	1,052,193
3.78%, 06/25/2032	THB		50,000,000	1,374,703
1.59%, 12/17/2035	THB		95,000,000	1,973,604
				5,865,197
Uruguay–1.21%
Uruguay Government International Bond, 4.38%, 12/15/2028	UYU		36,305,307	938,515
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $72,186,094)				58,709,915

Investment Abbreviations:
BRL	- Brazilian Real
CLP	- Chile Peso
CNY	- Chinese Yuan Renminbi
COP	- Colombia Peso
CZK	- Czech Koruna
IDR	- Indonesian Rupiah
INR	- Indian Rupee
MXN	- Mexican Peso
MYR	- Malaysian Ringgit
PEN	- Peruvian Sol
PLN	- Polish Zloty
RON	- Romania New Leu
THB	- Thai Baht
TRY	- Turkish Lira
UYU	- Uruguay Peso
ZAR	- South African Rand

	Principal Amount	Value
U.S. Dollar Denominated Bonds & Notes–0.75%
Egypt–0.61%
Egypt Government International Bond, 5.75%, 05/29/2024(b)	$            500,000	$	473,523
United States–0.14%
United States International Development Finance Corp., Series 4, 3.13%, 04/15/2028	120,000		111,011
Total U.S. Dollar Denominated Bonds & Notes (Cost $617,223)			584,534
	Shares
Money Market Funds–19.26%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(d)(e)	5,217,146		5,217,146
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(d)(e)	3,726,465		3,727,211
Invesco Treasury Portfolio, Institutional Class, 3.08%(d)(e)	5,962,453		5,962,453
Total Money Market Funds (Cost $14,906,495)			14,906,810
Options Purchased–0.79%
(Cost $573,389)(f)			613,745
TOTAL INVESTMENTS IN SECURITIES–96.64% (Cost $88,283,201)			74,815,004
OTHER ASSETS LESS LIABILITIES–3.36%			2,598,012
NET ASSETS–100.00%		$	77,413,016

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

9 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 October 31, 2022 was $4,036,576, which represented 5.21% of the Fund’s Net Assets.

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

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  5,607,012	$	49,194,457	$	(49,584,323	)		$    -	$	-		$  5,217,146		$12,526
Invesco Liquid Assets Portfolio, Institutional Class		4,280,399		35,138,898		(35,691,960	)		402		(528)		3,727,211		11,240
Invesco Treasury Portfolio, Institutional Class		6,408,013		56,222,237		(56,667,797	)		-		-		5,962,453		16,584
Total		$16,295,424	$	140,555,592	$	(141,944,080	)		$402	$	(528)		$14,906,810		$40,350

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(f)  The table below details options purchased.

Open Over-The-Counter Foreign Currency Options Purchased
Description	Type of Contract	Counterparty	Expiration Date		Exercise Price		Notional Value		Value
Currency Risk
USD versus CNH	Call	J.P. Morgan Chase Bank, N.A.		12/28/2022	CNH	7.38	USD	4,050,000	$  48,900
USD versus CNH	Call	Morgan Stanley and Co. International PLC		01/19/2023	CNH	7.25	USD	3,750,000	78,630
Subtotal – Foreign Currency Call Options Purchased									127,530
Currency Risk
EUR versus HUF	Put	J.P. Morgan Chase Bank, N.A.		12/12/2022	HUF	430.00	EUR	3,000,000	134,508
USD versus BRL	Put	Goldman Sachs International		01/26/2023	BRL	5.05	USD	4,000,000	84,504
USD versus CLP	Put	Morgan Stanley and Co. International PLC		11/09/2022	CLP	772.00	USD	4,500,000	4
USD versus MXN	Put	Bank of America, N.A.		01/03/2023	MXN	19.95	USD	2,800,000	45,987
USD versus MXN	Put	J.P. Morgan Chase Bank, N.A.		12/07/2022	MXN	20.00	USD	4,100,000	63,829
USD versus THB	Put	Standard Chartered Bank PLC		12/14/2022	THB	35.85	USD	4,500,000	4,707
USD versus ZAR	Put	J.P. Morgan Chase Bank, N.A.		02/21/2023	ZAR	16.15	USD	3,500,000	7,182
Subtotal – Foreign Currency Put Options Purchased									340,721
Total Foreign Currency Options Purchased									$468,251

Open Over-The-Counter Interest Rate Swaptions Purchased

Description

Type of Contract

Counterparty

Exercise Rate

Pay/ Receive Exercise Rate

Floating Rate Index

Payment Frequency

Expiration Date

Notional Value

Value

Interest Rate Risk

2 Year Interest Rate Swap

Put

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

7.71%

Pay

6 Month WIBOR

Semi-Annually

12/09/2022

PLN  65,800,000

$145,494

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

10 Invesco Emerging Markets Local Debt Fund

Open Over-The-Counter Foreign Currency Options Written
Description	Type of Contract	Counterparty	Expiration Date		Exercise Price		Notional Value		Value
Currency Risk
USD versus BRL	Call	Goldman Sachs International		03/24/2023	BRL	6.05	USD	2,000,000	$	(27,518	)
USD versus CLP	Call	Morgan Stanley and Co. International PLC		12/15/2022	CLP	1,017.00	USD	3,000,000		(37,281	)
USD versus CLP	Call	Morgan Stanley and Co. International PLC		02/10/2023	CLP	948.00	USD	3,000,000		(158,025	)
USD versus CNH	Call	J.P. Morgan Chase Bank, N.A.		12/28/2022	CNH	7.65	USD	4,050,000		(16,042	)
USD versus CNH	Call	Morgan Stanley and Co. International PLC		01/19/2023	CNH	7.45	USD	3,750,000		(39,116	)
USD versus MXN	Call	Bank of America, N.A.		12/15/2022	MXN	21.02	USD	3,000,000		(12,471	)
USD versus MXN	Call	J.P. Morgan Chase Bank, N.A.		12/07/2022	MXN	21.30	USD	4,100,000		(9,377	)
USD versus THB	Call	Standard Chartered Bank PLC		12/14/2022	THB	37.60	USD	4,500,000		(84,515	)
Subtotal – Foreign Currency Call Options Written										(384,345	)
Currency Risk
EUR versus HUF	Put	J.P. Morgan Chase Bank, N.A.		12/12/2022	HUF	415.00	EUR	4,500,000		(91,633	)
USD versus CLP	Put	Morgan Stanley and Co. International PLC		12/15/2022	CLP	891.00	USD	3,000,000		(23,811	)
USD versus MXN	Put	Bank of America, N.A.		12/15/2022	MXN	19.56	USD	3,000,000		(18,003	)
USD versus MXN	Put	Bank of America, N.A.		01/03/2023	MXN	19.40	USD	5,600,000		(31,030	)
USD versus MXN	Put	J.P. Morgan Chase Bank, N.A.		12/07/2022	MXN	19.20	USD	4,100,000		(6,572	)
USD versus THB	Put	Standard Chartered Bank PLC		12/14/2022	THB	34.75	USD	4,500,000		(900	)
USD versus ZAR	Put	J.P. Morgan Chase Bank, N.A.		02/21/2023	ZAR	15.55	USD	4,665,000		(3,951	)
Subtotal – Foreign Currency Put Options Written										(175,900	)
Total – Foreign Currency Options Written									$	(560,245	)

Open Over-The-Counter Interest Rate Swaptions Written

Description

Type of Contract

Counterparty

Exercise Rate

Floating Rate Index

Pay/ Receive Exercise Rate

Payment Frequency

Expiration Date

Notional Value

Value

Interest Rate Risk

2 Year Interest Rate Swap

Put

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

8.21%

6 Month WIBOR

Pay

Semi-Annually

12/09/2022

PLN  65,800,000

$

(75,399

)

Open Forward Foreign Currency Contracts
									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
Currency Risk
11/03/2022	Bank of America, N.A.		USD		1,646,377	BRL		8,655,003		$      29,163
12/21/2022	Bank of America, N.A.		COP		25,024,462,000	USD		5,602,479		578,577
12/21/2022	Bank of America, N.A.		GBP		15,000	USD		17,405		174
12/21/2022	Bank of America, N.A.		IDR		561,960,000	USD		36,571		665
12/21/2022	Bank of America, N.A.		USD		218,088	CLP		207,530,000		73
12/21/2022	Bank of America, N.A.		USD		2,520,000	MXN		51,236,640		43,933
12/21/2022	Barclays Bank PLC		USD		113,340	CLP		108,260,000		466
12/21/2022	BNP Paribas S.A.		CZK		1,730,000	USD		70,633		1,005
11/03/2022	Citibank, N.A.		USD		1,454,387	BRL		7,719,887		40,122
12/21/2022	Citibank, N.A.		IDR		2,333,400,000	USD		152,639		3,548
12/21/2022	Citibank, N.A.		THB		24,180,000	USD		646,472		8,365
12/21/2022	Deutsche Bank AG		USD		813,195	GBP		725,000		19,656
12/21/2022	Deutsche Bank AG		USD		1,696,839	INR		141,440,000		1,781
12/21/2022	Deutsche Bank AG		ZAR		40,618,690	USD		2,316,556		113,614
12/21/2022	Goldman Sachs International		COP		801,690,000	USD		163,854		2,906

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

11 Invesco Emerging Markets Local Debt Fund

Open Forward Foreign Currency Contracts–(continued)
									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
11/03/2022	J.P. Morgan Chase Bank, N.A.		USD		171,581	BRL		935,116		$       9,449
12/02/2022	J.P. Morgan Chase Bank, N.A.		USD		6,500,876	BRL		34,872,000		208,341
12/21/2022	J.P. Morgan Chase Bank, N.A.		CLP		1,221,261,000	USD		1,354,699		70,880
12/21/2022	J.P. Morgan Chase Bank, N.A.		CNY		5,820,000	USD		808,227		7,209
12/21/2022	J.P. Morgan Chase Bank, N.A.		EUR		160,000	USD		159,559		793
12/21/2022	J.P. Morgan Chase Bank, N.A.		INR		343,500,250	USD		4,237,371		112,114
12/21/2022	J.P. Morgan Chase Bank, N.A.		KRW		54,650,000	USD		39,685		1,361
12/21/2022	J.P. Morgan Chase Bank, N.A.		MYR		3,819,100	USD		851,791		43,784
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD		6,378,637	MXN		128,742,000		63,741
02/23/2023	J.P. Morgan Chase Bank, N.A.		ZAR		4,058,450	USD		235,000		15,850
02/27/2023	J.P. Morgan Chase Bank, N.A.		CNY		12,283,743	USD		1,733,691		41,820
03/15/2023	J.P. Morgan Chase Bank, N.A.		CNY		22,165,000	USD		3,300,693		245,281
11/14/2022	Morgan Stanley and Co. International PLC		CLP		977,944,500	USD		1,170,000		135,100
12/21/2022	Morgan Stanley and Co. International PLC		EUR		365,153	USD		368,144		5,806
12/21/2022	Morgan Stanley and Co. International PLC		IDR		1,181,360,000	USD		76,118		636
12/21/2022	Morgan Stanley and Co. International PLC		PEN		22,415,000	USD		5,719,571		124,477
12/21/2022	Morgan Stanley and Co. International PLC		USD		284,617	CZK		7,150,000		3,152
12/21/2022	Morgan Stanley and Co. International PLC		USD		409,474	EUR		420,000		7,288
12/21/2022	Morgan Stanley and Co. International PLC		USD		179,923	HUF		77,040,000		3,475
12/21/2022	Morgan Stanley and Co. International PLC		ZAR		13,654,850	USD		749,228		8,662
02/14/2023	Morgan Stanley and Co. International PLC		CLP		483,930,000	USD		570,000		66,277
04/13/2023	Morgan Stanley and Co. International PLC		CNY		7,412,080	USD		1,040,000		16,693
12/21/2022	Royal Bank of Canada		CNY		740,000	USD		102,488		640
12/02/2022	Standard Chartered Bank PLC		USD		80,107	BRL		430,000		2,623
12/16/2022	Standard Chartered Bank PLC		THB		76,503,000	USD		2,100,000		82,187
12/21/2022	Standard Chartered Bank PLC		MYR		350,000	USD		75,529		1,479
12/21/2022	Standard Chartered Bank PLC		THB		4,160,000	USD		113,119		3,337
03/15/2023	Standard Chartered Bank PLC		CNY		7,300,000	USD		1,077,984		71,689
12/21/2022	UBS AG		HUF		23,140,000	USD		57,467		2,380
Subtotal–Appreciation										2,200,572
Currency Risk
11/03/2022	Bank of America, N.A.		BRL		8,655,003	USD		1,590,262		(85,278	)
12/21/2022	Bank of America, N.A.		MXN		24,826,375	USD		1,225,184		(17,153	)
12/21/2022	Bank of America, N.A.		USD		806,000	ZAR		14,411,862		(24,377	)
12/21/2022	Barclays Bank PLC		THB		5,100,000	USD		133,976		(612	)
11/03/2022	Citibank, N.A.		BRL		7,719,887	USD		1,468,497		(26,012	)
12/02/2022	Citibank, N.A.		BRL		7,719,887	USD		1,445,225		(40,046	)
12/21/2022	Citibank, N.A.		EUR		340,000	USD		334,369		(3,009	)
12/21/2022	Citibank, N.A.		PLN		3,920,000	USD		803,292		(10,926	)
12/21/2022	Citibank, N.A.		USD		2,175,919	CNY		15,142,001		(91,894	)
12/21/2022	Citibank, N.A.		USD		795,115	COP		3,857,700,000		(20,645	)
12/21/2022	Deutsche Bank AG		USD		80,351	EUR		80,000		(968	)
12/21/2022	Deutsche Bank AG		USD		2,326,376	IDR		34,790,956,782		(103,432	)
12/21/2022	Deutsche Bank AG		USD		2,506,099	PLN		12,036,290		(6,057	)
12/21/2022	Deutsche Bank AG		USD		1,068,725	RON		5,295,000		(7,789	)
12/02/2022	Goldman Sachs International		BRL		4,060,000	USD		769,222		(11,904	)
12/21/2022	Goldman Sachs International		MXN		18,120,000	USD		896,185		(10,558	)
12/21/2022	Goldman Sachs International		THB		13,410,000	USD		353,817		(72	)
12/21/2022	Goldman Sachs International		USD		99,782	THB		3,750,000		(820	)
11/03/2022	J.P. Morgan Chase Bank, N.A.		BRL		935,116	USD		177,880		(3,151	)

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

12 Invesco Emerging Markets Local Debt Fund

Open Forward Foreign Currency Contracts–(continued)
									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
12/21/2022	J.P. Morgan Chase Bank, N.A.		CZK		1,310,000	USD		52,546		$          (178	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		MXN		11,440,000	USD		564,530		(7,939	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		THB		4,970,000	USD		130,164		(993	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD		2,474,341	CNY		17,440,000		(74,038	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD		37,556	CZK		930,000		(126	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD		2,816,157	HUF		1,146,316,831		(87,286	)
02/14/2023	J.P. Morgan Chase Bank, N.A.		CLP		1,103,560,000	USD		1,024,576		(124,122	)
02/27/2023	J.P. Morgan Chase Bank, N.A.		USD		882,691	CNY		5,962,110		(61,514	)
03/15/2023	J.P. Morgan Chase Bank, N.A.		USD		4,187,741	CNY		27,590,000		(384,500	)
12/21/2022	Morgan Stanley and Co. International PLC		CLP		724,470,000	USD		735,104		(26,476	)
12/21/2022	Morgan Stanley and Co. International PLC		CZK		1,390,000	USD		55,045		(899	)
12/21/2022	Morgan Stanley and Co. International PLC		GBP		710,000	USD		807,668		(7,952	)
12/21/2022	Morgan Stanley and Co. International PLC		IDR		579,220,000	USD		36,972		(37	)
12/21/2022	Morgan Stanley and Co. International PLC		MXN		7,958,583	USD		391,490		(6,765	)
12/21/2022	Morgan Stanley and Co. International PLC		PLN		6,020,000	USD		1,237,374		(13,032	)
12/21/2022	Morgan Stanley and Co. International PLC		TRY		800,000	USD		40,135		(1,228	)
12/21/2022	Morgan Stanley and Co. International PLC		USD		114,913	CNY		830,000		(679	)
12/21/2022	Morgan Stanley and Co. International PLC		USD		736,970	CZK		18,299,700		(454	)
12/21/2022	Morgan Stanley and Co. International PLC		USD		90,421	HUF		37,564,999		(996	)
12/21/2022	Morgan Stanley and Co. International PLC		USD		5,339,117	PEN		20,924,000		(116,197	)
12/21/2022	Morgan Stanley and Co. International PLC		USD		3,062,357	THB		110,979,810		(133,613	)
12/21/2022	Morgan Stanley and Co. International PLC		USD		55,112	ZAR		1,000,000		(878	)
02/14/2023	Morgan Stanley and Co. International PLC		CLP		137,780,000	USD		129,797		(13,618	)
04/13/2023	Morgan Stanley and Co. International PLC		USD		440,000	CNY		2,944,480		(33,487	)
12/21/2022	Standard Chartered Bank PLC		HUF		170,562,000	USD		376,609		(29,424	)
12/21/2022	Standard Chartered Bank PLC		USD		909,228	CLP		854,137,500		(11,337	)
12/21/2022	Standard Chartered Bank PLC		USD		507,387	CNY		3,639,600		(6,461	)
12/21/2022	Standard Chartered Bank PLC		USD		223,415	PEN		895,000		(10	)
12/21/2022	Standard Chartered Bank PLC		USD		1,074,773	THB		39,600,000		(29,734	)
03/15/2023	Standard Chartered Bank PLC		USD		286,807	CNY		1,875,000		(28,341	)
12/21/2022	UBS AG		THB		7,450,000	USD		196,212		(393	)
12/21/2022	UBS AG		USD		1,121,478	PLN		5,335,000		(13,352	)
Subtotal–Depreciation										(1,680,762	)
Total Forward Foreign Currency Contracts										$    519,810

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

2.36

%

Quarterly

04/12/2027

CNY

15,000,000

$–

$       812

$       812

Pay

3 Month CNRR007

Quarterly

2.44

Quarterly

04/27/2027

CNY

5,000,000

–

2,428

2,428

Pay

3 Month CNRR007

Quarterly

2.51

Quarterly

07/18/2027

CNY

5,000,000

–

4,319

4,319

Pay

28 Day MXN TIIE

28 Days

9.36

28 Days

06/03/2027

MXN

58,700,000

–

4,431

4,431

Receive

BZDIOVRA

At Maturity

(12.84

)

At Maturity

01/02/2024

BRL

23,193,620

–

5,561

5,561

Pay

BZDIOVRA

At Maturity

11.72

At Maturity

01/02/2026

BRL

8,286,342

–

10,077

10,077

Pay

BZDIOVRA

At Maturity

11.74

At Maturity

01/02/2025

BRL

29,824,026

–

10,151

10,151

Receive

TTHORON

Quarterly

(2.48

)

Quarterly

09/05/2027

THB

40,000,000

–

11,400

11,400

Receive

6 Month THBFIX

Semi-Annually

(1.71

)

Semi-Annually

04/18/2025

THB

81,000,000

–

12,478

12,478

Receive

3 Month COOVIBR

Quarterly

(11.25

)

Quarterly

10/31/2024

COP

25,000,000,000

–

33,186

33,186

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

13 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	3 Month JIBAR	Quarterly		(7.98)%		Quarterly		03/07/2032		ZAR	10,700,000	$–		$   55,671			$   55,671
Receive	3 Month JIBAR	Quarterly		(7.95)		Quarterly		03/07/2032		ZAR	11,000,000	–		58,382			58,382
Receive	3 Month COOVIBR	Quarterly		(8.37)		Quarterly		03/25/2027		COP	3,000,000,000	–		58,401			58,401
Receive	3 Month COOVIBR	Quarterly		(9.05)		Quarterly		08/10/2027		COP	4,545,500,000	–		67,498			67,498
Receive	3 Month COOVIBR	Quarterly		(8.59)		Quarterly		05/31/2032		COP	3,215,000,000	–		89,439			89,439
Receive	3 Month COOVIBR	Quarterly		(8.96)		Quarterly		05/23/2032		COP	4,400,000,000	–		102,079			102,079
Receive	3 Month COOVIBR	Quarterly		(8.62)		Quarterly		06/02/2024		COP	13,300,000,000	–		119,794			119,794
Subtotal – Appreciation												–		646,107			646,107
Interest Rate Risk
Pay	6 Month BUBOR	Semi-Annually		4.67		Annually		01/07/2032		HUF	270,000,000	–		(214,299	)		(214,299	)
Pay	6 Month BUBOR	Semi-Annually		12.89		Annually		08/08/2024		HUF	1,300,000,000	–		(107,708	)		(107,708	)
Pay	6 Month BUBOR	Semi-Annually		9.78		Annually		08/04/2027		HUF	475,000,000	–		(98,495	)		(98,495	)
Pay	6 Month BUBOR	Semi-Annually		9.61		Annually		07/27/2027		HUF	389,700,000	–		(86,451	)		(86,451	)
Pay	6 Month WIBOR	Semi-Annually		6.75		Annually		09/21/2024		PLN	15,600,000	–		(75,718	)		(75,718	)
Receive	FBIL Overnight MIBOR	Semi-Annually		(6.97)		Semi-Annually		05/25/2027		INR	125,000,000	–		(13,579	)		(13,579	)
Receive	28 Day MXN TIIE	28 Days		(9.66)		28 Days		12/17/2025		MXN	70,000,000	–		(13,547	)		(13,547	)
Receive	TTHORON	Quarterly		(2.75)		Quarterly		12/21/2025		THB	105,000,000	–		(13,460	)		(13,460	)
Pay	BZDIOVRA	At Maturity		11.30		At Maturity		01/02/2026		BRL	8,667,090	–		(8,967	)		(8,967	)
Pay	BZDIOVRA	At Maturity		11.27		At Maturity		01/02/2029		BRL	4,325,237	–		(8,264	)		(8,264	)
Receive	BZDIOVRA	At Maturity		(13.08)		At Maturity		01/02/2024		BRL	21,290,463	–		(4,708	)		(4,708	)
Pay	6 Month WIBOR	Semi-Annually		7.45		Annually		05/25/2027		PLN	5,200,000	–		(4,513	)		(4,513	)
Pay	BZDIOVRA	At Maturity		11.44		At Maturity		01/02/2026		BRL	8,592,101	–		(3,545	)		(3,545	)
Pay	28 Day MXN TIIE	28 Days		9.27		28 Days		10/14/2032		MXN	51,800,000	–		(2,516	)		(2,516	)
Receive	BZDIOVRA	At Maturity		(13.00)		At Maturity		01/02/2024		BRL	22,346,786	–		(1,438	)		(1,438	)
Pay	3 Month CNRR007	Quarterly		2.34		Quarterly		08/26/2027		CNY	6,000,000	–		(1,263	)		(1,263	)
Subtotal – Depreciation												–		(658,471	)		(658,471	)
Total Centrally Cleared Interest Rate Swap Agreements												$–		$  (12,364	)		$  (12,364	)

^(a)  Centrally cleared swap agreements collateralized by $705,709 cash held with Counterparties.

Open Over-The-Counter Interest Rate Swap Agreements

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

(2.85)%

Quarterly

03/23/2024

MYR

8,000,000

$–

$20,866

$20,866

Standard Chartered Bank PLC

Receive

3 Month MYR KLIBOR

Quarterly

(2.97)

Quarterly

04/11/2024

MYR

30,300,000

–

72,471

72,471

Total Over-The-Counter Interest Rate Swap Agreements

$–

$93,337

$93,337

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

14 Invesco Emerging Markets Local Debt Fund

Abbreviations:
BRL	–Brazilian Real
BUBOR	–Budapest Interbank Offered Rate
BZDIOVRA	–Brazil Ceptip DI Interbank Deposit Rate
CLP	–Chile Peso
CNH	–Chinese Renminbi
CNRR007	–China 7-Day Reverse Repo Rate
CNY	–Chinese Yuan Renminbi
COOVIBR	–Colombia IBR Overnight Nominal Interbank Reference Rate
COP	–Colombia Peso
CZK	–Czech Koruna
EUR	–Euro
FBIL	–Financial Benchmarks India Private Ltd.
GBP	–British Pound Sterling
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
KLIBOR	–Kuala Lumpur Interbank Offered Rate
KRW	–South Korean Won
MIBOR	–Mumbai Interbank Offered Rate
MXN	–Mexican Peso
MYR	–Malaysian Ringgit
PEN	–Peruvian Sol
PLN	–Polish Zloty
RON	–Romania New Leu
THB	–Thai Baht
THBFIX	–Thai Baht Interest Rate Fixing
TIIE	–Interbank Equilibrium Interest Rate
TRY	–Turkish Lira
TTHORON	–Thai Overnight Repurchase Rate
USD	–U.S. Dollar
WIBOR	–Warsaw Interbank Offered Rate
ZAR	–South African Rand

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

15 Invesco Emerging Markets Local Debt Fund

Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $73,376,706)	$	59,908,194
Investments in affiliated money market funds, at value (Cost $14,906,495)		14,906,810
Other investments:
Swaps receivable –OTC		814
Unrealized appreciation on swap agreements –OTC		93,337
Unrealized appreciation on forward foreign currency contracts outstanding		2,200,572
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		705,709
Cash		487,436
Foreign currencies, at value (Cost $538,968)		341,193
Receivable for:
Fund shares sold		23,479
Dividends		7,015
Interest		1,360,368
Cash segregated as collateral		233,834
Investment for trustee deferred compensation and retirement plans		23,531
Other assets		44,300
Total assets		80,336,592
Liabilities:
Other investments:
Options written, at value (premiums received $543,666)		635,644
Variation margin payable – centrally cleared swap agreements		36,660
Unrealized depreciation on forward foreign currency contracts outstanding		1,680,762
Payable for:
Dividends		80,874
Fund shares reacquired		319,771
Accrued fees to affiliates		48,795
Accrued trustees’ and officers’ fees and benefits		911
Accrued other operating expenses		96,628
Trustee deferred compensation and retirement plans		23,531
Total liabilities		2,923,576
Net assets applicable to shares outstanding	$	77,413,016

Net assets consist of:
Shares of beneficial interest	$	103,045,754
Distributable earnings (loss)		(25,632,738	)
	$	77,413,016
Net Assets:
Class A	$	20,621,304
Class C	$	4,472,946
Class R	$	1,472,295
Class Y	$	48,253,461
Class R5	$	7,375
Class R6	$	2,585,635
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,219,629
Class C		914,922
Class R		301,182
Class Y		9,865,861
Class R5		1,508
Class R6		529,000
Class A:
Net asset value per share	$	4.89
Maximum offering price per share (Net asset value of $4.89 ÷ 95.75%)	$	5.11
Class C:
Net asset value and offering price per share	$	4.89
Class R:
Net asset value and offering price per share	$	4.89
Class Y:
Net asset value and offering price per share	$	4.89
Class R5:
Net asset value and offering price per share	$	4.89
Class R6:
Net asset value and offering price per share	$	4.89

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

16 Invesco Emerging Markets Local Debt Fund

Statement of Operations

For the year ended October 31, 2022

Investment income:
Interest (net of foreign withholding taxes of $139,961)	$	6,388,071
Dividends from affiliated money market funds		40,350
Total investment income		6,428,421
Expenses:
Advisory fees		745,319
Administrative services fees		15,402
Custodian fees		98,542
Distribution fees:
Class A		67,157
Class C		58,393
Class R		8,390
Interest, facilities and maintenance fees		94,096
Transfer agent fees – A, C, R and Y		190,475
Transfer agent fees – R5		2
Transfer agent fees – R6		822
Trustees’ and officers’ fees and benefits		20,009
Registration and filing fees		82,792
Professional services fees		60,858
Other		1,637
Total expenses		1,443,894
Less: Fees waived and/or expense offset arrangement(s)		(5,103	)
Net expenses		1,438,791
Net investment income		4,989,630
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $95,286)		(15,700,811	)
Affiliated investment securities		(528	)
Foreign currencies		(341,879	)
Forward foreign currency contracts		(1,850,616	)
Futures contracts		210,259
Option contracts written		293,266
Swap agreements		(1,438,428	)
		(18,828,737	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $115,147)		(5,437,762	)
Affiliated investment securities		402
Foreign currencies		(164,043	)
Forward foreign currency contracts		728,514
Futures contracts		(146,184	)
Option contracts written		(116,179	)
Swap agreements		530,522
		(4,604,730	)
Net realized and unrealized gain (loss)		(23,433,467	)
Net increase (decrease) in net assets resulting from operations	$	(18,443,837	)

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

17 Invesco Emerging Markets Local Debt Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

		2022			2021
Operations:	��
Net investment income		$	4,989,630		$	6,985,788
Net realized gain (loss)			(18,828,737	)		(5,383,132	)
Change in net unrealized appreciation (depreciation)			(4,604,730	)		(5,029,120	)
Net increase (decrease) in net assets resulting from operations			(18,443,837	)		(3,426,464	)
Distributions to shareholders from distributable earnings:
Class A			–			(361,670	)
Class C			–			(68,120	)
Class R			–			(17,389	)
Class Y			–			(971,109	)
Class R5			–			(98	)
Class R6			–			(50,888	)
Total distributions from distributable earnings			–			(1,469,274	)
Return of capital:
Class A			(1,308,109	)		(1,144,032	)
Class C			(232,461	)		(215,475	)
Class R			(75,996	)		(55,004	)
Class Y			(3,505,240	)		(3,071,809	)
Class R5			(437	)		(312	)
Class R6			(172,749	)		(160,969	)
Total return of capital			(5,294,992	)		(4,647,601	)
Total distributions			(5,294,992	)		(6,116,875	)
Share transactions–net:
Class A			(10,038,507	)		2,610,087
Class C			(1,780,116	)		(3,566,572	)
Class R			200			(239,522	)
Class Y			(29,344,167	)		6,805,786
Class R6			(1,047,904	)		526,466
Net increase (decrease) in net assets resulting from share transactions			(42,210,494	)		6,136,245
Net increase (decrease) in net assets			(65,949,323	)		(3,407,094	)
Net assets:
Beginning of year			143,362,339			146,769,433
End of year		$	77,413,016		$	143,362,339

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

18 Invesco Emerging Markets Local Debt Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of capital			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Year ended 10/31/22		$6.17		$0.25			$(1.26	)		$(1.01	)		$     –			$(0.27	)		$(0.27	)		$4.89		(16.80	)%(e)		$  20,621		1.45	%(e)(f)		1.45	%(e)(f)		4.47	%(e)(f)		137	%
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	(g)		1.32	(g)		5.66	(g)		21
Year ended 05/31/19		7.02		0.39			(0.34	)		0.05			(0.18	)		(0.21	)		(0.39	)		6.68		0.85			44,188		1.16			1.27			5.82			67
Year ended 05/31/18		7.38		0.42			(0.36	)		0.06			(0.40	)		(0.02	)		(0.42	)		7.02		0.62			55,015		1.15			1.29			5.60			48
Class C
Year ended 10/31/22		6.17		0.21			(1.27	)		(1.06	)		–			(0.22	)		(0.22	)		4.89		(17.45	)		4,473		2.21	(f)		2.21	(f)		3.71	(f)		137
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	(g)		2.08	(g)		4.81	(g)		21
Year ended 05/31/19		7.02		0.33			(0.34	)		(0.01	)		(0.15	)		(0.18	)		(0.33	)		6.68		(0.14	)		16,488		2.01			2.04			4.97			67
Year ended 05/31/18		7.38		0.36			(0.36	)		–			(0.34	)		(0.02	)		(0.36	)		7.02		(0.09	)		19,932		2.00			2.05			4.75			48
Class R
Year ended 10/31/22		6.17		0.23			(1.26	)		(1.03	)		–			(0.25	)		(0.25	)		4.89		(17.02	)		1,472		1.71	(f)		1.71	(f)		4.21	(f)		137
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	(g)		1.58	(g)		5.31	(g)		21
Year ended 05/31/19		7.02		0.36			(0.34	)		0.02			(0.17	)		(0.19	)		(0.36	)		6.68		0.50			2,603		1.51			1.54			5.47			67
Year ended 05/31/18		7.38		0.39			(0.36	)		0.03			(0.37	)		(0.02	)		(0.39	)		7.02		0.27			2,935		1.50			1.55			5.25			48
Class Y
Year ended 10/31/22		6.17		0.27			(1.27	)		(1.00	)		–			(0.28	)		(0.28	)		4.89		(16.59	)		48,253		1.21	(f)		1.21	(f)		4.71	(f)		137
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	(g)		1.08	(g)		5.86	(g)		21
Year ended 05/31/19		7.03		0.40			(0.35	)		0.05			(0.19	)		(0.21	)		(0.40	)		6.68		0.91			143,684		0.96			1.03			6.02			67
Year ended 05/31/18		7.38		0.44			(0.35	)		0.09			(0.41	)		(0.03	)		(0.44	)		7.03		0.96			162,875		0.95			1.04			5.80			48
Class R5
Year ended 10/31/22		6.17		0.27			(1.26	)		(0.99	)		–			(0.29	)		(0.29	)		4.89		(16.47	)		7		1.05	(f)		1.05	(f)		4.87	(f)		137
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	(g)		1.00	(g)		5.91	(g)		21
Period ended 05/31/19(h)		6.63		0.00	(i)		0.04			0.04			(0.00	)(i)		(0.00	)(i)		(0.00	)(i)		6.67		0.64			10		0.85	(g)		0.85	(g)		6.13	(g)		67
Class R6
Year ended 10/31/22		6.17		0.27			(1.26	)		(0.99	)		–			(0.29	)		(0.29	)		4.89		(16.47	)		2,586		1.05	(f)		1.05	(f)		4.87	(f)		137
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	(g)		0.95	(g)		5.96	(g)		21
Year ended 05/31/19		7.02		0.41			(0.35	)		0.06			(0.19	)		(0.22	)		(0.41	)		6.67		1.01			8,604		0.86			0.91			6.12			67
Year ended 05/31/18		7.37		0.44			(0.35	)		0.09			(0.41	)		(0.03	)		(0.44	)		7.02		1.05			7,601		0.85			0.87			5.90			48

^(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 and 2018.

^(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 years ended October 31, 2022 and 2020.

^(f)  Ratios include interest, facilities and maintenance fees of 0.09% for the year ended October 31, 2022.

^(g)  Annualized.

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

⁽ⁱ⁾  Amount represents less than 0.005%.

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

19 Invesco Emerging Markets Local Debt Fund

Notes to Financial Statements

October 31, 2022

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund

20 Invesco Emerging Markets Local Debt Fund

securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts, and other expenses associated with establishing and maintaining a line of credit.

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. 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.

21 Invesco Emerging Markets Local Debt Fund

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

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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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. 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.

M. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

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

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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

22 Invesco Emerging Markets Local Debt Fund

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. 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 October 31, 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.

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

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

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.

Following Russia’s invasion of Ukraine in late February 2022, various countries, including the United States, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus. The resulting responses to the military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional counter measures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of ongoing hostilities and corresponding

23 Invesco Emerging Markets Local Debt Fund

sanctions and related events cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to Russian issuers or the adjoining geographic regions.

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 $ 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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.70%.

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 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”). Effective March 1, 2023 through at least February 29, 2024, 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 1.20%, 1.95%, 1.45%, 0.95%, 0.95%, and 0.95%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate February 29, 2024. 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 year ended October 31, 2022, the Adviser waived advisory fees of $4,485.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $2,258 in front-end sales commissions from the sale of Class A shares and $0 and $325 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

24 Invesco Emerging Markets Local Debt 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	–	$	58,709,915			$–	$	58,709,915
U.S. Dollar Denominated Bonds & Notes		–		584,534			–		584,534
Money Market Funds		14,906,810		–			–		14,906,810
Options Purchased		–		613,745			–		613,745
Total Investments in Securities		14,906,810		59,908,194			–		74,815,004
Other Investments - Assets*
Forward Foreign Currency Contracts		–		2,200,572			–		2,200,572
Swap Agreements		–		739,444			–		739,444
		–		2,940,016			–		2,940,016
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(1,680,762	)		–		(1,680,762	)
Options Written		–		(635,644	)		–		(635,644	)
Swap Agreements		–		(658,471	)		–		(658,471	)
		–		(2,974,877	)		–		(2,974,877	)
Total Other Investments		–		(34,861	)		–		(34,861	)
Total Investments	$	14,906,810	$	59,873,333			$–	$	74,780,143

* 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 October 31, 2022:

	Value
Derivative Assets	Currency     Risk		Interest Rate Risk			Total
Unrealized appreciation on swap agreements – Centrally Cleared(a)	$	–	$	646,107		$     646,107
Unrealized appreciation on forward foreign currency contracts outstanding		2,200,572		–		2,200,572
Unrealized appreciation on swap agreements – OTC		–		93,337		93,337
Options purchased, at value – OTC(b)		468,251		145,494		613,745
Total Derivative Assets		2,668,823		884,938		3,553,761
Derivatives not subject to master netting agreements		–		(646,107	)	(646,107)
Total Derivative Assets subject to master netting agreements	$	2,668,823	$	238,831		$  2,907,654

25 Invesco Emerging Markets Local Debt Fund

	Value
Derivative Liabilities	Currency     Risk			Interest Rate Risk			Total
Unrealized depreciation on swap agreements – Centrally Cleared(a)		$               –		$	(658,471	)		$   (658,471	)
Unrealized depreciation on forward foreign currency contracts outstanding		(1,680,762	)		–			(1,680,762	)
Options written, at value – OTC		(560,245	)		(75,399	)		(635,644	)
Total Derivative Liabilities		(2,241,007	)		(733,870	)		(2,974,877	)
Derivatives not subject to master netting agreements		–			658,471			658,471
Total Derivative Liabilities subject to master netting agreements		$(2,241,007	)	$	(75,399	)		$(2,316,406	)

^(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.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 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			Total Liabilities			Net Value of Derivatives			Non-Cash	Cash			Net Amount
Bank of America, N.A.		$   652,585		$  45,987		$         –		$   698,572		$   (126,808	)		$  (61,504	)		$   (188,312	)		$ 510,260		$–		$(528,263	)		$(18,003	)
Barclays Bank PLC		466		–		–		466		(612	)		–			(612	)		(146	)	–		–			(146	)
BNP Paribas S.A.		1,005		–		–		1,005		–			–			–			1,005		–		–			1,005
Citibank, N.A.		52,035		–		–		52,035		(192,532	)		–			(192,532	)		(140,497	)	–		–			(140,497	)
Deutsche Bank AG		135,051		–		–		135,051		(118,246	)		–			(118,246	)		16,805		–		–			16,805
Goldman Sachs International		2,906		84,504		–		87,410		(23,354	)		(27,518	)		(50,872	)		36,538		–		–			36,538
J.P. Morgan Chase Bank, N.A.		820,623		399,913		–		1,220,536		(743,847	)		(202,974	)		(946,821	)		273,715		–		–			273,715
Morgan Stanley and Co. International PLC		371,566		78,634		–		450,200		(356,311	)		(258,233	)		(614,544	)		(164,344	)	–		–			(164,344	)
Royal Bank of Canada		640		–		–		640		–			–			–			640		–		–			640
Standard Chartered Bank PLC		161,315		4,707		94,151		260,173		(105,307	)		(85,415	)		(190,722	)		69,451		–		–			69,451
UBS AG		2,380		–		–		2,380		(13,745	)		–			(13,745	)		(11,365	)	–		–			(11,365	)
Total		$2,200,572		$613,745		$94,151		$2,908,468		$(1,680,762	)		$(635,644	)		$(2,316,406	)		$ 592,062		$–		$(528,263	)		$ 63,799

Effect of Derivative Investments for the year ended October 31, 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	$	(1,850,616	)	$	-		$	(1,850,616	)
Futures contracts		-			210,259			210,259
Options purchased(a)		(293,459	)		-			(293,459	)
Options written		293,266			-			293,266
Swap agreements		-			(1,438,428	)		(1,438,428	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		728,514			-			728,514
Futures contracts		-			(146,184	)		(146,184	)
Options purchased(a)		59,781			42,375			102,156
Options written		(95,373	)		(20,806	)		(116,179	)
Swap agreements		-			530,522			530,522
Total	$	(1,157,887	)	$	(822,262	)	$	(1,980,149	)

^(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.

26 Invesco Emerging Markets Local Debt Fund

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

$199,490,733

$

3,345,356

$

13,986,356

$

41,610,291

$

13,986,356

$

53,957,692

$

91,808,685

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $618.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*		$               –	$	1,469,274
Return of capital		5,294,992		4,647,601
Total distributions		$5,294,992	$	6,116,875

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Net unrealized appreciation (depreciation) – investments	$	(14,166,706	)
Net unrealized appreciation (depreciation) – foreign currencies		(317,001	)
Temporary book/tax differences		(21,846	)
Capital loss carryforward		(11,127,185	)
Shares of beneficial interest		103,045,754
Total net assets	$	77,413,016

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and straddles.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	6,335,769	$	4,791,416	$	11,127,185

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

27 Invesco Emerging Markets Local Debt 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 year ended October 31, 2022 was $129,278,211 and $174,477,358, 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	$   3,668,601
Aggregate unrealized (depreciation) of investments	(17,835,307	)
Net unrealized appreciation (depreciation) of investments	$(14,166,706	)

Cost of investments for tax purposes is $89,087,565.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses and return of capital distributions, on October 31, 2022, undistributed net investment income was increased by $251,992, undistributed net realized gain (loss) was increased by $11,803,718 and shares of beneficial interest was decreased by $12,055,710. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		462,981			$    2,654,156			1,783,731			$  12,076,112
Class C		105,233			602,616			152,961			1,031,334
Class R		49,259			273,219			55,562			372,110
Class Y		6,135,961			35,757,530			7,673,682			51,393,420
Class R6		265,007			1,525,372			420,643			2,835,417
Issued as reinvestment of dividends:
Class A		164,172			905,430			157,004			1,035,690
Class C		32,739			180,693			31,849			210,341
Class R		13,643			74,941			10,726			70,771
Class Y		453,036			2,503,232			370,079			2,437,961
Class R6		24,154			134,005			26,376			173,769
Automatic conversion of Class C shares to Class A shares:
Class A		69,125			394,522			315,777			2,184,475
Class C		(69,109	)		(394,522	)		(315,777	)		(2,184,475	)
Reacquired:
Class A		(2,444,400	)		(13,992,615	)		(1,904,261	)		(12,686,190	)
Class C		(380,496	)		(2,168,903	)		(395,830	)		(2,623,772	)
Class R		(62,179	)		(347,960	)		(101,868	)		(682,403	)
Class Y		(11,736,637	)		(67,604,929	)		(7,136,449	)		(47,025,595	)
Class R6		(472,971	)		(2,707,281	)		(380,547	)		(2,482,720	)
Net increase (decrease) in share activity		(7,390,482	)		$(42,210,494)			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 59% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

28 Invesco Emerging Markets Local Debt Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Emerging Markets Local Debt Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Emerging Markets Local Debt Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended October 31, 2022, the five months ended October 31, 2019, and the year ended May 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022, the five months ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through May 31, 2019 for Class R5.

The financial statements of Oppenheimer Emerging Markets Local Debt Fund (subsequently renamed Invesco Emerging Markets Local Debt Fund) as of and for the year ended May 31, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated July 25, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

29 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 May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses       Paid During       Period2, 3	Ending     Account Value     (10/31/22)	Expenses       Paid During       Period2, 4	Annualized       Expense Ratio2
Class A	$1,000.00	$920.80	$8.33	$1,016.53	$8.74	1.72%
Class C	1,000.00	915.50	11.97	1,012.70	12.58	2.48
Class R	1,000.00	917.90	9.57	1,015.22	10.06	1.98
Class Y	1,000.00	920.30	7.16	1,017.74	7.53	1.48
Class R5	1,000.00	921.00	6.05	1,018.90	6.36	1.25
Class R6	1,000.00	922.70	6.20	1,018.75	6.51	1.28

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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. Effective March 1 2023, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.20%, 1.95%, 1.45%, 0.95%, 0.95% and 0.95% 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 1.20%, 1.95%, 1.45%, 0.95%, 0.95% and 0.95% 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 $5.81, $9.41, $7.01, $4.60, $4.60 and $4.60 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.11, $9.91, $7.38, $4.84, $4.84 and $4.84 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

30 Invesco Emerging Markets Local Debt Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Emerging Markets Local Debt Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the

way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the JP Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the fourth quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one , three and

31 Invesco Emerging Markets Local Debt Fund

five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that the Fund’s exposure to, and interest rate positioning in, certain emerging market countries and currencies detracted from performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual management fees and total expense ratio were in the fifth quintile of its expense group, requested and considered additional information from management regarding the appropriateness of the management fees and total expense ratio, and discussed with management reasons for such relative actual management fees and total expenses. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts,

including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including

information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

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

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

32 Invesco Emerging Markets Local Debt Fund

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

33 Invesco Emerging Markets Local Debt Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

34 Invesco Emerging Markets Local Debt Fund

Trustees and Officers

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

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Emerging Markets Local Debt Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Emerging Markets Local Debt Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Emerging Markets Local Debt Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Emerging Markets Local Debt Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Emerging Markets Local Debt Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Emerging Markets Local Debt Fund

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

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-AR-1                                         

Annual Report to Shareholders October 31, 2022

Invesco Emerging Markets Select Equity Fund

Nasdaq:

A: IEMAX ∎ C: IEMCX ∎ R: IEMRX ∎ Y: IEMYX ∎ R5: IEMIX ∎ R6: EMEFX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
20	Report of Independent Registered Public Accounting Firm
21	Fund Expenses
22	Approval of Investment Advisory and Sub-Advisory Contracts
24	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Emerging Markets Select Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI Emerging Markets Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-38.99	%
Class C Shares	-39.43
Class R Shares	-39.15
Class Y Shares	-38.83
Class R5 Shares	-38.83
Class R6 Shares	-38.93
MSCI EAFE Index▼ (Broad Market Index)	-23.00
MSCI Emerging Markets Index▼ (Style-Specific Index)	-31.03
Lipper Emerging Market Funds Index∎ (Peer Group Index)	-32.51
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

    Global equity markets declined in the first half of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

    Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

    During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the

end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

    Before we discuss the Fund’s results during the fiscal year, it is helpful to briefly explain how we manage the Fund for shareholders. We seek to maintain a long-term perspective, with stock selection in the portfolio being bottom-up and fundamentally driven. We invest in high-conviction businesses with preferred quality characteristics, including a focus on a company’s growth potential and sustainable competitive advantages. We strive to develop a proprietary view of a business through in-depth, fundamental research that includes careful financial statement analysis. We then seek to purchase businesses whose stock prices are below what we have calculated to be the true value of the company based on an estimate of its future free cash flows.

    During the fiscal year, security selection within the consumer discretionary and information technology sectors were beneficial to the Fund’s performance relative to the Fund’s style-specific benchmark. From a country perspective, an overweighting to Brazil and Mexico, two of the stronger performing countries within emerging markets, contributed to the Fund’s relative performance, as did positive security selection in China. The top individual contributors to the Fund’s absolute performance over the fiscal year included Arcos Dorados, a leading McDonald’s franchisee based in Latin America and Itau Unibanco, the largest private bank in Brazil.

    Conversely, the Fund’s security selection in the communication services and financials sectors hurt the Fund’s performance relative to the style-specific benchmark over the fiscal year. From a country perspective, the Fund’s security selection in India and Taiwan detracted from relative performance, as did two

holdings that the Fund held in Russia. The top individual detractors from the Fund’s absolute performance included China Isotope & Radiation, a Chinese diagnostic and therapeutic radiopharmaceuticals company and Tencent, a Chinese internet and technology company.

    During the fiscal year, the Fund acquired new holdings, which included Pinduoduo,

Yum China, Inner Mongolia Yili Industrial and Itau Unibanco. Generally, we sell Fund holdings when they reach full valuation; if new, relatively more attractive investment opportunities exist; or if new information changes our thesis on the future of a business. As such, we sold Alibaba, Ping An Insurance, China National Building Material and Vipshop Holdings.

    At the close of the fiscal year, relative to the style-specific benchmark, the Fund’s largest overweight positions were in the consumer discretionary and consumer staples sectors. Conversely, the Fund’s largest underweight positions were in the information technology and financial sectors. The Fund ended the fiscal year with its largest overweight exposures to China and Brazil while having the largest underweight exposures to Taiwan and South Korea.

    Please note, the Fund’s country and sector allocations are the result of our bottom-up, fundamental stock selection process, and are not based on the characteristics of the Fund’s style-specific index.

    As always, we thank you for your investment in Invesco Emerging Markets Select Equity Fund and for sharing our long-term investment perspective.

Portfolio manager(s):

Justin Leverenz

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

2 Invesco Emerging Markets Select Equity Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

3 Invesco Emerging Markets Select Equity Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (5/31/11)	-3.97	%
10 Years	-2.00
5 Years	-8.19
1 Year	-42.33
Class C Shares
Inception (5/31/11)	-4.00	%
10 Years	-2.05
5 Years	-7.84
1 Year	-40.02
Class R Shares
Inception (5/31/11)	-3.75	%
10 Years	-1.70
5 Years	-7.39
1 Year	-39.15
Class Y Shares
Inception (5/31/11)	-3.27	%
10 Years	-1.20
5 Years	-6.93
1 Year	-38.83
Class R5 Shares
Inception (5/31/11)	-3.27	%
10 Years	-1.20
5 Years	-6.93
1 Year	-38.83
Class R6 Shares
Inception (9/24/12)	-1.51	%
10 Years	-1.23
5 Years	-6.94
1 Year	-38.93

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.

4 Invesco Emerging Markets Select Equity Fund

Supplemental Information

Invesco Emerging Markets Select Equity Fund’s investment objective is long-term growth of capital.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

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

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

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

5 Invesco Emerging Markets Select Equity Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Consumer Discretionary		32.16	%
Consumer Staples		15.85
Financials		14.88
Information Technology		9.82
Health Care		8.52
Industrials		8.22
Real Estate		2.97
Communication Services		2.80
Materials		2.28
Money Market Funds Plus Other Assets Less Liabilities		2.50

Top 10 Equity Holdings*

		% of total net assets
1.	Gree Electric Appliances, Inc. of Zhuhai, A Shares		5.42	%
2.	China Isotope & Radiation Corp.		4.99
3.	Housing Development Finance Corp. Ltd.		4.82
4.	Pinduoduo, Inc., ADR		4.44
5.	Samsung Electronics Co. Ltd., Preference Shares		4.32
6.	Kweichow Moutai Co. Ltd., A Shares		4.12
7.	Yum China Holdings, Inc.		3.90
8.	PT Bank Rakyat Indonesia (Persero) Tbk		3.69
9.	Inner Mongolia Yili Industrial Group Co. Ltd., A Shares		3.28
10.	KE Holdings, Inc., ADR		2.97

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 October 31, 2022.

6 Invesco Emerging Markets Select Equity Fund

Schedule of Investments

October 31, 2022

	Shares		Value
Common Stocks & Other Equity Interests–97.50%
Brazil��18.54%
Afya Ltd., Class A(a)(b)		70,000	$	1,031,800
Ambev S.A.		350,000		1,084,116
Arcos Dorados Holdings, Inc., Class A		122,000		919,880
Grupo SBF S.A.		160,001		586,665
Hypera S.A.		80,000		786,913
Itau Unibanco Holding S.A., Preference Shares		186,000		1,094,647
MercadoLibre, Inc.(a)		1,000		901,620
Raia Drogasil S.A.		115,000		585,742
				6,991,383
Chile–0.72%
Banco de Chile		3,000,000		271,053
China–40.17%
Beijing Airdoc Technology Co. Ltd.(a)(c)		107,600		141,433
China Isotope & Radiation Corp.		1,218,800		1,879,576
East Money Information Co. Ltd., A Shares		486,000		1,037,763
Gree Electric Appliances, Inc. of Zhuhai, A Shares		520,003		2,043,116
Haitian International Holdings Ltd.		278,000		555,892
Helens International Holdings Co. Ltd.(a)		460,000		442,614
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares		358,000		1,237,652
KE Holdings, Inc., ADR(a)(b)		110,000		1,119,800
Kweichow Moutai Co. Ltd., A Shares		8,400		1,555,052
Medlive Technology Co. Ltd.(c)		467,500		403,993
Pinduoduo, Inc., ADR(a)		30,500		1,672,315
Shenzhou International Group Holdings Ltd.		106,500		735,060
Tencent Holdings Ltd.		22,000		577,275
Virscend Education Co. Ltd.(c)		16,000,000		277,485
Yum China Holdings, Inc.		35,600		1,472,060
				15,151,086
India–13.12%
Computer Age Management Services Ltd.		32,000		984,794
FSN E-Commerce Ventures Ltd.(a)		48,500		676,131
Housing Development Finance Corp. Ltd.		61,000		1,818,592
Varun Beverages Ltd.		43,800		554,555
Zomato Ltd.(a)		1,200,000		912,688
				4,946,760
Indonesia–5.97%
PT Avia Avian Tbk		17,077,700		859,528
PT Bank Rakyat Indonesia (Persero) Tbk		4,680,000		1,392,703
				2,252,231
Malaysia–1.74%
CTOS Digital Bhd.		2,200,000		655,736
Mexico–3.42%
Arca Continental S.A.B. de C.V.		43,058		352,692

	Shares		Value
Mexico–(continued)
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		39,999	$	936,129
				1,288,821
Poland–3.80%
CD Projekt S.A.(b)		18,000		478,608
InPost S.A.(a)		150,000		956,787
				1,435,395
Russia–0.00%
Sberbank of Russia PJSC(a)(d)		532,000		0
Yandex N.V., Class A(a)(d)		26,000		0
				0
South Korea–5.51%
Coupang, Inc.(a)(b)		26,000		449,020
Samsung Electronics Co. Ltd., Preference Shares		43,600		1,628,144
				2,077,164
Taiwan–2.89%
King Slide Works Co. Ltd.		9,000		117,045
Taiwan Semiconductor Manufacturing Co. Ltd.		81,000		974,762
				1,091,807
Thailand–1.62%
Thai Beverage PCL		1,500,000		609,584
Total Common Stocks & Other Equity Interests (Cost $50,780,880)				36,771,020
Money Market Funds–2.67%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(e)(f)		354,701		354,701
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(e)(f)		248,510		248,560
Invesco Treasury Portfolio, Institutional Class, 3.08%(e)(f)		405,372		405,372
Total Money Market Funds (Cost $1,008,610)				1,008,633
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.17% (Cost $51,789,490)				37,779,653
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.66%
Invesco Private Government Fund, 3.18%(e)(f)(g)		386,334		386,334
Invesco Private Prime Fund, 3.28%(e)(f)(g)		993,173		993,173
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,379,499)				1,379,507
TOTAL INVESTMENTS IN SECURITIES–103.83% (Cost $53,168,989)				39,159,160
OTHER ASSETS LESS LIABILITIES–(3.83)%				(1,444,028	)
NET ASSETS–100.00%			$	37,715,132

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

7 Invesco Emerging Markets Select Equity Fund

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b) All or a portion of this security was out on loan at October 31, 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 October 31, 2022 was $822,911, which represented 2.18% of the Fund’s Net Assets.

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

^(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 fiscal year ended October 31, 2022.

								Change in		Realized
	Value		Purchases		Proceeds			Unrealized		Gain			Value
	October 31, 2021		at Cost		from Sales			Appreciation		(Loss)			October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	2,026,877	$	7,931,351	$	(9,603,527	)	$	-	$	-		$	354,701		$  1,828
Invesco Liquid Assets Portfolio, Institutional Class		1,411,912		5,665,250		(6,828,642	)		61		(21	)		248,560		1,812
Invesco Treasury Portfolio, Institutional Class		2,316,431		9,064,401		(10,975,460	)		-		-			405,372		2,750
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		7,613,664		(7,227,330	)		-		-			386,334		4,650	*
Invesco Private Prime Fund		-		17,936,222		(16,943,196	)		8		139			993,173		12,578	*
Total	$	5,755,220	$	48,210,888	$	(51,578,155	)	$	69	$	118		$	2,388,140		$23,618

* 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.

^(f)  The rate shown is the 7-day SEC standardized yield as of October 31, 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.

8 Invesco Emerging Markets Select Equity Fund

Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $50,780,880)*	$	36,771,020
Investments in affiliated money market funds, at value (Cost $2,388,109)		2,388,140
Foreign currencies, at value (Cost $25,511)		21,105
Receivable for:
Investments sold		76,814
Fund shares sold		37,996
Dividends		16,549
Investment for trustee deferred compensation and retirement plans		17,620
Other assets		38,462
Total assets		39,367,706
Liabilities:
Payable for:
Investments purchased		115,694
Fund shares reacquired		35,354
Accrued foreign taxes		3,174
Collateral upon return of securities loaned		1,379,499
Accrued fees to affiliates		29,710
Accrued trustees’ and officers’ fees and benefits		852
Accrued other operating expenses		69,321
Trustee deferred compensation and retirement plans		18,970
Total liabilities		1,652,574
Net assets applicable to shares outstanding	$	37,715,132
Net assets consist of:
Shares of beneficial interest	$	64,244,192
Distributable earnings (loss)		(26,529,060	)
	$	37,715,132

Net Assets:
Class A	$	19,148,304
Class C	$	2,730,809
Class R	$	2,793,546
Class Y	$	10,950,764
Class R5	$	1,359,381
Class R6	$	732,328
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		3,367,608
Class C		503,963
Class R		498,161
Class Y		1,915,246
Class R5		237,713
Class R6		128,148
Class A:
Net asset value per share	$	5.69
Maximum offering price per share (Net asset value of $5.69 ÷ 94.50%)	$	6.02
Class C:
Net asset value and offering price per share	$	5.42
Class R:
Net asset value and offering price per share	$	5.61
Class Y:
Net asset value and offering price per share	$	5.72
Class R5:
Net asset value and offering price per share	$	5.72
Class R6:
Net asset value and offering price per share	$	5.71

* At October 31, 2022, securities with an aggregate value of $1,330,587 were on loan to brokers.

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

9 Invesco Emerging Markets Select Equity Fund

Statement of Operations

For the year ended October 31, 2022

Investment income:
Dividends (net of foreign withholding taxes of $144,032)	$	1,285,687
Dividends from affiliated money market funds (includes net securities lending income of $1,038)		7,428
Total investment income		1,293,115
Expenses:
Advisory fees		533,849
Administrative services fees		7,257
Custodian fees		37,588
Distribution fees:
Class A		74,057
Class C		39,944
Class R		17,857
Transfer agent fees – A, C, R and Y		127,693
Transfer agent fees – R5		530
Transfer agent fees – R6		335
Trustees’ and officers’ fees and benefits		19,501
Registration and filing fees		79,290
Reports to shareholders		15,690
Professional services fees		57,165
Other		12,458
Total expenses		1,023,214
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(275,392	)
Net expenses		747,822
Net investment income		545,293
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $19,139)		(12,000,934	)
Affiliated investment securities		118
Foreign currencies		(109,041	)
Forward foreign currency contracts		(2,773	)
		(12,112,630	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $129,744)		(16,021,885	)
Affiliated investment securities		69
Foreign currencies		(1,416	)
		(16,023,232	)
Net realized and unrealized gain (loss)		(28,135,862	)
Net increase (decrease) in net assets resulting from operations	$	(27,590,569	)

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

10 Invesco Emerging Markets Select Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income	$	545,293		$	917,718
Net realized gain (loss)		(12,112,630	)		5,548,469
Change in net unrealized appreciation (depreciation)		(16,023,232	)		(15,956,937	)
Net increase (decrease) in net assets resulting from operations		(27,590,569	)		(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		(5,657,746	)		6,168,552
Class C		(764,650	)		(684,996	)
Class R		379,273			1,340,633
Class Y		(10,476,582	)		(984,967	)
Class R5		80,442			(1,742	)
Class R6		(165,209	)		546,920
Net increase (decrease) in net assets resulting from share transactions		(16,604,472	)		6,384,400
Net increase (decrease) in net assets		(46,785,828	)		(3,606,174	)
Net assets:
Beginning of year		84,500,960			88,107,134
End of year	$	37,715,132		$	84,500,960

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

11 Invesco Emerging Markets Select Equity Fund

Financial Highlights

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Year ended 10/31/22		$	9.68		$	0.07			$	(3.73	)		$	(3.66	)		$	(0.07	)		$	(0.26	)		$	(0.33	)		$	5.69		(38.99	)%		$	19,148		1.33	%		1.83	%		0.93	%		70	%
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	(d)			1.60				1.83				(0.03	)			(0.37	)			(0.40	)			9.10		25.14				34,665		1.33			1.89			2.81	(d)		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
Class C
Year ended 10/31/22			9.23			0.01				(3.56	)			(3.55	)			–				(0.26	)			(0.26	)			5.42		(39.43	)			2,731		2.08			2.58			0.18			70
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	(d)			1.54				1.70				–				(0.37	)			(0.37	)			8.74		24.09				6,550		2.08			2.64			2.06	(d)		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
Class R
Year ended 10/31/22			9.55			0.05				(3.68	)			(3.63	)			(0.05	)			(0.26	)			(0.31	)			5.61		(39.15	)			2,794		1.58			2.08			0.68			70
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	(d)			1.57				1.78				(0.01	)			(0.37	)			(0.38	)			8.99		24.62				2,795		1.58			2.14			2.56	(d)		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
Class Y
Year ended 10/31/22			9.73			0.09				(3.75	)			(3.66	)			(0.09	)			(0.26	)			(0.35	)			5.72		(38.83	)			10,951		1.08			1.58			1.18			70
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	(d)			1.59				1.85				(0.06	)			(0.37	)			(0.43	)			9.13		25.27				23,550		1.08			1.64			3.06	(d)		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
Class R5
Year ended 10/31/22			9.73			0.09				(3.75	)			(3.66	)			(0.09	)			(0.26	)			(0.35	)			5.72		(38.83	)			1,359		1.08			1.37			1.18			70
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	(d)			1.59				1.85				(0.06	)			(0.37	)			(0.43	)			9.13		25.27				2,033		1.08			1.39			3.06	(d)		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
Class R6
Year ended 10/31/22			9.73			0.09				(3.76	)			(3.67	)			(0.09	)			(0.26	)			(0.35	)			5.71		(38.93	)			732		1.08			1.37			1.18			70
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	(d)			1.59				1.85				(0.06	)			(0.37	)			(0.43	)			9.12		25.31				629		1.08			1.39			3.06	(d)		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

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Net investment income (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.

12 Invesco Emerging Markets Select Equity Fund

Notes to Financial Statements

October 31, 2022

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. The Fund is classified as non-diversified. 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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

13 Invesco Emerging Markets Select Equity Fund

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 1940 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the 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

14 Invesco Emerging Markets Select Equity Fund

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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.

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.

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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.93%.

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

The Adviser has contractually agreed, through at least February 29, 2024, 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 29, 2024. 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.

15 Invesco Emerging Markets Select Equity 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 in such affiliated money market funds.

For the year ended October 31, 2022, the Adviser waived advisory fees of $675 and reimbursed class level expenses of $145,252, $19,594, $17,538, $83,327, $5,109 and $3,223 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $6,927 in front-end sales commissions from the sale of Class A shares and $1,170 and $352 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	6,991,383	$	–		$–	$	6,991,383
Chile		–		271,053		–		271,053
China		4,264,175		10,886,911		–		15,151,086
India		–		4,946,760		–		4,946,760
Indonesia		–		2,252,231		–		2,252,231
Malaysia		–		655,736		–		655,736
Mexico		1,288,821		–		–		1,288,821
Poland		–		1,435,395		–		1,435,395
Russia		–		–		0		0
South Korea		449,020		1,628,144		–		2,077,164
Taiwan		–		1,091,807		–		1,091,807
Thailand		–		609,584		–		609,584
Money Market Funds		1,008,633		1,379,507		–		2,388,140
Total Investments	$	14,002,032	$	25,157,128		$0	$	39,159,160

NOTE 4–Derivative Investments

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

16 Invesco Emerging Markets Select Equity Fund

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 Trust does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

The table below summarizes the 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		$(2,773)

The table below summarizes the average notional value of forward foreign currency contracts held during the period.

	Forward
	Foreign Currency
	Contracts
Average notional value	$451,596

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $674.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	558,194	$	499,824
Long-term capital gain		2,032,593		–
Total distributions	$	2,590,787	$	499,824

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Undistributed ordinary income	$	377,110
Net unrealized appreciation (depreciation) – investments		(15,374,163	)
Net unrealized appreciation (depreciation) – foreign currencies		(4,876	)
Temporary book/tax differences		(16,486	)
Capital loss carryforward		(11,510,645	)
Shares of beneficial interest		64,244,192
Total net assets	$	37,715,132

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

17 Invesco Emerging Markets Select Equity Fund

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$7,059,795		$4,450,850		$11,510,645

* 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 year ended October 31, 2022 was $39,203,025 and $52,459,768, 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	$	4,149,684
Aggregate unrealized (depreciation) of investments		(19,523,847	)
Net unrealized appreciation (depreciation) of investments	$	(15,374,163	)

Cost of investments for tax purposes is $54,533,323.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, foreign capital gains taxes and distributions, on October 31, 2022, undistributed net investment income was decreased by $148,609 and undistributed net realized gain (loss) was increased by $148,609. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		427,982		$	3,270,667			1,596,968		$	19,214,515
Class C		93,567			691,359			194,700			2,223,840
Class R		154,824			1,144,146			211,427			2,434,522
Class Y		890,254			6,920,762			1,822,655			21,297,060
Class R5		-			-			817			9,738
Class R6		45,928			356,071			75,337			896,201
Issued as reinvestment of dividends:
Class A		144,164			1,251,341			17,922			215,778
Class C		16,831			140,207			2,462			28,493
Class R		15,857			136,054			1,517			18,069
Class Y		76,547			666,722			15,856			191,539
Class R5		9,235			80,442			1,156			13,965
Class R6		6,386			55,620			595			7,179
Automatic conversion of Class C shares to Class A shares:
Class A		36,333			267,811			101,965			1,203,141
Class C		(38,011	)		(267,811	)		(106,303	)		(1,203,141	)

18 Invesco Emerging Markets Select Equity Fund

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(1,414,424	)	$	(10,447,565	)		(1,271,382	)	$	(14,464,882	)
Class C		(175,368	)		(1,328,405	)		(161,042	)		(1,734,188	)
Class R		(121,960	)		(900,927	)		(99,313	)		(1,111,958	)
Class Y		(2,183,906	)		(18,064,066	)		(1,971,810	)		(22,473,566	)
Class R5		-			-			(2,109	)		(25,445	)
Class R6		(78,928	)		(576,900	)		(30,570	)		(356,460	)
Net increase (decrease) in share activity		(2,094,689	)	$	(16,604,472	)		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 31% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 4% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

19 Invesco Emerging Markets Select Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Emerging Markets Select Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Emerging Markets Select Equity Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

20 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 May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/22)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$807.10	$6.06	$1,018.50	$6.77	1.33%
Class C	1,000.00	804.20	9.46	1,014.72	10.56	2.08
Class R	1,000.00	806.00	7.19	1,017.24	8.03	1.58
Class Y	1,000.00	807.90	4.92	1,019.76	5.50	1.08
Class R5	1,000.00	807.90	4.92	1,019.76	5.50	1.08
Class R6	1,000.00	807.60	4.92	1,019.76	5.50	1.08

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

21 Invesco Emerging Markets Select Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Emerging Markets Select Equity Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Hong Kong Limited currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI Emerging Markets Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s stock selection in certain sectors, as well as the Fund’s holdings in China, detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

22 Invesco Emerging Markets Select Equity Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco

Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending

cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

23 Invesco Emerging Markets Select Equity Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	2,032,592
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

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

24 Invesco Emerging Markets Select Equity Fund

Trustees and Officers

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

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-6 Invesco Emerging Markets Select Equity Fund

(This page intentionally left blank)

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-AR-1                                                 

Annual Report to Shareholders	October 31, 2022

Invesco Fundamental Alternatives Fund

Nasdaq:

A: QVOPX ∎ C: QOPCX ∎ R: QOPNX ∎ Y: QOPYX ∎ R5: FDATX ∎ R6: QOPIX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Consolidated Schedule of Investments
23	Consolidated Financial Statements
26	Consolidated Financial Highlights
27	Notes to Consolidated Financial Statements
37	Report of Independent Registered Public Accounting Firm
38	Fund Expenses
39	Approval of Investment Advisory and Sub-Advisory Contracts
41	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Fundamental Alternatives Fund (the Fund), at net asset value (NAV), underperformed the HFRX Global Hedge Fund Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-6.60	%
Class C Shares	-7.28
Class R Shares	-6.87
Class Y Shares	-6.38
Class R5 Shares	-6.25
Class R6 Shares	-6.21
HFRX Global Hedge Fund Index▼	-5.28
Source(s): ▼Bloomberg LP

Market conditions and your Fund

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

Global equity markets declined in the first half of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and

emerging market equities were both in negative territory.

For the fiscal year ended October 31, 2022, the Fund’s Class A shares (without sales charge) generated a total return of -6.60%. The Fund underperformed the HFRX Global Hedge Fund Index, which returned -5.28% during the fiscal year. The Fund invests across three distinct alternative investment strategies including equity, credit and macro. All three strategies generated positive returns during the fiscal year.

The Fund’s equity sleeve follows its systematic defensive multi-factor approach, which combines a focus on low volatility with other factor exposures, particularly Quality, Momentum and Value.

The strategy simultaneously targets to provide downside protection and benefits from the extra return potential of equity factors.

The resulting portfolio will hold a diversified mix of stocks that are deemed attractive from a factor and/or risk perspective. We believe this may decrease the impact of stock-specific effects on the portfolio and hence increase the portion of risk and return that is explained by our intended factors – Quality, Momentum and Value, as well as Low Volatility.

For the fiscal year ended October 31, 2022, the Fund’s equity strategy outperformed the S&P 500 Index mainly due to its inherently defensive low volatility positioning, which had a strong positive contribution in a declining market. In addition, our intended factors combined to also add to performance. Within our factors, Value led the way as investors rewarded companies trading at attractive valuations through mid-June before pulling back abruptly. By the beginning of October, sentiment reversed again with Value regaining its upward trend. Momentum added to returns as well, particularly toward the end of the fiscal year. Quality, however, detracted modestly overall.

US interest rate moves and inflation risk significantly affected fixed-income valuations

during the fourth quarter of 2021. The two-year Treasury yield rose moderately from 0.27% to 0.73%, while the 10-year Treasury increased slightly from 1.48% to 1.52% during the quarter.¹ The yield curve, as measured by the yield differential between two-and 10-year Treasuries, flattened during the quarter.

The onset of the Russia-Ukraine war in the first quarter further exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. These forces, combined with tightening financial conditions, were negative for credit asset classes, as evidenced by the two-year Treasury yield rising significantly from 0.78% to 2.28%, while the 10-year Treasury increased slightly from 1.63% to 2.32%,¹ during the first quarter.

In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth continued to apply pressure on fixed-income markets. Inflation, as measured by the Consumer Price Index, increased further to 9.1% and fixed-income markets experienced significant negative performance as all bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).³ The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its key Fed funds rate during the fiscal year, including a 0.50% hike in May and three 0.75% hikes each of June, July and November, the largest hikes since 1994 to a target Fed funds rate of 3.75-4.00%, the highest since 2008.³ In their November 2022 meeting, the Fed signaled their hawkish policies would continue, though a slowing of the pace of rate increases was likely. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 4.51% during the fiscal year, while 10-year Treasury rates increased from 2.98% to 4.10%.¹ At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.

The Fund’s credit sleeve utilizes a systematic, quantitative, factor-based approach to investing.

Over the fiscal year, duration was the largest detractor from the Fund’s performance as interest rates rose sharply over the fiscal year, followed by carry and value, while low volatility bonds were the sole contributor to the Fund’s performance. The rise of interest rates during the fiscal year had a negative impact on performance, but overall, bonds with attractive factor characteristics positively impacted the Fund’s absolute performance, counterweighing the negative impact of interest rates.

2 Invesco Fundamental Alternatives Fund

The Fund’s macro sleeve attempts to take advantage of short-term market trends by investing both long- and short-term across liquid global equity, government bond and commodity markets based on each asset’s likelihood to outperform cash over the next 30-day period. Within the macro sleeve, bonds were the top contributor to the Fund’s performance while equities and commodities detracted from the Fund’s performance. Bonds delivered gains due to timely underweight exposures in the UK and the US. Exposure to equities produced negative results as there was no persistent performance month-to-month, which made getting on the right side of the trend a challenge. Exposure to commodities produced modest losses as strong early fiscal year commodity performance became volatile later in the fiscal year and ran counter to our positioning in energy and agriculture.

The Fund is managed as three separate strategies; therefore, the detractors from the Fund’s performance are included in the discussion of the individual sleeves that collectively make up the Fund.

The Fund continues to focus on selecting securities that we believe offer attractive risk-adjusted returns and can deliver effective diversification combined with low volatility, good downside risk mitigation and low sensitivity to traditional market factors over the long-term.

Please note that the macro strategy is principally implemented with derivative instruments that include futures, forward foreign currency contracts, commodity-linked notes, credit default swaps and total return swaps. Therefore, all or most of the performance of the macro strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities

We thank you for your continued investment in the Invesco Fundamental Alternatives Fund.

1 Source: US Department of the Treasury

2 Source: Bloomberg LP

3 Source: Federal Reserve of Economic Data

Portfolio manager(s):

Chris Devine

Tarun Gupta

Scott Hixon

Jay Raol

Scott Wolle

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or

the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco Fundamental Alternatives Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1 Source: Bloomberg LP

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Fundamental Alternatives Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (1/3/89)	6.66	%
10 Years	1.29
5 Years	-1.02
1 Year	-11.75
Class C Shares
Inception (9/1/93)	5.05	%
10 Years	1.24
5 Years	-0.65
1 Year	-8.19
Class R Shares
Inception (3/1/01)	1.80	%
10 Years	1.59
5 Years	-0.16
1 Year	-6.87
Class Y Shares
Inception (12/16/96)	3.82	%
10 Years	2.10
5 Years	0.34
1 Year	-6.38
Class R5 Shares
10 Years	2.00	%
5 Years	0.38
1 Year	-6.25
Class R6 Shares
Inception (2/28/13)	2.16	%
5 Years	0.53
1 Year	-6.21

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.

5 Invesco Fundamental Alternatives Fund

Supplemental Information

Invesco Fundamental Alternatives Fund’s investment objective is to seek total return.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ 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.

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

6 Invesco Fundamental Alternatives Fund

Fund Information

Volatility Contribution*

Strategy	Annualized Volatility Contribution	Volatility Contribution as % of Investment Strategy
Credit	0.42%	11.08%
Equity	3.14	82.85
Macro	0.23	6.07
Total	3.79%	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 October 31, 2022.

7 Invesco Fundamental Alternatives Fund

Consolidated Schedule of Investments^(a)

October 31, 2022

	Shares		Value
Common Stocks & Other Equity Interests–37.43%
Advertising–0.14%
Catalina Marketing Corp.		1,362	$              460
Interpublic Group of Cos., Inc. (The)		9,527	283,809
Omnicom Group, Inc.		3,331	242,330
			526,599
Aerospace & Defense–0.10%
Raytheon Technologies Corp.		4,176	395,968
Agricultural & Farm Machinery–0.06%
Deere & Co.		612	242,242
Agricultural Products–0.07%
Archer-Daniels-Midland Co.		2,940	285,121
Air Freight & Logistics–0.31%
C.H. Robinson Worldwide, Inc.		2,776	271,271
Expeditors International of Washington, Inc.(b)		4,339	424,571
United Parcel Service, Inc., Class B		3,012	505,323
			1,201,165
Alternative Carriers–0.07%
Liberty Global PLC, Class C (United Kingdom)(c)		9,783	172,768
Lumen Technologies, Inc.		13,183	97,027
			269,795
Application Software–0.54%
Adobe, Inc.(c)		1,627	518,199
Blackbaud, Inc.(c)		2,864	156,661
Cadence Design Systems, Inc.(c)		2,034	307,927
Dropbox, Inc., Class A(c)		5,458	118,712
Fusion Connect, Inc.(c)(d)		1	0
Fusion Connect, Inc., Wts., expiring 01/14/2040(c)(d)		6,073	61
Intuit, Inc.		655	280,012
Manhattan Associates, Inc.(c)		1,014	123,373
salesforce.com, inc.(b)(c)		2,178	354,121
Synopsys, Inc.(c)		491	143,642
Tyler Technologies, Inc.(c)		247	79,863
			2,082,571
Asset Management & Custody Banks–0.16%
Ameriprise Financial, Inc.		835	258,115
Blackstone, Inc., Class A		1,902	173,348
Federated Hermes, Inc., Class B		5,165	179,484
			610,947
Auto Parts & Equipment–0.02%
Gentex Corp.		3,426	90,755
Automobile Manufacturers–0.51%
Ford Motor Co.		20,451	273,430
General Motors Co.		6,025	236,481
Tesla, Inc.(c)		6,443	1,466,040
			1,975,951

	Shares		Value
Automotive Retail–0.29%
AutoNation, Inc.(c)		1,850	$       196,673
AutoZone, Inc.(c)		178	450,853
Murphy USA, Inc.		494	155,368
O’Reilly Automotive, Inc.(c)		365	305,567
			1,108,461
Biotechnology–2.19%
AbbVie, Inc.		8,782	1,285,685
Amgen, Inc.		4,160	1,124,656
Biogen, Inc.(c)		2,457	696,412
BioMarin Pharmaceutical, Inc.(c)		7,048	610,568
Gilead Sciences, Inc.		14,465	1,134,924
Incyte Corp.(c)		3,314	246,363
Ionis Pharmaceuticals, Inc.(b)(c)		9,775	432,055
Moderna, Inc.(c)		936	140,709
Regeneron Pharmaceuticals, Inc.(c)		1,394	1,043,757
Seagen, Inc.(c)		666	84,689
United Therapeutics Corp.(c)		3,101	714,873
Vertex Pharmaceuticals, Inc.(b)(c)		2,989	932,568
			8,447,259
Broadcasting–0.14%
Fox Corp., Class A		2,958	85,397
Nexstar Media Group, Inc., Class A(b)		2,682	459,427
			544,824
Building Products–0.34%
A.O. Smith Corp.		2,328	127,528
Builders FirstSource, Inc.(b)(c)		4,640	286,102
Carrier Global Corp.		2,397	95,305
Lennox International, Inc.		585	136,639
Masco Corp.		3,042	140,753
Owens Corning		2,267	194,078
Trane Technologies PLC		1,282	204,646
UFP Industries, Inc.		1,841	131,134
			1,316,185
Cable & Satellite–0.39%
Charter Communications, Inc., Class A(c)		1,067	392,251
Comcast Corp., Class A		23,031	731,004
Liberty Broadband Corp., Class C(c)		1,022	86,287
Sirius XM Holdings, Inc.(b)		49,181	297,053
			1,506,595
Casinos & Gaming–0.02%
Boyd Gaming Corp.		1,411	81,499
Commodity Chemicals–0.18%
Dow, Inc.		7,519	351,438
LyondellBasell Industries N.V., Class A		2,547	194,718
Olin Corp.		2,997	158,691
			704,847
Communications Equipment–0.47%
Cisco Systems, Inc.		25,403	1,154,058
Juniper Networks, Inc.		4,521	138,343
Motorola Solutions, Inc.		842	210,256

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

8 Invesco Fundamental Alternatives Fund

	Shares		Value
Communications Equipment–(continued)
Ubiquiti, Inc.		865	$       299,939
			1,802,596
Construction & Engineering–0.20%
AECOM		2,748	206,869
EMCOR Group, Inc.		2,939	414,693
Quanta Services, Inc.		970	137,779
			759,341
Construction Machinery & Heavy Trucks–0.20%
Allison Transmission Holdings, Inc.		3,525	148,931
Caterpillar, Inc.		1,117	241,786
Terex Corp.		5,461	221,389
Wabtec Corp.		1,747	162,960
			775,066
Consumer Finance–0.39%
Ally Financial, Inc.		11,974	330,003
American Express Co.		1,173	174,132
Capital One Financial Corp.		2,956	313,395
Discover Financial Services		3,123	326,229
SLM Corp.		8,068	133,848
Synchrony Financial		6,025	214,249
			1,491,856
Copper–0.03%
Freeport-McMoRan, Inc.		3,460	109,647
Data Processing & Outsourced Services–1.77%
Automatic Data Processing, Inc.		5,154	1,245,722
Broadridge Financial Solutions, Inc.		2,023	303,571
Fidelity National Information Services, Inc.		1,451	120,418
Fiserv, Inc.(b)(c)		3,465	355,994
Jack Henry & Associates, Inc.		3,378	672,425
Mastercard, Inc., Class A		2,320	761,378
Maximus, Inc.		2,864	176,623
Paychex, Inc.		9,576	1,132,936
PayPal Holdings, Inc.(c)		2,051	171,423
SS&C Technologies Holdings, Inc.		3,882	199,612
Visa, Inc., Class A(b)		6,635	1,374,507
Western Union Co. (The)(b)		24,325	328,631
			6,843,240
Distillers & Vintners–0.06%
Constellation Brands, Inc., Class A		935	231,020
Distributors–0.15%
Genuine Parts Co.		1,671	297,204
LKQ Corp.		4,797	266,905
			564,109
Diversified Banks–0.47%
Bank of America Corp.		9,758	351,678
Citigroup, Inc.		6,606	302,951
JPMorgan Chase & Co.		3,039	382,549
U.S. Bancorp		5,906	250,710
Wells Fargo & Co.		11,345	521,757
			1,809,645
Diversified Support Services–0.06%
Cintas Corp.		566	241,993

	Shares		Value
Drug Retail–0.03%
Walgreens Boots Alliance, Inc.		3,433	$       125,305
Electric Utilities–1.25%
American Electric Power Co., Inc.		8,411	739,495
Constellation Energy Corp.		2,466	233,136
Duke Energy Corp.		9,187	856,045
Edison International		2,804	168,352
Eversource Energy		1,963	149,738
Exelon Corp.		8,800	339,592
NextEra Energy, Inc.		6,979	540,872
NRG Energy, Inc.		3,496	155,222
Pinnacle West Capital Corp.		3,981	267,563
PPL Corp.		11,693	309,748
Southern Co. (The)		10,857	710,916
Xcel Energy, Inc.		5,505	358,431
			4,829,110
Electrical Components & Equipment–0.03%
Eaton Corp. PLC		739	110,902
Electronic Equipment & Instruments–0.07%
Keysight Technologies, Inc.(c)		1,488	259,135
Environmental & Facilities Services–0.34%
Republic Services, Inc.		7,084	939,480
Waste Connections, Inc.		1,582	208,682
Waste Management, Inc.		1,073	169,931
			1,318,093
Fertilizers & Agricultural Chemicals–0.15%
CF Industries Holdings, Inc.		2,180	231,647
Corteva, Inc.		3,154	206,082
Mosaic Co. (The)		2,336	125,560
			563,289
Financial Exchanges & Data–0.29%
CME Group, Inc., Class A		1,890	327,537
FactSet Research Systems, Inc.		562	239,125
Intercontinental Exchange, Inc.		1,422	135,901
S&P Global, Inc.		1,339	430,154
			1,132,717
Food Retail–0.32%
Casey’s General Stores, Inc.		1,476	343,480
Kroger Co. (The)		18,698	884,228
			1,227,708
Forest Products–0.06%
Louisiana-Pacific Corp.(b)		4,288	242,915
Gas Utilities–0.17%
Atmos Energy Corp.		4,892	521,242
ONE Gas, Inc.		1,970	152,636
			673,878
General Merchandise Stores–0.20%
Dollar General Corp.		2,060	525,403
Target Corp.		1,517	249,167
			774,570
Gold–0.12%
Newmont Corp.		10,769	455,744

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

9 Invesco Fundamental Alternatives Fund

	Shares		Value
Health Care Distributors–0.29%
AmerisourceBergen Corp.		1,729	$       271,834
Cardinal Health, Inc.		1,661	126,070
McKesson Corp.(b)		1,871	728,511
			1,126,415
Health Care Equipment–0.52%
Abbott Laboratories		8,689	859,690
Becton, Dickinson and Co.		2,685	633,579
Hologic, Inc.(c)		3,549	240,622
Medtronic PLC		3,061	267,348
			2,001,239
Health Care Facilities–0.13%
Acadia Healthcare Co., Inc.(c)		1,697	137,966
HCA Healthcare, Inc.		1,612	350,562
			488,528
Health Care Services–0.45%
Cigna Corp.		2,125	686,502
CVS Health Corp.		5,815	550,681
DaVita, Inc.(c)		878	64,103
Laboratory Corp. of America Holdings		1,163	258,023
Quest Diagnostics, Inc.		1,312	188,469
			1,747,778
Home Improvement Retail–0.16%
Home Depot, Inc. (The)		1,439	426,131
Lowe’s Cos., Inc.		921	179,549
			605,680
Homebuilding–0.06%
Lennar Corp., Class A		1,134	91,514
Taylor Morrison Home Corp., Class A(c)		5,860	154,352
			245,866
Homefurnishing Retail–0.02%
Williams-Sonoma, Inc.		596	73,803
Hotel & Resort REITs–0.06%
Host Hotels & Resorts, Inc.		11,438	215,949
Hotels, Resorts & Cruise Lines–0.11%
Booking Holdings, Inc.(c)		103	192,557
Marriott International, Inc., Class A		583	93,344
Wyndham Hotels & Resorts, Inc.		1,897	144,039
			429,940
Household Products–0.91%
Church & Dwight Co., Inc.		6,332	469,391
Clorox Co. (The)		582	84,995
Colgate-Palmolive Co.		8,828	651,860
Kimberly-Clark Corp.		3,640	453,035
Procter & Gamble Co. (The)		13,930	1,875,953
			3,535,234
Human Resource & Employment Services–0.14%
ManpowerGroup, Inc.		2,386	186,919
Robert Half International, Inc.		3,238	247,577
TriNet Group, Inc.(c)		1,770	115,015
			549,511

	Shares		Value
Hypermarkets & Super Centers–0.42%
Costco Wholesale Corp.		1,893	$       949,339
Walmart, Inc.		4,850	690,301
			1,639,640
Independent Power Producers & Energy Traders–0.05%
AES Corp. (The)		7,278	190,393
Industrial Conglomerates–0.06%
3M Co.		1,016	127,803
General Electric Co.		1,282	99,752
			227,555
Industrial REITs–0.15%
EastGroup Properties, Inc.		1,192	186,774
Prologis, Inc.		3,458	382,974
			569,748
Insurance Brokers–0.13%
Aon PLC, Class A		813	228,851
Marsh & McLennan Cos., Inc.		1,683	271,788
			500,639
Integrated Oil & Gas–0.64%
Chevron Corp.		7,284	1,317,676
Exxon Mobil Corp.		8,926	989,090
Occidental Petroleum Corp.		2,059	149,483
			2,456,249
Integrated Telecommunication Services–0.34%
AT&T, Inc.		38,117	694,873
Verizon Communications, Inc.		16,338	610,551
			1,305,424
Interactive Home Entertainment–0.30%
Activision Blizzard, Inc.		3,304	240,531
Electronic Arts, Inc.		6,284	791,533
Take-Two Interactive Software, Inc.(c)		1,185	140,399
			1,172,463
Interactive Media & Services–1.02%
Alphabet, Inc., Class A(c)		25,274	2,388,646
Alphabet, Inc., Class C(c)		9,839	931,360
Meta Platforms, Inc., Class A(c)		6,621	616,812
			3,936,818
Internet & Direct Marketing Retail–0.79%
Amazon.com, Inc.(c)		22,860	2,341,778
eBay, Inc.		10,297	410,233
Etsy, Inc.(c)		1,556	146,124
MercadoLibre, Inc. (Brazil)(c)		156	140,653
			3,038,788
Internet Services & Infrastructure–0.23%
Akamai Technologies, Inc.(c)		3,314	292,725
VeriSign, Inc.(c)		3,058	613,007
			905,732
Investment Banking & Brokerage–0.16%
Charles Schwab Corp. (The)		4,116	327,922
Goldman Sachs Group, Inc. (The)		370	127,469

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

10 Invesco Fundamental Alternatives Fund

	Shares		Value
Investment Banking & Brokerage–(continued)
Morgan Stanley		1,986	$       163,189
			618,580
IT Consulting & Other Services–1.01%
Accenture PLC, Class A		4,661	1,323,258
Amdocs Ltd.		7,397	638,435
Cognizant Technology Solutions Corp., Class A		9,434	587,266
Gartner, Inc.(c)		1,992	601,425
International Business Machines Corp.		5,518	763,084
			3,913,468
Life & Health Insurance–0.34%
Aflac, Inc.		3,519	229,122
Brighthouse Financial, Inc.(c)		3,302	188,445
MetLife, Inc.		1,756	128,557
Principal Financial Group, Inc.		2,688	236,893
Unum Group		11,294	514,894
			1,297,911
Life Sciences Tools & Services–0.71%
Agilent Technologies, Inc.		2,075	287,076
Danaher Corp.		3,666	922,622
IQVIA Holdings, Inc.(c)		744	155,995
Mettler-Toledo International, Inc.(c)		161	203,654
PerkinElmer, Inc.		711	94,975
Thermo Fisher Scientific, Inc.(b)		1,196	614,708
Waters Corp.(c)		1,278	382,339
West Pharmaceutical Services, Inc.		317	72,942
			2,734,311
Managed Health Care–0.64%
Centene Corp.(c)		2,934	249,771
Elevance Health, Inc.		966	528,180
Humana, Inc.		275	153,472
Molina Healthcare, Inc.(c)		805	288,882
UnitedHealth Group, Inc.		2,265	1,257,415
			2,477,720
Marine–0.00%
Harvey Gulf International Marine LLC(d)		731	16,448
Movies & Entertainment–0.31%
Liberty Media Corp.-Liberty Formula One, Class C(b)(c)		5,217	301,177
Netflix, Inc.(c)		787	229,710
Walt Disney Co. (The)(c)		1,574	167,694
Warner Bros Discovery, Inc.(c)		9,221	119,873
World Wrestling Entertainment, Inc., Class A(b)		4,950	390,505
			1,208,959
Multi-Sector Holdings–0.59%
Berkshire Hathaway, Inc., Class B(c)		7,738	2,283,406
Multi-Utilities–0.75%
Ameren Corp.		3,281	267,467
CMS Energy Corp.		3,699	211,028
Consolidated Edison, Inc.		9,187	808,089
Dominion Energy, Inc.		9,783	684,517
DTE Energy Co.		2,702	302,921

	Shares		Value
Multi-Utilities–(continued)
Public Service Enterprise Group, Inc.		2,804	$       157,220
Sempra Energy		1,312	198,033
WEC Energy Group, Inc.		2,923	266,958
			2,896,233
Oil & Gas Equipment & Services–0.06%
Halliburton Co.		6,597	240,263
Oil & Gas Exploration & Production–0.27%
ConocoPhillips		4,339	547,105
Devon Energy Corp.		3,088	238,857
EOG Resources, Inc.		637	86,963
Marathon Oil Corp.		5,842	177,889
Sabine Oil & Gas Holdings, Inc.(c)(d)		115	78
			1,050,892
Oil & Gas Refining & Marketing–0.26%
Marathon Petroleum Corp.		5,105	580,030
Valero Energy Corp.		3,422	429,632
			1,009,662
Oil & Gas Storage & Transportation–0.29%
Kinder Morgan, Inc.		31,455	569,965
Southcross Energy Partners L.P.(d)		17,192	129
Targa Resources Corp.		4,538	310,263
Williams Cos., Inc. (The)		7,696	251,890
			1,132,247
Packaged Foods & Meats–1.30%
Campbell Soup Co.		12,245	647,883
Flowers Foods, Inc.		7,278	208,951
General Mills, Inc.		9,350	762,773
Hershey Co. (The)(b)		4,986	1,190,507
Hormel Foods Corp.		2,977	138,282
JM Smucker Co. (The)		900	135,594
Kellogg Co.		6,526	501,327
Kraft Heinz Co. (The)		9,150	352,001
Mondelez International, Inc., Class A		11,036	678,493
Tyson Foods, Inc., Class A		6,202	423,907
			5,039,718
Personal Products–0.03%
Coty, Inc., Class A(c)		19,907	133,576
Pharmaceuticals–1.91%
Bristol-Myers Squibb Co.		15,099	1,169,720
Eli Lilly and Co.(b)		3,166	1,146,377
Johnson & Johnson		9,273	1,613,224
Merck & Co., Inc.		14,777	1,495,432
Pfizer, Inc.		31,828	1,481,593
Royalty Pharma PLC, Class A		3,422	144,819
Viatris, Inc.		17,522	177,498
Zoetis, Inc.		909	137,059
			7,365,722
Property & Casualty Insurance–0.49%
American Financial Group, Inc.		2,930	425,172
Chubb Ltd.		1,697	364,668
Fidelity National Financial, Inc.		4,967	195,601
Old Republic International Corp.(b)		16,790	389,696
Progressive Corp. (The)		2,759	354,256

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

11 Invesco Fundamental Alternatives Fund

	Shares		Value
Property & Casualty Insurance–(continued)
W.R. Berkley Corp.		2,376	$       176,727
			1,906,120
Publishing–0.13%
John Wiley & Sons, Inc., Class A		3,042	128,342
New York Times Co. (The), Class A		12,288	355,860
			484,202
Railroads–0.23%
CSX Corp.		6,264	182,032
Union Pacific Corp.		3,519	693,736
			875,768
Real Estate Services–0.04%
CBRE Group, Inc., Class A(c)		1,910	135,495
Regional Banks–0.25%
Fifth Third Bancorp		6,979	249,080
Regions Financial Corp.		10,439	229,136
Synovus Financial Corp.		4,236	168,805
Wintrust Financial Corp.		3,331	311,848
			958,869
Research & Consulting Services–0.17%
Booz Allen Hamilton Holding Corp.		4,735	515,405
Verisk Analytics, Inc.		826	151,017
			666,422
Residential REITs–0.11%
Essex Property Trust, Inc.		986	219,129
Mid-America Apartment Communities, Inc.		1,431	225,311
			444,440
Restaurants–0.59%
Chipotle Mexican Grill, Inc.(c)		76	113,873
Domino’s Pizza, Inc.		963	319,947
McDonald’s Corp.		5,011	1,366,300
Starbucks Corp.		1,846	159,845
Yum! Brands, Inc.		2,864	338,668
			2,298,633
Retail REITs–0.04%
Regency Centers Corp.		2,533	153,272
Semiconductor Equipment–0.26%
Amkor Technology, Inc.		7,641	158,856
Applied Materials, Inc.		5,263	464,670
KLA Corp.		811	256,641
Lam Research Corp.		298	120,625
			1,000,792
Semiconductors–0.98%
Advanced Micro Devices, Inc.(c)		2,947	176,997
Broadcom, Inc.		1,564	735,268
Intel Corp.		8,798	250,127
Microchip Technology, Inc.(b)		4,536	280,053
Micron Technology, Inc.		1,790	96,839
NVIDIA Corp.		4,272	576,592
NXP Semiconductors N.V. (China)		924	134,978
ON Semiconductor Corp.(b)(c)		4,978	305,798
QUALCOMM, Inc.		3,460	407,103

	Shares		Value
Semiconductors–(continued)
Texas Instruments, Inc.		5,101	$       819,374
			3,783,129
Soft Drinks–0.70%
Coca-Cola Co. (The)		18,908	1,131,644
Keurig Dr Pepper, Inc.		8,233	319,770
PepsiCo, Inc.		6,907	1,254,173
			2,705,587
Specialized Consumer Services–0.05%
Service Corp. International		3,423	207,468
Specialized REITs–0.49%
EPR Properties		4,246	163,896
Extra Space Storage, Inc.		3,328	590,520
Life Storage, Inc.		1,330	147,111
Public Storage(b)		1,604	496,839
SBA Communications Corp., Class A		476	128,473
Weyerhaeuser Co.		11,600	358,788
			1,885,627
Specialty Chemicals–0.20%
Celanese Corp.		895	86,027
DuPont de Nemours, Inc.		4,187	239,497
Eastman Chemical Co.		2,148	164,988
Sherwin-Williams Co. (The)		1,262	283,988
			774,500
Specialty Stores–0.04%
Ulta Beauty, Inc.(c)		360	150,973
Systems Software–1.82%
CommVault Systems, Inc.(c)		2,068	125,920
Dolby Laboratories, Inc., Class A		6,294	420,691
Fortinet, Inc.(c)		4,023	229,955
Microsoft Corp.		21,314	4,947,619
Oracle Corp.		10,829	845,420
Palo Alto Networks, Inc.(c)		537	92,144
Qualys, Inc.(c)		1,177	167,793
Teradata Corp.(c)		6,175	195,068
			7,024,610
Technology Distributors–0.04%
Arrow Electronics, Inc.(c)		1,544	156,345
Technology Hardware, Storage & Peripherals–1.77%
Apple, Inc.		40,427	6,199,076
Hewlett Packard Enterprise Co.		10,707	152,789
HP, Inc.		12,345	340,969
Pure Storage, Inc., Class A(b)(c)		5,147	158,836
			6,851,670
Textiles–0.00%
Sungard Availability Services Capital, Inc.(d)		225	29
Thrifts & Mortgage Finance–0.08%
Essent Group Ltd.		7,649	302,747
Tobacco–0.38%
Altria Group, Inc.		12,982	600,677
Philip Morris International, Inc.		9,287	853,011
			1,453,688

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

12 Invesco Fundamental Alternatives Fund

	Shares		Value
Trading Companies & Distributors–0.13%
United Rentals, Inc.(c)		680	$       214,683
Univar Solutions, Inc.(c)		6,777	172,678
Watsco, Inc.		376	101,881
			489,242
Trucking–0.43%
Knight-Swift Transportation Holdings, Inc.(b)		12,822	615,841
Landstar System, Inc.		2,804	438,041
Old Dominion Freight Line, Inc.		457	125,492
Ryder System, Inc.		2,804	225,750
Werner Enterprises, Inc.		6,898	270,401
			1,675,525
Water Utilities–0.04%
American Water Works Co., Inc.		1,195	173,681
Total Common Stocks & Other Equity Interests (Cost $118,981,497)			144,674,005
	Principal Amount
U.S. Treasury Securities–13.80%
U.S. Treasury Bills–0.13%
1.45% - 2.67%, 11/17/2022(e)	$	494,000	493,671
U.S. Treasury Notes–13.67%
0.13%, 12/15/2023		25,200,000	23,978,390
1.13%, 01/15/2025		10,000,000	9,298,047
0.38%, 12/31/2025		8,500,000	7,499,258
2.63%, 05/31/2027		12,950,000	12,072,840
			52,848,535
Total U.S. Treasury Securities (Cost $56,535,791)			53,342,206
U.S. Dollar Denominated Bonds & Notes–7.48%
Aerospace & Defense–0.14%
Boeing Co. (The),
2.75%, 02/01/2026		177,000	159,758
2.25%, 06/15/2026		200,000	175,205
General Dynamics Corp., 3.25%, 04/01/2025		200,000	192,261
			527,224
Agricultural & Farm Machinery–0.08%
Deere & Co., 2.75%, 04/15/2025		310,000	295,138
Airlines–0.14%
Delta Air Lines Pass-Through Trust, Series 2019-1, Class AA, 3.20%, 04/25/2024		400,000	383,799
Southwest Airlines Co., 3.45%, 11/16/2027		165,000	148,229
			532,028
Apparel Retail–0.02%
Ross Stores, Inc., 0.88%, 04/15/2026		100,000	86,079
Apparel, Accessories & Luxury Goods–0.02%
Tapestry, Inc., 4.13%, 07/15/2027		65,000	58,854
Application Software–0.08%
Adobe, Inc., 3.25%, 02/01/2025		300,000	290,258

	Principal   Amount			Value
Asset Management & Custody Banks–0.24%
FS KKR Capital Corp., 4.63%, 07/15/2024	$	242,000		$       232,460
Golub Capital BDC, Inc., 3.38%, 04/15/2024		200,000		190,427
Legg Mason, Inc., 4.75%, 03/15/2026		90,000		88,512
Main Street Capital Corp., 5.20%, 05/01/2024		200,000		195,148
Owl Rock Capital Corp., 5.25%, 04/15/2024		223,000		218,814
				925,361
Auto Parts & Equipment–0.05%
American Honda Finance Corp., 2.35%, 01/08/2027		225,000		200,188
Automobile Manufacturers–0.20%
General Motors Co.,
6.13%, 10/01/2025		75,000		74,736
4.20%, 10/01/2027		80,000		73,083
General Motors Financial Co., Inc.,
2.75%, 06/20/2025		300,000		276,211
5.25%, 03/01/2026		50,000		48,489
Toyota Motor Credit Corp.,
3.20%, 01/11/2027		130,000		120,335
1.15%, 08/13/2027		200,000		166,258
				759,112
Broadcasting–0.04%
Discovery Communications LLC, 3.80%, 03/13/2024		150,000		145,759
Cable & Satellite–0.04%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		150,000		145,717
Computer & Electronics Retail–0.04%
Dell International LLC/EMC Corp., 6.02%, 06/15/2026		170,000		169,825
Construction Machinery & Heavy Trucks–0.08%
Caterpillar Financial Services Corp., 1.10%, 09/14/2027		175,000		146,015
Wabtec Corp., 3.45%, 11/15/2026		200,000		180,085
				326,100
Consumer Finance–0.06%
American Express Co., 3.30%, 05/03/2027		170,000		154,106
Synchrony Financial, 3.95%, 12/01/2027		100,000		86,076
			��	240,182
Copper–0.02%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		100,000		95,403
Data Processing & Outsourced Services–0.13%
Automatic Data Processing, Inc., 3.38%, 09/15/2025(b)		305,000		293,814
Global Payments, Inc., 2.15%, 01/15/2027		145,000		123,875

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

13 Invesco Fundamental Alternatives Fund

	Principal   Amount		Value
Data Processing & Outsourced Services–(continued)
Western Union Co. (The), 1.35%, 03/15/2026	$	100,000	$         85,679
			503,368
Distillers & Vintners–0.04%
Constellation Brands, Inc., 3.70%, 12/06/2026		175,000	163,385
Diversified Banks–2.19%
Banco Santander S.A. (Spain),
2.75%, 05/28/2025		400,000	363,058
4.25%, 04/11/2027		200,000	180,708
Bank of America Corp.,
4.45%, 03/03/2026		269,000	258,237
3.50%, 04/19/2026		185,000	172,871
1.32%, 06/19/2026(f)		195,000	172,283
1.20%, 10/24/2026(f)		205,000	178,040
1.73%, 07/22/2027(f)		180,000	154,039
Series L, 4.18%, 11/25/2027		210,000	192,533
Barclays PLC (United Kingdom), 4.38%, 09/11/2024		494,000	469,620
Canadian Imperial Bank of Commerce (Canada), 2.25%, 01/28/2025(b)		402,000	374,627
Citigroup, Inc.,
3.11%, 04/08/2026(f)		297,000	277,390
1.12%, 01/28/2027(f)		185,000	157,415
1.46%, 06/09/2027(f)		210,000	178,020
4.45%, 09/29/2027		100,000	92,904
HSBC Holdings PLC (United Kingdom),
1.59%, 05/24/2027(f)		200,000	164,471
2.25%, 11/22/2027(f)		375,000	308,563
JPMorgan Chase & Co.,
2.30%, 10/15/2025(f)		425,000	396,588
2.01%, 03/13/2026(f)		200,000	182,466
2.08%, 04/22/2026(f)		200,000	182,171
4.25%, 10/01/2027		100,000	94,005
3.63%, 12/01/2027		165,000	149,205
Lloyds Banking Group PLC (United Kingdom),
3.90%, 03/12/2024		278,000	270,826
4.45%, 05/08/2025		305,000	292,507
Mitsubishi UFJ Financial Group, Inc. (Japan),
0.96%, 10/11/2025(f)		311,000	282,858
3.68%, 02/22/2027		165,000	151,544
3.29%, 07/25/2027		75,000	67,234
NatWest Group PLC (United Kingdom), 5.13%, 05/28/2024		554,000	540,251
PNC Bank N.A., 4.20%, 11/01/2025		380,000	366,672
Royal Bank of Canada (Canada), 4.65%, 01/27/2026		180,000	173,850
Sumitomo Mitsui Financial Group, Inc. (Japan),
2.35%, 01/15/2025(b)		397,000	369,752
2.63%, 07/14/2026		100,000	89,661
3.45%, 01/11/2027		60,000	54,757
U.S. Bancorp, 1.45%, 05/12/2025		148,000	135,323
Wells Fargo & Co.,
2.19%, 04/30/2026(f)		190,000	173,002
4.30%, 07/22/2027		175,000	163,812

	Principal   Amount		Value
Diversified Banks–(continued)
Westpac Banking Corp. (Australia),
3.30%, 02/26/2024(b)	$	502,000	$       492,655
3.35%, 03/08/2027		165,000	152,827
			8,476,745
Diversified Capital Markets–0.15%
Deutsche Bank AG (Germany),
3.70%, 05/30/2024		298,000	285,280
3.70%, 05/30/2024		303,000	292,777
			578,057
Diversified REITs–0.08%
GLP Capital L.P./GLP Financing II, Inc., 3.35%, 09/01/2024		327,000	306,722
Drug Retail–0.02%
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026		100,000	93,698
Electric Utilities–0.12%
Berkshire Hathaway Energy Co., 3.50%, 02/01/2025		190,000	184,134
Edison International, 5.75%, 06/15/2027		125,000	122,004
Pacific Gas and Electric Co.,
2.10%, 08/01/2027		75,000	61,725
3.30%, 12/01/2027		125,000	106,110
			473,973
Electrical Components & Equipment–0.02%
Emerson Electric Co., 1.80%, 10/15/2027		100,000	85,723
Electronic Equipment & Instruments–0.02%
Vontier Corp., 1.80%, 04/01/2026		100,000	83,000
Electronic Manufacturing Services–0.02%
Tyco Electronics Group S.A. (Switzerland), 3.13%, 08/15/2027		100,000	91,064
Financial Exchanges & Data–0.06%
Cboe Global Markets, Inc., 3.65%, 01/12/2027		80,000	74,957
Intercontinental Exchange, Inc., 3.10%, 09/15/2027		100,000	90,750
S&P Global, Inc., 2.45%, 03/01/2027(g)		85,000	76,223
			241,930
Health Care Facilities–0.21%
CommonSpirit Health, 1.55%, 10/01/2025		96,000	85,393
HCA, Inc., 5.00%, 03/15/2024		555,000	550,375
Universal Health Services, Inc., 1.65%, 09/01/2026(g)		200,000	167,766
			803,534
Health Care REITs–0.04%
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		179,000	171,655
Health Care Services–0.07%
Sutter Health, Series 20A, 1.32%, 08/15/2025		299,000	268,091

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

14 Invesco Fundamental Alternatives Fund

	Principal   Amount		Value
Home Improvement Retail–0.04%
Home Depot, Inc. (The), 2.50%, 04/15/2027	$	160,000	$       144,683
Homebuilding–0.02%
Lennar Corp., 4.75%, 11/29/2027		80,000	74,052
Hotel & Resort REITs–0.04%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026		150,000	140,135
Hotels, Resorts & Cruise Lines–0.03%
Hyatt Hotels Corp., 4.85%, 03/15/2026		133,000	127,515
Independent Power Producers & Energy Traders–0.15%
Enel Generacion Chile S.A. (Chile), 4.25%, 04/15/2024		600,000	588,654
Industrial Machinery–0.03%
Stanley Black & Decker, Inc., 3.40%, 03/01/2026		125,000	117,594
Insurance Brokers–0.04%
Willis North America, Inc., 4.65%, 06/15/2027		165,000	155,377
Integrated Oil & Gas–0.12%
BP Capital Markets America, Inc., 3.54%, 04/06/2027		165,000	153,628
Chevron USA, Inc., 1.02%, 08/12/2027		185,000	155,600
Exxon Mobil Corp., 3.29%, 03/19/2027		150,000	140,993
			450,221
Interactive Media & Services–0.14%
Weibo Corp. (China), 3.50%, 07/05/2024		585,000	552,195
Internet & Direct Marketing Retail–0.09%
Amazon.com, Inc., 3.30%, 04/13/2027(b)		350,000	328,765
Internet Services & Infrastructure–0.05%
VeriSign, Inc., 5.25%, 04/01/2025		200,000	198,201
Investment Banking & Brokerage–0.31%
Goldman Sachs Group, Inc. (The),
3.85%, 01/26/2027		165,000	153,067
1.54%, 09/10/2027(f)		150,000	125,977
1.95%, 10/21/2027(f)		100,000	85,029
Morgan Stanley,
2.72%, 07/22/2025(f)		150,000	141,639
3.63%, 01/20/2027		175,000	161,376
1.59%, 05/04/2027(f)		200,000	171,271
1.51%, 07/20/2027(f)		200,000	169,707
Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026		200,000	170,069
			1,178,135
IT Consulting & Other Services–0.14%
International Business Machines Corp.,
3.45%, 02/19/2026		200,000	189,812
3.30%, 05/15/2026		100,000	93,660
1.70%, 05/15/2027		100,000	85,955

	Principal   Amount		Value
IT Consulting & Other Services–(continued)
Kyndryl Holdings, Inc., 2.05%, 10/15/2026	$	225,000	$       176,121
			545,548
Life & Health Insurance–0.06%
Principal Financial Group, Inc., 3.40%, 05/15/2025		239,000	228,572
Multi-line Insurance–0.04%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		140,000	140,324
Multi-Utilities–0.04%
Public Service Enterprise Group, Inc., 2.88%, 06/15/2024		150,000	144,240
Office REITs–0.04%
Office Properties Income Trust, 2.65%, 06/15/2026		199,000	145,228
Oil & Gas Equipment & Services–0.02%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		100,000	89,681
Oil & Gas Refining & Marketing–0.04%
HF Sinclair Corp., 5.88%, 04/01/2026		140,000	136,275
Oil & Gas Storage & Transportation–0.15%
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		160,000	156,227
Energy Transfer L.P.,
3.90%, 05/15/2024		381,000	370,304
4.40%, 03/15/2027		65,000	60,362
			586,893
Other Diversified Financial Services–0.04%
Corebridge Financial, Inc., 3.65%, 04/05/2027(g)		170,000	154,082
Packaged Foods & Meats–0.07%
Conagra Brands, Inc., 1.38%, 11/01/2027		130,000	105,102
Tyson Foods, Inc., 4.00%, 03/01/2026		190,000	181,873
			286,975
Paper Packaging–0.02%
Berry Global, Inc., 1.57%, 01/15/2026		100,000	86,744
Pharmaceuticals–0.37%
Bristol-Myers Squibb Co., 0.75%, 11/13/2025		400,000	353,576
Merck & Co., Inc., 2.75%, 02/10/2025		184,000	175,883
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		435,000	415,353
Royalty Pharma PLC, 1.20%, 09/02/2025		275,000	242,725
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		200,000	182,314
Viatris, Inc., 2.30%, 06/22/2027		75,000	61,395
			1,431,246

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

15 Invesco Fundamental Alternatives Fund

	Principal   Amount		Value
Railroads–0.04%
Union Pacific Corp., 3.15%, 03/01/2024	$	150,000	$       146,579
Regional Banks–0.11%
Santander Holdings USA, Inc., 4.40%, 07/13/2027		100,000	90,450
Truist Financial Corp., 4.00%, 05/01/2025		350,000	339,290
			429,740
Residential REITs–0.02%
Spirit Realty L.P., 4.45%, 09/15/2026		90,000	83,999
Retail REITs–0.07%
Realty Income Corp., 4.88%, 06/01/2026		185,000	180,027
Simon Property Group L.P., 3.30%, 01/15/2026		95,000	88,652
			268,679
Semiconductor Equipment–0.10%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 2.70%, 05/01/2025		415,000	384,277
Semiconductors–0.05%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		100,000	91,985
Micron Technology, Inc., 4.19%, 02/15/2027		100,000	92,866
			184,851
Specialized REITs–0.13%
American Tower Corp.,
1.30%, 09/15/2025		200,000	176,307
3.65%, 03/15/2027		135,000	122,206
3.55%, 07/15/2027		135,000	120,747
EPR Properties, 4.75%, 12/15/2026		100,000	86,200
			505,460
Specialty Chemicals–0.02%
PPG Industries, Inc., 1.20%, 03/15/2026		100,000	86,690
Steel–0.05%
ArcelorMittal S.A. (Luxembourg), 4.55%, 03/11/2026		200,000	190,758
Technology Distributors–0.02%
Avnet, Inc., 4.63%, 04/15/2026		90,000	85,422
Technology Hardware, Storage & Peripherals–0.13%
Apple, Inc.,
3.25%, 02/23/2026		185,000	176,546
3.20%, 05/11/2027		175,000	164,017
HP, Inc., 1.45%, 06/17/2026		206,000	176,123
			516,686
Tobacco–0.10%
Altria Group, Inc., 4.40%, 02/14/2026		200,000	192,057

	Principal       Amount			Value
Tobacco–(continued)
B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026		$	200,000	$       177,912
				369,969
Trucking–0.04%
Ryder System, Inc., 3.65%, 03/18/2024			150,000	146,510
Water Utilities–0.09%
American Water Capital Corp., 3.85%, 03/01/2024			340,000	334,024
Total U.S. Dollar Denominated Bonds & Notes (Cost $31,743,948)				28,903,152
Non-U.S. Dollar Denominated Bonds & Notes–3.36%(h)
Aerospace & Defense–0.10%
Thales S.A. (France), 0.75%, 01/23/2025(g)		EUR	400,000	371,822
Agricultural Products–0.02%
Archer-Daniels-Midland Co., 1.00%, 09/12/2025		EUR	100,000	93,121
Apparel, Accessories & Luxury Goods–0.02%
PVH Corp., 3.13%, 12/15/2027(g)		EUR	100,000	84,655
Auto Parts & Equipment–0.02%
Magna International, Inc. (Canada), 1.50%, 09/25/2027		EUR	100,000	87,985
Automobile Manufacturers–0.16%
BMW Finance N.V. (Germany), 1.00%, 01/21/2025(g)		EUR	100,000	95,292
Mercedes-Benz International Finance B.V. (Germany), 2.00%, 08/22/2026(g)		EUR	70,000	66,680
Nissan Motor Co. Ltd. (Japan), 2.65%, 03/17/2026(g)		EUR	100,000	90,058
RCI Banque S.A. (France), 1.75%, 04/10/2026(g)		EUR	50,000	45,243
Volkswagen Financial Services AG (Germany),
0.13%, 02/12/2027(g)		EUR	150,000	125,658
2.25%, 10/01/2027(g)		EUR	100,000	91,022
Volkswagen Leasing GmbH (Germany),
1.50%, 06/19/2026(g)		EUR	35,000	31,959
0.38%, 07/20/2026(g)		EUR	75,000	65,159
				611,071
Brewers–0.06%
Anheuser-Busch InBev S.A./N.V. (Belgium), 2.88%, 09/25/2024(g)		EUR	242,000	238,967
Broadcasting–0.09%
ITV PLC (United Kingdom), 1.38%, 09/26/2026(g)		EUR	200,000	171,542
TDF Infrastructure S.A.S.U. (France), 2.50%, 04/07/2026(g)		EUR	200,000	176,700
				348,242
Cable & Satellite–0.05%
SES S.A. (Luxembourg), 1.63%, 03/22/2026(g)		EUR	200,000	178,364

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

16 Invesco Fundamental Alternatives Fund

	Principal   Amount			Value
Construction & Engineering–0.07%
Autoroutes du Sud de la France S.A. (France), 2.95%, 01/17/2024(g)		EUR	100,000	$         98,853
ISS Global A/S (Denmark), 0.88%, 06/18/2026(g)		EUR	100,000	87,281
Worley US Finance Sub Ltd. (Australia), 0.88%, 06/09/2026(g)		EUR	100,000	86,502
				272,636
Construction Machinery & Heavy Trucks–0.03%
Metso Outotec OYJ (Finland), 1.13%, 06/13/2024(g)		EUR	100,000	94,354
Construction Materials–0.02%
HeidelbergCement Finance (Luxembourg) S.A. (Germany), 1.63%, 04/07/2026(g)		EUR	70,000	64,433
Consumer Finance–0.08%
Santander Consumer Finance S.A. (Spain), 1.00%, 02/27/2024(g)		EUR	300,000	287,348
Data Processing & Outsourced Services–0.03%
Euronet Worldwide, Inc., 1.38%, 05/22/2026		EUR	110,000	94,024
Diversified Banks–1.07%
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 0.38%, 10/02/2024(g)		EUR	500,000	466,910
Banco Santander S.A. (Spain),
3.13%, 01/19/2027(g)		EUR	100,000	93,032
0.50%, 02/04/2027(g)		EUR	100,000	84,196
Bankinter S.A. (Spain), 0.88%, 07/08/2026(g)		EUR	100,000	86,579
Banque Federative du Credit Mutuel S.A. (France),
1.25%, 01/14/2025(g)		EUR	100,000	93,951
2.13%, 09/12/2026(g)		EUR	100,000	91,440
0.63%, 11/19/2027(g)		EUR	100,000	82,487
Belfius Bank S.A. (Belgium), 0.01%, 10/15/2025(g)		EUR	300,000	268,657
BNP Paribas S.A. (France),
1.50%, 11/17/2025(g)		EUR	100,000	92,178
2.88%, 10/01/2026(g)		EUR	200,000	187,387
0.25%, 04/13/2027(f)(g)		EUR	100,000	85,571
BPCE S.A. (France),
0.88%, 01/31/2024(g)		EUR	100,000	95,703
0.63%, 09/26/2024(g)		EUR	500,000	465,693
Cooperatieve Rabobank U.A. (Netherlands), 0.63%, 02/27/2024(g)		EUR	100,000	95,607
Credit Agricole S.A. (France),
1.00%, 09/16/2024(g)		EUR	100,000	95,290
1.38%, 03/13/2025(g)		EUR	300,000	281,997
0.38%, 10/21/2025(g)		EUR	100,000	90,453
de Volksbank N.V. (Netherlands), 0.01%, 09/16/2024(g)		EUR	200,000	185,957
ING Groep N.V. (Netherlands), 1.13%, 02/14/2025(g)		EUR	100,000	93,940
KBC Group N.V. (Belgium), 1.13%, 01/25/2024(g)		EUR	100,000	95,922
Mediobanca Banca di Credito Finanziario S.p.A. (Italy), 0.88%, 01/15/2026(g)		EUR	100,000	88,865

	Principal   Amount			Value
Diversified Banks–(continued)
National Australia Bank Ltd. (Australia), 1.25%, 05/18/2026(g)		EUR	100,000	$         92,481
Nordea Bank Abp (Finland), 1.13%, 02/12/2025(g)		EUR	100,000	94,790
OP Corporate Bank PLC (Finland), 0.38%, 02/26/2024(g)		EUR	121,000	115,167
Skandinaviska Enskilda Banken AB (Sweden), 0.75%, 08/09/2027(g)		EUR	300,000	255,171
Standard Chartered PLC (United Kingdom), 0.90%, 07/02/2027(f)(g)		EUR	100,000	86,327
Swedbank AB (Sweden), 0.30%, 05/20/2027(f)(g)		EUR	200,000	172,135
Volkswagen Bank GmbH (Germany), 2.50%, 07/31/2026(g)		EUR	100,000	93,246
				4,131,132
Diversified Capital Markets–0.07%
Deutsche Bank AG (Germany),
2.63%, 02/12/2026(g)		EUR	100,000	91,192
0.75%, 02/17/2027(f)(g)		EUR	100,000	84,144
Macquarie Group Ltd. (Australia), 0.63%, 02/03/2027(g)		EUR	100,000	84,190
				259,526
Diversified Chemicals–0.07%
BASF SE (Germany),
2.50%, 01/22/2024(g)		EUR	80,000	78,832
0.25%, 06/05/2027(g)		EUR	200,000	172,156
				250,988
Diversified Support Services–0.05%
APRR S.A. (France), 1.50%, 01/15/2024(g)		EUR	200,000	193,831
Electric Utilities–0.11%
AusNet Services Holdings Pty. Ltd. (Australia), 1.50%, 02/26/2027(g)		EUR	200,000	178,340
EDP Finance B.V. (Portugal), 1.50%, 11/22/2027(g)		EUR	100,000	89,067
Elenia Verkko OYJ (Finland), 0.38%, 02/06/2027(g)		EUR	200,000	167,835
				435,242
Food Retail–0.02%
ELO SACA (France), 2.88%, 01/29/2026(g)		EUR	100,000	92,187
Gas Utilities–0.05%
2i Rete Gas S.p.A. (Italy), 1.75%, 08/28/2026(g)		EUR	115,000	102,552
APA Infrastructure Ltd. (Australia), 2.00%, 03/22/2027(g)		EUR	100,000	88,905
				191,457
Health Care Equipment–0.05%
Becton, Dickinson and Co., 1.90%, 12/15/2026		EUR	100,000	92,405
Zimmer Biomet Holdings, Inc., 2.43%, 12/13/2026		EUR	100,000	92,450
				184,855

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

17 Invesco Fundamental Alternatives Fund

	Principal   Amount			Value
Health Care Services–0.01%
Fresenius Medical Care AG & Co. KGaA (Germany), 0.63%, 11/30/2026(g)		EUR	50,000	$         43,139
Health Care Supplies–0.03%
EssilorLuxottica S.A. (France), 2.38%, 04/09/2024(g)		EUR	100,000	98,382
Hotels, Resorts & Cruise Lines–0.02%
InterContinental Hotels Group PLC (United Kingdom), 2.13%, 05/15/2027(g)		EUR	100,000	88,229
Household Appliances–0.02%
Whirlpool Finance Luxembourg S.a.r.l., 1.10%, 11/09/2027		EUR	100,000	84,924
Household Products–0.01%
Procter & Gamble Co. (The), 4.88%, 05/11/2027		EUR	50,000	53,327
Integrated Oil & Gas–0.10%
Eni S.p.A. (Italy), 1.00%, 03/14/2025(g)		EUR	179,000	168,116
Shell International Finance B.V. (Netherlands), 0.38%, 02/15/2025(g)		EUR	222,000	206,737
				374,853
Integrated Telecommunication Services–0.02%
Vantage Towers AG (Germany), 0.38%, 03/31/2027(g)		EUR	100,000	83,250
IT Consulting & Other Services–0.09%
DXC Technology Co., 1.75%, 01/15/2026		EUR	100,000	91,622
International Business Machines Corp., 1.25%, 01/29/2027		EUR	300,000	272,032
				363,654
Life & Health Insurance–0.07%
Ethias S.A. (Belgium), 5.00%, 01/14/2026(g)		EUR	100,000	95,028
New York Life Global Funding, 0.25%, 01/23/2027(g)		EUR	200,000	171,614
				266,642
Multi-line Insurance–0.04%
Cloverie PLC for Zurich Insurance Co. Ltd. (Switzerland), 1.75%, 09/16/2024(g)		EUR	150,000	143,432
Multi-Sector Holdings–0.07%
Berkshire Hathaway, Inc., 1.13%, 03/16/2027		EUR	200,000	177,392
Groupe Bruxelles Lambert N.V. (Belgium), 1.88%, 06/19/2025(g)		EUR	100,000	94,787
				272,179
Office REITs–0.11%
Globalworth Real Estate Investments Ltd. (Poland), 2.95%, 07/29/2026(g)		EUR	100,000	76,694
Inmobiliaria Colonial SOCIMI S.A. (Spain), 1.63%, 11/28/2025(g)		EUR	400,000	363,619
				440,313

	Principal   Amount			Value
Other Diversified Financial Services–0.14%
Clearstream Banking AG (Germany), 0.01%, 12/01/2025(g)		EUR	200,000	$       180,279
JAB Holdings B.V. (Austria), 1.75%, 06/25/2026(g)		EUR	100,000	90,263
LeasePlan Corp. N.V. (Netherlands), 3.50%, 04/09/2025(g)		EUR	294,000	282,320
				552,862
Packaged Foods & Meats–0.02%
JDE Peet’s N.V. (Netherlands), 0.01%, 01/16/2026(g)		EUR	100,000	86,496
Paper Products–0.03%
Smurfit Kappa Acquisitions ULC (Ireland), 2.88%, 01/15/2026(g)		EUR	100,000	95,084
Pharmaceuticals–0.12%
Bayer AG (Germany), 0.38%, 07/06/2024(g)		EUR	400,000	377,632
Novartis Finance S.A. (Switzerland), 1.63%, 11/09/2026(g)		EUR	100,000	93,690
				471,322
Precious Metals & Minerals–0.02%
Anglo American Capital PLC (South Africa), 1.63%, 03/11/2026(g)		EUR	100,000	91,173
Real Estate Operating Companies–0.04%
CPI Property Group S.A. (Czech Republic), 2.75%, 05/12/2026(g)		EUR	100,000	76,094
Samhallsbyggnadsbolaget i Norden AB (Sweden), 1.13%, 09/04/2026(g)		EUR	100,000	72,382
				148,476
Renewable Electricity–0.02%
Southern Power Co., 1.85%, 06/20/2026		EUR	100,000	92,512
Restaurants–0.04%
Sodexo S.A. (France), 0.75%, 04/27/2025(g)		EUR	170,000	157,283
Specialized REITs–0.02%
American Tower Corp., 1.95%, 05/22/2026		EUR	100,000	91,667
Thrifts & Mortgage Finance–0.06%
Aareal Bank AG (Germany), 0.50%, 04/07/2027(g)		EUR	300,000	234,429
Tobacco–0.02%
Imperial Brands Finance PLC (United Kingdom), 3.38%, 02/26/2026(g)		EUR	100,000	92,670
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $16,712,434)				12,992,538
Variable Rate Senior Loan Interests–0.01%(i)(j)
Advertising–0.01%
Checkout Holding Corp., Term Loan, 10.62%, 02/15/2023		$	72,995	60,525
PIK Term Loan, 9.50% PIK Rate, 3.37% Cash Rate, 08/15/2023(k)			6,658	1,999
				62,524

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

18 Invesco Fundamental Alternatives Fund

	Principal   Amount		Value
Integrated Oil & Gas–0.00%
Lealand Finance Co. B.V., PIK Term Loan, 2.67% PIK Rate, 3.37% Cash Rate, 06/30/2025(k)	$	782	$              418
Total Variable Rate Senior Loan Interests (Cost $78,580)			62,942
		Shares
Preferred Stocks–0.00%
Oil & Gas Storage & Transportation–0.00%
Southcross Energy Partners L.P., Series A, Pfd. (Cost $68,449)(d)		68,466	3,766
Money Market Funds–24.95%
Invesco Treasury Portfolio, Institutional Class, 3.08%(l)(m) (Cost $96,450,226)		96,450,226	96,450,226
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-87.03% (Cost $320,570,925)			336,428,835

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.47%
Invesco Private Government Fund, 3.18%(l)(m)(n)		3,757,237	$    3,757,237
Invesco Private Prime Fund, 3.28%(l)(m)(n)		9,659,107	9,659,107
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,415,871)			13,416,344
TOTAL INVESTMENTS IN SECURITIES–90.50% (Cost $333,986,796)			349,845,179
OTHER ASSETS LESS LIABILITIES–9.50%			36,707,517
NET ASSETS–100.00%			$386,552,696

Investment Abbreviations:

EUR Pfd. PIK REIT Wts. - Euro - Preferred - Pay-in-Kind - Real Estate Investment Trust - 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 October 31, 2022.

^(c) Non-income producing security.

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

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

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

^(g)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $12,067,148, which represented 3.12% of the Fund’s Net Assets.

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

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

^(j) Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

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

^(l) 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 fiscal year ended October 31, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Treasury Portfolio, Institutional Class		$	31,020,428		$	251,297,988		$	(185,868,190	)		$      -		$        -		$	96,450,226		$	836,765

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

19 Invesco Fundamental Alternatives Fund

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	756,501		$	76,893,733		$	(73,892,997	)		$      -		$          -		$	3,757,237		$	31,108	*
Invesco Private Prime Fund			1,765,170			134,702,787			(126,806,188	)		473		(3,135)			9,659,107			83,298	*
Total		$	33,542,099		$	462,894,508		$	(386,567,375	)		$473		$(3,135)		$	109,866,570		$	951,171

* 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 October 31, 2022.

⁽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 Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Gasoline Reformulated Blendstock Oxygenate Blending		13		November-2022	$	1,379,032		$	27,437		$	27,437
Low Sulphur Gas Oil		23		December-2022		2,345,425			161,342			161,342
Natural Gas		15		November-2022		953,250			(209,899	)		(209,899	)
Subtotal									(21,120	)		(21,120	)
Interest Rate Risk
Australia 10 Year Bonds		218		December-2022		16,521,516			(213,376	)		(213,376	)
Canada 10 Year Bonds		165		December-2022		14,900,686			(227,565	)		(227,565	)
Euro-Bund		58		December-2022		7,935,171			(395,850	)		(395,850	)
Japan 10 Year Bonds		5		December-2022		5,002,522			5,845			5,845
Long Gilt		89		December-2022		10,423,914			(554,271	)		(554,271	)
U.S. Treasury 2 Year Notes		36		December-2022		7,357,781			(102,790	)		(102,790	)
U.S. Treasury 5 Year Notes		92		December-2022		9,806,625			(375,667	)		(375,667	)
U.S. Treasury Long Bonds		29		December-2022		3,494,500			(360,809	)		(360,809	)
Subtotal									(2,224,483	)		(2,224,483	)
Subtotal–Long Futures Contracts									(2,245,603	)		(2,245,603	)
Short Futures Contracts
Commodity Risk
Coffee ’C’		2		March-2023		(130,538	)		24,585			24,585
Corn		5		December-2022		(172,875	)		(3,189	)		(3,189	)
Cotton No. 2		9		December-2022		(324,000	)		48,862			48,862
Gold 100 oz.		41		December-2022		(6,726,870	)		550,478			550,478
LME Aluminum		68		December-2022		(3,784,200	)		392,345			392,345
Silver		33		December-2022		(3,154,635	)		146,677			146,677
Soybean		6		July-2023		(431,475	)		(11,045	)		(11,045	)
Soybean Oil		8		December-2022		(351,408	)		(46,931	)		(46,931	)
Sugar No. 11		7		February-2023		(140,885	)		(4,339	)		(4,339	)
Wheat		3		December-2022		(132,337	)		5,567			5,567
Subtotal									1,103,010			1,103,010
Equity Risk
E-Mini Russell 2000 Index		41		December-2022		(3,798,650	)		(294,818	)		(294,818	)
E-Mini S&P 500 Index		362		December-2022		(70,282,300	)		1,889,850			1,889,850
EURO STOXX 50 Index		85		December-2022		(3,039,164	)		(172,057	)		(172,057	)
MSCI Emerging Markets Index		24		December-2022		(1,024,320	)		37,495			37,495
Tokyo Stock Price Index		14		December-2022		(1,813,376	)		(34,426	)		(34,426	)
Subtotal									1,426,044			1,426,044

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

20 Invesco Fundamental Alternatives Fund

Open Futures Contracts(a)–(continued)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value		Unrealized Appreciation (Depreciation)
Interest Rate Risk
Euro-Bobl		55		December-2022	$	(6,504,511	)	$	176,000	$	176,000
Euro-Schatz		38		December-2022		(4,015,782	)		32,733		32,733
Subtotal									208,733		208,733
Subtotal–Short Futures Contracts									2,737,787		2,737,787
Total Futures Contracts								$	492,184	$	492,184

^(a)  Futures contracts collateralized by $7,692,808 cash held with Merrill Lynch International, the futures commission merchant.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
Currency Risk
11/17/2022	Bank of America, N.A.		EUR	192,000		USD	191,255	$	1,312
11/17/2022	Bank of America, N.A.		USD	175,851		EUR	181,000		3,209
11/17/2022	J.P. Morgan Chase Bank, N.A.		USD	93,349		EUR	96,000		1,624
11/17/2022	Morgan Stanley and Co. International PLC		EUR	13,060,000		USD	13,548,871		628,760
Subtotal–Appreciation									634,905
Currency Risk
11/17/2022	Bank of America, N.A.		EUR	141,500		USD	138,291		(1,694	)
11/17/2022	Bank of America, N.A.		USD	208,900		EUR	209,000		(2,138	)
11/17/2022	BNP Paribas S.A.		USD	15,060		EUR	15,000		(221	)
11/17/2022	Deutsche Bank AG		USD	129,903		EUR	130,000		(1,295	)
11/17/2022	Goldman Sachs International		USD	167,747		EUR	166,000		(3,525	)
11/17/2022	Morgan Stanley and Co. International PLC		EUR	698,493		USD	682,000		(9,011	)
Subtotal–Depreciation									(17,884	)
Total Forward Foreign Currency Contracts								$	617,021

Open Centrally Cleared Credit Default Swap Agreements(a)

Reference Entity

Buy/Sell Protection

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Implied Credit Spread(b)

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation

Credit Risk

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

Sell

5.00%

Quarterly

06/20/2027

4.793%

USD  5,064,840

$(53,070)

$43,954

$97,024

^(a)  Centrally cleared swap agreements collateralized by $488,381 cash held with Citigroup Global Markets, Inc.

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

21 Invesco Fundamental Alternatives Fund

Open Over-The-Counter Total Return Swap Agreements(a)
Counterparty	Pay/ Receive	Reference  Entity(b)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Canadian Imperial Bank of Commerce	Pay	CIBC LME Copper Standard Roll Excess Return Index		0.06	%		Monthly		5,490		March–2023		USD	2,390,734		$–		$36,831			$36,831
Merrill Lynch International	Pay	Merrill Lynch Soybean Meal Index		0.05			Monthly		560		October–2023		USD	464,639		–		0			0
Royal Bank of Canada	Receive	RBC Enhanced Crude Oil 01 Excess Return Index		0.30			Monthly		3,430		August–2023		USD	1,172,658		–		0			0
Subtotal – Appreciation																–		36,831			36,831
Commodity Risk
BNP Paribas S.A.	Receive	BNP Paribas Commodity Daily Dynamic Curve CO Index		0.25			Monthly		1,870		August–2023		USD	1,121,214		–		(19,434	)		(19,434	)
UBS AG	Receive	UBS Modified Roll Select Heating Oil Strategy		0.30			Monthly		15,900		December–2022		USD	2,116,616		–		(17,420	)		(17,420	)
Subtotal – Depreciation																–		(36,854	)		(36,854	)
Total – Total Return Swap Agreements																$–		$     (23	)		$    (23	)

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

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

Reference Entity Components
Reference Entity	Underlying Components	Percentage
Canadian Imperial Bank of Commerce LME Copper Standard Roll Excess Return Index
	Long Futures Contracts
	Copper	100.00%
Merrill Lynch Soybean Meal Index
	Long Futures Contracts
	Soybean Meal	100.00%
RBC Enhanced Crude Oil 01 Excess Return Index
	Long Futures Contracts
	Crude Oil	100.00%
BNP Paribas Commodity Daily Dynamic Curve CO Index
	Long Futures Contracts
	Brent Crude	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.

22 Invesco Fundamental Alternatives Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $224,120,699)*	$239,978,609
Investments in affiliated money market funds, at value (Cost $109,866,097)	109,866,570
Other investments:
Variation margin receivable – non-LME futures contracts	1,996,696
Unrealized appreciation on LME futures contracts	392,345
Swaps receivable – OTC	103,428
Unrealized appreciation on swap agreements – OTC	36,831
Unrealized appreciation on forward foreign currency contracts outstanding	634,905
Deposits with brokers:
Cash collateral – exchange-traded futures contracts	7,692,808
Cash collateral – centrally cleared swap agreements	488,381
Cash	38,383,087
Foreign currencies, at value (Cost $74,625)	75,994
Receivable for:
Investments sold	294,262
Fund shares sold	61,979
Dividends	656,923
Interest	615,304
Investment for trustee deferred compensation and retirement plans	98,457
Other assets	43,875
Total assets	401,420,454
Liabilities:
Other investments:
Variation margin payable – centrally cleared swap agreements	366,644
Unrealized depreciation on forward foreign currency contracts outstanding	17,884
Swaps payable – OTC	22,056
Unrealized depreciation on swap agreements–OTC	36,854
Payable for:
Investments purchased	101,148
Fund shares reacquired	394,976
Collateral upon return of securities loaned	13,415,871
Accrued fees to affiliates	229,390
Accrued trustees’ and officers’ fees and benefits	988
Accrued other operating expenses	135,774
Trustee deferred compensation and retirement plans	146,173
Total liabilities	14,867,758
Net assets applicable to shares outstanding	$386,552,696

Net assets consist of:
Shares of beneficial interest	$	362,129,534
Distributable earnings		24,423,162
	$	386,552,696
Net Assets:
Class A	$	304,850,273
Class C	$	13,915,773
Class R	$	10,727,874
Class Y	$	53,389,269
Class R5	$	9,410
Class R6	$	3,660,097
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,318,504
Class C		639,946
Class R		455,070
Class Y		2,104,204
Class R5		380
Class R6		143,487
Class A:
Net asset value per share	$	24.75
Maximum offering price per share (Net asset value of $24.75 ÷ 94.50%)	$	26.19
Class C:
Net asset value and offering price per share	$	21.75
Class R:
Net asset value and offering price per share	$	23.57
Class Y:
Net asset value and offering price per share	$	25.37
Class R5:
Net asset value and offering price per share	$	24.76
Class R6:
Net asset value and offering price per share	$	25.51

* At October 31, 2022, securities with an aggregate value of $13,016,184 were on loan to brokers.

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

23 Invesco Fundamental Alternatives Fund

Consolidated Statement of Operations

For the year ended October 31, 2022

Investment income:
Interest (net of foreign withholding taxes of $643)	$	1,143,337
Dividends (net of foreign withholding taxes of $70,058)		3,021,983
Dividends from affiliated money market funds (includes net securities lending income of $13,366)		850,131
Other income		12,381
Total investment income		5,027,832
Expenses:
Advisory fees		3,705,291
Administrative services fees		63,366
Custodian fees		56,446
Distribution fees:
Class A		830,571
Class C		166,778
Class R		58,134
Interest, facilities and maintenance fees		1
Transfer agent fees – A, C, R and Y		813,815
Transfer agent fees – R5		4
Transfer agent fees – R6		2,067
Trustees’ and officers’ fees and benefits		29,560
Registration and filing fees		80,987
Reports to shareholders		(70,211	)
Professional services fees		82,552
Other		41,640
Total expenses		5,861,001
Less: Fees waived and/or expense offset arrangement(s)		(69,042	)
Net expenses		5,791,959
Net investment income (loss)		(764,127	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		31,981,993
Affiliated investment securities		(3,135	)
Foreign currencies		(52,428	)
Forward foreign currency contracts		2,301,705
Futures contracts		(14,261,124	)
Swap agreements		(887,694	)
		19,079,317
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(56,061,193	)
Affiliated investment securities		473
Foreign currencies		(29,015	)
Forward foreign currency contracts		347,663
Futures contracts		7,193,219
Swap agreements		21,648
		(48,527,205	)
Net realized and unrealized gain (loss)		(29,447,888	)
Net increase (decrease) in net assets resulting from operations	$	(30,212,015	)

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

24 Invesco Fundamental Alternatives Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income (loss)	$	(764,127	)	$	(1,306,329	)
Net realized gain		19,079,317			18,893,465
Change in net unrealized appreciation (depreciation)		(48,527,205	)		19,228,818
Net increase (decrease) in net assets resulting from operations		(30,212,015	)		36,815,954
Distributions to shareholders from distributable earnings:
Class A		(10,053,694	)		(7,340,076	)
Class C		(437,899	)		(334,195	)
Class R		(337,935	)		(235,934	)
Class Y		(3,063,993	)		(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		(25,043,386	)		(35,215,742	)
Class C		(3,772,748	)		(8,816,984	)
Class R		(864,204	)		(1,493,496	)
Class Y		(42,113,326	)		(65,671,575	)
Class R5		100			–
Class R6		(2,569,837	)		(213,443,598	)
Net increase (decrease) in net assets resulting from share transactions		(74,363,401	)		(324,641,395	)
Net increase (decrease) in net assets		(118,669,872	)		(303,420,323	)
Net assets:
Beginning of year		505,222,568			808,642,891
End of year	$	386,552,696		$	505,222,568

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

25 Invesco Fundamental Alternatives Fund

Consolidated Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(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
Year ended 10/31/22		$27.26		$(0.05	)		$(1.69	)		$(1.74	)		$(0.77	)		$24.75		(6.60	)%		$304,850		1.33	%		1.34	%		1.33	%		(0.20	)%		29	%
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
Class C
Year ended 10/31/22		24.02		(0.21	)		(1.50	)		(1.71	)		(0.56	)		21.75		(7.32	)		13,916		2.08			2.09			2.08			(0.95	)		29
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
Class R
Year ended 10/31/22		26.00		(0.11	)		(1.62	)		(1.73	)		(0.70	)		23.57		(6.87	)		10,728		1.58			1.59			1.58			(0.45	)		29
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
Class Y
Year ended 10/31/22		27.94		0.02			(1.75	)		(1.73	)		(0.84	)		25.37		(6.41	)		53,389		1.08			1.09			1.08			0.05			29
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
Class R5
Year ended 10/31/22		27.29		0.05			(1.69	)		(1.64	)		(0.89	)		24.76		(6.25	)		9		0.93			0.94			0.93			0.20			29
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(e)		26.56		0.35			(0.04	)		0.31			–			26.87		1.17			10		1.25	(f)		1.35	(f)		1.02	(f)		2.97	(f)		289
Class R6
Year ended 10/31/22		28.09		0.06			(1.75	)		(1.69	)		(0.89	)		25.51		(6.25	)		3,660		0.93			0.94			0.93			0.20			29
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

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

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

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

^(f)  Annualized.

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

26 Invesco Fundamental Alternatives Fund

Notes to Consolidated Financial Statements

October 31, 2022

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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

27 Invesco Fundamental Alternatives Fund

other public health issues, war, acts of terrorism, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

28 Invesco Fundamental Alternatives Fund

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 short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, the Fund paid the Adviser $1,078 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations.

L. Securities Sold Short – The Fund may enter into short sales of securities which it concurrently holds (against the box) or for which it holds no corresponding position (naked). Securities sold short represent a liability of the Fund to acquire specific securities at prevailing market prices at a future date in order to satisfy the obligation to deliver the securities sold. The liability is recorded on the books of the Fund at the market value of the common stock determined each day in accordance with the procedures for security valuations. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates.

The Fund is required to segregate cash or securities as collateral in margin accounts at a level that is equal to the obligation to the broker who delivered such securities to the buyer on behalf of the Fund. The Short stock rebate, if any, presented in the Consolidated Statement of Operations represents the net income earned on short sale proceeds held on deposit with the broker and margin interest earned or incurred on short sale transactions. Margin interest is the income earned (or expense incurred) as a result of the market value of securities sold short being less than (or greater than) the proceeds received from the short sales.

M. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the 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.

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

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

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 for hedging 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.

O. 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

29 Invesco Fundamental Alternatives Fund

currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument or asset. 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.

P. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index, such as the Consumer Price Index, over the term of the swap, and the other party pays a compounded fixed rate.

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

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

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

A volatility swap involves an exchange between the Fund and a Counterparty of periodic payments based on the measured volatility of an underlying security, currency, commodity, interest rate, index or other reference asset over a specified time frame. Depending on the structure of the swap, either the Fund’s or the Counterparty’s payment obligation will typically be based on the realized volatility of the reference asset as measured by changes in its price or level over a specified time period, while the other party’s payment obligation will be based on a specified rate representing expected volatility for the reference asset at the time the swap is executed, or the measured volatility of a different reference asset over a specified time period. The Fund will typically make or lose money on a volatility swap depending on the magnitude of the reference asset’s volatility, or size of the movements in its price, over a specified time period, rather than general increases or decreases in the price of the reference asset. Volatility swaps are often used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of other investments held by the Fund. Variance swaps are similar to volatility swaps, except payments are based on the difference between the implied and measured volatility mathematically squared.

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain

30 Invesco Fundamental Alternatives Fund

(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. 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 October 31, 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. Bank Loan Risk – Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

R. 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 – During the period, the Fund experienced a low interest rate environment 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.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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 $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 year ended October 31, 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.

31 Invesco Fundamental Alternatives 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 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 year ended October 31, 2022, the Adviser waived advisory fees of $63,620.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $24,776 in front-end sales commissions from the sale of Class A shares and $90 and $149 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	144,656,800	$	460	$	16,745	$	144,674,005
U.S. Treasury Securities		–		53,342,206		–		53,342,206
U.S. Dollar Denominated Bonds & Notes		–		28,903,152		–		28,903,152
Non-U.S. Dollar Denominated Bonds & Notes		–		12,992,538		–		12,992,538
Variable Rate Senior Loan Interests		–		62,942		–		62,942
Preferred Stocks		–		–		3,766		3,766
Money Market Funds		96,450,226		13,416,344		–		109,866,570
Total Investments in Securities		241,107,026		108,717,642		20,511		349,845,179

32 Invesco Fundamental Alternatives Fund

	Level 1			Level 2			Level 3			Total
Other Investments - Assets*
Futures Contracts	$	3,499,216		$	–		$	–		$	3,499,216
Forward Foreign Currency Contracts		–			634,905			–			634,905
Swap Agreements		–			133,855			–	��		133,855
		3,499,216			768,760			–			4,267,976
Other Investments - Liabilities*
Futures Contracts		(3,007,032	)		–			–			(3,007,032	)
Forward Foreign Currency Contracts		–			(17,884	)		–			(17,884	)
Swap Agreements		–			(36,854	)		–			(36,854	)
		(3,007,032	)		(54,738	)		–			(3,061,770	)
Total Other Investments		492,184			714,022			–			1,206,206
Total Investments	$	241,599,210		$	109,431,664		$	20,511		$	351,051,385

* 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 October 31, 2022:

	Value
Derivative Assets	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	1,357,293		$	–		$	–		$	1,927,345		$	214,578		$	3,499,216
Unrealized appreciation on swap agreements – Centrally Cleared(a)		–			97,024			–			–			–			97,024
Unrealized appreciation on forward foreign currency contracts outstanding		–			–			634,905			–			–			634,905
Unrealized appreciation on swap agreements – OTC		36,831			–			–			–			–			36,831
Total Derivative Assets		1,394,124			97,024			634,905			1,927,345			214,578			4,267,976
Derivatives not subject to master netting agreements		(1,357,293	)		(97,024	)		–			(1,927,345	)		(214,578	)		(3,596,240	)
Total Derivative Assets subject to master netting agreements	$	36,831		$	–		$	634,905		$	–		$	–		$	671,736
				Value
Derivative Liabilities				Commodity Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)				$	(275,403	)	$	–		$	(501,301	)	$	(2,230,328	)	$	(3,007,032	)
Unrealized depreciation on forward foreign currency contracts outstanding					–			(17,884	)		–			–			(17,884	)
Unrealized depreciation on swap agreements – OTC					(36,854	)		–			–			–			(36,854	)
Total Derivative Liabilities					(312,257	)		(17,884	)		(501,301	)		(2,230,328	)		(3,061,770	)
Derivatives not subject to master netting agreements					275,403			–			501,301			2,230,328			3,007,032
Total Derivative Liabilities subject to master netting agreements				$	(36,854	)	$	(17,884	)	$	–		$	–		$	(54,738	)

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

33 Invesco Fundamental Alternatives Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 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(a)
Fund
Bank of America, N.A.		$    4,521		$           -		$    4,521		$  (3,832	)		$           -			$(3,832	)		$       689			$-		$-		$       689
BNP Paribas S.A.		-		-		-		(221	)		-			(221	)		(221	)		-		-		(221	)
Deutsche Bank AG		-		-		-		(1,295	)		-			(1,295	)		(1,295	)		-		-		(1,295	)
Goldman Sachs International		-		-		-		(3,525	)		-			(3,525	)		(3,525	)		-		-		(3,525	)
J.P. Morgan Chase Bank, N.A.		1,624		-		1,624		-			-			-			1,624			-		-		1,624
Morgan Stanley and Co. International PLC		628,760		-		628,760		(9,011	)		-			(9,011	)		619,749			-		-		619,749
Subtotal - Fund		634,905		-		634,905		(17,884	)		-			(17,884	)		617,021			-		-		617,021
Subsidiary
BNP Paribas S.A.		-		-		-		-			(19,599	)		(19,599	)		(19,599	)		-		-		(19,599	)
Canadian Imperial Bank of Commerce		-		36,831		36,831		-			(81	)		(81	)		36,750			-		-		36,750
Merrill Lynch International		-		-		-		-			(21,186	)		(21,186	)		(21,186	)		-		-		(21,186	)
Royal Bank of Canada		-		103,428		103,428		-			(281	)		(281	)		103,147			-		-		103,147
UBS AG		-		-		-		-			(17,763	)		(17,763	)		(17,763	)		-		-		(17,763	)
Subtotal - Subsidiary		-		140,259		140,259		-			(58,910	)		(58,910	)		81,349			-		-		81,349
Total		$634,905		$140,259		$775,164		$(17,884	)		$(58,910	)		$(76,794	)		$698,370			$-		$-		$698,370

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

Effect of Derivative Investments for the year ended October 31, 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	$	-		$	-		$	2,301,705	$	-		$	-		$	2,301,705
Futures contracts		(1,974,547	)		-			-		(570,680	)		(11,715,897	)		(14,261,124	)
Swap agreements		(609,216	)		(278,478	)		-		-			-			(887,694	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			-			347,663		-			-			347,663
Futures contracts		1,269,712			-			-		4,758,923			1,164,584			7,193,219
Swap agreements		(8,650	)		30,298			-		-			-			21,648
Total	$	(1,322,701	)	$	(248,180	)	$	2,649,368	$	4,188,243		$	(10,551,313	)	$	(5,284,583	)

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	$15,914,111	$219,145,999	$13,899,204

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,422.

34 Invesco Fundamental Alternatives 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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	14,046,440	$	15,594,882
Long-term capital gain		48,016		–
Total distributions	$	14,094,456	$	15,594,882

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Undistributed long-term capital gain	$	9,315,006
Net unrealized appreciation – investments		15,238,737
Net unrealized appreciation – foreign currencies		13,529
Temporary book/tax differences		(144,110	)
Shares of beneficial interest		362,129,534
Total net assets	$	386,552,696

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, derivative instruments and subsidiary differences.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund does not have a capital loss carryforward as of October 31, 2022.

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 year ended October 31, 2022 was $79,732,032 and $207,061,973, 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	$	36,640,557
Aggregate unrealized (depreciation) of investments		(21,401,820	)
Net unrealized appreciation of investments	$	15,238,737

Cost of investments for tax purposes is $335,812,648.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses and income from the Subsidiary, on October 31, 2022, undistributed net investment income (loss) was increased by $874,443, undistributed net realized gain was increased by $7,843,489 and shares of beneficial interest was decreased by $8,717,932. This reclassification had no effect on the net assets of the Fund.

35 Invesco Fundamental Alternatives Fund

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		395,352		$	10,205,406			492,343		$	13,353,888
Class C		60,433			1,373,972			89,686			2,150,042
Class R		61,564			1,522,679			54,892			1,423,375
Class Y		295,017			7,871,209			885,300			24,573,086
Class R5		3			100			-			-
Class R6		34,256			914,617			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		91,844			2,343,122			210,260			5,670,904
Class C		(104,243	)		(2,343,122	)		(237,496	)		(5,670,904	)
Reacquired:
Class A		(1,823,686	)		(47,063,684	)		(2,254,468	)		(61,159,418	)
Class C		(141,872	)		(3,223,941	)		(234,670	)		(5,615,876	)
Class R		(110,177	)		(2,722,349	)		(121,876	)		(3,150,374	)
Class Y		(1,994,015	)		(52,505,450	)		(3,368,547	)		(93,177,449	)
Class R6		(136,328	)		(3,635,581	)		(8,252,546	)		(229,935,359	)
Net increase (decrease) in share activity		(2,888,502	)	$	(74,363,401	)		(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 10% 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.

36 Invesco Fundamental Alternatives Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Fundamental Alternatives Fund

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Fundamental Alternatives Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related consolidated statement of operations for the year ended October 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the four years in the period ended October 31, 2022 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The consolidated financial statements of Oppenheimer Fundamental Alternatives Fund (subsequently renamed Invesco Fundamental Alternatives Fund) as of and for the year ended October 31, 2018 and the consolidated financial highlights for the year then ended (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated December 21, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

37 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 May 1, 2022 through October 31, 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 (05/01/22)	Ending Account Value (10/31/22)1	Expenses Paid During Period2	Ending Account Value (10/31/22)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$974.40	$6.72	$1,018.40	$6.87	1.35%
Class C	1,000.00	971.00	10.43	1,014.62	10.66	2.10
Class R	1,000.00	973.20	7.96	1,017.14	8.13	1.60
Class Y	1,000.00	975.40	5.48	1,019.66	5.60	1.10
Class R5	1,000.00	976.30	4.63	1,020.52	4.74	0.93
Class R6	1,000.00	976.70	4.68	1,020.47	4.79	0.94

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

38 Invesco Fundamental Alternatives Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Fundamental Alternatives Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. etailed follow-up requests for information submitted by the independent Trustees to management.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance.

The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the HFRX Global Hedge Fund Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe and noted specifically the varying characteristics of the Fund’s peer group constituents. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition

39 Invesco Fundamental Alternatives Fund

of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that certain factor exposures and emerging market equity exposure detracted from Fund performance. The Board also considered that the Fund underwent portfolio management and corresponding investment strategy changes in 2020. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in

business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the

fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

40 Invesco Fundamental Alternatives Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	48,016
Qualified Dividend Income*		36.48	%
Corporate Dividends Received Deduction*		35.50	%
U.S. Treasury Obligations*		0.80	%
Qualified Business Income*		0.00	%
Business Interest Income*		3.65	%

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

41 Invesco Fundamental Alternatives Fund

Trustees and Officers

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

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Fundamental Alternatives Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Fundamental Alternatives Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Fundamental Alternatives Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Fundamental Alternatives Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Fundamental Alternatives Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801

T-6 Invesco Fundamental Alternatives Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each 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-AR-1

Annual Report to Shareholders October 31, 2022

Invesco Global Allocation Fund

Nasdaq:

A: QVGIX ∎ C: QGRCX ∎ R: QGRNX ∎ Y: QGRYX ∎ R5: GLALX ∎ R6: QGRIX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Consolidated Schedule of Investments
17	Consolidated Financial Statements
20	Consolidated Financial Highlights
21	Notes to Consolidated Financial Statements
31	Report of Independent Registered Public Accounting Firm
32	Fund Expenses
33	Approval of Investment Advisory and Sub-Advisory Contracts
35	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Allocation Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Global Allocation Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 10/31/21 to 10/31/22, 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	-19.30%
Class C Shares	-19.89
Class R Shares	-19.47
Class Y Shares	-19.08
Class R5 Shares	-18.98
Class R6 Shares	-19.01
Custom Invesco Global Allocation Indexq	-16.57
MSCI All Country World Index∎	-19.96
Bloomberg Global Aggregate USD Hedged Index∎	-12.12
Source(s): qInvesco, RIMES Technologies Corp.; ∎RIMES Technologies Corp.

Market conditions and your Fund

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

    Global equity markets declined in the first half of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

    Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underper-formed developed market equities.

    During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the

end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

    During the fiscal year, the Fund underperformed the Custom Invesco Global Allocation Index. Relative to the index, the Fund received positive contributions from top-down factor rotation and detractions from top-down asset allocation and bottom-up managers’ security selection.

    From a top-down asset allocation perspective, the Fund was largely positioned in a ‘neutral’ or ‘risk-off’ stance compared to the Custom Invesco Global Allocation Index for most of the fiscal year. This tactical positioning allowed for positive relative contributions from equities, commodities, foreign exchange and cash. Within equities, top-down factor rotation into defensive factors helped the portfolio during periods of heightened market volatility. The Fund’s relative detractors were experienced in the fixed-income space and particularly within US treasuries. The diversification benefits of fixed-income as a ballast to riskier equities were not achieved for much of the past fiscal year due to monetary tightening and other economic conditions.

    From a bottom-up managers’ security selection perspective, after controlling for style bias, all underlying Fund strategies detracted from performance relative to the Custom Invesco Global Allocation Index during the fiscal year. In particular, emerging market equity exposures suffered the largest losses after writing-off sanctioned Russian equities. Global and international equity strategies were also the primary detractors from relative Fund performance. No bottom-up manager strategies contributed positively to relative Fund performance.

    Thank you for your investment in Invesco Global Allocation Fund as we continue to

2                      Invesco Global Allocation Fund

dynamically navigate changing macroeconomic and market conditions.

Portfolio manager(s):

Alessio de Longis

Duy Nguyen

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1   Source: RIMES Technologies Corp.

2   Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

3                      Invesco Global Allocation Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (11/1/91)	6.78	%
10 Years	3.99
5 Years	0.43
1 Year	-23.72
Class C Shares
Inception (9/1/93)	6.54	%
10 Years	3.95
5 Years	0.80
1 Year	-20.59
Class R Shares
Inception (3/1/01)	2.95	%
10 Years	4.32
5 Years	1.31
1 Year	-19.47
Class Y Shares
Inception (5/1/00)	3.99	%
10 Years	4.86
5 Years	1.82
1 Year	-19.08
Class R5 Shares
10 Years	4.73	%
5 Years	1.86
1 Year	-18.98
Class R6 Shares
Inception (2/28/12)	4.60	%
10 Years	5.03
5 Years	1.97
1 Year	-19.01

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 monthend performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction

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

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

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

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

4                      Invesco Global Allocation Fund

Supplemental Information

Invesco Global Allocation Fund’s investment objective is to seek total return.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

∎ The Custom Invesco Global Allocation Index is composed of 60% MSCI All Country World Index/40% Bloomberg Global Aggregate USD Hedged Index.

∎ The Bloomberg Global Aggregate USD Hedged Index 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.

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

5                      Invesco Global Allocation Fund

Fund Information

Portfolio Composition
By security type		% of total net assets
Exchange-Traded Funds		50.00%
Common Stocks & Other Equity Interests		25.97
U.S. Treasury Securities		20.51
Security Types Each Less Than 1% of Portfolio		0.27
Money Market Funds Plus Other Assets Less Liabilities		3.25
Top 10 Equity Holdings*
		% of total net assets
1.	Invesco Russell 1000 Dynamic Multifactor ETF	20.13%
2.	Invesco BulletShares 2023 Corporate Bond ETF	13.27
3.	Invesco International Developed Dynamic Multifactor ETF	8.88
4.	Invesco Russell 2000 Dynamic Multifactor ETF	5.53
5.	Invesco High Yield Bond Factor ETF	2.20
6.	Alphabet, Inc., Class A	0.60
7.	LVMH Moet Hennessy Louis Vuitton SE	0.55
8.	Novo Nordisk A/S, Class B	0.55
9.	Housing Development Finance Corp. Ltd.	0.51
10.	Airbus SE	0.45
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. Datapresented here are as of October 31, 2022.

6                      Invesco Global Allocation Fund

Consolidated Schedule of Investments^(a)

October 31, 2022

	Shares		Value
Exchange-Traded Funds–50.00%
Invesco BulletShares 2023 Corporate Bond ETF(b)(c)		6,549,500	$	136,622,570
Invesco High Yield Bond Factor ETF(b)		1,076,000		22,644,420
Invesco International Developed Dynamic Multifactor ETF(b)		4,910,000		91,450,714
Invesco Russell 1000 Dynamic Multifactor ETF(b)		4,826,160		207,235,310
Invesco Russell 2000 Dynamic Multifactor ETF(b)(c)		1,607,300		56,866,274
Total Exchange-Traded Funds (Cost $476,039,949)				514,819,288
Common Stocks & Other Equity Interests–25.97%
Advertising–0.02%
Trade Desk, Inc. (The), Class A(d)		4,643		247,193
Aerospace & Defense–0.61%
Airbus SE (France)		42,892		4,644,878
BAE Systems PLC (United Kingdom)		59,717		557,729
CAE, Inc. (Canada)(d)		14,689		280,335
Northrop Grumman Corp.		1,436		788,378
				6,271,320
Air Freight & Logistics–0.35%
DSV A/S (Denmark)		1,026		138,684
United Parcel Service, Inc., Class B		9,402		1,577,374
ZTO Express (Cayman), Inc. (China)		5,979		101,354
ZTO Express (Cayman), Inc., ADR (China)(c)		103,814		1,753,418
				3,570,830
Apparel Retail–0.06%
Lojas Renner S.A. (Brazil)		99,495		595,179
Apparel, Accessories & Luxury Goods–1.30%
Brunello Cucinelli S.p.A. (Italy)		5,334		309,339
Cie Financiere Richemont S.A. (Switzerland)		14,835		1,450,981
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023 (Switzerland)(d)		50,652		24,786
Hermes International (France)		1,616		2,092,884
Kering S.A. (France)		4,983		2,280,898
lululemon athletica, inc.(d)		2,069		680,784
LVMH Moet Hennessy Louis Vuitton SE (France)		9,033		5,698,702
PRADA S.p.A. (Italy)		185,000		840,808
				13,379,182
Application Software–1.27%
Adobe, Inc.(d)		5,286		1,683,591
Bill.com Holdings, Inc.(d)		2,886		384,877
Cadence Design Systems, Inc.(d)		4,225		639,623
Dassault Systemes SE (France)		23,239		778,050
Datadog, Inc., Class A(d)		1,518		122,214
HubSpot, Inc.(d)		734		217,675
Intuit, Inc.		7,315		3,127,163
Manhattan Associates, Inc.(d)		4,829		587,544

	Shares		Value
Application Software–(continued)
Paycom Software, Inc.(d)		1,195	$        413,470
Paylocity Holding Corp.(d)		4,420	1,024,512
Qualtrics International, Inc., Class A(d)		13,759	164,695
Roper Technologies, Inc.		1,828	757,779
SAP SE (Germany)		11,764	1,135,808
Splunk, Inc.(d)		3,067	254,898
Synopsys, Inc.(d)		3,211	939,378
Tyler Technologies, Inc.(d)		1,928	623,380
Xero Ltd. (New Zealand)(d)		4,218	209,402
			13,064,059
Asset Management & Custody Banks–0.03%
Ameriprise Financial, Inc.		1,104	341,268
Automobile Manufacturers–0.09%
Dr. Ing. h.c. F. Porsche AG, Preference Shares (Germany)(d)		6,096	623,522
Suzuki Motor Corp. (Japan)		8,600	290,167
			913,689
Automotive Retail–0.08%
O’Reilly Automotive, Inc.(d)		944	790,288
Biotechnology–0.34%
Alnylam Pharmaceuticals, Inc.(d)		2,309	478,563
Ascendis Pharma A/S, ADR (Denmark)(d)		2,779	319,585
BeiGene Ltd., ADR (China)(c)(d)		5,400	912,006
Brii Biosciences Ltd. (China)(d)		55,000	39,186
CSL Ltd. (Australia)		4,902	878,491
Natera, Inc.(d)		3,839	180,280
Neurocrine Biosciences, Inc.(d)		2,573	296,204
Zai Lab Ltd., ADR (China)(d)		17,501	389,922
			3,494,237
Brewers–0.37%
Ambev S.A. (Brazil)		345,002	1,068,635
Anheuser-Busch InBev S.A./N.V. (Belgium)		5,273	264,116
Asahi Group Holdings Ltd. (Japan)		37,800	1,058,080
Carlsberg A/S, Class B (Denmark)		12,293	1,447,457
			3,838,288
Broadcasting–0.04%
Zee Entertainment Enterprises Ltd. (India)		132,763	420,457
Building Products–0.25%
Advanced Drainage Systems, Inc.(c)		2,996	347,177
Assa Abloy AB, Class B (Sweden)		44,147	890,767
Carlisle Cos., Inc.		2,040	487,152
Daikin Industries Ltd. (Japan)		5,900	887,375
			2,612,471
Cable & Satellite–0.02%
Charter Communications, Inc., Class A(d)		434	159,547

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

7                      Invesco Global Allocation Fund

	Shares		Value
Casinos & Gaming–0.38%
Entain PLC (United Kingdom)		90,129	$    1,304,471
Flutter Entertainment PLC (Ireland)(d)		15,342	2,035,124
Las Vegas Sands Corp.(c)(d)		15,545	590,865
			3,930,460
Commodity Chemicals–0.20%
LG Chem Ltd. (South Korea)		4,709	2,063,440
Communications Equipment–0.10%
Motorola Solutions, Inc.		4,163	1,039,543
Construction & Engineering–0.28%
Quanta Services, Inc.		4,901	696,138
Vinci S.A. (France)		17,198	1,580,457
WillScot Mobile Mini Holdings Corp.(d)		13,050	555,016
			2,831,611
Construction Machinery & Heavy Trucks–0.11%
Epiroc AB, Class A (Sweden)		77,167	1,179,899
Construction Materials–0.13%
James Hardie Industries PLC, CDI (Australia)		45,970	1,009,912
Vulcan Materials Co.		1,739	284,674
			1,294,586
Consumer Electronics–0.01%
Sony Group Corp. (Japan)		1,700	115,112
Copper–0.02%
Antofagasta PLC (Chile)		16,700	224,766
Data Processing & Outsourced Services–0.66%
Adyen N.V. (Netherlands)(d)(e)		671	961,219
Amadeus IT Group S.A. (Spain)(d)		28,794	1,498,898
Edenred (France)		29,486	1,513,017
ExlService Holdings, Inc.(d)		3,239	589,012
Fidelity National Information Services, Inc.		3,436	285,154
StoneCo Ltd., Class A (Brazil)(d)		13,153	138,107
Visa, Inc., Class A(c)		5,778	1,196,970
Worldline S.A. (France)(d)(e)		15,043	657,912
			6,840,289
Department Stores–0.07%
Next PLC (United Kingdom)		12,659	715,018
Distillers & Vintners–0.43%
Davide Campari-Milano N.V. (Italy)		104,774	942,296
Diageo PLC (United Kingdom)		7,313	301,486
Pernod Ricard S.A. (France)		18,386	3,225,777
			4,469,559
Distributors–0.06%
Genuine Parts Co.		3,289	584,982
Diversified Banks–1.23%
Banco Bradesco S.A., Preference Shares (Brazil)		271,832	1,045,123
Banco Santander Chile (Chile)		1,576,486	56,776
CaixaBank S.A. (Spain)		158,227	524,301
Credicorp Ltd. (Peru)		4,268	624,665
ICICI Bank Ltd., ADR (India)		59,203	1,304,834

	Shares		Value
Diversified Banks–(continued)
ING Groep N.V. (Netherlands)		115,161	$    1,131,144
Kotak Mahindra Bank Ltd. (India)		168,458	3,874,646
Lloyds Banking Group PLC (United Kingdom)		2,027,602	975,879
NU Holdings Ltd., Class A (Brazil)(d)		107,536	537,680
PT Bank Central Asia Tbk (Indonesia)		980,700	552,612
Sberbank of Russia PJSC (Russia)(d)(f)		11,951	0
Societe Generale S.A. (France)		88,246	2,022,761
TCS Group Holding PLC, GDR (Russia)(d)(e)(f)		6,603	0
			12,650,421
Diversified Metals & Mining–0.45%
Anglo American PLC (South Africa)		14,824	443,449
Eramet S.A. (France)		3,508	229,699
Grupo Mexico S.A.B. de C.V., Class B (Mexico)		690,507	2,503,363
Korea Zinc Co. Ltd. (South Korea)		1,879	842,453
Teck Resources Ltd., Class B (Canada)		18,564	565,088
			4,584,052
Diversified Real Estate Activities–0.24%
DLF Ltd. (India)		467,649	2,175,819
Mitsui Fudosan Co. Ltd. (Japan)		14,000	268,165
			2,443,984
Electrical Components & Equipment–0.20%
AMETEK, Inc.		4,767	618,089
Hubbell, Inc.		2,191	520,319
Nidec Corp. (Japan)		13,400	738,906
WEG S.A. (Brazil)		26,136	203,805
			2,081,119
Electronic Components–0.24%
Murata Manufacturing Co. Ltd. (Japan)		29,800	1,461,882
Omron Corp. (Japan)		3,800	176,623
Sunny Optical Technology Group Co. Ltd. (China)		14,800	128,389
TDK Corp. (Japan)		24,100	750,320
			2,517,214
Electronic Equipment & Instruments–0.28%
Keyence Corp. (Japan)		6,900	2,600,452
Yokogawa Electric Corp. (Japan)		16,200	271,194
			2,871,646
Environmental & Facilities Services–0.37%
Rentokil Initial PLC (United Kingdom)		360,814	2,250,814
Republic Services, Inc.		4,158	551,434
Waste Connections, Inc.		7,706	1,016,499
			3,818,747
Fertilizers & Agricultural Chemicals–0.12%
FMC Corp.		2,563	304,741
Nutrien Ltd. (Canada)		11,197	946,146
			1,250,887
Financial Exchanges & Data–0.60%
FactSet Research Systems, Inc.		1,078	458,678
London Stock Exchange Group PLC (United Kingdom)		21,073	1,827,198

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

8                      Invesco Global Allocation Fund

	Shares		Value
Financial Exchanges & Data–(continued)
MSCI, Inc.		994	$	466,047
Nasdaq, Inc.		7,636		475,265
S&P Global, Inc.		9,067		2,912,774
				6,139,962
Food Distributors–0.03%
Sysco Corp.		3,531		305,643
Food Retail–0.29%
Alimentation Couche-Tard, Inc. (Canada)		34,755		1,556,175
Kobe Bussan Co. Ltd. (Japan)		21,700		470,853
Ocado Group PLC (United Kingdom)(d)		24,498		132,548
Seven & i Holdings Co. Ltd. (Japan)		21,000		783,939
				2,943,515
Footwear–0.04%
Puma SE (Germany)		10,012		443,366
General Merchandise Stores–0.30%
Dollar General Corp.		2,529		645,021
Dollarama, Inc. (Canada)		40,831		2,426,153
				3,071,174
Gold–0.15%
Agnico Eagle Mines Ltd. (Canada)		4,386		192,808
Franco-Nevada Corp. (Canada)		3,672		453,786
Northern Star Resources Ltd. (Australia)		50,386		279,872
Polyus PJSC, GDR (Russia)(d)(e)(f)		3,188		0
Wheaton Precious Metals Corp. (Brazil)		20,078		656,350
				1,582,816
Health Care Distributors–0.12%
AmerisourceBergen Corp.		5,886		925,397
McKesson Corp.		678		263,993
				1,189,390
Health Care Equipment–0.54%
Boston Scientific Corp.(d)		3,943		169,983
DexCom, Inc.(d)		1,552		187,450
IDEXX Laboratories, Inc.(d)		1,158		416,509
Insulet Corp.(c)(d)		1,997		516,844
Intuitive Surgical, Inc.(d)		1,872		461,392
Medtronic PLC		14,347		1,253,067
MicroTech Medical Hangzhou Co. Ltd., H Shares (China)(d)(e)		14,600		11,329
Omnicell, Inc.(d)		2,163		167,243
ResMed, Inc.(c)		6,802		1,521,539
Shockwave Medical, Inc.(d)		806		236,279
Siemens Healthineers AG (Germany)(e)		12,694		584,385
				5,526,020
Health Care Services–0.06%
Dr Lal PathLabs Ltd. (India)(e)		16,789		519,452
New Horizon Health Ltd. (China)(d)(e)		31,000		68,972
				588,424
Health Care Supplies–0.28%
Alcon, Inc. (Switzerland)		10,434		633,135
ConvaTec Group PLC (United Kingdom)(e)		148,524		371,186

	Shares		Value
Health Care Supplies–(continued)
EssilorLuxottica S.A. (France)		4,310	$	682,707
Hoya Corp. (Japan)		13,000		1,212,082
				2,899,110
Health Care Technology–0.01%
Doximity, Inc., Class A(d)		3,509		92,883
Homebuilding–0.16%
Sekisui House Ltd. (Japan)		97,900		1,626,898
Hotels, Resorts & Cruise Lines–0.35%
H World Group Ltd. (China)		4,900		13,396
H World Group Ltd., ADR (China)		65,130		1,763,720
Hilton Worldwide Holdings, Inc.		4,743		641,538
Marriott International, Inc., Class A		2,272		363,770
Trainline PLC (United Kingdom)(d)(e)		206,946		789,582
				3,572,006
Human Resource & Employment Services–0.11%
Benefit One, Inc. (Japan)		15,000		208,024
Recruit Holdings Co. Ltd. (Japan)		28,900		887,007
				1,095,031
Hypermarkets & Super Centers–0.21%
BJ’s Wholesale Club Holdings, Inc.(d)		7,046		545,361
Wal-Mart de Mexico S.A.B. de C.V., Series V (Mexico)		426,168		1,646,123
				2,191,484
Industrial Conglomerates–0.18%
Hitachi Ltd. (Japan)		17,300		783,645
Siemens AG (Germany)		1,836		200,709
SM Investments Corp. (Philippines)		63,594		904,750
				1,889,104
Industrial Gases–0.14%
Air Liquide S.A. (France)		11,137		1,454,701
Industrial Machinery–0.42%
Aalberts N.V. (Netherlands)		10,004		347,243
Atlas Copco AB, Class A (Sweden)		184,116		1,965,689
Chart Industries, Inc.(d)		1,769		394,275
MISUMI Group, Inc. (Japan)		28,500		606,108
Sandvik AB (Sweden)		25,755		402,611
SMC Corp. (Japan)		700		281,777
VAT Group AG (Switzerland)(e)		1,348		307,379
				4,305,082
Insurance Brokers–0.09%
Arthur J. Gallagher & Co.		5,163		965,894
Integrated Oil & Gas–0.40%
BP PLC (United Kingdom)		234,609		1,301,551
Novatek PJSC, GDR (Russia)(d)(e)(f)		19,962		0
Repsol S.A. (Spain)		88,057		1,198,060
Shell PLC, ADR (Netherlands)(c)		22,526		1,253,121
TotalEnergies SE (France)		7,192		393,045
				4,145,777
Integrated Telecommunication Services–0.11%
Spark New Zealand Ltd. (New Zealand)		392,039		1,165,945

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

9                      Invesco Global Allocation Fund

	Shares		Value
Interactive Home Entertainment–0.16%
Konami Group Corp. (Japan)		3,500	$	153,755
NetEase, Inc., ADR (China)		26,181		1,456,187
				1,609,942
Interactive Media & Services–0.86%
Alphabet, Inc., Class A(d)		65,273		6,168,951
Meta Platforms, Inc., Class A(d)		14,147		1,317,935
NAVER Corp. (South Korea)		2,326		275,740
Pinterest, Inc., Class A(d)		5,630		138,498
Rightmove PLC (United Kingdom)		99,911		562,848
Tencent Holdings Ltd. (China)		16,417		430,778
Yandex N.V., Class A (Russia)(d)(f)		54,808		0
				8,894,750
Internet & Direct Marketing Retail–0.39%
Alibaba Group Holding Ltd. (China)(d)		14,700		117,034
Amazon.com, Inc.(d)		5,040		516,298
Coupang, Inc. (South Korea)(d)		3,578		61,792
Farfetch Ltd., Class A (United Kingdom)(d)		25,200		213,696
JD.com, Inc., ADR (China)(c)		47,153		1,758,335
Meituan, B Shares (China)(d)(e)		81,600		1,298,033
				3,965,188
Investment Banking & Brokerage–0.12%
LPL Financial Holdings, Inc.(c)		4,649		1,188,517
IT Consulting & Other Services–0.82%
Amdocs Ltd.		7,917		683,316
Capgemini SE (France)		4,381		718,800
EPAM Systems, Inc.(d)		3,500		1,225,000
Gartner, Inc.(d)		3,099		935,650
Globant S.A.(d)		2,215		417,926
Infosys Ltd. (India)		83,314		1,545,551
Tata Consultancy Services Ltd. (India)		75,066		2,893,281
				8,419,524
Leisure Products–0.14%
Bandai Namco Holdings, Inc. (Japan)		10,700		707,798
Shimano, Inc. (Japan)		4,800		744,309
				1,452,107
Life & Health Insurance–0.14%
AIA Group Ltd. (Hong Kong)		138,200		1,043,645
Legal & General Group PLC (United Kingdom)		162,173		432,593
				1,476,238
Life Sciences Tools & Services–0.87%
Agilent Technologies, Inc.		7,816		1,081,344
Avantor, Inc.(d)		24,833		500,882
Charles River Laboratories International, Inc.(d)		1,103		234,112
Danaher Corp.		1,258		316,601
Illumina, Inc.(c)(d)		2,122		485,556
IQVIA Holdings, Inc.(d)		2,899		607,833
Lonza Group AG (Switzerland)		1,703		875,493
Mettler-Toledo International, Inc.(d)		435		550,244
Repligen Corp.(d)		4,304		785,437
Samsung Biologics Co. Ltd. (South Korea)(d)(e)		1,970		1,210,598

	Shares		Value
Life Sciences Tools & Services–(continued)
Sartorius Stedim Biotech (France)		2,469	$	783,375
Tecan Group AG, Class R (Switzerland)		2,080		764,889
West Pharmaceutical Services, Inc.		833		191,673
Wuxi Biologics Cayman, Inc. (China)(d)(e)		128,300		580,430
				8,968,467
Managed Health Care–0.17%
Humana, Inc.		1,529		853,304
Molina Healthcare, Inc.(d)		2,625		942,008
				1,795,312
Movies & Entertainment–0.24%
CTS Eventim AG & Co. KGaA (Germany)(d)		16,198		773,825
Liberty Media Corp.-Liberty Formula One, Class C(d)		6,303		363,872
Live Nation Entertainment, Inc.(d)		3,924		312,390
Universal Music Group N.V. (Netherlands)		45,498		891,566
Walt Disney Co. (The)(d)		1,175		125,185
				2,466,838
Multi-line Insurance–0.01%
Allianz SE (Germany)		683		122,980
Multi-Utilities–0.06%
Veolia Environnement S.A. (France)		26,872		599,150
Office REITs–0.02%
Alexandria Real Estate Equities, Inc.		1,500		217,950
Oil & Gas Exploration & Production–0.34%
Antero Resources Corp.(d)		6,455		236,640
Inpex Corp. (Japan)		167,700		1,713,130
Pioneer Natural Resources Co.		1,565		401,282
Santos Ltd. (Australia)		133,809		661,150
Var Energi ASA (Norway)		140,317		475,709
				3,487,911
Oil & Gas Refining & Marketing–0.24%
Reliance Industries Ltd. (India)		59,236		1,822,921
S-Oil Corp. (South Korea)		10,159		616,328
				2,439,249
Oil & Gas Storage & Transportation–0.27%
Cheniere Energy, Inc.		6,157		1,086,156
Enbridge, Inc. (Canada)		35,941		1,399,902
Targa Resources Corp.		3,864		264,182
				2,750,240
Other Diversified Financial Services–0.57%
FirstRand Ltd. (South Africa)		170,855		599,020
Housing Development Finance Corp. Ltd. (India)		176,365		5,257,966
Jackson Financial, Inc., Class A		1		38
				5,857,024
Packaged Foods & Meats–0.09%
Barry Callebaut AG (Switzerland)		124		234,409
Hershey Co. (The)(c)		2,763		659,721
				894,130

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

10                         Invesco Global Allocation Fund

	Shares		Value
Paper Packaging–0.05%
Avery Dennison Corp.		3,016	$	511,363
Personal Products–0.22%
LG H&H Co. Ltd. (South Korea)		267		95,348
L’Oreal S.A. (France)		3,412		1,071,245
Unilever PLC (United Kingdom)		24,103		1,096,370
				2,262,963
Pharmaceuticals–0.69%
AstraZeneca PLC, ADR (United Kingdom)		1,125		66,161
Bayer AG (Germany)		5,079		267,191
Daiichi Sankyo Co. Ltd. (Japan)		2,200		70,544
Novo Nordisk A/S, Class B (Denmark)		51,697		5,618,185
Phathom Pharmaceuticals, Inc.(d)		7,752		82,171
Roche Holding AG		1,252		416,104
Royalty Pharma PLC, Class A		14,090		596,289
				7,116,645
Property & Casualty Insurance–0.05%
W.R. Berkley Corp.		6,275		466,735
Real Estate Development–0.04%
Oberoi Realty Ltd. (India)		40,749		454,865
Regional Banks–0.03%
East West Bancorp, Inc.		4,757		340,458
Research & Consulting Services–0.28%
Booz Allen Hamilton Holding Corp.		4,727		514,534
CoStar Group, Inc.(d)		9,550		789,976
Dun & Bradstreet Holdings, Inc.		6,840		87,894
Equifax, Inc.(c)		6,263		1,061,829
Nihon M&A Center Holdings, Inc. (Japan)		40,000		452,292
				2,906,525
Restaurants–0.49%
Chipotle Mexican Grill, Inc.(d)		508		761,152
Compass Group PLC (United Kingdom)		62,483		1,315,953
Yum China Holdings, Inc. (China)		72,916		3,015,076
				5,092,181
Semiconductor Equipment–0.30%
ASML Holding N.V. (Netherlands)		3,407		1,606,120
Disco Corp. (Japan)		2,200		526,458
Enphase Energy, Inc.(d)		1,737		533,259
Lam Research Corp.		143		57,884
Tokyo Electron Ltd. (Japan)		1,500		396,695
				3,120,416
Semiconductors–1.21%
Analog Devices, Inc.		18,110		2,582,848
First Solar, Inc.(d)		2,057		299,437
Infineon Technologies AG (Germany)		34,941		850,706
Lattice Semiconductor Corp.(d)		6,911		335,253
Marvell Technology, Inc.		16,792		666,307
MediaTek, Inc. (Taiwan)		74,000		1,348,229
Monolithic Power Systems, Inc.		1,683		571,294
NVIDIA Corp.		1,781		240,382
QUALCOMM, Inc.		1,835		215,906

	Shares		Value
Semiconductors–(continued)
Renesas Electronics Corp. (Japan)(d)		51,400	$	430,445
Silergy Corp. (China)		24,000		276,029
STMicroelectronics N.V., New York Shares (Singapore)		16,160		502,899
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		342,000		4,115,662
				12,435,397
Soft Drinks–0.13%
Britvic PLC (United Kingdom)		64,601		538,766
Coca-Cola Europacific Partners PLC (United Kingdom)		6,746		317,399
Fomento Economico Mexicano S.A.B. de C.V., Series CPO (Mexico)		5,416		38,879
Monster Beverage Corp.(d)		4,223		395,780
				1,290,824
Specialized REITs–0.08%
Extra Space Storage, Inc.		1,395		247,529
SBA Communications Corp., Class A		2,228		601,337
				848,866
Specialty Chemicals–0.23%
Akzo Nobel N.V. (Netherlands)		9,012		555,529
Albemarle Corp.		985		275,672
Croda International PLC (United Kingdom)		3,725		288,523
Ecolab, Inc.		1,231		193,353
Sika AG (Switzerland)		4,636		1,043,686
				2,356,763
Specialty Stores–0.13%
Tractor Supply Co.		2,647		581,731
Ulta Beauty, Inc.(d)		1,769		741,866
				1,323,597
Steel–0.13%
Vale S.A., ADR (Brazil)		101,459		1,312,879
Systems Software–0.24%
Crowdstrike Holdings, Inc., Class A(d)		3,378		544,534
Microsoft Corp.		3,393		787,617
Oracle Corp.		4,900		261,368
Palo Alto Networks, Inc.(c)(d)		5,205		893,126
				2,486,645
Technology Hardware, Storage & Peripherals–0.26%
FUJIFILM Holdings Corp. (Japan)		13,900		635,496
Samsung Electronics Co. Ltd. (South Korea)		50,160		2,085,829
				2,721,325
Tobacco–0.42%
Philip Morris International, Inc.		13,510		1,240,894
Swedish Match AB (Sweden)		304,635		3,134,309
				4,375,203
Trading Companies & Distributors–0.32%
Ashtead Group PLC (United Kingdom)		14,874		774,055
Ferguson PLC		7,569		824,726
Marubeni Corp. (Japan)		135,000		1,182,175

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

11                         Invesco Global Allocation Fund

	Shares		Value
Trading Companies & Distributors–(continued)
RS GROUP PLC (United Kingdom)		45,896	$	504,039
				3,284,995
Trucking–0.05%
Old Dominion Freight Line, Inc.		1,976		542,610
Wireless Telecommunication Services–0.11%
America Movil S.A.B. de C.V., Class L, ADR (Mexico)		45,476		855,404
Vodafone Group PLC (United Kingdom)		201,036		234,278
				1,089,682
Total Common Stocks & Other Equity Interests (Cost $289,250,137)				267,346,022
	Principal
	Amount
U.S. Treasury Securities–20.51%
U.S. Treasury Bonds–8.94%
5.00%, 05/15/2037	$	25,200,000		27,402,539
3.25%, 05/15/2042		24,520,000		20,738,556
2.00%, 08/15/2051		69,595,000		43,869,317
				92,010,412
U.S. Treasury Notes–11.57%
1.88%, 02/15/2032(g)		143,200,000		119,102,125
Total U.S. Treasury Securities (Cost $260,666,489)				211,112,537
	Shares
Preferred Stocks–0.14%
Diversified Banks–0.04%
Socium Re Ltd., Series 2019-1, Pfd.(f)		264,345		458,404
Diversified Support Services–0.10%
Harambee Re Ltd., Pfd.(f)		223		20,955
Kinesis Re I Ltd., Series 2019-1, Pfd.(f)		116,394		133,199
Lion Rock Re Ltd., Series S, Pfd.(b)(f)		375		23,596
Mt. Logan Re Ltd., Pfd.(f)		1,737		728,668
Thopas Re Ltd., Pfd.(f)		73		20,374
Turing Re Ltd., Series 2019-1, Pfd.(e)(f)		13,286		35,789
Viribus Re Ltd., Pfd.(f)		399,749		25,248
				987,829
Total Preferred Stocks (Cost $4,971,286)				1,446,233
	Principal
	Amount
Event-Linked Bonds–0.13%
Diversified Support Services–0.00%
Alturas RE Segregated Account (Multinational), Catastrophe Linked Notes, 0.00%, 12/31/2022(e)(f)(h)	$	15,000		0

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

	Principal Amount		Value
Other Diversified Financial Services–0.13%
Eden RE II Ltd. (Multinational), Class A, Catastrophe Linked Notes, 0.00%, 03/22/2023(e)(f)(h)	$	10,800	$	119,681
Limestone Re Ltd. (Multinational), Class A, Catastrophe Linked Notes, 0.00%, 12/31/2023(e)(f)(h)		15,621		18,838
Sector Re V Ltd. (Multinational), Series 2019-1, Class A, Catastrophe Linked Notes, 0.00%, 03/01/2024(e)(f)(h)		1,800,000		1,219,543
				1,358,062
Total Event-Linked Bonds (Cost $1,859,240)				1,358,062
	Shares
Money Market Funds–1.46%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(b)(i)		5,265,568		5,265,568
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(b)(i)		3,770,870		3,771,624
Invesco Treasury Portfolio, Institutional Class, 3.08%(b)(i)		6,017,793		6,017,793
Total Money Market Funds (Cost $15,054,889)				15,054,985
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.21% (Cost $1,047,841,990)				1,011,137,127
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.40%
Invesco Private Government Fund, 3.18%(b)(i)(j)		4,044,769		4,044,769
Invesco Private Prime Fund, 3.28%(b)(i)(j)		10,398,787		10,398,787
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,442,984)				14,443,556
TOTAL INVESTMENTS IN SECURITIES–99.61% (Cost $1,062,284,974)				1,025,580,683
OTHER ASSETS LESS LIABILITIES–0.39%				4,055,463
NET ASSETS–100.00%			$	1,029,636,146

.

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

12                         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 is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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 fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Invesco BulletShares 2023 Corporate Bond ETF	$	-	$	155,287,000	$	(18,358,004)	$	(261,980)	$	(44,446)		$136,622,570	$   215,396
Invesco Emerging Markets Sovereign Debt ETF		52,397,015		23,859,764		(70,685,259)		83,845		(5,655,365)		-	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		-		-		(4,804,340)		-		22,644,420	1,432,005
Invesco International Developed Dynamic Multifactor ETF		130,625,149		-		-		(39,174,435)		-		91,450,714	5,345,026
Invesco Russell 1000 Dynamic Multifactor ETF		236,240,532		-		-		(29,005,222)		-		207,235,310	2,699,030
Invesco Russell 2000 Dynamic Multifactor ETF		44,940,397		18,790,278		-		(6,864,401)		-		56,866,274	600,583
Invesco Senior Loan ETF		68,560,608		-		(65,424,511)		42,708		(3,178,805)		-	1,261,819
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		6,228,330		235,516,829		(236,479,591)		-		-		5,265,568	336,875
Invesco Liquid Assets Portfolio, Institutional Class		4,146,169		168,226,307		(168,610,649)		117		9,680		3,771,624	242,884
Invesco Treasury Portfolio, Institutional Class		7,118,091		269,162,090		(270,262,388)		-		-		6,017,793	375,115
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		84,215,771		(80,171,002)		-		-		4,044,769	24,583*
Invesco Private Prime Fund		-		156,923,659		(146,524,325)		572		(1,119)		10,398,787	62,865*
Investments in Other Affiliates:
Lion Rock Re Ltd., Series S, Pfd.		53,327		-		-		(29,731)		-		23,596	-
Total	$	617,018,636	$	1,111,981,698	$	(1,095,836,404)	$	(81,407,081)	$	(7,415,424)	$	544,341,425	$13,217,213

* 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.

^(c)  All or a portion of this security was out on loan at October 31, 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 October 31, 2022 was $8,754,328, which represented less than 1% of the Fund’s Net Assets.

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

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

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

⁽ⁱ⁾ The rate shown is the 7-day SEC standardized yield as of October 31, 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 1K.

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

13                      Invesco Global Allocation Fund

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		817	December-2022	$	158,620,550		$	(7,853,838	)	$	(7,853,838	)
S&P/TSX 60 Index		14	December-2022		2,420,288			122,260			122,260
SPI 200 Index		21	December-2022		2,302,356			124,890			124,890
Subtotal–Long Futures Contracts								(7,606,688	)		(7,606,688	)
Short Futures Contracts
Equity Risk
E-Mini Russell 2000 Index		613	December-2022		(56,794,450	)		666,896			666,896
MSCI Emerging Markets Index		1,240	December-2022		(52,923,200	)		6,307,504			6,307,504
Nikkei 225 Index		50	December-2022		(9,263,929	)		(20,329	)		(20,329	)
EURO STOXX 600 Index		2,859	December-2022		(58,203,362	)		2,066,500			2,066,500
Subtotal–Short Futures Contracts								9,020,571			9,020,571
Total Futures Contracts							$	1,413,883		$	1,413,883

Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
12/21/2022	Bank of America, N.A.	AUD	25,735,000	USD	17,395,851	$	908,271
12/21/2022	Bank of America, N.A.	INR	180,000,000	USD	2,250,385		88,681
12/21/2022	Bank of America, N.A.	JPY	763,710,000	USD	5,347,117		178,961
12/21/2022	Bank of America, N.A.	NZD	28,765,000	USD	17,429,464		692,951
12/21/2022	Citibank, N.A.	CAD	12,275,000	USD	9,339,523		324,188
12/21/2022	Citibank, N.A.	CNY	43,600,000	USD	6,265,358		264,601
12/21/2022	Citibank, N.A.	HKD	9,495,000	USD	1,211,727		1,342
12/21/2022	Citibank, N.A.	TWD	269,865,000	USD	8,798,846		427,329
12/21/2022	Deutsche Bank AG	CAD	3,500,000	USD	2,697,075		126,511
12/21/2022	Deutsche Bank AG	EUR	13,825,000	USD	14,103,343		384,946
12/21/2022	Deutsche Bank AG	SGD	1,960,000	USD	1,405,951		20,972
12/21/2022	Deutsche Bank AG	USD	1,926,421	GBP	1,700,000		26,470
12/02/2022	Goldman Sachs International	USD	17,004,717	BRL	88,683,000		57,496
12/21/2022	Goldman Sachs International	TWD	370,100,000	USD	11,758,310		277,390
12/21/2022	J.P. Morgan Chase Bank, N.A.	AUD	2,660,000	USD	1,835,824		131,648
12/21/2022	J.P. Morgan Chase Bank, N.A.	CLP	513,000,000	USD	569,052		29,773
12/21/2022	J.P. Morgan Chase Bank, N.A.	CZK	380,000,000	USD	15,591,208		297,193
12/21/2022	J.P. Morgan Chase Bank, N.A.	INR	503,690,000	USD	6,264,957		215,907
12/21/2022	J.P. Morgan Chase Bank, N.A.	JPY	3,127,920,000	USD	21,990,924		823,756
12/21/2022	J.P. Morgan Chase Bank, N.A.	KRW	23,568,700,000	USD	17,114,858		587,177
12/21/2022	J.P. Morgan Chase Bank, N.A.	SEK	21,460,000	USD	2,058,466		106,765
12/21/2022	J.P. Morgan Chase Bank, N.A.	ZAR	258,110,000	USD	15,021,238		1,022,722
12/21/2022	Morgan Stanley and Co. International PLC	CHF	22,730,000	USD	23,563,510		727,841
12/21/2022	Morgan Stanley and Co. International PLC	CNY	23,850,000	USD	3,456,552		174,028
12/21/2022	Morgan Stanley and Co. International PLC	DKK	77,295,000	USD	10,478,031		174,501
12/21/2022	Morgan Stanley and Co. International PLC	EUR	14,635,000	USD	14,740,079		217,928
12/21/2022	Morgan Stanley and Co. International PLC	GBP	3,040,000	USD	3,563,350		71,121
12/21/2022	Morgan Stanley and Co. International PLC	JPY	1,350,000,000	USD	9,573,158		437,477
12/21/2022	Morgan Stanley and Co. International PLC	PHP	919,790,000	USD	15,968,022		196,588
12/21/2022	Morgan Stanley and Co. International PLC	THB	524,440,000	USD	14,471,303		631,396

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

14                      Invesco Global Allocation Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
12/21/2022	UBS AG		USD	1,107,674		MXN	22,490,000	$	17,748
Subtotal–Appreciation									9,643,678
Currency Risk
12/21/2022	Bank of America, N.A.		USD	15,214,286		COP	67,947,000,000		(1,573,270	)
12/21/2022	Bank of America, N.A.		USD	16,783,110		SGD	23,575,000		(124,493	)
12/21/2022	Barclays Bank PLC		USD	2,622,628		JPY	381,855,000		(38,550	)
12/02/2022	Citibank, N.A.		BRL	4,410,000		USD	848,204		(260	)
12/21/2022	Citibank, N.A.		USD	4,260,943		INR	350,270,000		(54,386	)
12/21/2022	Citibank, N.A.		USD	2,579,068		KRW	3,650,000,000		(19,485	)
12/21/2022	Citibank, N.A.		USD	1,085,324		THB	39,090,000		(53,744	)
12/21/2022	Deutsche Bank AG		USD	219,569		GBP	190,000		(1,305	)
12/21/2022	Deutsche Bank AG		USD	1,322,768		IDR	19,782,000,000		(58,811	)
12/21/2022	Deutsche Bank AG		USD	15,932,373		PLN	76,520,000		(38,505	)
12/21/2022	Deutsche Bank AG		USD	1,824,373		ZAR	32,040,000		(86,693	)
12/21/2022	Goldman Sachs International		USD	14,849,474		IDR	220,820,000,000		(740,331	)
12/21/2022	Goldman Sachs International		USD	13,887,776		TWD	426,170,000		(667,501	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	15,751,382		HUF	6,411,600,000		(488,212	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	11,312,089		JPY	1,622,000,000		(335,739	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	14,242,753		NOK	142,430,000		(519,059	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	15,021,790		ZAR	268,800,000		(443,505	)
12/21/2022	Morgan Stanley and Co. International PLC		MXN	81,295,000		USD	3,977,932		(90,152	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	9,089,081		CNY	64,080,000		(269,620	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	15,699,328		CZK	389,830,000		(9,680	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	525,437		MYR	2,360,000		(26,131	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	413,371		PEN	1,620,000		(8,996	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	9,538,042		SEK	101,425,000		(313,841	)
Subtotal–Depreciation									(5,962,269	)
Total Forward Foreign Currency Contracts								$	3,681,409

Open Over-The-Counter Total Return Swap Agreements(a)(b)
Counterparty	Pay/ Receive		Reference Entity	Floating Rate Index		Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Equity Risk
Goldman Sachs International		Pay	MSCI ACWI ex USA Growth Net Total Return Index		SOFR + 0.27%		Quarterly		743,000		May–2023		USD 174,396,960		$-	$	11,345,610		$	11,345,610
Equity Risk
Goldman Sachs International		Receive	MSCI ACWI Daily Total Return Net ex USA		SOFR + 0.01%		Quarterly		718,000		May–2023		USD 171,245,154		-		(8,819,913	)		(8,819,913	)
J.P. Morgan Chase Bank, N.A.		Pay	Russell Midcap Growth Total Return Index		SOFR + 0.22%		Monthly		11,200		September–2023		USD 43,673,090		-		(2,597,843	)		(2,597,843	)
Subtotal – Depreciation															-		(11,417,756	)		(11,417,756	)
Total – Total Return Swap Agreements															$-	$	(72,146	)	$	(72,146	)

^(a) Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $2,923,000.

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

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

15                      Invesco Global Allocation Fund

Abbreviations:

AUD –Australian Dollar

BRL –Brazilian Real

CAD –Canadian Dollar

CHF –Swiss Franc

CLP –Chile Peso

CNY –Chinese Yuan Renminbi

COP –Colombia Peso

CZK –Czech Koruna

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

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

SOFR –Secured Overnight Financing Rate

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.

16                      Invesco Global Allocation Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $556,709,652)*	$	481,239,258
Investments in affiliates, at value (Cost $505,575,322)		544,341,425
Other investments:
Variation margin receivable – futures contracts		3,680,705
Swaps receivable – OTC		673,608
Unrealized appreciation on swap agreements – OTC		11,345,610
Unrealized appreciation on forward foreign currency contracts outstanding		9,643,678
Deposits with brokers:
Cash collateral – OTC Derivatives		2,923,000
Cash		7,128,081
Foreign currencies, at value (Cost $801,353)		800,153
Receivable for:
Investments sold		20,551,735
Fund shares sold		204,914
Dividends		668,424
Interest		1,817,275
Investment for trustee deferred compensation and retirement plans		213,035
Other assets		57,872
Total assets		1,085,288,773
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		5,962,269
Swaps payable – OTC		736,021
Unrealized depreciation on swap agreements–OTC		11,417,756
Payable for:
Investments purchased		20,690,578
Fund shares reacquired		831,813
Accrued foreign taxes		432,542
Collateral upon return of securities loaned		14,442,984
Accrued fees to affiliates		556,994
Accrued trustees’ and officers’ fees and benefits		1,373
Accrued other operating expenses		215,329
Trustee deferred compensation and retirement plans		364,968
Total liabilities		55,652,627
Net assets applicable to shares outstanding	$	1,029,636,146

Net assets consist of:
Shares of beneficial interest	$	1,056,153,239
Distributable earnings (loss)		(26,517,093	)
	$	1,029,636,146
Net Assets:
Class A	$	862,662,744
Class C	$	49,614,873
Class R	$	31,033,663
Class Y	$	49,840,985
Class R5	$	11,243
Class R6	$	36,472,638
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		51,378,424
Class C		3,189,370
Class R		1,907,772
Class Y		2,954,973
Class R5		663
Class R6		2,153,884
Class A:
Net asset value per share	$	16.79
Maximum offering price per share (Net asset value of $16.79 ÷ 94.50%)	$	17.77
Class C:
Net asset value and offering price per share	$	15.56
Class R:
Net asset value and offering price per share	$	16.27
Class Y:
Net asset value and offering price per share	$	16.87
Class R5:
Net asset value and offering price per share	$	16.96
Class R6:
Net asset value and offering price per share	$	16.93

* At October 31, 2022, securities with an aggregate value of $14,079,551 were on loan to brokers.

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

17                      Invesco Global Allocation Fund

Consolidated Statement of Operations

For the year ended October 31, 2022

Investment income:
Interest (net of foreign withholding taxes of $1,884)	$	8,835,843
Dividends (net of foreign withholding taxes of $507,664)		7,787,962
Dividends from affiliates (includes net securities lending income of $557,270)		13,687,035
Total investment income		30,310,840
Expenses:
Advisory fees		9,397,590
Administrative services fees		172,222
Custodian fees		217,300
Distribution fees:
Class A		2,523,213
Class C		607,677
Class R		177,091
Transfer agent fees – A, C, R and Y		1,700,726
Transfer agent fees – R5		4
Transfer agent fees – R6		12,238
Trustees’ and officers’ fees and benefits		51,389
Registration and filing fees		105,178
Professional services fees		190,320
Other		1,106
Total expenses		15,156,054
Less: Fees waived and/or expense offset arrangement(s)		(932,090	)
Net expenses		14,223,964
Net investment income		16,086,876
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $42,390)		(51,855,858	)
Affiliated investment securities		(7,415,424	)
Foreign currencies		(153,651	)
Forward foreign currency contracts		16,955,160
Futures contracts		366,745
Swap agreements		41,637,849
		(465,179	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $383,682)		(191,702,629	)
Affiliated investment securities		(81,407,081	)
Foreign currencies		4,374,585
Forward foreign currency contracts		1,324,932
Futures contracts		(3,572,551	)
Swap agreements		(294,995	)
		(271,277,739	)
Net realized and unrealized gain (loss)		(271,742,918	)
Net increase (decrease) in net assets resulting from operations	$	(255,656,042	)

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

18                      Invesco Global Allocation Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income	$	16,086,876		$     13,422,337
Net realized gain (loss)		(465,179	)	152,067,058
Change in net unrealized appreciation (depreciation)		(271,277,739	)	152,171,952
Net increase (decrease) in net assets resulting from operations		(255,656,042	)	317,661,347
Distributions to shareholders from distributable earnings:
Class A		(146,614,587	)	–
Class C		(9,123,275	)	–
Class R		(5,093,988	)	–
Class Y		(9,300,035	)	–
Class R5		(2,002	)	–
Class R6		(5,849,031	)	–
Total distributions from distributable earnings		(175,982,918	)	–
Share transactions–net:
Class A		49,715,808		(89,744,878)
Class C		(471,104	)	(23,564,887)
Class R		3,926,613		(3,015,738)
Class Y		(719,309	)	(9,811,398)
Class R5		484		1,492
Class R6		5,423,105		(853,213)
Net increase (decrease) in net assets resulting from share transactions		57,875,597		(126,988,622)
Net increase (decrease) in net assets		(373,763,363	)	190,672,725
Net assets:
Beginning of year		1,403,399,509		1,212,726,784
End of year	$	1,029,636,146		$1,403,399,509

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

19                      Invesco Global Allocation Fund

Consolidated Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(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
Year ended 10/31/22		$23.79		$0.26		$(4.25	)		$(3.99	)		$(0.47	)		$(2.54	)		$(3.01	)		$16.79		(19.06	)%		$   862,663		1.15	%		1.23	%		1.36	%		151	%
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
Class C
Year ended 10/31/22		22.23		0.11		(3.95	)		(3.84	)		(0.29	)		(2.54	)		(2.83	)		15.56		(19.63	)		49,615		1.90			1.98			0.61			151
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
Class R
Year ended 10/31/22		23.13		0.20		(4.11	)		(3.91	)		(0.41	)		(2.54	)		(2.95	)		16.27		(19.22	)		31,034		1.40			1.48			1.11			151
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
Class Y
Year ended 10/31/22		23.89		0.31		(4.26	)		(3.95	)		(0.53	)		(2.54	)		(3.07	)		16.87		(18.84	)		49,841		0.90			0.98			1.61			151
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
Class R5
Year ended 10/31/22		24.02		0.33		(4.29	)		(3.96	)		(0.56	)		(2.54	)		(3.10	)		16.96		(18.77	)		11		0.78			0.86			1.73			151
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(e)		17.36		0.09		0.79			0.88			-			-			-			18.24		5.07			11		0.85	(f)		0.93	(f)		1.11	(f)		52
Class R6
Year ended 10/31/22		23.98		0.33		(4.28	)		(3.95	)		(0.56	)		(2.54	)		(3.10	)		16.93		(18.77	)		36,473		0.78			0.86			1.73			151
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

^(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 0.15%,0.17%, 0.14%, 0.08% and 0.02% for the years ended October 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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

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

^(f) Annualized.

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

20                      Invesco Global Allocation Fund

Notes to Consolidated Financial Statements

October 31, 2022

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the

21                      Invesco Global Allocation Fund

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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider,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. Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Tax reclaims on the Consolidated Statement of Assets and Liabilities.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Consolidated Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Consolidated Statement of Operations as Professional fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the year ended October 31, 2022, the Fund did not enter into any closing agreements.

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 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.

I. 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

22                      Invesco Global Allocation Fund

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.

J. 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.

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 1940 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, the Fund paid the Adviser $61,741 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliates on the Consolidated Statement of Operations.

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

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

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

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

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 for hedging 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 or asset. 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

23                      Invesco Global Allocation Fund

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 net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

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

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

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. 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 October 31, 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.

24                      Invesco Global Allocation 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 – During the period, the Fund experienced a low interest rate environment 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.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

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

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 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 year ended October 31, 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 year ended October 31, 2022, the Adviser waived advisory fees of $920,724.

25                      Invesco Global Allocation Fund

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $75,148 in front-end sales commissions from the sale of Class A shares and $1,012 and $2,194 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	514,819,288	$	–	$	–	$	514,819,288
Common Stocks & Other Equity Interests		131,877,663		135,468,359		0		267,346,022
U.S. Treasury Securities		–		211,112,537		–		211,112,537
Preferred Stocks		–		–		1,446,233		1,446,233
Event-Linked Bonds		–		–		1,358,062		1,358,062
Money Market Funds		15,054,985		14,443,556		–		29,498,541
Total Investments in Securities		661,751,936		361,024,452		2,804,295		1,025,580,683
Other Investments - Assets*
Futures Contracts		9,288,050		–		–		9,288,050
Forward Foreign Currency Contracts		–		9,643,678		–		9,643,678
Swap Agreements		–		11,345,610		–		11,345,610
		9,288,050		20,989,288		–		30,277,338

26                      Invesco Global Allocation Fund

	Level 1			Level 2			Level 3		Total
Other Investments - Liabilities*
Futures Contracts	$	(7,874,167	)	$	–		$	–	$	(7,874,167	)
Forward Foreign Currency Contracts		–			(5,962,269	)		–		(5,962,269	)
Swap Agreements		–			(11,417,756	)		–		(11,417,756	)
		(7,874,167	)		(17,380,025	)		–		(25,254,192	)
Total Other Investments		1,413,883			3,609,263			–		5,023,146
Total Investments	$	663,165,819		$	364,633,715		$	2,804,295	$	1,030,603,829

* 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 October 31, 2022:

	Value
Derivative Assets	Currency Risk			Equity Risk	Total
Unrealized appreciation on futures contracts–Exchange-Traded(a)	$	–		$ 9,288,050	$	9,288,050
Unrealized appreciation on forward foreign currency contracts outstanding		9,643,678		–		9,643,678
Unrealized appreciation on swap agreements – OTC		–		11,345,610		11,345,610
Total Derivative Assets		9,643,678		20,633,660		30,277,338
Derivatives not subject to master netting agreements		–		(9,288,050)		(9,288,050	)
Total Derivative Assets subject to master netting agreements	$	9,643,678		$ 11,345,610	$	20,989,288
	Value
Derivative Liabilities	Currency Risk			Equity Risk	Total
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	–		$ (7,874,167)	$	(7,874,167	)
Unrealized depreciation on forward foreign currency contracts outstanding		(5,962,269	)	–		(5,962,269	)
Unrealized depreciation on swap agreements – OTC		–		(11,417,756)		(11,417,756	)
Total Derivative Liabilities		(5,962,269	)	(19,291,923)		(25,254,192	)
Derivatives not subject to master netting agreements		–		7,874,167		7,874,167
Total Derivative Liabilities subject to master netting agreements	$	(5,962,269	)	$(11,417,756)	$	(17,380,025	)

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

27                      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 October 31, 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.	$	1,868,864	$	–	$	1,868,864	$	(1,697,763	)	$	–		$	(1,697,763	)	$	171,101		$	–		$	(171,101	)	$	–
Barclays Bank PLC		–		–		–		(38,550	)		–			(38,550	)		(38,550	)		–			–			(38,550	)
Citibank, N.A.		1,017,460		–		1,017,460		(127,875	)		–			(127,875	)		889,585			–			(820,000	)		69,585
Deutsche Bank AG		558,899		–		558,899		(185,314	)		–			(185,314	)		373,585			(259,820	)		–			113,765
Goldman Sachs International		334,886		12,019,218		12,354,104		(1,407,832	)		(9,555,934	)		(10,963,766	)		1,390,338			–			(1,390,338	)		–
J.P. Morgan Chase Bank, N.A.		3,214,941		–		3,214,941		(1,786,515	)		(2,597,843	)		(4,384,358	)		(1,169,417	)		–			1,169,417			–
Morgan Stanley and Co. International PLC		2,630,880		–		2,630,880		(718,420	)		–			(718,420	)		1,912,460			–			–			1,912,460
UBS AG		17,748		–		17,748		–			–			–			17,748			–			–			17,748
Total	$	9,643,678	$	12,019,218	$	21,662,896	$	(5,962,269	)	$	(12,153,777	)	$	(18,116,046	)	$	3,546,850		$	(259,820	)	$	(1,212,022	)	$	2,075,008

Effect of Derivative Investments for the year ended October 31, 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		Currency Risk		Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	–	$	16,955,160	$	–		$	–		$	16,955,160
Futures contracts		7,963,192		–		(3,069,825	)		(4,526,622	)		366,745
Swap agreements		–		–		41,637,849			–			41,637,849
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		–		1,324,932		–			–			1,324,932
Futures contracts		–		–		(3,572,551	)		–			(3,572,551	)
Swap agreements		–		–		(294,995	)		–			(294,995	)
Total	$	7,963,192	$	18,280,092	$	34,700,478		$	(4,526,622	)	$	56,417,140

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		$686,391,357	$	448,442,561	$	474,189,081

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $11,366.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

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

28                      Invesco Global Allocation 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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	42,824,477	$	–
Long-term capital gain		133,158,441		–
Total distributions	$	175,982,918	$	–

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Undistributed ordinary income	$	57,048,508
Net unrealized appreciation (depreciation) – investments		(39,793,875	)
Net unrealized appreciation – foreign currencies		4,682,907
Temporary book/tax differences		(362,472	)
Capital loss carryforward		(48,092,161	)
Shares of beneficial interest		1,056,153,239
Total net assets	$	1,029,636,146

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, derivative instruments and partnerships .

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$48,092,160	$1	$48,092,161

* 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 year ended October 31, 2022 was $699,094,172 and $789,579,183, 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	$	136,761,624
Aggregate unrealized (depreciation) of investments		(176,555,499	)
Net unrealized appreciation (depreciation) of investments	$	(39,793,875	)

Cost of investments for tax purposes is $1,070,397,704.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, income from the Subsidiary and derivative instruments , on October 31, 2022, undistributed net investment income was increased by $43,946,223, undistributed net realized gain (loss) was decreased by $46,626,227 and shares of beneficial interest was increased by $2,680,004. This reclassification had no effect on the net assets of the Fund.

29                      Invesco Global Allocation Fund

NOTE 11–Share Information

				Summary of Share Activity
	Year ended October 31, 2022(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		1,861,609		$	35,693,983			2,179,768		$	49,521,742
Class C		361,281			6,556,324			459,086			9,717,253
Class R		245,339			4,601,243			239,230			5,261,967
Class Y		445,783			8,682,723			819,850			18,382,390
Class R5		69			1,288			65			1,512
Class R6		299,431			5,529,328			310,992			7,083,716
Issued as reinvestment of dividends:
Class A		6,786,388			139,326,608			-			-
Class C		466,344			8,926,958			-			-
Class R		253,570			5,052,342			-			-
Class Y		361,963			7,459,544			-			-
Class R5		10			217			-			-
Class R6		277,815			5,733,961			-			-
Automatic conversion of Class C shares to Class A  shares:
Class A		268,532			5,035,795			723,752			15,875,139
Class C		(288,672	)		(5,035,795	)		(770,334	)		(15,875,139	)
Reacquired:
Class A		(6,855,559	)		(130,340,578	)		(6,883,565	)		(155,141,759	)
Class C		(615,204	)		(10,918,591	)		(824,490	)		(17,407,001	)
Class R		(311,209	)		(5,726,972	)		(379,687	)		(8,277,705	)
Class Y		(888,313	)		(16,861,576	)		(1,266,104	)		(28,193,788	)
Class R5		(56	)		(1,021	)		(1	)		(20	)
Class R6		(311,642	)		(5,840,184	)		(348,675	)		(7,936,929	)
Net increase (decrease) in share activity		2,357,479		$	57,875,597			(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.

30                      Invesco Global Allocation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Global Allocation Fund

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Global Allocation Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related consolidated statement of operations for the year ended October 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the four years in the period ended October 31, 2022 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The consolidated financial statements of Oppenheimer Global Allocation Fund (subsequently renamed Invesco Global Allocation Fund) as of and for the year ended October 31, 2018 and the consolidated financial highlights for the year then ended (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated December 21, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, brokers and insurance companies; when replies were not received from brokers or insurance companies, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

31                      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 May 1, 2022 through October 31, 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 (05/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (10/31/22)1	Expenses Paid During Period2	Ending Account Value (10/31/22)	Expenses Paid During Period2
Class A	$1,000.00	$914.40	$5.65	$1,019.31	$5.96	1.17%
Class C	1,000.00	910.90	9.25	1,015.53	9.75	1.92
Class R	1,000.00	912.90	6.85	1,018.05	7.22	1.42
Class Y	1,000.00	915.30	4.44	1,020.57	4.69	0.92
Class R5	1,000.00	916.20	3.77	1,021.27	3.97	0.78
Class R6	1,000.00	916.10	3.77	1,021.27	3.97	0.78

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

32                      Invesco Global Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Allocation Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Global Allocation Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and five year periods and the first quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could

33                      Invesco Global Allocation Fund

produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and

the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but

not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

34                      Invesco Global Allocation Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$133,158,441
Qualified Dividend Income*	16.11	%
Corporate Dividends Received Deduction*	5.40	%
U.S. Treasury Obligations*	0.05	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$15,874,846

35                      Invesco Global Allocation Fund

Trustees and Officers

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

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1                      Invesco Global Allocation Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee		Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds		189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP		189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank		189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management -Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds		189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP		189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute		189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2                      Invesco Global Allocation Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3                      Invesco Global Allocation Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4                      Invesco Global Allocation Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5                      Invesco Global Allocation Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-6                ��     Invesco Global Allocation Fund

(This page intentionally left blank)

(This page intentionally left blank)

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-AR-1

Annual Report to Shareholders October 31, 2022

Invesco Global Infrastructure Fund

Nasdaq:

A: GIZAX ∎ C: GIZCX ∎ R: GIZRX ∎ Y: GIZYX ∎ R5: GIZFX ∎ R6: GIZSX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
19	Report of Independent Registered Public Accounting Firm
20	Fund Expenses
21	Approval of Investment Advisory and Sub-Advisory Contracts
23	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Infrastructure Fund (the Fund), at net asset value (NAV), underperformed the Dow Jones Brookfield Global Infrastructure Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-10.74	%
Class C Shares	-11.38
Class R Shares	-10.99
Class Y Shares	-10.44
Class R5 Shares	-10.50
Class R6 Shares	-10.43
MSCI World Index▼ (Broad Market Index)	-18.48
Dow Jones Brookfield Global Infrastructure Index▼ (Style-Specific Index)	-8.10
Lipper Global Infrastructure Funds Classification Average∎ (Peer Group)	-10.90
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

At the beginning of the fiscal year, which ended October 31, 2022, developed global equity markets were mostly positive despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Global equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

    In the second quarter of 2022, global equity markets continued declining as record inflation, rising interest rates and recession fears led to generally weaker consumer sentiment around the globe. In Europe, the reduction of gas supplies from Russia due to the war in Ukraine drove prices higher, with mounting fear of gas shortages and rationing. On the other hand, China was an outlier and posted a positive return for the quarter due to the easing of COVID-19 lockdowns. After a rebound in July 2022, global equity markets declined again at the end of the fiscal year, as global economic uncertainty continued with central banks trying to bring inflation under control.

    Global infrastructure stocks posted a negative absolute performance over the fiscal year but outperformed broad global market equities over the fiscal year. The Fund, however, underperformed the Dow Jones Brookfield Global Infrastructure Index, its style-specific benchmark, on a gross performance basis. Security selection in the towers and gas

distribution sectors were the main detractors to relative performance while the major positive drivers of relative performance came from security selection within the midstream services and electric utilities sectors.

    Cellnex, a tower company with sites throughout Europe was a top individual detractor from the Fund’s relative performance. The company enjoys a very defensive cash flow stream with excellent growth prospects, but rising interest rates eroded the spread between its returns on acquisitions versus its cost of capital which adversely affected the valuation. In gas distribution, the primary detractor from the Fund’s relative performance was Towngas Smart Energy. The position was driven by its relative valuation to other utilities in the region, with accelerating growth prospects from its foray into commercial-scale solar energy in China. Unfortunately, management could not hit its guidance due to operating margins deteriorating in its core gas utility business due to lower gas volume demand and natural gas prices spiking.

    Top individual relative contributors to Fund performance for the fiscal year included several midstream services and gas distribution companies, such as Targa Resources, Cheniere Energy and CenterPoint Energy. These companies benefited from a positive shift in the supply and demand dynamics for natural gas. Elsewhere, PG&E an electric utility company, which had recently emerged from bankruptcy and traded at a deep discount to other electric utilities proved to be a top performer. In addition, the company successfully sold some non-core assets, which helped boost the earnings growth profile.

    At the close of the fiscal year, relative to the style-specific benchmark, the Fund held overweight positions in sectors such as midstream services, gas distributions and towers in an effort to balance attractive relative valuations in cyclicals with a moderating economic

outlook. The Fund held underweight positions in the water, airports and electric utilities sectors, where valuations we believe may be relatively unattractive and regulatory structures could impact the ability to participate in the market rebound.

    We remain focused on investing in companies with sound balance sheets and strategic infrastructure assets that provide a relatively more stable underlying earnings stream, offering above-average earnings growth characteristics.

    We thank you for your investment in Invesco Global Infrastructure Fund.

Portfolio manager(s):

Mark Blackburn

James Cowen

Grant Jackson

Darin Turner - Lead

Ping-Ying Wang

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

2 Invesco Global Infrastructure Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 5/2/14

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

3 Invesco Global Infrastructure Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (5/2/14)	2.97	%
5 Years	2.30
1 Year	-15.66
Class C Shares
Inception (5/2/14)	2.91	%
5 Years	2.69
1 Year	-12.26
Class R Shares
Inception (5/2/14)	3.39	%
5 Years	3.21
1 Year	-10.99
Class Y Shares
Inception (5/2/14)	3.92	%
5 Years	3.75
1 Year	-10.44
Class R5 Shares
Inception (5/2/14)	3.92	%
5 Years	3.75
1 Year	-10.50
Class R6 Shares
Inception (5/2/14)	3.93	%
5 Years	3.76
1 Year	-10.43

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.

4 Invesco Global Infrastructure Fund

Supplemental Information

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

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

∎ The Dow Jones Brookfield Global Infrastructure Index is designed to measure the stock performance of infrastructure companies domiciled globally and covers all sectors of the infrastructure market. The 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.

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

5 Invesco Global Infrastructure Fund

Fund Information

Portfolio Composition

By infrastructure sector, based on Net Assets
Midstream	28.82	%
Gas Utilities	26.08
Towers	18.62
Electric Utilities	8.58
Diversified	6.58
Tolls	4.18
Airports	2.96
Water Utilities	2.48
Satellites	0.88
Money Market Funds Plus Other Assets Less Liabilities	0.82

Top 10 Equity Holdings*

		% of total net assets
1.	American Tower Corp.	9.03%
2.	Enbridge, Inc.	6.77
3.	Vinci S.A.	6.58
4.	TC Energy Corp.	6.23
5.	Williams Cos., Inc. (The)	4.73
6.	Cheniere Energy, Inc.	4.65
7.	SBA Communications Corp., Class A	4.59
8.	Transurban Group	4.18
9.	Kinder Morgan, Inc.	4.01
10.	Sempra Energy	3.87

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 October 31, 2022.

6 Invesco Global Infrastructure Fund

Schedule of Investments

October 31, 2022

	Shares		Value
Common Stocks & Other Equity Interests–99.18%
Australia–5.58%
APA Group		235,378	$	1,578,295
Transurban Group		556,249		4,707,382
				6,285,677
Canada–15.65%
Enbridge, Inc.		195,615		7,621,569
Hydro One Ltd.(a)		119,362		2,992,921
TC Energy Corp.		159,717		7,015,426
				17,629,916
China–2.52%
China Gas Holdings Ltd.		337,800		299,612
China Resources Gas Group Ltd.		239,300		612,940
China Water Affairs Group Ltd.		184,000		130,351
ENN Energy Holdings Ltd.		85,500		848,118
Guangdong Investment Ltd.		1,498,000		945,684
				2,836,705
France–6.58%
Vinci S.A.		80,687		7,414,951
Hong Kong–0.30%
Hong Kong & China Gas Co. Ltd. (The)		440,000		339,291
Italy–1.98%
Infrastrutture Wireless Italiane S.p.A.(a)		100,935		891,684
Italgas S.p.A.		259,819		1,340,362
				2,232,046
Japan–2.62%
Japan Airport Terminal Co. Ltd.(b)		10,600		453,426
Toho Gas Co. Ltd.		72,200		1,343,442
Tokyo Gas Co. Ltd.		65,100		1,157,885
				2,954,753
Luxembourg–0.88%
SES S.A., FDR		140,250		993,993
Mexico–1.42%
Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR(c)		6,835		1,595,426
Nigeria–0.52%
IHS Holding Ltd.(b)		98,387		587,370
Spain–3.68%
Cellnex Telecom S.A.(a)		89,577		2,927,255
Iberdrola S.A.		120,291		1,221,942
				4,149,197
Switzerland–1.14%
Flughafen Zurich AG(b)		8,285		1,286,626
United Kingdom–4.70%
National Grid PLC		241,160		2,623,980

Investment Abbreviations:

ADR - American Depositary Receipt

FDR - Fiduciary Depositary Receipt

	Shares		Value
United Kingdom–(continued)
Pennon Group PLC		29,855	$	286,834
SSE PLC		133,691		2,386,675
				5,297,489
United States–51.61%
American Tower Corp.		49,088		10,170,543
American Water Works Co., Inc.		9,875		1,435,233
Atmos Energy Corp.		7,841		835,459
CenterPoint Energy, Inc.		29,134		833,524
Cheniere Energy, Inc.		29,676		5,235,143
Crown Castle, Inc.		9,220		1,228,657
Edison International		26,150		1,570,046
Kinder Morgan, Inc.		249,444		4,519,925
NextEra Energy, Inc.		19,399		1,503,422
NiSource, Inc.		147,333		3,784,985
ONE Gas, Inc.		44,543		3,451,192
PG&E Corp.(b)(c)		148,269		2,213,656
PPL Corp.		141,512		3,748,653
SBA Communications Corp., Class A		19,143		5,166,696
Sempra Energy		28,922		4,365,487
Targa Resources Corp.		40,204		2,748,747
Williams Cos., Inc. (The)		162,784		5,327,920
				58,139,288
Total Common Stocks & Other Equity Interests (Cost $110,714,117)				111,742,728
Money Market Funds–0.49%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(d)(e)		193,359		193,359
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(d)(e)		138,137		138,164
Invesco Treasury Portfolio, Institutional Class, 3.08%(d)(e)		220,982		220,982
Total Money Market Funds (Cost $552,463)				552,505
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–99.67% (Cost $111,266,580)				112,295,233
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.44%
Invesco Private Government Fund, 3.18%(d)(e)(f)		770,155		770,155
Invesco Private Prime Fund, 3.28%(d)(e)(f)		1,980,320		1,980,320
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,750,474)				2,750,475
TOTAL INVESTMENTS IN SECURITIES–102.11% (Cost $114,017,054)				115,045,708
OTHER ASSETS LESS LIABILITIES–(2.11)%				(2,381,702	)
NET ASSETS–100.00%			$	112,664,006

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

7 Invesco Global Infrastructure Fund

Notes to Schedule of Investments:

^(a) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $6,811,860, which represented 6.05% of the Fund’s Net Assets.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at October 31, 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 fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$   465,295		$14,043,741		$(14,315,677	)		$  -		$       -			$   193,359		$  5,035
Invesco Liquid Assets Portfolio, Institutional Class		315,112		10,031,243		(10,208,256	)		33		32			138,164		4,411
Invesco Treasury Portfolio, Institutional Class		531,766		16,049,990		(16,360,774	)		-		-			220,982		6,845
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		5,095,901		(4,325,746	)		-		-			770,155		8,056	*
Invesco Private Prime Fund		-		12,472,328		(10,491,593	)		1		(416	)		1,980,320		22,074	*
Total		$1,312,173		$57,693,203		$(55,702,046	)		$34		$(384	)		$3,302,980		$46,421

* 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 October 31, 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.

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

8 Invesco Global Infrastructure Fund

Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $110,714,117)*	$111,742,728
Investments in affiliated money market funds, at value (Cost $3,302,937)	3,302,980
Foreign currencies, at value (Cost $913,261)	912,816
Receivable for:
Investments sold	3,258,110
Fund shares sold	41,988
Dividends	141,794
Investment for trustee deferred compensation and retirement plans	19,749
Other assets	40,870
Total assets	119,461,035
Liabilities:
Payable for:
Investments purchased	3,780,286
Fund shares reacquired	149,928
Collateral upon return of securities loaned	2,750,474
Accrued fees to affiliates	37,247
Accrued trustees’ and officers’ fees and benefits	795
Accrued other operating expenses	58,550
Trustee deferred compensation and retirement plans	19,749
Total liabilities	6,797,029
Net assets applicable to shares outstanding	$112,664,006
Net assets consist of:
Shares of beneficial interest	$115,184,692
Distributable earnings (loss)	(2,520,686	)
	$112,664,006

Net Assets:
Class A	$	22,736,559
Class C	$	3,186,808
Class R	$	5,267,143
Class Y	$	26,747,269
Class R5	$	124,783
Class R6	$	54,601,444
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,043,771
Class C		286,990
Class R		473,914
Class Y		2,403,840
Class R5		11,201
Class R6		4,903,514
Class A:
Net asset value per share	$	11.12
Maximum offering price per share (Net asset value of $11.12 ÷ 94.50%)	$	11.77
Class C:
Net asset value and offering price per share	$	11.10
Class R:
Net asset value and offering price per share	$	11.11
Class Y:
Net asset value and offering price per share	$	11.13
Class R5:
Net asset value and offering price per share	$	11.14
Class R6:
Net asset value and offering price per share	$	11.14

* At October 31, 2022, securities with an aggregate value of $2,635,013 were on loan to brokers.

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

9 Invesco Global Infrastructure Fund

Statement of Operations

For the year ended October 31, 2022

Investment income:
Dividends (net of foreign withholding taxes of $224,719)	$	3,732,129
Dividends from affiliated money market funds (includes net securities lending income of $4,982)		21,273
Total investment income		3,753,402
Expenses:
Advisory fees		1,029,256
Administrative services fees		17,818
Custodian fees		14,167
Distribution fees:
Class A		55,889
Class C		34,075
Class R		27,858
Transfer agent fees – A, C, R and Y		115,706
Transfer agent fees – R5		130
Transfer agent fees – R6		20,457
Trustees’ and officers’ fees and benefits		19,889
Registration and filing fees		79,253
Reports to shareholders		10,588
Professional services fees		69,458
Other		17,041
Total expenses		1,511,585
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(169,382	)
Net expenses		1,342,203
Net investment income		2,411,199
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		1,599,716
Affiliated investment securities		(384	)
Foreign currencies		(28,415	)
		1,570,917
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(17,456,123	)
Affiliated investment securities		34
Foreign currencies		(2,350	)
		(17,458,439	)
Net realized and unrealized gain (loss)		(15,887,522	)
Net increase (decrease) in net assets resulting from operations	$	(13,476,323	)

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

10 Invesco Global Infrastructure Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income	$	2,411,199		$	1,898,175
Net realized gain		1,570,917			6,242,767
Change in net unrealized appreciation (depreciation)		(17,458,439	)		14,706,466
Net increase (decrease) in net assets resulting from operations		(13,476,323	)		22,847,408
Distributions to shareholders from distributable earnings:
Class A		(425,602	)		(262,127	)
Class C		(38,107	)		(23,024	)
Class R		(90,182	)		(58,212	)
Class Y		(598,947	)		(292,833	)
Class R5		(2,384	)		(352	)
Class R6		(1,341,029	)		(1,216,300	)
Total distributions from distributable earnings		(2,496,251	)		(1,852,848	)
Share transactions–net:
Class A		5,208,346			5,390,841
Class C		486,101			517,509
Class R		757,000			1,077,445
Class Y		8,939,989			6,592,094
Class R5		107,632			24,765
Class R6		(5,267,234	)		6,199,734
Net increase in net assets resulting from share transactions		10,231,834			19,802,388
Net increase (decrease) in net assets		(5,740,740	)		40,796,948
Net assets:
Beginning of year		118,404,746			77,607,798
End of year	$	112,664,006		$	118,404,746

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

11 Invesco Global Infrastructure Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains				Return of capital				Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 10/31/22		$12.70		$0.22			$(1.57	)		$(1.35	)		$(0.23	)		$	–			$	–			$(0.23	)		$11.12		(10.74	)%		$22,737		1.25	%		1.47	%		1.81	%		127	%
Year ended 10/31/21		10.23		0.20	(d)		2.46			2.66			(0.19	)			–				–			(0.19	)		12.70		26.22			20,774		1.29			1.62			1.65	(d)		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
Class C
Year ended 10/31/22		12.67		0.13			(1.56	)		(1.43	)		(0.14	)			–				–			(0.14	)		11.10		(11.38	)		3,187		2.00			2.22			1.06			127
Year ended 10/31/21		10.21		0.11	(d)		2.46			2.57			(0.11	)			–				–			(0.11	)		12.67		25.23			3,178		2.04			2.37			0.90	(d)		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
Class R
Year ended 10/31/22		12.69		0.19			(1.57	)		(1.38	)		(0.20	)			–				–			(0.20	)		11.11		(10.99	)		5,267		1.50			1.72			1.56			127
Year ended 10/31/21		10.22		0.17	(d)		2.47			2.64			(0.17	)			–				–			(0.17	)		12.69		25.93			5,241		1.54			1.87			1.40	(d)		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
Class Y
Year ended 10/31/22		12.70		0.26			(1.56	)		(1.30	)		(0.27	)			–				–			(0.27	)		11.13		(10.44	)		26,747		1.00			1.22			2.06			127
Year ended 10/31/21		10.23		0.23	(d)		2.46			2.69			(0.22	)			–				–			(0.22	)		12.70		26.53			21,558		1.04			1.37			1.90	(d)		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
Class R5
Year ended 10/31/22		12.72		0.26			(1.57	)		(1.31	)		(0.27	)			–				–			(0.27	)		11.14		(10.50	)		125		1.00			1.13			2.06			127
Year ended 10/31/21		10.24		0.23	(d)		2.47			2.70			(0.22	)			–				–			(0.22	)		12.72		26.61			37		1.02			1.14			1.92	(d)		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
Class R6
Year ended 10/31/22		12.71		0.26			(1.56	)		(1.30	)		(0.27	)			–				–			(0.27	)		11.14		(10.43	)		54,601		1.00			1.06			2.06			127
Year ended 10/31/21		10.24		0.23	(d)		2.47			2.70			(0.23	)			–				–			(0.23	)		12.71		26.53			67,617		1.02			1.14			1.92	(d)		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

^(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)  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.

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

12 Invesco Global Infrastructure Fund

Notes to Financial Statements

October 31, 2022

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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

13 Invesco Global Infrastructure Fund

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 1940 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

14 Invesco Global Infrastructure Fund

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

L. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the 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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.

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

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 year ended October 31, 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 29, 2024, 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

15 Invesco Global Infrastructure Fund

expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. 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.

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 year ended October 31, 2022, the Adviser waived advisory fees of $32,423 and reimbursed class level expenses of $43,816, $6,620, $10,807, $54,463, $130 and $20,456 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $9,455 in front-end sales commissions from the sale of Class A shares and $629 and $575 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	–	$	6,285,677		$–	$	6,285,677
Canada		17,629,916		–		–		17,629,916
China		–		2,836,705		–		2,836,705
France		–		7,414,951		–		7,414,951
Hong Kong		–		339,291		–		339,291
Italy		–		2,232,046		–		2,232,046
Japan		–		2,954,753		–		2,954,753
Luxembourg		–		993,993		–		993,993
Mexico		1,595,426		–		–		1,595,426
Nigeria		587,370		–		–		587,370
Spain		–		4,149,197		–		4,149,197
Switzerland		–		1,286,626		–		1,286,626
United Kingdom		–		5,297,489		–		5,297,489
United States		58,139,288		–		–		58,139,288
Money Market Funds		552,505		2,750,475		–		3,302,980
Total Investments	$	78,504,505	$	36,541,203		$–	$	115,045,708

16 Invesco Global Infrastructure Fund

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $667.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	2,496,251	$	1,852,848

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Undistributed ordinary income	$	64,213
Net unrealized appreciation (depreciation) – investments		(1,503,476	)
Net unrealized appreciation (depreciation) – foreign currencies		(1,039	)
Temporary book/tax differences		(17,008	)
Capital loss carryforward		(1,063,376	)
Shares of beneficial interest		115,184,692
Total net assets	$	112,664,006

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	1,063,376	$–	$	1,063,376

* 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 year ended October 31, 2022 was $162,837,348 and $152,785,995, 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	$5,198,618
Aggregate unrealized (depreciation) of investments	(6,702,094	)
Net unrealized appreciation (depreciation) of investments	$(1,503,476	)

Cost of investments for tax purposes is $116,549,184.

17 Invesco Global Infrastructure Fund

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, foreign currency transactions and partnerships, on October 31, 2022, undistributed net investment income was decreased by $160,559, undistributed net realized gain (loss) was increased by $160,575 and shares of beneficial interest was decreased by $16. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		737,018		$	9,232,181			717,135		$	8,583,964
Class C		100,098			1,255,824			113,290			1,341,239
Class R		100,361			1,258,512			119,771			1,442,625
Class Y		1,771,710			22,226,181			775,642			9,448,596
Class R5		12,275			155,405			1,974			24,625
Class R6		383,428			5,055,554			1,263,213			13,944,288
Issued as reinvestment of dividends:
Class A		31,270			379,344			20,131			237,143
Class C		3,051			36,907			1,899			22,127
Class R		7,432			90,180			4,954			58,196
Class Y		33,431			407,847			17,963			210,507
Class R5		177			2,132			11			140
Class R6		110,033			1,340,763			103,510			1,216,073
Automatic conversion of Class C shares to Class A shares:
Class A		21,247			255,114			20,484			235,395
Class C		(21,288	)		(255,114	)		(20,522	)		(235,395	)
Reacquired:
Class A		(381,529	)		(4,658,293	)		(314,614	)		(3,665,661	)
Class C		(45,643	)		(551,516	)		(52,559	)		(610,462	)
Class R		(46,910	)		(591,692	)		(37,162	)		(423,376	)
Class Y		(1,098,491	)		(13,694,039	)		(260,580	)		(3,067,009	)
Class R5		(4,183	)		(49,905	)		-			-
Class R6		(908,854	)		(11,663,551	)		(738,625	)		(8,960,627	)
Net increase in share activity		804,633		$	10,231,834			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 15% 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, 46% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

18 Invesco Global Infrastructure Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Global Infrastructure Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Infrastructure Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

19 Invesco Global Infrastructure Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 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       (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/22)	Expenses       Paid During       Period2	Annualized       Expense        Ratio
Class A	$1,000.00	$882.80	$5.93	$1,018.90	$6.36	1.25%
Class C	1,000.00	879.70	9.48	1,015.12	10.16	2.00
Class R	1,000.00	881.50	7.11	1,017.64	7.63	1.50
Class Y	1,000.00	884.70	4.75	1,020.16	5.09	1.00
Class R5	1,000.00	884.10	4.75	1,020.16	5.09	1.00
Class R6	1,000.00	884.80	4.75	1,020.16	5.09	1.00

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

20 Invesco Global Infrastructure Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Infrastructure Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Dow Jones Brookfield Global Infrastructure Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and reasonably comparable to the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

21 Invesco Global Infrastructure Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an

individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market

funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

22 Invesco Global Infrastructure Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	48.91	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

23 Invesco Global Infrastructure Fund

Trustees and Officers

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

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Global Infrastructure Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Global Infrastructure Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Global Infrastructure Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Global Infrastructure Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Global Infrastructure Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Global Infrastructure Fund

(This page intentionally left blank)

(This page intentionally left blank)

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-AR-1                                         

Annual Report to Shareholders October 31, 2022

Invesco Global Strategic Income Fund

Nasdaq:

A: OPSIX ∎ C: OSICX ∎ R: OSINX ∎ Y: OSIYX ∎ R5: GLSSX ∎ R6: OSIIX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Consolidated Schedule of Investments
34	Consolidated Financial Statements
37	Consolidated Financial Highlights
38	Notes to Consolidated Financial Statements
49	Report of Independent Registered Public Accounting Firm
50	Fund Expenses
51	Approval of Investment Advisory and Sub-Advisory Contracts
54	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Strategic Income Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Global Aggregate Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-16.12	%
Class C Shares	-16.83
Class R Shares	-16.34
Class Y Shares	-15.97
Class R5 Shares	-15.81
Class R6 Shares	-15.93
Bloomberg Global Aggregate Index▼*	-20.79
Bloomberg U.S. Aggregate Bond Index▼*	-15.68
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.

Market conditions and your Fund

During the fiscal year ended October 31, 2022, global fixed-income markets remained volatile due to a series of shocks to financial markets from the Russia-Ukraine war, high commodity prices, high inflation, rapid monetary policy tightening, recession fears and slowing growth in China. Throughout the year, inflation data continued to surprise on the upside, leading both developed market (DM) and emerging market (EM) central banks to hike interest rates aggressively, prompting negative returns across fixed-income markets. In particular, the US Federal Reserve (the Fed) raised policy rates (which have a global impact) during the fiscal year at a pace and scale not seen in the past two decades. This prompted the US dollar to rise considerably over the fiscal year and generated uncertainty on the degree to which EM central banks would need to continue hiking despite getting an earlier start last year.

    Towards the end of 2021, concerns about inflation were already heightened, although the Fed left policy rates unchanged in the fourth quarter. They indicated accommodative policies were coming to an end and announced the reduction of their monthly bond purchase program. In the first quarter of 2022, conflict and uncertainty drove sharp moves across risk assets following Russia’s invasion of Ukraine. As commodity prices spiked, this exacerbated existing inflationary pressures and forced several central banks to adopt a more hawkish stance. Global monetary policy divergence persisted, as most emerging markets (aside from China) seemed closer to the end of their interest rate hiking cycles, while various developed markets were in different stages. Elevated inflation and a

tight labor market led the Fed to officially commence its rate hiking cycle and the Bank of England raised rates twice after their initial increase in December, while China signaled a potential increase in its monetary policy accommodation. The US dollar ended the first quarter of 2022, 2.3% higher.¹

    In the second quarter of 2022, capital markets were preoccupied with surging inflation that prompted the Fed and subsequently the European Central Bank and Reserve Bank of Australia, to shift toward tighter monetary policy. EM central banks across Latin America and Central Europe followed suit, alongside elevated food and energy prices. Toward the end of June, market focus shifted from inflation fears and the prospect of increasingly aggressive interest rate hikes to recession fears and the anticipation of lower rates. Though US and European economies were already decelerating, growth in Asia remained relatively resilient, supported by post-COVID-19 reopenings, despite some drag from lingering lockdowns in China, which is typically the region’s main driver. The US dollar rose considerably in April, fell slightly in May and then rose again in June, ending the second quarter of 2022 almost 6.5% higher.¹

    The third quarter of 2022 began with a relief rally in July as markets anticipated slowing inflation and possible rate cuts by the Fed in 2023. This narrative quickly reversed course in August and September of 2022 on the back of continued geopolitical uncertainty, rising concerns of a global economic slowdown and persistent elevated inflation. As a result, central banks continued their aggressive rate hiking cycles, with the Federal Reserve hiking 1.5%, the European Central Bank hiking 1.25% and the Bank of England hiking 1%. In emerging markets, central

banks in Asia, Central and Eastern Europe and Latin America all raised their interest rates, though it seemed like central banks such as Brazil and Hungary might be reaching the end of their hiking cycles. While global growth indicators continued to slow, European concerns about an energy crisis heading into winter lingered and China’s lackluster re-opening dynamics remained intact, central banks continued to prioritize bringing down inflation over supporting growth. These conditions contributed to the US dollar’s rapid rise, increasing slightly in July and reaching 20-year highs in August and September, ending the third quarter of 2022 almost 7.1% higher.¹

    To better reflect its global approach to sourcing income, the Fund’s benchmark changed to the Bloomberg Global Aggregate Index (previously the Bloomberg U.S. Aggregate Bond Index), effective February 28, 2022. The investment team, philosophy and process remain unchanged and the Fund continues to offer investors a one-stop income solution with global diversification – including meaningful allocations to non-US developed and emerging market bonds and currencies. The Bloomberg Global Aggregate Index is a multi-currency measure of global investment grade debt including treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers, so this change simply aligns investor expectations of the Fund with the most appropriate benchmark for performance comparison, given the team’s approach.

    Compared to the Bloomberg Global Aggregate Bond Index, the Fund’s interest rate and foreign currency exposure contributed positively to relative Fund performance, while credit exposure detracted. The top contributors to relative Fund performance were positioning in the Euro, interest rate positioning in Germany and positioning in the Japanese Yen, while the top detractors were interest rate positioning in the European Union, positioning in the Argentinian Peso and interest rate positioning in Russia.

    Entering 2022, portfolio positioning favored emerging market rates and foreign currency (FX) exposure given high emerging markets’ nominal interest rates, with an expectation of inflation being less persistent. As global inflation was exacerbated by the Russia-Ukraine conflict and a delayed reopening in China, developed market central banks were forced to raise rates aggressively, which in turn impacted central bank expectations in emerging markets. While we have seen considerable market volatility during the fiscal year from the rapid repricing of inflation expectations and the path of US interest rates, we anticipate the value created from an income and total return perspective is meaningful. A year ago, EM monetary policy rates averaged around 3.25%, while today the average policy rate is over 6.75%,¹ though

2 Invesco Global Strategic Income Fund

there is divergence across regions. While conditions in the US will continue to have an outsized effect on the rest of the world, we continue to find attractive yields abroad, particularly in EMs.

    After hiking considerably in 2021, EM central banks may be approaching their interest rate peaks (having started their hiking cycles ahead of developed markets) and we expect the growth picture for emerging markets to remain stronger than that of the US and Europe, where a growth revival could take some time. While uncertainty on the path of US interest rates has prevented markets from unlocking the value we see in emerging markets so far, we believe the path of US interest rates should soon become clearer and inflation expectations in emerging markets should become more anchored. With average EM inflation already lower than US inflation, this makes the real-rate differential compelling. Additionally, with the US dollar recently reaching 40-year highs and the Fed getting closer to the end of its hiking cycle, we may be seeing signs of stability and reversal.

    Overall, we believe individual country dynamics will drive performance going forward and we expect the dispersion in returns between countries will be larger than in the past, which argues for an actively managed approach such as ours. We believe the environment remains favorable for global assets, particularly as the Fed’s monetary policy trajectory becomes more visible and we remain focused on capitalizing on it.

    Please note that we implemented our strategy using derivative instruments, including futures, forwards, swaps and options. Therefore, a portion of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Part of the Fund’s strategy to manage credit and currency risk in the portfolio during the fiscal year entailed purchasing and selling credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the fiscal year. The currency management was carried out via currency forwards and options on an as-needed basis and we believe this strategy was effective in managing the currency positioning within the Fund.

    We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The risk may be greater in the current market environment. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest

rates and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments held by the Fund.

    Thank you for investing in Invesco Global Strategic Income Fund.

1 Source: Bloomberg LP

Portfolio manager(s):

Hemant Baijal - Lead

Chris Kelly

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco Global Strategic Income Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1 Source: 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.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Global Strategic Income Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (10/16/89)	5.41	%
10 Years	-0.34
5 Years	-3.33
1 Year	-19.73
Class C Shares
Inception (5/26/95)	4.30	%
10 Years	-0.51
5 Years	-3.22
1 Year	-17.65
Class R Shares
Inception (3/1/01)	3.55	%
10 Years	-0.20
5 Years	-2.71
1 Year	-16.34
Class Y Shares
Inception (1/26/98)	4.08	%
10 Years	0.30
5 Years	-2.29
1 Year	-15.97
Class R5 Shares
10 Years	0.22	%
5 Years	-2.22
1 Year	-15.81
Class R6 Shares
Inception (1/27/12)	1.13	%
10 Years	0.44
5 Years	-2.13
1 Year	-15.93

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.

5 Invesco Global Strategic Income Fund

Supplemental Information

Invesco Global Strategic Income Fund’s investment objective is to seek total return.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The Bloomberg Global Aggregate Index is an unmanaged index considered representative of global investment-grade, fixed-income markets.

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

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

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

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

6 Invesco Global Strategic Income Fund

Fund Information

Portfolio Composition

By security type	% of total net assets
U.S. Dollar Denominated Bonds & Notes	41.91%
Non-U.S. Dollar Denominated Bonds & Notes	28.72
Asset-Backed Securities	8.81
Options Purchased	3.60
Agency Credit Risk Transfer Notes	2.22
Common Stocks & Other Equity Interests	1.11
Security Types Each Less Than 1% of Portfolio	1.91
Money Market Funds Plus Other Assets Less Liabilities	11.72

Top Five Debt Issuers*

		% of total net assets
1.	Brazil Notas do Tesouro Nacional	9.83%
2.	Republic of South Africa Government Bond	3.36
3.	Colombian TES	2.17
4.	Mexican Bonos	1.30
5.	Argentina Treasury Bond BONCER	1.27

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

7 Invesco Global Strategic Income Fund

Consolidated Schedule of Investments

October 31, 2022

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–41.91%
Bahamas–0.08%
Bahamas Government International Bond, 9.00%, 06/16/2029(a)	$	1,750,000	$	1,269,264
Belgium–0.23%
Telenet Finance Luxembourg Notes S.a r.l., 5.50%, 03/01/2028(a)		4,325,000		3,799,945
Bermuda–0.04%
Bacardi Ltd., 2.75%, 07/15/2026(a)		766,000		679,915
Brazil–0.31%
CSN Inova Ventures, 6.75%, 01/28/2028(a)		1,775,000		1,524,395
Klabin Austria GmbH,
5.75%, 04/03/2029(a)		710,000		666,044
7.00%, 04/03/2049(a)(b)		1,775,000		1,580,096
Suzano Austria GmbH, 2.50%, 09/15/2028		1,716,000		1,368,681
				5,139,216
Canada–0.98%
1011778 BC ULC/New Red Finance, Inc.,
3.88%, 01/15/2028(a)		300,000		264,246
4.00%, 10/15/2030(a)		1,200,000		981,420
1375209 BC Ltd., 9.00%, 01/30/2028(a)		1,008,000		980,280
Enbridge, Inc., 7.38%, 01/15/2083(c)		6,974,000		6,596,489
Enerflex Ltd., 9.00%, 10/15/2027(a)		1,266,000		1,233,540
Hudbay Minerals, Inc., 6.13%, 04/01/2029(a)(b)		1,038,000		861,872
Precision Drilling Corp.,
7.13%, 01/15/2026(a)		90,000		88,537
6.88%, 01/15/2029(a)		1,009,000		929,355
Ritchie Bros. Auctioneers, Inc., 5.38%, 01/15/2025(a)		887,000		874,954
Transcanada Trust, Series 16-A, 5.88%, 08/15/2076(b)(c)		3,545,000		3,306,776
				16,117,469
Chile–0.53%
AES Andes S.A., 6.35%, 10/07/2079(a)(c)		1,750,000		1,424,217
Kenbourne Invest S.A., 4.70%, 01/22/2028(a)		2,084,000		1,528,188
Mercury Chile Holdco LLC, 6.50%, 01/24/2027(a)		7,100,000		5,868,505
				8,820,910
Colombia–0.64%
Bancolombia S.A., 7.14%, 10/18/2027(c)		7,200,000		6,250,536

	Principal Amount		Value
Colombia–(continued)
Colombia Government International Bond, 4.13%, 02/22/2042	$	3,725,000	$	2,102,937
Ecopetrol S.A., 4.63%, 11/02/2031		3,228,000		2,231,363
				10,584,836
Denmark–0.18%
Danske Bank A/S, 7.00%(a)(c)(d)		3,200,000		2,964,368
Dominican Republic–0.16%
Dominican Republic International Bond,
4.50%, 01/30/2030(a)		720,000		579,748
4.88%, 09/23/2032(a)		1,200,000		929,107
5.30%, 01/21/2041(a)		1,560,000		1,080,341
				2,589,196
Ecuador–0.06%
Ecuador Government International Bond, 5.50%, 07/31/2030(a)(e)		1,800,000		964,723
Egypt–0.22%
Egypt Government International Bond,
7.63%, 05/29/2032(a)		1,500,000		966,789
8.50%, 01/31/2047(a)		2,600,000		1,542,070
8.88%, 05/29/2050(a)		1,775,000		1,060,311
				3,569,170
Finland–0.22%
Nordea Bank Abp, 5.38%, 09/22/2027(a)		3,857,000		3,719,643
France–1.60%
Altice France S.A.,
8.13%, 02/01/2027(a)		1,226,000		1,124,242
5.13%, 07/15/2029(a)		766,000		578,330
5.50%, 10/15/2029(a)		730,000		558,030
BNP Paribas S.A., 7.75%(a)(c)(d)		3,500,000		3,308,673
BPCE S.A., 5.15%, 07/21/2024(a)		3,500,000		3,376,246
Credit Agricole S.A.,
8.13%(a)(c)(d)		6,450,000		6,439,022
6.88%(a)(c)(d)		1,750,000		1,637,090
Electricite de France S.A., 5.25%(a)(c)(d)		1,800,000		1,694,744
Iliad Holding S.A.S.,
6.50%, 10/15/2026(a)		275,000		255,115
7.00%, 10/15/2028(a)		1,899,000		1,723,561
Societe Generale S.A.,
7.38%(a)(b)(c)(d)		1,750,000		1,603,895
4.75%(a)(c)(d)		5,250,000		4,054,313
				26,353,261

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
Guatemala–0.15%
CT Trust, 5.13%, 02/03/2032(a)	$	2,000,000	$	1,602,346
Guatemala Government Bond, 3.70%, 10/07/2033(a)		1,200,000		913,452
				2,515,798
Hong Kong–0.64%
Melco Resorts Finance Ltd.,
4.88%, 06/06/2025(a)(b)		9,250,000		6,608,860
5.75%, 07/21/2028(a)		1,775,000		1,029,500
Prudential PLC, 4.88%(a)(d)		3,550,000		2,893,250
				10,531,610
India–1.27%
Adani Electricity Mumbai Ltd.,
3.95%, 02/12/2030(a)		3,500,000		2,345,242
3.87%, 07/22/2031(a)		1,750,000		1,070,032
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024(a)		3,475,000		3,344,861
JSW Steel Ltd., 3.95%, 04/05/2027(a)		4,260,000		3,101,393
Muthoot Finance Ltd., 4.40%, 09/02/2023(a)		3,700,000		3,594,550
Network i2i Ltd.,
5.65%(a)(c)(d)		1,050,000		926,468
3.98%(a)(c)(d)		1,050,000		834,125
Oil & Natural Gas Corp. Ltd., 3.38%, 12/05/2029(a)		3,500,000		2,889,299
Reliance Industries Ltd., 4.88%, 02/10/2045(a)		3,600,000		2,795,404
				20,901,374
Indonesia–1.88%
Indonesia Government International Bond,
4.65%, 09/20/2032		2,625,000		2,435,057
5.45%, 09/20/2052		1,100,000		995,115
PT Bank Tabungan Negara (Persero) Tbk, 4.20%, 01/23/2025(a)		6,390,000		5,495,400
PT Cikarang Listrindo Tbk, 4.95%, 09/14/2026(a)		4,475,000		3,877,730
PT Indofood CBP Sukses Makmur Tbk, 4.75%, 06/09/2051(a)		7,100,000		4,381,697
PT Indonesia Asahan Aluminium (Persero), 4.75%, 05/15/2025(a)(b)		7,400,000		7,064,685
PT Pertamina (Persero), 4.18%, 01/21/2050(a)		1,775,000		1,189,248
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara,
4.13%, 05/15/2027(a)(b)		3,700,000		3,391,124
4.38%, 02/05/2050(a)		3,600,000		2,228,091
				31,058,147
Iraq–0.06%
Iraq International Bond, 5.80%, 01/15/2028(a)		1,237,500		1,056,257

	Principal Amount		Value
Ireland–0.59%
BB Blue Financing DAC, Series A1, 4.40%, 09/20/2037(a)	$	1,750,000	$	1,673,934
Coriolanus DAC,
Series 116, 0.00%, 04/30/2025(a)(f)		943,134		881,699
Series 119, 0.00%, 04/30/2025(a)(f)		1,003,380		938,020
Series 120, 0.00%, 04/30/2025(a)(f)		1,255,979		1,174,165
Series 122, 0.00%, 04/30/2025(a)(f)		1,100,434		1,028,753
Series 124, 0.00%, 04/30/2025(a)(f)		883,835		826,263
Series 126, 0.00%, 04/30/2025(a)(f)		1,186,510		1,109,222
Series 127, 0.00%, 04/30/2025(a)(f)		1,145,271		1,070,669
0.00%, 04/30/2025(a)(f)		1,078,626		1,008,366
				9,711,091
Ivory Coast–0.12%
Ivory Coast Government International Bond, 5.38%, 07/23/2024(a)		2,100,000		1,928,325
Japan–0.14%
Takeda Pharmaceutical Co. Ltd., 3.18%, 07/09/2050		3,700,000		2,390,375
Kazakhstan–0.12%
Development Bank of Kazakhstan JSC, 5.75%, 05/12/2025(a)		2,081,000		2,066,350
Macau–0.47%
MGM China Holdings Ltd.,
5.38%, 05/15/2024(a)(b)		3,495,000		3,015,137
5.88%, 05/15/2026(a)(b)		3,200,000		2,462,352
Wynn Macau Ltd., 4.88%, 10/01/2024(a)(b)		2,840,000		2,217,216
				7,694,705
Malaysia–0.21%
1MDB Global Investments Ltd., 4.40%, 03/09/2023(a)		3,500,000		3,421,500
Mexico–2.75%
Alpek S.A.B. de C.V., 3.25%, 02/25/2031(a)		1,782,000		1,366,698
America Movil S.A.B. de C.V., 5.38%, 04/04/2032(a)		4,745,000		4,027,105
Banco Mercantil del Norte S.A.,
8.38%(a)(c)(d)		1,850,000		1,611,470
5.88%(a)(c)(d)		1,764,000		1,349,133
Braskem Idesa S.A.P.I.,
7.45%, 11/15/2029(a)		3,550,000		2,724,536
6.99%, 02/20/2032(a)		2,136,000		1,433,886
Cemex S.A.B. de C.V., 5.13%(a)(b)(c)(d)		2,487,000		2,059,099
Mexico Remittances Funding Fiduciary Estate Management S.a.r.l., 4.88%, 01/15/2028(a)		11,125,000		9,124,587

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
Mexico–(continued)
Nemak S.A.B. de C.V., 3.63%, 06/28/2031(a)	$	3,064,000	$	2,233,549
Petroleos Mexicanos,
6.50%, 03/13/2027(b)		11,050,000		9,710,582
8.75%, 06/02/2029		7,000,000		6,246,234
7.69%, 01/23/2050		1,775,000		1,159,529
6.95%, 01/28/2060		3,675,000		2,211,625
				45,258,033
Morocco–0.08%
OCP S.A., 3.75%, 06/23/2031(a)		1,750,000		1,313,489
Netherlands–0.82%
ING Groep N.V.,
6.50%(b)(c)(d)		5,600,000		5,108,886
5.75%(b)(c)(d)		7,100,000		6,071,238
6.75%(a)(c)(d)		1,500,000		1,424,063
VZ Secured Financing B.V., 5.00%, 01/15/2032(a)		1,213,000		968,817
				13,573,004
Nigeria–0.16%
Nigeria Government International Bond,
6.50%, 11/28/2027(a)		1,750,000		1,246,875
8.38%, 03/24/2029(a)		1,842,000		1,338,010
				2,584,885
Oman–0.58%
Oman Government International Bond,
4.75%, 06/15/2026(a)		6,982,000		6,621,247
6.75%, 01/17/2048(a)		3,500,000		2,950,679
				9,571,926
Panama–0.09%
Cable Onda S.A., 4.50%, 01/30/2030(a)		1,750,000		1,435,543
Peru–0.22%
Fondo MIVIVIENDA S.A., 4.63%, 04/12/2027(a)		3,995,000		3,712,285
South Africa–0.25%
Sasol Financing USA LLC, 4.38%, 09/18/2026		2,403,000		2,109,990
Stillwater Mining Co., 4.00%, 11/16/2026(a)		2,500,000		2,063,800
				4,173,790
Sweden–0.58%
Skandinaviska Enskilda Banken AB,
5.13%(a)(c)(d)		3,400,000		3,132,335
6.88%(a)(c)(d)		3,400,000		3,192,518
Swedbank AB, Series NC5, 5.63%(a)(c)(d)		3,400,000		3,207,050
				9,531,903
Switzerland–1.22%
Credit Suisse Group AG,
6.37%, 07/15/2026(a)(c)		875,000		814,595
6.54%, 08/12/2033(a)(c)		1,750,000		1,525,513
6.25%(a)(b)(c)(d)		7,385,000		6,234,845

	Principal Amount		Value
Switzerland–(continued)
Swiss Re Finance (Luxembourg) S.A., 5.00%, 04/02/2049(a)(c)	$	4,320,000	$	3,770,950
UBS Group AG,
7.00%(a)(c)(d)		3,695,000		3,588,414
5.13%(a)(c)(d)		4,770,000		4,149,900
				20,084,217
Thailand–0.17%
GC Treasury Center Co. Ltd., 4.40%, 03/30/2032(a)		1,750,000		1,418,463
Muang Thai Life Assurance PCL, 3.55%, 01/27/2037(a)(c)		1,800,000		1,465,936
				2,884,399
United Kingdom–2.48%
abrdn PLC, 4.25%, 06/30/2028(a)		1,825,000		1,550,867
BP Capital Markets PLC, 4.88%(c)(d)		2,590,000		2,194,054
British Telecommunications PLC, 4.25%, 11/23/2081(a)(c)		10,650,000		8,921,068
HSBC Holdings PLC, 2.01%, 09/22/2028(c)		3,500,000		2,753,178
Lloyds Banking Group PLC, 4.72%, 08/11/2026(b)(c)		7,000,000		6,627,432
M&G PLC, 6.50%, 10/20/2048(a)(c)		1,825,000		1,672,156
NatWest Group PLC, 6.00%(c)(d)		3,500,000		3,123,400
Standard Chartered PLC, 5.20%, 01/26/2024(a)		6,300,000		6,180,585
Virgin Media Finance PLC, 5.00%, 07/15/2030(a)(b)		447,000		359,054
Virgin Media Secured Finance PLC, 5.50%, 05/15/2029(a)(b)		767,000		698,438
Vodafone Group PLC,
3.25%, 06/04/2081(c)		6,876,000		5,524,385
4.13%, 06/04/2081(c)		1,698,000		1,208,551
				40,813,168
United Republic of Tanzania–0.18%
HTA Group Ltd., 7.00%, 12/18/2025(a)		3,330,000		2,938,725
United States–21.23%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(a)		2,586,000		2,632,230
Alcoa Nederland Holding B.V., 6.13%, 05/15/2028(a)		4,445,000		4,211,949
Allison Transmission, Inc.,
4.75%, 10/01/2027(a)		295,000		272,081
3.75%, 01/30/2031(a)		2,179,000		1,743,735
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(a)		5,069,000		4,835,480

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)
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028(a)	$	1,317,000	$	1,164,682
Apache Corp., 7.75%, 12/15/2029		1,139,000		1,166,291
Arconic Corp., 6.13%, 02/15/2028(a)		9,500,000		8,923,160
Asbury Automotive Group, Inc.,
4.50%, 03/01/2028(b)		299,000		259,661
4.63%, 11/15/2029(a)		1,444,000		1,191,242
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/2026(a)		901,000		889,084
Bausch Health Cos., Inc.,
4.88%, 06/01/2028(a)		584,000		358,941
11.00%, 09/30/2028(a)		1,415,000		1,096,625
14.00%, 10/15/2030(a)		352,000		203,280
Becton, Dickinson and Co., 3.79%, 05/20/2050		3,307,000		2,399,235
Boeing Co. (The), 4.51%, 05/01/2023(b)		7,000,000		6,971,982
Callon Petroleum Co., 8.00%, 08/01/2028(a)(b)		942,000		940,841
Calpine Corp., 3.75%, 03/01/2031(a)(b)		1,236,000		1,015,126
Camelot Finance S.A., 4.50%, 11/01/2026(a)		3,296,000		3,086,969
Carnival Corp., 10.50%, 02/01/2026(a)(b)		4,517,000		4,433,435
Carriage Services, Inc., 4.25%, 05/15/2029(a)		2,318,000		1,787,271
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.13%, 05/01/2027(a)		77,000		71,470
5.00%, 02/01/2028(a)(b)		842,000		763,475
4.75%, 03/01/2030(a)		4,258,000		3,585,939
4.50%, 08/15/2030(a)		5,475,000		4,452,708
4.50%, 05/01/2032		2,345,000		1,856,560
4.25%, 01/15/2034(a)		346,000		254,857
Celanese US Holdings LLC, 5.90%, 07/05/2024		4,395,000		4,319,783
Centene Corp.,
4.25%, 12/15/2027		1,619,000		1,495,988
4.63%, 12/15/2029		1,261,000		1,143,273
Charles Schwab Corp. (The), Series G, 5.38%(c)(d)		7,500,000		7,359,375
Clarios Global L.P., 6.75%, 05/15/2025(a)		285,000		285,604
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(a)		259,000		254,259
Clarivate Science Holdings Corp., 4.88%, 07/01/2029(a)		1,345,000		1,124,057
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027(a)(b)		508,000		458,147
Clearway Energy Operating LLC, 4.75%, 03/15/2028(a)(b)		1,393,000		1,290,645
CNX Resources Corp., 7.38%, 01/15/2031(a)(b)		922,000		916,325

	Principal Amount		Value
United States–(continued)
Cogent Communications Group, Inc., 7.00%, 06/15/2027(a)	$	953,000	$	905,991
Community Health Systems, Inc.,
8.00%, 03/15/2026(a)		4,248,000		3,672,162
8.00%, 12/15/2027(a)		1,440,000		1,169,374
5.25%, 05/15/2030(a)		750,000		520,834
4.75%, 02/15/2031(a)		499,000		335,011
Comstock Resources, Inc., 6.75%, 03/01/2029(a)		961,000		922,209
Cox Communications, Inc., 2.95%, 10/01/2050(a)		2,720,000		1,548,187
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029(a)		1,745,000		1,747,504
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		3,020,000		2,552,996
Crown Castle, Inc., 3.25%, 01/15/2051		3,700,000		2,269,681
CSC Holdings LLC,
5.50%, 04/15/2027(a)(b)		1,195,000		1,123,175
5.75%, 01/15/2030(a)		1,814,000		1,391,220
4.63%, 12/01/2030(a)		213,000		153,715
4.50%, 11/15/2031(a)		649,000		506,330
5.00%, 11/15/2031(a)		253,000		180,749
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(a)		1,245,000		1,051,941
CVS Health Corp., 5.05%, 03/25/2048		3,500,000		2,979,532
DaVita, Inc., 3.75%, 02/15/2031(a)		632,000		458,206
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(a)		1,235,000		1,107,858
Dell International LLC/EMC Corp.,
6.02%, 06/15/2026		3,500,000		3,496,406
6.20%, 07/15/2030		7,400,000		7,258,125
DISH DBS Corp., 5.13%, 06/01/2029		1,570,000		1,058,420
DISH Network Corp., Conv., 3.38%, 08/15/2026		275,000		190,850
Diversified Healthcare Trust,
4.75%, 05/01/2024		573,000		491,763
9.75%, 06/15/2025		672,000		634,674
4.38%, 03/01/2031		402,000		266,357
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(a)		233,000		197,974
Encompass Health Corp., 4.50%, 02/01/2028(b)		1,176,000		1,055,342
EnerSys,
5.00%, 04/30/2023(a)		1,025,000		1,019,506
4.38%, 12/15/2027(a)(b)		1,452,000		1,277,172
EnPro Industries, Inc., 5.75%, 10/15/2026		2,008,000		1,922,600
Entegris Escrow Corp., 4.75%, 04/15/2029(a)		1,347,000		1,192,100
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(a)		287,000		275,989

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
United States–(continued)
EQM Midstream Partners L.P.,
7.50%, 06/01/2027(a)	$	326,000	$	322,308
6.50%, 07/01/2027(a)		853,000		833,756
4.75%, 01/15/2031(a)(b)		523,000		438,324
EQT Corp., 5.68%, 10/01/2025		2,625,000		2,597,680
Everi Holdings, Inc., 5.00%, 07/15/2029(a)		1,194,000		1,041,986
Expedia Group, Inc., 2.95%, 03/15/2031(b)		840,000		638,431
FedEx Corp., 4.05%, 02/15/2048		3,500,000		2,473,960
FirstCash, Inc., 5.63%, 01/01/2030(a)		1,012,000		893,534
FirstEnergy Corp., Series B, 4.40%, 07/15/2027		1,950,000		1,834,501
Ford Motor Co.,
3.25%, 02/12/2032		1,127,000		848,096
4.75%, 01/15/2043		642,000		448,228
Ford Motor Credit Co. LLC,
5.13%, 06/16/2025		10,917,000		10,550,080
3.38%, 11/13/2025		501,000		455,422
4.39%, 01/08/2026		1,398,000		1,293,343
4.95%, 05/28/2027		400,000		366,808
5.11%, 05/03/2029(b)		1,578,000		1,413,486
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028(a)(b)		1,903,000		1,596,151
Freeport-McMoRan, Inc., 4.63%, 08/01/2030(b)		6,290,000		5,568,352
Gap, Inc. (The), 3.63%, 10/01/2029(a)		1,821,000		1,281,237
Gartner, Inc.,
4.50%, 07/01/2028(a)(b)		1,200,000		1,114,494
3.63%, 06/15/2029(a)		837,000		713,224
General Motors Co., 6.80%, 10/01/2027		7,000,000		7,097,807
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.50%, 10/01/2025		406,000		389,872
6.25%, 05/15/2026		791,000		741,286
8.00%, 01/15/2027		550,000		533,648
7.75%, 02/01/2028		283,000		270,603
Global Partners L.P./GLP Finance Corp., 7.00%, 08/01/2027		990,000		942,502
Gray Escrow II, Inc., 5.38%, 11/15/2031(a)(b)		1,655,000		1,330,438
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(a)		1,224,000		969,670
Group 1 Automotive, Inc., 4.00%, 08/15/2028(a)		2,342,000		1,929,211
HCA, Inc.,
5.38%, 02/01/2025		529,000		522,600
5.63%, 09/01/2028		849,000		816,411
4.13%, 06/15/2029		1,458,000		1,288,123
Hess Midstream Operations L.P., 5.63%, 02/15/2026(a)		1,316,000		1,292,628

	Principal Amount		Value
United States–(continued)
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028(a)	$	384,000	$	362,045
6.00%, 04/15/2030(a)		830,000		752,672
6.25%, 04/15/2032(a)		233,000		214,010
Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027(a)		1,015,000		981,658
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(a)		1,144,000		1,039,618
HP, Inc., 4.75%, 01/15/2028(b)		7,000,000		6,546,175
iStar, Inc.,
4.75%, 10/01/2024		1,637,000		1,620,360
5.50%, 02/15/2026(b)		574,000		573,133
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(a)		1,898,000		1,811,945
Jabil, Inc., 3.00%, 01/15/2031		3,700,000		2,880,843
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(a)		1,097,000		972,101
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc.,
5.13%, 02/01/2028(a)		2,579,000		2,402,475
5.75%, 04/01/2033(a)(b)		4,700,000		4,247,108
Kontoor Brands, Inc., 4.13%, 11/15/2029(a)		1,152,000		925,265
Kraft Heinz Foods Co. (The), 5.20%, 07/15/2045		9,490,000		8,312,289
Lamar Media Corp.,
4.88%, 01/15/2029(b)		1,861,000		1,686,354
4.00%, 02/15/2030(b)		2,325,000		1,977,540
3.63%, 01/15/2031(b)		1,046,000		854,273
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(a)		1,118,000		945,979
Level 3 Financing, Inc., 3.75%, 07/15/2029(a)		1,977,000		1,507,304
Lithia Motors, Inc., 3.88%, 06/01/2029(a)(b)		1,206,000		975,021
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		1,041,000		699,015
Macy’s Retail Holdings LLC,
5.88%, 04/01/2029(a)		1,112,000		962,252
4.50%, 12/15/2034		703,000		482,211
Marriott International, Inc.,
5.00%, 10/15/2027		2,617,000		2,520,912
Series FF, 4.63%, 06/15/2030		745,000		669,204
Series GG, 3.50%, 10/15/2032		8,360,000		6,688,324
Match Group Holdings II LLC, 4.63%, 06/01/2028(a)		1,652,000		1,471,156
Mativ Holdings, Inc., 6.88%, 10/01/2026(a)		5,212,000		4,783,429
Mattel, Inc.,
6.20%, 10/01/2040		1,775,000		1,514,856
5.45%, 11/01/2041		1,775,000		1,382,960

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 States–(continued)
Medline Borrower L.P., 3.88%, 04/01/2029(a)	$	1,075,000	$	880,049
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029(a)		1,219,000		1,033,551
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026(a)		1,081,000		913,894
Mueller Water Products, Inc., 4.00%, 06/15/2029(a)		1,126,000		977,999
Murray Energy Corp., 3.00% PIK Rate, 9.00% Cash Rate, 04/15/2024(a)(g)(h)		5,744,632		29,298
Nabors Industries, Inc., 7.38%, 05/15/2027(a)		1,045,000		1,029,309
NESCO Holdings II, Inc., 5.50%, 04/15/2029(a)		1,566,000		1,376,412
Netflix, Inc.,
5.88%, 11/15/2028		704,000		700,480
5.38%, 11/15/2029(a)		1,101,000		1,048,471
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(a)		184,000		160,492
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(a)		1,006,000		911,772
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(a)		592,000		563,809
Novelis Corp., 4.75%, 01/30/2030(a)		1,036,000		882,113
NRG Energy, Inc., 4.45%, 06/15/2029(a)		1,083,000		958,015
Occidental Petroleum Corp.,
6.95%, 07/01/2024		428,000		439,130
8.50%, 07/15/2027		219,000		238,441
6.13%, 01/01/2031(b)		439,000		440,699
6.20%, 03/15/2040		661,000		637,389
OneMain Finance Corp.,
6.88%, 03/15/2025		1,227,000		1,191,693
7.13%, 03/15/2026		1,037,000		1,000,565
3.88%, 09/15/2028		643,000		502,530
Papa John’s International, Inc., 3.88%, 09/15/2029(a)		1,215,000		988,679
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028(a)		534,000		488,615
Plains All American Pipeline L.P./PAA Finance Corp.,
4.50%, 12/15/2026		7,200,000		6,765,306
3.80%, 09/15/2030		2,220,000		1,853,387
Prestige Brands, Inc., 3.75%, 04/01/2031(a)		1,815,000		1,459,578
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(a)		1,072,000		933,305
Rockies Express Pipeline LLC,
4.95%, 07/15/2029(a)		462,000		405,953
4.80%, 05/15/2030(a)		1,112,000		941,191
6.88%, 04/15/2040(a)		875,000		715,667
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(a)		995,000		874,336

	Principal Amount		Value
United States–(continued)
RR Donnelley & Sons Co., 8.25%, 07/01/2027	$	447,000	$	418,504
SBA Communications Corp., 3.88%, 02/15/2027		1,483,000		1,337,399
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(a)		1,324,000		1,141,321
Seagate HDD Cayman, 4.13%, 01/15/2031		2,960,000		2,230,182
Select Medical Corp., 6.25%, 08/15/2026(a)(b)		1,049,000		1,001,585
Sempra Energy, 4.13%, 04/01/2052(c)		10,650,000		8,033,973
Sensata Technologies B.V.,
5.63%, 11/01/2024(a)		137,000		136,108
4.00%, 04/15/2029(a)		633,000		534,129
5.88%, 09/01/2030(a)		1,117,000		1,062,809
Service Properties Trust, 4.38%, 02/15/2030		1,307,000		933,080
Sirius XM Radio, Inc.,
3.13%, 09/01/2026(a)		1,887,000		1,690,271
4.00%, 07/15/2028(a)		81,000		69,764
Sonic Automotive, Inc., 4.63%, 11/15/2029(a)		2,171,000		1,706,048
Southern Co. (The),
Series B, 4.00%, 01/15/2051(c)		8,100,000		7,063,119
Series 21-A, 3.75%, 09/15/2051(c)		5,624,000		4,471,616
Sprint Capital Corp., 8.75%, 03/15/2032		879,000		1,032,865
Sprint Corp., 7.63%, 03/01/2026		168,000		175,625
SS&C Technologies, Inc., 5.50%, 09/30/2027(a)		1,728,000		1,609,686
SunCoke Energy, Inc., 4.88%, 06/30/2029(a)		1,233,000		1,012,922
Sunoco L.P./Sunoco Finance Corp.,
6.00%, 04/15/2027		212,000		208,187
5.88%, 03/15/2028		1,378,000		1,314,110
Tenet Healthcare Corp., 4.88%, 01/01/2026(a)		1,571,000		1,487,596
Terminix Co. LLC (The), 7.45%, 08/15/2027		1,103,000		1,231,257
TransDigm, Inc., 6.25%, 03/15/2026(a)		1,746,000		1,725,284
Twilio, Inc., 3.63%, 03/15/2029		1,118,000		924,899
Uber Technologies, Inc., Conv., 0.00%, 12/15/2025(f)		7,200,000		5,982,563
United Airlines, Inc., 4.38%, 04/15/2026(a)		3,600,000		3,292,264
United States International Development Finance Corp., Series 4, 3.13%, 04/15/2028		1,120,000		1,036,101
Universal Health Services, Inc., 2.65%, 10/15/2030(a)		4,156,000		3,113,521

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
United States–(continued)
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027	$	1,286,000	$	1,231,223
Valaris Ltd.,
12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(a)(g)		424,000		417,752
Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(b)(g)		472,000		465,045
Valvoline, Inc., 3.63%, 06/15/2031(a)		1,233,000		974,569
Viatris, Inc., 3.85%, 06/22/2040		2,220,000		1,386,589
Vistra Corp., 7.00%(a)(c)(d)		189,000		167,617
Vistra Operations Co. LLC,
5.50%, 09/01/2026(a)		237,000		228,095
5.63%, 02/15/2027(a)(b)		423,000		403,885
5.00%, 07/31/2027(a)		890,000		822,578
4.38%, 05/01/2029(a)		999,000		856,852
Warnermedia Holdings, Inc., 3.43%, 03/15/2024(a)		7,000,000		6,754,108
WMG Acquisition Corp., 3.75%, 12/01/2029(a)		1,687,000		1,406,891
WRKCo, Inc., 3.00%, 06/15/2033(b)		5,180,000		3,939,537
Wynn Resorts Finance LLC/ Wynn Resorts Capital Corp., 5.13%, 10/01/2029(a)(b)		1,040,000		829,712
Yum! Brands, Inc., 5.38%, 04/01/2032(b)		1,014,000		908,529
				349,872,303
Zambia–0.20%
First Quantum Minerals Ltd., 6.88%, 10/15/2027(a)		3,500,000		3,260,906
Total U.S. Dollar Denominated Bonds & Notes (Cost $817,483,746)				690,856,024
Non-U.S. Dollar Denominated Bonds & Notes–28.72%(i)
Argentina–1.27%
Argentina Treasury Bond BONCER,
1.40%, 03/25/2023	ARS	240,000,000		4,854,231
1.50%, 03/25/2024	ARS	250,000,000		4,426,975
2.00%, 11/09/2026	ARS	880,000,000		11,586,273
				20,867,479
Austria–0.08%
Erste Group Bank AG, 4.25%(a)(c)(d)	EUR	1,800,000		1,329,516
Belgium–0.49%
KBC Group N.V.,
4.25%(a)(c)(d)	EUR	5,000,000		4,135,346
4.75%(a)(c)(d)	EUR	2,200,000		2,072,945
Kingdom of Belgium Government Bond, Series 88, 1.70%, 06/22/2050(a)	EUR	2,599,000		1,889,509
				8,097,800

	Principal Amount		Value
Brazil–9.93%
Brazil Notas do Tesouro Nacional,
10.00%, 01/01/2027	BRL	495,000,000	$	90,997,131
Series B, 6.00%, 05/15/2055	BRL	5,700,000		4,496,760
Series F, 10.00%, 01/01/2025	BRL	355,000,000		66,538,292
Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032(a)	BRL	9,233,963		1,586,515
				163,618,698
Chile–0.56%
Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033(a)	CLP	12,000,000,000		9,177,782
China–0.63%
China Government Bond, 3.53%, 10/18/2051	CNY	70,000,000		10,331,728
Colombia–2.17%
Colombian TES,
Series B, 7.75%, 09/18/2030	COP	79,000,000,000		11,479,860
Series B, 7.00%, 06/30/2032	COP	70,000,000,000		9,158,995
Series B, 7.25%, 10/18/2034	COP	33,425,000,000		4,238,619
Series B, 9.25%, 05/28/2042	COP	11,375,000,000		1,595,846
Series B, 7.25%, 10/26/2050	COP	85,050,000,000		9,241,397
				35,714,717
Czech Republic–0.13%
CPI Property Group S.A., 4.88%(a)(c)(d)	EUR	4,100,000		2,147,467
Egypt–0.09%
Egypt Government International Bond, 4.75%, 04/16/2026(a)	EUR	2,000,000		1,502,881
France–0.73%
Accor S.A., 4.38%(a)(c)(d)	EUR	1,700,000		1,469,812
BPCE S.A., Series NC5, 1.50%, 01/13/2042(a)(c)	EUR	5,000,000		4,143,277
Credit Agricole S.A., 7.50%(a)(c)(d)	GBP	1,377,000		1,485,381
Electricite de France S.A., 5.38%(a)(c)(d)	EUR	5,400,000		4,925,447
				12,023,917
Germany–0.52%
Bayer AG, 2.38%, 11/12/2079(a)(c)	EUR	3,700,000		3,301,454
Deutsche Lufthansa AG, 4.38%, 08/12/2075(a)(c)	EUR	3,600,000		2,899,525
Nidda Healthcare Holding GmbH, 3.50%, 09/30/2024(a)	EUR	990,000		918,385
Volkswagen International Finance N.V., 4.63%(a)(c)(d)	EUR	1,480,000		1,392,301
				8,511,665

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
Greece–0.27%
Hellenic Republic Government Bond,
1.88%, 01/24/2052(a)	EUR	7,727,000	$	4,321,558
Series GDP, 0.00%, 10/15/2042(f)	EUR	76,770,000		178,289
				4,499,847
India–1.10%
India Government Bond,
6.54%, 01/17/2032	INR	700,000,000		7,949,020
7.26%, 08/22/2032	INR	850,000,000		10,142,188
				18,091,208
Italy–0.10%
Intesa Sanpaolo S.p.A., 7.75%(a)(c)(d)	EUR	1,750,000		1,641,618
Ivory Coast–0.12%
Ivory Coast Government International Bond, 4.88%, 01/30/2032(a)	EUR	2,900,000		2,021,078
Malaysia–0.15%
Malaysia Government Bond, Series 317, 4.76%, 04/07/2037	MYR	11,900,000		2,546,241
Mexico–1.30%
Mexican Bonos, Series M, 7.75%, 05/29/2031	MXN	481,850,000		21,431,379
Netherlands–0.45%
ABN AMRO Bank N.V., 4.38%(a)(c)(d)	EUR	1,700,000		1,500,001
Cooperatieve Rabobank U.A., 4.38%(a)(c)(d)	EUR	6,800,000		5,871,585
				7,371,586
New Zealand–0.49%
New Zealand Government Bond, Series 551, 2.75%, 05/15/2051	NZD	19,000,000		8,066,490
Poland–1.03%
Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032	PLN	140,000,000		16,989,380
Romania–0.11%
Romanian Government International Bond, 2.00%, 04/14/2033(a)	EUR	2,997,000		1,817,558
Russia–0.00%
Mos.ru, 5.00%, 08/22/2034	RUB	72,806,608		0

	Principal Amount		Value
South Africa–3.36%
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030	ZAR	661,350,000	$	30,918,506
Series 2032, 8.25%, 03/31/2032	ZAR	165,300,000		7,416,509
Series 2035, 8.88%, 02/28/2035	ZAR	200,000,000		8,884,110
Series 2037, 8.50%, 01/31/2037	ZAR	195,500,000		8,195,701
				55,414,826
Spain–1.08%
Banco Bilbao Vizcaya Argentaria S.A.,
6.00%(a)(c)(d)	EUR	1,400,000		1,334,565
6.00%(a)(c)(d)	EUR	400,000		362,945
Banco Santander S.A.,
4.38%(a)(c)(d)	EUR	3,800,000		3,043,654
4.13%(c)(d)	EUR	2,000,000		1,447,161
CaixaBank S.A.,
5.25%(a)(c)(d)	EUR	2,000,000		1,663,936
5.88%(a)(c)(d)	EUR	1,800,000		1,587,925
Repsol International Finance B.V., 3.75%(a)(c)(d)	EUR	1,950,000		1,778,686
Telefonica Europe B.V.,
2.88%(a)(c)(d)	EUR	3,700,000		3,029,028
4.38%(a)(c)(d)	EUR	3,700,000		3,507,520
				17,755,420
Supranational–0.79%
African Development Bank, 0.00%, 01/17/2050(f)	ZAR	222,000,000		1,105,479
Corp. Andina de Fomento, 6.82%, 02/22/2031(a)	MXN	221,200,000		9,010,498
International Finance Corp.,
0.00%, 02/15/2029(a)(f)	TRY	10,300,000		66,605
0.00%, 03/23/2038(f)	MXN	260,000,000		2,799,071
				12,981,653
Sweden–0.06%
Heimstaden Bostad AB, 3.38%(a)(c)(d)	EUR	1,850,000		1,042,841
Switzerland–0.08%
Dufry One B.V., 2.00%, 02/15/2027(a)	EUR	1,750,000		1,413,836
United Kingdom–1.63%
Barclays PLC,
7.25%(a)(c)(d)	GBP	4,200,000		4,790,751
6.38%(a)(c)(d)	GBP	1,425,000		1,450,343
7.13%(c)(d)	GBP	5,375,000		5,676,163
Bellis Acquisition Co. PLC, 3.25%, 02/16/2026(a)	GBP	953,000		893,400
Gatwick Airport Finance PLC, 4.38%, 04/07/2026(a)	GBP	5,925,000		5,671,269
HSBC Holdings PLC, 5.88%(c)(d)	GBP	1,750,000		1,647,736
International Consolidated Airlines Group S.A.,
2.75%, 03/25/2025(a)	EUR	1,700,000		1,495,211
1.50%, 07/04/2027(a)	EUR	1,900,000		1,382,438

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 Kingdom–(continued)
Nationwide Building Society, 5.75%(a)(c)(d)	GBP	1,775,000	$	1,707,334
NatWest Group PLC, 5.13%(c)(d)	GBP	2,415,000		2,180,651
				26,895,296
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $568,084,026)				473,303,907
Asset-Backed Securities–8.81%
American Credit Acceptance Receivables Trust, Series 2019-2, Class D, 3.41%, 06/12/2025(a)	$	1,929,450		1,922,599
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(j)		11,702		11,170
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.56%, 01/15/2051(k)		10,478,506		202,757
CarMax Auto Owner Trust, Series 2019-3, Class D, 2.85%, 01/15/2026		2,285,000		2,206,254
CCG Receivables Trust,
Series 2019-1, Class B, 3.22%, 09/14/2026(a)		181,333		181,223
Series 2019-1, Class C, 3.57%, 09/14/2026(a)		80,000		79,958
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 0.88%, 11/13/2050(k)		4,764,956		136,582
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.06%, 10/12/2050(k)		13,329,096		476,291
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-2, Class 1A3, 2.82%, 05/25/2035(l)		502,307		477,807
Series 2006-AR1, Class 1A1, 3.15% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(j)		103,983		100,208
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.37%, 12/10/2045(k)		1,633,164		16
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		4,690,000		4,458,951
Series 2014-CR21, Class AM, 3.99%, 12/10/2047		70,000		66,452
Countrywide Home Loans Mortgage Pass-Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035		329,762		301,444
Series 2005-J4, Class A7, 5.50%, 11/25/2035		553,145		442,328

	Principal Amount		��	Value
CWHEQ Revolving Home Equity Loan Trust,
Series 2005-G, Class 2A, 3.64% (1 mo. USD LIBOR + 0.23%), 12/15/2035(j)	$	5,964		$	5,907
Series 2006-H, Class 2A1A, 3.56% (1 mo. USD LIBOR + 0.15%), 11/15/2036(j)		22,610			18,555
DT Auto Owner Trust,
Series 2019-2A, Class D, 3.48%, 02/18/2025(a)		452,811			449,927
Series 2019-4A, Class D, 2.85%, 07/15/2025(a)		6,025,000			5,932,293
Exeter Automobile Receivables Trust,
Series 2019-1A, Class D, 4.13%, 12/16/2024(a)		1,930,685			1,926,818
Series 2019-4A, Class D, 2.58%, 09/15/2025(a)		5,810,843			5,696,872
FREMF Mortgage Trust,
Series 2017-K62, Class B, 3.88%, 01/25/2050(a)(l)		840,000			781,932
Series 2016-K54, Class C, 4.05%, 04/25/2048(a)(l)		4,190,000			3,897,704
GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 3.65%, 07/25/2035(l)		53,137			49,087
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class B, 6.12% (1 mo. Term SOFR + 2.74%), 10/15/2039(a)(j)		2,100,000			2,094,828
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046		425,000			415,096
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 2.84%, 07/25/2035(l)		45,790			44,272
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B, 4.12%, 11/15/2047(l)		1,655,000			1,517,965
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(a)(f)(l)		16,233			2,913
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 3.69% (1 mo. USD LIBOR + 0.10%), 08/25/2036(j)		2,988,442			1,116,517
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C9, Class AS, 3.46%, 05/15/2046		1,565,000			1,538,217
Series 2014-C14, Class B, 4.87%, 02/15/2047(l)		680,000			661,704
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.87%, 12/15/2050(k)		4,090,952			141,464

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
Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036(a)(l)	$	6,325,247	$	5,640,190
OBX Trust,
Series 2022-NQM7, Class A3, 5.70%, 08/25/2062(a)(e)		889,760		834,625
Series 2022-NQM7, Class A2, 5.70%, 08/25/2062(a)(e)		1,711,077		1,615,352
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024(a)		1,608,460		1,602,892
Residential Accredit Loans, Inc. Trust, Series 2006- QS13, Class 1A8, 6.00%, 09/25/2036		24,306		18,572
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.07%, 11/15/2050(k)		7,657,371		258,524
Vendee Mortgage Trust,
Series 1995-2B, Class 2, IO, 0.79%, 06/15/2025(m)		64,056		460
Series 1995-3, Class 1, IO, 0.00%, 09/15/2025(f)(k)		1,489,909		2
Verus Securitization Trust, Series 2022-7, Class A3, 5.35%, 07/25/2067(a)(l)		1,183,530		1,104,929
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003- AR10, Class A7, 4.24%, 10/25/2033(l)		32,836		30,621
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 0.86%, 12/15/2050(k)		6,355,334		222,004
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046		1,800,000		1,763,466
Series 2014-LC14, Class AS, 4.35%, 03/15/2047(l)		1,135,000		1,101,230
Series 2014-C20, Class AS, 4.18%, 05/15/2047		1,455,000		1,398,172
Alba PLC,
Series 2007-1, Class F, 5.47% (SONIA + 3.37%), 03/17/2039(a)(i)(j)	GBP	2,178,795		2,249,616
Series 2007-1, Class E, 3.42% (SONIA + 1.32%), 03/17/2039(a)(i)(j)	GBP	5,683,812		5,578,719
Series 2006-2, Class F, 5.43% (SONIA + 3.37%), 12/15/2038(a)(i)(j)	GBP	1,357,344		1,438,454

	Principal Amount		Value
Eurohome UK Mortgages PLC,
Series 2007-1, Class B1, 3.64% (3 mo. GBP LIBOR + 0.90%), 06/15/2044(a)(i)(j)	GBP	2,006,000	$	1,773,095
Series 2007-2, Class B1, 4.14% (SONIA + 1.52%), 09/15/2044(a)(i)(j)	GBP	2,243,000		1,879,672
Eurosail PLC,
Series 2006-2X, Class E1C, 5.43% (SONIA + 3.37%), 12/15/2044(a)(i)(j)	GBP	5,550,000		5,084,960
Series 2006-4X, Class E1C, 5.16% (SONIA + 3.12%), 12/10/2044(a)(i)(j)	GBP	4,135,722		4,240,070
Series 2007-2X, Class D1A, 1.73% (3 mo. EURIBOR + 0.80%), 03/13/2045(a)(i)(j)	EUR	3,500,000		2,607,493
Series 2006-2X, Class D1A, 1.80% (3 mo. EURIBOR + 0.80%), 12/15/2044(a)(i)(j)	EUR	6,300,000		4,514,565
Series 2007-2X, Class D1C, 2.96% (SONIA + 0.92%), 03/13/2045(a)(i)(j)	GBP	4,900,000		4,321,705
Great Hall Mortgages No. 1 PLC, Series 2007-2X, Class EB, 4.81% (3 mo. EURIBOR + 3.75%), 06/18/2039(a)(i)(j)	EUR	4,570,000		4,056,497
Ludgate Funding PLC, Series 2007-1, Class MA, 3.57% (3 mo. GBP LIBOR + 0.24%), 01/01/2061(a)(i)(j)	GBP	3,059,340		3,077,300
Newday Funding Master Issuer PLC,
Series 2021-1X, Class E, 6.24% (SONIA + 4.05%), 03/15/2029(a)(i)(j)	GBP	4,252,000		4,753,438
Series 2021-3X, Class E, 6.54% (SONIA + 4.35%), 11/15/2029(a)(i)(j)	GBP	3,700,000		4,174,864
Stratton Mortgage Funding PLC,
Series 2021-1, Class D, 4.25% (SONIA + 2.10%), 09/25/2051(a)(i)(j)	GBP	3,700,000		3,988,535
Series 2021-1, Class E, 4.90% (SONIA + 2.75%), 09/25/2051(a)(i)(j)	GBP	2,220,000		2,384,768
Towd Point Mortgage Funding 2019 - Granite4 PLC,
Series 2019-GR4X, Class FR, 4.24% (SONIA + 2.05%), 10/20/2051(a)(i)(j)	GBP	2,130,000		2,339,035
Series 2019-GR4X, Class GR, 4.69% (SONIA + 2.50%), 10/20/2051(a)(i)(j)	GBP	1,775,000		1,942,767
Prosil Acquisition S.A., Series 2019-1, Class A, 3.58% (3 mo. EURIBOR + 2.00%), 10/31/2039(a)(i)(j)	EUR	4,887,066		4,287,824

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

17 Invesco Global Strategic Income Fund

	Principal Amount		Value
Alhambra SME Funding DAC,
Series 2019-1, Class A, 2.69% (1 mo. EURIBOR + 2.00%), 11/30/2028(a)(i)(j)	EUR	4,103,902	$	4,021,486
Series 2019-1, Class B, 3.19% (1 mo. EURIBOR + 2.50%), 11/30/2028(a)(i)(j)	EUR	1,875,000		1,801,222
Series 2019-1, Class D, 9.94% (1 mo. EURIBOR + 9.25%), 11/30/2028(a)(i)(j)	EUR	424,276		308,400
Lusitano Mortgages No. 5 PLC, Class D, 2.34% (3 mo. EURIBOR + 0.96%), 07/15/2059(a)(i)(j)	EUR	2,096,738		1,730,416
Futura S.r.l., Series 2019-1, Class A, 3.63% (6 mo. EURIBOR + 3.00%), 07/31/2044(a)(i)(j)	EUR	4,119,544		4,075,299
Taurus, Series 2018-IT1, Class A, 1.33% (3 mo. EURIBOR + 1.00%), 05/18/2030(i)(j)	EUR	5,150,965		4,926,848
IM Pastor 4, FTA, Series A, 1.24% (3 mo. EURIBOR + 0.14%), 03/22/2044(a)(i)(j)	EUR	2,142,510		1,789,097
Invernea Proteina PYME, Serie II, 0.00%, 08/25/2032(i)(n)	ARS	311,500,000		1,985,430
SC Germany Consumer 2018-1 UG (haftungsbeschraenkt), Series 2018-1, Class D, 3.25%, 12/13/2031(a)(i)	EUR	7,200,000		6,974,292
Total Asset-Backed Securities (Cost $170,395,451)				145,253,017

	Principal Amount		Value
Agency Credit Risk Transfer Notes–2.22%
United States–2.22%
Fannie Mae Connecticut Avenue Securities,
Series 2017-C04, Class 2M2, 6.44% (1 mo. USD LIBOR + 2.85%), 11/25/2029(j)	$	2,001,281	$	2,023,756
Series 2018-C06, Class 2M2, 5.69% (1 mo. USD LIBOR + 2.10%), 03/25/2031(j)		3,924,178		3,854,536
Series 2018-R07, Class 1M2, 5.99% (1 mo. USD LIBOR + 2.40%), 04/25/2031(a)(j)		441,157		438,957
Series 2019-R02, Class 1M2, 5.89% (1 mo. USD LIBOR + 2.30%), 08/25/2031(a)(j)		78,072		77,983
Series 2019-R03, Class 1M2, 5.74% (1 mo. USD LIBOR + 2.15%), 09/25/2031(a)(j)		187,224		186,772
Series 2022-R04, Class 1M2, 6.10% (30 Day Average SOFR + 3.10%), 03/25/2042(a)(j)		1,795,000		1,685,999
Series 2022-R08, Class 1M2, 6.60% (30 Day Average SOFR + 3.60%), 07/25/2042(a)(j)		3,150,000		2,986,596
Freddie Mac,
Series 2022-DNA2, Class M1B, STACR® , 5.40% (30 Day Average SOFR + 2.40%), 02/25/2042(a)(j)		3,500,000		3,229,223
Series 2022-DNA3, Class M1B, STACR® , 5.90% (30 Day Average SOFR + 2.90%), 04/25/2042(a)(j)		7,000,000		6,512,762
Series 2022-DNA3, Class M1A, STACR® , 5.00% (30 Day Average SOFR + 2.00%), 04/25/2042(a)(j)		5,447,785		5,342,501
Series 2022-HQA2, Class M1, STACR® , 7.00% (30 Day Average SOFR + 4.00%), 07/25/2042(a)(j)		3,500,000		3,422,281
Series 2022-HQA3, Class M1, STACR® , 6.55% (30 Day Average SOFR + 3.55%), 08/25/2042(a)(j)		3,500,000		3,286,559
Series 2022-HQA3, Class M2, STACR® , 8.35% (30 Day Average SOFR + 5.35%), 08/25/2042(a)(j)		3,745,000		3,517,283
Total Agency Credit Risk Transfer Notes (Cost $38,154,444)				36,565,208
	Shares
Common Stocks & Other Equity Interests–1.11%
Argentina–1.08%
TMF Trust Co. S.A.(n)		478,972,801		3,052,863
YPF S.A., Class D(o)		980,000		14,741,257
				17,794,120

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

18 Invesco Global Strategic Income Fund

	Shares		Value
United States–0.03%
ACNR Holdings, Inc.		2,129	$	220,352
Claire’s Holdings LLC		614		235,366
McDermott International Ltd.(o)		38,319		22,853
McDermott International Ltd., Series A, Wts., expiring 06/30/2027(n)(o)		76,715		9,973
McDermott International Ltd., Series B, Wts., expiring 06/30/2027(n)(o)		85,239		11,081
McDermott International Ltd., Wts., expiring 12/31/2049(n)(o)		55,393		31,311
Party City Holdco, Inc.(o)		10,188		17,218
Sabine Oil & Gas Holdings, Inc.(n)(o)		2,510		1,707
Tenerity LLC, Wts., expiring 04/10/2024(n)(o)		2,297		0
Windstream Services LLC, Wts.(n)(o)		399		6,384
				556,245
Total Common Stocks & Other Equity Interests (Cost $21,331,624)				18,350,365
	Principal Amount
U.S. Treasury Securities–0.88%
U.S. Treasury Inflation – Indexed Bonds–0.88%
0.13%, 02/15/2052 (Cost $18,359,720)(p)	$	18,359,720		14,449,266
Variable Rate Senior Loan Interests–0.50%(q)(r)
Brazil–0.03%
Patagonia Holdco LLC, First Lien Term Loan B, 8.39% (1 mo. Term SOFR + 5.75%), 08/01/2029		714,000		580,125
United States–0.47%
Claire’s Stores, Inc., Term Loan, 10.25% (1 mo. USD LIBOR + 6.50%), 12/18/2026		185,745		176,768
Dun & Bradstreet Corp. (The), Term Loan, 6.85% (1 mo. USD LIBOR + 3.25%), 02/06/2026		989,443		975,838
Endo Luxembourg Finance Co. I S.a.r.l., Term Loan, 12.25% (1 mo. USD LIBOR + 4.00%), 03/27/2028		1,352,875		1,118,449
IRB Holding Corp., Term Loan, 6.21% (1 mo. Term SOFR + 3.00%), 12/15/2027		938,539		915,779
Mativ Holdings, Inc., Term Loan B, 7.56% (1 mo. USD LIBOR + 3.75%), 04/20/2028		2,394,208		2,247,563
PetSmart LLC, Term Loan, 7.50% (1 mo. USD LIBOR + 3.75%), 02/11/2028		1,016,882		981,082
United Natural Foods, Inc., Term Loan, 7.09% (3 mo. USD LIBOR + 3.25%), 10/22/2025		1,268,583		1,260,167
				7,675,646
Total Variable Rate Senior Loan Interests (Cost $8,640,466)				8,255,771

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.34%
Fannie Mae Grantor Trust, IO,
0.63%, 11/25/2040(k)	$	2,154,212	$	11,446
0.38%, 12/25/2041(k)		13,354,362		134,167
Fannie Mae Interest STRIPS, IO,
7.50%, 05/25/2023 - 11/25/2029(m)		55,287		8,446
6.50%, 04/25/2029 - 07/25/2032(m)		916,670		150,626
6.00%, 12/25/2032 - 08/25/2035(m)		1,151,000		190,903
5.50%, 11/25/2033 - 06/25/2035(m)		964,686		166,036
Fannie Mae REMICs, IO,
5.50%, 06/25/2023(m)		1,419		12
3.11%, 02/25/2024 - 05/25/2035(j)(m)		572,950		39,928
4.01% (7.60% - (1.00 x 1 mo. USD LIBOR)), 06/25/2026(j)(m)		62,912		2,328
4.46%, 11/18/2031 - 12/18/2031(j)(m)		126,100		12,187
4.31% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031(j)(m)		2,484		252
4.36% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032(j)(m)		29,548		2,793
4.56% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032(j)(m)		57,996		5,896
4.51%, 03/25/2032 - 04/25/2032(j)(m)		82,840		8,763
3.41% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(j)(m)		37,276		2,656
4.21% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(j)(m)		27,630		2,902
4.41%, 07/25/2032 - 09/25/2032(j)(m)		121,695		14,308
4.66%, 12/18/2032(j)(m)		99,735		8,526
4.61% (8.20% - (1.00 x 1 mo. USD LIBOR)), 01/25/2033(j)(m)		333,110		36,640
4.66%, 02/25/2033 - 05/25/2033(j)(m)		199,567		26,557
7.00%, 03/25/2033 - 04/25/2033(m)		476,439		74,227
3.96% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033(j)(m)		154,575		16,507
2.46%, 03/25/2035 - 07/25/2038(j)(m)		134,517		6,251
3.16%, 03/25/2035 - 05/25/2035(j)(m)		235,683		8,113
3.01% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(j)(m)		302,348		17,435
3.64% (7.23% - (1.00 x 1 mo. USD LIBOR)), 09/25/2036(j)(m)		608,261		27,788

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

19 Invesco Global Strategic Income Fund

	Principal Amount		Value
2.95% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037(j)(m)	$	852,795	$	59,837
4.00%, 04/25/2041(m)		900,401		106,469
2.96% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041(j)(m)		149,548		9,564
2.56% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042(j)(m)		382,015		34,935
7.00%, 07/25/2026		7,786		7,853
4.00%, 08/25/2026 - 03/25/2041		74,327		69,660
6.50%, 10/25/2028 - 04/25/2029		72,261		73,674
6.00%, 05/25/2031 - 01/25/2032		135,650		137,382
4.59%, 04/25/2032 - 12/25/2032(j)		103,105		103,599
3.94% (1 mo. USD LIBOR + 0.50%), 10/18/2032(j)		38,302		37,981
4.09% (1 mo. USD LIBOR + 0.50%), 12/25/2032(j)		65,783		65,239
3.99% (1 mo. USD LIBOR + 0.40%), 11/25/2033(j)		36,823		36,414
11.42% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036(j)		140,859		160,483
11.05% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(j)		149,151		161,194
4.53% (1 mo. USD LIBOR + 0.94%), 06/25/2037(j)		71,393		71,031
Federal Home Loan Mortgage Corp., 8.50%, 08/01/2031		20,679		21,651
Federal National Mortgage Association,
7.50%, 03/01/2033		16,211		16,894
7.00%, 12/01/2033		11,321		11,616
5.50%, 02/01/2035		23,570		24,118
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series K734, Class X1, IO, 0.65%, 02/25/2026(k)		4,002,710		66,871
Series K735, Class X1, IO, 1.10%, 05/25/2026(k)		6,718,500		182,203
Series K093, Class X1, IO, 0.95%, 05/25/2029(k)		45,551,279		2,211,291

	Principal Amount		Value
Freddie Mac REMICs,
5.00%, 09/15/2023	$	13,215	$	13,170
6.75%, 02/15/2024		2,060		2,065
6.50%, 02/15/2028 - 06/15/2032		67,054		68,800
3.86% (1 mo. USD LIBOR + 0.45%), 02/15/2029(j)		6,395		6,348
4.06% (1 mo. USD LIBOR + 0.65%), 07/15/2029(j)		9,584		9,561
4.41%, 02/15/2032 - 03/15/2032(j)		205,077		205,673
3.50%, 05/15/2032		66,825		63,513
3.91% (1 mo. USD LIBOR + 0.50%), 01/15/2033(j)		5,971		5,919
12.24% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035(j)		106,618		122,934
4.00%, 06/15/2038		56,532		53,267
3.00%, 05/15/2040		1,269		1,237
IO,
2.59%, 03/15/2024 - 04/15/2038(j)(m)		144,269		4,760
7.00%, 03/15/2028 - 04/15/2028(m)		33,690		3,926
5.29%, 07/17/2028(j)(m)		14,778		276
4.69% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029(j)(m)		47,773		3,046
5.54% (8.95% - (1.00 x 1 mo. USD LIBOR)), 08/15/2029(j)(m)		22,449		1,227
3.64% (7.05% - (1.00 x 1 mo. USD LIBOR)), 10/15/2033(j)(m)		224,204		13,697
3.29% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035(j)(m)		420,348		20,266
3.34% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035(j)(m)		24,933		1,277
3.31%, 05/15/2035(j)(m)		667,674		41,170
2.74% (6.15% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035(j)(m)		450,942		16,865
3.59% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037(j)(m)		127,743		11,991
2.66% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(j)(m)		233,192		16,078
2.84% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039(j)(m)		115,606		6,982
Freddie Mac STRIPS, IO,
7.00%, 04/01/2027 - 04/01/2030(m)		173,368		23,244
6.50%, 02/01/2028 - 06/01/2031(m)		42,718		6,209
7.50%, 12/15/2029(m)		49,276		7,590
6.00%, 12/15/2032(m)		90,798		11,944

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

20 Invesco Global Strategic Income Fund

	Principal Amount		Value
Government National Mortgage Association,
ARM, 2.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2027(j)	$	749	$	727
7.00%, 01/15/2028 - 01/20/2030		100,316		101,603
8.00%, 01/15/2028 - 09/15/2028		64,299		65,671
IO,
3.14% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037(j)(m)		440,006		30,025
3.24% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041(j)(m)		758,084		42,650
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $8,835,802)				5,629,363
	Shares
Preferred Stocks–0.19%
United States–0.19%
AT&T, Inc., 2.88%, Series B, Pfd.(c)		3,500,000		3,098,912
Claire’s Holdings LLC, Series A, Pfd.(n)		195		49,725
Total Preferred Stocks (Cost $4,308,927)				3,148,637
Money Market Funds–5.43%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(s)(t)		31,287,616		31,287,616

	Shares		Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(s)(t)		22,434,080	$	22,438,567
Invesco Treasury Portfolio, Institutional Class, 3.08%(s)(t)		35,757,276		35,757,276
Total Money Market Funds (Cost $89,482,685)				89,483,459
Options Purchased–3.60%
(Cost $35,075,494)(u)				59,267,377
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-93.71% (Cost $1,780,152,385)				1,544,562,394
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.95%
Invesco Private Government Fund, 3.18%(s)(t)(v)		17,970,670		17,970,670
Invesco Private Prime Fund, 3.28%(s)(t)(v)		47,071,670		47,071,670
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $65,043,941)				65,042,340
TOTAL INVESTMENTS IN SECURITIES–97.66% (Cost $1,845,196,326)				1,609,604,734
OTHER ASSETS LESS LIABILITIES–2.34%				38,628,376
NET ASSETS–100.00%			$	1,648,233,110

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
EUR	- Euro
EURIBOR	- Euro Interbank Offered Rate
GBP	- British Pound Sterling
INR	- Indian Rupee
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.

21 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 October 31, 2022 was $677,016,292, which represented 41.08% of the Fund’s Net Assets.

^(b)  All or a portion of this security was out on loan at October 31, 2022.

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

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

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

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

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

^(h)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at October 31, 2022 represented less than 1% of the Fund’s Net Assets.

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

^(j)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2022.

^(k)  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 October 31, 2022.

^(l)  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 October 31, 2022.

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

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

^(o)  Non-income producing security.

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

^(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)  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 fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2022		Dividend Income
Invesco Senior Loan ETF		$  72,429,002		$                      -		$   (69,103,784)			$687,187			$(4,012,405)			$                  -	$1,460,638
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		52,627,305		360,230,202		(381,569,891	)		-			-			31,287,616	341,570
Invesco Liquid Assets Portfolio, Institutional Class		38,016,641		257,307,287		(272,895,264	)		3,510			6,393			22,438,567	246,463
Invesco Treasury Portfolio, Institutional Class		60,145,492		411,691,659		(436,079,875	)		-			-			35,757,276	369,237
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		17,905,063		198,655,734		(198,590,127	)		-			-			17,970,670	201,891*
Invesco Private Prime Fund		41,778,482		375,120,396		(369,791,108	)		(1,601	)		(34,499	)		47,071,670	563,712*
Total		$282,901,985		$1,603,005,278		$(1,728,030,049	)		$689,096			$(4,040,511	)		$154,525,799	$3,183,511

* 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.

^(t)  The rate shown is the 7-day SEC standardized yield as of October 31, 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 1M.

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

22 Invesco Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Purchased(a)
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	5,325,000	$             266
AUD versus USD	Call	Bank of America, N.A.		09/27/2023	USD	0.68	AUD	51,470,588	605,687
AUD versus USD	Call	Goldman Sachs International		10/12/2023	USD	0.80	AUD	2,625,000	57,586
EUR versus HUF	Call	Bank of America, N.A.		01/31/2023	HUF	480.00	EUR	28,000,000	176,790
EUR versus USD	Call	Goldman Sachs International		11/28/2022	USD	1.03	EUR	84,000,000	126,346
NZD versus USD	Call	Goldman Sachs International		10/12/2023	USD	0.70	NZD	5,000,000	173,670
Subtotal – Foreign Currency Call Options Purchased									1,140,345
Currency Risk
EUR versus CHF	Put	Goldman Sachs International		12/16/2022	CHF	0.93	EUR	26,250,000	18,211
EUR versus CZK	Put	J.P. Morgan Chase Bank, N.A.		07/17/2023	CZK	24.00	EUR	1,400,000	141,893
EUR versus CZK	Put	J.P. Morgan Chase Bank, N.A.		02/05/2024	CZK	24.30	EUR	2,500,000	404,098
EUR versus CZK	Put	Morgan Stanley and Co. International PLC		12/07/2022	CZK	24.60	EUR	2,250,000	1,331,918
EUR versus HUF	Put	Bank of America, N.A.		01/31/2023	HUF	400.00	EUR	28,000,000	241,761
EUR versus NOK	Put	J.P. Morgan Chase Bank, N.A.		02/17/2023	NOK	9.70	EUR	2,800,000	11,102
EUR versus PLN	Put	Bank of America, N.A.		03/24/2023	PLN	4.50	EUR	3,500,000	215,363
EUR versus PLN	Put	Bank of America, N.A.		03/24/2023	PLN	4.50	EUR	1,400,000	86,145
EUR versus SEK	Put	Morgan Stanley and Co. International PLC		02/17/2023	SEK	10.80	EUR	17,500,000	214,761
GBP versus USD	Put	Goldman Sachs International		01/09/2023	USD	1.09	GBP	3,500,000	663,200
USD versus BRL	Put	Goldman Sachs International		02/01/2023	BRL	5.00	USD	3,500,000	1,128,666
USD versus BRL	Put	J.P. Morgan Chase Bank, N.A.		12/16/2022	BRL	5.05	USD	35,000,000	566,195
USD versus CAD	Put	Goldman Sachs International		03/10/2023	CAD	1.26	USD	70,000,000	78,330
USD versus CLP	Put	Bank of America, N.A.		12/20/2022	CLP	850.00	USD	42,000,000	42,714
USD versus JPY	Put	Goldman Sachs International		11/04/2022	JPY	128.00	USD	2,800,000	3
USD versus JPY	Put	J.P. Morgan Chase Bank, N.A.		03/14/2023	JPY	120.00	USD	2,100,000	45,186
USD versus MXN	Put	Bank of America, N.A.		04/26/2023	MXN	19.00	USD	1,750,000	280,616
USD versus MXN	Put	J.P. Morgan Chase Bank, N.A.		01/24/2023	MXN	20.00	USD	3,500,000	746,172
USD versus PLN	Put	Goldman Sachs International		06/27/2023	PLN	4.40	USD	3,500,000	610,424
USD versus SEK	Put	Goldman Sachs International		09/27/2023	SEK	10.25	USD	42,000,000	1,264,662
USD versus SGD	Put	Goldman Sachs International		12/16/2022	SGD	1.38	USD	70,000,000	119,630
USD versus THB	Put	J.P. Morgan Chase Bank, N.A.		12/13/2022	THB	35.85	USD	35,000,000	35,070
USD versus THB	Put	Standard Chartered Bank PLC		04/26/2023	THB	33.75	USD	3,500,000	214,816
USD versus ZAR	Put	Bank of America, N.A.		01/25/2023	ZAR	17.90	USD	35,000,000	572,460
USD versus ZAR	Put	Goldman Sachs International		12/13/2022	ZAR	16.00	USD	3,500,000	25,490
USD versus ZAR	Put	Goldman Sachs International		04/04/2023	ZAR	15.70	USD	4,550,000	216,025
USD versus ZAR	Put	Goldman Sachs International		07/24/2023	ZAR	15.75	USD	2,100,000	202,356
USD versus ZAR	Put	J.P. Morgan Chase Bank, N.A.		11/14/2022	ZAR	17.00	USD	35,000,000	1,890
Subtotal – Foreign Currency Put Options Purchased									9,479,157
Total Foreign Currency Options Purchased									$10,619,502

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

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

23 Invesco Global Strategic Income Fund

Open Over-The-Counter Interest Rate Swaptions Purchased^(a)

Pay/

Receive

Type of

Exercise

Exercise

Floating Rate

Payment

Expiration

Notional

Description

Contract

Counterparty

Rate

Rate

Index

Frequency

Date

Value

Value

Interest Rate Risk

10 Year Interest Rate Swap

Put

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

0.55%

Pay

TONAR

Annually

05/26/2025

JPY

15,000,000,000

$

4,058,422

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.84

Pay

SOFR

Annually

12/07/2022

USD

203,000,000

16,500,593

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.84

Pay

SOFR

Annually

06/07/2023

USD

247,800,000

20,616,311

2 Year Interest Rate Swap

Put

Goldman Sachs International

7.75

Pay

6 Month WIBOR

Semi-Annually

12/12/2022

PLN

175,000,000

375,778

30 Year Interest Rate Swap

Put

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

1.93

Pay

6 Month EURIBOR

Semi-Annually

06/12/2023

EUR

21,000,000

3,168,879

50 Year Interest Rate Swap

Put

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

1.37

Pay

6 Month EURIBOR

Semi-Annually

04/21/2023

EUR

10,500,000

2,325,055

Total Interest Rate Swaptions Purchased

$

47,045,038

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

Open Over-The-Counter Credit Default Swaptions Purchased(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

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

Call

600.00%

Markit iTraxx Europe Crossover Index, Series 38, Version 1

5.00%

Quarterly

11/16/2022

5.558%

EUR

84,000,000

$

1,602,837

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

^(b)  Implied credit spreads represent the current level, as of October 31, 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 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

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

Call

550.00%

Markit iTraxx Europe Crossover Index, Series 38, Version 1

5.00%

Quarterly

11/16/2022

5.558%

EUR

126,000,000

$

(1,021,775

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

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

24 Invesco Global Strategic Income Fund

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

Description	Type of Contract	Counterparty	Expiration Date		Exercise Price		Notional Value		Value
Currency Risk
AUD versus USD	Call	Bank of America, N.A.		09/27/2023	USD	0.75	AUD	46,666,667	$	(135,461	)
EUR versus CHF	Call	Goldman Sachs International		12/16/2022	CHF	0.99	EUR	26,250,000		(204,497	)
EUR versus HUF	Call	Bank of America, N.A.		01/31/2023	HUF	460.00	EUR	28,000,000		(298,293	)
EUR versus SEK	Call	Morgan Stanley and Co. International PLC		02/17/2023	SEK	11.35	EUR	17,500,000		(116,028	)
GBP versus USD	Call	Goldman Sachs International		01/09/2023	USD	1.18	GBP	3,500,000		(1,517,886	)
USD versus BRL	Call	Goldman Sachs International		02/01/2023	BRL	5.85	USD	3,500,000		(457,195	)
USD versus BRL	Call	J.P. Morgan Chase Bank, N.A.		03/16/2023	BRL	6.05	USD	17,500,000		(224,123	)
USD versus HUF	Call	Goldman Sachs International		12/02/2022	HUF	431.00	USD	52,500,000		(794,955	)
USD versus HUF	Call	J.P. Morgan Chase Bank, N.A.		12/13/2022	HUF	433.60	USD	35,000,000		(630,140	)
USD versus MXN	Call	Goldman Sachs International		09/01/2023	MXN	24.14	USD	77,000,000		(1,040,347	)
USD versus MXN	Call	Goldman Sachs International		09/11/2023	MXN	23.54	USD	42,000,000		(724,374	)
USD versus SEK	Call	Goldman Sachs International		09/27/2023	SEK	12.35	USD	42,000,000		(871,374	)
USD versus THB	Call	J.P. Morgan Chase Bank, N.A.		12/13/2022	THB	37.60	USD	35,000,000		(654,570	)
Subtotal – Foreign Currency Call Options Written										(7,669,243	)
Currency Risk
AUD versus USD	Put	Bank of America, N.A.		09/27/2023	USD	0.60	AUD	58,577,406		(622,623	)
EUR versus SEK	Put	Morgan Stanley and Co. International PLC		02/17/2023	SEK	10.45	EUR	17,500,000		(54,840	)
USD versus THB	Put	J.P. Morgan Chase Bank, N.A.		12/13/2022	THB	34.75	USD	35,000,000		(6,615	)
USD versus ZAR	Put	Bank of America, N.A.		01/25/2023	ZAR	17.15	USD	35,000,000		(204,400	)
Subtotal – Foreign Currency Put Options Written										(888,478	)
Total – Foreign Currency Options Written									$	(8,557,721	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

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

30 Year Interest Rate Swap

Call

Bank of America, N.A.

3.15%

SOFR

Receive

Annually

12/21/2022

USD

70,000,000

$

(813,458

)

10 Year Interest Rate Swap

Call

Bank of America, N.A.

3.50

SOFR

Receive

Annually

01/26/2023

USD

105,000,000

(1,203,029

)

30 Year Interest Rate Swap

Call

Barclays Bank PLC

2.50

SONIA

Receive

Annually

11/07/2022

GBP

17,500,000

(2,480

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

3.13

SOFR

Receive

Annually

03/27/2023

USD

210,000,000

(1,947,427

)

30 Year Interest Rate Swap

Call

Goldman Sachs International

1.90

6 Month EURIBOR

Receive

Semi-Annually

11/07/2022

EUR

35,000,000

(931

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

3.25

SOFR

Receive

Annually

12/06/2022

USD

70,000,000

(156,790

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

2.75

SOFR

Receive

Annually

03/27/2024

USD

78,750,000

(1,429,837

)

5 Year Interest Rate Swap

Call

Goldman Sachs International

3.72

SOFR

Receive

Annually

12/28/2022

USD

105,000,000

(601,631

)

2 Year Interest Rate Swap

Call

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

2.75

SOFR

Receive

Annually

09/16/2024

USD

262,500,000

(1,850,352

)

30 Year Interest Rate Swap

Call

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

1.95

6 Month EURIBOR

Receive

Semi-Annually

09/28/2023

EUR

35,000,000

(2,063,380

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

2.84

SOFR

Receive

Annually

06/07/2023

USD

247,800,000

(2,185,772

)

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

25 Invesco Global Strategic Income Fund

Open Over-The-Counter 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

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

2.84%

SOFR

Receive

Annually

12/07/2022

USD

203,000,000

$

(86,657

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

3.00

SOFR

Receive

Annually

12/19/2022

USD

105,000,000

(716,942

)

Subtotal–Interest Rate Call Swaptions Written

(13,058,686

)

Interest Rate Risk

5 Year Interest Rate Swap

Put

Bank of America, N.A.

3.91

SOFR

Pay

Annually

12/05/2022

USD

122,500,000

(1,429,684

)

2 Year Interest Rate Swap

Put

Bank of America, N.A.

3.75

3 Month CDOR

Pay

Quarterly

12/07/2022

CAD

175,000,000

(1,562,282

)

30 Year Interest Rate Swap

Put

Bank of America, N.A.

3.20

SOFR

Pay

Annually

12/05/2022

USD

52,500,000

(2,929,922

)

30 Year Interest Rate Swap

Put

Barclays Bank PLC

4.00

SONIA

Pay

Annually

12/06/2022

GBP

17,500,000

(258,568

)

2 Year Interest Rate Swap

Put

Goldman Sachs International

8.25

6 Month WIBOR

Pay

Semi-Annually

12/12/2022

PLN

175,000,000

(197,326

)

10 Year Interest Rate Swap

Put

Goldman Sachs International

3.67

SOFR

Pay

Annually

12/13/2022

USD

210,000,000

(5,025,649

)

10 Year Interest Rate Swap

Put

Goldman Sachs International

3.25

6 Month EURIBOR

Pay

Semi-Annually

06/16/2023

EUR

188,160,000

(6,410,010

)

30 Year Interest Rate Swap

Put

Goldman Sachs International

3.01

SOFR

Pay

Annually

11/07/2022

USD

70,000,000

(5,657,151

)

10 Year Interest Rate Swap

Put

Goldman Sachs International

2.75

6 Month EURIBOR

Pay

Semi-Annually

04/22/2024

EUR

105,000,000

(7,463,266

)

30 Year Interest Rate Swap

Put

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

2.95

6 Month EURIBOR

Pay

Semi-Annually

09/28/2023

EUR

35,000,000

(2,103,407

)

2 Year Interest Rate Swap

Put

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

3.88

SONIA

Pay

Annually

11/28/2022

GBP

87,500,000

(1,486,120

)

10 Year Interest Rate Swap

Put

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

1.05

TONAR

Pay

Annually

05/26/2025

JPY

15,000,000,000

(2,536,814

)

10 Year Interest Rate Swap

Put

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

2.39

6 Month EURIBOR

Pay

Semi-Annually

06/12/2023

EUR

56,700,000

(4,271,205

)

10 Year Interest Rate Swap

Put

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

2.16

6 Month EURIBOR

Pay

Semi-Annually

04/21/2023

EUR

42,000,000

(3,684,238

)

1 Year Interest Rate Swap

Put

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

2.82

SOFR

Pay

Annually

02/17/2023

USD

525,000,000

(10,384,972

)

2 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.02

SONIA

Pay

Annually

11/30/2022

GBP

87,500,000

(1,269,055

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

3.75

SOFR

Pay

Annually

04/22/2024

USD

525,000,000

(23,196,987

)

Subtotal–Interest Rate Put Swaptions Written

(79,866,656

)

Total Open Over-The-Counter Interest Rate Swaptions Written

$

(92,925,342

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

Open Futures Contracts(a)
										Unrealized
	Number of		Expiration		Notional					Appreciation
Long Futures Contracts	Contracts		Month		Value		Value			(Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		267		December-2022	$	54,570,211	$	(1,144,936	)	$	(1,144,936	)
U.S. Treasury 10 Year Notes		821		December-2022		90,797,469		(5,708,516	)		(5,708,516	)
U.S. Treasury 10 Year Ultra Notes		337		December-2022		39,086,734		(3,181,218	)		(3,181,218	)
Subtotal–Long Futures Contracts								(10,034,670	)		(10,034,670	)

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

26 Invesco Global Strategic Income Fund

Open Futures Contracts(a)–(continued)
											Unrealized
	Number of		Expiration		Notional						Appreciation
Short Futures Contracts	Contracts		Month		Value			Value			(Depreciation)
Interest Rate Risk
Euro-Bund		100		December-2022	$	(13,681,329	)	$	258,305		$	258,305
Euro-BTP		1,276		December-2022		(133,742,364	)		393,739			393,739
U.S. Treasury 5 Year Notes		251		December-2022		(26,755,031	)		944,906			944,906
U.S. Treasury Long Bonds		65		December-2022		(7,832,500	)		1,072,500			1,072,500
U.S. Treasury Ultra Bonds		229		December-2022		(29,233,281	)		4,252,421			4,252,421
Subtotal—Short Futures Contracts									6,921,871			6,921,871
Total Futures Contracts								$	(3,112,799	)	$	(3,112,799	)

^(a)  Futures contracts collateralized by $9,171,793 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
11/03/2022	Bank of America, N.A.	USD	220,704,431	BRL	1,171,165,824	$	6,024,022
12/21/2022	Bank of America, N.A.	COP	180,520,750,000	USD	40,421,126		4,179,844
12/21/2022	Bank of America, N.A.	EUR	1,685,000	USD	1,678,242		6,235
12/21/2022	Bank of America, N.A.	GBP	4,100,000	USD	4,751,344		41,429
12/21/2022	Bank of America, N.A.	NZD	18,781,000	USD	11,379,898		452,436
12/21/2022	Bank of America, N.A.	USD	8,405,600	AUD	13,300,000		115,279
09/29/2023	Bank of America, N.A.	AUD	26,723,677	USD	17,500,000		245,114
11/03/2022	Citibank, N.A.	USD	236,478,730	BRL	1,252,663,824		6,027,092
12/02/2022	Citibank, N.A.	USD	62,070,752	BRL	331,560,234		1,719,953
12/21/2022	Citibank, N.A.	CAD	994,509	USD	756,680		26,265
12/21/2022	Citibank, N.A.	CNY	235,881,772	USD	33,896,416		1,431,526
12/21/2022	Citibank, N.A.	INR	1,071,732,486	USD	13,023,374		152,435
12/21/2022	Citibank, N.A.	THB	130,000,000	USD	3,475,657		44,973
12/21/2022	Deutsche Bank AG	GBP	64,962,157	USD	75,072,094		446,195
12/21/2022	Deutsche Bank AG	INR	743,170,000	USD	9,278,027		352,950
12/21/2022	Deutsche Bank AG	PLN	103,155,000	USD	21,478,096		51,908
12/21/2022	Deutsche Bank AG	ZAR	1,180,396,575	USD	67,208,963		3,190,522
11/10/2022	Goldman Sachs International	USD	40,250,000	MXN	804,436,500		300,282
11/14/2022	Goldman Sachs International	ZAR	238,757,750	USD	13,905,518		919,559
11/21/2022	Goldman Sachs International	CNY	78,343,356	USD	10,920,000		109,028
12/06/2022	Goldman Sachs International	HUF	3,211,267,500	USD	7,875,000		198,906
12/15/2022	Goldman Sachs International	ZAR	148,514,275	USD	8,487,500		429,269
12/21/2022	Goldman Sachs International	INR	800,000,000	USD	9,952,106		344,530
12/21/2022	Goldman Sachs International	USD	3,124,319	CLP	3,127,600,000		163,490
12/21/2022	Goldman Sachs International	USD	14,240,407	COP	71,378,615,000		89,539
12/21/2022	Goldman Sachs International	USD	33,667,000	MXN	697,455,807		1,234,388
12/29/2022	Goldman Sachs International	CNY	58,369,290	USD	8,260,000		228,726
01/11/2023	Goldman Sachs International	USD	37,595,040	GBP	33,600,000		1,034,924
02/27/2023	Goldman Sachs International	USD	4,791,708	RUB	374,472,000		566,683
03/13/2023	Goldman Sachs International	CAD	23,387,438	USD	18,025,000		820,866
11/16/2022	J.P. Morgan Chase Bank, N.A.	ZAR	36,834,000	USD	2,100,000		96,930
12/15/2022	J.P. Morgan Chase Bank, N.A.	HUF	1,211,100,000	USD	3,000,000		112,170
12/15/2022	J.P. Morgan Chase Bank, N.A.	THB	585,637,500	USD	16,100,000		655,130
12/21/2022	J.P. Morgan Chase Bank, N.A.	CLP	12,995,000,000	USD	14,414,864		754,204
12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	16,834,000	CAD	23,121,972		147,861
12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	25,251,000	PLN	126,548,686		1,034,260

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

27 Invesco Global Strategic Income Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to				Unrealized Appreciation (Depreciation)
	Counterparty	Deliver		Receive
12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	24,161,977	ZAR	446,580,000	$	58,150
02/17/2023	J.P. Morgan Chase Bank, N.A.	USD	2,854,536	RUB	217,087,500		279,552
02/22/2023	J.P. Morgan Chase Bank, N.A.	USD	3,046,501	RUB	232,295,700		292,239
12/21/2022	Morgan Stanley and Co. International PLC	COP	25,214,115,000	USD	5,571,564		509,588
12/21/2022	Morgan Stanley and Co. International PLC	EUR	142,930,783	USD	144,097,822		2,269,161
12/21/2022	Morgan Stanley and Co. International PLC	USD	13,215,986	EUR	13,450,659		130,957
12/21/2022	Morgan Stanley and Co. International PLC	USD	11,470,062	MXN	234,407,926		259,946
12/21/2022	Morgan Stanley and Co. International PLC	USD	15,551,680	NZD	27,310,000		338,262
12/21/2022	Royal Bank of Canada	GBP	3,980,000	USD	4,628,410		56,347
12/21/2022	Royal Bank of Canada	USD	4,359,747	GBP	3,965,000		195,084
Subtotal–Appreciation							38,138,209
Currency Risk
11/03/2022	Bank of America, N.A.	BRL	1,171,165,824	USD	217,266,674		(9,461,779	)
12/12/2022	Bank of America, N.A.	USD	22,600,000	CAD	29,481,926		(951,085	)
12/20/2022	Bank of America, N.A.	USD	12,279,400	EUR	12,250,000		(125,108	)
12/21/2022	Bank of America, N.A.	USD	36,697,375	AUD	54,289,206		(1,916,040	)
12/21/2022	Bank of America, N.A.	USD	1,129,982	COP	5,046,500,000		(116,849	)
12/21/2022	Bank of America, N.A.	USD	3,535,530	EUR	3,511,000		(51,603	)
12/21/2022	Bank of America, N.A.	USD	17,900,456	NZD	29,542,309		(711,677	)
01/27/2023	Bank of America, N.A.	ZAR	129,556,000	USD	7,000,000		(8,044	)
02/27/2023	Bank of America, N.A.	RUB	374,472,000	USD	4,200,000		(1,158,391	)
12/21/2022	BNP Paribas S.A.	GBP	7,895,682	USD	8,420,000		(650,240	)
11/03/2022	Citibank, N.A.	BRL	1,252,663,824	USD	237,709,681		(4,796,141	)
12/02/2022	Citibank, N.A.	BRL	850,700,000	USD	159,257,907		(4,412,969	)
12/21/2022	Citibank, N.A.	COP	70,438,530,000	USD	14,079,779		(61,436	)
12/21/2022	Citibank, N.A.	USD	25,251,000	CNY	178,963,937		(619,828	)
12/21/2022	Deutsche Bank AG	GBP	10,105,000	USD	11,244,251		(363,965	)
12/21/2022	Deutsche Bank AG	USD	4,264,042	EUR	4,250,000		(46,813	)
12/21/2022	Deutsche Bank AG	USD	9,020,833	GBP	7,806,000		(53,616	)
12/21/2022	Deutsche Bank AG	USD	16,285,798	PLN	78,217,430		(39,359	)
12/21/2022	Deutsche Bank AG	USD	24,894,443	ZAR	437,201,188		(1,182,972	)
11/14/2022	Goldman Sachs International	USD	27,730,518	ZAR	477,515,500		(1,758,599	)
12/21/2022	Goldman Sachs International	MXN	813,839,295	USD	40,400,000		(325,335	)
12/21/2022	Goldman Sachs International	USD	8,750,000	HUF	3,514,266,875		(384,093	)
06/29/2023	Goldman Sachs International	PLN	26,607,497	USD	5,165,000		(203,141	)
07/26/2023	Goldman Sachs International	ZAR	98,542,500	USD	5,250,000		(20,957	)
09/29/2023	Goldman Sachs International	SEK	115,583,565	USD	10,470,000		(209,082	)
10/16/2023	Goldman Sachs International	AUD	3,675,000	USD	2,326,275		(47,238	)
10/16/2023	Goldman Sachs International	NZD	8,166,667	USD	4,569,250		(190,891	)
11/28/2022	J.P. Morgan Chase Bank, N.A.	EUR	6,480,000	NOK	64,155,175		(239,505	)
12/20/2022	J.P. Morgan Chase Bank, N.A.	BRL	50,085,000	USD	9,275,000		(324,412	)
12/21/2022	J.P. Morgan Chase Bank, N.A.	HUF	16,415,462,260	USD	37,459,500		(1,618,418	)
12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	4,697,084	CLP	4,234,421,350		(245,757	)
12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	8,622,485	HUF	3,509,782,500		(267,253	)
12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	13,330,338	INR	1,071,732,486		(459,399	)
12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	31,966,883	JPY	4,546,869,097		(1,197,444	)
12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	4,585,921	KRW	6,315,226,500		(157,334	)
12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	13,889,145	NOK	138,893,859		(506,172	)
12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	8,417,000	ZAR	150,521,219		(253,528	)
02/17/2023	J.P. Morgan Chase Bank, N.A.	RUB	217,087,500	USD	2,625,000		(509,089	)

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

28 Invesco Global Strategic Income Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to				Unrealized Appreciation (Depreciation)
	Counterparty	Deliver		Receive
02/22/2023	J.P. Morgan Chase Bank, N.A.	RUB	232,295,700	USD	2,730,000	$	(608,740	)
03/20/2023	J.P. Morgan Chase Bank, N.A.	BRL	21,175,000	USD	3,850,000		(139,226	)
12/21/2022	Morgan Stanley and Co. International PLC	CLP	7,565,980,000	USD	7,656,325		(297,218	)
12/21/2022	Morgan Stanley and Co. International PLC	MXN	854,857,000	USD	41,829,912		(947,990	)
12/21/2022	Morgan Stanley and Co. International PLC	USD	13,191,889	CZK	327,567,800		(8,134	)
12/21/2022	Morgan Stanley and Co. International PLC	USD	93,024,929	EUR	92,269,179		(1,467,226	)
12/21/2022	Morgan Stanley and Co. International PLC	USD	16,317,000	JPY	2,376,924,313		(231,948	)
12/21/2022	Morgan Stanley and Co. International PLC	USD	10,938,875	SEK	116,321,083		(359,935	)
12/21/2022	Morgan Stanley and Co. International PLC	USD	45,060,865	THB	1,633,005,750		(1,966,047	)
12/21/2022	Royal Bank of Canada	CAD	30,320,000	USD	22,105,837		(162,593	)
12/21/2022	Royal Bank of Canada	GBP	883,000	USD	970,910		(43,445	)
12/21/2022	Standard Chartered Bank PLC	GBP	8,500,000	USD	9,073,082		(691,374	)
Subtotal–Depreciation							(42,569,438	)
Total Forward Foreign Currency Contracts						$	(4,431,229	)

Open Centrally Cleared Credit Default Swap Agreements(a)
		(Pay)/
		Receive					Implied				Upfront						Unrealized
	Buy/Sell	Fixed		Payment			Credit				Payments Paid						Appreciation
Reference Entity	Protection	Rate		Frequency	Maturity 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		1.081%	EUR	7,525,000		$   (77,432	)	$	25,404			$ 102,836
Markit iTraxx Europe Sub Financials, Series 37, Version 1	Buy		(1.00)	Quarterly		06/20/2027		2.065	EUR	7,437,500		236,016			325,842			89,826
Intercontinental Exchange, Inc.	Buy		(1.00)	Quarterly		12/20/2027		2.959	USD	12,250,000		998,589			1,014,727			16,138
Subtotal - Appreciation												1,157,173			1,365,973			208,800
Credit Risk
South Africa Republic International Bonds	Buy		(1.00)	Quarterly		06/20/2027		2.848	USD	3,500,000		259,896			255,456			(4,440)
Societe Generale	Sell		1.00	Quarterly		06/20/2027		1.300	EUR	10,500,000		10,451			(132,040	)		(142,491)
Subtotal - Depreciation												270,347			123,416			(146,931)
Total Centrally Cleared Credit Default Swap Agreements												$1,427,520		$	1,489,389			$   61,869

^(a)  Centrally cleared swap agreements collateralized by $40,567,587 cash held with Counterparties.

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

29 Invesco Global Strategic Income Fund

Open Centrally Cleared Interest Rate Swap Agreements(a)
Pay/			(Pay)/								Upfront
Receive			Receive								Payments						Unrealized
Floating	Floating Rate	Payment	Fixed			Payment	Maturity				Paid						Appreciation
Rate	Index	Frequency	Rate			Frequency	Date		Notional Value		(Received)			Value			(Depreciation)
Interest Rate Risk
Receive	28 Day MXN TIIE	28 Day		(10.04	)%	28 Day		12/18/2024	MXN	385,000,000	$	–		$	8,721		$	8,721
Receive	6 Month THBFIX	Semi-Annually		(1.97	)	Semi-Annually		05/13/2024	THB	612,500,000		–			26,163			26,163
Pay	TONAR	Annually		0.24		Annually		09/29/2027	JPY	4,077,500,000		(33,768	)		(5,079	)		28,689
Receive	TTHORON	Quarterly		(2.59	)	Quarterly		06/13/2027	THB	248,500,000		–			29,240			29,240
Receive	6 Month THBFIX	Semi-Annually		(1.95	)	Semi-Annually		05/13/2024	THB	595,000,000		–			30,118			30,118
Receive	COOVIBR	Quarterly		(11.50	)	Quarterly		11/02/2024	COP	96,250,000,000		–			41,798			41,798
Receive	COOVIBR	Quarterly		(11.46	)	Quarterly		11/01/2024	COP	96,250,000,000		–			57,044			57,044
Receive	6 Month THBFIX	Semi-Annually		(1.71	)	Semi-Annually		04/18/2025	THB	401,000,000		–			61,772			61,772
Pay	TONAR	Annually		0.30		Annually		09/29/2027	JPY	4,077,500,000		(9,690	)		75,363			85,053
Receive	6 Month THBFIX	Semi-Annually		(1.66	)	Semi-Annually		05/26/2024	THB	595,000,000		–			98,331			98,331
Receive	BZDIOVRA	At Maturity		(12.84	)	At Maturity		01/02/2024	BRL	487,066,027		–			116,770			116,770
Receive	COOVIBR	Quarterly		(9.85	)	Quarterly		07/21/2032	COP	12,010,000,000		–			151,284			151,284
Receive	6 Month WIBOR	Semi-Annually		(7.61	)	Annually		09/21/2024	PLN	88,200,000		–			167,198			167,198
Receive	SOFR	Annually		(3.39	)	Annually		11/09/2052	USD	14,280,000		–			173,970			173,970
Receive	COOVIBR	Quarterly		(9.71	)	Quarterly		07/21/2032	COP	12,332,000,000		–			176,335			176,335
Pay	BZDIOVRA	At Maturity		11.72		At Maturity		01/02/2026	BRL	174,013,173		–			211,605			211,605
Receive	COOVIBR	Quarterly		(8.54	)	Quarterly		05/27/2032	COP	9,450,000,000		–			268,710			268,710
Receive	COOVIBR	Quarterly		(9.86	)	Quarterly		09/09/2032	COP	25,200,000,000		–			312,392			312,392
Receive	28 Day MXN TIIE	28 Day		(9.43	)	28 Day		12/18/2024	MXN	595,000,000		–			336,975			336,975
Receive	SOFR	Annually		(3.36	)	Annually		11/09/2052	USD	19,040,000		–			346,004			346,004
Receive	3 Month ADBB	Quarterly		(3.70	)	Quarterly		09/07/2025	AUD	72,800,000		–			359,556			359,556
Receive	3 Month JIBAR	Quarterly		(6.61	)	Quarterly		10/19/2026	ZAR	119,500,000		535			363,197			362,662
Receive	28 Day MXN TIIE	28 Day		(9.36	)	28 Day		12/18/2024	MXN	595,000,000		–			377,078			377,078
Receive	3 Month JIBAR	Quarterly		(6.65	)	Quarterly		10/11/2026	ZAR	124,250,000		–			380,581			380,581
Pay	SONIA	Annually		3.99		Annually		10/24/2052	GBP	3,150,000		–			471,302			471,302
Pay	SOFR	Annually		3.89		Annually		10/27/2032	USD	110,250,000		(5,037	)		551,644			556,681
Receive	COOVIBR	Quarterly		(9.01	)	Quarterly		05/24/2032	COP	25,400,000,000		–			573,538			573,538
Receive	3 Month JIBAR	Quarterly		(6.63	)	Quarterly		02/11/2031	ZAR	68,250,000		–			591,926			591,926
Receive	COOVIBR	Quarterly		(8.88	)	Quarterly		05/09/2032	COP	27,000,000,000		–			651,086			651,086
Receive	COOVIBR	Quarterly		(9.06	)	Quarterly		05/16/2032	COP	25,900,000,000		–			728,086			728,086
Receive	3 Month JIBAR	Quarterly		(7.98	)	Quarterly		03/07/2032	ZAR	160,000,000		–			832,464			832,464
Pay	BZDIOVRA	At Maturity		12.88		At Maturity		01/04/2027	BRL	72,657,132		–			846,380			846,380
Receive	3 Month JIBAR	Quarterly		(7.95	)	Quarterly		03/07/2032	ZAR	165,000,000		–			875,732			875,732
Receive	28 Day MXN TIIE	28 Day		(8.35	)	28 Day		03/06/2025	MXN	551,250,000		–			897,551			897,551
Pay	BZDIOVRA	At Maturity		12.90		At Maturity		01/04/2027	BRL	85,909,982		–			1,011,892			1,011,892
Receive	FBIL Overnight MIBOR	Semi-Annually		(5.65	)	Semi-Annually		02/17/2027	INR	1,837,500,000		–			1,063,346			1,063,346
Receive	3 Month JIBAR	Quarterly		(6.70	)	Quarterly		01/29/2031	ZAR	145,000,000		–			1,218,873			1,218,873
Receive	3 Month JIBAR	Quarterly		(6.70	)	Quarterly		01/27/2031	ZAR	148,000,000		–			1,242,638			1,242,638
Receive	3 Month JIBAR	Quarterly		(7.32	)	Quarterly		07/15/2031	ZAR	206,100,000		–			1,420,236			1,420,236
Receive	SOFR	Annually		(3.05	)	Annually		09/27/2052	USD	25,293,625		–			1,888,916			1,888,916
Receive	SOFR	Annually		(2.66	)	Annually		11/09/2052	USD	14,175,000		–			2,045,720			2,045,720
Receive	CLICP	Semi-Annually		(2.35	)	Semi-Annually		03/11/2026	CLP	22,500,000,000		–			3,579,514			3,579,514
Subtotal – Appreciation												(47,960	)		24,655,970			24,703,930

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

30 Invesco Global Strategic Income Fund

Open Centrally Cleared Interest Rate Swap Agreements(a)–(continued)
Pay/			(Pay)/								Upfront
Receive			Receive								Payments						Unrealized
Floating	Floating Rate	Payment	Fixed			Payment	Maturity				Paid						Appreciation
Rate	Index	Frequency	Rate			Frequency	Date		Notional Value		(Received)			Value			(Depreciation)
Interest Rate Risk
Pay	SOFR	Annually		2.84	%	Annually		06/09/2033	USD	189,000,000	$	–		$	(14,056,731	)	$	(14,056,731	)
Pay	SOFR	Annually		2.41		Annually		06/02/2052	USD	47,810,000		–			(9,068,711	)		(9,068,711	)
Pay	6 Month EURIBOR	Semi-Annually		2.43		Annually		09/05/2032	EUR	88,200,000		(19,518	)		(4,227,435	)		(4,207,917	)
Pay	SONIA	Annually		2.24		Annually		10/11/2032	GBP	17,500,000		–			(2,543,887	)		(2,543,887	)
Pay	SOFR	Annually		3.38		Annually		09/08/2025	USD	49,350,000		–			(1,265,326	)		(1,265,326	)
Receive	SONIA	Annually		(5.73	)	Annually		09/28/2024	GBP	35,000,000		3,522			(829,632	)		(833,154	)
Receive	SONIA	Annually		(5.41	)	Annually		09/27/2024	GBP	35,000,000		3,153			(600,100	)		(603,253	)
Receive	SONIA	Annually		(4.96	)	Annually		10/04/2024	GBP	70,000,000		–			(552,357	)		(552,357	)
Receive	SONIA	Annually		(5.51	)	Annually		09/28/2024	GBP	18,900,000		1,786			(364,238	)		(366,024	)
Pay	SOFR	Annually		3.94		Annually		11/09/2027	USD	77,945,000		–			(322,063	)		(322,063	)
Pay	28 Day MXN TIIE	28 Day		8.68		28 Day		12/08/2032	MXN	161,875,000		–			(310,278	)		(310,278	)
Pay	28 Day MXN TIIE	28 Day		8.79		28 Day		12/08/2032	MXN	162,750,000		–			(255,648	)		(255,648	)
Pay	BZDIOVRA	At Maturity		8.68		At Maturity		01/04/2027	BRL	56,292,938		–			(207,994	)		(207,994	)
Receive	CLICP	Semi-Annually		(7.41	)	Semi-Annually		07/22/2027	CLP	7,700,000,000		–			(188,756	)		(188,756	)
Pay	BZDIOVRA	At Maturity		11.30		At Maturity		01/02/2026	BRL	181,797,497		–			(188,076	)		(188,076	)
Receive	FBIL Overnight MIBOR	Semi-Annually		(7.02	)	Semi-Annually		05/25/2027	INR	1,312,500,000		–			(180,669	)		(180,669	)
Pay	BZDIOVRA	At Maturity		11.27		At Maturity		01/02/2029	BRL	60,141,391		–			(114,914	)		(114,914	)
Receive	BZDIOVRA	At Maturity		(13.08	)	At Maturity		01/02/2024	BRL	447,125,210		–			(98,877	)		(98,877	)
Pay	CLICP	Annually		10.90		Annually		07/22/2023	CLP	34,895,000,000		–			(84,939	)		(84,939	)
Pay	SOFR	Annually		4.00		Annually		11/09/2027	USD	58,458,750		–			(75,418	)		(75,418	)
Pay	BZDIOVRA	At Maturity		11.44		At Maturity		01/02/2026	BRL	180,224,550		–			(74,349	)		(74,349	)
Receive	BZDIOVRA	At Maturity		(13.00	)	At Maturity		01/02/2024	BRL	469,538,378		–			(30,222	)		(30,222	)
Pay	28 Day MXN TIIE	28 Day		9.24		28 Day		12/08/2032	MXN	106,750,000		–			(9,771	)		(9,771	)
Receive	6 Month THBFIX	Semi-Annually		(2.11	)	Semi-Annually		05/11/2024	THB	595,000,000		–			(6,122	)		(6,122	)
Subtotal – Depreciation												(11,057	)		(35,656,513	)		(35,645,456	)
Total Centrally Cleared Interest Rate Swap Agreements											$	(59,017	)	$	(11,000,543	)	$	(10,941,526	)

^(a)  Centrally cleared swap agreements collateralized by $40,567,587 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
Goldman Sachs International	Royal Bank of Scotland Group PLC (The)	Buy		(1.00)%	Quarterly		12/20/2027		2.153%	EUR	3,500,000	$	135,541		$	183,519		$	47,978
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9	Sell		5.00	Quarterly		12/20/2022		0.100	EUR	10,000,000		48,738			66,892			18,154
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9	Sell		5.00	Quarterly		12/20/2022		0.100	EUR	35,000,000		121,152			234,121			112,969
J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)	Buy		(1.00)	Quarterly		06/20/2027		2.047	EUR	5,250,000		169,550			229,142			59,592
J.P. Morgan Chase Bank, N.A.	Markit CDX Investment Grade Index, Series 37, Version 1	Sell		1.00	Quarterly		12/20/2026		3.605	USD	17,500,000		(1,967,611	)		(1,661,967	)		305,644
Subtotal–Appreciation													(1,492,630	)		(948,293	)		544,337

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

31 Invesco Global Strategic Income Fund

Open Over-The-Counter Credit Default Swap Agreements(a)–(continued)
			(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		1.105%	EUR	3,750,000	$	20,426	$	8,071		$	(12,355	)
Citibank, N.A.	Assicurazioni Generali S.p.A.	Sell		1.00	Quarterly		12/20/2024		0.742	EUR	3,750,000		31,444		19,913			(11,531	)
Goldman Sachs International	Markit CDX North America High Yield Index, Series 35, Version 1	Sell		5.00	Quarterly		12/20/2025		2.019	USD	46,800,000		5,342,411		4,046,561			(1,295,850	)
Goldman Sachs International	Markit iTraxx Europe Crossover Index, Series 32, Version 5	Sell		5.00	Quarterly		12/20/2024		8.244	EUR	7,100,000		390,267		(450,116	)		(840,383	)
J.P. Morgan Chase Bank, N.A.	Markit CDX North America High Yield Index, Series 35, Version 1	Sell		5.00	Quarterly		12/20/2025		2.019	USD	14,600,000		1,568,751		1,262,389			(306,362	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8	Sell		5.00	Quarterly		12/20/2023		13.894	EUR	7,500,000		32,798		(707,519	)		(740,317	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8	Sell		5.00	Quarterly		12/20/2023		13.894	EUR	7,100,000		97,437		(669,785	)		(767,222	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8	Sell		5.00	Quarterly		12/20/2023		13.894	EUR	3,550,000		36,613		(334,892	)		(371,505	)
Subtotal–Depreciation													7,520,147		3,174,622			(4,345,525	)
Total Open Over-The-Counter Credit Default Swap Agreements												$	6,027,517	$	2,226,329		$	(3,801,188	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

^(b)  Implied credit spreads represent the current level, as of October 31, 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)

Pay/

(Pay)/

Upfront

Receive

Received

Payments

Floating

Floating Rate

Payment

Fixed

Payment

Maturity

Notional

Paid

Unrealized

Counterparty

Rate

Index

Frequency

Rate

Frequency

Date

Value

(Received)

Value

Appreciation

Interest Rate Risk

Bank of America, N.A.

Receive

3 Month MYR KLIBOR

Quarterly

(2.70)%

Quarterly

03/16/2024

MYR 71,400,000

$542

$

212,202

$

211,660

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

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

32 Invesco Global Strategic Income Fund

Abbreviations:
ADBB	–Australian Dollar Bank Bill
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
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
HUF	–Hungarian Forint
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
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
TTHORON	–Thai Overnight Repurchase Rate
USD	–U.S. Dollar
WIBOR	–Warsaw Interbank Offered Rate
ZAR	–South African Rand

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

33 Invesco Global Strategic Income Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $1,690,669,700)*	$	1,455,078,935
Investments in affiliated money market funds, at value (Cost $154,526,626)		154,525,799
Other investments:
Variation margin receivable – futures contracts		3,958,352
Variation margin receivable–centrally cleared swap agreements		234,020
Swaps receivable – OTC		817,064
Unrealized appreciation on swap agreements – OTC		755,997
Premiums paid on swap agreements – OTC		6,028,059
Unrealized appreciation on forward foreign currency contracts outstanding		38,138,209
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		9,171,793
Cash collateral – centrally cleared swap agreements		40,567,587
Cash collateral – OTC Derivatives		73,299,000
Cash collateral – TBA commitments		669,000
Cash		35,308,809
Foreign currencies, at value (Cost $10,011,467)		9,949,716
Receivable for:
Investments sold		16,547,074
Fund shares sold		410,618
Dividends		278,208
Interest		22,877,447
Investment for trustee deferred compensation and retirement plans		363,419
Other assets		92,270
Total assets		1,869,071,376
Liabilities:
Other investments:
Options written, at value (premiums received $77,551,361)		102,504,838
Unrealized depreciation on forward foreign currency contracts outstanding		42,569,438
Swaps payable – OTC		14,330
Unrealized depreciation on swap agreements–OTC		4,345,525
Payable for:
Investments purchased		2,519,633
Dividends		966,609
Fund shares reacquired		1,200,854
Collateral upon return of securities loaned		65,043,941
Accrued fees to affiliates		891,802
Accrued trustees’ and officers’ fees and benefits		2,036
Accrued other operating expenses		415,841
Trustee deferred compensation and retirement plans		363,419
Total liabilities		220,838,266
Net assets applicable to shares outstanding	$	1,648,233,110

Net assets consist of:
Shares of beneficial interest	$	2,835,150,382
Distributable earnings (loss)		(1,186,917,272	)
	$	1,648,233,110
Net Assets:
Class A	$	1,433,891,922
Class C	$	48,257,045
Class R	$	51,835,827
Class Y	$	103,793,711
Class R5	$	7,828
Class R6	$	10,446,777
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		496,801,461
Class C		16,767,501
Class R		17,947,059
Class Y		36,026,951
Class R5		2,710
Class R6		3,636,515
Class A:
Net asset value per share	$	2.89
Maximum offering price per share
(Net asset value of $2.89 ÷ 95.75%)	$	3.02
Class C:
Net asset value and offering price per share	$	2.88
Class R:
Net asset value and offering price per share	$	2.89
Class Y:
Net asset value and offering price per share	$	2.88
Class R5:
Net asset value and offering price per share	$	2.89
Class R6:
Net asset value and offering price per share	$	2.87

* At October 31, 2022, securities with an aggregate value of $63,241,820 were on loan to brokers.

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

34 Invesco Global Strategic Income Fund

Consolidated Statement of Operations

For the year ended October 31, 2022

Investment income:
Interest (net of foreign withholding taxes of $253,834)	$	75,684,454
Dividends from affiliates (includes net securities lending income of $834,144)		3,252,052
Total investment income		78,936,506
Expenses:
Advisory fees		11,492,687
Administrative services fees		284,445
Custodian fees		684,188
Distribution fees:
Class A		4,068,715
Class C		629,915
Class R		305,920
Interest, facilities and maintenance fees		1,619,247
Transfer agent fees – A, C, R and Y		2,743,338
Transfer agent fees – R5		3
Transfer agent fees – R6		4,300
Trustees’ and officers’ fees and benefits		35,757
Registration and filing fees		107,164
Professional services fees		137,052
Other		(113,022	)
Total expenses		21,999,709
Less: Fees waived and/or expense offset arrangement(s)		(368,654	)
Net expenses		21,631,055
Net investment income		57,305,451
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $867)		(126,114,717	)
Affiliated investment securities		(4,040,511	)
Foreign currencies		(7,047,624	)
Forward foreign currency contracts		38,541,637
Futures contracts		36,133,710
Option contracts written		(1,407,448	)
Swap agreements		(107,056,637	)
		(170,991,590	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(190,655,740	)
Affiliated investment securities		689,096
Foreign currencies		508,922
Forward foreign currency contracts		(21,029,010	)
Futures contracts		(2,634,316	)
Option contracts written		(18,927,550	)
Swap agreements		2,396,505
		(229,652,093	)
Net realized and unrealized gain (loss)		(400,643,683	)
Net increase (decrease) in net assets resulting from operations	$	(343,338,232	)

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

35 Invesco Global Strategic Income Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income	$	57,305,451		$	71,841,540
Net realized gain (loss)		(170,991,590	)		(25,589,444	)
Change in net unrealized appreciation (depreciation)		(229,652,093	)		12,600,729
Net increase (decrease) in net assets resulting from operations		(343,338,232	)		58,852,825
Distributions to shareholders from distributable earnings:
Class A		–			(25,957,364	)
Class C		–			(1,216,045	)
Class R		–			(905,564	)
Class Y		–			(2,208,688	)
Class R5		–			(118	)
Class R6		–			(271,613	)
Total distributions from distributable earnings		–			(30,559,392	)
Return of capital:
Class A		(54,922,897	)		(30,499,206	)
Class C		(1,516,768	)		(619,123	)
Class R		(1,802,840	)		(867,377	)
Class Y		(4,613,921	)		(3,021,211	)
Class R5		(316	)		(178	)
Class R6		(534,000	)		(401,918	)
Total return of capital		(63,390,742	)		(35,409,013	)
Total distributions		(63,390,742	)		(65,968,405	)
Share transactions–net:
Class A		(219,253,212	)		(222,799,297	)
Class C		(17,438,498	)		(78,911,388	)
Class R		(6,115,570	)		(8,352,959	)
Class Y		(26,212,159	)		(44,748,462	)
Class R6		(5,302,195	)		(1,719,097	)
Net increase (decrease) in net assets resulting from share transactions		(274,321,634	)		(356,531,203	)
Net increase (decrease) in net assets		(681,050,608	)		(363,646,783	)
Net assets:
Beginning of year		2,329,283,718			2,692,930,501
End of year	$	1,648,233,110		$	2,329,283,718

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

36 Invesco Global Strategic Income Fund

Consolidated Financial Highlights

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(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
Year ended 10/31/22		$	3.56		$	0.09		$	(0.66	)		$	(0.57	)		$	-			$	(0.10	)		$	(0.10	)		$	2.89		(16.12	)%(f)		$	1,433,892		1.08	%(f)(g)		1.10	%(f)(g)		2.89	%(f)(g)		88	%
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	(h)		1.00	(h)		3.80	(h)		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
Class C
Year ended 10/31/22			3.55			0.07			(0.66	)			(0.59	)			-				(0.08	)			(0.08	)			2.88		(16.83	)			48,257		1.84	(g)		1.86	(g)		2.13	(g)		88
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	(h)		1.76	(h)		3.03	(h)		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
Class R
Year ended 10/31/22			3.56			0.09			(0.66	)			(0.57	)			-				(0.10	)			(0.10	)			2.89		(16.34	)			51,836		1.34	(g)		1.36	(g)		2.63	(g)		88
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	(h)		1.26	(h)		3.53	(h)		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
Class Y
Year ended 10/31/22			3.55			0.10			(0.66	)			(0.56	)			-				(0.11	)			(0.11	)			2.88		(15.97	)			103,794		0.84	(g)		0.86	(g)		3.13	(g)		88
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	(h)		0.77	(h)		4.03	(h)		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
Class R5
Year ended 10/31/22			3.56			0.11			(0.66	)			(0.55	)			-				(0.12	)			(0.12	)			2.89		(15.81	)			8		0.73	(g)		0.75	(g)		3.24	(g)		88
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	(h)		0.72	(h)		4.05	(h)		25
Period ended 09/30/19(i)			3.69			0.07			0.02				0.09				(0.04	)			(0.02	)			(0.06	)			3.72		2.40				10		0.63	(h)		0.68	(h)		5.58	(h)		114
Class R6
Year ended 10/31/22			3.54			0.11			(0.66	)			(0.55	)			-				(0.12	)			(0.12	)			2.87		(15.93	)			10,447		0.73	(g)		0.75	(g)		3.24	(g)		88
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	(h)		0.62	(h)		4.18	(h)		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

^(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% and 0.01% for the one month ended October 31, 2019 and the years ended September 30, 2019 and 2018, 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 and $6,366,360,171 and $6,415,700,475 for the one month ended October 31, 2019 and the years ended September 30, 2019 and 2018, 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 years ended October 31, 2022, 2021 and 2020.

^(g)  Includes Interest, facilities and maintenance fees of 0.08% for the year ended October 31, 2022.

^(h)  Annualized.

⁽ⁱ⁾  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.

37 Invesco Global Strategic Income Fund

Notes to Consolidated Financial Statements

October 31, 2022

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

38 Invesco Global Strategic Income Fund

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses negative or overdrawn balances on margin accounts, and other expenses associated with establishing and maintaining a line of credit.

H. 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.

I. 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.

J. 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

39 Invesco Global Strategic Income Fund

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.

K. 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.

L. 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.

M. 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 1940 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, the Fund paid the Adviser $48,136 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations.

N. 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.

O. 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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.

P. 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 or asset. 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

40 Invesco Global Strategic Income Fund

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.

Q. 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.

R. 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.

S. 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 net asset value (“NAV”) per share 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

41 Invesco Global Strategic Income Fund

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. 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 October 31, 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.

T. 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.

U. 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.

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

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

42 Invesco Global Strategic Income Fund

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

The Fund 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. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

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 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.

Following Russia’s invasion of Ukraine in late February 2022, various countries, including the United States, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus. The resulting responses to the military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional counter measures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to Russian issuers or the adjoining geographic regions.

Y. 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 year ended October 31, 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 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.

43 Invesco Global Strategic Income Fund

For the year ended October 31, 2022, the Adviser waived advisory fees of $351,758.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $55,938 in front-end sales commissions from the sale of Class A shares and $97 and $2,883 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	–	$	690,856,024		$              –	$	690,856,024
Non–U.S. Dollar Denominated Bonds & Notes		–		473,303,907		–		473,303,907
Asset–Backed Securities		–		143,267,587		1,985,430		145,253,017
Agency Credit Risk Transfer Notes		–		36,565,208		–		36,565,208
Common Stocks & Other Equity Interests		14,781,328		455,718		3,113,319		18,350,365
U.S. Treasury Securities		–		14,449,266		–		14,449,266
Variable Rate Senior Loan Interests		–		8,255,771		–		8,255,771
U.S. Government Sponsored Agency Mortgage–Backed Securities		–		5,629,363		–		5,629,363
Preferred Stocks		–		3,098,912		49,725		3,148,637
Money Market Funds		89,483,459		65,042,340		–		154,525,799
Options Purchased		–		59,267,377		–		59,267,377
Total Investments in Securities		104,264,787		1,500,191,473		5,148,474		1,609,604,734
Other Investments – Assets*
Futures Contracts		6,921,871		–		–		6,921,871
Forward Foreign Currency Contracts		–		38,138,209		–		38,138,209
Swap Agreements		–		25,668,727		–		25,668,727
		6,921,871		63,806,936		–		70,728,807

44 Invesco Global Strategic Income Fund

	Level 1			Level 2			Level 3		Total
Other Investments - Liabilities*
Futures Contracts	$	(10,034,670	)	$	–			$              –	$	(10,034,670	)
Forward Foreign Currency Contracts		–			(42,569,438	)		–		(42,569,438	)
Options Written		–			(102,504,838	)		–		(102,504,838	)
Swap Agreements		–			(40,137,912	)		–		(40,137,912	)
		(10,034,670	)		(185,212,188	)		–		(195,246,858	)
Total Other Investments		(3,112,799	)		(121,405,252	)		–		(124,518,051	)
Total Investments	$	101,151,988		$	1,378,786,221			$5,148,474	$	1,485,086,683

* 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 October 31, 2022:

	Value
	Credit			Currency		Interest
Derivative Assets	Risk			Risk		Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	–		$	–	$	6,921,871		$	6,921,871
Unrealized appreciation on swap agreements – Centrally Cleared(a)		208,800			–		24,703,930			24,912,730
Unrealized appreciation on forward foreign currency contracts outstanding		–			38,138,209		–			38,138,209
Unrealized appreciation on swap agreements – OTC		544,337			–		211,660			755,997
Options purchased, at value – OTC(b)		1,602,837			10,619,502		47,045,038			59,267,377
Total Derivative Assets		2,355,974			48,757,711		78,882,499			129,996,184
Derivatives not subject to master netting agreements		(208,800	)		–		(31,625,801	)		(31,834,601	)
Total Derivative Assets subject to master netting agreements	$	2,147,174		$	48,757,711	$	47,256,698		$	98,161,583

	Value
	Credit			Currency			Interest
Derivative Liabilities	Risk			Risk			Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	–		$	–		$	(10,034,670	)	$	(10,034,670	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		(146,931	)		–			(35,645,456	)		(35,792,387	)
Unrealized depreciation on forward foreign currency contracts outstanding		–			(42,569,438	)		–			(42,569,438	)
Unrealized depreciation on swap agreements – OTC		(4,345,525	)		–			–			(4,345,525	)
Options written, at value – OTC		(1,021,775	)		(8,557,721	)		(92,925,342	)		(102,504,838	)
Total Derivative Liabilities		(5,514,231	)		(51,127,159	)		(138,605,468	)		(195,246,858	)
Derivatives not subject to master netting agreements		146,931			–			45,680,126			45,827,057
Total Derivative Liabilities subject to master netting agreements	$	(5,367,300	)	$	(51,127,159	)	$	(92,925,342	)	$	(149,419,801	)

^(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.

45 Invesco Global Strategic Income Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 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.	$	11,064,359	$	2,221,802	$	218,272	$	13,504,433	$	(14,500,576	)	$	(9,199,152	)	$	–		$	(23,699,728	)	$	(10,195,295	)	$–	$	9,330,000	$	(865,295	)
Barclays Bank PLC		–		–		–		–		–			(261,048	)		–			(261,048	)		(261,048	)	–		261,048		–
BNP Paribas S.A.		–		–		–		–		(650,240	)		–			–			(650,240	)		(650,240	)	–		–		(650,240	)
Citibank, N.A.		9,402,244		–		4,299		9,406,543		(9,890,374	)		–			(28,185	)		(9,918,559	)		(512,016	)	–		–		(512,016	)
Deutsche Bank AG		4,041,575		–		–		4,041,575		(1,686,725	)		–			–			(1,686,725	)		2,354,850		–		–		2,354,850
Goldman Sachs International		6,440,190		5,060,377		361,675		11,862,242		(3,139,336	)		(34,500,646	)		(2,140,245	)		(39,780,227	)		(27,917,985	)	–		26,040,000		(1,877,985	)
J.P. Morgan Chase Bank, N.A.		3,430,496		13,106,799		988,815		17,526,110		(6,526,277	)		(30,917,711	)		(2,191,425	)		(39,635,413	)		(22,109,303	)	–		21,069,000		(1,040,303	)
Morgan Stanley and Co. International PLC		3,507,914		38,663,583		–		42,171,497		(5,278,498	)		(27,626,281	)		–			(32,904,779	)		9,266,718		–		–		9,266,718
Royal Bank of Canada		251,431		–		–		251,431		(206,038	)		–			–			(206,038	)		45,393		–		–		45,393
Standard Chartered Bank PLC		–		214,816		–		214,816		(691,374	)		–			–			(691,374	)		(476,558	)	–		476,558		–
Total	$	38,138,209	$	59,267,377	$	1,573,061	$	98,978,647	$	(42,569,438	)	$	(102,504,838	)	$	(4,359,855	)	$	(149,434,131	)	$	(50,455,484	)	$–	$	57,176,606	$	6,721,122

Effect of Derivative Investments for the year ended October 31, 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 Risk			Currency Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	38,541,637		$	-		$	38,541,637
Futures contracts		-			-			36,133,710			36,133,710
Options purchased(a)		-			(8,877,059	)		732,046			(8,145,013	)
Options written		-			(13,790,609	)		12,383,161			(1,407,448	)
Swap agreements		7,501,870			-			(114,558,507	)		(107,056,637	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(21,029,010	)		-			(21,029,010	)
Futures contracts		-			-			(2,634,316	)		(2,634,316	)
Options purchased(a)		991,611			2,869,654			26,708,542			30,569,807
Options written		(779,196	)		1,688,762			(19,837,116	)		(18,927,550	)
Swap agreements		(4,705,492	)		-			7,101,997			2,396,505
Total	$	3,008,793		$	(596,625	)	$	(53,970,483	)	$	(51,558,315	)

^(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	$	3,054,583,670	$	497,559,898	$	426,658,287	$	775,621,446	$	3,338,589,492	$	491,735,640	$	2,103,439,566

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $16,896.

46 Invesco Global Strategic Income Fund

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	–	$	30,559,392
Return of capital		63,390,742		35,409,013
Total distributions	$	63,390,742	$	65,968,405

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Net unrealized appreciation (depreciation) – investments	$	(298,098,625	)
Net unrealized appreciation (depreciation) – foreign currencies		(912,727	)
Temporary book/tax differences		(359,953	)
Capital loss carryforward		(887,545,967	)
Shares of beneficial interest		2,835,150,382
Total net assets	$	1,648,233,110

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to derivative instruments, partnerships, straddles, amortization and accretion on debt securities.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$518,098,653		$369,447,314		$887,545,967

* 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 year ended October 31, 2022 was $1,262,095,393 and $1,590,847,745, 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	$	145,371,840
Aggregate unrealized (depreciation) of investments		(443,470,465	)
Net unrealized appreciation (depreciation) of investments	$	(298,098,625	)

Cost of investments for tax purposes is $1,789,467,171.

47 Invesco Global Strategic Income Fund

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses and return of capital distributions, on October 31, 2022, undistributed net investment income was increased by $30,583,564, undistributed net realized gain (loss) was increased by $93,871,486 and shares of beneficial interest was decreased by $124,455,050. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		13,995,663		$	46,075,249			20,863,492		$	77,179,461
Class C		1,981,985			6,501,825			2,783,504			10,254,185
Class R		2,169,448			7,151,175			2,586,094			9,566,017
Class Y		18,495,604			63,481,249			9,009,632			33,154,213
Class R6		1,035,855			3,362,129			2,402,163			8,955,150
Issued as reinvestment of dividends:
Class A		14,040,687			44,995,175			12,530,450			46,049,135
Class C		431,954			1,381,234			435,507			1,597,225
Class R		551,262			1,767,204			473,313			1,740,994
Class Y		1,018,630			3,265,663			1,030,851			3,786,930
Class R6		134,665			433,369			160,580			587,476
Automatic conversion of Class C shares to Class A shares:
Class A		3,023,398			9,784,129			16,627,596			62,391,544
Class C		(3,032,222	)		(9,784,129	)		(16,673,698	)		(62,391,544	)
Reacquired:
Class A		(97,664,404	)		(320,107,765	)		(110,699,267	)		(408,419,437	)
Class C		(4,736,373	)		(15,537,428	)		(7,693,690	)		(28,371,254	)
Class R		(4,586,861	)		(15,033,949	)		(5,305,908	)		(19,659,970	)
Class Y		(27,744,639	)		(92,959,071	)		(22,140,461	)		(81,689,605	)
Class R6		(2,888,897	)		(9,097,693	)		(3,079,741	)		(11,261,723	)
Net increase (decrease) in share activity		(83,774,245	)	$	(274,321,634	)		(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.

48 Invesco Global Strategic Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Global Strategic Income Fund

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Global Strategic Income Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related consolidated statement of operations for the year ended October 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the three years in the period ended October 31, 2022, the one month ended October 31, 2019, and the year ended September 30, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022, the one month ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through September 30, 2019 for Class R5.

The consolidated financial statements of Oppenheimer Global Strategic Income Fund (subsequently renamed Invesco Global Strategic Income Fund) as of and for the year ended September 30, 2018 and the consolidated financial highlights for the year then ended (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated November 28, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, portfolio company investees, transfer agent, brokers and agent banks; when replies were not received from brokers, portfolio company investees or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

49 Invesco Global Strategic Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/22)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$919.60	$5.76	$1,019.21	$6.06	1.19%
Class C	1,000.00	915.60	9.42	1,015.38	9.91	1.95
Class R	1,000.00	918.30	7.01	1,017.90	7.38	1.45
Class Y	1,000.00	917.50	4.59	1,020.42	4.84	0.95
Class R5	1,000.00	921.30	4.07	1,020.97	4.28	0.84
Class R6	1,000.00	917.80	4.06	1,020.97	4.28	0.84

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

50 Invesco Global Strategic Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Strategic Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized

environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Bloomberg U.S. Aggregate Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that

51 Invesco Global Strategic Income Fund

the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s negative duration exposure to the U.S. detracted from short-term performance and that the Fund’s duration, credit, and exposure to emerging market currencies and the energy sector detracted from longer-term performance. The Board also consided that, effective February 28, 2022, the Fund changed its primary benchmark to the Bloomberg Global Aggregate Bond Index. The Board considered that the Fund’s performance universe was expected to change in connection with the primary benchmark change, and requested and considered comparative data showing the Fund’s performance compared to the anticipated new performance universe. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding the Fund’s actual and contractual management fees in light of current asset levels, as well as the Fund’s total expenses relative to peers. The Board considered that the Fund’s expense group was expected to change in connection with the change in the Fund’s benchmark described above under “Fund Investment Performance,” and requested and considered comparative data showing how the Fund’s actual management fees, contractual management fees and total expense ratio compared against the anticipated new expense group. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the

Senior Officer, and subsequently with representatives of management.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding

fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

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

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending

52 Invesco Global Strategic Income Fund

activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

53 Invesco Global Strategic Income Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

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

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

54 Invesco Global Strategic Income Fund

Trustees and Officers

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

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Global Strategic Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Global Strategic Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Global Strategic Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Global Strategic Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Global Strategic Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Global Strategic Income Fund

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

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-AR-1                                         

Annual Report to Shareholders October 31, 2022

Invesco Greater China Fund

Nasdaq:

A: AACFX ∎ C: CACFX ∎ R: IGCRX ∎ Y: AMCYX ∎ R5: IACFX ∎ R6: CACSX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
20	Report of Independent Registered Public Accounting Firm
21	Fund Expenses
22	Approval of Investment Advisory and Sub-Advisory Contracts
24	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary For the fiscal year ended October 31, 2022, Class A shares of Invesco Greater China Fund (the Fund), at net asset value (NAV), outperformed the MSCI China All Shares Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-41.77	%
Class C Shares	-42.23
Class R Shares	-41.89
Class Y Shares	-41.64
Class R5 Shares	-41.61
Class R6 Shares	-41.55
MSCI China Index▼ (Broad Market Index)	-47.90
MSCI China All Shares Index∎ (Style-Specific Index)	-42.58
Lipper China Region Funds Index◆ (Peer Group Index)	-46.77
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg LP; ◆Lipper Inc.

Market conditions and your Fund

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

    Global equity markets declined in the first half of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

    Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

    During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the

end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

    For the fiscal year, stock selection in the information technology sector contributed to the Fund’s performance relative to the style-specific benchmark. LARGAN Precision, a global leader in plastic aspherical lens design and production based in Taiwan was a top contributor to performance in this sector. We exited this position during the fiscal year. Also, stock selection in the health care sector helped the Fund’s relative performance.

    Stock selection in the consumer discretionary sector also contributed to the Fund’s performance relative to the style-specific index during the fiscal year.

    In contrast, the Fund’s underweight to the financials sector had a negative impact on the Fund’s performance relative to the style-specific index. One of the top detractors of the Fund’s relative performance was China Merchants Bank, a retail focused commercial bank headquartered in China. An underweight in the industrials sectors was also a detractor from Fund performance relative to the style-specific benchmark.

    Additionally stock selection and an underweight in the energy sector detracted from Fund performance relative to the style-specific benchmark.

    Our investment strategy remains purely focused on bottom-up stock opportunities that we believe add the most value to the Fund. We adopt a selective approach, favoring companies with sustainable leadership and competitive advantages. This has led to the Fund having meaningful exposure in consumer-related sectors. We believe the Fund’s holdings are well-positioned to gain from structural opportunities in China’s consumer sector.

    Thank you for your continued investment in Invesco Greater China Fund.

Portfolio manager(s):

Mike Shiao

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

2 Invesco Greater China Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1 Source: Lipper Inc.

2 Source: Bloomberg LP

3 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

3 Invesco Greater China Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	3.88	%
10 Years	-0.09
5 Years	-10.32
1 Year	-44.97
Class C Shares
Inception (3/31/06)	3.86	%
10 Years	-0.13
5 Years	-9.98
1 Year	-42.80
Class R Shares
10 Years	0.22	%
5 Years	-9.53
1 Year	-41.89
Class Y Shares
Inception (10/3/08)	3.61	%
10 Years	0.71
5 Years	-9.09
1 Year	-41.64
Class R5 Shares
Inception (3/31/06)	4.69	%
10 Years	0.88
5 Years	-8.97
1 Year	-41.61
Class R6 Shares
10 Years	0.69	%
5 Years	-8.94
1 Year	-41.55

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.

4 Invesco Greater China Fund

Supplemental Information

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

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ 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 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.

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

5 Invesco Greater China Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Consumer Discretionary		28.84	%
Financials		16.11
Communication Services		12.93
Consumer Staples		12.27
Health Care		10.72
Materials		8.66
Information Technology		6.84
Energy		2.21
Utilities		2.07
Money Market Funds Plus Other Assets Less Liabilities		(0.65	)

Top 10 Equity Holdings*

		% of total net assets
1.	Tencent Holdings Ltd.		9.21	%
2.	Alibaba Group Holding Ltd.		7.46
3.	China Merchants Bank Co. Ltd., A Shares		4.41
4.	Zijin Mining Group Co. Ltd., H Shares		4.20
5.	China Construction Bank Corp., H Shares		4.14
6.	Tingyi Cayman Islands Holding Corp.		4.04
7.	Uni-President China Holdings Ltd.		3.73
8.	Shenzhou International Group Holdings Ltd.		3.70
9.	Great Wall Motor Co. Ltd., H Shares		3.46
10.	Baoshan Iron & Steel Co. Ltd., A Shares		3.30

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

6 Invesco Greater China Fund

Schedule of Investments^(a)

October 31, 2022

	Shares		Value
Common Stocks & Other Equity Interests–100.65%(b)
Apparel Retail–0.95%
Pou Sheng International (Holdings) Ltd. (Hong Kong)		11,922,000	$	599,913
Apparel, Accessories & Luxury Goods–3.69%
Shenzhou International Group Holdings Ltd.		336,700		2,323,893
Application Software–1.14%
Beijing Shiji Information Technology Co. Ltd., A Shares		412,909		714,337
Automobile Manufacturers–3.87%
Great Wall Motor Co. Ltd., H Shares		1,998,500		2,173,161
Jiangling Motors Corp. Ltd., B Shares		311,100		257,960
				2,431,121
Biotechnology–2.52%
Innovent Biologics, Inc.(c)(d)		447,500		1,588,062
Construction Materials–1.16%
Asia Cement China Holdings Corp.		2,090,500		731,000
Diversified Banks–14.31%
Bank of China Ltd., H Shares		5,529,000		1,782,314
China Construction Bank Corp., H Shares		4,896,000		2,601,607
China Merchants Bank Co. Ltd., A Shares		756,232		2,774,838
China Merchants Bank Co. Ltd., H Shares		175,000		575,424
Industrial & Commercial Bank of China Ltd., H Shares		2,925,000		1,268,097
				9,002,280
Electronic Components–1.91%
Simplo Technology Co. Ltd. (Taiwan)		151,000		1,198,242
Electronic Manufacturing Services–0.55%
FIH Mobile Ltd.(d)		4,268,000		347,467
Financial Exchanges & Data–1.80%
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		42,600		1,131,012
Footwear–2.27%
Stella International Holdings Ltd.		1,472,000		1,425,233
Gas Utilities–2.07%
Towngas Smart Energy Co. Ltd.(d)		3,715,564		1,302,070
Gold–4.20%
Zijin Mining Group Co. Ltd., H Shares		2,776,000		2,642,717
Health Care Equipment–2.60%
MicroPort CardioFlow Medtech Corp.(c)(d)		4,645		1,411
MicroPort NeuroTech Ltd.(d)		286		911
MicroPort Scientific Corp.(d)		772,400		1,632,485
Shanghai MicroPort MedBot Group Co. Ltd.(d)		352		1,166
				1,635,973

	Shares		Value
Health Care Supplies–2.54%
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		1,157,200	$	1,595,761
Hotels, Resorts & Cruise Lines–1.11%
Shanghai Jinjiang International Hotels Co. Ltd., B Shares		381,578		696,874
Household Appliances–3.15%
Beijing Roborock Technology Co. Ltd., A Shares		61,694		1,984,210
Household Products–3.20%
Vinda International Holdings Ltd. (Hong Kong)		1,074,000		2,014,311
Hypermarkets & Super Centers–1.30%
Sun Art Retail Group Ltd.		5,139,500		818,674
Interactive Home Entertainment–2.58%
NetEase, Inc., ADR(e)		29,145		1,621,045
Interactive Media & Services–10.35%
Tencent Holdings Ltd.		220,800		5,793,740
Weibo Corp., ADR(d)(e)		63,358		717,212
				6,510,952
Internet & Direct Marketing Retail–10.71%
Alibaba Group Holding Ltd.(d)		589,400		4,692,492
Alibaba Group Holding Ltd., ADR(d)(e)		8,977		570,758
JD.com, Inc., A Shares		78,850		1,472,357
				6,735,607
Oil & Gas Refining & Marketing–2.21%
Formosa Petrochemical Corp. (Taiwan)		540,000		1,388,298
Packaged Foods & Meats–7.77%
Tingyi Cayman Islands Holding Corp.		1,622,000		2,538,577
Uni-President China Holdings Ltd.		3,176,000		2,347,290
				4,885,867
Pharmaceuticals–3.06%
China Animal Healthcare Ltd.(f)		349,000		0
Jiangsu Hengrui Medicine Co. Ltd., A Shares		312,360		1,721,094
Shanghai Fudan-Zhangjiang Bio- Pharmaceutical Co. Ltd., H Shares		615,000		202,285
				1,923,379
Restaurants–3.09%
Ajisen (China) Holdings Ltd. (Hong Kong)		3,929,000		310,599
Gourmet Master Co. Ltd. (Taiwan)		537,000		1,630,387
				1,940,986
Semiconductors–1.71%
MediaTek, Inc. (Taiwan)		59,000		1,074,939
Steel–3.30%
Baoshan Iron & Steel Co. Ltd., A Shares		3,152,500		2,077,932
Technology Hardware, Storage & Peripherals–1.53%
Asustek Computer, Inc. (Taiwan)		132,000		963,736
Total Common Stocks & Other Equity Interests (Cost $93,630,045)				63,305,891

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

7 Invesco Greater China Fund

	Shares		Value
Money Market Funds–0.05%
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(g)(h) (Cost $31,644)		31,657	$	31,663
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.70% (Cost $93,661,689)				63,337,554
Investments Purchased with Cash Collateral from Securities on Loan–4.32%
Money Market Funds–4.32%
Invesco Private Government Fund, 3.18%(g)(h)(i)		760,848		760,848

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 3.28%(g)(h)(i)		1,956,079	$	1,956,079
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,716,915)				2,716,927
TOTAL INVESTMENTS IN SECURITIES–105.02% (Cost $96,378,604)				66,054,481
OTHER ASSETS LESS LIABILITIES–(5.02)%				(3,158,948	)
NET ASSETS–100.00%			$	62,895,533

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)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $1,589,473, which represented 2.53% of the Fund’s Net Assets.

^(d)  Non-income producing security.

^(e)  All or a portion of this security was out on loan at October 31, 2022.

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

^(g)  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 fiscal year ended October 31, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,397,896		$	26,628,949		$	(30,026,845	)		$	–		$	–			$	–		$	16,850
Invesco Liquid Assets Portfolio, Institutional Class			2,519,751			19,020,679			(21,508,042	)			67			(792	)			31,663			12,664
Invesco Treasury Portfolio, Institutional Class			3,883,309			30,433,086			(34,316,395	)			–			–				–			18,486
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			28,962			20,031,587			(19,299,701	)			–			–				760,848			11,775*
Invesco Private Prime Fund			67,579			48,386,749			(46,498,499	)			12			238				1,956,079			27,502*
Total		$	9,897,497		$	144,501,050		$	(151,649,482	)		$	79		$	(554	)		$	2,748,590		$	87,277

* 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.

^(h)  The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

⁽ⁱ⁾  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.

8 Invesco Greater China Fund

Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $93,630,045)*	$	63,305,891
Investments in affiliated money market funds, at value (Cost $2,748,559)		2,748,590
Foreign currencies, at value (Cost $38,519)		38,518
Receivable for:
Fund shares sold		8,102
Dividends		6,035
Investment for trustee deferred compensation and retirement plans		48,984
Other assets		150,126
Total assets		66,306,246
Liabilities:
Payable for:
Fund shares reacquired		318,953
Amount due custodian		139,773
Collateral upon return of securities loaned		2,716,915
Accrued fees to affiliates		57,241
Accrued trustees’ and officers’ fees and benefits		874
Accrued other operating expenses		81,155
Trustee deferred compensation and retirement plans		95,802
Total liabilities		3,410,713
Net assets applicable to shares outstanding	$	62,895,533
Net assets consist of:
Shares of beneficial interest	$	102,625,698
Distributable earnings (loss)		(39,730,165	)
	$	62,895,533

Net Assets:
Class A	$	55,282,347
Class C	$	2,109,792
Class R	$	366,427
Class Y	$	4,804,682
Class R5	$	5,795
Class R6	$	326,490
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		3,761,329
Class C		150,995
Class R		25,019
Class Y		325,866
Class R5		393
Class R6		22,121
Class A:
Net asset value per share	$	14.70
Maximum offering price per share
(Net asset value of $14.70 ÷ 94.50%)	$	15.56
Class C:
Net asset value and offering price per share	$	13.97
Class R:
Net asset value and offering price per share	$	14.65
Class Y:
Net asset value and offering price per share	$	14.74
Class R5:
Net asset value and offering price per share	$	14.75
Class R6:
Net asset value and offering price per share	$	14.76

* At October 31, 2022, securities with an aggregate value of $2,680,088 were on loan to brokers.

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

9 Invesco Greater China Fund

Statement of Operations

For the year ended October 31, 2022

Investment income:
Dividends (net of foreign withholding taxes of $192,979)	$	2,514,139
Dividends from affiliated money market funds (includes net securities lending income of $5,809)		53,809
Total investment income		2,567,948
Expenses:
Advisory fees		844,203
Administrative services fees		12,849
Custodian fees		54,287
Distribution fees:
Class A		210,019
Class C		31,756
Class R		2,693
Transfer agent fees – A, C, R and Y		189,857
Transfer agent fees – R5		10
Transfer agent fees – R6		160
Trustees’ and officers’ fees and benefits		21,749
Registration and filing fees		83,155
Reports to shareholders		18,665
Professional services fees		70,040
Other		13,297
Total expenses		1,552,740
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(50,066	)
Net expenses		1,502,674
Net investment income		1,065,274
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(9,869,514	)
Affiliated investment securities		(554	)
Foreign currencies		(82,686	)
Forward foreign currency contracts		(280	)
		(9,953,034	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(39,877,468	)
Affiliated investment securities		79
Foreign currencies		(9,996	)
		(39,887,385	)
Net realized and unrealized gain (loss)		(49,840,419	)
Net increase (decrease) in net assets resulting from operations	$	(48,775,145	)

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

10 Invesco Greater China Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income	$	1,065,274			$ 285,485
Net realized gain (loss)		(9,953,034	)		773,471
Change in net unrealized appreciation (depreciation)		(39,887,385	)		(31,937,409	)
Net increase (decrease) in net assets resulting from operations		(48,775,145	)		(30,878,453	)
Distributions to shareholders from distributable earnings:
Class A		(65,397	)		(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		(100,072	)		(434,153	)
Share transactions–net:
Class A		(12,713,278	)		68,016,911
Class C		(552,038	)		1,787,175
Class R		(52,658	)		911,501
Class Y		(1,661,147	)		6,185,251
Class R5		(5,106	)		4,762
Class R6		(365,504	)		352,739
Net increase (decrease) in net assets resulting from share transactions		(15,349,731	)		77,258,339
Net increase (decrease) in net assets		(64,224,948	)		45,945,733
Net assets:
Beginning of year		127,120,481			81,174,748
End of year	$	62,895,533		$	127,120,481

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

11 Invesco Greater China Fund

Financial Highlights

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Year ended 10/31/22		$	25.26		$	0.23	(d)		$	(10.77	)		$	(10.54	)		$	(0.02	)		$	–			$	(0.02	)		$	14.70		(41.77	)%		$	55,282		1.55	%		1.60	%		1.10	%(d)		114	%
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	)(e)			(3.72	)			(0.16	)			–				(0.16	)			25.52		(12.71	)(e)			59,615		1.79			1.80			1.15	(d)		45
Class C
Year ended 10/31/22			24.17			0.07	(d)			(10.27	)			(10.20	)			–				–				–				13.97		(42.20	)			2,110		2.30			2.35			0.35	(d)		114
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	)(e)			(3.80	)			–				–				–				24.65		(13.36	)(e)			10,155		2.54			2.55			0.40	(d)		45
Class R
Year ended 10/31/22			25.21			0.18	(d)			(10.74	)			(10.56	)			–				–				–				14.65		(41.89	)			366		1.80			1.85			0.85	(d)		114
Period ended 10/31/21(f)			32.59			0.01				(7.39	)			(7.38	)			–				–				–				25.21		(22.65	)			701		1.71	(g)		1.71	(g)		0.04	(g)		101
Class Y
Year ended 10/31/22			25.34			0.28	(d)			(10.80	)			(10.52	)			(0.08	)			–				(0.08	)			14.74		(41.64	)			4,805		1.30			1.35			1.35	(d)		114
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	)(e)			(3.65	)			(0.22	)			–				(0.22	)			25.57		(12.48	)(e)			7,801		1.54			1.55			1.40	(d)		45
Class R5
Year ended 10/31/22			25.37			0.30	(d)			(10.82	)			(10.52	)			(0.10	)			–				(0.10	)			14.75		(41.61	)			6		1.24			1.24			1.41	(d)		114
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	)(e)			(3.62	)			(0.26	)			–				(0.26	)			25.58		(12.38	)(e)			25		1.40			1.40			1.54	(d)		45
Class R6
Year ended 10/31/22			25.37			0.31	(d)			(10.81	)			(10.50	)			(0.11	)			–				(0.11	)			14.76		(41.55	)			326		1.18			1.18			1.47	(d)		114
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	)(e)			(3.61	)			(0.27	)			–				(0.27	)			25.57		(12.36	)(e)			629		1.40			1.40			1.54	(d)		45

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. 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 year ended October 31, 2022. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $ 0.23 and 1.09%, $0.06 and 0.34%, $0.17 and 0.84%, $0.28 and 1.34% , $0.30 and 1.40% and $0.31 and 1.46% 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)  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.

^(f)  Commencement date of April 23, 2021.

^(g)  Annualized.

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

12 Invesco Greater China Fund

Notes to Financial Statements

October 31, 2022

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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

13 Invesco Greater China Fund

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 1940 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the 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

14 Invesco Greater China Fund

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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.

Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. Certain economies in the region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or restrictions, political and social instability and increased economic volatility. In addition, the risks of expropriation and/or nationalization of assets, confiscatory taxation, and armed conflict as a result of religious, ethnic, socio-economic and/or political unrest may adversely affect the value of the Fund’s Asia Pacific investments.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

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

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 year ended October 31, 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).

15 Invesco Greater China 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 2.25%, 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, 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.

    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 year ended October 31, 2022, the Adviser waived advisory fees of $3,790 and reimbursed class level expenses of $39,980, $1,448, $259, $3,806, $0, $0 and $0 of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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 year ended October 31, 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 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $9,528 in front-end sales commissions from the sale of Class A shares and $21 and $99 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

    The following is a summary of the tiered valuation input levels, as of October 31, 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	$	2,909,015	$	60,396,876		$0	$	63,305,891
Money Market Funds		31,663		2,716,927		–		2,748,590
Total Investments	$	2,940,678	$	63,113,803		$0	$	66,054,481

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.

16 Invesco Greater China Fund

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

Effect of Derivative Investments for the year ended October 31, 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

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $783.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	100,072	$	145,108
Long-term capital gain		–		289,045
Total distributions	$	100,072	$	434,153

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Undistributed ordinary income	$	1,274,620
Net unrealized appreciation (depreciation) – investments		(30,419,262	)
Net unrealized appreciation (depreciation) – foreign currencies		(23,978	)
Temporary book/tax differences		(85,047	)
Capital loss carryforward		(10,476,498	)
Shares of beneficial interest		102,625,698
Total net assets	$	62,895,533

    The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to bankrupt securities and wash sales.

    The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

17 Invesco Greater China Fund

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

    The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$10,476,498	$–	$	10,476,498

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $99,542,236 and $103,433,622, 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	$	1,682,036
Aggregate unrealized (depreciation) of investments		(32,101,298	)
Net unrealized appreciation (depreciation) of investments	$	(30,419,262	)

    Cost of investments for tax purposes is $96,473,743.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions and foreign currency transactions, on October 31, 2022, undistributed net investment income was increased by $234,817 and undistributed net realized gain (loss) was decreased by $234,817. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		551,375		$	11,191,105			486,983		$	14,703,904
Class C		56,736			1,128,081			31,778			952,536
Class R		9,502			198,380			5,448			148,412
Class Y		355,448			7,310,714			102,517			3,096,780
Class R5		1,070			22,421			2,735			83,928
Class R6		8,289			172,430			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			26,181			1,258			36,821
Class R5		1			31			11			313
Class R6		144			3,377			157			4,589
Automatic conversion of Class C shares to Class A shares:
Class A		11,489			230,452			36,493			1,081,327
Class C		(12,039	)		(230,452	)		(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

18 Invesco Greater China Fund

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(1,176,210	)	$	(24,192,459	)		(897,378	)	$	(26,087,121	)
Class C		(71,412	)		(1,449,667	)		(64,105	)		(1,820,881	)
Class R		(12,296	)		(251,038	)		(9,471	)		(274,471	)
Class Y		(453,053	)		(8,998,042	)		(461,461	)		(13,821,367	)
Class R5		(1,366	)		(27,558	)		(3,701	)		(97,565	)
Class R6		(24,964	)		(541,311	)		(25,816	)		(722,773	)
Net increase (decrease) in share activity		(753,704	)	$	(15,349,731	)		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 39% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  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 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	$	(440,870	)
Net realized/unrealized gains		(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.

19 Invesco Greater China Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Greater China Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Greater China Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 27, 2022

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

20 Invesco Greater China Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses     Paid During     Period2	Ending     Account Value     (10/31/22)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$754.60	$7.12	$1,017.09	$8.19	1.61%
Class C	1,000.00	751.10	10.86	1,012.80	12.48	2.46
Class R	1,000.00	753.60	8.22	1,015.83	9.45	1.86
Class Y	1,000.00	755.10	6.02	1,018.35	6.92	1.36
Class R5	1,000.00	756.00	5.58	1,018.85	6.41	1.26
Class R6	1,000.00	756.20	5.27	1,019.21	6.06	1.19

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

21 Invesco Greater China Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Greater China Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In

addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board

reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Hong Kong Limited currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI China All Shares Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that stock selection in and overweight allocation to certain Chinese companies and sectors were the primary detractors from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense

22 Invesco Greater China Fund

group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective 2021. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted

that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated

money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

23 Invesco Greater China Fund

Tax Information

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

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

    The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Qualified Dividend Income*		91.02	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.06	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0450		per share
Foreign Source Income	$	0.7057		per share
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

24 Invesco Greater China Fund

Trustees and Officers

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

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Greater China Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Greater China Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Greater China Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Greater China Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Greater China Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801

T-6 Invesco Greater China Fund

(This page intentionally left blank)

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-AR-1

Annual Report to Shareholders October 31, 2022

Invesco Health Care Fund

Nasdaq:

A: GGHCX ∎ C: GTHCX ∎ Y: GGHYX ∎ Investor: GTHIX ∎ R6: GGHSX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
10	Financial Statements
13	Financial Highlights
14	Notes to Financial Statements
20	Report of Independent Registered Public Accounting Firm
21	Fund Expenses
22	Approval of Investment Advisory and Sub-Advisory Contracts
24	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Health Care Fund (the Fund), at net asset value (NAV), underperformed the S&P Composite 1500 Health Care Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-14.72	%
Class C Shares	-15.35
Class Y Shares	-14.51
Investor Class Shares	-14.71
Class R6 Shares	-14.40
MSCI World Index▼ (Broad Market Index)	-18.48
S&P Composite 1500 Health Care Index▼ (Style-Specific Index)	-0.76
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

The fiscal year began with continued volatility in equity markets in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemicrelated supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

    Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

    As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into second quarter of 2022 amid record inflation, rising interest rates and an

increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.² Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.¹ To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

    After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data reported in October came in higher than expected, and the labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.² The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations, but many companies’ forward earnings guidance was weaker than expected.

    In this environment, US stocks had negative double-digit returns for the fiscal year of -14.61%, as measured by the S&P 500 Index.⁴

    During the fiscal year, the Fund’s Class A shares at NAV underperformed the S&P Composite 1500 Health Care Index. Underperformance was mainly attributed to weaker stock selection in biotechnology and health care equipment. This was partially offset by our overweight allocation and stock selection within managed care.

    At the stock level, the top three individual contributors to absolute Fund performance during the fiscal year were Eli Lilly, United-Health and Elevance Health. All three companies benefited from the general outperformance of the pharmaceutical and managed care industries as they are typically viewed as defensive industries in down markets. Eli Lilly, a large cap pharmaceuticals company, also reported positive data for its drug Tirzepatide and received the U.S. Food and Drug Administration’s approval to use the drug for adults with type 2 diabetes. UnitedHealth and Elevance Health, both managed care companies, reported strong earnings reports that exceeded expectations during the fiscal year.

    At the stock level, the top three individual detractors from absolute Fund performance during the fiscal year were Intuitive Surgical, IDEXX Laboratories and Thermo Fisher Scientific. Intuitive Surgical, maker of health care robotic products used in surgeries, fell in sympathy with the market sell-off during the COVID-19 winter surge of 2021 with the Omicron variant. IDEXX Laboratories makes products and services to test and diagnose companion animals, livestock and poultry and to test water and dairy. The stock declined because clinical veterinary visits have decreased due to capacity constraints. However, demand for veterinary care remains strong. Thermo Fisher Scientific, a provider of life science instruments and consumables, was affected from the general underperformance of the life science tools and services industry experienced during the fiscal year.

    We invest in premier health care companies that we believe are positioned to compound multi-year growth. We combine in-depth health care experience with bottom-up fundamental analysis to evaluate company management, identify growth prospects and manage risk.

    We thank you for your investment in the Invesco Health Care Fund.

1 Source: Bloomberg LP

2 Source: US Bureau of Labor Statistics

3 Source: US Federal Reserve

4 Source: Lipper Inc.

Portfolio manager(s):

Justin Livengood

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be

2 Invesco Health Care Fund

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

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

3 Invesco Health Care Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Health Care Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (8/7/89)	10.06	%
10 Years	9.67
5 Years	6.53
1 Year	-19.41
Class C Shares
Inception (3/1/99)	8.25	%
10 Years	9.63
5 Years	6.94
1 Year	-15.91
Class Y Shares
Inception (10/3/08)	10.00	%
10 Years	10.56
5 Years	8.01
1 Year	-14.51
Investor Class Shares
Inception (7/15/05)	8.17	%
10 Years	10.29
5 Years	7.74
1 Year	-14.71
Class R6 Shares
10 Years	10.49	%
5 Years	8.09
1 Year	-14.40

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.

5 Invesco Health Care Fund

Supplemental Information

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

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

∎ The 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.

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

6 Invesco Health Care Fund

Fund Information

Portfolio Composition

By industry, based on Net Assets

Pharmaceuticals	21.80	%
Managed Health Care	20.87
Biotechnology	19.47
Health Care Equipment	12.82
Life Sciences Tools & Services	11.38
Health Care Distributors	4.20
Health Care Services	2.33
Other Sectors, Each Less than 2% of Net Assets	3.06
Money Market Funds Plus Other Assets Less Liabilities	4.07

Top 10 Equity Holdings*

		% of total net assets
1.	UnitedHealth Group, Inc.	9.79%
2.	Eli Lilly and Co.	6.84
3.	Elevance Health, Inc.	5.59
4.	Merck & Co., Inc.	4.53
5.	AbbVie, Inc.	3.94
6.	Danaher Corp.	3.79
7.	Humana, Inc.	3.46
8.	Thermo Fisher Scientific, Inc.	3.40
9.	Vertex Pharmaceuticals, Inc.	2.97
10.	Novo Nordisk A/S, Class B	2.89

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 October 31, 2022.

7 Invesco Health Care Fund

Schedule of Investments^(a)

October 31, 2022

	Shares		Value
Common Stocks & Other Equity Interests–95.93%
Biotechnology–19.47%
AbbVie, Inc.		363,972	$	53,285,501
Alnylam Pharmaceuticals, Inc.(b)		58,114		12,044,708
Amgen, Inc.		87,006		23,522,072
Argenx SE, ADR (Netherlands)(b)		36,795		14,273,884
BioCryst Pharmaceuticals, Inc.(b)(c)		204,428		2,729,114
Biogen, Inc.(b)		16,331		4,628,859
Cytokinetics, Inc.(b)(c)		36,250		1,582,675
Genmab A/S, ADR (Denmark)(b)(c)		190,320		7,329,223
Gilead Sciences, Inc.		111,044		8,712,512
Halozyme Therapeutics, Inc.(b)(c)		183,104		8,754,202
Horizon Therapeutics PLC(b)		89,636		5,586,115
Incyte Corp.(b)		165,438		12,298,661
Karuna Therapeutics, Inc.(b)		13,882		3,044,878
Legend Biotech Corp., ADR(b)(c)		74,591		3,716,124
Myovant Sciences Ltd.(b)		145,262		3,884,306
Natera, Inc.(b)(c)		46,434		2,180,541
Neurocrine Biosciences, Inc.(b)		98,041		11,286,480
Regeneron Pharmaceuticals, Inc.(b)		40,773		30,528,784
Seagen, Inc.(b)		46,409		5,901,368
United Therapeutics Corp.(b)		33,404		7,700,624
Vertex Pharmaceuticals, Inc.(b)		128,669		40,144,728
				263,135,359
Health Care Distributors–4.20%
AmerisourceBergen Corp.		172,439		27,110,859
McKesson Corp.		76,200		29,669,994
				56,780,853
Health Care Equipment–12.82%
AtriCure, Inc.(b)		74,734		3,147,796
Axonics, Inc.(b)		95,297		6,970,023
Becton, Dickinson and Co.		51,515		12,155,995
Boston Scientific Corp.(b)		580,640		25,031,390
DexCom, Inc.(b)		149,524		18,059,509
Edwards Lifesciences Corp.(b)		103,727		7,512,947
Globus Medical, Inc., Class A(b)(c)		111,124		7,445,308
IDEXX Laboratories, Inc.(b)		8,682		3,122,742
Inari Medical, Inc.(b)(c)		74,514		5,732,362
Inspire Medical Systems, Inc.(b)		38,074		7,422,526
Insulet Corp.(b)		42,958		11,117,960
Intuitive Surgical, Inc.(b)		85,686		21,119,028
iRhythm Technologies, Inc.(b)		39,941		5,092,078
ResMed, Inc.		27,166		6,076,762
Shockwave Medical, Inc.(b)		52,680		15,443,142
Stryker Corp.		77,801		17,835,101
				173,284,669
Health Care Facilities–1.84%
Acadia Healthcare Co., Inc.(b)		107,696		8,755,685
HCA Healthcare, Inc.		31,985		6,955,778
Surgery Partners, Inc.(b)(c)		230,242		6,260,280
Tenet Healthcare Corp.(b)		65,620		2,910,903
				24,882,646

	Shares		Value
Health Care Services–2.33%
AMN Healthcare Services, Inc.(b)		57,090	$	7,164,795
CVS Health Corp.		149,503		14,157,934
Option Care Health, Inc.(b)		213,466		6,459,481
Privia Health Group, Inc.(b)(c)		110,010		3,683,135
				31,465,345
Health Care Supplies–0.79%
Alcon, Inc. (Switzerland)		86,008		5,218,966
Lantheus Holdings, Inc.(b)		29,063		2,150,371
Silk Road Medical, Inc.(b)		75,913		3,346,245
				10,715,582
Health Care Technology–0.43%
Doximity, Inc., Class A(b)(c)		42,092		1,114,175
Evolent Health, Inc., Class A(b)		147,949		4,706,258
				5,820,433
Life Sciences Tools & Services–11.38%
Agilent Technologies, Inc.		43,527		6,021,961
Bio-Techne Corp.		13,709		4,061,428
Danaher Corp.		203,569		51,232,210
IQVIA Holdings, Inc.(b)		37,393		7,840,190
Lonza Group AG (Switzerland)		4,584		2,356,582
Maravai LifeSciences Holdings, Inc., Class A(b)		147,526		2,448,932
Medpace Holdings, Inc.(b)(c)		24,222		5,376,800
Mettler-Toledo International, Inc.(b)		6,911		8,741,931
Repligen Corp.(b)(c)		87,611		15,988,131
Thermo Fisher Scientific, Inc.		89,236		45,864,627
West Pharmaceutical Services, Inc.		16,870		3,881,787
				153,814,579
Managed Health Care–20.87%
Elevance Health, Inc.		138,152		75,537,369
HealthEquity, Inc.(b)(c)		102,823		8,010,940
Humana, Inc.		83,775		46,753,152
Molina Healthcare, Inc.(b)		54,445		19,538,133
UnitedHealth Group, Inc.		238,401		132,348,315
				282,187,909
Pharmaceuticals–21.80%
AstraZeneca PLC (United Kingdom)		39,053		4,581,717
AstraZeneca PLC, ADR (United Kingdom)		541,560		31,849,144
Eli Lilly and Co.		255,385		92,472,355
Harmony Biosciences Holdings, Inc.(b)(c)		36,308		1,888,016
Intra-Cellular Therapies, Inc.(b)		81,057		3,701,873
Merck & Co., Inc.		604,862		61,212,034
Novo Nordisk A/S, Class B (Denmark)		359,549		39,074,081
Pacira BioSciences, Inc.(b)(c)		40,130		2,077,129
Pfizer, Inc.		644,881		30,019,210
Roche Holding AG		23,046		7,659,363
Royalty Pharma PLC, Class A		311,378		13,177,517
Zoetis, Inc.		46,551		7,018,960
				294,731,399
Total Common Stocks & Other Equity Interests (Cost $937,083,207)				1,296,818,774

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

8 Invesco Health Care Fund

	Shares		Value
Money Market Funds–3.59%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(d)(e)		16,763,030	$	16,763,030
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(d)(e)		12,621,828		12,624,352
Invesco Treasury Portfolio, Institutional Class, 3.08%(d)(e)		19,157,749		19,157,749
Total Money Market Funds (Cost $48,539,966)				48,545,131
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.52% (Cost $985,623,173)				1,345,363,905

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.80%
Invesco Private Government Fund, 3.18%(d)(e)(f)		10,015,507	$	10,015,507
Invesco Private Prime Fund, 3.28%(d)(e)(f)		27,798,816		27,798,816
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $37,814,313)				37,814,323
TOTAL INVESTMENTS IN SECURITIES–102.32% (Cost $1,023,437,486)				1,383,178,228
OTHER ASSETS LESS LIABILITIES–(2.32)%				(31,338,709	)
NET ASSETS–100.00%			$	1,351,839,519

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 October 31, 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 fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  9,024,801		$112,819,754	$	(105,081,525	)		$        -		$            -			$16,763,030		$   161,443
Invesco Liquid Assets Portfolio, Institutional Class		7,098,845		80,585,538		(75,058,232	)		3,345		(5,144	)		12,624,352		122,465
Invesco Treasury Portfolio, Institutional Class		10,314,059		128,936,862		(120,093,172	)		-		-			19,157,749		176,475
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		20,776,049		185,877,046		(196,637,588	)		-		-			10,015,507		171,513*
Invesco Private Prime Fund		48,477,448		381,298,818		(401,963,004	)		10		(14,456	)		27,798,816		481,026*
Total		$95,691,202		$889,518,018	$	(898,833,521	)		$3,355		$(19,600	)		$86,359,454		$1,112,922

* 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 October 31, 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.

9 Invesco Health Care Fund

Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $937,083,207)*	$	1,296,818,774
Investments in affiliated money market funds, at value (Cost $86,354,279)		86,359,454
Foreign currencies, at value (Cost $1,028)		930
Receivable for:
Investments sold		9,618,219
Fund shares sold		165,676
Dividends		2,088,514
Investment for trustee deferred compensation and retirement plans		177,574
Other assets		53,094
Total assets		1,395,282,235
Liabilities:
Payable for:
Investments purchased		3,816,999
Fund shares reacquired		770,885
Amount due custodian		3,540
Collateral upon return of securities loaned		37,814,313
Accrued fees to affiliates		646,070
Accrued trustees’ and officers’ fees and benefits		1,152
Accrued other operating expenses		153,183
Trustee deferred compensation and retirement plans		236,574
Total liabilities		43,442,716
Net assets applicable to shares outstanding	$	1,351,839,519
Net assets consist of:
Shares of beneficial interest	$	1,020,812,291
Distributable earnings		331,027,228
	$	1,351,839,519

Net Assets:
Class A	$	696,307,857
Class C	$	20,023,114
Class Y	$	46,087,474
Investor Class	$	588,159,404
Class R6	$	1,261,670
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		20,398,929
Class C		1,138,296
Class Y		1,301,394
Investor Class		17,226,330
Class R6		35,483
Class A:
Net asset value per share	$	34.13
Maximum offering price per share (Net asset value of $34.13 ÷ 94.50%)	$	36.12
Class C:
Net asset value and offering price per share	$	17.59
Class Y:
Net asset value and offering price per share	$	35.41
Investor Class:
Net asset value and offering price per share	$	34.14
Class R6:
Net asset value and offering price per share	$	35.56

*  At October 31, 2022, securities with an aggregate value of $36,979,548 were on loan to brokers.

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

10 Invesco Health Care Fund

Statement of Operations

For the year ended October 31, 2022

Investment income:
Dividends (net of foreign withholding taxes of $169,789)	$	12,245,272
Dividends from affiliated money market funds (includes net securities lending income of $72,886)		533,269
Total investment income		12,778,541
Expenses:
Advisory fees		8,993,881
Administrative services fees		204,725
Custodian fees		76,554
Distribution fees:
Class A		1,863,318
Class C		228,914
Investor Class		1,563,095
Transfer agent fees - A, C, Y and Investor		1,805,680
Transfer agent fees - R6		444
Trustees’ and officers’ fees and benefits		32,865
Registration and filing fees		105,864
Reports to shareholders		73,738
Professional services fees		59,167
Other		19,515
Total expenses		15,027,760
Less: Fees waived and/or expense offset arrangement(s)		(42,715	)
Net expenses		14,985,045
Net investment income (loss)		(2,206,504	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(27,620,525	)
Affiliated investment securities		(19,600	)
Foreign currencies		27,395
		(27,612,730	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(219,539,556	)
Affiliated investment securities		3,355
Foreign currencies		(80,489	)
		(219,616,690	)
Net realized and unrealized gain (loss)		(247,229,420	)
Net increase (decrease) in net assets resulting from operations	$	(249,435,924	)

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

11 Invesco Health Care Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income (loss)	$	(2,206,504	)	$	(4,051,113	)
Net realized gain (loss)		(27,612,730	)		353,783,297
Change in net unrealized appreciation (depreciation)		(219,616,690	)		45,114,847
Net increase (decrease) in net assets resulting from operations		(249,435,924	)		394,847,031
Distributions to shareholders from distributable earnings:
Class A		(175,765,430	)		(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		(343,672,773	)		(99,828,536	)
Share transactions–net:
Class A		104,833,962			1,975,758
Class C		4,224,192			(2,348,157	)
Class Y		5,704,868			6,894,946
Investor Class		96,663,657			(1,056,978	)
Class R6		(232,412	)		1,657,633
Net increase in net assets resulting from share transactions		211,194,267			7,123,202
Net increase (decrease) in net assets		(381,914,430	)		302,141,697
Net assets:
Beginning of year		1,733,753,949			1,431,612,252
End of year	$	1,351,839,519		$	1,733,753,949

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

12 Invesco Health Care Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Year ended 10/31/22		$50.30		$(0.05	)		$(6.19	)		$(6.24	)		$       -			$(9.93	)		$(9.93	)		$34.13		(14.73	)%		$696,308		1.04	%		1.04	%		(0.16	)%		44	%
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
Class C
Year ended 10/31/22		31.06		(0.17	)		(3.37	)		(3.54	)		-			(9.93	)		(9.93	)		17.59		(15.35	)		20,023		1.79			1.79			(0.91	)		44
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
Class Y
Year ended 10/31/22		51.69		0.04			(6.39	)		(6.35	)		-			(9.93	)		(9.93	)		35.41		(14.51	)		46,087		0.79			0.79			0.09			44
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
Investor Class
Year ended 10/31/22		50.31		(0.05	)		(6.19	)		(6.24	)		-			(9.93	)		(9.93	)		34.14		(14.73	)		588,159		1.04			1.04			(0.16	)		44
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
Class R6
Year ended 10/31/22		51.82		0.07			(6.40	)		(6.33	)		-			(9.93	)		(9.93	)		35.56		(14.42	)		1,262		0.69			0.69			0.19			44
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

^(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.

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

13 Invesco Health Care Fund

Notes to Financial Statements

October 31, 2022

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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

14 Invesco Health Care Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 1940 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, the Fund paid the Adviser $3,098 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

15 Invesco Health Care Fund

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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 year ended October 31, 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 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 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.

16 Invesco Health Care Fund

For the year ended October 31, 2022, the Adviser waived advisory fees of $35,692.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $86,632 in front-end sales commissions from the sale of Class A shares and $584 and $1,513 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $31,776 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	1,243,147,031	$	53,671,743		$-	$	1,296,818,774
Money Market Funds		48,545,131		37,814,323		-		86,359,454
Total Investments	$	1,291,692,162	$	91,486,066		$-	$	1,383,178,228

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $7,023.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

17 Invesco Health Care 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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	-	$	16,339,203
Long-term capital gain		343,672,773		83,489,333
Total distributions	$	343,672,773	$	99,828,536

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Net unrealized appreciation — investments	$	356,317,662
Net unrealized appreciation (depreciation) — foreign currencies		(65,322	)
Temporary book/tax differences		(186,286	)
Capital loss carryforward		(25,038,826	)
Shares of beneficial interest		1,020,812,291
Total net assets	$	1,351,839,519

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	25,038,826	$-	$	25,038,826

* 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 year ended October 31, 2022 was $620,128,346 and $779,504,061, 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	$	387,047,501
Aggregate unrealized (depreciation) of investments		(30,729,839	)
Net unrealized appreciation of investments	$	356,317,662

Cost of investments for tax purposes is $1,026,860,566.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on October 31, 2022, undistributed net investment income (loss) was increased by $5,044,221, undistributed net realized gain (loss) was increased by $67,759 and shares of beneficial interest was decreased by $5,111,980. This reclassification had no effect on the net assets of the Fund.

18 Invesco Health Care Fund

NOTE 10–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		1,020,924		$	37,178,045			1,021,136		$	47,149,711
Class C		241,467			4,562,878			253,829			7,316,274
Class Y		292,440			10,821,049			355,766			16,886,586
Investor Class		141,992			5,399,582			137,542			6,363,951
Class R6		9,899			373,272			34,237			1,708,753
Issued as reinvestment of dividends:
Class A		4,091,961			158,317,977			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		73,766			2,605,013			138,688			6,338,338
Class C		(141,001	)		(2,605,013	)		(223,346	)		(6,338,338	)
Reacquired:
Class A		(2,601,958	)		(93,267,073	)		(2,111,190	)		(97,633,518	)
Class C		(348,834	)		(6,574,303	)		(215,019	)		(6,161,417	)
Class Y		(395,818	)		(14,482,565	)		(269,011	)		(12,821,185	)
Investor Class		(1,199,075	)		(42,754,127	)		(1,012,104	)		(46,988,990	)
Class R6		(23,683	)		(899,280	)		(1,953	)		(95,404	)
Net increase in share activity		5,306,747		$	211,194,267			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 7% 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.

19 Invesco Health Care Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Health Care Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Health Care Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

20 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 May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses     Paid During     Period2	Ending     Account Value     (10/31/22)	Expenses     Paid During     Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,008.60	$5.37	$1,019.86	$5.40	1.06%
Class C	1,000.00	1,005.10	9.15	1,016.08	9.20	1.81
Class Y	1,000.00	1,010.00	4.10	1,021.12	4.13	0.81
Investor Class	1,000.00	1,008.90	5.37	1,019.86	5.40	1.06
Class R6	1,000.00	1,010.80	3.60	1,021.63	3.62	0.71

¹ The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

21 Invesco Health Care Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Health Care Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In

addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board

reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the S&P Composite 1500 Health Care Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and five year periods and reasonably comparable to the performance of the Index for the three year period. The Board noted that the Fund underwent a portfolio management change in November 2021. The Board noted that stock selection in certain health care sub-sectors detracted from longer-term Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

22 Invesco Health Care Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that there were only five funds (including the Fund) in the expense group.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense

reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the

returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

23 Invesco Health Care Fund

Tax Information

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

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

    The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	343,672,773
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

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

24 Invesco Health Care Fund

Trustees and Officers

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

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Health Care Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Health Care Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Health Care Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg –1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Health Care Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Health Care Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers – (continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-6 Invesco Health Care Fund

(This page intentionally left blank)

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-AR-1            

Annual Report to Shareholders October 31, 2022

Invesco International Bond Fund

Nasdaq:

A: OIBAX ∎ C: OIBCX ∎ R: OIBNX ∎ Y: OIBYX ∎ R5: INBQX ∎ R6: OIBIX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Consolidated Schedule of Investments
25	Consolidated Financial Statements
28	Consolidated Financial Highlights
29	Notes to Consolidated Financial Statements
40	Report of Independent Registered Public Accounting Firm
41	Fund Expenses
42	Approval of Investment Advisory and Sub-Advisory Contracts
44	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco International Bond Fund (the Fund), at net asset value (NAV), outperformed the FTSE Non-U.S. Dollar World Government Bond Index.   Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-19.50	%
Class C Shares	-20.21
Class R Shares	-19.59
Class Y Shares	-19.49
Class R5 Shares	-19.23
Class R6 Shares	-19.25
FTSE Non-U.S. Dollar World Government Bond Index▼	-27.64
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index▼	-20.27
JP Morgan EMBI Global Diversified Index▼	-24.19
Custom Invesco International Bond Index∎	-24.71
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

During the fiscal year ended October 31, 2022, global fixed-income markets remained volatile due to a series of shocks to financial markets from the Russia-Ukraine war, high commodity prices, high inflation, rapid monetary policy tightening, recession fears and slowing growth in China. Throughout the year, inflation data continued to surprise on the upside, leading both developed market (DM) and emerging market (EM) central banks to hike interest rates aggressively, prompting negative returns across fixed-income markets. In particular, the US Federal Reserve (the Fed) raised policy rates (which have a global impact) during the fiscal year at a pace and scale not seen in the past two decades. This prompted the US dollar to rise considerably over the fiscal year and generated uncertainty on the degree to which EM central banks would need to continue hiking despite getting an earlier start last fiscal year.

    Towards the end of 2021, concerns about inflation were already heightened, although the Fed left policy rates unchanged in the fourth quarter. They indicated accommodative policies were coming to an end and announced the reduction of their monthly bond purchase program. In the first quarter of 2022, conflict and uncertainty drove sharp moves across risk assets following Russia’s invasion of Ukraine. As commodity prices spiked, this exacerbated existing inflationary pressures and forced several central banks to adopt a more hawkish stance. Global monetary policy divergence persisted, as most emerging markets (aside from China) seemed closer to the end of their interest rate hiking cycles, while various developed markets were in different stages. Elevated inflation and a tight labor market led the Fed to officially

commence its rate hiking cycle and the Bank of England raised rates twice after their initial increase in December, while China signaled a potential increase in its monetary policy accommodation. The US dollar ended the first quarter of 2022, 2.3% higher.¹

    In the second quarter of 2022, capital markets were preoccupied with surging inflation that prompted the Fed and subsequently the European Central Bank and Reserve Bank of Australia, to shift toward tighter monetary policy. EM central banks across Latin America and Central Europe followed suit, alongside elevated food and energy prices. Toward the end of June, market focus shifted from inflation fears and the prospect of increasingly aggressive interest rate hikes to recession fears and the anticipation of lower rates. Though US and European economies were already decelerating, growth in Asia remained relatively resilient, supported by post-COVID-19 reopenings, despite some drag from lingering lockdowns in China, which is typically the region’s main driver. The US dollar rose considerably in April, fell slightly in May and then rose again in June, ending the second quarter of 2022 almost 6.5% higher.¹

    The third quarter of 2022 began with a relief rally in July as markets anticipated slowing inflation and possible rate cuts by the Fed in 2023. This narrative quickly reversed course in August and September of 2022 on the back of continued geopolitical uncertainty, rising concerns of a global economic slowdown and persistent elevated inflation. As a result, central banks continued their aggressive rate hiking cycles, with the Fed hiking 1.5%, the European Central Bank hiking 1.25% and the Bank of England hiking 1%. In emerging markets, central banks in Asia, Central and Eastern Europe and Latin America all raised their interest rates, though it seemed

like central banks such as Brazil and Hungary might be reaching the end of their hiking cycles. While global growth indicators continued to slow, European concerns about an energy crisis heading into winter lingered and China’s lackluster re-opening dynamics remained intact, central banks continued to prioritize bringing down inflation over supporting growth. These conditions contributed to the US dollar’s rapid rise, increasing slightly in July and reaching 20-year highs in August and September, ending the third quarter of 2022 almost 7.1% higher.¹

    Compared to the Custom Invesco International Bond Index, the Fund’s interest rate and foreign currency exposure contributed positively to relative Fund performance, while credit exposure detracted. The top contributors to relative Fund performance were interest rate positioning in Germany, positioning in the Japanese Yen and interest rate positioning in Brazil, while the top detractors were interest rate positioning in the European Union, positioning in the Argentinian Peso and the overall yield curve positioning.

    Entering 2022, portfolio positioning favored emerging market rates and foreign currency (FX) exposure given high emerging markets nominal interest rates, with an expectation of inflation being less persistent. As global inflation was exacerbated by the Russia-Ukraine conflict and a delayed reopening in China, developed market central banks were forced to raise rates aggressively, which in turn impacted central bank expectations in emerging markets. While we have seen considerable market volatility this year from the rapid repricing of inflation expectations and the path of US interest rates, we anticipate the value created from an income and total return perspective is meaningful. A year ago, EM monetary policy rates averaged around 3.25%, while today the average policy rate is over 6.75%,¹ though there is divergence across regions. We believe the conditions are aligning for international fixed-income to potentially outperform over the next two to three years, led by EMs.

    After hiking considerably in 2021, EM central banks may be approaching their interest rate peaks (having started their hiking cycles ahead of developed markets) and we expect the growth picture for emerging markets to remain stronger than that of the US and Europe, where a growth revival could take some time. While uncertainty on the path of US interest rates has prevented markets from unlocking the value we see in emerging markets so far, we believe the path of US interest rates should soon become clearer and inflation expectations in emerging markets should become more anchored. With average EM inflation already lower than US inflation, this makes the real-rate differential compelling. Additionally, with the US dollar recently reaching 40-year highs and the Fed getting closer to the end of its hiking cycle, we may be seeing signs of stability and reversal. A

2 Invesco International Bond Fund

decline in the US dollar could serve as a tailwind for international markets.

    Overall, we believe individual country dynamics will drive performance going forward and we expect the dispersion in returns between countries will be larger than in the past, which argues for an actively managed approach such as ours. We believe this is a fertile landscape to extract performance alpha in the asset class, particularly as the Fed’s monetary policy trajectory becomes more visible and we remain focused on capitalizing on it.

    Please note that we implemented our strategy using derivative instruments, including futures, forwards, swaps and options. Therefore, a portion of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Part of the Fund’s strategy to manage credit and currency risk in the portfolio during the fiscal year entailed purchasing and selling credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the fiscal year. The currency management was carried out via currency forwards and options on an as-needed basis and we believe this strategy was effective in managing the currency positioning within the Fund.

    We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tend to fall. The risk may be greater in the current market environment. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon, and market forces such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments held by the Fund.

    Thank you for investing in Invesco International Bond Fund.

1  Source: Bloomberg LP

Portfolio manager(s):

Hemant Baijal

Chris Kelly

Wim Vandenhoeck

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco International Bond Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1  Source: RIMES Technologies Corp.

2  Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco International Bond Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (6/15/95)	5.08	%
10 Years	-1.67
5 Years	-4.93
1 Year	-22.99
Class C Shares
Inception (6/15/95)	5.00	%
10 Years	-1.83
5 Years	-4.86
1 Year	-20.99
Class R Shares
Inception (3/1/01)	4.25	%
10 Years	-1.50
5 Years	-4.36
1 Year	-19.59
Class Y Shares
Inception (9/27/04)	3.15	%
10 Years	-1.01
5 Years	-3.91
1 Year	-19.49
Class R5 Shares
10 Years	-1.13	%
5 Years	-3.89
1 Year	-19.23
Class R6 Shares
Inception (1/27/12)	-0.22	%
10 Years	-0.85
5 Years	-3.78
1 Year	-19.25

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.

5 Invesco International Bond Fund

Supplemental Information

Invesco International Bond Fund’s investment objective is to seek total return.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The Custom Invesco International Bond Index is an index composed of 50% FTSE Non-U.S. Dollar World Government Bond Index, 30% JPMorgan 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.

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

6 Invesco International Bond Fund

Fund Information

Portfolio Composition

By security type			% of total net assets
Non-U.S. Dollar Denominated Bonds & Notes				50.44	%
U.S. Dollar Denominated Bonds & Notes				18.53
Asset-Backed Securities				8.63
Options Purchased				5.63
U.S. Treasury Securities				2.01
Common Stocks & Other Equity Interests				1.97
Security Types Each Less Than 1% of Portfolio				0.53
Money Market Funds Plus Other Assets Less Liabilities				12.26
Top Five Debt Issuers*
		% of total net assets
1.	Brazil Notas do Tesouro Nacional			11.68	%
2.	Republic of South Africa Government Bond			7.00
3.	India Government Bond			4.47
4.	Colombian TES			3.89
5.	Mexican Bonos			3.83

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 October 31, 2022.

7 Invesco International Bond Fund

Consolidated Schedule of Investments

October 31, 2022

		Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–50.44%(a)
Argentina–2.77%
Argentina Treasury Bond BONCER,
1.40%, 03/25/2023	ARS		500,000,000	$     10,112,982
1.50%, 03/25/2024	ARS		600,000,000	10,624,739
2.00%, 11/09/2026	ARS		1,075,000,000	14,153,695
Argentine Bonos del Tesoro, 15.50%, 10/17/2026	ARS		135,000,000	195,850
Provincia de Buenos Aires Government Bonds, 72.74% (BADLAR + 3.75%), 04/12/2025(b)(c)	ARS		120,000,000	675,489
				35,762,755
Austria–0.15%
Erste Group Bank AG, 4.25%(b)(d)(e)	EUR		2,600,000	1,920,412
Belgium–1.28%
KBC Group N.V.,
4.25%(b)(d)(e)	EUR		7,000,000	5,789,484
4.75%(b)(d)(e)	EUR		2,800,000	2,638,293
Kingdom of Belgium Government Bond, Series 88, 1.70%, 06/22/2050(b)	EUR		11,137,000	8,096,753
				16,524,530
Brazil–11.86%
Brazil Notas do Tesouro Nacional,
10.00%, 01/01/2027	BRL		700,000,000	128,683,886
Series B, 6.00%, 05/15/2055	BRL		28,000,000	22,089,347
Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032(b)	BRL		13,191,375	2,266,449
				153,039,682
Chile–0.95%
Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033(b)	CLP		16,000,000,000	12,237,042
China–1.53%
China Government Bond, 3.72%, 04/12/2051	CNY		130,000,000	19,727,432
Colombia–4.32%
Colombian TES,
Series B, 7.75%, 09/18/2030	COP		175,000,000,000	25,430,071
Series B, 7.25%, 10/18/2034	COP		47,750,000,000	6,055,170
Series B, 9.25%, 05/28/2042	COP		16,250,000,000	2,279,780
Series B, 7.25%, 10/26/2050	COP		151,500,000,000	16,461,748

		Principal Amount		Value
Colombia–(continued)
Fideicomiso PA Concesion Ruta al Mar, 6.75%, 02/15/2044(b)	COP		8,000,000,000	$          894,963
Fideicomiso PA Costera, Series B, 6.25%, 01/15/2034(b)	COP		6,107,644,400	1,041,901
PA Autopista Rio Magdalena, 6.05%, 06/15/2036(b)	COP		23,500,000,000	3,653,795
				55,817,428
Egypt–0.40%
Egypt Government International Bond, 4.75%, 04/16/2026(b)	EUR		6,800,000	5,109,795
France–0.33%
Accor S.A., 4.38%(b)(d)(e)	EUR		2,500,000	2,161,487
Credit Agricole S.A., 7.50%(b)(d)(e)	GBP		1,968,000	2,122,898
				4,284,385
Germany–0.66%
Bayer AG, 2.38%, 11/12/2079(b)(d)	EUR		5,000,000	4,461,424
Deutsche Lufthansa AG, 4.38%, 08/12/2075(b)(d)	EUR		5,000,000	4,027,117
				8,488,541
Greece–0.95%
Hellenic Republic Government Bond,
1.88%, 01/24/2052(b)	EUR		21,400,000	11,968,596
Series GDP, 0.00%, 10/15/2042	EUR		107,000,000	248,495
				12,217,091
India–5.89%
India Government Bond,
8.40%, 07/28/2024	INR		1,997,000,000	24,673,992
8.15%, 11/24/2026	INR		500,000,000	6,201,564
6.54%, 01/17/2032	INR		1,000,000,000	11,355,743
7.26%, 08/22/2032	INR		1,300,000,000	15,511,582
State of Gujarat India, 7.52%, 05/24/2027	INR		500,000,000	6,051,241
State of Maharashtra India, 7.99%, 10/28/2025	INR		500,000,000	6,092,052
State of Tamil Nadu India, 8.53%, 03/09/2026	INR		500,000,000	6,203,024
				76,089,198
Italy–0.18%
Intesa Sanpaolo S.p.A., 7.75%(b)(d)(e)	EUR		2,500,000	2,345,168

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

8 Invesco International Bond Fund

		Principal Amount		Value
Ivory Coast–0.21%
Ivory Coast Government International Bond, 4.88%, 01/30/2032(b)	EUR		3,950,000	$       2,752,848
Malaysia–0.55%
Malaysia Government Bond, Series 317, 4.76%, 04/07/2037	MYR		33,000,000	7,061,005
Mexico–3.83%
Mexican Bonos,
Series M, 7.75%, 05/29/2031	MXN		951,000,000	42,297,896
Series M 30, 8.50%, 11/18/2038	MXN		160,000,000	7,122,141
				49,420,037
Netherlands–0.81%
ABN AMRO Bank N.V., 4.38%(b)(d)(e)	EUR		2,500,000	2,205,885
Cooperatieve Rabobank U.A., 4.38%(b)(d)(e)	EUR		9,600,000	8,289,296
				10,495,181
New Zealand–0.85%
New Zealand Government Bond, Series 551, 2.75%, 05/15/2051	NZD		26,000,000	11,038,354
Poland–1.88%
Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032	PLN		200,000,000	24,270,543
Romania–0.19%
Romanian Government International Bond, 2.00%, 04/14/2033(b)	EUR		4,106,000	2,490,122
Russia–0.00%
Mos.ru, 5.00%, 08/22/2034	RUB		103,214,252	0
South Africa–7.00%
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030	ZAR		792,700,000	37,059,197
Series 2032, 8.25%, 03/31/2032	ZAR		533,300,000	23,927,551
Series 2037, 8.50%, 01/31/2037	ZAR		700,000,000	29,345,219
				90,331,967
Spain–1.35%
Banco Bilbao Vizcaya Argentaria S.A., 6.00%(b)(d)(e)	EUR		2,400,000	2,260,286
Banco Santander S.A.,
4.38%(b)(d)(e)	EUR		4,400,000	3,524,231
4.13%(d)(e)	EUR		2,000,000	1,447,161

		Principal Amount		Value
Spain–(continued)
CaixaBank S.A.,
5.25%(b)(d)(e)	EUR		2,000,000	$       1,663,936
5.88%(b)(d)(e)	EUR		2,400,000	2,117,234
Repsol International Finance B.V., 3.75%(b)(d)(e)	EUR		2,500,000	2,280,367
Telefonica Europe B.V., 2.88%(b)(d)(e)	EUR		5,000,000	4,093,281
				17,386,496
Supranational–0.71%
African Development Bank,
0.00%, 04/05/2046(f)	ZAR		600,000,000	3,900,161
0.00%, 01/17/2050(f)	ZAR		310,000,000	1,543,687
International Finance Corp., 0.00%, 03/23/2038(f)	MXN		350,000,000	3,767,981
				9,211,829
Sweden–0.11%
Heimstaden Bostad AB, 3.38%(b)(d)(e)	EUR		2,500,000	1,409,244
Switzerland–0.16%
Dufry One B.V., 2.00%, 02/15/2027(b)	EUR		2,500,000	2,019,765
United Kingdom–1.52%
Barclays PLC,
6.38%(b)(d)(e)	GBP		2,025,000	2,061,014
7.13%(d)(e)	GBP		2,150,000	2,270,465
Gatwick Airport Finance PLC, 4.38%, 04/07/2026(b)	GBP		5,400,000	5,168,752
HSBC Holdings PLC, 5.88%(d)(e)	GBP		2,500,000	2,353,909
International Consolidated Airlines Group S.A.,
2.75%, 03/25/2025(b)	EUR		2,400,000	2,110,886
1.50%, 07/04/2027(b)	EUR		2,600,000	1,891,757
Nationwide Building Society, 5.75%(b)(d)(e)	GBP		2,500,000	2,404,695
NatWest Group PLC, 5.13%(d)(e)	GBP		1,550,000	1,399,590
				19,661,068
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $824,322,405)				651,111,918
U.S. Dollar Denominated Bonds & Notes–18.53%
Bahamas–0.14%
Bahamas Government International Bond, 9.00%, 06/16/2029(b)	$		2,500,000	1,813,242
Brazil–0.41%
CSN Inova Ventures, 6.75%, 01/28/2028(b)			2,500,000	2,147,035

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

9 Invesco International Bond Fund

	Principal Amount		Value
Brazil–(continued)
Klabin Austria GmbH,
5.75%, 04/03/2029(b)	$	1,000,000	$          938,090
7.00%, 04/03/2049(b)(g)		2,500,000	2,225,487
			5,310,612
Chile–0.80%
AES Andes S.A., 6.35%, 10/07/2079(b)(d)		2,500,000	2,034,595
Mercury Chile Holdco LLC, 6.50%, 01/24/2027(b)		10,000,000	8,265,500
			10,300,095
Colombia–1.13%
Bancolombia S.A., 7.14%, 10/18/2027(d)		10,000,000	8,681,300
Colombia Government International Bond, 4.13%, 02/22/2042		5,000,000	2,822,734
Ecopetrol S.A., 4.63%, 11/02/2031		4,546,000	3,142,434
			14,646,468
Denmark–0.18%
Danske Bank A/S, 7.00%(b)(d)(e)		2,500,000	2,315,913
Dominican Republic–0.28%
Dominican Republic International Bond,
4.50%, 01/30/2030(b)		975,000	785,076
4.88%, 09/23/2032(b)		1,800,000	1,393,660
5.30%, 01/21/2041(b)		2,110,000	1,461,230
			3,639,966
Ecuador–0.10%
Ecuador Government International Bond, 5.50%, 07/31/2030(b)(h)		2,500,000	1,339,893
Egypt–0.38%
Egypt Government International Bond,
7.63%, 05/29/2032(b)		2,000,000	1,289,052
8.50%, 01/31/2047(b)		3,550,000	2,105,519
8.88%, 05/29/2050(b)		2,500,000	1,493,395
			4,887,966
France–1.56%
BNP Paribas S.A., 7.75%(b)(d)(e)		5,000,000	4,726,676
Credit Agricole S.A.,
8.13%(b)(d)(e)		2,500,000	2,495,745
6.88%(b)(d)(e)		2,500,000	2,338,700
Electricite de France S.A., 5.25%(b)(d)(e)		2,600,000	2,447,964

	Principal Amount		Value
France–(continued)
Societe Generale S.A.,
7.38%(b)(d)(e)	$	2,500,000	$       2,291,278
4.75%(b)(d)(e)		7,500,000	5,791,875
			20,092,238
Guatemala–0.27%
CT Trust, 5.13%, 02/03/2032(b)		2,817,000	2,256,905
Guatemala Government Bond, 3.70%, 10/07/2033(b)(g)		1,600,000	1,217,935
			3,474,840
Hong Kong–0.25%
Melco Resorts Finance Ltd.,
4.88%, 06/06/2025(b)		2,500,000	1,786,179
5.75%, 07/21/2028(b)		2,500,000	1,450,000
			3,236,179
India–1.27%
Adani Electricity Mumbai Ltd., 3.87%, 07/22/2031(b)		2,500,000	1,528,617
JSW Steel Ltd., 3.95%, 04/05/2027(b)		6,000,000	4,368,159
Network i2i Ltd.,
5.65%(b)(d)(e)		1,500,000	1,323,525
3.98%(b)(d)(e)		1,500,000	1,191,608
Oil & Natural Gas Corp. Ltd., 3.38%, 12/05/2029(b)		5,000,000	4,127,570
Reliance Industries Ltd., 4.88%, 02/10/2045(b)		5,000,000	3,882,505
			16,421,984
Indonesia–1.09%
Indonesia Government International Bond,
4.65%, 09/20/2032		3,750,000	3,478,653
5.45%, 09/20/2052		1,600,000	1,447,440
PT Indofood CBP Sukses Makmur Tbk, 4.75%, 06/09/2051(b)		7,000,000	4,319,983
PT Pertamina (Persero), 4.18%, 01/21/2050(b)		2,500,000	1,674,997
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 4.38%, 02/05/2050(b)		5,000,000	3,094,570
			14,015,643
Iraq–0.11%
Iraq International Bond, 5.80%, 01/15/2028(b)		1,718,750	1,467,024
Ireland–0.76%
BB Blue Financing DAC, Series A1, 4.40%, 09/20/2037(b)		2,500,000	2,391,335

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

10 Invesco International Bond Fund

	Principal Amount		Value
Ireland–(continued)
Coriolanus DAC,
Series 116, 0.00%, 04/30/2025(b)(f)	$	866,628	$          810,176
Series 119, 0.00%, 04/30/2025(b)(f)		921,986	861,929
Series 120, 0.00%, 04/30/2025(b)(f)		1,154,095	1,078,918
Series 122, 0.00%, 04/30/2025(b)(f)		1,011,168	945,301
Series 124, 0.00%, 04/30/2025(b)(f)		812,139	759,237
Series 126, 0.00%, 04/30/2025(b)(f)		1,090,261	1,019,242
Series 127, 0.00%, 04/30/2025(b)(f)		1,052,367	983,817
0.00%, 04/30/2025(b)(f)		991,129	926,568
			9,776,523
Ivory Coast–0.21%
Ivory Coast Government International Bond, 5.38%, 07/23/2024(b)		3,009,000	2,763,014
Kazakhstan–0.23%
Development Bank of Kazakhstan JSC, 5.75%, 05/12/2025(b)		2,975,000	2,954,056
Macau–0.15%
MGM China Holdings Ltd., 5.88%, 05/15/2026(b)(g)		2,500,000	1,923,713
Mexico–2.49%
Alpek S.A.B. de C.V., 3.25%, 02/25/2031(b)		2,443,000	1,873,649
America Movil S.A.B. de C.V., 5.38%, 04/04/2032(b)		6,786,000	5,759,312
Banco Mercantil del Norte S.A.,
8.38%(b)(d)(e)		2,500,000	2,177,663
5.88%(b)(d)(e)		2,490,000	1,904,389
Braskem Idesa S.A.P.I.,
7.45%, 11/15/2029(b)		5,000,000	3,837,375
6.99%, 02/20/2032(b)		2,076,000	1,393,608
Cemex S.A.B. de C.V., 5.13%(b)(d)(e)		3,457,000	2,862,206
Nemak S.A.B. de C.V., 3.63%, 06/28/2031(b)		4,254,000	3,101,017
Petroleos Mexicanos,
8.75%, 06/02/2029		5,000,000	4,461,596
7.69%, 01/23/2050		2,500,000	1,633,139
6.95%, 01/28/2060		5,250,000	3,159,464
			32,163,418
Morocco–0.14%
OCP S.A., 3.75%, 06/23/2031(b)		2,500,000	1,876,413

	Principal Amount		Value
Netherlands–0.15%
ING Groep N.V., 6.75%(b)(d)(e)	$	2,000,000	$       1,898,750
Nigeria–0.29%
Nigeria Government International Bond,
6.50%, 11/28/2027(b)		2,500,000	1,781,250
8.38%, 03/24/2029(b)		2,632,000	1,911,858
			3,693,108
Oman–0.33%
Oman Government International Bond, 6.75%, 01/17/2048(b)		5,000,000	4,215,255
Panama–0.16%
Cable Onda S.A., 4.50%, 01/30/2030(b)		2,500,000	2,050,775
South Africa–0.44%
Sasol Financing USA LLC, 4.38%, 09/18/2026		3,249,000	2,852,833
Stillwater Mining Co., 4.00%, 11/16/2026(b)		3,500,000	2,889,320
			5,742,153
Sweden–0.36%
Swedbank AB, Series NC5, 5.63%(b)(d)(e)		5,000,000	4,716,250
Switzerland–1.78%
Credit Suisse Group AG,
6.37%, 07/15/2026(b)(d)		1,250,000	1,163,708
6.54%, 08/12/2033(b)(d)		2,500,000	2,179,304
6.25%(b)(d)(e)		9,800,000	8,273,728
UBS Group AG,
7.00%(b)(d)(e)		3,900,000	3,787,500
5.13%(b)(d)(e)		8,639,000	7,515,930
			22,920,170
Thailand–0.31%
GC Treasury Center Co. Ltd., 4.40%, 03/30/2032(b)		2,500,000	2,026,375
Muang Thai Life Assurance PCL, 3.55%, 01/27/2037(b)(d)		2,450,000	1,995,302
			4,021,677
United Kingdom–1.86%
abrdn PLC, 4.25%, 06/30/2028(b)		2,500,000	2,124,475
BP Capital Markets PLC, 4.88%(d)(e)		3,500,000	2,964,937
British Telecommunications PLC, 4.25%, 11/23/2081(b)(d)		5,000,000	4,188,295

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

11 Invesco International Bond Fund

		Principal Amount		Value
United Kingdom–(continued)
HSBC Holdings PLC, 2.01%, 09/22/2028(d)	$		5,000,000	$       3,933,112
M&G PLC, 6.50%, 10/20/2048(b)(d)			2,500,000	2,290,625
NatWest Group PLC, 6.00%(d)(e)			5,000,000	4,462,000
Vodafone Group PLC, 3.25%, 06/04/2081(d)(g)			5,000,000	4,017,150
				23,980,594
United Republic of Tanzania–0.31%
HTA Group Ltd., 7.00%, 12/18/2025(b)			4,500,000	3,971,250
United States–0.59%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 04/01/2033(b)(g)			6,750,000	6,099,570
United States International Development Finance Corp., Series 4, 3.13%, 04/15/2028			1,600,000	1,480,145
				7,579,715
Total U.S. Dollar Denominated Bonds & Notes (Cost $294,550,758)				239,208,897
Asset-Backed Securities–8.63%(a)
Alba PLC,
Series 2007-1, Class F, 5.47% (SONIA + 3.37%), 03/17/2039(b)(c)	GBP		2,443,042	2,522,453
Series 2006-2, Class F, 5.43% (SONIA + 3.37%), 12/15/2038(b)(c)	GBP		1,281,936	1,358,540
Eurohome UK Mortgages PLC,
Series 2007-1, Class M2, 3.24% (3 mo. GBP LIBOR + 0.50%), 06/15/2044(b)(c)	GBP		4,000,000	3,793,925
Series 2007-1, Class B1, 3.64% (3 mo. GBP LIBOR + 0.90%), 06/15/2044(b)(c)	GBP		5,275,000	4,662,550
Series 2007-2, Class B1, 4.14% (SONIA + 1.52%), 09/15/2044(b)(c)	GBP		4,000,000	3,352,067
Series 2007-1, Class M1, 3.04% (3 mo. GBP LIBOR + 0.30%), 06/15/2044(b)(c)	GBP		5,200,000	5,188,145
Series 2007-2, Class B2, 6.74% (SONIA + 4.12%), 09/15/2044(b)(c)	GBP		3,750,000	3,733,606

		Principal Amount		Value
Eurosail PLC, Series 2007-4X, Class D1A, 3.91% (SONIA + 1.87%), 06/13/2045(b)(c)	GBP		4,573,569	$      4,540,048
Grifonas Finance No. 1 PLC, Class B, 1.50% (6 mo. EURIBOR + 0.52%), 08/28/2039(b)(c)	EUR		5,000,000	4,178,804
Ludgate Funding PLC, Series 2007-1, Class RES, 1.00%, 01/01/2061(b)(i)	GBP		207,500,000	4,857,258
Mansard Mortgages PLC,
Series 2006-1X, Class B2, 5.81% (SONIA + 3.62%), 10/15/2048(b)(c)	GBP		4,054,981	4,363,070
Series 2007-1X, Class B2, 5.31% (SONIA + 3.12%), 04/15/2049(b)(c)	GBP		2,591,536	2,576,186
Newgate Funding PLC,
Series 2006-2, Class CB, 1.59% (3 mo. EURIBOR + 0.43%), 12/01/2050(b)(c)	EUR		1,630,877	1,455,066
Series 2007-2X, Class CB, 1.44% (3 mo. EURIBOR + 0.44%), 12/15/2050(b)(c)	EUR		2,249,497	1,926,684
Series 2007-1X, Class CB, 1.00% (3 mo. EURIBOR + 0.38%), 12/01/2050(b)(c)	EUR		1,249,420	987,250
ResLoC UK PLC, Series 2007-1X, Class D1A, 0.92% (3 mo. EURIBOR + 1.20%), 12/15/2043(b)(c)	EUR		4,487,096	3,834,928
RMAC Securities No. 1 PLC, Series 2006-NS4X, Class B1C, 1.69% (3 mo. EURIBOR + 0.85%), 06/12/2044(b)(c)	EUR		8,515,735	7,338,139
Towd Point Mortgage Funding 2019 - Granite4 PLC,
Series 2019-GR4X, Class FR, 4.24% (SONIA +2.05%), 10/20/2051(b)(c)	GBP		3,000,000	3,294,416
Series 2019-GR4X, Class GR, 4.69% (SONIA +2.50%), 10/20/2051(b)(c)	GBP		2,500,000	2,736,292
Sestante Finance S.r.l., Series 2005, Class C1, 2.18% (3 mo. EURIBOR +0.80%), 07/15/2045(b)(c)	EUR		9,700,000	5,250,897

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

12 Invesco International Bond Fund

		Principal Amount		Value
IM Pastor 4, FTA,
Series A, 1.24% (3 mo. EURIBOR + 0.14%), 03/22/2044(b)(c)	EUR		7,977,431	$       6,661,532
Series B, 1.29% (3 mo. EURIBOR + 0.19%), 03/22/2044(b)(c)	EUR		3,800,000	2,126,324
Titulizacion de Activos Sociedad Gestora de Fondos de Titulizacion S.A., Series 27, Class A3, 1.36% (3 mo. EURIBOR + 0.19%), 12/28/2050(b)(c)	EUR		28,935,526	22,651,544
Lusitano Mortgages No. 5 PLC, Class D, 2.34% (3 mo. EURIBOR + 0.96%), 07/15/2059(b)(c)	EUR		6,334,827	5,228,065
Invernea Proteina PYME, Serie II, 0.00%, 08/25/2032(j)	ARS		445,000,000	2,836,328
Total Asset-Backed Securities (Cost $139,965,932)				111,454,117
U.S. Treasury Securities–2.01%
U.S. Treasury Bills–1.52%
4.40%, 04/27/2023(k)	$		19,576,724	19,568,317
U.S. Treasury Inflation – Indexed Bonds–0.49%
0.13%, 02/15/2052(l)			8,059,471	6,356,583
Total U.S. Treasury Securities (Cost $27,636,195)				25,924,900
		Shares
Common Stocks & Other Equity Interests–1.97%
Argentina–1.97%
TMF Trust Co. S.A.(j)			674,609,578	4,299,807
YPF S.A., Class D(m)			1,400,000	21,058,938
Total Common Stocks & Other Equity Interests (Cost $18,770,854)				25,358,745

	Shares		Value
Preferred Stocks–0.53%
United States–0.53%
AT&T, Inc., 2.88%, Series B, Pfd.(d) (Cost $8,958,627)		7,700,000	$       6,817,607
Money Market Funds–5.16%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(n)(o)		23,284,920	23,284,920
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(n)(o)		16,739,032	16,742,380
Invesco Treasury Portfolio, Institutional Class, 3.08%(n)(o)		26,611,337	26,611,337
Total Money Market Funds (Cost $66,638,291)			66,638,637
Options Purchased–5.63%
(Cost $45,481,036)(p)			72,720,922
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–92.90% (Cost $1,426,324,098)			1,199,235,743
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.35%
Invesco Private Government Fund, 3.18%(n)(o)(q)		1,248,525	1,248,525
Invesco Private Prime Fund, 3.28%(n)(o)(q)		3,209,614	3,209,614
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,458,070)			4,458,139
TOTAL INVESTMENTS IN SECURITIES–93.25% (Cost $1,430,782,168)			1,203,693,882
OTHER ASSETS LESS LIABILITIES–6.75%			87,135,665
NET ASSETS–100.00%			$1,290,829,547

Investment Abbreviations:
ARS	– Argentina Peso
BADLAR	– Buenos Aires Deposits of Large Amounts Rate
BRL	– Brazilian Real
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

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

13 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 October 31, 2022 was $419,444,414, which represented 32.49% of the Fund’s Net Assets.

^(c)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 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)  All or a portion of this security was out on loan at October 31, 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 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 October 31, 2022.

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

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

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

^(m)  Non-income producing security.

⁽ⁿ⁾  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	525,559,806	$	(502,274,886	)		$      -	$	-	$	23,284,920	$	298,194
Invesco Liquid Assets Portfolio, Institutional Class		937,266		375,399,862		(359,606,005	)		627		10,630		16,742,380		215,912
Invesco Treasury Portfolio, Institutional Class		-		600,639,778		(574,028,441	)		-		-		26,611,337		318,439
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		3,260,112		48,651,530		(50,663,117	)		-		-		1,248,525		18,309*
Invesco Private Prime Fund		7,606,928		83,289,550		(87,682,840	)		69		(4,093)		3,209,614		50,590*
Total	$	11,804,306	$	1,633,540,526	$	(1,574,255,289	)		$696	$	6,537	$	71,096,776	$	901,444

* 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.

^(o)  The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(p)  The table below details options purchased.

^(q)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1L.

Open 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

$

374

AUD versus USD

Call

Bank of America, N.A.

09/27/2023

USD

0.68

AUD

73,529,412

865,268

AUD versus USD

Call

Goldman Sachs International

10/12/2023

USD

0.80

AUD

8,750,000

191,953

EUR versus HUF

Call

Bank of America, N.A.

01/31/2023

HUF

480.00

EUR

40,000,000

252,557

EUR versus USD

Call

Goldman Sachs International

11/28/2022

USD

1.03

EUR

80,000,000

120,329

NZD versus USD

Call

Goldman Sachs International

10/12/2023

USD

0.70

NZD

14,285,714

496,200

Subtotal – Foreign Currency Call Options Purchased

1,926,681

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

14 Invesco International Bond Fund

Open Over-The-Counter Foreign Currency Options Purchased(a)–(continued)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

EUR versus CHF

Put

Goldman Sachs International

12/16/2022

CHF

0.93

EUR

37,500,000

$

26,016

EUR versus CZK

Put

J.P. Morgan Chase Bank, N.A.

07/17/2023

CZK

24.00

EUR

2,000,000

202,704

EUR versus CZK

Put

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

02/05/2024

CZK

24.30

EUR

2,500,000

404,098

EUR versus CZK

Put

Morgan Stanley and Co. International PLC

12/07/2022

CZK

24.60

EUR

3,000,000

1,775,891

EUR versus HUF

Put

Bank of America, N.A.

01/31/2023

HUF

400.00

EUR

40,000,000

345,373

EUR versus NOK

Put

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

02/17/2023

NOK

9.70

EUR

4,000,000

15,859

EUR versus PLN

Put

Bank of America, N.A.

03/24/2023

PLN

4.50

EUR

5,000,000

307,662

EUR versus PLN

Put

Bank of America, N.A.

03/24/2023

PLN

4.50

EUR

2,000,000

123,065

EUR versus SEK

Put

Morgan Stanley and Co. International PLC

02/17/2023

SEK

10.80

EUR

25,000,000

306,802

GBP versus USD

Put

Goldman Sachs International

01/09/2023

USD

1.09

GBP

5,000,000

947,428

USD versus BRL

Put

Goldman Sachs International

02/01/2023

BRL

5.00

USD

5,000,000

1,612,380

USD versus BRL

Put

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

12/16/2022

BRL

5.05

USD

50,000,000

808,850

USD versus CAD

Put

Goldman Sachs International

03/10/2023

CAD

1.26

USD

100,000,000

111,900

USD versus CLP

Put

Bank of America, N.A.

12/20/2022

CLP

850.00

USD

60,000,000

61,020

USD versus JPY

Put

Goldman Sachs International

11/04/2022

JPY

128.00

USD

4,000,000

4

USD versus JPY

Put

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

03/14/2023

JPY

120.00

USD

6,000,000

129,102

USD versus MXN

Put

Bank of America, N.A.

04/26/2023

MXN

19.00

USD

2,500,000

400,880

USD versus MXN

Put

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

01/24/2023

MXN

20.00

USD

5,000,000

1,065,960

USD versus PLN

Put

Goldman Sachs International

06/27/2023

PLN

4.40

USD

5,000,000

872,035

USD versus SEK

Put

Goldman Sachs International

09/27/2023

SEK

10.25

USD

40,000,000

1,204,440

USD versus SGD

Put

Goldman Sachs International

12/16/2022

SGD

1.38

USD

100,000,000

170,900

USD versus THB

Put

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

12/13/2022

THB

35.85

USD

50,000,000

50,100

USD versus THB

Put

Standard Chartered Bank PLC

04/26/2023

THB

33.75

USD

5,000,000

306,880

USD versus ZAR

Put

Bank of America, N.A.

01/25/2023

ZAR

17.90

USD

50,000,000

817,800

USD versus ZAR

Put

Goldman Sachs International

12/13/2022

ZAR

16.00

USD

5,000,000

36,415

USD versus ZAR

Put

Goldman Sachs International

04/04/2023

ZAR

15.70

USD

3,500,000

166,173

USD versus ZAR

Put

Goldman Sachs International

07/24/2023

ZAR

15.75

USD

3,000,000

289,080

USD versus ZAR

Put

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

11/14/2022

ZAR

17.00

USD

50,000,000

2,700

Subtotal – Foreign Currency Put Options Purchased

12,561,517

Total Foreign Currency Options Purchased

$

14,488,198

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

Open Over-The-Counter Interest Rate Swaptions Purchased(a)

Description

Type of Contract

Counterparty

Exercise Rate

Pay/ Receive Exercise Rate

Floating Rate Index

Payment Frequency

Expiration Date

Notional Value

Value

Interest Rate Risk

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

0.55%

Pay

TONAR

Annually

05/26/2025

JPY

28,571,000,000

$

7,730,212

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.84

Pay

SOFR

Annually

12/07/2022

USD

290,000,000

23,572,276

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.84

Pay

SOFR

Annually

06/07/2023

USD

236,000,000

19,634,582

2 Year Interest Rate Swap

Put

Goldman Sachs International

7.75

Pay

6 Month WIBOR

Semi-Annually

12/12/2022

PLN

250,000,000

536,825

30 Year Interest Rate Swap

Put

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

1.93

Pay

6 Month EURIBOR

Semi-Annually

06/12/2023

EUR

20,000,000

3,017,980

50 Year Interest Rate Swap

Put

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

1.37

Pay

6 Month EURIBOR

Semi-Annually

04/21/2023

EUR

10,000,000

2,214,338

Total Interest Rate Swaptions Purchased

$

56,706,213

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

15 Invesco International Bond Fund

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

Open Over-The-Counter Credit Default Swaptions Purchased(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

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

Call

600.00%

Markit iTraxx Europe Crossover Index, Series 38, Version 1

5.00%

Quarterly

11/16/2022

5.558%

EUR  80,000,000

$

1,526,511

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

^(b)  Implied credit spreads represent the current level, as of October 31, 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 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

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

Call

550.00

%

Markit iTraxx Europe Crossover Index, Series 38, Version 1

5.00

%

Quarterly

11/16/2022

5.558

%

EUR

120,000,000

$

(973,120

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

^(b)  Implied credit spreads represent the current level, as of October 31, 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)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

AUD versus USD

Call

Bank of America, N.A.

09/27/2023

USD

0.75

AUD

66,666,667

$

(193,515

)

EUR versus CHF

Call

Goldman Sachs International

12/16/2022

CHF

0.99

EUR

37,500,000

(292,139

)

EUR versus HUF

Call

Bank of America, N.A.

01/31/2023

HUF

460.00

EUR

40,000,000

(426,133

)

EUR versus SEK

Call

Morgan Stanley and Co. International PLC

02/17/2023

SEK

11.35

EUR

25,000,000

(165,754

)

GBP versus USD

Call

Goldman Sachs International

01/09/2023

USD

1.18

GBP

5,000,000

(2,168,409

)

USD versus BRL

Call

Goldman Sachs International

02/01/2023

BRL

5.85

USD

5,000,000

(653,135

)

USD versus BRL

Call

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

03/16/2023

BRL

6.05

USD

25,000,000

(320,175

)

USD versus HUF

Call

Goldman Sachs International

12/02/2022

HUF

431.00

USD

45,000,000

(681,390

)

USD versus HUF

Call

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

12/13/2022

HUF

433.60

USD

50,000,000

(900,200

)

USD versus MXN

Call

Goldman Sachs International

09/01/2023

MXN

24.14

USD

90,000,000

(1,215,990

)

USD versus MXN

Call

Goldman Sachs International

09/11/2023

MXN

23.54

USD

30,000,000

(517,410

)

USD versus SEK

Call

Goldman Sachs International

09/27/2023

SEK

12.35

USD

40,000,000

(829,880

)

USD versus THB

Call

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

12/13/2022

THB

37.60

USD

50,000,000

(935,100

)

Subtotal – Foreign Currency Call Options Written

(9,299,230

)

Currency Risk

AUD versus USD

Put

Bank of America, N.A.

09/27/2023

USD

0.60

AUD

83,682,008

(889,461

)

EUR versus SEK

Put

Morgan Stanley and Co. International PLC

02/17/2023

SEK

10.45

EUR

25,000,000

(78,344

)

USD versus THB

Put

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

12/13/2022

THB

34.75

USD

50,000,000

(9,450

)

USD versus ZAR

Put

Bank of America, N.A.

01/25/2023

ZAR

17.15

USD

50,000,000

(292,000

)

Subtotal – Foreign Currency Put Options Written

(1,269,255

)

Total – Foreign Currency Options Written

$

(10,568,485

)

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

16 Invesco International Bond Fund

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

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

30 Year Interest Rate Swap

Call

Bank of America, N.A.

3.15%

SOFR

Receive

Annually

12/21/2022

USD

100,000,000

$

(1,162,083

)

10 Year Interest Rate Swap

Call

Bank of America, N.A.

3.50

SOFR

Receive

Annually

01/26/2023

USD

150,000,000

(1,718,613

)

30 Year Interest Rate Swap

Call

Barclays Bank PLC

2.50

SONIA

Receive

Annually

11/07/2022

GBP

25,000,000

(3,543

)

30 Year Interest Rate Swap

Call

Goldman Sachs International

1.90

6 Month EURIBOR

Receive

Semi-Annually

11/07/2022

EUR

50,000,000

(1,330

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

2.75

SOFR

Receive

Annually

03/27/2024

USD

37,500,000

(680,875

)

5 Year Interest Rate Swap

Call

Goldman Sachs International

3.72

SOFR

Receive

Annually

12/28/2022

USD

150,000,000

(859,473

)

30 Year Interest Rate Swap

Call

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

1.95

6 Month EURIBOR

Receive

Semi-Annually

09/28/2023

EUR

50,000,000

(2,947,686

)

2 Year Interest Rate Swap

Call

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

2.75

SOFR

Receive

Annually

09/16/2024

USD

125,000,000

(881,120

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

2.84

SOFR

Receive

Annually

12/07/2022

USD

290,000,000

(123,795

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

2.84

SOFR

Receive

Annually

06/07/2023

USD

236,000,000

(2,081,688

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

3.00

SOFR

Receive

Annually

12/19/2022

USD

150,000,000

(1,024,203

)

Subtotal–Interest Rate Call Swaptions Written

(11,484,409

)

Interest Rate Risk

5 Year Interest Rate Swap

Put

Bank of America, N.A.

3.91

SOFR

Pay

Annually

12/05/2022

USD

175,000,000

(2,042,406

)

2 Year Interest Rate Swap

Put

Bank of America, N.A.

3.75

3 Month CDOR

Pay

Quarterly

12/07/2022

CAD

250,000,000

(2,231,831

)

30 Year Interest Rate Swap

Put

Bank of America, N.A.

3.20

SOFR

Pay

Annually

12/05/2022

USD

75,000,000

(4,185,602

)

30 Year Interest Rate Swap

Put

Barclays Bank PLC

4.00

SONIA

Pay

Annually

12/06/2022

GBP

25,000,000

(369,383

)

2 Year Interest Rate Swap

Put

Goldman Sachs International

8.25

6 Month WIBOR

Pay

Semi-Annually

12/12/2022

PLN

250,000,000

(281,894

)

10 Year Interest Rate Swap

Put

Goldman Sachs International

3.25

6 Month EURIBOR

Pay

Semi-Annually

06/16/2023

EUR

151,200,000

(5,150,901

)

10 Year Interest Rate Swap

Put

Goldman Sachs International

3.67

SOFR

Pay

Annually

12/13/2022

USD

200,000,000

(4,786,332

)

30 Year Interest Rate Swap

Put

Goldman Sachs International

3.01

SOFR

Pay

Annually

11/07/2022

USD

100,000,000

(8,081,645

)

10 Year Interest Rate Swap

Put

Goldman Sachs International

2.75

6 Month EURIBOR

Pay

Semi-Annually

04/22/2024

EUR

150,000,000

(10,661,809

)

30 Year Interest Rate Swap

Put

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

2.95

6 Month EURIBOR

Pay

Semi-Annually

09/28/2023

EUR

50,000,000

(3,004,867

)

2 Year Interest Rate Swap

Put

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

3.88

SONIA

Pay

Annually

11/28/2022

GBP

125,000,000

(2,123,028

)

10 Year Interest Rate Swap

Put

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

2.39

6 Month EURIBOR

Pay

Semi-Annually

06/12/2023

EUR

54,000,000

(4,067,814

)

10 Year Interest Rate Swap

Put

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

1.05

TONAR

Pay

Annually

05/26/2025

JPY

28,571,000,000

(4,831,955

)

10 Year Interest Rate Swap

Put

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

2.16

6 Month EURIBOR

Pay

Semi-Annually

04/21/2023

EUR

40,000,000

(3,508,798

)

1 Year Interest Rate Swap

Put

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

2.82

SOFR

Pay

Annually

02/17/2023

USD

250,000,000

(4,945,225

)

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

17 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

2 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.02%

SONIA

Pay

Annually

11/30/2022

GBP

125,000,000

$

(1,812,935

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

3.75

SOFR

Pay

Annually

04/22/2024

USD

250,000,000

(11,046,185

)

Subtotal–Interest Rate Put Swaptions Written

(73,132,610

)

Total Open Over-The-Counter Interest Rate Swaptions Written

$

(84,617,019

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

Open Futures Contracts(a)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value		Unrealized Appreciation
Interest Rate Risk
Euro-Bund		100		December-2022	$	(13,681,329	)	$	192,447	$	192,447
Euro-BTP		1,366		December-2022		(143,175,602	)		458,548		458,548
U.S. Treasury 2 Year Notes		8		December-2022		(1,635,063	)		21,375		21,375
U.S. Treasury 5 Year Notes		42		December-2022		(4,476,938	)		200,156		200,156
U.S. Treasury 10 Year Notes		40		December-2022		(4,423,750	)		275,328		275,328
U.S. Treasury 10 Year Ultra Notes		152		December-2022		(17,629,625	)		1,291,003		1,291,003
U.S. Treasury Ultra Bonds		102		December-2022		(13,020,937	)		2,229,688		2,229,688
Total Futures Contracts								$	4,668,545	$	4,668,545

^(a)  Futures contracts collateralized by $3,898,686 cash held with Merrill Lynch International, the futures commission merchant.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to				Unrealized Appreciation (Depreciation)
	Counterparty	Deliver		Receive
Currency Risk
11/03/2022	Bank of America, N.A.	USD	202,768,296	BRL	1,075,504,985	$	5,440,975
12/21/2022	Bank of America, N.A.	COP	311,000,000,000	USD	69,637,259		7,201,008
12/21/2022	Bank of America, N.A.	EUR	2,405,000	USD	2,395,354		8,899
12/21/2022	Bank of America, N.A.	NZD	21,700,000	USD	13,148,596		522,755
12/21/2022	Bank of America, N.A.	USD	13,067,449	GBP	11,500,000		143,286
02/27/2023	Bank of America, N.A.	USD	4,794,480	RUB	384,028,743		700,660
09/29/2023	Bank of America, N.A.	AUD	38,176,682	USD	25,000,000		350,163
11/03/2022	Citibank, N.A.	USD	231,601,085	BRL	1,227,634,585		6,059,275
12/02/2022	Citibank, N.A.	USD	58,774,881	BRL	313,954,841		1,628,627
12/21/2022	Citibank, N.A.	CAD	781,430	USD	594,557		20,638
12/21/2022	Citibank, N.A.	CNY	383,562,229	USD	55,118,227		2,327,774
12/21/2022	Citibank, N.A.	COP	20,100,000,000	USD	4,198,942		163,673
12/21/2022	Citibank, N.A.	INR	3,152,008,261	USD	38,290,699		436,750
12/21/2022	Citibank, N.A.	THB	185,000,000	USD	4,946,127		64,000
12/21/2022	Citibank, N.A.	USD	26,294,806	SEK	292,740,000		328,734
12/21/2022	Deutsche Bank AG	GBP	71,974,000	USD	83,175,177		494,358
12/21/2022	Deutsche Bank AG	INR	1,091,670,000	USD	13,628,839		518,461
12/21/2022	Deutsche Bank AG	PLN	131,710,000	USD	27,423,586		66,276
12/21/2022	Deutsche Bank AG	ZAR	2,019,931,780	USD	115,011,048		5,460,675
11/10/2022	Goldman Sachs International	USD	57,500,000	MXN	1,149,195,000		428,975
11/14/2022	Goldman Sachs International	ZAR	341,082,500	USD	19,865,026		1,313,655
11/21/2022	Goldman Sachs International	CNY	167,878,620	USD	23,400,000		233,631
12/06/2022	Goldman Sachs International	HUF	2,752,515,000	USD	6,750,000		170,491
12/15/2022	Goldman Sachs International	ZAR	212,163,250	USD	12,125,000		613,242

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

18 Invesco International Bond Fund

Open Forward Foreign Currency Contracts–(continued)
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
12/21/2022	Goldman Sachs International		INR	1,200,000,000		USD	14,928,158	$	516,794
12/21/2022	Goldman Sachs International		USD	4,463,314		CLP	4,468,000,000		233,557
12/21/2022	Goldman Sachs International		USD	20,343,438		COP	101,969,450,000		127,913
12/21/2022	Goldman Sachs International		USD	36,850,000		MXN	763,395,803		1,351,092
12/29/2022	Goldman Sachs International		CNY	125,077,050		USD	17,700,000		490,128
01/11/2023	Goldman Sachs International		USD	53,707,200		GBP	48,000,000		1,478,463
02/27/2023	Goldman Sachs International		USD	1,931,302		RUB	150,931,257		228,402
03/13/2023	Goldman Sachs International		CAD	36,330,000		USD	28,000,000		1,275,131
11/16/2022	J.P. Morgan Chase Bank, N.A.		ZAR	52,620,000		USD	3,000,000		138,472
12/15/2022	J.P. Morgan Chase Bank, N.A.		HUF	4,037,000,000		USD	10,000,000		373,900
12/15/2022	J.P. Morgan Chase Bank, N.A.		THB	836,625,000		USD	23,000,000		935,900
12/21/2022	J.P. Morgan Chase Bank, N.A.		CLP	17,978,073,650		USD	19,942,400		1,043,412
12/21/2022	J.P. Morgan Chase Bank, N.A.		INR	4,224,235,000		USD	52,541,543		1,810,720
12/21/2022	J.P. Morgan Chase Bank, N.A.		JPY	21,539,346		USD	151,433		5,672
12/21/2022	J.P. Morgan Chase Bank, N.A.		NOK	11,047		USD	1,105		40
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	5,407,656		EUR	5,500,000		49,934
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	20,100,000		PLN	100,733,776		823,279
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	18,920,335		ZAR	349,700,000		45,535
02/17/2023	J.P. Morgan Chase Bank, N.A.		USD	4,034,896		RUB	310,125,000		442,373
02/22/2023	J.P. Morgan Chase Bank, N.A.		USD	4,232,793		RUB	331,851,000		536,836
12/21/2022	Morgan Stanley and Co. International PLC		COP	36,020,165,000		USD	7,959,378		727,982
12/21/2022	Morgan Stanley and Co. International PLC		EUR	260,030,671		USD	262,160,505		4,134,898
12/21/2022	Morgan Stanley and Co. International PLC		USD	22,589,650		EUR	22,996,195		229,224
12/21/2022	Morgan Stanley and Co. International PLC		USD	10,264,926		MXN	209,779,168		232,634
12/21/2022	Royal Bank of Canada		GBP	1,585,000		USD	1,843,224		22,440
12/21/2022	Royal Bank of Canada		USD	6,228,996		GBP	5,665,000		278,727
Subtotal–Appreciation									52,230,439
Currency Risk
11/03/2022	Bank of America, N.A.		BRL	1,075,504,985		USD	199,429,324		(8,779,946	)
12/12/2022	Bank of America, N.A.		USD	64,700,000		CAD	84,401,797		(2,722,795	)
12/20/2022	Bank of America, N.A.		USD	17,542,000		EUR	17,500,000		(178,726	)
12/21/2022	Bank of America, N.A.		GBP	11,520,000		USD	13,090,175		(143,535	)
12/21/2022	Bank of America, N.A.		USD	56,968,566		AUD	84,277,914		(2,974,438	)
12/21/2022	Bank of America, N.A.		USD	4,884,460		COP	21,814,000,000		(505,089	)
12/21/2022	Bank of America, N.A.		USD	5,034,933		EUR	5,000,000		(73,488	)
12/21/2022	Bank of America, N.A.		USD	15,662,899		NZD	25,849,521		(622,717	)
12/21/2022	Bank of America, N.A.		USD	13,840,741		SGD	19,441,895		(102,667	)
01/27/2023	Bank of America, N.A.		ZAR	185,080,000		USD	10,000,000		(11,492	)
02/27/2023	Bank of America, N.A.		RUB	534,960,000		USD	6,000,000		(1,654,845	)
12/21/2022	BNP Paribas S.A.		GBP	6,282,787		USD	6,700,000		(517,412	)
11/03/2022	Citibank, N.A.		BRL	1,227,634,585		USD	232,993,909		(4,666,449	)
12/02/2022	Citibank, N.A.		BRL	795,251,244		USD	148,877,452		(4,125,331	)
12/21/2022	Citibank, N.A.		COP	99,848,910,000		USD	19,958,545		(87,087	)
12/21/2022	Citibank, N.A.		USD	5,636,906		CAD	7,408,624		(195,665	)
12/21/2022	Citibank, N.A.		USD	53,685,743		CNY	377,898,464		(1,674,806	)
12/21/2022	Citibank, N.A.		USD	4,178,052		COP	20,000,000,000		(162,859	)
12/21/2022	Deutsche Bank AG		GBP	3,425,000		USD	3,642,894		(291,607	)
12/21/2022	Deutsche Bank AG		USD	13,041,163		GBP	11,284,913		(77,511	)
12/21/2022	Deutsche Bank AG		USD	7,966,332		IDR	119,136,500,000		(354,187	)
12/21/2022	Deutsche Bank AG		USD	24,073,645		PLN	115,620,900		(58,180	)

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

19 Invesco International Bond Fund

Open Forward Foreign Currency Contracts–(continued)
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
12/21/2022	Deutsche Bank AG		USD	44,292,546		ZAR	777,874,550	$	(2,104,761	)
11/14/2022	Goldman Sachs International		USD	39,615,026		ZAR	682,165,000		(2,512,284	)
12/21/2022	Goldman Sachs International		MXN	888,374,082		USD	44,100,000		(355,131	)
12/21/2022	Goldman Sachs International		PLN	105,870,000		USD	21,673,740		(316,377	)
12/21/2022	Goldman Sachs International		USD	14,000,000		HUF	5,622,827,000		(614,548	)
06/29/2023	Goldman Sachs International		PLN	37,966,555		USD	7,370,000		(289,864	)
07/26/2023	Goldman Sachs International		ZAR	140,775,000		USD	7,500,000		(29,939	)
09/29/2023	Goldman Sachs International		SEK	55,197,500		USD	5,000,000		(99,848	)
10/16/2023	Goldman Sachs International		AUD	12,250,000		USD	7,754,250		(157,460	)
10/16/2023	Goldman Sachs International		NZD	23,333,333		USD	13,055,000		(545,402	)
11/28/2022	J.P. Morgan Chase Bank, N.A.		EUR	9,000,000		NOK	89,104,410		(332,646	)
12/20/2022	J.P. Morgan Chase Bank, N.A.		BRL	71,550,000		USD	13,250,000		(463,446	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		EUR	5,520,000		USD	5,427,320		(50,116	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		HUF	14,817,056,473		USD	33,800,000		(1,472,825	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		MXN	341,880,000		USD	16,637,428		(470,591	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	106,126		CLP	95,672,818		(5,553	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	13,795,976		HUF	5,615,652,000		(427,605	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	37,396,942		INR	3,006,639,386		(1,288,797	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	57,781,468		JPY	8,218,654,529		(2,164,430	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	25,554,165		KRW	35,190,384,742		(876,714	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	28,532,645		NOK	285,331,389		(1,039,835	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	6,700,000		ZAR	119,816,107		(201,811	)
02/17/2023	J.P. Morgan Chase Bank, N.A.		RUB	310,125,000		USD	3,750,000		(727,269	)
02/22/2023	J.P. Morgan Chase Bank, N.A.		RUB	331,851,000		USD	3,900,000		(869,629	)
03/20/2023	J.P. Morgan Chase Bank, N.A.		BRL	30,250,000		USD	5,500,000		(198,894	)
12/21/2022	Morgan Stanley and Co. International PLC		MXN	351,207,000		USD	17,185,281		(389,469	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	20,089,372		CZK	498,839,200		(12,387	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	322,999,308		EUR	320,375,211		(5,094,473	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	25,642,000		JPY	3,735,312,449		(364,503	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	5,669,611		SEK	60,289,130		(186,553	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	58,149,476		THB	2,107,337,000		(2,537,115	)
12/21/2022	Standard Chartered Bank PLC		GBP	7,000,000		USD	7,471,950		(569,367	)
Subtotal–Depreciation									(56,750,474	)
Total Forward Foreign Currency Contracts								$	(4,520,035	)

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		1.081%		EUR	10,750,000		$(110,617	)		$     36,292		$146,909
Markit iTraxx Europe Sub Financials, Series 37, Version 1		Buy		(1.00)		Quarterly		06/20/2027		2.065		EUR	10,625,000		337,165			465,488		128,323
Intercontinental Exchange, Inc.		Buy		(1.00)		Quarterly		12/20/2027		2.959		USD	17,500,000		1,426,556			1,449,610		23,054
Subtotal - Appreciation															1,653,104			1,951,390		298,286

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

20 Invesco International Bond Fund

	Open Centrally Cleared Credit Default Swap Agreements(a)–(continued)
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Implied Credit Spread(b)		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Credit Risk
South Africa Republic International Bonds		Buy		(1.00)%		Quarterly		06/20/2027		2.848%		USD	5,000,000		$   371,280	$	364,938		$   (6,342)
Societe Generale		Sell		1.00		Quarterly		06/20/2027		1.300		EUR	15,000,000		14,931		(188,629	)	(203,560)
Subtotal - Depreciation															386,211		176,309		(209,902)
Total Centrally Cleared Credit Default Swap Agreements															$2,039,315	$	2,127,699		$   88,384

^(a) Centrally cleared swap agreements collateralized by $46,682,751 cash held with Counterparties.

^(b)  Implied credit spreads represent the current level, as of October 31, 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	28 Day MXN TIIE	28 Day		(10.04	)%	28 Day		12/18/2024		MXN	550,000,000	$	–		$	12,458			$  12,458
Receive	6 Month THBFIX	Semi-Annually		(1.97	)	Semi-Annually		05/13/2024		THB	875,000,000		–			37,376			37,376
Receive	TTHORON	Quarterly		(2.59	)	Quarterly		06/13/2027		THB	355,000,000		–			41,772			41,772
Receive	6 Month THBFIX	Semi-Annually		(1.95	)	Semi-Annually		05/13/2024		THB	850,000,000		–			43,026			43,026
Receive	COOVIBR	Quarterly		(11.50	)	Quarterly		11/02/2024		COP	137,500,000,000		–			59,711			59,711
Pay	TONAR	Annually		0.24		Annually		09/29/2027		JPY	8,825,000,000		(73,086	)		(10,993	)		62,093
Receive	FBIL Overnight MIBOR	Semi-Annually		(6.62	)	Semi-Annually		05/02/2027		INR	1,800,000,000		–			71,611			71,611
Receive	COOVIBR	Quarterly		(11.46	)	Quarterly		11/01/2024		COP	137,500,000,000		–			81,491			81,491
Receive	3 Month JIBAR	Quarterly		(7.98	)	Quarterly		03/07/2032		ZAR	16,000,000		–			83,246			83,246
Receive	3 Month JIBAR	Quarterly		(7.95	)	Quarterly		03/07/2032		ZAR	16,500,000		–			87,573			87,573
Receive	6 Month THBFIX	Semi-Annually		(1.71	)	Semi-Annually		04/18/2025		THB	573,000,000		–			88,267			88,267
Receive	6 Month THBFIX	Semi-Annually		(1.66	)	Semi-Annually		05/26/2024		THB	850,000,000		–			140,473			140,473
Receive	BZDIOVRA	At Maturity		(12.84	)	At Maturity		01/02/2024		BRL	695,808,610		–			166,814			166,814
Pay	TONAR	Annually		0.30		Annually		09/29/2027		JPY	8,825,000,000		(39,985	)		163,110			203,095
Receive	COOVIBR	Quarterly		(9.85	)	Quarterly		07/21/2032		COP	17,843,000,000		–			224,759			224,759
Receive	6 Month WIBOR	Semi-Annually		(7.61	)	Annually		09/21/2024		PLN	127,000,000		–			240,749			240,749
Receive	COOVIBR	Quarterly		(9.71	)	Quarterly		07/21/2032		COP	16,883,000,000		–			241,409			241,409
Receive	SOFR	Annually		(3.39	)	Annually		11/09/2052		USD	20,400,000		–			248,529			248,529
Pay	BZDIOVRA	At Maturity		11.72		At Maturity		01/02/2026		BRL	248,590,247		–			302,293			302,293
Receive	COOVIBR	Quarterly		(8.54	)	Quarterly		05/27/2032		COP	13,500,000,000		–			383,872			383,872
Receive	COOVIBR	Quarterly		(9.86	)	Quarterly		09/09/2032		COP	36,000,000,000		–			446,274			446,274
Receive	28 Day MXN TIIE	28 Day		(9.43	)	28 Day		12/18/2024		MXN	850,000,000		–			481,393			481,393
Receive	SOFR	Annually		(3.36	)	Annually		11/09/2052		USD	27,200,000		–			494,291			494,291
Receive	3 Month ADBB	Quarterly		(3.70	)	Quarterly		09/07/2025		AUD	104,000,000		–			513,652			513,652

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

21 Invesco International Bond Fund

Open Centrally Cleared Interest Rate Swap Agreements(a)–(continued)
Pay/ 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	28 Day MXN TIIE	28 Day		(9.36	)%	28 Day		12/18/2024		MXN	850,000,000	$	–		$	538,683		$	538,683
Pay	SONIA	Annually		3.99		Annually		10/24/2052		GBP	4,500,000		–			673,288			673,288
Receive	3 Month JIBAR	Quarterly		(7.42	)	Quarterly		05/05/2027		ZAR	370,000,000		–			740,980			740,980
Receive	3 Month JIBAR	Quarterly		(7.45	)	Quarterly		04/29/2027		ZAR	385,000,000		–			741,819			741,819
Pay	SOFR	Annually		3.89		Annually		10/27/2032		USD	157,500,000		(7,196	)		788,062			795,258
Receive	COOVIBR	Quarterly		(9.01	)	Quarterly		05/24/2032		COP	36,300,000,000		–			819,663			819,663
Receive	3 Month JIBAR	Quarterly		(6.61	)	Quarterly		10/19/2026		ZAR	336,700,000		1,507			1,023,335			1,021,828
Receive	3 Month JIBAR	Quarterly		(6.65	)	Quarterly		10/11/2026		ZAR	350,000,000		–			1,072,059			1,072,059
Pay	BZDIOVRA	At Maturity		12.88		At Maturity		01/04/2027		BRL	103,795,903		–			1,209,114			1,209,114
Pay	BZDIOVRA	At Maturity		12.90		At Maturity		01/04/2027		BRL	122,728,546		–			1,445,560			1,445,560
Receive	SOFR	Annually		(3.53	)	Annually		09/27/2032		USD	62,000,000		–			1,511,660			1,511,660
Receive	FBIL Overnight MIBOR	Semi-Annually		(5.65	)	Semi-Annually		02/17/2027		INR	2,625,000,000		–			1,519,066			1,519,066
Receive	3 Month JIBAR	Quarterly		(7.50	)	Quarterly		03/01/2031		ZAR	310,000,000		1,830			1,826,405			1,824,575
Receive	COOVIBR	Quarterly		(4.20	)	Quarterly		02/08/2031		COP	43,000,000,000		–			4,145,809			4,145,809
Receive	CLICP	Semi-Annually		(2.34	)	Semi-Annually		03/10/2026		CLP	30,000,000,000		–			4,780,130			4,780,130
Subtotal – Appreciation													(116,930	)		27,478,789			27,595,719
Interest Rate Risk
Pay	SOFR	Annually		2.84		Annually		06/09/2033		USD	132,500,000		–			(9,854,587	)		(9,854,587	)
Pay	6 Month EURIBOR	Semi-Annually		0.64		Annually		03/03/2032		EUR	45,000,000		–			(8,490,415	)		(8,490,415	)
Pay	6 Month EURIBOR	Semi-Annually		2.43		Annually		09/05/2032		EUR	91,400,000		(20,227	)		(4,380,812	)		(4,360,585	)
Pay	SONIA	Annually		2.24		Annually		10/11/2032		GBP	25,000,000		–			(3,634,124	)		(3,634,124	)
Pay	SOFR	Annually		3.38		Annually		09/08/2025		USD	70,500,000		–			(1,807,609	)		(1,807,609	)
Receive	SONIA	Annually		(5.73	)	Annually		09/28/2024		GBP	50,000,000		5,032			(1,185,188	)		(1,190,220	)
Receive	SONIA	Annually		(5.41	)	Annually		09/27/2024		GBP	50,000,000		4,504			(857,285	)		(861,789	)
Receive	SONIA	Annually		(4.96	)	Annually		10/04/2024		GBP	100,000,000		–			(789,082	)		(789,082	)
Receive	SONIA	Annually		(5.51	)	Annually		09/28/2024		GBP	27,000,000		2,552			(520,339	)		(522,891	)
Pay	SOFR	Annually		3.94		Annually		11/09/2027		USD	111,350,000		–			(460,090	)		(460,090	)
Pay	28 Day MXN TIIE	28 Day		8.68		28 Day		12/08/2032		MXN	231,250,000		–			(443,254	)		(443,254	)
Pay	28 Day MXN TIIE	28 Day		8.79		28 Day		12/08/2032		MXN	232,500,000		–			(365,211	)		(365,211	)
Receive	CLICP	Semi-Annually		(7.41	)	Semi-Annually		07/22/2027		CLP	11,000,000,000		–			(269,652	)		(269,652	)
Pay	BZDIOVRA	At Maturity		11.30		At Maturity		01/02/2026		BRL	259,730,842		–			(268,701	)		(268,701	)
Receive	FBIL Overnight MIBOR	Semi-Annually		(7.02	)	Semi-Annually		05/25/2027		INR	1,875,000,000		–			(258,099	)		(258,099	)
Pay	BZDIOVRA	At Maturity		11.27		At Maturity		01/02/2029		BRL	85,886,849		–			(164,106	)		(164,106	)
Receive	BZDIOVRA	At Maturity		(13.08	)	At Maturity		01/02/2024		BRL	638,756,367		–			(141,253	)		(141,253	)
Pay	CLICP	Annually		10.90		Annually		07/22/2023		CLP	49,850,000,000		–			(121,341	)		(121,341	)
Pay	SOFR	Annually		4.00		Annually		11/09/2027		USD	83,512,500		–			(107,740	)		(107,740	)
Pay	BZDIOVRA	At Maturity		11.44		At Maturity		01/02/2026		BRL	257,483,601		–			(106,221	)		(106,221	)
Receive	BZDIOVRA	At Maturity		(13.00	)	At Maturity		01/02/2024		BRL	670,830,035		–			(43,178	)		(43,178	)

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

22 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)
Pay	28 Day MXN TIIE	28 Day	9.24%	28 Day	12/08/2032		MXN    152,500,000		$             –			$      (13,958	)		$     (13,958	)
Receive	6 Month THBFIX	Semi-Annually	(2.11)	Semi-Annually	05/11/2024		THB    850,000,000		–			(8,746	)		(8,746	)
Subtotal – Depreciation									(8,139	)		(34,290,991	)		(34,282,852	)
Total Centrally Cleared Interest Rate Swap Agreements									$(125,069	)		$(6,812,202	)		$(6,687,133	)

^(a)  Centrally cleared swap agreements collateralized by $46,682,751 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
Goldman Sachs International	Royal Bank of Scotland Group PLC (The)	Buy	(1.00)%		Quarterly		12/20/2027		2.153%		EUR	5,000,000		$  193,630	$	262,170			$      68,540
J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)	Buy	(1.00)		Quarterly		06/20/2027		2.047		EUR	7,500,000		241,772		327,346			85,574
Subtotal–Appreciation														435,402		589,516			154,114
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.	Buy	(1.00)		Quarterly		12/20/2024		1.105		EUR	5,000,000		27,225		10,761			(16,464	)
Citibank, N.A.	Assicurazioni Generali S.p.A.	Sell	1.00		Quarterly		12/20/2024		0.742		EUR	10,000,000		41,911		26,551			(15,360	)
Goldman Sachs International	Markit iTraxx Europe Crossover Index, Series 32, Version 5	Sell	5.00		Quarterly		12/20/2024		8.244		EUR	10,000,000		549,672		(633,966	)		(1,183,638	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8	Sell	5.00		Quarterly		12/20/2023		13.894		EUR	5,000,000		23,081		(471,679	)		(494,760	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8	Sell	5.00		Quarterly		12/20/2023		13.894		EUR	10,000,000		137,236		(943,359	)		(1,080,595	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8	Sell	5.00		Quarterly		12/20/2023		13.894		EUR	5,000,000		51,568		(471,679	)		(523,247	)
Subtotal–Depreciation														830,693		(2,483,371	)		(3,314,064	)
Total Open Over-The-Counter Credit Default Swap Agreements														$ 1,266,095	$	(1,893,855	)		$(3,159,950	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

^(b)  Implied credit spreads represent the current level, as of October 31, 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 198,000,000	$–	$588,460	$588,460

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

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

23 Invesco International Bond Fund

Abbreviations:
ADBB	–Australian Dollar Bank Bill
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
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
HUF	–Hungarian Forint
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
NZD	–New Zealand Dollar
PLN	–Polish Zloty
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
TTHORON	–Thai Overnight Repurchase Rate
USD	–U.S. Dollar
WIBOR	–Warsaw Interbank Offered Rate
ZAR	–South African Rand

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

24 Invesco International Bond Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $1,359,685,807)*	$	1,132,597,106
Investments in affiliated money market funds, at value (Cost $71,096,361)		71,096,776
Other investments:
Variation margin receivable – futures contracts		1,768,476
Swaps receivable – OTC		230,871
Unrealized appreciation on swap agreements – OTC		742,574
Premiums paid on swap agreements – OTC		1,266,095
Unrealized appreciation on forward foreign currency contracts outstanding		52,230,439
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		3,898,686
Cash collateral – centrally cleared swap agreements		46,682,751
Cash collateral – OTC Derivatives		68,869,000
Cash		42,158,928
Foreign currencies, at value (Cost $4,633,269)		4,552,334
Receivable for:
Investments sold		11,474,175
Fund shares sold		491,164
Dividends		179,801
Interest		18,257,452
Investment for trustee deferred compensation and retirement plans		305,552
Other assets		80,500
Total assets		1,456,882,680
Liabilities:
Other investments:
Options written, at value (premiums received $77,289,829)		96,158,624
Variation margin payable – centrally cleared swap agreements		474,887
Unrealized depreciation on forward foreign currency contracts outstanding		56,750,474
Swaps payable – OTC		20,061
Unrealized depreciation on swap agreements–OTC		3,314,064
Payable for:
Investments purchased		562,500
Dividends		793,071
Fund shares reacquired		1,978,614
Collateral upon return of securities loaned		4,458,070
Accrued fees to affiliates		745,594
Accrued trustees’ and officers’ fees and benefits		2,557
Accrued other operating expenses		489,065
Trustee deferred compensation and retirement plans		305,552
Total liabilities		166,053,133
Net assets applicable to shares outstanding	$	1,290,829,547

Net assets consist of:
Shares of beneficial interest	$	1,784,450,508
Distributable earnings (loss)		(493,620,961	)
	$	1,290,829,547
Net Assets:
Class A	$	449,632,034
Class C	$	17,453,871
Class R	$	40,961,932
Class Y	$	497,024,787
Class R5	$	964,460
Class R6	$	284,792,463
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		113,585,050
Class C		4,426,215
Class R		10,378,270
Class Y		125,643,837
Class R5		243,253
Class R6		72,041,044
Class A:
Net asset value per share	$	3.96
Maximum offering price per share (Net asset value of $3.96 ÷ 95.75%)	$	4.14
Class C:
Net asset value and offering price per share	$	3.94
Class R:
Net asset value and offering price per share	$	3.95
Class Y:
Net asset value and offering price per share	$	3.96
Class R5:
Net asset value and offering price per share	$	3.96
Class R6:
Net asset value and offering price per share	$	3.95

* At October 31, 2022, securities with an aggregate value of $4,378,635 were on loan to brokers.

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

25 Invesco International Bond Fund

Consolidated Statement of Operations

For the year ended October 31, 2022

Investment income:
Interest (net of foreign withholding taxes of $885,055)	$	74,849,595
Dividends from affiliated money market funds (includes net securities lending income of $16,581)		849,126
Total investment income		75,698,721
Expenses:
Advisory fees		10,246,466
Administrative services fees		247,363
Custodian fees		384,380
Distribution fees:
Class A		1,393,647
Class C		231,354
Class R		252,328
Interest, facilities and maintenance fees		2,543,181
Transfer agent fees – A, C, R and Y		2,488,787
Transfer agent fees – R5		574
Transfer agent fees – R6		120,348
Trustees’ and officers’ fees and benefits		34,663
Registration and filing fees		99,601
Professional services fees		135,227
Other		(755,898	)
Total expenses		17,422,021
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(366,861	)
Net expenses		17,055,160
Net investment income		58,643,561
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $ 19,900)		(211,296,134	)
Affiliated investment securities		6,537
Foreign currencies		(8,159,641	)
Forward foreign currency contracts		10,925,978
Futures contracts		59,070,747
Option contracts written		10,577,835
Swap agreements		(164,269,292	)
		(303,143,970	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $ 341,826)		(134,898,751	)
Affiliated investment securities		696
Foreign currencies		(568,132	)
Forward foreign currency contracts		(15,480,119	)
Futures contracts		4,824,930
Option contracts written		(8,908,052	)
Swap agreements		37,685,704
		(117,343,724	)
Net realized and unrealized gain (loss)		(420,487,694	)
Net increase (decrease) in net assets resulting from operations	$	(361,844,133	)

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

26 Invesco International Bond Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income	$	58,643,561		$	74,439,003
Net realized gain (loss)		(303,143,970	)		(79,750,107	)
Change in net unrealized appreciation (depreciation)		(117,343,724	)		(56,669,898	)
Net increase (decrease) in net assets resulting from operations		(361,844,133	)		(61,981,002	)
Return of capital:
Class A		(17,732,927	)		(21,704,815	)
Class C		(542,467	)		(810,790	)
Class R		(1,451,576	)		(1,769,009	)
Class Y		(24,106,074	)		(31,503,592	)
Class R5		(22,987	)		(907	)
Class R6		(12,876,954	)		(17,034,255	)
Total return of capital		(56,732,985	)		(72,823,368	)
Share transactions–net:
Class A		(102,712,578	)		(163,005,229	)
Class C		(7,390,569	)		(33,693,204	)
Class R		(7,684,378	)		(15,250,325	)
Class Y		(266,241,633	)		(109,968,834	)
Class R5		1,078,038			62,702
Class R6		(96,211,294	)		(73,986,017	)
Net increase (decrease) in net assets resulting from share transactions		(479,162,414	)		(395,840,907	)
Net increase (decrease) in net assets		(897,739,532	)		(530,645,277	)
Net assets:
Beginning of year		2,188,569,079			2,719,214,356
End of year	$	1,290,829,547		$	2,188,569,079

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

27 Invesco International Bond Fund

Consolidated Financial Highlights

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Year ended 10/31/22		$	5.08		$	0.15		$	(1.13	)		$	(0.98	)		$	–			$	(0.14	)		$	(0.14	)		$	3.96		(19.50	)%		$	449,632		1.16	%(e)		1.18	%(e)		3.21	%(e)		90	%
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	(f)		1.03	(f)		4.60	(f)		7
Year ended 09/30/19			5.47			0.28			(0.06	)			0.22				–				(0.28	)			(0.28	)			5.41		4.15				1,039,683		0.99			1.02			5.15			105
Year ended 09/30/18			5.95			0.25			(0.48	)			(0.23	)			(0.13	)			(0.12	)			(0.25	)			5.47		(4.20	)			1,082,539		0.99			1.01			4.31			115
Class C
Year ended 10/31/22			5.06			0.11			(1.12	)			(1.01	)			–				(0.11	)			(0.11	)			3.94		(20.21	)			17,454		1.91	(e)		1.93	(e)		2.46	(e)		90
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	(f)		1.79	(f)		3.84	(f)		7
Year ended 09/30/19			5.45			0.24			(0.06	)			0.18				–				(0.24	)			(0.24	)			5.39		3.36				116,134		1.74			1.77			4.39			105
Year ended 09/30/18			5.93			0.21			(0.48	)			(0.27	)			(0.11	)			(0.10	)			(0.21	)			5.45		(4.79	)			291,793		1.74			1.76			3.56			115
Class R
Year ended 10/31/22			5.06			0.14			(1.12	)			(0.98	)			–				(0.13	)			(0.13	)			3.95		(19.59	)			40,962		1.41	(e)		1.43	(e)		2.96	(e)		90
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	(f)		1.29	(f)		4.34	(f)		7
Year ended 09/30/19			5.45			0.27			(0.06	)			0.21				–				(0.27	)			(0.27	)			5.39		3.88				98,380		1.24			1.27			4.90			105
Year ended 09/30/18			5.93			0.24			(0.49	)			(0.25	)			(0.12	)			(0.11	)			(0.23	)			5.45		(4.47	)			117,668		1.23			1.25			4.06			115
Class Y
Year ended 10/31/22			5.08			0.16			(1.12	)			(0.96	)			–				(0.16	)			(0.16	)			3.96		(19.28	)			497,025		0.91	(e)		0.93	(e)		3.46	(e)		90
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	(f)		0.79	(f)		4.84	(f)		7
Year ended 09/30/19			5.47			0.29			(0.05	)			0.24				–				(0.30	)			(0.30	)			5.41		4.40				1,611,797		0.74			0.77			5.39			105
Year ended 09/30/18			5.95			0.26			(0.48	)			(0.22	)			(0.14	)			(0.12	)			(0.26	)			5.47		(3.80	)			2,597,821		0.74			0.76			4.56			115
Class R5
Year ended 10/31/22			5.08			0.15			(1.11	)			(0.96	)			–				(0.16	)			(0.16	)			3.96		(19.23	)			964		0.84	(e)		0.84	(e)		3.53	(e)		90
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	(f)		0.68	(f)		4.93	(f)		7
Period ended 09/30/19(g)			5.41			0.11			(0.01	)			0.10				–				(0.10	)			(0.10	)			5.41		1.74				10		0.65	(f)		0.67	(f)		5.48	(f)		105
Class R6
Year ended 10/31/22			5.07			0.17			(1.13	)			(0.96	)			–				(0.16	)			(0.16	)			3.95		(19.25	)			284,792		0.78	(e)		0.78	(e)		3.59	(e)		90
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	(f)		0.62	(f)		5.01	(f)		7
Year ended 09/30/19			5.46			0.30			(0.06	)			0.24				–				(0.30	)			(0.30	)			5.40		4.55				857,498		0.60			0.62			5.53			105
Year ended 09/30/18			5.94			0.27			(0.48	)			(0.21	)			(0.14	)			(0.13	)			(0.27	)			5.46		(3.83	)			1,404,290		0.58			0.60			4.71			115

^(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% and 0.01% for the one month ended October 31, 2019 and the years ended September 30, 2019 and 2018 respectively.

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

^(e)  Ratios include interest, facilities and maintenance fees of 0.15% for the year ended October 31, 2022.

^(f)  Annualized.

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

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

28 Invesco International Bond Fund

Notes to Consolidated Financial Statements

October 31, 2022

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 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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

29 Invesco International Bond Fund

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

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

C. Country Determination - For the purposes of making investment selection decisions and presentation in the 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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. Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts, and other expenses associated with establishing and maintaining a line of credit.

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

K. Structured Securities - The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (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

30 Invesco International Bond Fund

amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

L. Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations.

M. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the 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.

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

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

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 for hedging 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.

O. 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 or asset. 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.

P. 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.

31 Invesco International Bond 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.

Q. Put Options Purchased and Written - The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

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

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

R. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, 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 net asset value (“NAV”) per share 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

32 Invesco International Bond 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. 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 October 31, 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.

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 - 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. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

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.

Following Russia’s invasion of Ukraine in late February 2022, various countries, including the United States, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus. The resulting responses to the military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional counter measures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to Russian issuers or the adjoining geographic regions.

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.

33 Invesco International Bond Fund

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 year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.59%.

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 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”). Effective March 1, 2023, through at least February 29, 2024, 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 1.04%, 1.79%, 1.29%, 0.79%, 0.79%, and 0.79%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate February 29, 2024. 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 (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2022, the Adviser waived advisory fees of $70,091 and reimbursed class level expenses of $112,011, $5,389, $12,296, $161,412, $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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $17,330 in front-end sales commissions from the sale of Class A shares and $591 and $962 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.

34 Invesco International Bond 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	–	$	651,111,918		$	–	$	651,111,918
U.S. Dollar Denominated Bonds & Notes		–		239,208,897			–		239,208,897
Asset-Backed Securities		–		108,617,789			2,836,328		111,454,117
U.S. Treasury Securities		–		25,924,900			–		25,924,900
Common Stocks & Other Equity Interests		21,058,938		–			4,299,807		25,358,745
Preferred Stocks		–		6,817,607			–		6,817,607
Money Market Funds		66,638,637		4,458,139			–		71,096,776
Options Purchased		–		72,720,922			–		72,720,922
Total Investments in Securities		87,697,575		1,108,860,172			7,136,135		1,203,693,882
Other Investments - Assets*
Futures Contracts		4,668,545		–			–		4,668,545
Forward Foreign Currency Contracts		–		52,230,439			–		52,230,439
Swap Agreements		–		28,636,579			–		28,636,579
		4,668,545		80,867,018			–		85,535,563
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(56,750,474	)		–		(56,750,474	)
Options Written		–		(96,158,624	)		–		(96,158,624	)
Swap Agreements		–		(37,806,818	)		–		(37,806,818	)
		–		(190,715,916	)		–		(190,715,916	)
Total Other Investments		4,668,545		(109,848,898	)		–		(105,180,353	)
Total Investments	$	92,366,120	$	999,011,274		$	7,136,135	$	1,098,513,529

* 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.

35 Invesco International Bond Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:

	Value
Derivative Assets	Credit Risk			Currency Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	–		$	–		$	4,668,545		$	4,668,545
Unrealized appreciation on swap agreements – Centrally Cleared(a)		298,286			–			27,595,719			27,894,005
Unrealized appreciation on forward foreign currency contracts outstanding		–			52,230,439			–			52,230,439
Unrealized appreciation on swap agreements – OTC		154,114			–			588,460			742,574
Options purchased, at value – OTC(b)		1,526,511			14,488,198			56,706,213			72,720,922
Total Derivative Assets		1,978,911			66,718,637			89,558,937			158,256,485
Derivatives not subject to master netting agreements		(298,286	)		–			(32,264,264	)		(32,562,550	)
Total Derivative Assets subject to master netting agreements	$	1,680,625		$	66,718,637		$	57,294,673		$	125,693,935
	Value
Derivative Liabilities	Credit Risk			Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on swap agreements – Centrally Cleared(a)	$	(209,902	)	$	–		$	(34,282,852	)	$	(34,492,754	)
Unrealized depreciation on forward foreign currency contracts outstanding		–			(56,750,474	)		–			(56,750,474	)
Unrealized depreciation on swap agreements – OTC		(3,314,064	)		–			–			(3,314,064	)
Options written, at value – OTC		(973,120	)		(10,568,485	)		(84,617,019	)		(96,158,624	)
Total Derivative Liabilities		(4,497,086	)		(67,318,959	)		(118,899,871	)		(190,715,916	)
Derivatives not subject to master netting agreements		209,902			–			34,282,852			34,492,754
Total Derivative Liabilities subject to master netting agreements	$	(4,287,184	)	$	(67,318,959	)	$	(84,617,019	)	$	(156,223,162	)

^(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 October 31, 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.	$	14,367,746	$	3,173,999		$ 605,293	$	18,147,038	$	(17,769,738	)	$	(13,141,644	)	$	–		$	(30,911,382	)	$	(12,764,344	)	$–	$	12,270,000		$	(494,344	)
Barclays Bank PLC		–		–		–		–		–			(372,926	)		–			(372,926	)		(372,926	)	–		372,926			–
BNP Paribas S.A.		–		–		–		–		(517,412	)		–			–			(517,412	)		(517,412	)	–		–			(517,412	)
Citibank, N.A.		11,029,471		–		5,732		11,035,203		(10,912,197	)		–			(37,555	)		(10,949,752	)		85,451		–		(85,451	)		–
Deutsche Bank AG		6,539,770		–		–		6,539,770		(2,886,246	)		–			–			(2,886,246	)		3,653,524		–		–			3,653,524
Goldman Sachs International		8,461,474		6,782,078		125,859		15,369,411		(4,920,853	)		(36,862,612	)		(1,189,370	)		(42,972,835	)		(27,603,424	)	–		27,603,424			–
J.P. Morgan Chase Bank, N.A.		6,206,073		17,168,414		236,561		23,611,048		(10,590,161	)		(29,448,538	)		(2,107,200	)		(42,145,899	)		(18,534,851	)	–		18,534,851			–
Morgan Stanley and Co. International PLC		5,324,738		45,289,551		–		50,614,289		(8,584,500	)		(16,332,904	)		–			(24,917,404	)		25,696,885		–		–			25,696,885
Royal Bank of Canada		301,167		–		–		301,167		–			–			–			–			301,167		–		(280,000	)		21,167
Standard Chartered Bank PLC		–		306,880		–		306,880		(569,367	)		–			–			(569,367	)		(262,487	)	–		262,487			–
Total	$	52,230,439	$	72,720,922		$973,445	$	125,924,806	$	(56,750,474	)	$	(96,158,624	)	$	(3,334,125	)	$	(156,243,223	)	$	(30,318,417	)	$–	$	58,678,237		$	28,359,820

36 Invesco International Bond Fund

Effect of Derivative Investments for the year ended October 31, 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 Risk			Currency Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	10,925,978		$	-		$	10,925,978
Futures contracts		-			-			59,070,747			59,070,747
Options purchased(a)		-			(22,100,576	)		208,191			(21,892,385	)
Options written		(1,532,883	)		(16,581,884	)		28,692,602			10,577,835
Swap agreements		4,903,027			-			(169,172,319	)		(164,269,292	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(15,480,119	)		-			(15,480,119	)
Futures contracts		-			-			4,824,930			4,824,930
Options purchased(a)		944,391			5,614,999			31,807,913			38,367,303
Options written		(783,861	)		3,320,653			(11,444,844	)		(8,908,052	)
Swap agreements		(3,344,181	)		-			41,029,885			37,685,704
Total	$	186,493		$	(34,300,949	)	$	(14,982,895	)	$	(49,097,351	)

^(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

$5,397,178,779

$

360,220,408

$

490,429,147

$

1,279,873,493

$

3,311,255,064

$

636,311,690

$

19,759,422,857

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,662.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Return of capital		56,732,985		72,823,368

37 Invesco International Bond Fund

Tax Components of Net Assets at Period-End:

	2022
Net unrealized appreciation (depreciation) – investments	$	(255,739,005	)
Net unrealized appreciation (depreciation) – foreign currencies		(1,535,814	)
Temporary book/tax differences		(302,025	)
Capital loss carryforward		(236,044,117	)
Shares of beneficial interest		1,784,450,508
Total net assets	$	1,290,829,547

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to derivative instruments and straddles.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	198,541,915	$	37,502,202	$	236,044,117

* 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 year ended October 31, 2022 was $1,223,529,939 and $1,662,611,453, 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	$	167,894,585
Aggregate unrealized (depreciation) of investments		(423,633,590	)
Net unrealized appreciation (depreciation) of investments	$	(255,739,005	)

Cost of investments for tax purposes is $1,356,206,808.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses and return of capital distributions, on October 31, 2022, undistributed net investment income was increased by $16,084,588, undistributed net realized gain (loss) was increased by $223,148,368 and shares of beneficial interest was decreased by $239,232,955. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended				Year ended
	October 31, 2022(a)				October 31, 2021
	Shares		Amount		Shares		Amount
Sold:
Class A		6,791,760	$	31,312,761		10,679,165	$	59,163,264
Class C		482,560		2,196,516		749,964		4,152,544
Class R		1,266,442		5,839,373		1,933,033		10,661,305
Class Y		39,767,405		189,983,572		52,906,667		292,887,665
Class R5		248,165		1,156,653		11,857		62,852
Class R6		11,857,360		54,706,960		25,033,048		138,232,595
Issued as reinvestment of dividends:
Class A		3,281,576		14,668,894		3,272,113		17,895,284
Class C		103,470		459,930		120,518		658,289
Class R		323,717		1,439,296		321,804		1,754,902
Class Y		3,842,890		17,291,282		4,262,472		23,303,587
Class R5		5,409		22,693		114		596
Class R6		2,593,720		11,614,884		2,726,524		14,911,604

38 Invesco International Bond Fund

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		656,099		$	3,019,260			4,513,898		$	25,808,212
Class C		(658,721	)		(3,019,260	)		(4,530,213	)		(25,808,212	)
Reacquired:
Class A		(33,153,319	)		(151,713,493	)		(47,989,282	)		(265,871,989	)
Class C		(1,512,565	)		(7,027,755	)		(2,295,274	)		(12,695,825	)
Class R		(3,239,823	)		(14,963,047	)		(5,025,642	)		(27,666,532	)
Class Y		(102,430,021	)		(473,516,487	)		(77,271,663	)		(426,160,086	)
Class R5		(23,998	)		(101,308	)		(142	)		(746	)
Class R6		(35,016,427	)		(162,533,138	)		(41,611,072	)		(227,130,216	)
Net increase (decrease) in share activity		(104,814,301	)	$	(479,162,414	)		(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 46% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

39 Invesco International Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco International Bond Fund

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco International Bond Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related consolidated statement of operations for the year ended October 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the three years in the period ended October 31, 2022, the one month ended October 31, 2019, and the year ended September 30, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022, the one month ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through September 30, 2019 for Class R5.

The consolidated financial statements of Oppenheimer International Bond Fund (subsequently renamed Invesco International Bond Fund) as of and for the year ended September 30, 2018 and the consolidated financial highlights for the year then ended (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated November 28, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, portfolio company investees, and brokers; when replies were not received from brokers or portfolio company investees, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

40 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 May 1, 2022 through October 31, 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 (05/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (10/31/22)1	Expenses Paid During Period2	Ending Account Value (10/31/22)	Expenses Paid During Period2
Class A	$1,000.00	$902.20	$6.42	$1,018.45	$6.82	1.34%
Class C	1,000.00	898.20	10.00	1,014.67	10.61	2.09
Class R	1,000.00	902.80	7.63	1,017.19	8.08	1.59
Class Y	1,000.00	903.20	5.23	1,019.71	5.55	1.09
Class R5	1,000.00	903.60	4.17	1,020.82	4.43	0.87
Class R6	1,000.00	903.50	4.70	1,020.27	4.99	0.98

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

41 Invesco International Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Bond Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Custom Invesco International Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that the Fund’s exposure to emerging market interest rates and currencies detracted from performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different

42 Invesco International Bond Fund

performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and

the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

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

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

43 Invesco International Bond Fund

Tax Information

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

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

    The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

44 Invesco International Bond Fund

Trustees and Officers

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

Name, Year of Birth and  Position(s) Held with the  Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹ Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco International Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco International Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco International Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco International Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers– (continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco International Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-6 Invesco International Bond Fund

(This page intentionally left blank)

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-IBD-AR-1                                         

Annual Report to Shareholders October 31, 2022

Invesco Macro Allocation Strategy Fund

Nasdaq:

A: GMSDX ∎ C: GMSEX ∎ R: GMSJX ∎ Y: GMSHX ∎ R5: GMSKX ∎ R6: GMSLX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Consolidated Schedule of Investments
13	Consolidated Financial Statements
16	Consolidated Financial Highlights
17	Notes to Consolidated Financial Statements
26	Report of Independent Registered Public Accounting Firm
27	Fund Expenses
28	Approval of Investment Advisory and Sub-Advisory Contracts
31	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Macro Allocation Strategy Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg 3-Month Treasury Bellwether Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-9.88	%
Class C Shares	-10.66
Class R Shares	-10.11
Class Y Shares	-9.70
Class R5 Shares	-9.69
Class R6 Shares	-9.72
Bloomberg 3-Month Treasury Bellwether Index▼ (Broad Market/Style-Specific Index)	0.80
Lipper Absolute Return Funds Index∎ (Peer Group Index)	-6.39
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2022, the Fund at NAV reported negative absolute performance as two of the major asset classes in which the Fund invests (stocks and sovereign debt) detracted from results, while the commodities exposure contributed. The Fund operates on a fully systematic platform and invests in derivatives, such as swaps, options and futures, which are expected to correspond to the performance of US and international fixed-income, equity and commodity markets. The portfolio operates on two components that fulfill specific roles for the aggregate portfolio: adaptive positioning that seeks to capitalize on the long-term characteristics of asset classes within a macro factor framework, and a diversified defense component that is designed to exhibit low correlation to broad capital markets and with that provide a level of defense to the strategy.

    The adaptive positioning’s investment process involves first selecting representative assets for each asset class from a universe of more than 50 assets. Next, we seek to construct the portfolio so that an approximately equal amount of risk comes from our equity, fixed-income and commodity allocations. Tactical adjustments to the Fund’s portfolio are then made on a monthly basis to try to take advantage of shorter-term market dynamics. Here, the team introduces a module to the aggregate portfolio that is anchored on the premise that, over the long-term, asset classes typically generate an excess return over cash. This concept has a long-term orientation and therefore needs to be complemented with an overlay that takes into account the differentiated behavior of assets over the short term.

    The adaptive positioning generated a negative result for the Fund for the fiscal year.

The exposures to equities, commodities and sovereign debt detracted from results. This result is consistent with the current inflationary environment that has forced global central banks to embark on highly restrictive monetary policies, a diametrically opposite stance from where we were a year ago and the emergence toward the end of the fiscal year of fears of a global recession.

    The diversified defense module introduces dedicated defensive assets and strategies to the aggregate portfolio. This module is designed in a manner that we believe improves the reactivity during market turbulence.

    The final portfolio is then put together seeking to achieve a long-term correlation to equities of zero. From a risk-contribution perspective, the adaptive position contributes 80% while the diversified defense contributes 20% of the portfolio’s aggregate risk.

    In equities, all markets detracted from Fund results with North America performing the worst, followed by Japanese and European markets, with UK stocks performing the best. Commodities were a relative bright spot, broadly rising in response to supply chain bottlenecks, adverse weather conditions that impede transportation and also affect key agriculture asset growing regions, and a general sense of underinvestment in an asset class that never recovered from the all-time height in June of 2008. Nonetheless, the volatile nature of the market environment allowed only for a limited contribution to the Fund’s overall results during the fiscal year.

    The Fund’s exposure to global government bonds detracted from Fund results as a combination of strong tightening moves across most major central banks and persistently high inflation readings reduced the attractiveness of bonds. The yield of the US 10-year Treasury reached levels not seen since the latter part of 2018. Japan was an outlier as

the Bank of Japan continued to hold rates steady at its September 2022 meeting. At the other end of the spectrum, UK gilts were hammered in September as details of the mini budget emerged. Gilts regained some ground at the end of September when the Bank of England stepped in to make temporary purchases of long-dated gilts in an effort to stabilize bond yields and prevent pensions from failing. Rate hikes in the US and Canada, along with a hotter-than-expected consumer price index print in the US, served to push yields higher in North America. The Federal Reserve also doubled the pace of its quantitative tightening efforts during the fiscal year. German bund yields also rose on comments from President Lagarde that indicated rates were far from where they need to be to counter inflation.

    Within the diversified defense module, only the dedicated sovereign debt exposure detracted from Fund results. The other defensive assets and strategies, including long put options, defensive equity factor exposure and optimal roll within commodities, delivered positive results.

    Please note that our strategy is principally implemented with derivative instruments that include futures, options and total return swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    We thank you for your investment in Invesco Macro Allocation Strategy Fund.

Portfolio manager(s):

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle - Lead

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

2 Invesco Macro Allocation Strategy Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1 Source: Lipper Inc.

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

3 Invesco Macro Allocation Strategy Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
10 Years	1.33	%
5 Years	-1.74
1 Year	-14.81
Class C Shares
10 Years	1.25	%
5 Years	-1.38
1 Year	-11.49
Class R Shares
10 Years	1.68	%
5 Years	-0.86
1 Year	-10.11
Class Y Shares
Inception (9/26/12)	2.05	%
10 Years	2.17
5 Years	-0.39
1 Year	-9.70
Class R5 Shares
10 Years	2.18	%
5 Years	-0.38
1 Year	-9.69
Class R6 Shares
10 Years	2.16	%
5 Years	-0.39
1 Year	-9.72

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.

4 Invesco Macro Allocation Strategy Fund

Supplemental Information

Invesco Macro Allocation Strategy Fund’s investment objective is to seek a positive absolute return over a complete economic and market cycle.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ 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.

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

5 Invesco Macro Allocation Strategy Fund

Fund Information

Notional Asset Weights as of October 31, 2022

Asset Class	Notional Asset Weights*
Equities		-5.09	%
Fixed Income		44.27
Commodities		27.35
Options		60.64
Total		127.17	%

* Total Notional Asset Weights greater than 100% is achieved through derivatives and other instruments that create leverage.

6 Invesco Macro Allocation Strategy Fund

Consolidated Schedule of Investments

October 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–42.59%(a)
U.S. Treasury Bills–13.02%
U.S. Treasury Bills		1.48%		11/25/2022	$	10,630	$  10,619,583
U.S. Treasury Bills		1.71%		12/08/2022		1,540	1,537,278
U.S. Treasury Bills		3.39%		03/09/2023		8,300	8,176,643
							20,333,504
U.S. Treasury Floating Rate Notes–29.57%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)		4.09%		01/31/2024		23,500	23,497,334
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)		4.04%		04/30/2024		22,700	22,667,036
							46,164,370
Total U.S. Treasury Securities (Cost $66,558,586)							66,497,874
					Shares
Money Market Funds–39.58%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(c)(d)						28,357,639	28,357,639
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(c)(d)						9,054,524	9,056,334
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Institutional Class, 3.16%(c)(d)						10,138,306	10,138,306
Invesco Treasury Portfolio, Institutional Class, 3.08%(c)(d)						14,239,588	14,239,588
Total Money Market Funds (Cost $61,788,615)							61,791,867
Options Purchased–5.28%
(Cost $7,904,738)(e)							8,235,440
TOTAL INVESTMENTS IN SECURITIES–87.45% (Cost $136,251,939)							136,525,181
OTHER ASSETS LESS LIABILITIES–12.55%							19,590,973
NET ASSETS–100.00%							$156,116,154

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 October 31, 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 fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	53,989,266	$	112,863,541	$	(138,495,168)	$	-	$	-	$	28,357,639	$	264,751
Invesco Liquid Assets Portfolio, Institutional Class		18,897,176		79,059,672		(88,896,548)		3,946		(7,912)		9,056,334		99,894
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Institutional Class		20,435,916		91,994,080		(102,291,690)		-		-		10,138,306		104,957
Invesco Treasury Portfolio, Institutional Class		29,978,590		126,495,475		(142,234,477)		-		-		14,239,588		147,615
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		729		(729)		-		-		-		1*
Invesco Private Prime Fund		-		4,406,400		(4,406,841)		-		441		-		288*
Total	$	123,300,948	$	414,819,897	$	(476,325,453)	$	3,946	$	(7,471)	$	61,791,867	$	617,506

* 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.

^(d)  The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(e)  The table below details options purchased.

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

7 Invesco Macro Allocation Strategy Fund

Open Exchange-Traded Index Options Purchased(a)
Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value*			Value
Equity Risk
S&P 500 Index		Put		09/15/2023		16		USD	3,900.00		USD	6,240,000	$   494,560
S&P 500 Index		Put		10/20/2023		16		USD	3,625.00		USD	5,800,000	364,880
S&P 500 Index		Put		08/18/2023		16		USD	4,075.00		USD	6,520,000	598,400
S&P 500 Index		Put		11/18/2022		16		USD	4,450.00		USD	7,120,000	918,640
S&P 500 Index		Put		12/16/2022		16		USD	4,475.00		USD	7,160,000	948,800
S&P 500 Index		Put		01/20/2023		16		USD	4,650.00		USD	7,440,000	1,199,280
S&P 500 Index		Put		02/17/2023		16		USD	4,375.00		USD	7,000,000	800,880
S&P 500 Index		Put		03/17/2023		16		USD	4,175.00		USD	6,680,000	586,000
S&P 500 Index		Put		04/21/2023		16		USD	4,450.00		USD	7,120,000	910,240
S&P 500 Index		Put		06/16/2023		16		USD	4,025.00		USD	6,440,000	522,560
S&P 500 Index		Put		07/21/2023		16		USD	3,750.00		USD	6,000,000	369,680
S&P 500 Index		Put		05/19/2023		16		USD	4,050.00		USD	6,480,000	521,520
Total Index Options Purchased													$8,235,440

^(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		30		December-2022	$	2,730,600	$	181,360		$	181,360
Coffee ’C’		7		March-2023		456,881		(84,203	)		(84,203	)
Corn		46		December-2022		1,590,450		81,031			81,031
Cotton No. 2		2		December-2022		72,000		(20,924	)		(20,924	)
Gasoline Reformulated Blendstock Oxygenate Blending		29		November-2022		3,076,303		55,354			55,354
Low Sulphur Gas Oil		40		December-2022		4,079,000		259,056			259,056
Natural Gas		43		November-2022		2,732,650		(599,941	)		(599,941	)
New York Harbor Ultra-Low Sulfur Diesel		26		November-2022		4,012,117		120,908			120,908
Soybeans		23		July-2023		1,653,988		26,219			26,219
Soybean Meal		45		December-2022		1,926,450		122,289			122,289
Soybean Oil		7		December-2022		307,482		36,863			36,863
WTI Crude		33		January-2023		2,775,300		53,679			53,679
Subtotal								231,691			231,691
Equity Risk
E-Mini S&P 500 Index		47		December-2022		9,125,050		385,892			385,892
FTSE 100 Index		29		December-2022		2,363,754		(123,175	)		(123,175	)
Tokyo Stock Price Index		4		December-2022		518,108		4,483			4,483
Subtotal								267,200			267,200
Interest Rate Risk
Australia 10 Year Bonds		296		December-2022		22,432,885		(281,569	)		(281,569	)
Canada 10 Year Bonds		217		December-2022		19,596,660		(294,569	)		(294,569	)
Euro-Bund		65		December-2022		8,892,864		(439,813	)		(439,813	)
Japan 10 Year Bonds		6		December-2022		6,003,026		6,891			6,891
Long Gilt		96		December-2022		11,243,773		(305,572	)		(305,572	)
U.S. Treasury Long Bonds		22		December-2022		2,651,000		(179,260	)		(179,260	)
Subtotal								(1,493,892	)		(1,493,892	)
Subtotal-Long Futures Contracts								(995,001	)		(995,001	)

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

8 Invesco Macro Allocation Strategy Fund

Open Futures Contracts(a)–(continued)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Cocoa		61		March-2023	$	(1,429,230	)	$	21,994			$      21,994
Gold 100 oz.		58		December-2022		(9,516,060	)		736,388			736,388
Kansas City Wheat		18		December-2022		(880,875	)		(90,925	)		(90,925	)
Lean Hogs		15		December-2022		(509,550	)		(5,080	)		(5,080	)
Live Cattle		38		December-2022		(2,317,620	)		(59,170	)		(59,170	)
LME Nickel		29		December-2022		(3,784,848	)		(67,320	)		(67,320	)
Silver		67		December-2022		(6,404,865	)		842			842
Sugar No. 11		44		February-2023		(885,562	)		(15,699	)		(15,699	)
Wheat		25		December-2022		(1,102,812	)		117,396			117,396
Subtotal									638,426			638,426
Equity Risk
E-Mini Russell 2000 Index		12		December-2022		(1,111,800	)		(81,029	)		(81,029	)
EURO STOXX 50 Index		43		December-2022		(1,537,460	)		(99,094	)		(99,094	)
MSCI EAFE Index		130		December-2022		(11,413,350	)		625,332			625,332
MSCI Emerging Markets Index		212		December-2022		(9,048,160	)		1,276,012			1,276,012
S&P/TSX 60 Index		43		December-2022		(7,433,743	)		(189,149	)		(189,149	)
Subtotal									1,532,072			1,532,072
Subtotal–Short Futures Contracts									2,170,498			2,170,498
Total Futures Contracts								$	1,175,497			$1,175,497

^(a)  Futures contracts collateralized by $14,695,000 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
Canadian Imperial Bank of Commerce	Pay	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.27%	Monthly		7,000	August–2023	USD	646,546		$–	$	10,419			$    10,419
Commodity Risk
Macquarie Bank Ltd.	Receive	Macquarie F6 Carry Alpha Index		0.32	Monthly		171,050	April–2023	USD	46,781,320		–		(243,182	)		(243,182	)
Morgan Stanley Capital Services LLC	Pay	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.03	Monthly		22,550	June–2023	USD	2,345,229		–		(2,363	)		(2,363	)
Subtotal – Depreciation												–		(245,545	)		(245,545	)
Total – Total Return Swap Agreements												$–	$	(235,126	)		$(235,126	)

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $520,000.

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

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

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

9 Invesco Macro Allocation Strategy Fund

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

Counterparty

Pay/ Receive

Reference Entity

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Equity Risk

BNP Paribas S.A.

Receive

Invesco U.S. Low Volatility Total Return Index

SOFR + 0.050%

Monthly

531

November–2022

USD

2,970,653

$–

$

188,016

$

188,016

BNP Paribas S.A.

Receive

Invesco US Large Cap Broad Quality Total Return Index

SOFR + 0.280%

Monthly

400

November–2022

USD

3,259,932

–

138,536

138,536

BNP Paribas S.A.

Receive

MSCI EAFE Minimum Volatility Daily Net Total Return Index

SOFR + 0.340%

Monthly

1,987

February–2023

USD

3,345,432

–

83,414

83,414

Citibank, N.A.

Receive

MSCI EAFE Minimum Volatility Daily Net Total Return Index

SOFR + 0.410%

Monthly

243

February–2023

USD

409,273

–

10,058

10,058

Citibank, N.A.

Receive

MSCI EAFE Momentum Index

SOFR + 0.300%

Monthly

710

February–2023

USD

3,696,090

–

169,512

169,512

Citibank, N.A.

Receive

MSCI EAFE Quality Index

SOFR + 0.350%

Monthly

1,010

February–2023

USD

3,697,842

–

154,453

154,453

Goldman Sachs International

Receive

Invesco U.S. Low Volatility Total Return Index

SOFR + 0.200%

Monthly

124

November–2022

USD

693,712

–

43,906

43,906

Goldman Sachs International

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR + 0.800%

Monthly

60

December–2022

USD

100,024

–

422

422

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

Receive

Invesco US Large Cap Broad Price Momentum Index

SOFR + 0.230%

Monthly

45

November–2022

USD

306,111

–

23,635

23,635

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

Receive

Invesco US Large Cap Broad Price Momentum Total Return Index

SOFR + 0.280%

Monthly

485

November–2022

USD

3,299,198

–

254,728

254,728

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

Receive

Invesco US Large Cap Broad Quality Total Return Index

SOFR + 0.240%

Monthly

45

November–2022

USD

366,742

–

15,585

15,585

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

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR + 0.680%

Monthly

3,220

December–2022

USD

5,367,933

–

22,637

22,637

Subtotal – Appreciation

–

1,104,902

1,104,902

Equity Risk

J.P. Morgan Chase Bank, N.A.

Receive

Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Net Total Return Index

SOFR + 0.550%

Monthly

920

November–2022

USD

5,498,987

–

(71,454

)

(71,454

)

Total – Total Return Swap Agreements

$–

$

1,033,448

$

1,033,448

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $520,000.

^(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
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

Long Futures Contracts
Aluminum	4.26%
Coffee ‘C’	2.55%
Copper	5.48%
Corn	8.19%
Cotton No. 2	1.23%
Heating Oil	3.29%
KC HRW Wheat	2.59%
Lean Hogs	2.86%
Live Cattle	5.23%
Low Sulphur Gasoil	4.26%
Natural Gas	15.16%
Nickel	3.88%
RBOB Gasoline	3.21%
Soybean Meal	4.46%
Soybean Oil	4.45%
Soybeans	7.70%
Sugar No. 11	3.23%
Wheat	4.27%
WTI Crude	10.58%
Zinc	3.12%
Total	100%

Macquarie F6 Carry Alpha Index

Short Futures Contracts
Aluminum	(3.85)%
Coffee ‘C’	(2.40)%
Copper	(5.10)%
Corn	(7.56)%
Cotton No. 2	(1.13)%
Heating Oil	(3.61)%
KC HRW Wheat	(2.40)%
Lean Hogs	(2.18)%
Live Cattle	(4.78)%
Low Sulphur Gasoil	(4.54)%
Natural Gas	(19.80)%
Nickel	(3.52)%
RBOB Gasoline	(2.81)%
Soybean Meal	(4.27)%
Soybean Oil	(4.47)%
Soybeans	(7.00)%
Sugar No. 11	(3.24)%
Wheat	(3.79)%
WTI Crude	(10.58)%
Zinc	(2.97)%
Total	100%

S&P GSCI Aluminum Dynamic Roll Index Excess Return

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:

SOFR –Secured Overnight Financing Rate

USD –U.S. Dollar

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

12 Invesco Macro Allocation Strategy Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $74,463,324)	$	74,733,314
Investments in affiliated money market funds, at value (Cost $61,788,615)		61,791,867
Other investments:
LME futures contracts receivable		204,873
Unrealized appreciation on swap agreements – OTC		1,115,321
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		14,695,000
Cash collateral – exchange-traded options contracts		4,095,000
Cash collateral – OTC Derivatives		520,000
Foreign currencies, at value (Cost $31)		25
Receivable for:
Fund shares sold		5,439
Dividends		161,294
Interest		5,129
Investment for trustee deferred compensation and retirement plans		20,258
Other assets		53,727
Total assets		157,401,247
Liabilities:
Other investments:
Variation margin payable – non-LME futures contracts		191,182
Swaps payable – OTC		250,881
Unrealized depreciation on LME futures contracts		67,320
Unrealized depreciation on swap agreements–OTC		316,999
Payable for:
Fund shares reacquired		211
Amount due custodian		310,683
Accrued fees to affiliates		42,859
Accrued trustees’ and officers’ fees and benefits		1,016
Accrued other operating expenses		81,547
Trustee deferred compensation and retirement plans		22,395
Total liabilities		1,285,093
Net assets applicable to shares outstanding	$	156,116,154

Net assets consist of:
Shares of beneficial interest	$	163,385,059
Distributable earnings (loss)		(7,268,905	)
	$	156,116,154
Net Assets:
Class A	$	1,410,862
Class C	$	196,674
Class R	$	126,760
Class Y	$	4,275,184
Class R5	$	7,250
Class R6	$	150,099,424
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		187,176
Class C		26,460
Class R		16,850
Class Y		561,462
Class R5		952
Class R6		19,742,148
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	$	7.43
Class R:
Net asset value and offering price per share	$	7.52
Class Y:
Net asset value and offering price per share	$	7.61
Class R5:
Net asset value and offering price per share	$	7.62
Class R6:
Net asset value and offering price per share	$	7.60

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

13 Invesco Macro Allocation Strategy Fund

Consolidated Statement of Operations

For the year ended October 31, 2022

Investment income:
Interest	$	897,004
Dividends from affiliated money market funds		617,217
Total investment income		1,514,221
Expenses:
Advisory fees		2,236,860
Administrative services fees		28,646
Custodian fees		86,394
Distribution fees:
Class A		4,271
Class C		2,347
Class R		607
Transfer agent fees – A, C, R and Y		10,890
Transfer agent fees – R5		3
Transfer agent fees – R6		64,523
Trustees’ and officers’ fees and benefits		20,810
Registration and filing fees		76,212
Professional services fees		82,229
Other		(12,074	)
Total expenses		2,601,718
Less: Fees waived and/or expenses reimbursed		(235,638	)
Net expenses		2,366,080
Net investment income (loss)		(851,859	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,544,398	)
Affiliated investment securities		(7,471	)
Foreign currencies		246,897
Futures contracts		(6,028,584	)
Swap agreements		(11,986,594	)
		(21,320,150	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,828,497
Affiliated investment securities		3,946
Foreign currencies		(36	)
Futures contracts		728,614
Swap agreements		(1,293,581	)
		1,267,440
Net realized and unrealized gain (loss)		(20,052,710	)
Net increase (decrease) in net assets resulting from operations	$	(20,904,569	)

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

14 Invesco Macro Allocation Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income (loss)	$	(851,859	)	$	(2,587,535	)
Net realized gain (loss)		(21,320,150	)		21,118,307
Change in net unrealized appreciation		1,267,440			4,259,818
Net increase (decrease) in net assets resulting from operations		(20,904,569	)		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		(225,349	)		(372,312	)
Class C		(122,716	)		(554,593	)
Class R		(1,478	)		40,352
Class Y		(619,490	)		(5,461,382	)
Class R6		(51,010,922	)		52,072,741
Net increase (decrease) in net assets resulting from share transactions		(51,979,955	)		45,724,806
Net increase (decrease) in net assets		(95,705,624	)		68,515,396
Net assets:
Beginning of year		251,821,778			183,306,382
End of year	$	156,116,154		$	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

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Year ended 10/31/22		$9.16		$(0.05	)		$(0.76	)		$(0.81	)		$(0.49	)		$(0.32	)		$(0.81	)		$7.54		(9.88	)%		$1,411		1.41	%		1.58	%		(0.67	)%		104	%
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	(d)		2.12	(d)		0.87	(d)		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
Class C
Year ended 10/31/22		8.98		(0.11	)		(0.77	)		(0.88	)		(0.35	)		(0.32	)		(0.67	)		7.43		(10.66	)		197		2.16			2.33			(1.42	)		104
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	(d)		2.87	(d)		0.12	(d)		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
Class R
Year ended 10/31/22		9.12		(0.07	)		(0.76	)		(0.83	)		(0.45	)		(0.32	)		(0.77	)		7.52		(10.11	)		127		1.66			1.83			(0.92	)		104
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	(d)		2.37	(d)		0.62	(d)		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
Class Y
Year ended 10/31/22		9.25		(0.03	)		(0.77	)		(0.80	)		(0.52	)		(0.32	)		(0.84	)		7.61		(9.70	)		4,275		1.16			1.33			(0.42	)		104
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	(d)		1.87	(d)		1.12	(d)		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
Class R5
Year ended 10/31/22		9.26		(0.03	)		(0.77	)		(0.80	)		(0.52	)		(0.32	)		(0.84	)		7.62		(9.69	)		7		1.16			1.27			(0.42	)		104
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	(d)		1.83	(d)		1.12	(d)		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
Class R6
Year ended 10/31/22		9.24		(0.03	)		(0.77	)		(0.80	)		(0.52	)		(0.32	)		(0.84	)		7.60		(9.72	)		150,099		1.16			1.27			(0.42	)		104
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	(d)		1.83	(d)		1.12	(d)		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

^(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)  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

October 31, 2022

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the

17 Invesco Macro Allocation Strategy Fund

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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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

18 Invesco Macro Allocation Strategy Fund

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 1940 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations.

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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 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 or asset. 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. For settlement of LME commodity futures contracts, cash is not transferred until the settled futures contracts expire. Net realized gains or losses on LME contracts which have been closed out but for which the contract has not yet expired are reflected as a receivable or payable on the Consolidated Statements of Assets and Liabilities. 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.

19 Invesco Macro Allocation Strategy 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.

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

P. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, 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 net asset value (“NAV”) per share 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. 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.

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

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

20 Invesco Macro Allocation Strategy Fund

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
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 year ended October 31, 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 29, 2024, 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 29, 2024. 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 (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2022, the Adviser waived advisory fees of $164,776 and reimbursed class level expenses of $1,553, $212, $112, $4,459, $3 and $64,523 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $246 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.

21 Invesco Macro Allocation 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	–		$	66,497,874			$–	$	66,497,874
Money Market Funds		61,791,867			–			–		61,791,867
Options Purchased		8,235,440			–			–		8,235,440
Total Investments in Securities		70,027,307			66,497,874			–		136,525,181
Other Investments - Assets*
Futures Contracts		4,111,989			–			–		4,111,989
Swap Agreements		–			1,115,321			–		1,115,321
		4,111,989			1,115,321			–		5,227,310
Other Investments - Liabilities*
Futures Contracts		(2,936,492	)		–			–		(2,936,492	)
Swap Agreements		–			(316,999	)		–		(316,999	)
		(2,936,492	)		(316,999	)		–		(3,253,491	)
Total Other Investments		1,175,497			798,322			–		1,973,819
Total Investments	$	71,202,804		$	67,296,196			$–	$	138,499,000

* 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 October 31, 2022:

	Value
	Commodity			Equity			Interest
Derivative Assets	Risk			Risk			Rate Risk			Total
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	1,813,379		$	2,291,719		$	6,891		$	4,111,989
Unrealized appreciation on swap agreements – OTC		10,419			1,104,902			–			1,115,321
Options purchased, at value – Exchange-Traded(b)		–			8,235,440			–			8,235,440
Total Derivative Assets		1,823,798			11,632,061			6,891			13,462,750
Derivatives not subject to master netting agreements		(1,813,379	)		(10,527,159	)		(6,891	)		(12,347,429	)
Total Derivative Assets subject to master netting agreements	$	10,419		$	1,104,902		$	–		$	1,115,321

22 Invesco Macro Allocation Strategy Fund

	Value
	Commodity			Equity			Interest
Derivative Liabilities	Risk			Risk			Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(943,262	)	$	(492,447	)	$	(1,500,783	)	$	(2,936,492	)
Unrealized depreciation on swap agreements – OTC		(245,545	)		(71,454	)		–			(316,999	)
Total Derivative Liabilities		(1,188,807	)		(563,901	)		(1,500,783	)		(3,253,491	)
Derivatives not subject to master netting agreements		943,262			492,447			1,500,783			2,936,492
Total Derivative Liabilities subject to master netting agreements	$	(245,545	)	$	(71,454	)	$	–		$	(316,999)

^(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 October 31, 2022.

	Financial		Financial
	Derivative		Derivative						Collateral
	Assets		Liabilities						(Received)/Pledged
	Swap		Swap			Net Value of								Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash		Cash			Amount(a)
Fund
BNP Paribas S.A.	$	409,966	$	(11,274	)	$	398,692			$–	$	(360,000	)	$	38,692
Citibank, N.A.		334,023		(214,445	)		119,578			–		(119,578	)		–
Goldman Sachs International		44,328		(969	)		43,359			–		–			43,359
J.P. Morgan Chase Bank, N.A.		316,584		(92,702	)		223,882			–		(223,882	)		–
Subtotal - Fund		1,104,901		(319,390	)		785,511			–		(703,460	)		82,051
Subsidiary
Canadian Imperial Bank of Commerce		10,420		(99	)		10,321			–		–			10,321
Macquarie Bank Ltd.		–		(246,000	)		(246,000	)		–		220,000			(26,000	)
Morgan Stanley Capital Services LLC		–		(2,391	)		(2,391	)		–		–			(2,391	)
Subtotal - Subsidiary		10,420		(248,490	)		(238,070	)		–		220,000			(18,070	)
Total	$	1,115,321	$	(567,880	)	$	547,441			$–	$	(483,460	)	$	63,981

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

Effect of Derivative Investments for the year ended October 31, 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			Equity			Interest
	Risk			Risk			Rate Risk			Total
Realized Gain (Loss):
Futures contracts	$	(2,288,991	)	$	2,890,320		$	(6,629,913	)	$	(6,028,584	)
Options purchased(a)		-			(3,565,785	)		-			(3,565,785	)
Swap agreements		3,248,322			(15,234,916	)		-			(11,986,594	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		196,977			(105,231	)		636,868			728,614
Options purchased(a)		-			1,895,392			-			1,895,392
Swap agreements		(1,309,835	)		16,254			-			(1,293,581	)
Total	$	(153,527	)	$	(14,103,966	)	$	(5,993,045	)	$	(20,250,538	)

^(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		Options		Swap
	Contracts		Purchased		Agreements
Average notional value	$	281,304,331	$	55,851,042	$	150,040,509
Average contracts		–		132		–

23 Invesco Macro Allocation Strategy 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 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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	22,821,100	$–

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Net unrealized appreciation (depreciation) – investments	$	(885,886	)
Net unrealized appreciation (depreciation) – foreign currencies		(1,033	)
Temporary book/tax differences		(19,228	)
Capital loss carryforward		(6,362,758	)
Shares of beneficial interest		163,385,059
Total net assets	$	156,116,154

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to derivative instruments and subsidiary differences.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	4,930,273	$	1,432,485	$	6,362,758

* 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 year ended October 31, 2022 was $4,531,260 and $1,670,268, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$2,925,928
Aggregate unrealized (depreciation) of investments	(3,811,814	)
Net unrealized appreciation (depreciation) of investments	$  (885,886	)

Cost of investments for tax purposes is $139,384,886.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses,foreign currency transactions and derivative instruments, on October 31, 2022, undistributed net investment income (loss) was increased by $2,192,569, undistributed net realized gain (loss) was increased by $16,035,665 and shares of beneficial interest was decreased by $18,228,234. This reclassification had no effect on the net assets of the Fund.

24 Invesco Macro Allocation Strategy Fund

NOTE 10–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		37,914		$	298,375			79,759		$	733,387
Class C		4,285			33,815			2,580			23,183
Class R		4,722			37,670			5,178			46,899
Class Y		20,824			167,103			137,105			1,261,958
Class R6		297,557			2,446,746			7,293,808			66,867,282
Issued as reinvestment of dividends:
Class A		16,258			138,513			-			-
Class C		2,045			17,284			-			-
Class R		1,107			9,432			-			-
Class Y		56,522			484,963			-			-
Class R6		2,577,644			22,090,405			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		7,936			65,455			28,670			258,713
Class C		(8,047	)		(65,455	)		(29,083	)		(258,713	)
Reacquired:
Class A		(91,257	)		(727,692	)		(150,015	)		(1,364,412	)
Class C		(12,373	)		(108,360	)		(35,389	)		(319,063	)
Class R		(5,484	)		(48,580	)		(706	)		(6,547	)
Class Y		(157,159	)		(1,271,556	)		(754,036	)		(6,723,340	)
Class R6		(9,470,381	)		(75,548,073	)		(1,588,368	)		(14,794,541	)
Net increase (decrease) in share activity		(6,717,887	)	$	(51,979,955	)		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.

25 Invesco Macro Allocation Strategy Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Macro Allocation Strategy Fund

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Macro Allocation Strategy Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”)as of October 31, 2022, the related consolidated statement of operations for the year ended October 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

26 Invesco Macro Allocation Strategy Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/22)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$960.50	$6.92	$1,018.15	$7.12	1.40%
Class C	1,000.00	956.20	10.60	1,014.37	10.92	2.15
Class R	1,000.00	959.20	8.15	1,016.89	8.39	1.65
Class Y	1,000.00	960.90	5.68	1,019.41	5.85	1.15
Class R5	1,000.00	960.90	5.54	1,019.56	5.70	1.12
Class R6	1,000.00	960.80	5.63	1,019.46	5.80	1.14

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

27 Invesco Macro Allocation Strategy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Macro Allocation Strategy Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized

environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.B. Fund Investment Performance

    The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Bloomberg 3-Month Treasury Bellwether Index (Index). The Board noted that performance of Class Y shares of the Fund was in the third quintile of its performance universe for the one and five year periods and the fourth quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class Y shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board acknowledged limitations

28 Invesco Macro Allocation Strategy Fund

regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class Y shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that there were only three funds (including the Fund) in the expense group and requested and considered additional information from management regarding the appropriateness of the actual and contractual management fees in light of the Fund’s relative ranking in its expense group.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and

maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the

Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

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

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades

29 Invesco Macro Allocation Strategy Fund

were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

30 Invesco Macro Allocation Strategy Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.49	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$8,710,305

31 Invesco Macro Allocation Strategy Fund

Trustees and Officers

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

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Macro Allocation Strategy Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte��& Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Macro Allocation Strategy Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Macro Allocation Strategy Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Macro Allocation Strategy Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Macro Allocation Strategy Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-6 Invesco Macro Allocation Strategy Fund

(This page intentionally left blank)

(This page intentionally left blank)

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-AR-1                     

Annual Report to Shareholders October 31, 2022

Invesco Multi-Asset Income Fund

Nasdaq:

A: PIAFX ∎ C: PICFX ∎ R: PIRFX ∎ Y: PIYFX ∎ R5: IPNFX ∎ R6: PIFFX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Schedule of Investments
32	Financial Statements
35	Financial Highlights
36	Notes to Financial Statements
45	Report of Independent Registered Public Accounting Firm
46	Fund Expenses
47	Approval of Investment Advisory and Sub-Advisory Contracts
49	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Multi-Asset Income Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Multi-Asset Income Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-18.16	%
Class C Shares	-18.80
Class R Shares	-18.47
Class Y Shares	-18.05
Class R5 Shares	-17.97
Class R6 Shares	-18.01
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)	-15.68
Custom Invesco Multi-Asset Income Index∎ (Style-Specific Index)	-16.54
Lipper Mixed-Asset Target Allocation Conservative Funds Index¨ (Peer Group Index)	-14.56
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ¨Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2022, the Fund at NAV reported negative absolute performance. Early in the fiscal year risky assets continued to rally but the mood for financial assets shifted dramatically at the beginning of 2022 as central banks took steps to curb inflation. The fiscal year began with global equities and commodities benefiting from the reflationary trade after the implementation of massive monetary policies around the globe and improving economic data. Ultimately, the massive intervention and money injections led to levels of inflation not seen for several decades. Eventually this forced central banks to start increasing interest rates aggressively, which led to violent volatility in equity markets only to be exasperated by the invasion of Russia into Ukraine. Moreover, following central banks’ steps to curb inflation, interest rate sensitive fixed-income securities came under significant pressure. Occasionally, macroeconomic data suggesting an improvement of the environment led to short spurs in risky assets that proved to be only short lived.

    The strategic allocation experienced a difficult period with both equity and fixed-income assets broadly producing detractions. The bonds generated the largest detraction, in line with the prevailing market environment of aggressive interest rate hikes, which in turn puts downward pressure on prices for fixed-income securities. Generally, the higher the duration the higher the sensitivity of the security to rate increases.

    The equity allocations, invested through the equity-linked note (ELN) structure, performed well in some of the markets. Energy and the energy aligned master limited partnerships, performed positively due to surging energy prices as a result of the aforementioned

Eastern European conflict and supply concern. Also performing well were the more defensive industrial sectors such as utilities, healthcare and consumer staples. On the flipside, technology, telecommunications, consumer discretionary and financials saw prices retreat in line with the direction of broad equity markets. Nonetheless, the ELNs managed to buffer some of the market swings and helped performance relative to the underlying industry exposure. Real estate investment trusts also detracted but did so in a muted fashion. Finally, US preferred shares were the worst performing asset in the bunch due to their sensitivity to interest rate movements.

    On the fixed-income side of things, the emerging market bonds struggled on the back of continued strict lockdown policies in China, softening manufacturing data and fears that a strong US dollar might import inflation to some of the region’s countries. Moreover, US high yield bonds could not escape the effects of higher interest rates, as most of the issuers in that space tend to be particularly susceptible to higher financing costs. The highly interest sensitive long duration treasuries struggled to a larger degree than the shorter duration bonds and were a top detractor over the fiscal year.

    The Fund’s tactical positioning, expressed through the use of exchange-traded futures, was negative for the fiscal year. In general, the portfolio’s short bond positions produced a contribution, but this performance was not enough to offset the detraction from equities, which struggled with frequent and continuous change in tactical signals.

    Please note that our tactical strategy utilizes derivative instruments, primarily futures, but also foreign currency contracts and swaps where needed. The use of liquid derivative instruments within the tactical allocation allows us to better manage portfolio risk

without disrupting the underlying strategic allocation that provides the Fund’s income. Therefore, some of the performance of the Fund’s strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in Invesco Multi-Asset Income Fund.

Portfolio manager(s):

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Peter Hubbard

Christian Ulrich

Scott Wolle - Lead

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

2 Invesco Multi-Asset Income Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1  Source: Invesco, RIMES Technologies Corp.

2  Source: Lipper Inc.

3  Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

3 Invesco Multi-Asset Income Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (12/14/11)	2.31	%
10 Years	1.30
5 Years	-2.92
1 Year	-22.69
Class C Shares
Inception (12/14/11)	2.27	%
10 Years	1.26
5 Years	-2.54
1 Year	-19.57
Class R Shares
Inception (12/14/11)	2.58	%
10 Years	1.61
5 Years	-2.07
1 Year	-18.47
Class Y Shares
Inception (12/14/11)	3.09	%
10 Years	2.11
5 Years	-1.57
1 Year	-18.05
Class R5 Shares
Inception (12/14/11)	3.09	%
10 Years	2.12
5 Years	-1.57
1 Year	-17.97
Class R6 Shares
Inception (9/24/12)	2.24	%
10 Years	2.13
5 Years	-1.54
1 Year	-18.01

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.

4 Invesco Multi-Asset Income Fund

Supplemental Information

Invesco Multi-Asset Income Fund’s investment objective is to provide current income.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ 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% Bloomberg U.S. Aggregate Bond Index and 40% 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.

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

5 Invesco Multi-Asset Income Fund

Fund Information

Portfolio Composition

By security type	% of total net assets
U.S. Dollar Denominated Bonds & Notes		32.00	%
Equity Linked Notes		27.68
U.S. Treasury Securities		20.84
Preferred Stocks		4.73
Security Types Each Less Than 1% of Portfolio		0.75
Money Market Funds Plus Other Assets Less Liabilities		14.00

Top Five Debt Issuers*

		% of total net assets
1.	U.S. Treasury		20.84	%
2.	Turkey Government International Bond		0.72
3.	Indonesia Government International Bond		0.70
4.	Oman Government International Bond		0.63
5.	Philippine Government International Bond		0.62

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.

6 Invesco Multi-Asset Income Fund

Schedule of Investments^(a)

October 31, 2022

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–32.00%
Aerospace & Defense–0.52%
Boeing Co. (The),
2.75%, 02/01/2026	$	119,000	$	107,408
2.25%, 06/15/2026		134,000		117,388
Bombardier, Inc. (Canada), 7.50%, 03/15/2025(b)		548,000		539,654
General Dynamics Corp., 3.25%, 04/01/2025		201,000		193,222
Rolls-Royce PLC (United Kingdom),
3.63%, 10/14/2025(b)		870,000		769,689
5.75%, 10/15/2027(b)		984,000		891,838
Spirit AeroSystems, Inc.,
5.50%, 01/15/2025(b)		503,000		486,087
7.50%, 04/15/2025(b)		585,000		569,729
TransDigm, Inc.,
8.00%, 12/15/2025(b)		698,000		711,073
6.25%, 03/15/2026(b)		1,746,000		1,725,284
				6,111,372
Agricultural & Farm Machinery–0.02%
Deere & Co., 2.75%, 04/15/2025		225,000		214,213
Airlines–0.41%
American Airlines Pass-Through Trust, Series 16-1, Class A, 4.10%, 01/15/2028		242,883		191,012
American Airlines, Inc., 11.75%, 07/15/2025(b)		1,415,000		1,549,435
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)(c)		939,000		895,742
Delta Air Lines, Inc., 7.38%, 01/15/2026(c)		591,000		604,294
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026(b)		838,000		773,620
Southwest Airlines Co., 3.45%, 11/16/2027		125,000		112,295
United Airlines, Inc., 4.38%, 04/15/2026(b)		799,000		730,700
				4,857,098
Airport Services–0.02%
Promontoria Holding 264 B.V. (Netherlands), 7.88%, 03/01/2027(b)		263,000		239,715
Alternative Carriers–0.14%
Lumen Technologies, Inc.,
5.13%, 12/15/2026(b)		471,000		404,299
4.50%, 01/15/2029(b)		305,000		215,872
Series P, 7.60%, 09/15/2039		1,045,000		701,701
Series U, 7.65%, 03/15/2042		590,000		391,760
				1,713,632

	Principal Amount		Value
Aluminum–0.18%
Arconic Corp., 6.00%, 05/15/2025(b)	$	744,000	$	738,562
Kaiser Aluminum Corp., 4.50%, 06/01/2031(b)(c)		1,721,000		1,352,680
				2,091,242
Apparel Retail–0.08%
Gap, Inc. (The), 3.63%, 10/01/2029(b)(c)		975,000		686,000
Ross Stores, Inc., 0.88%, 04/15/2026		264,000		227,249
				913,249
Apparel, Accessories & Luxury Goods–0.25%
G-III Apparel Group Ltd., 7.88%, 08/15/2025(b)		635,000		602,339
Hanesbrands, Inc., 4.88%, 05/15/2026(b)(c)		495,000		455,145
Macy’s Retail Holdings LLC, 6.13%, 03/15/2032(b)(c)		1,569,000		1,306,095
Under Armour, Inc., 3.25%, 06/15/2026(c)		752,000		650,709
				3,014,288
Application Software–0.08%
Adobe, Inc., 3.25%, 02/01/2025		225,000		217,694
GoTo Group, Inc., 5.50%, 09/01/2027(b)		739,000		430,482
PTC, Inc., 3.63%, 02/15/2025(b)		263,000		251,016
				899,192
Asset Management & Custody Banks–0.10%
Brightsphere Investment Group, Inc., 4.80%, 07/27/2026		528,000		474,244
FS KKR Capital Corp., 4.63%, 07/15/2024		150,000		144,087
Golub Capital BDC, Inc., 3.38%, 04/15/2024		193,000		183,762
Legg Mason, Inc., 4.75%, 03/15/2026		59,000		58,025
Main Street Capital Corp., 5.20%, 05/01/2024		174,000		169,778
Owl Rock Capital Corp., 5.25%, 04/15/2024		138,000		135,410
				1,165,306
Auto Parts & Equipment–0.38%
American Honda Finance Corp., 2.35%, 01/08/2027		170,000		151,253
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		719,000		705,839
Dana, Inc., 4.50%, 02/15/2032		283,000		216,775
IHO Verwaltungs GmbH (Germany), 0.00%7.13% PIK Rate, 6.38% Cash Rate, 05/15/2029(b)(d)		1,757,000		1,507,629

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

7 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Auto Parts & Equipment–(continued)
Patrick Industries, Inc., 4.75%, 05/01/2029(b)	$	1,095,000	$	828,460
ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025(b)		1,182,000		1,107,632
				4,517,588
Automobile Manufacturers–0.40%
Ford Motor Credit Co. LLC,
2.30%, 02/10/2025(c)		607,000		550,185
4.69%, 06/09/2025		291,000		276,364
5.13%, 06/16/2025(c)		682,000		659,078
4.13%, 08/04/2025		306,000		285,217
3.38%, 11/13/2025		811,000		737,219
4.39%, 01/08/2026		582,000		538,428
General Motors Co., 6.13%, 10/01/2025		135,000		134,524
General Motors Financial Co., Inc., 2.75%, 06/20/2025		200,000		184,141
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		167,000		159,428
Jaguar Land Rover Automotive PLC (United Kingdom),
7.75%, 10/15/2025(b)		434,000		401,363
5.88%, 01/15/2028(b)		585,000		434,129
PM General Purchaser LLC, 9.50%, 10/01/2028(b)		239,000		206,063
Toyota Motor Credit Corp.,
3.20%, 01/11/2027		100,000		92,565
1.15%, 08/13/2027		100,000		83,129
				4,741,833
Automotive Retail–0.15%
Penske Automotive Group, Inc., 3.50%, 09/01/2025(c)		342,000		318,386
Sonic Automotive, Inc., 4.63%, 11/15/2029(b)(c)		1,801,000		1,415,289
				1,733,675
Biotechnology–0.03%
Emergent BioSolutions, Inc., 3.88%, 08/15/2028(b)		570,000		342,561
Broadcasting–0.30%
AMC Networks, Inc., 4.75%, 08/01/2025(c)		494,000		452,667
Discovery Communications LLC, 3.80%, 03/13/2024		225,000		218,639
Fox Corp., 4.03%, 01/25/2024		250,000		245,819
iHeartCommunications, Inc.,
6.38%, 05/01/2026		490,000		468,066
8.38%, 05/01/2027(c)		532,000		478,809
Liberty Interactive LLC,
8.50%, 07/15/2029		284,000		180,777
8.25%, 02/01/2030(c)		710,000		444,343
Paramount Global, 6.38%, 03/30/2062(e)		745,000		631,528
Univision Communications, Inc., 5.13%, 02/15/2025(b)		444,000		429,752
				3,550,400

	Principal Amount		Value
Building Products–0.21%
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(b)	$	269,000	$	168,516
Masonite International Corp., 3.50%, 02/15/2030(b)		546,000		434,698
Standard Industries, Inc.,
5.00%, 02/15/2027(b)(c)		630,000		571,035
4.75%, 01/15/2028(b)		967,000		849,722
4.38%, 07/15/2030(b)		509,000		412,499
				2,436,470
Cable & Satellite–0.93%
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029(b)		802,000		631,479
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026(b)(c)		1,583,000		1,525,798
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		100,000		97,144
CSC Holdings LLC,
5.25%, 06/01/2024(c)		440,000		427,264
7.50%, 04/01/2028(b)		411,000		356,845
6.50%, 02/01/2029(b)		1,286,000		1,214,132
5.75%, 01/15/2030(b)		877,000		672,602
4.50%, 11/15/2031(b)		371,000		289,443
5.00%, 11/15/2031(b)		320,000		228,615
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027(b)		1,863,000		1,681,274
DISH DBS Corp.,
7.75%, 07/01/2026		915,000		773,765
5.25%, 12/01/2026(b)		532,000		463,173
7.38%, 07/01/2028		814,000		618,485
5.13%, 06/01/2029		751,000		506,289
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027(b)		982,000		916,913
Telesat Canada/Telesat LLC (Canada), 5.63%, 12/06/2026(b)		352,000		166,684
UPC Broadband Finco B.V. (Netherlands), 4.88%, 07/15/2031(b)		558,000		469,953
				11,039,858
Casinos & Gaming–0.78%
Caesars Entertainment, Inc.,
8.13%, 07/01/2027(b)		662,000		644,957
4.63%, 10/15/2029(b)		283,000		226,960
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025(b)		532,000		520,363
Codere Finance 2 (Luxembourg) S.A. (Spain), 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027 (Acquired 11/30/2021; Cost $100,894)(b)(d)(f)		100,894		84,449
Genting New York LLC/GENNY Capital, Inc., 3.30%, 02/15/2026(b)		325,000		285,153

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

8 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Casinos & Gaming–(continued)
International Game Technology PLC,
6.50%, 02/15/2025(b)	$	222,000	$	222,426
4.13%, 04/15/2026(b)		227,000		211,056
Las Vegas Sands Corp., 2.90%, 06/25/2025		233,000		211,158
Melco Resorts Finance Ltd. (Hong Kong),
4.88%, 06/06/2025(b)		616,000		440,114
5.25%, 04/26/2026(b)		310,000		197,382
5.75%, 07/21/2028(b)		819,000		475,020
MGM China Holdings Ltd. (Macau),
5.25%, 06/18/2025(b)		683,000		544,235
4.75%, 02/01/2027(b)		646,000		486,167
MGM Resorts International,
6.75%, 05/01/2025(c)		613,000		605,990
5.75%, 06/15/2025(c)		415,000		403,432
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029(b)		447,000		332,025
Sabre GLBL, Inc.,
9.25%, 04/15/2025(b)		1,014,000		984,325
7.38%, 09/01/2025(b)		1,180,000		1,110,404
Studio City Finance Ltd. (Macau), 6.00%, 07/15/2025(b)		530,000		254,883
Wynn Macau Ltd. (Macau),
5.50%, 01/15/2026(b)		385,000		267,575
5.63%, 08/26/2028(b)		740,000		453,435
5.13%, 12/15/2029(b)		397,000		241,134
				9,202,643
Coal & Consumable Fuels–0.10%
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 7.50%, 05/01/2025(b)		745,000		731,892
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)		463,000		445,237
				1,177,129
Commodity Chemicals–0.07%
Methanex Corp. (Canada),
5.25%, 12/15/2029(c)		508,000		435,710
5.65%, 12/01/2044		597,000		413,422
				849,132
Communications Equipment–0.24%
CommScope Technologies LLC, 6.00%, 06/15/2025(b)		477,000		445,928
Hughes Satellite Systems Corp.,
5.25%, 08/01/2026		944,000		903,290
6.63%, 08/01/2026(c)		513,000		484,606
Viasat, Inc.,
5.63%, 09/15/2025(b)		786,000		726,688
6.50%, 07/15/2028(b)		277,000		231,911
				2,792,423
Computer & Electronics Retail–0.01%
Dell International LLC/EMC Corp., 6.02%, 06/15/2026		125,000		124,872

	Principal Amount		Value
Construction & Engineering–0.04%
Artera Services LLC, 9.03%, 12/04/2025(b)	$	279,000	$	233,790
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(b)		36,000		32,715
Tutor Perini Corp., 6.88%, 05/01/2025(b)		264,000		210,415
				476,920
Construction Machinery & Heavy Trucks–0.03%
Caterpillar Financial Services Corp., 1.10%, 09/14/2027		130,000		108,468
Wabtec Corp., 3.45%, 11/15/2026		235,000		211,600
				320,068
Construction Materials–0.07%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(b)		427,000		356,545
Eco Material Technologies, Inc., 7.88%, 01/31/2027(b)		492,000		460,527
				817,072
Consumer Finance–0.46%
Ally Financial, Inc., 5.75%, 11/20/2025(c)		558,000		537,212
American Express Co., 3.30%, 05/03/2027		130,000		117,846
ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024(b)		712,000		672,484
Credit Acceptance Corp., 5.13%, 12/31/2024(b)		495,000		460,979
goeasy Ltd. (Canada), 5.38%, 12/01/2024(b)		335,000		313,103
Navient Corp.,
5.88%, 10/25/2024		272,000		263,405
6.75%, 06/25/2025		271,000		259,766
5.00%, 03/15/2027		300,000		253,485
4.88%, 03/15/2028		279,000		222,385
5.50%, 03/15/2029		416,000		331,054
5.63%, 08/01/2033		302,000		213,514
OneMain Finance Corp.,
6.88%, 03/15/2025(c)		686,000		666,260
7.13%, 03/15/2026(c)		952,000		918,551
Synchrony Financial, 3.95%, 12/01/2027		75,000		64,557
World Acceptance Corp., 7.00%, 11/01/2026(b)		279,000		175,073
				5,469,674
Copper–0.01%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		75,000		71,553
Data Processing & Outsourced Services–0.02%
Automatic Data Processing, Inc., 3.38%, 09/15/2025		100,000		96,333
Global Payments, Inc., 2.15%, 01/15/2027		110,000		93,974
Western Union Co. (The), 1.35%, 03/15/2026		75,000		64,259
				254,566

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

9 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Department Stores–0.12%
Nordstrom, Inc.,
6.95%, 03/15/2028	$	462,000	$	429,685
4.38%, 04/01/2030(c)		692,000		532,207
4.25%, 08/01/2031		578,000		420,481
				1,382,373
Distillers & Vintners–0.01%
Constellation Brands, Inc., 3.70%, 12/06/2026		117,000		109,235
Diversified Banks–0.65%
Banco Santander S.A. (Spain),
2.75%, 05/28/2025		200,000		181,529
4.25%, 04/11/2027		200,000		180,708
Bank of America Corp.,
4.45%, 03/03/2026		200,000		191,998
1.32%, 06/19/2026(e)		160,000		141,360
1.20%, 10/24/2026(e)		160,000		138,958
1.73%, 07/22/2027(e)		70,000		59,904
Series L, 4.18%, 11/25/2027		100,000		91,682
Banque Centrale de Tunisie International Bond (Tunisia), 5.75%, 01/30/2025(b)		600,000		380,627
Barclays PLC (United Kingdom), 4.38%, 09/11/2024		306,000		290,898
Canadian Imperial Bank of Commerce (Canada), 2.25%, 01/28/2025(c)		350,000		326,168
Citigroup, Inc.,
3.11%, 04/08/2026(e)		225,000		210,144
1.12%, 01/28/2027(e)		110,000		93,598
1.46%, 06/09/2027(e)		140,000		118,680
4.45%, 09/29/2027		75,000		69,678
HSBC Holdings PLC (United Kingdom),
1.59%, 05/24/2027(e)		200,000		164,471
2.25%, 11/22/2027(e)		200,000		164,567
Intesa Sanpaolo S.p.A. (Italy),
5.71%, 01/15/2026(b)(c)		956,000		891,218
4.20%, 06/01/2032(b)(e)		940,000		637,226
JPMorgan Chase & Co.,
2.30%, 10/15/2025(e)		200,000		186,630
2.01%, 03/13/2026(e)		134,000		122,252
2.08%, 04/22/2026(e)		134,000		122,054
1.05%, 11/19/2026(e)		60,000		51,725
4.25%, 10/01/2027		75,000		70,504
Lloyds Banking Group PLC (United Kingdom),
3.90%, 03/12/2024		200,000		194,839
4.45%, 05/08/2025		275,000		263,736
Mitsubishi UFJ Financial Group, Inc. (Japan),
0.96%, 10/11/2025(e)		200,000		181,902
3.68%, 02/22/2027		125,000		114,806
3.29%, 07/25/2027		60,000		53,787
NatWest Group PLC (United Kingdom), 5.13%, 05/28/2024		400,000		390,073
PNC Bank N.A., 4.20%, 11/01/2025		275,000		265,355
Royal Bank of Canada (Canada), 4.65%, 01/27/2026		125,000		120,729

	Principal Amount		Value
Diversified Banks–(continued)
Sumitomo Mitsui Financial Group, Inc. (Japan),
2.35%, 01/15/2025	$	275,000	$	256,125
2.63%, 07/14/2026		150,000		134,492
U.S. Bancorp, 1.45%, 05/12/2025		125,000		114,293
Vnesheconombank Via VEB Finance PLC (Russia), 5.94%, 11/21/2023(b)(g)		1,450,000		0
Wells Fargo & Co.,
2.19%, 04/30/2026(e)		150,000		136,581
4.30%, 07/22/2027		130,000		121,689
Westpac Banking Corp. (Australia), 3.30%, 02/26/2024(c)		470,000		461,251
				7,696,237
Diversified Capital Markets–0.15%
Deutsche Bank AG (Germany),
3.70%, 05/30/2024		185,000		177,104
3.70%, 05/30/2024		188,000		181,657
4.50%, 04/01/2025		353,000		328,657
5.88%, 07/08/2031(e)		747,000		614,731
3.74%, 01/07/2033(e)		763,000		520,193
				1,822,342
Diversified Chemicals–0.04%
Chemours Co. (The), 4.63%, 11/15/2029(b)		290,000		226,935
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(b)		476,000		270,820
				497,755
Diversified Metals & Mining–0.15%
Corp. Nacional del Cobre de Chile (Chile),
5.63%, 10/18/2043(b)		95,000		84,519
4.88%, 11/04/2044(b)		105,000		86,262
Mineral Resources Ltd. (Australia), 8.13%, 05/01/2027(b)		928,000		925,369
Perenti Finance Pty. Ltd. (Australia), 6.50%, 10/07/2025(b)(c)		740,000		675,428
				1,771,578
Diversified Real Estate Activities–0.05%
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025(b)		321,000		266,286
Greystar Real Estate Partners LLC, 5.75%, 12/01/2025(b)		376,000		364,278
				630,564
Diversified REITs–0.18%
GLP Capital L.P./GLP Financing II, Inc., 3.35%, 09/01/2024		100,000		93,799
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/2026(b)		253,000		206,261
iStar, Inc., 4.25%, 08/01/2025(c)		519,000		502,794

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

10 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Diversified REITs–(continued)
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 4.63%, 06/15/2025(b)	$	630,000	$	617,047
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025(b)		691,000		685,120
				2,105,021
Diversified Support Services–0.03%
MPH Acquisition Holdings LLC, 5.75%, 11/01/2028(b)(c)		528,000		409,044
Drug Retail–0.02%
Rite Aid Corp., 8.00%, 11/15/2026(b)		225,000		146,351
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026		75,000		70,273
				216,624
Electric Utilities–0.22%
Berkshire Hathaway Energy Co., 3.50%, 02/01/2025		127,000		123,079
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)		706,000		657,544
Duke Energy Corp., 3.75%, 04/15/2024		200,000		196,296
Edison International, 5.75%, 06/15/2027		75,000		73,202
NRG Energy, Inc., 3.88%, 02/15/2032(b)		547,000		432,431
Pacific Gas and Electric Co.,
3.75%, 02/15/2024		230,000		223,093
3.30%, 12/01/2027		100,000		84,888
PG&E Corp., 5.25%, 07/01/2030		523,000		463,948
Terraform Global Operating L.P., 6.13%, 03/01/2026(b)		351,000		324,096
				2,578,577
Electrical Components & Equipment–0.12%
Emerson Electric Co., 1.80%, 10/15/2027		80,000		68,578
Sensata Technologies B.V., 5.00%, 10/01/2025(b)		445,000		432,165
WESCO Distribution, Inc., 7.13%, 06/15/2025(b)(c)		863,000		872,700
				1,373,443
Electronic Components–0.02%
Likewize Corp., 9.75%, 10/15/2025(b)		239,000		216,584
Electronic Manufacturing Services–0.01%
Tyco Electronics Group S.A. (Switzerland), 3.13%, 08/15/2027		75,000		68,298
Environmental & Facilities Services–0.17%
GFL Environmental, Inc. (Canada),
4.25%, 06/01/2025(b)		493,000		471,372
3.75%, 08/01/2025(b)		1,040,000		985,337

	Principal Amount		Value
Environmental & Facilities Services–(continued)
Harsco Corp., 5.75%, 07/31/2027(b)	$	763,000	$	542,543
				1,999,252
Financial Exchanges & Data–0.14%
Cboe Global Markets, Inc., 3.65%, 01/12/2027		60,000		56,218
Coinbase Global, Inc.,
3.38%, 10/01/2028(b)		1,215,000		796,904
3.63%, 10/01/2031(b)		1,146,000		681,456
Intercontinental Exchange, Inc., 3.10%, 09/15/2027		75,000		68,062
S&P Global, Inc., 2.45%, 03/01/2027(b)		65,000		58,288
				1,660,928
Food Distributors–0.09%
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)		1,087,000		805,125
US Foods, Inc., 6.25%, 04/15/2025(b)		307,000		305,970
				1,111,095
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		552,604
4.63%, 01/15/2027(b)		1,128,000		1,047,184
				1,599,788
Footwear–0.03%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(b)(c)		401,000		379,456
Gas Utilities–0.13%
AmeriGas Partners L.P./AmeriGas Finance Corp.,
5.50%, 05/20/2025		399,000		383,054
5.75%, 05/20/2027		694,000		640,971
Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029(b)		458,000		384,922
ONE Gas, Inc., 1.10%, 03/11/2024		118,000		111,667
				1,520,614
Health Care Facilities–0.21%
CommonSpirit Health, 1.55%, 10/01/2025		64,000		56,929
Encompass Health Corp., 5.75%, 09/15/2025		250,000		248,028
HCA, Inc., 5.00%, 03/15/2024		468,000		464,100
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026(b)		522,000		417,271
Tenet Healthcare Corp., 4.88%, 01/01/2026(b)		1,293,000		1,224,355
Universal Health Services, Inc., 1.65%, 09/01/2026(b)		134,000		112,403
				2,523,086

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

11 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Health Care REITs–0.07%
Diversified Healthcare Trust,
9.75%, 06/15/2025	$	355,000	$	335,282
4.75%, 02/15/2028		588,000		403,294
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		120,000		115,076
				853,652
Health Care Services–0.43%
Akumin Escrow, Inc., 7.50%, 08/01/2028(b)		639,000		460,082
Akumin, Inc., 7.00%, 11/01/2025(b)		444,000		359,780
Community Health Systems, Inc.,
8.00%, 03/15/2026(b)(c)		1,436,000		1,241,343
5.63%, 03/15/2027(b)		507,000		405,042
6.88%, 04/15/2029(b)		650,000		263,142
6.13%, 04/01/2030(b)		530,000		218,609
5.25%, 05/15/2030(b)		1,122,000		779,167
LifePoint Health, Inc., 5.38%, 01/15/2029(b)		318,000		203,616
Prime Healthcare Services, Inc., 7.25%, 11/01/2025(b)		453,000		395,856
RP Escrow Issuer LLC, 5.25%, 12/15/2025(b)		397,000		297,837
Sutter Health, Series 20A, 1.32%, 08/15/2025		167,000		149,736
US Acute Care Solutions LLC, 6.38%, 03/01/2026(b)		361,000		328,187
				5,102,397
Health Care Technology–0.06%
AthenaHealth Group, Inc., 6.50%, 02/15/2030(b)		858,000		670,759
Home Furnishings–0.13%
Tempur Sealy International, Inc.,
4.00%, 04/15/2029(b)(c)		1,064,000		858,191
3.88%, 10/15/2031(b)		937,000		705,495
				1,563,686
Home Improvement Retail–0.15%
Home Depot, Inc. (The), 2.50%, 04/15/2027		80,000		72,342
JELD-WEN, Inc.,
6.25%, 05/15/2025(b)		887,000		830,622
4.63%, 12/15/2025(b)		521,000		430,773
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026(b)		485,000		390,778
				1,724,515
Homebuilding–0.40%
Beazer Homes USA, Inc., 5.88%, 10/15/2027(c)		750,000		631,061
Century Communities, Inc., 6.75%, 06/01/2027		674,000		644,445
Empire Communities Corp. (Canada), 7.00%, 12/15/2025(b)		477,000		411,833
Lennar Corp., 4.75%, 11/29/2027		60,000		55,539
Mattamy Group Corp. (Canada), 4.63%, 03/01/2030(b)		276,000		215,869

	Principal Amount		Value
Homebuilding–(continued)
Meritage Homes Corp., 6.00%, 06/01/2025	$	246,000	$	239,114
Taylor Morrison Communities, Inc., 5.75%, 01/15/2028(b)		975,000		894,943
TopBuild Corp., 4.13%, 02/15/2032(b)		1,060,000		831,473
Tri Pointe Homes, Inc., 5.25%, 06/01/2027		977,000		841,733
				4,766,010
Hotel & Resort REITs–0.22%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026		50,000		46,712
Service Properties Trust,
4.35%, 10/01/2024		805,000		740,278
4.50%, 03/15/2025		422,000		374,016
7.50%, 09/15/2025		552,000		538,890
5.25%, 02/15/2026		323,000		279,868
4.95%, 02/15/2027		277,000		224,655
4.95%, 10/01/2029		595,000		432,451
				2,636,870
Hotels, Resorts & Cruise Lines–0.59%
Carnival Corp.,
10.50%, 02/01/2026(b)(c)		777,000		762,625
7.63%, 03/01/2026(b)(c)		587,000		442,378
5.75%, 03/01/2027(b)		1,706,000		1,185,329
6.00%, 05/01/2029(b)		745,000		495,375
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b)		450,000		456,469
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025(b)		490,000		483,875
Royal Caribbean Cruises Ltd.,
11.50%, 06/01/2025(b)(c)		1,241,000		1,338,071
11.63%, 08/15/2027(b)		629,000		604,293
5.50%, 04/01/2028(b)(c)		631,000		487,700
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(b)(c)		248,000		250,777
Travel + Leisure Co., 6.60%, 10/01/2025		444,000		434,576
				6,941,468
Household Products–0.12%
Energizer Holdings, Inc., 4.38%, 03/31/2029(b)		564,000		452,909
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 5.00%, 12/31/2026(b)		576,000		522,919
Spectrum Brands, Inc., 5.75%, 07/15/2025		501,000		495,088
				1,470,916
Housewares & Specialties–0.13%
Newell Brands, Inc.,
4.88%, 06/01/2025(c)		490,000		473,614
4.45%, 04/01/2026		1,099,000		1,024,373
				1,497,987

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

12 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Independent Power Producers & Energy Traders–0.13%
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(b)	$	1,044,000	$	534,992
TransAlta Corp. (Canada), 6.50%, 03/15/2040		413,000		355,943
Vistra Operations Co. LLC, 5.63%, 02/15/2027(b)(c)		689,000		657,864
				1,548,799
Industrial Conglomerates–0.11%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,
6.38%, 12/15/2025		667,000		649,031
6.25%, 05/15/2026		719,000		691,563
				1,340,594
Industrial Machinery–0.01%
Stanley Black & Decker, Inc., 3.40%, 03/01/2026		80,000		75,260
Insurance Brokers–0.08%
Alliant Holdings Intermediate LLC/ Alliant Holdings Co-Issuer, 6.75%, 10/15/2027(b)		257,000		234,871
HUB International Ltd., 7.00%, 05/01/2026(b)		616,000		609,436
Willis North America, Inc., 4.65%, 06/15/2027		75,000		70,626
				914,933
Integrated Oil & Gas–1.32%
BP Capital Markets America, Inc., 3.54%, 04/06/2027		75,000		69,831
Chevron USA, Inc., 1.02%, 08/12/2027		100,000		84,108
Exxon Mobil Corp., 3.29%, 03/19/2027		110,000		103,395
KazMunayGas National Co. JSC (Kazakhstan),
5.38%, 04/24/2030(b)		1,400,000		1,153,215
6.38%, 10/24/2048(b)		1,500,000		1,085,070
Occidental Petroleum Corp.,
8.00%, 07/15/2025		310,000		327,636
5.88%, 09/01/2025(c)		556,000		560,848
5.50%, 12/01/2025		464,000		465,944
5.55%, 03/15/2026		1,031,000		1,047,924
Petroleos Mexicanos (Mexico),
6.63%, 06/15/2035		2,455,000		1,708,999
7.69%, 01/23/2050		4,600,000		3,004,976
Petronas Capital Ltd. (Malaysia),
3.50%, 03/18/2025(b)		1,000,000		966,810
4.55%, 04/21/2050(b)		1,220,000		1,006,443
4.80%, 04/21/2060(b)		1,200,000		1,000,776
Qatar Energy (Qatar), 1.38%, 09/12/2026(b)		800,000		704,450
Saudi Arabian Oil Co. (Saudi Arabia), 4.25%, 04/16/2039(b)		2,812,000		2,316,498
				15,606,923

	Principal Amount		Value
Integrated Telecommunication Services–0.67%
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027(b)	$	574,000	$	448,541
Altice France S.A. (France),
5.13%, 07/15/2029(b)		200,000		151,000
5.50%, 10/15/2029(b)		200,000		152,885
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)		1,682,000		1,583,855
Consolidated Communications, Inc., 6.50%, 10/01/2028(b)		292,000		239,528
Embarq Corp., 8.00%, 06/01/2036		1,176,000		476,057
Frontier Communications Holdings LLC,
5.88%, 11/01/2029		600,000		469,125
6.00%, 01/15/2030(b)		266,000		208,627
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b)		889,000		824,716
Level 3 Financing, Inc., 3.75%, 07/15/2029(b)(c)		1,127,000		859,247
Telecom Italia Capital S.A. (Italy),
6.38%, 11/15/2033		548,000		421,864
7.72%, 06/04/2038		414,000		330,138
Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024(b)		696,000		655,980
Windstream Escrow LLC/ Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)		1,228,000		1,065,996
				7,887,559
Interactive Media & Services–0.03%
TripAdvisor, Inc., 7.00%, 07/15/2025(b)		309,000		305,812
Internet & Direct Marketing Retail–0.20%
Amazon.com, Inc., 3.30%, 04/13/2027		250,000		234,832
GrubHub Holdings, Inc., 5.50%, 07/01/2027(b)		289,000		194,216
Macy’s Retail Holdings LLC, 5.88%, 04/01/2029(b)		740,000		640,348
Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026(b)		311,000		205,395
QVC, Inc.,
4.75%, 02/15/2027(c)		605,000		480,797
4.38%, 09/01/2028		506,000		367,806
5.45%, 08/15/2034		436,000		275,336
				2,398,730
Internet Services & Infrastructure–0.10%
Cablevision Lightpath LLC, 5.63%, 09/15/2028(b)		278,000		221,431
Cogent Communications Group, Inc., 3.50%, 05/01/2026(b)		261,000		235,953
Condor Merger Sub, Inc., 7.38%, 02/15/2030(b)		740,000		613,259
VeriSign, Inc., 5.25%, 04/01/2025		150,000		148,651
				1,219,294

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

13 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Investment Banking & Brokerage–0.13%
Goldman Sachs Group, Inc. (The),
3.85%, 01/26/2027	$	125,000	$	115,960
1.54%, 09/10/2027(e)		140,000		117,578
1.95%, 10/21/2027(e)		75,000		63,772
Morgan Stanley,
2.72%, 07/22/2025(e)		100,000		94,426
3.63%, 01/20/2027		130,000		119,879
1.59%, 05/04/2027(e)		110,000		94,199
1.51%, 07/20/2027(e)		110,000		93,339
NFP Corp., 6.88%, 08/15/2028(b)		763,000		650,164
Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026		200,000		170,069
				1,519,386
IT Consulting & Other Services–0.05%
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029(b)		273,000		224,383
International Business Machines Corp.,
3.45%, 02/19/2026		150,000		142,359
3.30%, 05/15/2026		100,000		93,660
Kyndryl Holdings, Inc., 2.05%, 10/15/2026		100,000		78,276
				538,678
Leisure Facilities–0.12%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b)		635,000		631,028
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/2025(b)		235,000		241,024
Vail Resorts, Inc., 6.25%, 05/15/2025(b)		370,000		368,968
Viking Cruises Ltd., 13.00%, 05/15/2025(b)		222,000		239,233
				1,480,253
Leisure Products–0.05%
Mattel, Inc., 3.38%, 04/01/2026(b)		513,000		469,170
Party City Holdings, Inc., 8.75%, 02/15/2026(b)		198,000		125,683
				594,853
Life & Health Insurance–0.03%
Genworth Holdings, Inc., 6.50%, 06/15/2034		268,000		222,833
Principal Financial Group, Inc., 3.40%, 05/15/2025		160,000		153,019
				375,852
Marine–0.05%
NCL Corp. Ltd., 5.88%, 03/15/2026(b)(c)		524,000		430,117
Seaspan Corp. (Hong Kong), 5.50%, 08/01/2029(b)		276,000		213,276
				643,393

	Principal Amount		Value
Marine Ports & Services–0.07%
DP World Ltd. (United Arab Emirates), 6.85%, 07/02/2037(b)	$	810,000	$	780,960
Metal & Glass Containers–0.20%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
5.25%, 04/30/2025(b)		819,000		774,139
4.13%, 08/15/2026(b)		307,000		264,651
Ball Corp., 4.88%, 03/15/2026(c)		741,000		712,972
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b)		350,000		261,253
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024(b)		394,000		386,847
				2,399,862
Mortgage REITs–0.07%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(b)		420,000		335,296
Rithm Capital Corp., 6.25%, 10/15/2025(b)		522,000		458,804
				794,100
Movies & Entertainment–0.23%
Cinemark USA, Inc., 8.75%, 05/01/2025(b)		646,000		648,709
Netflix, Inc.,
5.88%, 02/15/2025		496,000		499,576
5.88%, 11/15/2028		901,000		896,495
6.38%, 05/15/2029		347,000		354,336
5.38%, 11/15/2029(b)		393,000		374,250
				2,773,366
Multi-line Insurance–0.01%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		94,000		94,217
Multi-Utilities–0.10%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(c)(e)		1,037,000		837,377
DTE Energy Co., Series E, Investment Units, 5.25%, 12/01/2077		8,506		182,709
Public Service Enterprise Group, Inc., 2.88%, 06/15/2024		230,000		221,168
				1,241,254
Office REITs–0.01%
Office Properties Income Trust, 2.65%, 06/15/2026		133,000		97,062
Office Services & Supplies–0.10%
ACCO Brands Corp., 4.25%, 03/15/2029(b)		545,000		434,365
Pitney Bowes, Inc.,
6.88%, 03/15/2027(b)		578,000		371,599
7.25%, 03/15/2029(b)(c)		540,000		346,764
				1,152,728

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

14 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Oil & Gas Drilling–0.31%
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(b)	$	1,565,000	$	1,418,412
Patterson-UTI Energy, Inc., 5.15%, 11/15/2029		531,000		469,367
Rockies Express Pipeline LLC,
4.80%, 05/15/2030(b)		142,000		120,188
7.50%, 07/15/2038(b)		366,000		319,965
6.88%, 04/15/2040(b)		1,577,000		1,289,837
				3,617,769
Oil & Gas Equipment & Services–0.16%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		75,000		67,260
Oceaneering International, Inc., 6.00%, 02/01/2028		259,000		231,480
USA Compression Partners L.P./USA Compression Finance Corp.,
6.88%, 04/01/2026		622,000		597,907
6.88%, 09/01/2027		257,000		246,053
Weatherford International Ltd., 8.63%, 04/30/2030(b)(c)		818,000		772,650
				1,915,350
Oil & Gas Exploration & Production–0.66%
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b)		738,000		714,668
Devon Energy Corp., 5.25%, 10/15/2027		75,000		74,431
Hilcorp Energy I L.P./Hilcorp Finance Co.,
5.75%, 02/01/2029(b)		553,000		507,253
6.00%, 02/01/2031(b)		788,000		718,010
Ithaca Energy North Sea PLC (United Kingdom), 9.00%, 07/15/2026(b)		249,000		246,448
Moss Creek Resources Holdings, Inc.,
7.50%, 01/15/2026(b)(c)		344,000		317,233
10.50%, 05/15/2027(b)		284,000		273,104
Murphy Oil Corp.,
5.75%, 08/15/2025		338,000		333,645
7.05%, 05/01/2029		473,000		468,200
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/2025(b)		531,000		509,813
PDC Energy, Inc., 5.75%, 05/15/2026		496,000		476,116
Range Resources Corp., 4.88%, 05/15/2025(c)		467,000		451,505
Sinopec Group Overseas Development 2018 Ltd. (China), 2.95%, 11/12/2029(b)		2,760,000		2,397,540
Talos Production, Inc., 12.00%, 01/15/2026		288,000		305,843
				7,793,809
Oil & Gas Refining & Marketing–0.20%
CVR Energy, Inc., 5.25%, 02/15/2025(b)		445,000		429,559
EnLink Midstream Partners L.P., 5.60%, 04/01/2044		454,000		354,541

	Principal Amount		Value
Oil & Gas Refining & Marketing–(continued)
HF Sinclair Corp., 5.88%, 04/01/2026	$	94,000	$	91,499
NuStar Logistics L.P.,
5.75%, 10/01/2025(c)		358,000		345,973
6.00%, 06/01/2026(c)		422,000		409,878
Parkland Corp. (Canada), 4.50%, 10/01/2029(b)		229,000		193,290
Puma International Financing S.A. (Singapore), 5.13%, 10/06/2024(b)		600,000		563,664
				2,388,404
Oil & Gas Storage & Transportation–1.31%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), 4.60%, 11/02/2047(b)		3,587,000		3,086,076
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025(b)		373,000		369,207
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		125,000		122,053
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.,
5.75%, 04/01/2025		151,000		147,436
8.00%, 04/01/2029(b)		1,178,000		1,179,690
Energy Transfer L.P.,
3.90%, 05/15/2024		236,000		229,375
4.40%, 03/15/2027		60,000		55,718
5.50%, 06/01/2027		50,000		48,698
EQM Midstream Partners L.P.,
6.00%, 07/01/2025(b)		589,000		571,212
5.50%, 07/15/2028(c)		381,000		341,178
7.50%, 06/01/2030(b)		224,000		218,142
6.50%, 07/15/2048		1,568,000		1,209,665
Genesis Energy L.P./Genesis Energy Finance Corp.,
8.00%, 01/15/2027		1,257,000		1,219,629
7.75%, 02/01/2028		350,000		334,668
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)		243,000		238,684
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(b)		313,000		283,339
ITT Holdings LLC, 6.50%, 08/01/2029(b)		497,000		400,582
New Fortress Energy, Inc.,
6.75%, 09/15/2025(b)		1,188,000		1,167,983
6.50%, 09/30/2026(b)		490,000		476,283
Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026(b)		443,000		420,033
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/2026(b)		1,741,000		1,673,484
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.,
7.50%, 10/01/2025(b)		358,000		362,378
5.50%, 01/15/2028(b)		758,000		681,419
6.00%, 12/31/2030(b)		495,000		449,341

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

15 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Western Midstream Operating L.P., 3.35%, 02/01/2025	$	243,000	$	231,498
				15,517,771
Other Diversified Financial Services–0.45%
Albion Financing 1 S.a.r.l/Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026(b)		200,000		171,268
Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027(b)		635,000		536,575
Corebridge Financial, Inc., 3.65%, 04/05/2027(b)		130,000		117,827
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026(b)		251,000		209,334
Midcap Financial Issuer Trust,
6.50%, 05/01/2028(b)		306,000		260,831
5.63%, 01/15/2030(b)		285,000		219,914
PHH Mortgage Corp., 7.88%, 03/15/2026(b)		1,299,000		1,080,157
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 04/16/2029(b)		1,200,000		860,217
4.63%, 04/06/2031(b)		500,000		339,528
United Wholesale Mortgage LLC,
5.50%, 11/15/2025(b)		677,000		612,888
5.75%, 06/15/2027(b)		350,000		287,345
5.50%, 04/15/2029(b)(c)		410,000		310,438
VistaJet Malta Finance PLC/XO Management Holding, Inc. (Switzerland), 6.38%, 02/01/2030(b)		407,000		338,874
				5,345,196
Packaged Foods & Meats–0.12%
Conagra Brands, Inc., 1.38%, 11/01/2027		100,000		80,848
FAGE International S.A./FAGE USA Dairy Industry, Inc. (Luxembourg), 5.63%, 08/15/2026(b)		1,265,000		1,111,357
TreeHouse Foods, Inc., 4.00%, 09/01/2028		177,000		149,572
Tyson Foods, Inc., 4.00%, 03/01/2026		127,000		121,568
				1,463,345
Paper Packaging–0.09%
Berry Global, Inc., 1.57%, 01/15/2026		80,000		69,395
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/2026(c)		544,000		521,536
LABL, Inc.,
6.75%, 07/15/2026(b)		276,000		262,844
5.88%, 11/01/2028(b)		266,000		231,562
				1,085,337
Paper Products–0.08%
Domtar Corp., 6.75%, 10/01/2028(b)		499,000		425,372
Glatfelter Corp., 4.75%, 11/15/2029(b)		885,000		571,254
				996,626

	Principal Amount		Value
Personal Products–0.03%
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025(b)	$	381,000	$	356,561
Pharmaceuticals–0.38%
1375209 BC Ltd. (Canada), 9.00%, 01/30/2028(b)		668,996		650,598
Bausch Health Cos., Inc.,
5.50%, 11/01/2025(b)		1,514,000		1,212,623
4.88%, 06/01/2028(b)		805,000		494,773
Bristol-Myers Squibb Co., 0.75%, 11/13/2025		275,000		243,083
Merck & Co., Inc., 2.75%, 02/10/2025		183,000		174,927
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)(h)		814,000		624,177
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		705,000		673,159
Royalty Pharma PLC, 1.20%, 09/02/2025		200,000		176,527
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		134,000		122,150
Viatris, Inc., 2.30%, 06/22/2027		85,000		69,582
				4,441,599
Publishing–0.11%
Gannett Holdings LLC, 6.00%, 11/01/2026(b)(c)		1,806,000		1,353,936
Railroads–0.11%
Empresa de Transporte de Pasajeros Metro S.A. (Chile), 4.70%, 05/07/2050(b)		1,550,000		1,156,280
Union Pacific Corp., 3.15%, 03/01/2024		200,000		195,439
				1,351,719
Real Estate Development–0.07%
Forestar Group, Inc., 3.85%, 05/15/2026(b)		558,000		475,899
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 04/15/2030(b)		571,000		397,016
				872,915
Regional Banks–0.07%
Santander Holdings USA, Inc., 4.40%, 07/13/2027		75,000		67,838
Synovus Financial Corp., 5.90%, 02/07/2029(c)(e)		456,000		446,479
Truist Financial Corp., 4.00%, 05/01/2025		275,000		266,585
				780,902
Reinsurance–0.14%
Enstar Finance LLC,
5.75%, 09/01/2040(e)		410,000		365,210
5.50%, 01/15/2042(e)		638,000		502,298
Global Atlantic Fin Co., 4.70%, 10/15/2051(b)(e)		992,000		733,500
				1,601,008

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

16 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Renewable Electricity–0.05%
Sunnova Energy Corp., 5.88%, 09/01/2026(b)(c)	$	700,000	$	617,088
Residential REITs–0.01%
Spirit Realty L.P., 4.45%, 09/15/2026		75,000		70,000
Restaurants–0.11%
Aramark Services, Inc.,
5.00%, 04/01/2025(b)		382,000		370,094
6.38%, 05/01/2025(b)		953,000		944,364
				1,314,458
Retail REITs–0.19%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC,
5.75%, 05/15/2026(b)(c)		1,290,000		1,200,358
4.50%, 04/01/2027(b)(c)		517,000		440,960
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028(b)		594,000		434,576
Realty Income Corp., 4.88%, 06/01/2026		80,000		77,849
Simon Property Group L.P., 3.30%, 01/15/2026		64,000		59,724
				2,213,467
Security & Alarm Services–0.13%
CoreCivic, Inc., 8.25%, 04/15/2026		651,000		661,319
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 04/15/2026(b)(c)		858,000		836,695
				1,498,014
Semiconductor Equipment–0.02%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 2.70%, 05/01/2025		200,000		185,194
Semiconductors–0.04%
ams-OSRAM AG (Austria), 7.00%, 07/31/2025(b)(c)		394,000		352,559
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		77,000		70,828
Micron Technology, Inc., 4.19%, 02/15/2027		75,000		69,650
				493,037
Soft Drinks–0.01%
Triton Water Holdings, Inc., 6.25%, 04/01/2029(b)		226,000		171,707
Sovereign Debt–10.85%
Abu Dhabi Government International Bond (United Arab Emirates), 2.70%, 09/02/2070(b)		3,400,000		1,925,250
Angolan Government International Bond (Angola), 9.13%, 11/26/2049(b)		1,140,000		864,006

	Principal Amount		Value
Sovereign Debt–(continued)
Argentine Republic Government International Bond (Argentina), 0.75%, 07/09/2030(i)	$	3,000,000	$	639,829
Bahrain Government International Bond (Bahrain), 7.00%, 01/26/2026(b)		2,000,000		2,002,700
Bolivian Government International Bond (Bolivia), 4.50%, 03/20/2028(b)		699,000		555,705
Brazilian Government International Bond (Brazil),
4.25%, 01/07/2025		1,600,000		1,559,725
4.63%, 01/13/2028		2,400,000		2,257,312
7.13%, 01/20/2037		2,000,000		2,002,588
CBB International Sukuk Programme Co. WLL (Bahrain), 4.50%, 03/30/2027(b)		2,000,000		1,894,652
Chile Government International Bond (Chile),
3.24%, 02/06/2028		1,641,000		1,476,358
2.45%, 01/31/2031		707,000		566,751
3.10%, 01/22/2061		1,800,000		1,010,836
Colombia Government International Bond (Colombia),
3.88%, 04/25/2027		2,250,000		1,879,980
7.38%, 09/18/2037		3,800,000		3,206,856
6.13%, 01/18/2041		1,950,000		1,393,253
Costa Rica Government International Bond (Costa Rica),
5.63%, 04/30/2043(b)		1,300,000		949,152
7.16%, 03/12/2045(b)		800,000		693,610
Dominican Republic International Bond (Dominican Republic),
5.95%, 01/25/2027(b)		2,228,000		2,089,298
6.85%, 01/27/2045(b)		2,902,000		2,251,850
6.40%, 06/05/2049(b)		935,000		675,822
Ecuador Government International Bond (Ecuador), 6.00%, 07/31/2030(b)(i)		3,135,000		1,680,226
Egypt Government International Bond (Egypt),
7.60%, 03/01/2029(b)		200,000		144,168
8.50%, 01/31/2047(b)		2,896,000		1,717,629
7.90%, 02/21/2048(b)		1,200,000		680,352
8.70%, 03/01/2049(b)		2,110,000		1,262,291
Ghana Government International Bond (Ghana),
7.63%, 05/16/2029(b)		818,000		234,152
8.95%, 03/26/2051(b)		738,000		215,050
Hazine Mustesarligi Varlik Kiralama A.S. (Turkey), 5.00%, 04/06/2023(b)		320,000		318,736
Hungary Government International Bond (Hungary),
2.13%, 09/22/2031(b)		600,000		431,095
7.63%, 03/29/2041(c)		700,000		703,242
Indonesia Government International Bond (Indonesia),
8.50%, 10/12/2035(b)		3,830,000		4,496,168
6.63%, 02/17/2037(b)		1,100,000		1,142,350
6.75%, 01/15/2044(b)		2,530,000		2,617,661

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

17 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Ivory Coast Government International Bond (Ivory Coast), 6.38%, 03/03/2028(b)	$	650,000	$	593,125
Jamaica Government International Bond (Jamaica), 6.75%, 04/28/2028		1,600,000		1,680,328
Jordan Government International Bond (Jordan), 6.13%, 01/29/2026(b)		1,000,000		959,825
Kazakhstan Government International Bond (Kazakhstan),
3.88%, 10/14/2024(b)		1,650,000		1,642,954
5.13%, 07/21/2025(b)		2,000,000		2,049,834
4.88%, 10/14/2044(b)		1,000,000		768,741
6.50%, 07/21/2045(b)		1,700,000		1,512,674
KSA Sukuk Ltd. (Saudi Arabia), 4.30%, 01/19/2029(b)		2,000,000		1,917,832
Kuwait International Government Bond (Kuwait), 3.50%, 03/20/2027(b)		800,000		764,462
Malaysia Sukuk Global Bhd. (Malaysia), 3.18%, 04/27/2026(b)		250,000		239,364
Mexico Government International Bond (Mexico),
4.13%, 01/21/2026		2,310,000		2,229,944
4.28%, 08/14/2041		1,400,000		1,016,525
Nigeria Government International Bond (Nigeria), 8.75%, 01/21/2031(b)		2,550,000		1,807,172
Oman Government International Bond (Oman),
4.75%, 06/15/2026(b)		3,310,000		3,138,976
5.63%, 01/17/2028(b)		1,000,000		956,521
6.25%, 01/25/2031(b)		1,000,000		955,750
6.75%, 01/17/2048(b)		2,854,000		2,406,068
Pakistan Government International Bond (Pakistan), 8.25%, 04/15/2024(b)		1,640,000		702,576
Panama Government International Bond (Panama),
7.13%, 01/29/2026		1,110,000		1,164,607
3.88%, 03/17/2028(c)		1,000,000		908,638
6.70%, 01/26/2036(c)		1,350,000		1,317,415
4.50%, 04/01/2056		2,320,000		1,529,584
Paraguay Government International Bond (Paraguay), 5.00%, 04/15/2026(b)		1,000,000		981,079
Perusahaan Penerbit SBSN Indonesia III (Indonesia),
4.33%, 05/28/2025(b)		300,000		295,356
4.15%, 03/29/2027(b)		294,000		280,003
Peruvian Government International Bond (Peru),
2.39%, 01/23/2026		770,000		695,799
4.13%, 08/25/2027		1,226,000		1,156,870
2.84%, 06/20/2030		500,000		406,880
3.60%, 01/15/2072		650,000		385,863

	Principal Amount		Value
Sovereign Debt–(continued)
Philippine Government International Bond (Philippines),
4.20%, 01/21/2024	$	100,000	$	98,499
10.63%, 03/16/2025		2,144,000		2,397,997
3.00%, 02/01/2028		1,000,000		907,415
6.38%, 01/15/2032		2,000,000		2,076,906
5.00%, 01/13/2037		2,000,000		1,830,000
Qatar Government International Bond (Qatar), 5.10%, 04/23/2048(b)		3,660,000		3,415,786
RAK Capital (United Arab Emirates), 3.09%, 03/31/2025(b)		743,000		709,373
Republic of Poland Government International Bond (Poland),
3.00%, 03/17/2023		599,000		595,556
4.00%, 01/22/2024		3,595,000		3,547,959
Republic of South Africa Government International Bond (South Africa),
5.88%, 09/16/2025		200,000		198,401
4.88%, 04/14/2026		1,540,000		1,449,531
5.75%, 09/30/2049		5,853,000		3,909,383
7.30%, 04/20/2052		400,000		314,800
Romanian Government International Bond (Romania),
4.38%, 08/22/2023(b)		33,000		32,785
3.00%, 02/27/2027(b)		1,250,000		1,077,402
3.00%, 02/14/2031(b)		750,000		557,693
5.13%, 06/15/2048(b)		2,344,000		1,644,021
4.00%, 02/14/2051(b)		1,750,000		1,031,579
Saudi Government International Bond (Saudi Arabia),
4.00%, 04/17/2025(b)		770,000		751,974
3.25%, 10/26/2026(b)		500,000		470,250
4.38%, 04/16/2029(b)		538,000		514,635
4.50%, 10/26/2046(b)		1,000,000		798,764
5.00%, 04/17/2049(b)		1,548,000		1,320,953
5.25%, 01/16/2050(b)		2,680,000		2,379,194
3.45%, 02/02/2061(b)		1,400,000		901,320
Sharjah Sukuk Program Ltd. (United Arab Emirates),
3.85%, 04/03/2026(b)		600,000		546,330
4.23%, 03/14/2028(b)		1,019,000		902,121
Sri Lanka Government International Bond (Sri Lanka), 6.83%, 07/18/2026(b)(h)		903,000		214,516
Turkey Government International Bond (Turkey),
7.38%, 02/05/2025		527,000		519,472
4.88%, 10/09/2026		326,000		278,416
6.00%, 03/25/2027		1,890,000		1,654,780
7.63%, 04/26/2029		2,430,000		2,155,301
11.88%, 01/15/2030		1,920,000		2,126,097
6.88%, 03/17/2036		1,218,000		920,141
7.25%, 03/05/2038		1,170,000		927,377
UAE International Government Bond (United Arab Emirates), 3.25%, 10/19/2061(b)		3,600,000		2,378,160

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

18 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Ukraine Government International Bond (Ukraine),
7.75%, 09/01/2025(b)(h)	$	650,000	$	138,593
7.75%, 09/01/2026(b)(h)		650,000		111,800
7.75%, 09/01/2028(b)(h)		4,450,000		756,500
7.75%, 09/01/2029(b)(h)	��	1,090,000		196,153
9.75%, 11/01/2030(b)(h)		900,000		169,524
Uruguay Government International Bond (Uruguay), 4.50%, 08/14/2024		1,477,281		1,476,730
				128,407,605
Specialized Consumer Services–0.01%
WW International, Inc., 4.50%, 04/15/2029(b)		308,000		169,773
Specialized Finance–0.01%
Blackstone Private Credit Fund, 3.25%, 03/15/2027		75,000		62,289
Specialized REITs–0.13%
American Tower Corp.,
1.30%, 09/15/2025		134,000		118,126
3.65%, 03/15/2027		105,000		95,049
3.55%, 07/15/2027		105,000		93,914
EPR Properties, 4.75%, 12/15/2026		75,000		64,650
Iron Mountain, Inc.,
4.88%, 09/15/2029(b)		313,000		269,923
5.25%, 07/15/2030(b)		519,000		448,578
4.50%, 02/15/2031(b)		562,000		456,277
				1,546,517
Specialty Chemicals–0.16%
Avient Corp., 5.75%, 05/15/2025(b)		377,000		369,501
PPG Industries, Inc., 1.20%, 03/15/2026		67,000		58,083
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)		871,000		758,310
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026(b)(c)		832,000		663,437
				1,849,331
Specialty Stores–0.15%
Bath & Body Works, Inc., 6.75%, 07/01/2036		175,000		145,022
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b)		377,000		341,132
Michaels Cos., Inc. (The), 5.25%, 05/01/2028(b)		427,000		304,267
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025(c)		363,000		343,017
Staples, Inc., 7.50%, 04/15/2026(b)		786,000		684,244
				1,817,682
Steel–0.01%
ArcelorMittal S.A. (Luxembourg), 4.55%, 03/11/2026		134,000		127,808

	Principal Amount		Value
Systems Software–0.11%
NortonLifeLock, Inc., 5.00%, 04/15/2025(b)	$	678,000	$	659,477
Rackspace Technology Global, Inc., 3.50%, 02/15/2028(b)		300,000		198,657
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)(c)		502,000		423,550
				1,281,684
Technology Distributors–0.03%
Avnet, Inc., 4.63%, 04/15/2026		75,000		71,185
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/2025(b)		260,000		255,938
				327,123
Technology Hardware, Storage & Peripherals–0.27%
Apple, Inc.,
3.25%, 02/23/2026		150,000		143,145
3.20%, 05/11/2027		135,000		126,528
HP, Inc., 1.45%, 06/17/2026		150,000		128,245
Seagate HDD Cayman,
4.75%, 01/01/2025		249,000		240,671
3.13%, 07/15/2029		622,000		460,818
4.13%, 01/15/2031		685,000		516,106
Xerox Corp., 6.75%, 12/15/2039		513,000		378,836
Xerox Holdings Corp.,
5.00%, 08/15/2025(b)		476,000		430,859
5.50%, 08/15/2028(b)(c)		930,000		737,434
				3,162,642
Thrifts & Mortgage Finance–0.22%
Enact Holdings, Inc., 6.50%, 08/15/2025(b)		1,356,000		1,338,928
Home Point Capital, Inc., 5.00%, 02/01/2026(b)		466,000		276,068
NMI Holdings, Inc., 7.38%, 06/01/2025(b)		431,000		431,170
PennyMac Financial Services, Inc.,
5.38%, 10/15/2025(b)		362,000		328,450
5.75%, 09/15/2031(b)		280,000		211,353
				2,585,969
Tires & Rubber–0.09%
FXI Holdings, Inc., 12.25%, 11/15/2026(b)		512,000		445,286
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025(c)		567,000		589,946
				1,035,232
Tobacco–0.04%
Altria Group, Inc., 4.40%, 02/14/2026		134,000		128,678
B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026		134,000		119,201
Vector Group Ltd., 5.75%, 02/01/2029(b)		317,000		278,148
				526,027

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

19 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Trading Companies & Distributors–0.04%
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/2025(b)	$	540,000	$	519,413
Trucking–0.04%
Hertz Corp. (The), 5.00%, 12/01/2029(b)		253,000		201,103
Ryder System, Inc., 3.65%, 03/18/2024		150,000		146,510
XPO Logistics, Inc., 6.25%, 05/01/2025(b)		154,000		155,772
				503,385
Wireless Telecommunication Services–0.12%
Sprint Corp.,
7.63%, 02/15/2025		453,000		466,069
7.63%, 03/01/2026(c)		940,000		982,662
				1,448,731
Total U.S. Dollar Denominated Bonds & Notes (Cost $452,656,108)				378,638,189
Equity Linked Notes–27.68%
Diversified Banks–23.75%
Bank of Montreal (Consumer Discretionary Select Sector SPDR Fund) (Canada),
11.42%, 11/02/2022		9,824,000		10,247,855
18.26%, 11/15/2022(b)		11,370,000		11,585,163
Bank of Montreal (Materials Select Sector SPDR Fund) (Canada), 16.41%, 12/09/2022(b)		6,933,000		6,761,128
Bank of Montreal (Utilities Select Sector SPDR Fund) (Canada), 15.03%, 12/09/2022(b)		8,338,000		8,365,588
BNP Paribas Issuance B.V. (Financial Select Sector SPDR Fund) (France), 21.92%, 11/16/2022(b)		10,323,000		10,909,537
BNP Paribas Issuance B.V. (Technology Select Sector SPDR Fund) (France), 16.56%, 12/12/2022(b)		14,659,000		14,790,572
BNP Paribas S.A. (Technology Select Sector SPDR Fund) (France), 19.31%, 11/17/2022(b)		15,090,000		16,088,509
Canadian Imperial Bank of Commerce (Consumer Discretionary Select Sector SPDR Fund) (Canada), 15.25%, 12/02/2022(b)		11,160,000		11,475,766
Canadian Imperial Bank of Commerce (Consumer Staples Select Sector SPDR Fund) (Canada),
15.15%, 11/18/2022(b)		9,745,000		10,094,724
14.45%, 12/13/2022(b)		10,098,000		9,970,245
Canadian Imperial Bank of Commerce (Technology Select Sector SPDR Fund) (Canada), 21.52%, 11/14/2022(b)		15,031,000		15,200,985
Citigroup Global Markets Holdings, Inc. (Health Care Select Sector SPDR Fund), 17.13%, 11/10/2022(b)		13,867,000		14,348,092

	Principal Amount		Value
Diversified Banks–(continued)
Citigroup Global Markets Holdings, Inc. (Technology Select Sector SPDR Fund), 20.29%, 12/01/2022(b)	$	15,211,000	$	15,698,919
Citigroup, Inc. (Technology Select Sector SPDR Fund), 21.48%, 11/01/2022		16,050,000		16,189,256
J.P. Morgan Structured Products B.V. (Consumer Discretionary Select Sector SPDR Fund), 17.20%, 12/14/2022		11,114,000		11,114,000
J.P. Morgan Structured Products B.V. (Energy Select Sector SPDR Fund), 20.62%, 11/08/2022(b)		13,500,000		15,058,368
JPMorgan Chase & Co. (Consumer Discretionary Select Sector SPDR Fund), 18.03%, 11/03/2022(b)		10,980,000		10,581,712
JPMorgan Chase & Co. (Technology Select Sector SPDR Fund), 18.35%, 11/21/2022(b)		14,809,000		15,789,167
Royal Bank of Canada (Communication Services Select Sector SPDR Fund) (Canada), Conv., 23.23%, 11/22/2022(b)		11,460,000		11,226,732
Royal Bank of Canada (iShares Dow Jones US Real Estate) (Canada), 19.06%, 11/08/2022(b)		7,967,000		8,172,819
Societe Generale S.A. (Communication Services Select Sector SPDR Fund) (France), 23.67%, 11/07/2022(b)		11,892,000		11,826,482
Societe Generale S.A. (Health Care Select Sector SPDR Fund) (France), 12.70%, 12/07/2022(b)		14,184,000		14,363,779
Societe Generale S.A. (Industrial Select Sector SPDR Fund) (France), 18.54%, 11/23/2022(b)		10,753,000		11,222,203
				281,081,601
Investment Banking & Brokerage–3.93%
Goldman Sachs Group, Inc. (The) (Financial Select Sector SPDR Fund), 20.37%, 11/09/2022(b)		10,355,000		10,752,652
Goldman Sachs International (Financial Select Sector SPDR Fund), 16.95%, 12/05/2022(b)		10,080,000		10,355,507
Goldman Sachs International (Health Care Select Sector SPDR Fund), 17.83%, 11/16/2022(b)		13,709,000		14,354,468
Goldman Sachs International (Industrial Select Sector SPDR Fund), 14.58%, 12/08/2022(b)		10,801,000		10,982,216
				46,444,843
Total Equity Linked Notes (Cost $315,677,849)				327,526,444

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

20 Invesco Multi-Asset Income Fund

	Principal Amount		Value
U.S. Treasury Securities–20.84%
U.S. Treasury Bills–0.09%
1.45% - 2.69%, 11/17/2022(j)(k)	$	739,000	$	738,374
3.71% - 4.17%, 03/09/2023(j)(k)		347,000		341,843
				1,080,217
U.S. Treasury Bonds–17.88%
1.88%, 11/15/2051		347,200,000		211,636,031
U.S. Treasury Notes–2.87%
0.13%, 01/31/2023		6,950,000		6,882,079
0.75%, 12/31/2023		6,000,000		5,736,797
1.13%, 01/15/2025		15,250,000		14,179,521
1.25%, 12/31/2026		8,100,000		7,157,742
				33,956,139
Total U.S. Treasury Securities (Cost $347,732,325)				246,672,387
	Shares
Preferred Stocks–4.73%
Alternative Carriers–0.05%
Qwest Corp., 6.50%, Pfd.		20,526		352,021
Qwest Corp., 6.75%, Pfd.		13,859		249,462
				601,483
Apparel, Accessories & Luxury Goods–0.00%
Fossil Group, Inc., 7.00%, Pfd.		3,150		39,784
Asset Management & Custody Banks–0.14%
Affiliated Managers Group, Inc., 5.88%, Pfd.		6,316		130,552
Affiliated Managers Group, Inc., 4.75%, Pfd.		5,772		98,643
Affiliated Managers Group, Inc., 4.20%, Pfd.		4,181		62,046
Apollo Asset Management, Inc., 6.38%, Series A, Pfd.		5,775		125,144
Apollo Asset Management, Inc., 6.38%, Series B, Pfd.		6,299		137,318
Northern Trust Corp., 4.70%, Series E, Pfd.		8,400		168,168
Oaktree Capital Group LLC, 6.63%, Series A, Pfd.		3,960		93,852
Oaktree Capital Group LLC, 6.55%, Series B, Pfd.		5,511		127,635
Prospect Capital Corp., 5.35%, Series A, Pfd.		3,150		51,503
State Street Corp., 5.35%, Series G, Pfd.(e)		10,499		252,501
State Street Corp., 5.90%, Series D, Pfd.(e)		15,749		383,803
				1,631,165
Automobile Manufacturers–0.09%
Ford Motor Co., 6.20%, Pfd.		16,239		370,899
Ford Motor Co., 6.00%, Pfd.		17,322		382,816
Ford Motor Co., 6.50%, Pfd.		11,592		264,298
				1,018,013
Consumer Finance–0.15%
Capital One Financial Corp., 5.00%, Series I, Pfd.		31,330		580,545

	Shares		Value
Consumer Finance–(continued)
Capital One Financial Corp., 4.80%, Series J, Pfd.		26,109	$	454,297
Capital One Financial Corp., 4.63%, Series K, Pfd.		3,063		51,121
Capital One Financial Corp., 4.38%, Series L, Pfd.		14,099		224,174
Capital One Financial Corp., 4.25%, Series N, Pfd.		8,877		140,257
Navient Corp., 6.00%, Pfd.		6,300		116,172
Synchrony Financial, 5.63%, Series A, Pfd.		15,749		267,260
				1,833,826
Department Stores–0.01%
Dillard’s Capital Trust I, 7.50%, Pfd.		4,200		108,444
Diversified Banks–1.12%
Bank of America Corp., 6.00%, Series GG, Pfd.(c)		32,465		772,667
Bank of America Corp., 5.88%, Series HH, Pfd.		21,937		508,719
Bank of America Corp., 5.38%, Series KK, Pfd.		34,938		747,673
Bank of America Corp., 5.00%, Series LL, Pfd.		33,706		672,098
Bank of America Corp., 4.38%, Series NN, Pfd.(c)		29,546		514,396
Bank of America Corp., 4.13%, Series PP, Pfd.(c)		27,876		454,100
Bank of America Corp., 4.25%, Series QQ, Pfd.		34,552		576,327
Citigroup, Inc., 7.13%, Series J, Pfd.(e)		19,845		495,331
Citigroup, Inc., 6.88%, Series K, Pfd.(e)		31,498		795,010
JPMorgan Chase & Co., 5.75%, Series DD, Pfd.		35,671		826,497
JPMorgan Chase & Co., 6.00%, Series EE, Pfd.		38,950		950,380
JPMorgan Chase & Co., 4.75%, Series GG, Pfd.		18,846		372,397
JPMorgan Chase & Co., 4.55%, Series JJ, Pfd.		31,723		577,676
JPMorgan Chase & Co., 4.63%, Series LL, Pfd.		38,319		710,434
JPMorgan Chase & Co., 4.20%, Series MM, Pfd.		42,177		725,866
U.S. Bancorp, 5.50%, Series K, Pfd.		12,074		272,993
U.S. Bancorp, 3.75%, Series L, Pfd.		10,499		158,850
U.S. Bancorp, 4.00%, Series M, Pfd.(c)		15,749		254,819
U.S. Bancorp, 4.50%, Series O, Pfd.		9,450		174,825
Wells Fargo & Co., 5.63%, Series Y, Pfd.(c)		14,489		309,050
Wells Fargo & Co., 6.63%, Series R, Pfd.(e)		17,639		441,151
Wells Fargo & Co., 4.75%, Series Z, Pfd.		42,260		760,680
Wells Fargo & Co., 4.70%, Series AA, Pfd.		24,569		441,014
Wells Fargo & Co., 4.38%, Series CC, Pfd.		22,049		365,572
Wells Fargo & Co., 4.25%, Series DD, Pfd.		26,249		421,297
				13,299,822

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

21 Invesco Multi-Asset Income Fund

	Shares		Value
Diversified Chemicals–0.01%
EI du Pont de Nemours and Co., 4.50%, Series B, Pfd.		878	$	82,348
Diversified REITs–0.02%
Global Net Lease, Inc., 7.25%, Series A, Pfd.		3,618		77,208
Global Net Lease, Inc., 6.88%, Series B, Pfd.		2,409		48,493
iStar, Inc., 8.00%, Series D, Pfd.		2,100		51,219
iStar, Inc., 7.50%, Series I, Pfd.		2,625		58,511
				235,431
Electric Utilities–0.30%
BIP Bermuda Holdings I Ltd., 5.13%, Pfd.		5,970		104,177
Brookfield Infrastructure Finance ULC, 5.00%, Pfd.		5,131		81,686
Duke Energy Corp., 5.63%, Pfd.		10,499		248,721
Duke Energy Corp., 5.75%, Series A, Pfd.		20,999		496,206
Entergy Arkansas LLC, 4.88%, Pfd.		8,488		177,229
Entergy Louisiana LLC, 4.88%, Pfd.		5,590		120,744
Entergy Mississippi LLC, 4.90%, Pfd.		5,382		112,968
Entergy New Orleans LLC, 5.50%, Pfd.		2,590		56,980
Georgia Power Co., 5.00%, Series 2017-A, Pfd.		5,456		119,650
National Rural Utilities Cooperative Finance Corp., 5.50%, Pfd.		5,250		119,963
NextEra Energy Capital Holdings, Inc., 5.65%, Series N, Pfd.(c)		14,437		347,787
Pacific Gas and Electric Co., 6.00%, Series A, Pfd.		2,211		43,999
SCE Trust II, 5.10%, Pfd.		4,115		77,156
SCE Trust III, 5.75%, Series H, Pfd.(e)		5,827		112,694
SCE Trust IV, 5.38%, Series J, Pfd.(e)		6,825		122,441
SCE Trust V, 5.45%, Series K, Pfd.(e)		6,356		121,908
SCE Trust VI, 5.00%, Pfd.		10,422		178,737
Southern Co. (The), 5.25%, Pfd.		9,430		201,519
Southern Co. (The), 4.95%, Series 2020, Pfd.		21,238		406,071
Southern Co. (The), 4.20%, Series C, Pfd.		16,078		286,992
				3,537,628
Gas Utilities–0.02%
South Jersey Industries, Inc., 5.63%, Pfd.		4,200		73,542
Spire, Inc., 5.90%, Series A, Pfd.		5,250		120,225
				193,767
Health Care REITs–0.01%
Diversified Healthcare Trust, 5.63%, Pfd.		12,719		155,235
Integrated Telecommunication Services–0.18%
AT&T, Inc., 5.35%, Pfd.		27,771		596,521
AT&T, Inc., 5.63%, Pfd.		17,324		387,538
AT&T, Inc., 5.00%, Series A, Pfd.		25,199		473,489
AT&T, Inc., 4.75%, Series C, Pfd.		36,747		636,458
				2,094,006

	Shares		Value
Internet & Direct Marketing Retail–0.05%
Qurate Retail, Inc., 8.00%, Pfd.		6,486	$	312,755
QVC, Inc., 6.38%, Pfd.		5,364		84,751
QVC, Inc., 6.25%, Pfd.		10,245		159,925
				557,431
Investment Banking & Brokerage–0.39%
Brookfield Finance I (UK) PLC, 4.50%, Pfd.		4,637		71,503
Brookfield Finance, Inc., 4.63%, Series 50, Pfd.		8,354		140,180
Charles Schwab Corp. (The), 5.95%, Series D, Pfd.		15,749		362,699
Charles Schwab Corp. (The), 4.45%, Series J, Pfd.		12,600		231,462
Goldman Sachs Group, Inc. (The), 6.38%, Series K, Pfd.(e)		14,699		363,800
Morgan Stanley, 5.85%, Series K, Pfd.(e)		21,300		487,983
Morgan Stanley, 7.13%, Series E, Pfd.(e)		18,371		460,194
Morgan Stanley, 6.88%, Series F, Pfd.(e)		18,105		452,987
Morgan Stanley, 6.38%, Series I, Pfd.(e)		21,300		517,377
Morgan Stanley, 4.88%, Series L, Pfd.		10,650		206,823
Morgan Stanley, 4.25%, Series O, Pfd.		27,690		450,793
Morgan Stanley, 6.50%, Series P, Pfd.		19,497		483,526
Stifel Financial Corp., 5.20%, Pfd.		4,736		96,993
Stifel Financial Corp., 6.25%, Series B, Pfd.		3,314		75,162
Stifel Financial Corp., 6.13%, Series C, Pfd.		4,749		106,235
Stifel Financial Corp., 4.50%, Series D, Pfd.		6,315		102,240
				4,609,957
Leisure Products–0.02%
Brunswick Corp., 6.50%, Pfd.		3,264		79,576
Brunswick Corp., 6.63%, Pfd.		3,092		79,464
Brunswick Corp., 6.38%, Pfd.		4,961		113,260
				272,300
Life & Health Insurance–0.38%
AEGON Funding Co. LLC, 5.10%, Pfd.		19,424		378,768
American Equity Investment Life Holding Co., 5.95%, Series A, Pfd.(e)		8,400		189,252
American Equity Investment Life Holding Co., 6.63%, Series B, Pfd.(e)		6,300		145,908
Athene Holding Ltd., 6.35%, Series A, Pfd.(e)		18,111		431,223
Athene Holding Ltd., 5.63%, Series B, Pfd.		7,244		148,864
Athene Holding Ltd., 6.38%, Series C, Pfd.(e)		12,600		314,118
Athene Holding Ltd., 4.88%, Series D, Pfd.		12,074		207,794
Brighthouse Financial, Inc., 6.25%, Pfd.		7,875		169,312
Brighthouse Financial, Inc., 6.60%, Series A, Pfd.		8,924		200,701
Brighthouse Financial, Inc., 6.75%, Series B, Pfd.		8,452		191,776

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

22 Invesco Multi-Asset Income Fund

	Shares		Value
Life & Health Insurance–(continued)
Brighthouse Financial, Inc., 5.38%, Series C, Pfd.		12,074	$	216,849
Brighthouse Financial, Inc., 4.63%, Series D, Pfd.		7,349		112,293
CNO Financial Group, Inc., 5.13%, Pfd.		3,150		57,330
Globe Life, Inc., 4.25%, Pfd.		6,825		118,619
MetLife, Inc., 5.63%, Series E, Pfd.		16,904		393,018
MetLife, Inc., 4.75%, Series F, Pfd.		20,999		412,840
Prudential Financial, Inc., 5.63%, Pfd.		12,430		285,393
Prudential Financial, Inc., 4.13%, Pfd.(c)		11,000		203,775
Prudential Financial, Inc., 5.95%, Pfd.		5,319		127,496
Unum Group, 6.25%, Pfd.		6,300		141,687
				4,447,016
Multi-line Insurance–0.04%
American International Group, Inc., 5.85%, Series A, Pfd.		10,499		230,978
Assurant, Inc., 5.25%, Pfd.		5,250		98,858
Hartford Financial Services Group, Inc. (The), 6.00%, Series G, Pfd.		7,245		177,792
				507,628
Multi-Utilities–0.15%
Algonquin Power & Utilities Corp., 6.88%, Pfd.(e)		6,037		135,531
Algonquin Power & Utilities Corp., 6.20%, Series 19-A, Pfd.(e)		7,350		166,625
Brookfield Infrastructure Partners L.P., 5.13%, Series 13, Pfd.		4,584		73,252
Brookfield Infrastructure Partners L.P., 5.00%, Series 14, Pfd.		4,177		64,535
CMS Energy Corp., 5.63%, Pfd.		4,298		92,966
CMS Energy Corp., 5.88%, Pfd.(l)		4,516		98,313
CMS Energy Corp., 5.88%, Pfd.(l)		13,945		303,862
CMS Energy Corp., 4.20%, Series C, Pfd.		5,556		91,396
DTE Energy Co., 4.38%, Series G, Pfd.		4,301		74,321
DTE Energy Co., 4.38%, Pfd.		6,269		107,701
NiSource, Inc., 6.50%, Series B, Pfd.(e)		10,499		259,430
Sempra Energy, 5.75%, Pfd.		15,907		345,500
				1,813,432
Office REITs–0.06%
Hudson Pacific Properties, Inc., 4.75%, Series C, Pfd.		8,925		113,437
Office Properties Income Trust, 6.38%, Pfd.		3,402		59,161
SL Green Realty Corp., 6.50%, Series I, Pfd.		4,830		94,185
Vornado Realty Trust, 5.40%, Series L, Pfd.		5,630		92,782
Vornado Realty Trust, 5.25%, Series M, Pfd.		7,441		119,205
Vornado Realty Trust, 5.25%, Series N, Pfd.		6,287		97,511
Vornado Realty Trust, 4.45%, Series O, Pfd.		6,287		86,258
				662,539
Office Services & Supplies–0.01%
Pitney Bowes, Inc., 6.70%, Pfd.		8,925		145,120

	Shares		Value
Oil & Gas Storage & Transportation–0.04%
DCP Midstream L.P., 7.95%, Series C, Pfd.(e)		2,310	$	54,724
Energy Transfer L.P., 7.60%, Series E, Pfd.(e)		16,799		386,881
				441,605
Other Diversified Financial Services–0.09%
Brookfield BRP Holdings Canada, Inc., 4.63%, Pfd.		7,262		105,807
Brookfield BRP Holdings Canada, Inc., 4.88%, Pfd.		5,384		80,114
Carlyle Finance LLC, 4.63%, Pfd.		10,499		166,829
Equitable Holdings, Inc., 5.25%, Series A, Pfd.		16,799		312,797
Equitable Holdings, Inc., 4.30%, Series C, Pfd.		6,299		102,863
KKR Group Finance Co. IX LLC, 4.63%, Pfd.		10,499		182,998
Voya Financial, Inc., 5.35%, Series B, Pfd.(e)		6,300		133,497
				1,084,905
Property & Casualty Insurance–0.22%
Allstate Corp. (The), 5.63%, Series G, Pfd.		12,074		262,247
Allstate Corp. (The), 5.10%, Series H, Pfd.		24,149		474,528
Allstate Corp. (The), 4.75%, Series I, Pfd.		6,299		117,539
American Financial Group, Inc., 5.88%, Pfd.		2,893		63,038
American Financial Group, Inc., 5.13%, Pfd.		4,051		80,453
American Financial Group, Inc., 5.63%, Pfd.		3,079		63,366
American Financial Group, Inc., 4.50%, Pfd.		4,119		74,595
Arch Capital Group Ltd., 5.45%, Series F, Pfd.		6,930		140,402
Arch Capital Group Ltd., 4.55%, Series G, Pfd.		10,499		184,362
Argo Group International Holdings Ltd., 7.00%, Pfd.(e)		3,154		63,080
Argo Group U.S., Inc., 6.50%, Pfd.		3,015		62,501
Aspen Insurance Holdings Ltd., 5.63%, Pfd.		5,250		101,325
Aspen Insurance Holdings Ltd., 5.63%, Pfd.		5,250		99,698
AXIS Capital Holdings Ltd., 5.50%, Series E, Pfd.		11,549		228,208
Kemper Corp., 5.88%, Pfd.(e)		3,150		65,804
PartnerRe Ltd., 4.88%, Series J, Pfd.		4,200		79,086
Selective Insurance Group, Inc., 4.60%, Series B, Pfd.		4,200		70,287
W.R. Berkley Corp., 5.70%, Pfd.		3,639		78,602
W.R. Berkley Corp., 5.10%, Pfd.		6,378		127,624
W.R. Berkley Corp., 4.25%, Pfd.		5,532		91,887
W.R. Berkley Corp., 4.13%, Pfd.		6,258		100,128
				2,628,760
Real Estate Operating Companies–0.04%
Brookfield Property Partners L.P., 6.50%, Series A-1, Pfd.		4,073		67,815

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

23 Invesco Multi-Asset Income Fund

	Shares		Value
Real Estate Operating Companies–(continued)
Brookfield Property Partners L.P., 6.38%, Series A-2, Pfd.		5,069	$	82,625
Brookfield Property Partners L.P., 5.75%, Series A, Pfd.		6,023		91,128
Brookfield Property Preferred L.P., 6.25%, Pfd.		13,976		218,305
				459,873
Regional Banks–0.63%
Associated Banc-Corp, 5.88%, Series E, Pfd.		2,100		49,938
Associated Banc-Corp, 5.63%, Series F, Pfd.		2,100		48,447
Bank of Hawaii Corp., 4.38%, Series A, Pfd.		3,780		64,260
Bank OZK, 4.63%, Series A, Pfd.		7,350		122,010
Cadence Bank, 5.50%, Series A, Pfd.		3,622		73,128
Citizens Financial Group, Inc., 6.35%, Series D, Pfd.(e)		5,326		124,895
Citizens Financial Group, Inc., 5.00%, Series E, Pfd.		10,712		206,527
Cullen/Frost Bankers, Inc., 4.45%, Series B, Pfd.		3,229		62,481
F.N.B. Corp., 7.25%, Pfd.(e)		2,328		57,758
Fifth Third Bancorp, 6.63%, Series I, Pfd.(e)		9,988		251,897
Fifth Third Bancorp, 6.00%, Series A, Pfd.		3,165		69,124
Fifth Third Bancorp, 4.95%, Series K, Pfd.		5,762		110,573
First Citizens BancShares, Inc., 5.38%, Series A, Pfd.		7,245		147,798
First Citizens BancShares, Inc., 5.63%, Series C, Pfd.		4,200		84,252
First Horizon Corp., 6.50%, Pfd.		3,112		74,532
First Horizon Corp., 6.10%, Series D, Pfd.(e)		2,138		48,191
First Horizon Corp., 4.70%, Series F, Pfd.		3,150		58,181
First Republic Bank, 5.13%, Series H, Pfd.		4,430		86,651
First Republic Bank, 5.50%, Series I, Pfd.		6,276		134,620
First Republic Bank, 4.70%, Series J, Pfd.		8,265		145,216
First Republic Bank, 4.13%, Series K, Pfd.		10,461		161,413
First Republic Bank, 4.25%, Series L, Pfd.		15,639		248,347
First Republic Bank, 4.00%, Series M, Pfd.		15,691		235,522
First Republic Bank, 4.50%, Series N, Pfd.		15,482		260,717
Fulton Financial Corp., 5.13%, Series A, Pfd.		4,200		84,336
Hancock Whitney Corp., 6.25%, Pfd.		3,622		86,558
Huntington Bancshares, Inc., 4.50%, Series H, Pfd.		10,727		186,864
Huntington Bancshares, Inc., 5.70%, Series C, Pfd.		3,495		78,183
KeyCorp, 6.13%, Series E, Pfd.(e)		10,860		253,472
KeyCorp, 5.65%, Series F, Pfd.		9,231		195,143
KeyCorp, 5.63%, Series G, Pfd.		9,774		206,720

	Shares		Value
Regional Banks–(continued)
KeyCorp, 6.20%, Pfd.(e)		11,628	$	283,491
M&T Bank Corp., 5.63%, Series H, Pfd.(e)		5,250		119,385
Old National Bancorp, 7.00%, Series C, Pfd.		2,566		66,690
Old National Bancorp, 7.00%, Series A, Pfd.		2,274		58,556
PacWest Bancorp, 7.75%, Series A, Pfd.(e)		10,778		267,510
Popular Capital Trust II, 6.13%, Pfd.		2,717		69,528
Regions Financial Corp., 6.38%, Series B, Pfd.(e)		10,499		259,325
Regions Financial Corp., 5.70%, Series C, Pfd.(e)		10,499		218,589
Regions Financial Corp., 4.45%, Series E, Pfd.		8,400		146,832
Signature Bank, 5.00%, Series A, Pfd.		15,329		270,097
Silvergate Capital Corp., 5.38%, Series A, Pfd.		4,200		59,892
SVB Financial Group, 5.25%, Series A, Pfd.		8,053		145,598
Synovus Financial Corp., 5.88%, Series E, Pfd.(e)		7,350		162,435
Texas Capital Bancshares, Inc., 5.75%, Series B, Pfd.		6,300		124,929
Truist Financial Corp., 5.25%, Series O, Pfd.		12,074		254,399
Truist Financial Corp., 4.75%, Series R, Pfd.		19,424		368,085
Valley National Bancorp, 6.25%, Series A, Pfd.(e)		2,415		53,637
Washington Federal, Inc., 4.88%, Series A, Pfd.		6,300		109,809
Webster Financial Corp., 5.25%, Series F, Pfd.		3,150		61,583
Western Alliance Bancorporation, 4.25%, Series A, Pfd.(e)		6,300		126,000
Wintrust Financial Corp., 6.50%, Series D, Pfd.(e)		2,921		71,740
Wintrust Financial Corp., 6.88%, Series E, Pfd.(e)		5,744		145,496
				7,461,360
Reinsurance–0.10%
Enstar Group Ltd., 7.00%, Series D, Pfd.(e)		8,320		182,874
Enstar Group Ltd., 7.00%, Series E, Pfd.		2,386		53,780
Reinsurance Group of America, Inc., 5.75%, Pfd.(e)		8,400		197,316
Reinsurance Group of America, Inc., 7.13%, Pfd.(e)		14,750		373,617
RenaissanceRe Holdings Ltd., 5.75%, Series F, Pfd.		5,250		114,188
RenaissanceRe Holdings Ltd., 4.20%, Series G, Pfd.		10,499		175,018
SiriusPoint Ltd., 8.00%, Series B, Pfd.(e)		4,200		99,120
				1,195,913
Renewable Electricity–0.01%
Brookfield Renewable Partners L.P., 5.25%, Series 17, Pfd.		3,859		63,249

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

24 Invesco Multi-Asset Income Fund

	Shares		Value
Residential REITs–0.01%
American Homes 4 Rent, 5.88%, Series G, Pfd.		2,563	$	56,335
American Homes 4 Rent, 6.25%, Series H, Pfd.		2,278		51,164
				107,499
Retail REITs–0.04%
Agree Realty Corp., 4.25%, Series A, Pfd.		3,675		58,433
Federal Realty Investment Trust, 5.00%, Series C, Pfd.		3,150		62,590
Kimco Realty Corp., 5.13%, Series L, Pfd.		4,725		90,673
Kimco Realty Corp., 5.25%, Series M, Pfd.		5,554		109,081
SITE Centers Corp., 6.38%, Series A, Pfd.		3,675		73,720
Spirit Realty Capital, Inc., 6.00%, Series A, Pfd.		3,622		77,692
				472,189
Specialized REITs–0.17%
Digital Realty Trust, Inc., 5.25%, Series J, Pfd.		4,281		85,149
Digital Realty Trust, Inc., 5.85%, Series K, Pfd.		4,354		95,353
Digital Realty Trust, Inc., 5.20%, Series L, Pfd.		7,221		139,510
EPR Properties, 5.75%, Series G, Pfd.		3,150		53,078
Public Storage, 5.15%, Series F, Pfd.		2,378		50,009
Public Storage, 5.05%, Series G, Pfd.		5,244		108,446
Public Storage, 5.60%, Series H, Pfd.		7,041		160,746
Public Storage, 4.88%, Series I, Pfd.		7,814		153,701
Public Storage, 4.75%, Series K, Pfd.		1,940		38,140
Public Storage, 4.63%, Series L, Pfd.		11,742		218,401
Public Storage, 4.13%, Series M, Pfd.		5,922		99,075
Public Storage, 3.88%, Series N, Pfd.		7,352		114,471
Public Storage, 3.90%, Series O, Pfd.		4,533		71,576
Public Storage, 4.00%, Series P, Pfd.		12,547		204,265
Public Storage, 3.95%, Series Q, Pfd.		2,988		47,718
Public Storage, 4.00%, Series R, Pfd.		8,578		138,020
Public Storage, 4.10%, Series S, Pfd.		14,564		239,578
				2,017,236
Thrifts & Mortgage Finance–0.03%
Merchants Bancorp, 6.00%, Series B, Pfd.(e)		2,625		57,724
Merchants Bancorp, 6.00%, Series C, Pfd.		4,120		90,599
New York Community Bancorp, Inc., 6.38%, Series A, Pfd.(e)		10,814		231,311
				379,634
Trading Companies & Distributors–0.07%
Air Lease Corp., 6.15%, Series A, Pfd.(e)		5,250		112,875
Fortress Transportation and Infrastructure Investors LLC, 8.00%, Series B, Pfd.(e)		2,601		51,812
Fortress Transportation and Infrastructure Investors LLC, 8.25%, Series A, Pfd.(e)		2,190		44,457

			Shares		Value
Trading Companies & Distributors–(continued)
Fortress Transportation and Infrastructure Investors LLC, 8.25%, Series C, Pfd.(e)				2,202	$	41,287
Triton International Ltd., 8.00%, Pfd.				3,445		84,127
Triton International Ltd., 7.38%, Pfd.				4,221		96,788
Triton International Ltd., 6.88%, Pfd.				2,531		55,758
Triton International Ltd., 5.75%, Series E, Pfd.				3,241		62,843
WESCO International, Inc., 10.63%, Series A, Pfd.(e)				11,345		306,315
						856,262
Wireless Telecommunication Services–0.08%
Telephone and Data Systems, Inc., 6.63%, Series UU, Pfd.				8,819		177,174
Telephone and Data Systems, Inc., 6.00%, Series VV, Pfd.				14,490		256,473
United States Cellular Corp., 6.25%, Pfd.				10,499		204,310
United States Cellular Corp., 5.50%, Pfd.				10,499		179,218
United States Cellular Corp., 5.50%, Pfd.				10,499		179,533
						996,708
Total Preferred Stocks (Cost $70,052,927)						56,011,568
	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes–0.75%(m)
Aerospace & Defense–0.02%
Thales S.A. (France), 0.75%, 01/23/2025(b)		EUR		200,000		185,911
Agricultural Products–0.01%
Archer-Daniels-Midland Co., 1.00%, 09/12/2025		EUR		125,000		116,401
Apparel, Accessories & Luxury Goods–0.01%
PVH Corp., 3.13%, 12/15/2027(b)		EUR		100,000		84,655
Auto Parts & Equipment–0.01%
Magna International, Inc. (Canada), 1.50%, 09/25/2027		EUR		100,000		87,985
Automobile Manufacturers–0.05%
BMW Finance N.V. (Germany), 1.00%, 01/21/2025(b)		EUR		150,000		142,939
Mercedes-Benz International Finance B.V. (Germany), 2.00%, 08/22/2026(b)		EUR		45,000		42,866
Nissan Motor Co. Ltd. (Japan), 2.65%, 03/17/2026(b)		EUR		100,000		90,058
Volkswagen Financial Services AG (Germany),
0.13%, 02/12/2027(b)		EUR		90,000		75,395
2.25%, 10/01/2027(b)		EUR		49,000		44,601
Volkswagen Leasing GmbH (Germany),
1.50%, 06/19/2026(b)		EUR		100,000		91,312
0.38%, 07/20/2026(b)		EUR		85,000		73,846
						561,017

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

25 Invesco Multi-Asset Income Fund

	Principal Amount			Value
Brewers–0.01%
Anheuser-Busch InBev S.A./N.V. (Belgium), 2.88%, 09/25/2024(b)		EUR	175,000	$	172,807
Broadcasting–0.02%
ITV PLC (United Kingdom), 1.38%, 09/26/2026(b)		EUR	125,000		107,214
TDF Infrastructure S.A.S.U. (France), 2.50%, 04/07/2026(b)		EUR	100,000		88,350
					195,564
Cable & Satellite–0.01%
SES S.A. (Luxembourg), 1.63%, 03/22/2026(b)		EUR	120,000		107,019
Casinos & Gaming–0.02%
Codere Finance 2 (Luxembourg) S.A. (Spain), 3.00% PIK Rate, 8.00% Cash Rate, 09/30/2026 (Acquired 07/24/2020-09/30/2022; Cost $247,901)(b)(d)(f)		EUR	216,503		200,052
Construction & Engineering–0.01%
Autoroutes du Sud de la France S.A. (France), 2.95%, 01/17/2024(b)		EUR	100,000		98,853
Construction Machinery & Heavy Trucks–0.01%
Metso Outotec OYJ (Finland), 1.13%, 06/13/2024(b)		EUR	100,000		94,354
Construction Materials–0.00%
HeidelbergCement Finance (Luxembourg) S.A. (Germany), 1.63%, 04/07/2026(b)		EUR	60,000		55,228
Consumer Finance–0.02%
Santander Consumer Finance S.A. (Spain), 1.00%, 02/27/2024(b)		EUR	200,000		191,565
Data Processing & Outsourced Services–0.01%
Euronet Worldwide, Inc., 1.38%, 05/22/2026		EUR	100,000		85,476
Diversified Banks–0.22%
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 0.38%, 10/02/2024(b)		EUR	200,000		186,764
Banco Santander S.A. (Spain),
3.13%, 01/19/2027(b)		EUR	100,000		93,032
0.50%, 02/04/2027(b)		EUR	100,000		84,196
Bankinter S.A. (Spain), 0.88%, 07/08/2026(b)		EUR	100,000		86,579
Banque Federative du Credit Mutuel S.A. (France),
1.25%, 01/14/2025(b)		EUR	100,000		93,951
2.13%, 09/12/2026(b)		EUR	100,000		91,440
0.63%, 11/19/2027(b)		EUR	100,000		82,487
Belfius Bank S.A. (Belgium), 0.01%, 10/15/2025(b)		EUR	200,000		179,105
BNP Paribas S.A. (France),
2.88%, 10/01/2026(b)		EUR	100,000		93,693
0.25%, 04/13/2027(b)(e)		EUR	100,000		85,571

	Principal Amount			Value
Diversified Banks–(continued)
BPCE S.A. (France),
0.88%, 01/31/2024(b)		EUR	100,000	$	95,703
0.63%, 09/26/2024(b)		EUR	200,000		186,277
Cooperatieve Rabobank U.A. (Netherlands), 0.63%, 02/27/2024(b)		EUR	100,000		95,607
Credit Agricole S.A. (France),
1.00%, 09/16/2024(b)		EUR	100,000		95,290
1.38%, 03/13/2025(b)		EUR	200,000		187,998
de Volksbank N.V. (Netherlands), 0.01%, 09/16/2024(b)		EUR	100,000		92,979
ING Groep N.V. (Netherlands), 1.13%, 02/14/2025(b)		EUR	100,000		93,940
KBC Group N.V. (Belgium), 1.13%, 01/25/2024(b)		EUR	100,000		95,922
Mediobanca Banca di Credito Finanziario S.p.A. (Italy), 0.88%, 01/15/2026(b)		EUR	100,000		88,865
Nordea Bank Abp (Finland), 1.13%, 02/12/2025(b)		EUR	100,000		94,790
OP Corporate Bank PLC (Finland), 0.38%, 02/26/2024(b)		EUR	100,000		95,179
Skandinaviska Enskilda Banken AB (Sweden), 0.75%, 08/09/2027(b)		EUR	200,000		170,114
Standard Chartered PLC (United Kingdom), 0.90%, 07/02/2027(b)(e)		EUR	100,000		86,327
Swedbank AB (Sweden), 0.30%, 05/20/2027(b)(e)		EUR	100,000		86,068
					2,641,877
Diversified Capital Markets–0.02%
Deutsche Bank AG (Germany),
2.63%, 02/12/2026(b)		EUR	100,000		91,192
0.75%, 02/17/2027(b)(e)		EUR	100,000		84,144
Macquarie Group Ltd. (Australia), 0.63%, 02/03/2027(b)		EUR	100,000		84,190
					259,526
Diversified Chemicals–0.01%
BASF SE (Germany),
2.50%, 01/22/2024(b)		EUR	74,000		72,920
0.25%, 06/05/2027(b)		EUR	100,000		86,078
					158,998
Diversified Support Services–0.01%
APRR S.A. (France), 1.50%, 01/15/2024(b)		EUR	100,000		96,916
Electric Utilities–0.02%
AusNet Services Holdings Pty. Ltd. (Australia), 1.50%, 02/26/2027(b)		EUR	100,000		89,170
EDP Finance B.V. (Portugal), 1.50%, 11/22/2027(b)		EUR	100,000		89,067
Elenia Verkko OYJ (Finland), 0.38%, 02/06/2027(b)		EUR	140,000		117,484
					295,721
Food Retail–0.01%
ELO SACA (France), 2.88%, 01/29/2026(b)		EUR	100,000		92,187

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

26 Invesco Multi-Asset Income Fund

	Principal Amount			Value
Gas Utilities–0.01%
2i Rete Gas S.p.A. (Italy), 1.75%, 08/28/2026(b)		EUR	100,000	$	89,175
APA Infrastructure Ltd. (Australia), 2.00%, 03/22/2027(b)		EUR	100,000		88,905
					178,080
Health Care Equipment–0.01%
Zimmer Biomet Holdings, Inc., 2.43%, 12/13/2026		EUR	100,000		92,450
Health Care Services–0.00%
Fresenius Medical Care AG & Co. KGaA (Germany), 0.63%, 11/30/2026(b)		EUR	30,000		25,883
Health Care Supplies–0.01%
EssilorLuxottica S.A. (France), 2.38%, 04/09/2024(b)		EUR	100,000		98,382
Household Appliances–0.01%
Whirlpool Finance Luxembourg S.a.r.l., 1.10%, 11/09/2027		EUR	100,000		84,924
Household Products–0.01%
Procter & Gamble Co. (The), 4.88%, 05/11/2027		EUR	75,000		79,990
Integrated Oil & Gas–0.02%
Eni S.p.A. (Italy), 1.00%, 03/14/2025(b)		EUR	130,000		122,096
Shell International Finance B.V. (Netherlands), 0.38%, 02/15/2025(b)		EUR	160,000		148,999
					271,095
Integrated Telecommunication Services–0.01%
Vantage Towers AG (Germany), 0.38%, 03/31/2027(b)		EUR	100,000		83,250
IT Consulting & Other Services–0.01%
DXC Technology Co., 1.75%, 01/15/2026		EUR	100,000		91,622
International Business Machines Corp., 1.25%, 01/29/2027		EUR	100,000		90,677
					182,299
Life & Health Insurance–0.01%
Ethias S.A. (Belgium), 5.00%, 01/14/2026(b)		EUR	100,000		95,028
New York Life Global Funding, 0.25%, 01/23/2027(b)		EUR	100,000		85,807
					180,835
Multi-line Insurance–0.01%
Cloverie PLC for Zurich Insurance Co. Ltd. (Switzerland), 1.75%, 09/16/2024(b)		EUR	100,000		95,621
Multi-Sector Holdings–0.01%
Berkshire Hathaway, Inc., 1.13%, 03/16/2027		EUR	100,000		88,696
Groupe Bruxelles Lambert N.V. (Belgium), 1.88%, 06/19/2025(b)		EUR	100,000		94,787
					183,483

	Principal Amount			Value
Office REITs–0.02%
Globalworth Real Estate Investments Ltd. (Poland), 2.95%, 07/29/2026(b)		EUR	100,000	$	76,693
Inmobiliaria Colonial SOCIMI S.A. (Spain), 1.63%, 11/28/2025(b)		EUR	200,000		181,810
					258,503
Other Diversified Financial Services–0.02%
Clearstream Banking AG (Germany), 0.01%, 12/01/2025(b)		EUR	100,000		90,140
LeasePlan Corp. N.V. (Netherlands), 3.50%, 04/09/2025(b)		EUR	200,000		192,054
					282,194
Pharmaceuticals–0.02%
Bayer AG (Germany), 0.38%, 07/06/2024(b)		EUR	200,000		188,816
Novartis Finance S.A. (Switzerland), 1.63%, 11/09/2026(b)		EUR	100,000		93,691
					282,507
Precious Metals & Minerals–0.01%
Anglo American Capital PLC (South Africa), 1.63%, 03/11/2026(b)		EUR	100,000		91,173
Real Estate Operating Companies–0.01%
Samhallsbyggnadsbolaget i Norden AB (Sweden), 1.13%, 09/04/2026(b)		EUR	100,000		72,382
Renewable Electricity–0.01%
Southern Power Co., 1.85%, 06/20/2026		EUR	100,000		92,512
Restaurants–0.01%
Sodexo S.A. (France), 0.75%, 04/27/2025(b)		EUR	150,000		138,779
Specialized REITs–0.01%
American Tower Corp., 1.95%, 05/22/2026		EUR	100,000		91,667
Thrifts & Mortgage Finance–0.01%
Aareal Bank AG (Germany), 0.50%, 04/07/2027(b)		EUR	200,000		156,286
Tobacco–0.01%
Imperial Brands Finance PLC (United Kingdom), 3.38%, 02/26/2026(b)		EUR	100,000		92,670
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $10,838,615)					8,897,077
Asset-Backed Securities–0.00%
Banc of America Funding Trust, Series 2007-1, Class 1A3, 6.00%, 01/25/2037		$	51,786		41,142
GMACM Home Equity Loan Trust, Series 2007-HE2, Class A2, 6.05%, 12/25/2037(n)			1,594		1,590
Total Asset-Backed Securities (Cost $48,604)					42,732

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

27 Invesco Multi-Asset Income Fund

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.00%
Collateralized Mortgage Obligations–0.00%
Fannie Mae REMICs, IO, 3.11% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024(o)(p)	$	60	$	0
6.39% (9.80% - (1.00 x 1 mo. USD LIBOR)), 03/17/2031(o)(p)		16		1
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $1,197)				1
	Shares
Money Market Funds–17.36%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(q)(r)		71,909,306		71,909,306
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%(q)(r)		51,358,692		51,368,964
Invesco Treasury Portfolio, Institutional Class, 3.08%(q)(r)		82,182,063		82,182,063
Total Money Market Funds (Cost $205,455,260)				205,460,333
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-103.36% (Cost $1,402,462,885)				1,223,248,731

Investment Abbreviations:
Conv.	– Convertible
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
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.57%
Invesco Private Government Fund, 3.18%(q)(r)(s)		11,815,323	$	11,815,323
Invesco Private Prime Fund, 3.28%(q)(r)(s)		30,374,276		30,374,276
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $42,189,702)				42,189,599
TOTAL INVESTMENTS IN SECURITIES–106.93% (Cost $1,444,652,587)				1,265,438,330
OTHER ASSETS LESS LIABILITIES–(6.93)%				(82,044,356	)
NET ASSETS–100.00%			$	1,183,393,974

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

28 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 October 31, 2022 was $537,755,002, which represented 45.44% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at October 31, 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)  Restricted security. The aggregate value of these securities at October 31, 2022 was $284,501, which represented less than 1% of the Fund’s Net Assets.

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

^(h)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at October 31, 2022 was $2,211,263, which represented less than 1% of the Fund’s Net Assets.

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

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

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

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

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

⁽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 October 31, 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 October 31, 2022.

^(q)  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 fiscal year ended October 31, 2022.

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	92,515,254	$	380,575,422	$	(401,181,370	)	$	-	$	-	$	71,909,306	$	711,194
Invesco Liquid Assets Portfolio, Institutional Class		74,264,221		271,839,588		(294,721,858	)		(7,766)		(5,221)		51,368,964		584,429
Invesco Treasury Portfolio, Institutional Class		105,731,720		434,943,340		(458,492,997	)		-		-		82,182,063		772,583
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		16,713,748		78,867,975		(83,766,400	)		-		-		11,815,323		93,948*
Invesco Private Prime Fund		38,998,746		152,156,930		(160,769,149	)		(103)		(12,148)		30,374,276		264,523*
Total	$	328,223,689	$	1,318,383,255	$	(1,398,931,774	)	$	(7,869)	$	(17,369)	$	247,649,932	$	2,426,677

* 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.

^(r)  The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(s)  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)
Interest Rate Risk
U.S. Treasury 5 Year Notes		29		December-2022	$	3,091,219	$	(2,266	)	$	(2,266	)
U.S. Treasury 10 Year Notes		262		December-2022		28,975,562		(1,728,234	)		(1,728,234	)
U.S. Treasury 10 Year Ultra Notes		114		December-2022		13,222,219		(1,108,063	)		(1,108,063	)
Subtotal–Long Futures Contracts								(2,838,563	)		(2,838,563	)

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

29 Invesco Multi-Asset Income Fund

Open Futures Contracts(a)–(continued)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini Russell 2000 Index		357		December-2022		$(33,076,050	)		$(2,567,111	)		$(2,567,111	)
E-Mini S&P 500 Index		179		December-2022		(34,752,850	)		(1,885,644	)		(1,885,644	)
EURO STOXX 50 Index		705		December-2022		(25,207,187	)		(1,472,057	)		(1,472,057	)
MSCI Emerging Markets Index		245		December-2022		(10,456,600	)		383,153			383,153
Tokyo Stock Price Index		110		December-2022		(14,247,957	)		(237,264	)		(237,264	)
Subtotal									(5,778,923	)		(5,778,923	)
Interest Rate Risk
Euro-Bobl		36		December-2022		(4,257,498	)		105,703			105,703
Euro-Bund		173		December-2022		(23,668,699	)		410,460			410,460
Euro-Schatz		23		December-2022		(2,430,605	)		20,891			20,891
Long Gilt		227		December-2022		(26,586,838	)		661,050			661,050
U.S. Treasury 2 Year Notes		33		December-2022		(6,744,633	)		101,695			101,695
U.S. Treasury Long Bonds		339		December-2022		(40,849,500	)		4,424,209			4,424,209
U.S. Treasury Ultra Bonds		26		December-2022		(3,319,063	)		423,375			423,375
Subtotal									6,147,383			6,147,383
Subtotal–Short Futures Contracts									368,460			368,460
Total Futures Contracts									$(2,470,103	)		$(2,470,103	)

^(a)  Futures contracts collateralized by $11,805,000 cash held with Goldman Sachs & Co. LLC, the futures commission merchant.

Open Forward Foreign Currency Contracts
		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive
Currency Risk
12/21/2022	Bank of America, N.A.		EUR	126,000		USD	125,823		$       795
12/21/2022	Bank of America, N.A.		USD	109,128		EUR	112,000		2,008
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	55,569		EUR	57,000		992
12/21/2022	UBS AG		EUR	8,077,000		USD	8,129,969		115,250
Subtotal–Appreciation									119,045
Currency Risk
12/21/2022	Bank of America, N.A.		USD	72,194		EUR	72,000		(749)
12/21/2022	Canadian Imperial Bank of Commerce		USD	22,835		EUR	23,000		(13)
12/21/2022	Royal Bank of Canada		EUR	919,482		USD	900,000		(12,392)
12/21/2022	UBS AG		EUR	69,500		USD	68,149		(815)
Subtotal–Depreciation									(13,969)
Total Forward Foreign Currency Contracts									$105,076

Open Centrally Cleared Credit Default Swap Agreements(a)

Reference Entity

Buy/Sell Protection

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Implied Credit Spread(b)

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation

Credit Risk

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

Sell

5.00%

Quarterly

06/20/2027

4.793%

USD 3,199,680

$(30,641)

$27,767

$58,408

^(a)  Swaps are collateralized by $282,782 cash held with Merrill Lynch International, the Counterparty.

^(b)  Implied credit spreads represent the current level, as of October 31, 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 Financial Statements which are an integral part of the financial statements.

30 Invesco Multi-Asset Income Fund

Abbreviations:

EUR –Euro

USD –U.S. Dollar

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

31 Invesco Multi-Asset Income Fund

Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $1,197,007,625)*	$1,017,788,398
Investments in affiliated money market funds, at value (Cost $247,644,962)	247,649,932
Other investments:
Variation margin receivable – futures contracts	539,606
Variation margin receivable–centrally cleared swap agreements	149,342
Unrealized appreciation on forward foreign currency contracts outstanding	119,045
Deposits with brokers:
Cash collateral – exchange-traded futures contracts	11,805,000
Cash collateral – centrally cleared swap agreements	282,782
Cash	74,539,089
Foreign currencies, at value (Cost $103,414)	104,641
Receivable for:
Investments sold	13,849,810
Fund shares sold	108,777
Dividends	1,096,102
Interest	11,193,306
Principal paydowns	19
Investment for trustee deferred compensation and retirement plans	169,454
Other assets	33,550
Total assets	1,379,428,853
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding	13,969
Payable for:
Investments purchased	65,567,799
Due to broker	85,142,452
Fund shares reacquired	1,461,127
Collateral upon return of securities loaned	42,189,702
Accrued fees to affiliates	605,246
Accrued trustees’ and officers’ fees and benefits	1,539
Accrued other operating expenses	840,636
Trustee deferred compensation and retirement plans	212,409
Total liabilities	196,034,879
Net assets applicable to shares outstanding	$1,183,393,974

Net assets consist of:
Shares of beneficial interest	$	1,964,231,185
Distributable earnings (loss)		(780,837,211	)
	$	1,183,393,974
Net Assets:
Class A	$	852,898,543
Class C	$	84,143,299
Class R	$	23,451,569
Class Y	$	172,527,527
Class R5	$	63,225
Class R6	$	50,309,811
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		113,882,439
Class C		11,238,704
Class R		3,129,053
Class Y		23,019,540
Class R5		8,442
Class R6		6,713,357
Class A:
Net asset value per share	$	7.49
Maximum offering price per share (Net asset value of $7.49 ÷ 94.50%)	$	7.93
Class C:
Net asset value and offering price per share	$	7.49
Class R:
Net asset value and offering price per share	$	7.49
Class Y:
Net asset value and offering price per share	$	7.49
Class R5:
Net asset value and offering price per share	$	7.49
Class R6:
Net asset value and offering price per share	$	7.49

* At October 31, 2022, securities with an aggregate value of $40,829,092 were on loan to brokers.

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

32 Invesco Multi-Asset Income Fund

Statement of Operations

For the year ended October 31, 2022

Investment income:
Interest	$	82,835,483
Dividends (net of foreign withholding taxes of $228,111)		9,033,322
Dividends from affiliated money market funds (includes net securities lending income of $216,540)		2,284,746
Total investment income		94,153,551
Expenses:
Advisory fees		6,539,622
Administrative services fees		207,282
Custodian fees		79,453
Distribution fees:
Class A		2,372,486
Class C		1,154,134
Class R		141,581
Transfer agent fees – A, C, R and Y		1,707,433
Transfer agent fees – R5		71
Transfer agent fees – R6		18,461
Trustees’ and officers’ fees and benefits		35,062
Registration and filing fees		109,512
Licensing fees		395,379
Reports to shareholders		50,456
Professional services fees		87,769
Other		24,701
Total expenses		12,923,402
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(780,377	)
Net expenses		12,143,025
Net investment income		82,010,526
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(127,415,854	)
Affiliated investment securities		(17,369	)
Foreign currencies		329,382
Forward foreign currency contracts		1,498,084
Futures contracts		(20,731,187	)
Swap agreements		124,095
		(146,212,849	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(213,852,247	)
Affiliated investment securities		(7,869	)
Foreign currencies		(35,357	)
Forward foreign currency contracts		44,155
Futures contracts		(4,311,387	)
Swap agreements		58,408
		(218,104,297	)
Net realized and unrealized gain (loss)		(364,317,146	)
Net increase (decrease) in net assets resulting from operations	$	(282,306,620	)

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

33 Invesco Multi-Asset Income Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income	$	82,010,526		$	88,982,572
Net realized gain (loss)		(146,212,849	)		82,998,501
Change in net unrealized appreciation (depreciation)		(218,104,297	)		34,412,725
Net increase (decrease) in net assets resulting from operations		(282,306,620	)		206,393,798
Distributions to shareholders from distributable earnings:
Class A		(63,724,100	)		(71,763,758	)
Class C		(6,302,892	)		(8,990,275	)
Class R		(1,654,502	)		(2,967,083	)
Class Y		(14,535,382	)		(19,341,966	)
Class R5		(4,645	)		(5,253	)
Class R6		(3,841,106	)		(4,148,032	)
Total distributions from distributable earnings		(90,062,627	)		(107,216,367	)
Share transactions–net:
Class A		(62,425,231	)		(94,140,757	)
Class C		(33,565,852	)		(74,779,394	)
Class R		(16,663,281	)		(11,542,014	)
Class Y		(43,908,235	)		(105,129,569	)
Class R5		3,957			(12,046	)
Class R6		665,585			(4,237,143	)
Net increase (decrease) in net assets resulting from share transactions		(155,893,057	)		(289,840,923	)
Net increase (decrease) in net assets		(528,262,304	)		(190,663,492	)
Net assets:
Beginning of year		1,711,656,278			1,902,319,770
End of year	$	1,183,393,974		$	1,711,656,278

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

34 Invesco Multi-Asset Income Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 10/31/22		$  9.75		$0.50		$(2.21	)		$(1.71	)		$(0.55	)		$       -			$(0.55	)		$  7.49		(18.16	)%(d)		$   852,899		0.82	%(d)		0.87	%(d)		5.68	%(d)		94	%
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
Class C
Year ended 10/31/22		9.75		0.43		(2.21	)		(1.78	)		(0.48	)		-			(0.48	)		7.49		(18.80	)		84,143		1.59			1.64			4.91			94
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
Class R
Year ended 10/31/22		9.76		0.47		(2.22	)		(1.75	)		(0.52	)		-			(0.52	)		7.49		(18.47	)		23,452		1.09			1.14			5.41			94
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
Class Y
Year ended 10/31/22		9.76		0.52		(2.22	)		(1.70	)		(0.57	)		-			(0.57	)		7.49		(18.05	)		172,528		0.59			0.64			5.91			94
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
Class R5
Year ended 10/31/22		9.75		0.52		(2.21	)		(1.69	)		(0.57	)		-			(0.57	)		7.49		(17.97	)		63		0.59			0.62			5.91			94
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
Class R6
Year ended 10/31/22		9.76		0.52		(2.22	)		(1.70	)		(0.57	)		-			(0.57	)		7.49		(18.01	)		50,310		0.54			0.55			5.96			94
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

^(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 years ended October 31, 2022, 2021 and 2020.

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

35 Invesco Multi-Asset Income Fund

Notes to Financial Statements

October 31, 2022

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund

36 Invesco Multi-Asset Income Fund

securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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

37 Invesco Multi-Asset Income Fund

risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the ELN issuer will default or become bankrupt. In such an event, the Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. As the holder of an ELN, the Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends. Should the prices of the underlying securities move in an unexpected manner, the Fund may not achieve the anticipated benefits of its ELN investments, and it may realize losses, which could be significant and could include the Fund’s entire principal investment.

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 1940 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, the Fund paid the Adviser $9,744 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

L. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the 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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 or asset. 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. 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

38 Invesco Multi-Asset Income Fund

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 net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

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

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. 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 October 31, 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. 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 – 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. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

During the period, the Fund experienced a low interest rate environment 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

39 Invesco Multi-Asset Income Fund

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.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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 $ 500 million		0.500%
Next $500 million		0.450%
Next $500 million		0.400%
Over $1.5 billion		0.390%

For the year ended October 31, 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 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”). Effective March 1, 2023, through at least February 29, 2024, 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 reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.90%, 1.65%, 1.15%, 0.65%, 0.65% and 0.65%, 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, 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 29, 2024. 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.

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 year ended October 31, 2022, the Adviser waived advisory fees of $186,464 and reimbursed class level expenses of $428,952, $48,773, $11,875, $94,726, $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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $96,952 in front-end sales commissions from the sale of Class A shares and $1,869 and $6,567 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.

40 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	182,709		$	378,455,480			$0	$	378,638,189
Equity Linked Notes		–			327,526,444			–		327,526,444
U.S. Treasury Securities		–			246,672,387			–		246,672,387
Preferred Stocks		56,011,568			–			–		56,011,568
Non-U.S. Dollar Denominated Bonds & Notes		–			8,897,077			–		8,897,077
Asset-Backed Securities		–			42,732			–		42,732
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			1			–		1
Money Market Funds		205,460,333			42,189,599			–		247,649,932
Total Investments in Securities		261,654,610			1,003,783,720			0		1,265,438,330
Other Investments - Assets*
Futures Contracts		6,530,536			–			–		6,530,536
Forward Foreign Currency Contracts		–			119,045			–		119,045
Swap Agreements		–			58,408			–		58,408
		6,530,536			177,453			–		6,707,989
Other Investments - Liabilities*
Futures Contracts		(9,000,639	)		–			–		(9,000,639	)
Forward Foreign Currency Contracts		–			(13,969	)		–		(13,969	)
		(9,000,639	)		(13,969	)		–		(9,014,608	)
Total Other Investments		(2,470,103	)		163,484			–		(2,306,619	)
Total Investments	$	259,184,507		$	1,003,947,204			$0	$	1,263,131,711

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

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:

	Value
Derivative Assets	Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded	$	–		$	–	$	383,153		$	6,147,383			$  6,530,536
Unrealized appreciation on swap agreements – Centrally Cleared(a)		58,408			–		–			–			58,408
Unrealized appreciation on forward foreign currency contracts outstanding		–			119,045		–			–			119,045
Total Derivative Assets		58,408			119,045		383,153			6,147,383			6,707,989
Derivatives not subject to master netting agreements		(58,408	)		–		(383,153	)		(6,147,383	)		(6,588,944	)
Total Derivative Assets subject to master netting agreements	$	–		$	119,045	$	–		$	–			$    119,045

41 Invesco Multi-Asset Income Fund

	Value
Derivative Liabilities	Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded	$	–		$	(6,162,076	)	$	(2,838,563	)		$(9,000,639	)
Unrealized depreciation on forward foreign currency contracts outstanding		(13,969	)		–			–			(13,969	)
Total Derivative Liabilities		(13,969	)		(6,162,076	)		(2,838,563	)		(9,014,608	)
Derivatives not subject to master netting agreements		–			6,162,076			2,838,563			9,000,639
Total Derivative Liabilities subject to master netting agreements	$	(13,969	)	$	–		$	–			$     (13,969	)

^(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 October 31, 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.		$    2,803		$     (749)		$    2,054		$–	$–		$    2,054
Canadian Imperial Bank of Commerce		–		(13)		(13	)	–	–		(13	)
J.P. Morgan Chase Bank, N.A.		992		–		992		–	–		992
Royal Bank of Canada		–		(12,392)		(12,392	)	–	–		(12,392	)
UBS AG		115,250		(815)		114,435		–	–		114,435
Total		$119,045		$(13,969)		$105,076		$–	$–		$105,076

Effect of Derivative Investments for the year ended October 31, 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
	Credit Risk		Currency Risk		Equity Risk			Interest Rate Risk		Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-	$	1,498,084	$	-		$	-		$1,498,084
Futures contracts		-		-		(27,131,355	)		6,400,168		(20,731,187	)
Swap agreements		124,095		-		-			-		124,095
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-		44,155		-			-		44,155
Futures contracts		-		-		(7,338,851	)		3,027,464		(4,311,387	)
Swap agreements		58,408		-		-			-		58,408
Total	$	182,503	$	1,542,239	$	(34,470,206	)	$	9,427,632		$(23,317,832	)

    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		$10,105,733		$342,046,935		$4,388,260

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $9,573.

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.

42 Invesco Multi-Asset Income Fund

NOTE 7–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	90,062,627	$	107,216,367

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Undistributed ordinary income	$	1,494,209
Net unrealized appreciation (depreciation) – investments		(188,125,466	)
Net unrealized appreciation (depreciation) – foreign currencies		(6,595	)
Temporary book/tax differences		(632,917	)
Capital loss carryforward		(593,566,442	)
Shares of beneficial interest		1,964,231,185
Total net assets	$	1,183,393,974

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities and derivative instruments.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	432,117,662	$	161,448,780	$	593,566,442

* 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 year ended October 31, 2022 was $471,827,506 and $867,807,233, 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	$   20,124,207
Aggregate unrealized (depreciation) of investments	(208,249,673	)
Net unrealized appreciation (depreciation) of investments	$(188,125,466	)

Cost of investments for tax purposes is $1,451,257,177.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and amortization and accretion on debt securities, on October 31, 2022, undistributed net investment income was increased by $9,998,412 and undistributed net realized gain (loss) was decreased by $9,998,412. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

43 Invesco Multi-Asset Income Fund

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		5,403,012		$	48,658,733			7,128,123		$	69,477,960
Class C		767,584			6,837,877			1,252,443			12,208,067
Class R		557,747			4,911,397			1,078,403			10,463,046
Class Y		4,587,419			40,884,204			5,484,763			53,435,990
Class R6		462,081			3,952,822			516,714			5,035,545
Issued as reinvestment of dividends:
Class A		6,454,141			55,750,272			6,476,987			63,061,818
Class C		547,183			4,751,803			695,997			6,772,970
Class R		188,054			1,623,583			301,005			2,933,273
Class Y		1,161,909			10,077,631			1,361,455			13,260,495
Class R5		459			3,957			406			3,954
Class R6		434,745			3,752,196			417,894			4,070,849
Automatic conversion of Class C shares to Class A shares:
Class A		1,720,539			14,795,155			3,713,985			36,122,567
Class C		(1,720,805	)		(14,795,155	)		(3,714,866	)		(36,122,567	)
Reacquired:
Class A		(20,542,216	)		(181,629,391	)		(26,983,354	)		(262,803,102	)
Class C		(3,440,536	)		(30,360,377	)		(5,926,072	)		(57,637,864	)
Class R		(2,454,515	)		(23,198,261	)		(2,572,091	)		(24,938,333	)
Class Y		(10,817,953	)		(94,870,070	)		(17,640,042	)		(171,826,054	)
Class R5		-			-			(1,616	)		(16,000	)
Class R6		(829,639	)		(7,039,433	)		(1,364,800	)		(13,343,537	)
Net increase (decrease) in share activity		(17,520,791	)	$	(155,893,057	)		(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 12% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 4% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

44 Invesco Multi-Asset Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Multi-Asset Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Multi-Asset Income Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

45 Invesco Multi-Asset Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/22)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$906.00	$3.94	$1,021.07	$4.18	0.82%
Class C	1,000.00	903.50	7.63	1,017.19	8.08	1.59
Class R	1,000.00	904.70	5.23	1,019.71	5.55	1.09
Class Y	1,000.00	907.00	2.84	1,022.23	3.01	0.59
Class R5	1,000.00	907.10	2.84	1,022.23	3.01	0.59
Class R6	1,000.00	907.40	2.45	1,022.63	2.60	0.51

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

46 Invesco Multi-Asset Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Multi-Asset Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized

environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Capital Management LLC currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Multi-Asset Income Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered how the Fund’s strategy is implemented using a multi-sleeve structure and discussed how each sleeve impacted Fund performance, noting that exposure to U.S.

47 Invesco Multi-Asset Income Fund

master limited partnerships and equity real estate investment trusts detracted from performance. The Board further noted that the Fund’s reduced equity exposure in a period of rising equity markets also led to short-term underperformance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board considered additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower

fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with

Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

48 Invesco Multi-Asset Income Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended October 31, 2022:

Federal and State Income Tax
Qualified Dividend Income*	6.98	%
Corporate Dividends Received Deduction*	6.82	%
U.S. Treasury Obligations*	6.44	%
Qualified Business Income*	0.00	%
Business Interest Income*	56.86	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

49 Invesco Multi-Asset Income Fund

Trustees and Officers

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

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Multi-Asset Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Multi-Asset Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Multi-Asset Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Multi-Asset Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Multi-Asset Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801

T-6 Invesco Multi-Asset Income Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each 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-AR-1                                         

Annual Report to Shareholders October 31, 2022

Invesco U.S. Managed Volatility Fund

Nasdaq:

R6: USMVX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
15	Financial Statements
18	Financial Highlights
19	Notes to Financial Statements
25	Report of Independent Registered Public Accounting Firm
26	Fund Expenses
27	Approval of Investment Advisory and Sub-Advisory Contracts
29	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class R6 shares of Invesco U.S. Managed Volatility Fund (the Fund), at net asset value (NAV), outperformed the Invesco US Large Cap Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-13.25	%
S&P 500 Index▼ (Broad Market Index)	-14.61
Invesco US Large Cap Index▼ (Style-Specific Index)	-15.99
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

The fiscal year began with continued volatility in equity markets in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

    Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

    As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.² Oil prices peaked near $122 per barrel in early

June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.¹ To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

    After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data reported in October came in higher than expected, and the labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.² The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations, but many companies’ forward earnings guidance was weaker than expected.

    In this environment, US stocks had negative double-digit returns for the fiscal year of -14.61%, as measured by the S&P 500 Index.⁴

    Invesco U.S. Managed Volatility Fund is a domestic large cap core equity strategy focused on providing capital appreciation while managing portfolio volatility. The strategy seeks equity-like exposure during periods of economic strength and downside protection during economic stress. The Fund seeks to accomplish this by investing in the Invesco US Large Cap Index with futures overlay component designed to manage volatility. The futures overlay component is designed to

manage the Fund’s overall risk by selling short exchange-traded equity index futures in periods of high market volatility. This risk management overlay is implemented when the forecasted annualized volatility level of the Fund’s returns exceeds 16%.

    The Fund posted negative double-digit returns during the fiscal year but outperformed the Fund’s style-specific benchmark, the Invesco US Large Cap Index. The Fund’s relative outperformance can primarily be attributed to the Fund’s volatility overlay. Due to increased market volatility experienced during most of 2022, the overlay was enacted throughout much of the fiscal year and helped to keep the Fund’s overall volatility significantly lower than the Invesco US Large Cap Index. The lower level of volatility, protected to the downside and came with a performance boost as the large cap equity markets saw negative performance.

    Outside of the volatility overlay, from an individual holdings perspective, holdings in the energy sector were the leading contributors to absolute Fund performance. Oil firms Exxon Mobil and Chevron were the leading contributors to absolute Fund performance in the sector, benefiting from a rise in the price of oil throughout the fiscal year. In contrast, Fund holdings in the information technology and communication services sectors were the leading detractors from absolute Fund performance. Microsoft and Alphabet were the largest individual detractors as each company released weaker than expected quarterly guidance in the most recent earnings calls as investors assess the continued recession concerns in the broader economy.

    Looking ahead, our base case continues to anticipate that economies will accelerate as they reopen, but that any accompanying rise in inflation will be largely temporary. We continue to believe that in the short run, emerging-market countries will generally lag behind because of the obstacles they face vaccinating their respective populations. As economies reopen and spending increases, we believe inflation should remain elevated, especially in the US. However, we anticipate it will then moderate to a rate faster than precrisis trends but not sufficient to induce aggressive action from central banks. Over the longer term, we expect demographics and innovation to place downward pressure on inflation.

    The Fund’s strategy is principally implemented through equity investments, but we may also use futures contracts, a derivative instrument, to manage volatility. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Please note, after careful consideration, the Board of Trustees approved the liquidation and termination of Invesco U.S. Managed

2 Invesco U.S. Managed Volatility Fund

Volatility Fund to occur on or about January 23, 2023.

    Thank you for your investment in Invesco U.S. Managed Volatility Fund.

1 Source: Bloomberg LP

2 Source: US Bureau of Labor Statistics

3 Source: US Federal Reserve

4 Source: Lipper Inc.

Portfolio manager(s):

Jacob Borbidge

David Hemming

Alessio de Longis

Duy Nguyen

Theodore Samulowitz

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco U.S. Managed Volatility Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/18/17

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco U.S. Managed Volatility Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class R6 Shares
Inception (12/18/17)	8.84	%
1 Year	-13.25

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.

5 Invesco U.S. Managed Volatility Fund

Supplemental Information

Invesco U.S. Managed Volatility Fund’s investment objective is to seek to provide capital appreciation while managing portfolio volatility.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ 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.

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

6 Invesco U.S. Managed Volatility Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Information Technology		26.61	%
Health Care		15.31
Financials		11.19
Consumer Discretionary		10.49
Industrials		7.51
Communication Services		7.38
Consumer Staples		7.07
Energy		5.38
Utilities		2.59
Real Estate		2.27
Materials		2.19
Money Market Funds Plus Other Assets Less Liabilities		2.01

Top 10 Equity Holdings*

		% of total net assets
1.	Apple, Inc.		7.45	%
2.	Microsoft Corp.		5.18
3.	Alphabet, Inc., Class A		3.25
4.	Amazon.com, Inc.		2.74
5.	Tesla, Inc.		1.80
6.	Berkshire Hathaway, Inc., Class B		1.62
7.	UnitedHealth Group, Inc.		1.60
8.	Johnson & Johnson		1.43
9.	Exxon Mobil Corp.		1.41
10.	JPMorgan Chase & Co.		1.10

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 October 31, 2022.

7 Invesco U.S. Managed Volatility Fund

Schedule of Investments^(a)

October 31, 2022

	Shares		Value
Common Stocks & Other Equity Interests–97.99%
Advertising–0.11%
Omnicom Group, Inc.		164	$	11,931
Trade Desk, Inc. (The), Class A(b)		343		18,261
				30,192
Aerospace & Defense–1.78%
Boeing Co. (The)(b)		471		67,122
General Dynamics Corp.		219		54,706
L3Harris Technologies, Inc.		155		38,203
Lockheed Martin Corp.		216		105,123
Northrop Grumman Corp.		125		68,626
Raytheon Technologies Corp.		1,178		111,698
TransDigm Group, Inc.		42		24,182
				469,660
Agricultural & Farm Machinery–0.35%
Deere & Co.		232		91,830
Agricultural Products–0.17%
Archer-Daniels-Midland Co.		452		43,835
Air Freight & Logistics–0.58%
C.H. Robinson Worldwide, Inc.		97		9,479
Expeditors International of Washington, Inc.		130		12,720
FedEx Corp.		193		30,934
United Parcel Service, Inc., Class B		596		99,991
				153,124
Airlines–0.03%
Delta Air Lines, Inc.(b)		126		4,275
Southwest Airlines Co.(b)		116		4,217
				8,492
Alternative Carriers–0.02%
Liberty Global PLC, Class C (United Kingdom)(b)		319		5,634
Apparel Retail–0.35%
Ross Stores, Inc.		276		26,410
TJX Cos., Inc. (The)		926		66,765
				93,175
Apparel, Accessories & Luxury Goods–0.14%
lululemon athletica, inc.(b)		88		28,955
VF Corp.(c)		295		8,334
				37,289
Application Software–2.23%
Adobe, Inc.(b)		363		115,615
ANSYS, Inc.(b)		69		15,260
Autodesk, Inc.(b)		172		36,860
Cadence Design Systems, Inc.(b)		217		32,852
Datadog, Inc., Class A(b)		208		16,746
DocuSign, Inc.(b)		154		7,438
HubSpot, Inc.(b)		36		10,676
Intuit, Inc.		218		93,195
Palantir Technologies, Inc., Class A(b)		1,330		11,691
Roper Technologies, Inc.		86		35,650

	Shares		Value
Application Software–(continued)
salesforce.com, inc.(b)		768	$	124,869
Splunk, Inc.(b)		119		9,890
Synopsys, Inc.(b)		121		35,399
Unity Software, Inc.(b)(c)		146		4,307
Workday, Inc., Class A(b)		158		24,620
Zoom Video Communications, Inc., Class A(b)		166		13,851
				588,919
Asset Management & Custody Banks–1.04%
Ameriprise Financial, Inc.		85		26,275
Bank of New York Mellon Corp. (The)		650		27,372
BlackRock, Inc.		116		74,926
Blackstone, Inc., Class A		550		50,127
Franklin Resources, Inc.		221		5,182
KKR & Co., Inc., Class A		790		38,418
Northern Trust Corp.		164		13,833
State Street Corp.		293		21,682
T. Rowe Price Group, Inc.(c)		174		18,472
				276,287
Auto Parts & Equipment–0.07%
Aptiv PLC(b)		216		19,671
Automobile Manufacturers–2.22%
Ford Motor Co.		3,176		42,463
General Motors Co.		1,223		48,003
Lucid Group, Inc.(b)		402		5,744
Rivian Automotive, Inc., Class A(b)		404		14,128
Tesla, Inc.(b)		2,090		475,559
				585,897
Automotive Retail–0.34%
AutoZone, Inc.(b)		16		40,526
CarMax, Inc.(b)		120		7,561
O’Reilly Automotive, Inc.(b)		49		41,022
				89,109
Biotechnology–2.59%
AbbVie, Inc.		1,450		212,280
Amgen, Inc.		438		118,413
Biogen, Inc.(b)		116		32,879
BioMarin Pharmaceutical, Inc.(b)		151		13,081
BioNTech SE, ADR (Germany)		196		26,977
Gilead Sciences, Inc.		1,028		80,657
Incyte Corp.(b)		184		13,679
Moderna, Inc.(b)		265		39,837
Regeneron Pharmaceuticals, Inc.(b)		82		61,398
Seagen, Inc.(b)		149		18,947
Vertex Pharmaceuticals, Inc.(b)		213		66,456
				684,604
Broadcasting–0.08%
Fox Corp., Class A		420		12,126
Paramount Global, Class B		532		9,746
				21,872
Building Products–0.32%
Carrier Global Corp.		644		25,605

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

8 Invesco U.S. Managed Volatility Fund

	Shares		Value
Building Products–(continued)
Johnson Controls International PLC		540	$	31,234
Trane Technologies PLC		181		28,893
				85,732
Cable & Satellite–0.59%
Charter Communications, Inc., Class A(b)		86		31,615
Comcast Corp., Class A		3,518		111,661
Liberty Broadband Corp., Class C(b)		111		9,372
Sirius XM Holdings, Inc.		569		3,437
				156,085
Casinos & Gaming–0.09%
Las Vegas Sands Corp.(b)		621		23,604
Commodity Chemicals–0.16%
Dow, Inc.		566		26,455
LyondellBasell Industries N.V., Class A		204		15,596
				42,051
Communications Equipment–0.79%
Arista Networks, Inc.(b)		195		23,568
Cisco Systems, Inc.		3,318		150,737
Motorola Solutions, Inc.		134		33,461
				207,766
Computer & Electronics Retail–0.04%
Best Buy Co., Inc.		159		10,877
Construction Machinery & Heavy Trucks–0.55%
Caterpillar, Inc.		422		91,346
Cummins, Inc.		113		27,629
PACCAR, Inc.		272		26,338
				145,313
Construction Materials–0.13%
Martin Marietta Materials, Inc.		50		16,799
Vulcan Materials Co.		108		17,680
				34,479
Consumer Electronics–0.04%
Garmin Ltd.		125		11,005
Consumer Finance–0.59%
American Express Co.		602		89,367
Capital One Financial Corp.		299		31,700
Discover Financial Services		214		22,354
Synchrony Financial		366		13,015
				156,436
Copper–0.14%
Freeport-McMoRan, Inc.		1,110		35,176
Southern Copper Corp. (Peru)		67		3,147
				38,323
Data Processing & Outsourced Services–3.26%
Automatic Data Processing, Inc.		334		80,728
Block, Inc., Class A(b)		409		24,568
Fidelity National Information Services, Inc.		490		40,665
Fiserv, Inc.(b)		486		49,932
FleetCor Technologies, Inc.(b)		56		10,423
Global Payments, Inc.		222		25,366
Mastercard, Inc., Class A		771		253,027

	Shares		Value
Data Processing & Outsourced Services–(continued)
Paychex, Inc.		261	$	30,879
PayPal Holdings, Inc.(b)		902		75,389
Visa, Inc., Class A		1,308		270,965
				861,942
Distillers & Vintners–0.20%
Brown-Forman Corp., Class B		323		21,964
Constellation Brands, Inc., Class A		123		30,391
				52,355
Distributors–0.08%
Genuine Parts Co.		116		20,632
Diversified Banks–2.99%
Bank of America Corp.		6,388		230,223
Citigroup, Inc.		1,556		71,358
JPMorgan Chase & Co.		2,310		290,783
NU Holdings Ltd., Class A (Brazil)(b)		1,377		6,885
U.S. Bancorp		1,195		50,728
Wells Fargo & Co.		3,043		139,948
				789,925
Diversified Support Services–0.19%
Cintas Corp.		69		29,501
Copart, Inc.(b)		173		19,898
				49,399
Drug Retail–0.08%
Walgreens Boots Alliance, Inc.		574		20,951
Electric Utilities–1.72%
American Electric Power Co., Inc.		423		37,190
Avangrid, Inc.		55		2,237
Duke Energy Corp.		634		59,076
Edison International		311		18,672
Entergy Corp.		167		17,892
Eversource Energy		283		21,587
Exelon Corp.		806		31,104
FirstEnergy Corp.		469		17,686
NextEra Energy, Inc.		1,587		122,993
PG&E Corp.(b)		1,573		23,485
PPL Corp.		607		16,079
Southern Co. (The)		895		58,605
Xcel Energy, Inc.		450		29,300
				455,906
Electrical Components & Equipment–0.52%
AMETEK, Inc.		185		23,987
Eaton Corp. PLC		319		47,872
Emerson Electric Co.		473		40,962
Rockwell Automation, Inc.		92		23,488
				136,309
Electronic Components–0.21%
Amphenol Corp., Class A		472		35,792
Corning, Inc.		615		19,784
				55,576
Electronic Equipment & Instruments–0.14%
Keysight Technologies, Inc.(b)		140		24,381
Zebra Technologies Corp., Class A(b)		40		11,329
				35,710

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

9 Invesco U.S. Managed Volatility Fund

	Shares		Value
Electronic Manufacturing Services–0.12%
TE Connectivity Ltd. (Switzerland)		256	$	31,291
Environmental & Facilities Services–0.38%
Republic Services, Inc.		165		21,883
Waste Connections, Inc.		209		27,569
Waste Management, Inc.		319		50,520
				99,972
Fertilizers & Agricultural Chemicals–0.14%
Corteva, Inc.		578		37,767
Financial Exchanges & Data–0.97%
CME Group, Inc., Class A		283		49,044
Intercontinental Exchange, Inc.		434		41,477
Moody’s Corp.		145		38,406
MSCI, Inc.		61		28,601
Nasdaq, Inc.		265		16,494
S&P Global, Inc.		261		83,846
				257,868
Food Distributors–0.14%
Sysco Corp.		413		35,749
Food Retail–0.10%
Kroger Co. (The)		576		27,239
Footwear–0.34%
NIKE, Inc., Class B		969		89,807
General Merchandise Stores–0.51%
Dollar General Corp.		181		46,164
Dollar Tree, Inc.(b)		178		28,213
Target Corp.		367		60,280
				134,657
Gold–0.10%
Newmont Corp.		634		26,831
Health Care Distributors–0.31%
AmerisourceBergen Corp.		127		19,967
Cardinal Health, Inc.		219		16,622
McKesson Corp.		117		45,556
				82,145
Health Care Equipment–2.47%
Abbott Laboratories		1,419		140,396
Baxter International, Inc.		413		22,447
Becton, Dickinson and Co.		234		55,217
Boston Scientific Corp.(b)		1,149		49,533
DexCom, Inc.(b)		309		37,321
Edwards Lifesciences Corp.(b)		495		35,853
IDEXX Laboratories, Inc.(b)		67		24,099
Intuitive Surgical, Inc.(b)		283		69,751
Medtronic PLC		1,067		93,192
ResMed, Inc.		118		26,395
STERIS PLC		80		13,806
Stryker Corp.		284		65,104
Zimmer Biomet Holdings, Inc.		171		19,383
				652,497
Health Care Facilities–0.14%
HCA Healthcare, Inc.		172		37,405

	Shares		Value
Health Care REITs–0.17%
Healthpeak Properties, Inc.		434	$	10,299
Ventas, Inc.		325		12,717
Welltower, Inc.		379		23,134
				46,150
Health Care Services–0.79%
Cigna Corp.		241		77,858
CVS Health Corp.		1,072		101,518
Laboratory Corp. of America Holdings		72		15,974
Quest Diagnostics, Inc.		95		13,647
				208,997
Health Care Supplies–0.04%
Align Technology, Inc.(b)		57		11,075
Health Care Technology–0.07%
Veeva Systems, Inc., Class A(b)		110		18,473
Home Improvement Retail–1.28%
Home Depot, Inc. (The)		823		243,715
Lowe’s Cos., Inc.		491		95,720
				339,435
Homebuilding–0.13%
D.R. Horton, Inc.		243		18,682
Lennar Corp., Class A		209		16,866
				35,548
Hotels, Resorts & Cruise Lines–0.65%
Airbnb, Inc., Class A(b)		304		32,501
Booking Holdings, Inc.(b)		31		57,954
Carnival Corp.(b)		746		6,759
Expedia Group, Inc.(b)		120		11,216
Hilton Worldwide Holdings, Inc.		213		28,810
Marriott International, Inc., Class A		221		35,384
				172,624
Household Products–1.42%
Church & Dwight Co., Inc.		193		14,307
Clorox Co. (The)		101		14,750
Colgate-Palmolive Co.		686		50,654
Kimberly-Clark Corp.		277		34,476
Procter & Gamble Co. (The)		1,943		261,664
				375,851
Hypermarkets & Super Centers–1.29%
Costco Wholesale Corp.		356		178,534
Walmart, Inc.		1,139		162,114
				340,648
Industrial Conglomerates–0.88%
3M Co.		449		56,480
General Electric Co.		873		67,928
Honeywell International, Inc.		537		109,559
				233,967
Industrial Gases–0.61%
Air Products and Chemicals, Inc.		176		44,070
Linde PLC (United Kingdom)		393		116,859
				160,929

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

10 Invesco U.S. Managed Volatility Fund

	Shares		Value
Industrial Machinery–0.56%
Dover Corp.		115	$	15,029
Fortive Corp.		276		17,636
Illinois Tool Works, Inc.		248		52,955
Otis Worldwide Corp.		340		24,018
Parker-Hannifin Corp.		103		29,934
Stanley Black & Decker, Inc.		114		8,948
				148,520
Industrial REITs–0.31%
Prologis, Inc.		734		81,290
Insurance Brokers–0.61%
Aon PLC, Class A		168		47,290
Arthur J. Gallagher & Co.		168		31,429
Marsh & McLennan Cos., Inc.		399		64,435
Willis Towers Watson PLC		85		18,548
				161,702
Integrated Oil & Gas–2.71%
Chevron Corp.		1,580		285,822
Exxon Mobil Corp.		3,356		371,879
Occidental Petroleum Corp.		832		60,403
				718,104
Integrated Telecommunication Services–0.89%
AT&T, Inc.		5,777		105,315
Verizon Communications, Inc.		3,446		128,777
				234,092
Interactive Home Entertainment–0.31%
Activision Blizzard, Inc.		594		43,243
Electronic Arts, Inc.		209		26,326
ROBLOX Corp., Class A(b)(c)		287		12,840
				82,409
Interactive Media & Services–3.98%
Alphabet, Inc., Class A(b)		9,098		859,852
Match Group, Inc.(b)		218		9,418
Meta Platforms, Inc., Class A(b)		1,771		164,986
Pinterest, Inc., Class A(b)		461		11,341
Snap, Inc., Class A(b)		751		7,442
				1,053,039
Internet & Direct Marketing Retail–3.02%
Amazon.com, Inc.(b)		7,062		723,431
Coupang, Inc. (South Korea)(b)		811		14,006
DoorDash, Inc., Class A(b)		225		9,794
eBay, Inc.		429		17,092
MercadoLibre, Inc. (Brazil)(b)		37		33,360
				797,683
Internet Services & Infrastructure–0.30%
Akamai Technologies, Inc.(b)		128		11,307
Okta, Inc.(b)		115		6,454
Snowflake, Inc., Class A(b)		214		34,304
Twilio, Inc., Class A(b)		133		9,891
VeriSign, Inc.(b)		83		16,638
				78,594
Investment Banking & Brokerage–1.09%
Charles Schwab Corp. (The)		1,350		107,554
Goldman Sachs Group, Inc. (The)		274		94,396

	Shares		Value
Investment Banking & Brokerage–(continued)
Morgan Stanley		1,052	$	86,443
				288,393
IT Consulting & Other Services–1.08%
Accenture PLC, Class A		508		144,221
Cognizant Technology Solutions Corp., Class A		378		23,531
EPAM Systems, Inc.(b)		45		15,750
International Business Machines Corp.		735		101,643
				285,145
Life & Health Insurance–0.47%
Aflac, Inc.		456		29,690
MetLife, Inc.		634		46,415
Principal Financial Group, Inc.		197		17,362
Prudential Financial, Inc.		296		31,136
				124,603
Life Sciences Tools & Services–1.66%
Agilent Technologies, Inc.		236		32,651
Danaher Corp.		533		134,140
Illumina, Inc.(b)		124		28,374
IQVIA Holdings, Inc.(b)		150		31,450
Mettler-Toledo International, Inc.(b)		18		22,769
Thermo Fisher Scientific, Inc.		316		162,414
Waters Corp.(b)		48		14,360
West Pharmaceutical Services, Inc.		60		13,806
				439,964
Managed Health Care–2.38%
Centene Corp.(b)		462		39,330
Elevance Health, Inc.		199		108,807
Humana, Inc.		104		58,040
UnitedHealth Group, Inc.		763		423,580
				629,757
Metal & Glass Containers–0.05%
Ball Corp.		252		12,446
Movies & Entertainment–1.14%
Liberty Media Corp.-Liberty Formula One, Class C(b)		351		20,263
Netflix, Inc.(b)		351		102,450
Walt Disney Co. (The)(b)		1,458		155,335
Warner Bros Discovery, Inc.(b)		1,888		24,544
				302,592
Multi-line Insurance–0.20%
American International Group, Inc.		586		33,402
Hartford Financial Services Group, Inc. (The)		257		18,609
				52,011
Multi-Sector Holdings–1.62%
Berkshire Hathaway, Inc., Class B(b)		1,452		428,471
Multi-Utilities–0.79%
Ameren Corp.		207		16,875
CMS Energy Corp.		238		13,578
Consolidated Edison, Inc.		289		25,420
Dominion Energy, Inc.		697		48,769
DTE Energy Co.		158		17,713
Public Service Enterprise Group, Inc.		408		22,876
Sempra Energy		257		38,792

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

11 Invesco U.S. Managed Volatility Fund

	Shares		Value
Multi-Utilities–(continued)
WEC Energy Group, Inc.		260	$	23,746
				207,769
Office REITs–0.11%
Alexandria Real Estate Equities, Inc.		130		18,889
Boston Properties, Inc.		127		9,233
				28,122
Oil & Gas Equipment & Services–0.42%
Baker Hughes Co., Class A		854		23,622
Halliburton Co.		734		26,732
Schlumberger Ltd.		1,158		60,251
				110,605
Oil & Gas Exploration & Production–1.35%
ConocoPhillips		1,023		128,990
Coterra Energy, Inc.		624		19,425
Devon Energy Corp.		530		40,995
Diamondback Energy, Inc.		136		21,367
EOG Resources, Inc.		477		65,120
Hess Corp.		227		32,025
Pioneer Natural Resources Co.		187		47,949
				355,871
Oil & Gas Refining & Marketing–0.46%
Marathon Petroleum Corp.		374		42,494
Phillips 66		391		40,777
Valero Energy Corp.		310		38,921
				122,192
Oil & Gas Storage & Transportation–0.44%
Cheniere Energy, Inc.		197		34,753
Kinder Morgan, Inc.		1,590		28,811
ONEOK, Inc.		362		21,474
Williams Cos., Inc. (The)		988		32,337
				117,375
Other Diversified Financial Services–0.07%
Apollo Global Management, Inc.		342		18,933
Packaged Foods & Meats–1.07%
Campbell Soup Co.		164		8,677
Conagra Brands, Inc.		397		14,570
General Mills, Inc.		481		39,240
Hershey Co. (The)		122		29,130
Hormel Foods Corp.		449		20,856
JM Smucker Co. (The)		84		12,655
Kellogg Co.		283		21,740
Kraft Heinz Co. (The)		913		35,123
McCormick & Co., Inc.		206		16,200
Mondelez International, Inc., Class A		1,108		68,120
Tyson Foods, Inc., Class A		234		15,994
				282,305
Paper Packaging–0.09%
Amcor PLC		1,206		13,966
International Paper Co.		284		9,545
				23,511
Personal Products–0.14%
Estee Lauder Cos., Inc. (The), Class A		184		36,890

	Shares		Value
Pharmaceuticals–4.86%
Bristol-Myers Squibb Co.		1,772	$	137,277
Eli Lilly and Co.		747		270,481
Johnson & Johnson		2,176		378,559
Merck & Co., Inc.		2,086		211,103
Pfizer, Inc.		4,638		215,899
Royalty Pharma PLC, Class A		338		14,304
Zoetis, Inc.		377		56,844
				1,284,467
Property & Casualty Insurance–0.78%
Allstate Corp. (The)		212		26,765
Chubb Ltd.		332		71,344
Markel Corp.(b)		11		13,267
Progressive Corp. (The)		475		60,990
Travelers Cos., Inc. (The)		190		35,047
				207,413
Railroads–0.72%
CSX Corp.		1,700		49,402
Norfolk Southern Corp.		187		42,649
Union Pacific Corp.		500		98,570
				190,621
Real Estate Services–0.07%
CBRE Group, Inc., Class A(b)		252		17,877
Regional Banks–0.76%
Fifth Third Bancorp		548		19,558
First Republic Bank		144		17,294
KeyCorp		748		13,367
M&T Bank Corp.		139		23,404
PNC Financial Services Group, Inc. (The)		327		52,918
Regions Financial Corp.		754		16,550
SVB Financial Group(b)		46		10,624
Truist Financial Corp.		1,063		47,612
				201,327
Research & Consulting Services–0.25%
CoStar Group, Inc.(b)		313		25,891
Equifax, Inc.		98		16,615
Verisk Analytics, Inc.		123		22,488
				64,994
Residential REITs–0.19%
AvalonBay Communities, Inc.		114		19,964
Equity Residential		300		18,906
Essex Property Trust, Inc.		52		11,556
				50,426
Restaurants–1.13%
Chipotle Mexican Grill, Inc.(b)		22		32,963
McDonald’s Corp.		597		162,778
Starbucks Corp.		892		77,238
Yum! Brands, Inc.		230		27,198
				300,177
Retail REITs–0.23%
Realty Income Corp.		520		32,380
Simon Property Group, Inc.		262		28,553
				60,933

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

12 Invesco U.S. Managed Volatility Fund

	Shares		Value
Semiconductor Equipment–0.63%
Applied Materials, Inc.		669	$	59,066
Enphase Energy, Inc.(b)		103		31,621
KLA Corp.		107		33,860
Lam Research Corp.		104		42,097
				166,644
Semiconductors–3.80%
Advanced Micro Devices, Inc.(b)		1,254		75,315
Analog Devices, Inc.		412		58,759
Broadcom, Inc.		313		147,148
GLOBALFOUNDRIES, Inc.(b)		420		23,814
Intel Corp.		3,282		93,307
Marvell Technology, Inc.		675		26,784
Microchip Technology, Inc.		430		26,548
Micron Technology, Inc.		856		46,310
NVIDIA Corp.		1,865		251,719
ON Semiconductor Corp.(b)		348		21,378
QUALCOMM, Inc.		894		105,188
Skyworks Solutions, Inc.		128		11,009
Texas Instruments, Inc.		728		116,939
				1,004,218
Soft Drinks–1.77%
Coca-Cola Co. (The)		3,501		209,535
Keurig Dr Pepper, Inc.		693		26,916
Monster Beverage Corp.(b)		296		27,741
PepsiCo, Inc.		1,121		203,551
				467,743
Specialized REITs–1.19%
American Tower Corp.		378		78,318
Crown Castle, Inc.		351		46,774
Digital Realty Trust, Inc.		235		23,559
Equinix, Inc.		66		37,385
Extra Space Storage, Inc.		105		18,631
Public Storage		143		44,294
SBA Communications Corp., Class A		87		23,481
VICI Properties, Inc.		778		24,912
Weyerhaeuser Co.		597		18,465
				315,819
Specialty Chemicals–0.67%
Albemarle Corp.		93		26,028
Celanese Corp.		88		8,459
DuPont de Nemours, Inc.		395		22,594
Ecolab, Inc.		196		30,786
International Flavors & Fragrances, Inc.		205		20,010
PPG Industries, Inc.		190		21,694
Sherwin-Williams Co. (The)		207		46,581
				176,152
Specialty Stores–0.06%
Ulta Beauty, Inc.(b)		41		17,194
Steel–0.10%
Nucor Corp.		204		26,802
Systems Software–6.29%
Crowdstrike Holdings, Inc., Class A(b)		164		26,437
Fortinet, Inc.(b)		529		30,238
Microsoft Corp.		5,904		1,370,496

	Shares		Value
Systems Software–(continued)
NortonLifeLock, Inc.		516	$	11,625
Oracle Corp.		1,221		95,323
Palo Alto Networks, Inc.(b)		240		41,182
ServiceNow, Inc.(b)		161		67,739
VMware, Inc., Class A		181		20,368
				1,663,408
Technology Distributors–0.07%
CDW Corp.		112		19,355
Technology Hardware, Storage & Peripherals–7.69%
Apple, Inc.		12,838		1,968,580
Hewlett Packard Enterprise Co.		1,050		14,984
HP, Inc.		808		22,317
NetApp, Inc.		175		12,122
Seagate Technology Holdings PLC		165		8,194
Western Digital Corp.(b)		247		8,489
				2,034,686
Tobacco–0.69%
Altria Group, Inc.		1,462		67,647
Philip Morris International, Inc.		1,258		115,547
				183,194
Trading Companies & Distributors–0.17%
Fastenal Co.		466		22,522
W.W. Grainger, Inc.		37		21,621
				44,143
Trucking–0.23%
Old Dominion Freight Line, Inc.		77		21,144
Uber Technologies, Inc.(b)		1,483		39,403
				60,547
Water Utilities–0.08%
American Water Works Co., Inc.		148		21,510
Wireless Telecommunication Services–0.26%
T-Mobile US, Inc.(b)		450		68,202
Total Common Stocks & Other Equity Interests     (Cost $20,563,729)				25,917,131
Money Market Funds–0.00%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(d)(e)		2		2
Invesco Treasury Portfolio, Institutional Class, 3.08%(d)(e)		2		2
Total Money Market Funds (Cost $4)				4
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.99% (Cost $20,563,733)				25,917,135
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.15%
Invesco Private Government Fund, 3.18%(d)(e)(f)		11,397		11,397

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

13 Invesco U.S. Managed Volatility Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 3.28%(d)(e)(f)		29,292	$	29,292
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $40,689)				40,689
TOTAL INVESTMENTS IN SECURITIES–98.14% (Cost $20,604,422)				25,957,824
OTHER ASSETS LESS LIABILITIES–1.86%				491,651
NET ASSETS–100.00%			$	26,449,475

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 October 31, 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 fiscal year ended October 31, 2022.

	Value October 31, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	32,778	$	3,872,017	$	(3,904,793	)		$	-			$	-		$	2		$	348
Invesco Liquid Assets Portfolio, Institutional Class			33,013		2,765,727		(2,798,743	)			(2	)			5			-			316
Invesco Treasury Portfolio, Institutional Class			37,461		4,425,162		(4,462,621	)			-				-			2			472
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-		558,957		(547,560	)			-				-			11,397			467*
Invesco Private Prime Fund			-		1,187,287		(1,157,985	)			-				(10)			29,292			1,297*
Total		$	103,252	$	12,809,150	$	(12,871,702	)		$	(2	)		$	(5)		$	40,693		$	2,900

* 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 October 31, 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)

Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		51		December-2022	$	(9,901,650	)	$	(373,254	)		$(373,254)

^(a)  Futures contracts collateralized by $638,000 cash held with Goldman Sachs International, the futures commission merchant.

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

14 Invesco U.S. Managed Volatility Fund

Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $20,563,729)*	$	25,917,131
Investments in affiliated money market funds, at value (Cost $40,693)		40,693
Other investments:
Variation margin receivable – futures contracts		62,482
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		638,000
Receivable for:
Investments sold		81,309
Dividends		19,595
Investment for trustee deferred compensation and retirement plans		14,960
Other assets		6,265
Total assets		26,780,435
Liabilities:
Payable for:
Fund shares reacquired		162,848
Amount due custodian		62,606
Collateral upon return of securities loaned		40,689
Accrued fees to affiliates		1,401
Accrued trustees’ and officers’ fees and benefits		808
Accrued other operating expenses		47,648
Trustee deferred compensation and retirement plans		14,960
Total liabilities		330,960
Net assets applicable to shares outstanding	$	26,449,475

Net assets consist of:
Shares of beneficial interest	$	23,912,042
Distributable earnings		2,537,433
	$	26,449,475
Net Assets:
Class R6	$	26,449,475
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		2,112,828
Class R6:
Net asset value and offering price per share	$	12.52

* At October 31, 2022, securities with an aggregate value of $39,196 were on loan to brokers.

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

15 Invesco U.S. Managed Volatility Fund

Statement of Operations

For the year ended October 31, 2022

Investment income:
Interest	$	2,763
Dividends (net of foreign withholding taxes of $124)		385,767
Dividends from affiliated money market funds (includes net securities lending income of $474)		1,610
Total investment income		390,140
Expenses:
Advisory fees		26,031
Administrative services fees		3,677
Custodian fees		31,004
Transfer agent fees		8,435
Trustees’ and officers’ fees and benefits		19,184
Registration and filing fees		20,819
Professional services fees		44,923
Other		(2,437	)
Total expenses		151,636
Less: Fees waived and/or expenses reimbursed		(112,699	)
Net expenses		38,937
Net investment income		351,203
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(563,005	)
Affiliated investment securities		(5	)
Futures contracts		1,155,983
Option contracts written		80,839
		673,812
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(4,281,767	)
Affiliated investment securities		(2	)
Futures contracts		(373,254	)
		(4,655,023	)
Net realized and unrealized gain (loss)		(3,981,211	)
Net increase (decrease) in net assets resulting from operations	$	(3,630,008	)

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

16 Invesco U.S. Managed Volatility Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income	$	351,203		$	292,297
Net realized gain (loss)		673,812			(951,906	)
Change in net unrealized appreciation (depreciation)		(4,655,023	)		7,203,216
Net increase (decrease) in net assets resulting from operations		(3,630,008	)		6,543,607
Distributions to shareholders from distributable earnings:
Class R6		(350,184	)		(1,821,222	)
Share transactions–net:
Class R6		1,876,539			10,166,162
Net increase (decrease) in net assets		(2,103,653	)		14,888,547
Net assets:
Beginning of year		28,553,128			13,664,581
End of year	$	26,449,475		$	28,553,128

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

17 Invesco U.S. Managed Volatility Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class R6
Year ended 10/31/22		$14.63		$0.18		$(2.09	)		$(1.91	)		$(0.18	)		$(0.02	)		$(0.20	)		$12.52		(13.25	)%		$26,449		0.15	%		0.58	%		1.35	%		35	%
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(d)		10.00		0.16		(0.02	)		0.14			–			–			–			10.14		1.40			5,910		0.15	(e)		3.40	(e)		1.74	(e)		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)  Commencement date of December 18, 2017.

^(e)  Annualized.

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

18 Invesco U.S. Managed Volatility Fund

Notes to Financial Statements

October 31, 2022

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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

19 Invesco U.S. Managed Volatility 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.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 1940 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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

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 or asset. 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

20 Invesco U.S. Managed Volatility Fund

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. 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.

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.

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

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 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.

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 year ended October 31, 2022, the Adviser waived advisory fees of $26,031 and reimbursed Fund expenses of $86,668.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, the Fund incurred $112 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

21 Invesco U.S. Managed Volatility Fund

market prices are not readily available. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	25,917,131		$	–		$–	$	25,917,131
Money Market Funds		4			40,689		–		40,693
Total Investments in Securities		25,917,135			40,689		–		25,957,824
Other Investments – Liabilities*
Futures Contracts		(373,254	)		–		–		(373,254	)
Total Investments	$	25,543,881		$	40,689		$–	$	25,584,570

* 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
	Equity
Derivative Liabilities	Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(373,254	)
Derivatives not subject to master netting agreements		373,254
Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the year ended October 31, 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			$	1,155,983
Options purchased(a)				(270,955	)
Options written				80,839
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts				(373,254	)
Total			$	592,613

^(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		Options Written
Average notional value	$	8,007,915	$	5,000,000	$	5,559,000
Average contracts		–		12		12

22 Invesco U.S. Managed Volatility 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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	350,184	$	683,750
Long-term capital gain		–		1,137,472
Total distributions	$	350,184	$	1,821,222

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Undistributed ordinary income	$	715,254
Undistributed long-term capital gain		875,481
Net unrealized appreciation – investments		959,546
Temporary book/tax differences		(12,848	)
Shares of beneficial interest		23,912,042
Total net assets	$	26,449,475

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, derivative instruments and straddles.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund does not have a capital loss carryforward as of October 31, 2022.

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 year ended October 31, 2022 was $10,889,147 and $8,882,799, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$  2,230,994
Aggregate unrealized (depreciation) of investments	(1,271,448	)
Net unrealized appreciation of investments	$     959,546

Cost of investments for tax purposes is $24,625,024.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on October 31, 2022, undistributed net investment income was decreased by $768 and undistributed net realized gain (loss) was increased by $768. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

23 Invesco U.S. Managed Volatility Fund

NOTE 10–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class R6		535,019		$	7,201,073			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		(397,633	)		(5,674,515	)		(509,006	)		(6,853,000	)
Net increase in share activity		161,539		$	1,876,539			837,396		$	10,166,162

^(a)  98% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11–Significant Event

The Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on October 24, 2022. The Fund will be liquidated on or about January 23, 2023.

24 Invesco U.S. Managed Volatility Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco U.S. Managed Volatility Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco U.S. Managed Volatility Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2022 and for the period December 18, 2017 (commencement of operations) through October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the four years in the period ended October 31, 2022 and for the period December 18, 2017 (commencement of operations) through October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

25 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 May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/22)	Expenses     Paid During     Period2	Annualized       Expense Ratio
Class R6	$1,000.00	$979.70	$0.75	$1,024.45	$0.77	0.15%

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

26 Invesco U.S. Managed Volatility Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco U.S. Managed Volatility Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Capital Management LLC currently manages assets of the Fund.

    The Board noted that the Fund only had four full years of performance history and compared the Fund’s investment performance during the past three years ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Invesco U.S. Large Cap Index (Index). The Board noted that performance of Class R6 shares of the Fund was in the fifth quintile of its performance universe for the one year period, the third quintile for the two year period and the fourth quintile for the three and four year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class R6 shares of the Fund was below the performance of the Index for the one, two, three and four year periods. The Board noted that, unlike certain of the peer funds and the Index, managing portfolio volatility is a component of the Fund’s investment objective. The Board also noted that the Fund’s volatility overlay impacted relative performance in a period of rising equity markets. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also

27 Invesco U.S. Managed Volatility Fund

reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an

individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market

funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

28 Invesco U.S. Managed Volatility Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Qualified Dividend Income*	0.00%
Corporate Dividends Received Deduction*	0.00%
U.S. Treasury Obligations*	0.00%
Qualified Business Income*	0.00%
Business Interest Income*	0.00%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$34,105

29 Invesco U.S. Managed Volatility Fund

Trustees and Officers

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

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco U.S. Managed Volatility Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each 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-AR-1                                         

Annual Report to Shareholders October 31, 2022

Invesco World Bond Factor Fund

Nasdaq:

A: AUBAX ∎ C: AUBCX ∎ Y: AUBYX ∎ R5: AUBIX ∎ R6: AUBFX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
19	Financial Statements
22	Financial Highlights
23	Notes to Financial Statements
32	Report of Independent Registered Public Accounting Firm
33	Fund Expenses
34	Approval of Investment Advisory and Sub-Advisory Contracts
36	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco World Bond Factor Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg Global Aggregate Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, 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	-21.52	%
Class C Shares	-22.09
Class Y Shares	-21.35
Class R5 Shares	-21.31
Class R6 Shares	-21.32
Bloomberg Global Aggregate Index▼ (Broad Market/Style-Specific Index)	-20.79
Lipper Global Income Funds Index∎ (Peer Group Index)	-15.29
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

In the fourth quarter of 2021, concerns about inflation heightened as US inflation rose 7%,¹ its highest level in nearly 40 years. Though the US Federal Reserve (the Fed) left policy rates unchanged during the quarter, the Fed indicated its accommodative policies were coming to an end in 2022 through a willingness to raise interest rates to combat inflation and the announced reduction of its monthly bond purchase program. Additionally, US interest rate moves and inflation risk significantly affected fixed income valuations during the quarter. The two-year Treasury yield rose moderately from 0.27% to 0.73%, while the 10-year increased slightly from

1.48% to 1.52% during the quarter.² The yield curve, as measured by the yield differential between two- and 10-year Treasuries, flattened during the quarter.

    At the beginning of 2022, geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply chain issues and aggravated inflation. During the second quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year increased slightly from 1.63% to 2.32%.²

    In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation, as measured by the Consumer Price Index, increased further to 9.1% and fixed income markets experienced significant negative performance as all bond sectors felt the impact of rising

interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).³ Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its key Fed funds rate during the fiscal year, including a 0.50% hike in May, and three 0.75% hikes in June, July and November, the largest hikes since 1994, to a target Fed funds rate of 3.75-4.00%, the highest since 2008.⁴ At their November 2022 meeting, the Fed signaled that its hawkish policies would continue, though a slowing of the pace of rate increases was likely. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 4.51% during the fiscal year, while 10-year Treasury rates increased from 2.98% to 4.10%.² At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.

    The Invesco World Bond Factor Fund changed strategies on February 28, 2020 to utilize a systematic, quantitative, factor-based approach to investing. The Fund generated positive returns since the strategy change and Class A shares at NAV outperformed the Bloomberg Global Aggregate Index (un-hedged).

    The Fund attempts to meet its investment objective by overweighting the higher yielding component of the fixed-income market (corporate bonds). Within corporates, the investment team targets bonds from the Bloomberg Global Aggregate Corporate Bond Index

that it believes tend to have higher returns than other fixed-income securities with comparable characteristics over a market cycle. These bonds have the following positive factor characteristics:

    ∎ High carry bonds are the highest spread bonds in a universe.

    ∎ Value bonds are those with the highest spread relative to other securities with similar credit rating and sector.

    ∎ Low volatility bonds are those with lower duration and higher credit quality in a universe.

    Since the strategy change, value and low volatility bonds outperformed the Bloomberg Global Aggregate Index. Overall, bonds with attractive factor characteristics positively impacted the Fund’s relative performance. During the year ended on October 2022, the Fund slightly underperformed the index, due to the overweight positions in high carry and to a lesser degree value bonds. The Fund’s overweight to low volatility bonds did help offset some of the losses, as these bonds tend to outperform in a risk off environment.

    Please note that we implemented our strategy using derivative instruments, including futures, forwards and swaps. Therefore, a portion of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Part of the Fund’s strategy to manage credit and currency risk in the portfolio during the fiscal year entailed purchasing and selling credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the fiscal year. The currency management was carried out via currency forwards and options on an as-needed basis and we believe this strategy was effective in managing the currency positioning within the Fund. The investment team does not attempt to time the credit market, interest rates, sectors or factors and therefore maintains its allocations. Over time, we believe this has the potential to deliver positive relative performance over a market cycle.

    We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We monitor interest rates

2 Invesco World Bond Factor Fund

and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments held by the Fund.

    Thank you for investing in Invesco World Bond Factor Fund and for sharing our long-term investment horizon.

1 Source: US Bureau of Labor Statistics

2 Source: US Dept of the Treasury

3 Source: Bloomberg

4 Source: Federal Reserve of Economic Data

Portfolio manager(s):

Noelle Corum

James Ong

Jay Raol

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco World Bond Factor Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

1 Source: Lipper Inc.

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco World Bond Factor Fund

Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	1.45	%
10 Years	-1.43
5 Years	-3.26
1 Year	-24.89
Class C Shares
Inception (3/31/06)	1.33	%
10 Years	-1.61
5 Years	-3.15
1 Year	-22.86
Class Y Shares
Inception (10/3/08)	1.25	%
10 Years	-0.77
5 Years	-2.18
1 Year	-21.35
Class R5 Shares
Inception (3/31/06)	1.92	%
10 Years	-0.83
5 Years	-2.30
1 Year	-21.31
Class R6 Shares
Inception (9/24/12)	-0.78	%
10 Years	-0.76
5 Years	-2.18
1 Year	-21.32

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.

5 Invesco World Bond Factor Fund

Supplemental Information

Invesco World Bond Factor Fund’s investment objective is total return.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ 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.

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

6 Invesco World Bond Factor Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Sovereign Debt		34.99	%
Financials		15.11
U.S. Treasury Securities		13.09
Collateralized Mortgage Obligations		11.33
Consumer Discretionary		3.81
Consumer Staples		3.17
Utilities		3.07
Communication Services		2.92
Industrials		2.87
Information Technology		2.46
Energy		2.46
Real Estate		2.43
Health Care		2.35
Other Sectors, Each Less than 2% of Net Assets		2.74
Money Market Funds Plus Other Assets Less Liabilities		(2.80	)

Top Five Debt Issuers*

		% of total net assets
1.	U.S. Treasury		13.09	%
2.	Japan Government Bond		8.29
3.	Federal National Mortgage Association		7.46
4.	Swiss Confederation Government Bond		6.10
5.	Norway Government Bond		4.17

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 October 31, 2022.

7 Invesco World Bond Factor Fund

Schedule of Investments

October 31, 2022

	Principal Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes–51.35%(a)
Australia–1.56%
Australia Government Bond,
Series 148, 2.75%, 11/21/2027(b)		AUD	60,000	$	37,143
Series 157, 1.50%, 06/21/2031(b)		AUD	181,000		96,985
Series 162, 1.75%, 06/21/2051(b)		AUD	34,000		13,262
BHP Billiton Finance Ltd., Series 13, 3.13%, 04/29/2033(b)		EUR	100,000		88,905
Glencore Capital Finance DAC, 0.75%, 03/01/2029(b)		EUR	100,000		74,515
Macquarie Group Ltd., 0.95%, 05/21/2031(b)		EUR	100,000		71,471
Scentre Group Trust 1/Scentre Group Trust 2, 1.75%, 04/11/2028(b)		EUR	100,000		83,417
					465,698
Austria–0.12%
OMV AG, 1.00%, 07/03/2034(b)		EUR	50,000		35,052
Belgium–0.22%
Anheuser-Busch InBev S.A./N.V., 2.88%, 09/25/2024(b)		EUR	65,000		64,185
Canada–1.41%
Canadian Government Bond,
2.75%, 09/01/2027		CAD	283,000		201,494
2.00%, 12/01/2051		CAD	227,000		125,931
Canadian Imperial Bank of Commerce, 0.38%, 05/03/2024(b)		EUR	100,000		94,268
					421,693
France–6.52%
Banque Federative du Credit Mutuel S.A., 3.00%, 05/21/2024(b)		EUR	100,000		97,877
BNP Paribas S.A.,
2.75%, 07/25/2028(b)(c)		EUR	100,000		90,786
1.13%, 01/15/2032(b)(c)		EUR	100,000		82,004
BPCE S.A., 1.00%, 01/14/2032(b)		EUR	100,000		72,557
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.38%(b)(c)(d)		EUR	100,000		100,269
Credit Agricole S.A., 1.00%, 07/03/2029(b)		EUR	100,000		83,036
Danone S.A., 1.25%, 05/30/2024(b)		EUR	100,000		96,311
Dassault Systemes SE, 0.13%, 09/16/2026(b)		EUR	100,000		88,319
French Republic Government Bond OAT, 0.01%, 11/25/2030(b)		EUR	1,000,000		811,991
Holding d’Infrastructures de Transport S.A.S.U., 1.63%, 09/18/2029(b)		EUR	100,000		79,831

	Principal Amount			Value
France–(continued)
Imerys S.A., 1.00%, 07/15/2031(b)		EUR	100,000	$	61,675
La Mondiale SAM, 5.05%(b)(c)(d)		EUR	100,000		95,719
Mercialys S.A., 4.63%, 07/07/2027(b)		EUR	100,000		87,991
Societe Generale S.A., 1.25%, 02/15/2024(b)		EUR	100,000		95,775
					1,944,141
Germany–9.37%
Bayer AG, 3.13%, 11/12/2079(b)(c)		EUR	100,000		82,829
BMW Finance N.V., 0.75%, 07/12/2024(b)		EUR	50,000		47,772
Bundesobligation, Series 183, 0.01%, 04/10/2026(b)		EUR	1,031,785		955,565
Bundesrepublik Deutschland Bundesanleihe,
0.01%, 08/15/2030(b)		EUR	568,193		479,512
0.01%, 08/15/2050(b)		EUR	249,697		136,339
Commerzbank AG, 0.63%, 08/28/2024(b)		EUR	70,000		65,640
Deutsche Telekom International Finance B.V.,
2.75%, 10/24/2024(b)		EUR	50,000		49,451
0.63%, 12/13/2024(b)		EUR	80,000		75,689
E.ON SE, 0.88%, 05/22/2024(b)		EUR	75,000		71,436
Fresenius SE & Co. KGaA, Series 10, 2.88%, 02/15/2029(b)		EUR	35,000		31,263
Grenke Finance PLC, 1.50%, 10/05/2023(b)		EUR	60,000		57,801
Hella GmbH & Co. KGaA, 1.00%, 05/17/2024		EUR	50,000		47,307
HOCHTIEF AG, 0.63%, 04/26/2029(b)		EUR	50,000		34,746
LANXESS AG, 0.01%, 09/08/2027(b)		EUR	37,000		29,716
Mercedes-Benz International Finance B.V.,
0.25%, 11/06/2023(b)		EUR	101,000		97,387
0.01%, 02/08/2024(b)		EUR	38,000		36,256
Merck Financial Services GmbH, 0.13%, 07/16/2025(b)		EUR	100,000		91,922
Roadster Finance DAC, 2.38%, 12/08/2027(b)		EUR	100,000		84,270
Volkswagen Bank GmbH, 1.25%, 06/10/2024(b)		EUR	100,000		95,286
Volkswagen Financial Services AG, 1.50%, 10/01/2024(b)		EUR	60,000		57,061
Vonovia Finance B.V., 1.25%, 12/06/2024(b)		EUR	100,000		92,547
Wintershall Dea Finance B.V., 1.82%, 09/25/2031(b)		EUR	100,000		73,854
					2,793,649
Indonesia–0.54%
Indonesia Treasury Bond, Series FR81, 6.50%, 06/15/2025		IDR	2,546,000,000		161,617

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

8 Invesco World Bond Factor Fund

	Principal Amount			Value
Italy–0.60%
2i Rete Gas S.p.A., 1.61%, 10/31/2027(b)		EUR	100,000	$	85,153
Enel Finance International N.V., 1.00%, 09/16/2024(b)		EUR	100,000		94,665
					179,818
Japan–8.59%
Japan Government Bond,
Series 146, 0.10%, 12/20/2025		JPY	177,550,000		1,199,425
Series 361, 0.10%, 12/20/2030		JPY	110,400,000		734,084
Series 69, 0.70%, 12/20/2050		JPY	94,500,000		536,972
Nissan Motor Co. Ltd., 2.65%, 03/17/2026(b)		EUR	100,000		90,058
					2,560,539
Luxembourg–0.23%
AXA Logistics Europe Master S.C.A., 0.88%, 11/15/2029(b)		EUR	100,000		68,190
Malaysia–0.14%
Malaysia Government Bond, Series 120, 4.07%, 06/15/2050		MYR	222,000		40,669
Mexico–1.24%
America Movil S.A.B. de C.V., 0.75%, 06/26/2027		EUR	100,000		86,939
Mexican Bonos, Series M 20, 10.00%, 12/05/2024		MXN	5,600,000		281,455
					368,394
Netherlands–0.15%
Heineken N.V., 3.50%, 03/19/2024(b)		EUR	45,000		44,728
New Zealand–1.62%
New Zealand Government Bond,
Series 0526, 0.50%, 05/15/2026		NZD	736,000		375,239
Series 0532, 2.00%, 05/15/2032		NZD	224,000		108,244
					483,483
Norway–4.17%
Norway Government Bond,
Series 477, 1.75%, 03/13/2025(b)		NOK	3,722,000		343,795
Series 479, 1.75%, 02/17/2027(b)		NOK	6,574,000		588,321
Series 484, 2.13%, 05/18/2032(b)		NOK	3,621,000		309,646
					1,241,762
Poland–0.48%
Republic of Poland Government Bond, Series 725, 3.25%, 07/25/2025		PLN	775,000		141,645

	Principal Amount			Value
South Korea–0.80%
Korea Treasury Bond,
Series 2512, 2.25%, 12/10/2025		KRW	176,130,000	$	116,710
Series 3012, 1.50%, 12/10/2030		KRW	112,340,000		64,457
Series 5003, 1.50%, 03/10/2050		KRW	140,830,000		57,010
					238,177
Spain–0.63%
Banco Bilbao Vizcaya Argentaria S.A., 0.38%, 10/02/2024(b)		EUR	100,000		93,382
Banco Santander S.A., 3.25%, 04/04/2026(b)		EUR	100,000		94,857
					188,239
Sweden–2.18%
Balder Finland OYJ, 1.00%, 01/20/2029(b)		EUR	100,000		59,569
Swedbank AB, 0.75%, 05/05/2025(b)		EUR	100,000		92,598
Sweden Government Bond,
Series 1056, 2.25%, 06/01/2032(b)		SEK	3,300,000		300,808
Series 1057, 1.50%, 11/13/2023(b)		SEK	1,645,000		147,830
Telia Co. AB, 3.88%, 10/01/2025(b)		EUR	50,000		50,179
					650,984
Switzerland–6.68%
Cloverie PLC for Zurich Insurance Co. Ltd., 1.50%, 12/15/2028(b)		EUR	100,000		86,752
Credit Suisse AG, 0.25%, 01/05/2026(b)		EUR	100,000		86,133
Swiss Confederation Government Bond,
1.25%, 06/11/2024(b)		CHF	152,000		153,706
3.25%, 06/27/2027(b)		CHF	948,000		1,052,073
2.25%, 06/22/2031(b)		CHF	369,000		402,963
0.50%, 06/27/2032(b)		CHF	199,000		187,736
4.00%, 01/06/2049(b)		CHF	14,000		23,223
					1,992,586
Thailand–0.11%
Thailand Government Bond, 1.88%, 06/17/2049		THB	1,949,000		32,234
United Kingdom–2.51%
B.A.T. International Finance PLC, 2.25%, 01/16/2030(b)		EUR	100,000		76,778
BP Capital Markets PLC, 0.90%, 07/03/2024(b)		EUR	100,000		95,093
CNH Industrial Finance Europe S.A., 1.63%, 07/03/2029(b)		EUR	100,000		84,066
Global Switch Holdings Ltd., 2.25%, 05/31/2027(b)		EUR	100,000		89,388
Lloyds Banking Group PLC, 0.50%, 11/12/2025(b)(c)		EUR	100,000		91,581
NatWest Markets PLC, 1.00%, 05/28/2024(b)		EUR	100,000		94,660
United Kingdom Gilt, 0.63%, 10/22/2050(b)		GBP	392,442		215,796
					747,362

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

9 Invesco World Bond Factor Fund

	Principal Amount			Value
United States–1.48%
Abbott Ireland Financing DAC, 0.88%, 09/27/2023(b)		EUR	100,000	$	97,322
AGCO International Holdings B.V., 0.80%, 10/06/2028(b)		EUR	100,000		76,048
Altria Group, Inc., 3.13%, 06/15/2031		EUR	100,000		81,138
Goldman Sachs Group, Inc. (The),
0.13%, 08/19/2024(b)		EUR	60,000		55,792
0.25%, 01/26/2028(b)		EUR	47,000		37,721
Wells Fargo & Co., 0.50%, 04/26/2024(b)		EUR	100,000		94,419
					442,440
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $19,794,806)					15,307,285
U.S. Dollar Denominated Bonds & Notes–25.80%
Australia–0.31%
Westpac Banking Corp.,
2.35%, 02/19/2025		$	65,000		61,156
3.35%, 03/08/2027			35,000		32,418
					93,574
Brazil–0.07%
Suzano Austria GmbH, 3.75%, 01/15/2031			25,000		20,062
Canada–0.65%
Brookfield Finance, Inc., 4.85%, 03/29/2029			90,000		83,205
Magna International, Inc., 3.63%, 06/15/2024			52,000		50,755
TransCanada PipeLines Ltd., 4.88%, 01/15/2026			60,000		58,645
					192,605
Chile–0.08%
Enel Generacion Chile S.A., 4.25%, 04/15/2024			25,000		24,527
China–0.48%
Alibaba Group Holding Ltd., 2.13%, 02/09/2031			200,000		144,022
France–0.08%
AXA S.A., 8.60%, 12/15/2030			20,000		23,144
Japan–0.14%
Mitsubishi UFJ Financial Group, Inc., 3.74%, 03/07/2029			25,000		21,987
Sumitomo Mitsui Financial Group, Inc., 2.14%, 09/23/2030			25,000		18,371
					40,358
Luxembourg–0.11%
ArcelorMittal S.A., 6.75%, 03/01/2041			35,000		31,706
Mexico–0.44%
America Movil S.A.B. de C.V.,
6.38%, 03/01/2035			35,000		35,159
6.13%, 03/30/2040			100,000		96,171
					131,330

	Principal Amount			Value
Netherlands–0.63%
Cooperatieve Rabobank U.A., 5.25%, 05/24/2041		$	85,000	$	78,834
Koninklijke KPN N.V., 8.38%, 10/01/2030			30,000		32,774
Shell International Finance B.V.,
2.38%, 11/07/2029			35,000		29,538
6.38%, 12/15/2038			45,000		47,545
					188,691
Switzerland–0.31%
Credit Suisse USA, Inc., 7.13%, 07/15/2032			35,000		34,394
Tyco Electronics Group S.A., 3.45%, 08/01/2024			60,000		58,244
					92,638
United Kingdom–2.59%
B.A.T Capital Corp.,
3.56%, 08/15/2027			35,000		30,498
2.26%, 03/25/2028			30,000		23,798
4.74%, 03/16/2032			25,000		20,995
4.54%, 08/15/2047			60,000		38,855
5.28%, 04/02/2050			75,000		53,691
Barclays PLC, 4.84%, 05/09/2028			200,000		169,675
BP Capital Markets PLC, 3.72%, 11/28/2028			35,000		31,948
British Airways Pass-Through Trust, Series 2019-1, Class A, 3.35%, 06/15/2029(b)			45,342		38,615
British Telecommunications PLC, 9.63%, 12/15/2030			20,000		22,843
HSBC Holdings PLC,
4.58%, 06/19/2029(c)			200,000		173,850
6.10%, 01/14/2042			40,000		37,198
Mead Johnson Nutrition Co., 4.13%, 11/15/2025			95,000		91,705
nVent Finance S.a.r.l., 4.55%, 04/15/2028			25,000		22,357
Reynolds American, Inc., 5.70%, 08/15/2035			18,000		15,232
					771,260
United States–19.91%
3M Co., 5.70%, 03/15/2037			65,000		63,137
Adventist Health System, 2.95%, 03/01/2029			40,000		34,060
Aflac, Inc., 1.13%, 03/15/2026			50,000		43,781
Allstate Corp. (The), 3.28%, 12/15/2026			20,000		18,647
Altria Group, Inc.,
4.40%, 02/14/2026			21,000		20,166
2.63%, 09/16/2026			25,000		22,312
4.80%, 02/14/2029			74,000		68,197
3.40%, 05/06/2030			40,000		32,453
2.45%, 02/04/2032			45,000		32,030
5.95%, 02/14/2049			10,000		8,187
Amazon.com, Inc.,
4.25%, 08/22/2057			40,000		32,282
3.25%, 05/12/2061			45,000		29,087
4.10%, 04/13/2062			40,000		30,792

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

10 Invesco World Bond Factor Fund

	Principal Amount			Value
United States–(continued)
American Express Co.,
2.50%, 07/30/2024		$	90,000	$	85,588
3.00%, 10/30/2024			50,000		47,774
American Honda Finance Corp., 2.15%, 09/10/2024			65,000		61,680
AmerisourceBergen Corp., 3.40%, 05/15/2024			50,000		48,660
Appalachian Power Co., 7.00%, 04/01/2038			25,000		26,442
Apple, Inc.,
3.25%, 02/23/2026			35,000		33,400
1.70%, 08/05/2031(e)			40,000		31,059
4.45%, 05/06/2044			35,000		31,382
2.85%, 08/05/2061			45,000		27,037
Ares Capital Corp., 3.20%, 11/15/2031			35,000		24,540
Assured Guaranty US Holdings, Inc., 3.15%, 06/15/2031			30,000		23,880
Athene Holding Ltd., 4.13%, 01/12/2028			20,000		17,829
Bank of America Corp.,
4.20%, 08/26/2024			188,000		183,922
4.00%, 01/22/2025			30,000		28,928
4.45%, 03/03/2026			35,000		33,600
3.85%, 03/08/2037(c)			40,000		32,096
BGC Partners, Inc., 3.75%, 10/01/2024			36,000		34,231
BlackRock, Inc., 2.10%, 02/25/2032			25,000		19,110
Boeing Co. (The),
2.70%, 02/01/2027			29,000		25,172
6.63%, 02/15/2038			92,000		87,412
Booking Holdings, Inc., 4.63%, 04/13/2030			65,000		61,222
Boston Properties L.P., 3.40%, 06/21/2029			35,000		28,972
Bristol-Myers Squibb Co., 3.40%, 07/26/2029			25,000		22,730
Broadcom, Inc., 4.93%, 05/15/2037(b)			25,000		20,654
California Institute of Technology, 4.70%, 11/01/2111			22,000		17,058
Capital One Financial Corp., 3.20%, 02/05/2025			75,000		70,943
CDW LLC/CDW Finance Corp., 3.25%, 02/15/2029			30,000		24,593
Celanese US Holdings LLC, 6.38%, 07/15/2032			25,000		22,780
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.05%, 03/30/2029			59,000		54,289
Chevron USA, Inc., 3.85%, 01/15/2028			30,000		28,430
Cigna Corp., 4.50%, 02/25/2026			55,000		53,746
Cintas Corp. No. 2, 3.70%, 04/01/2027			25,000		23,587
Citigroup, Inc.,
3.75%, 06/16/2024			45,000		44,028
8.13%, 07/15/2039			20,000		23,114

	Principal Amount			Value
United States–(continued)
CNA Financial Corp., 3.45%, 08/15/2027		$	25,000	$	22,562
Collins Aerospace, 3.20%, 03/15/2024			51,000		49,663
Comcast Corp., 3.70%, 04/15/2024			87,000		85,417
CommonSpirit Health,
2.76%, 10/01/2024			65,000		61,765
1.55%, 10/01/2025			82,000		72,940
ConocoPhillips Co., 6.95%, 04/15/2029			20,000		21,732
Constellation Energy Generation LLC, 6.25%, 10/01/2039			60,000		57,735
Corning, Inc., 5.85%, 11/15/2068			13,000		11,090
Dell International LLC/EMC Corp.,
8.10%, 07/15/2036			20,000		21,221
8.35%, 07/15/2046			25,000		26,594
Dignity Health, 5.27%, 11/01/2064			25,000		20,085
Duke Energy Carolinas LLC, 6.10%, 06/01/2037			65,000		63,318
DuPont de Nemours, Inc., 4.49%, 11/15/2025			65,000		63,719
Eli Lilly and Co., 5.50%, 03/15/2027			75,000		77,145
Energy Transfer L.P., 4.95%, 05/15/2028			35,000		32,477
Enstar Group Ltd., 3.10%, 09/01/2031			25,000		17,346
Enterprise Products Operating LLC, 4.15%, 10/16/2028			25,000		23,037
ERP Operating L.P., 4.15%, 12/01/2028			40,000		36,440
Eversource Energy, Series M, 3.30%, 01/15/2028			50,000		44,871
Exxon Mobil Corp.,
2.44%, 08/16/2029			45,000		38,590
3.48%, 03/19/2030(e)			45,000		40,822
Federal Realty Investment Trust, 3.95%, 01/15/2024			45,000		44,261
FedEx Corp., 5.25%, 05/15/2050(e)			30,000		25,438
Fifth Third Bancorp, 2.38%, 01/28/2025			50,000		46,483
General Motors Co., 6.75%, 04/01/2046			93,000		86,128
Georgia-Pacific LLC, 8.88%, 05/15/2031			15,000		17,879
Gilead Sciences, Inc., 3.70%, 04/01/2024			84,000		82,478
GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029			20,000		18,057
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024			186,000		182,651
Harley-Davidson, Inc., 4.63%, 07/28/2045			26,000		18,245
Hasbro, Inc., 6.35%, 03/15/2040			50,000		45,906
Hewlett Packard Enterprise Co., 6.35%, 10/15/2045			30,000		27,191

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

11 Invesco World Bond Factor Fund

	Principal Amount			Value
United States–(continued)
Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030		$	15,000	$	11,780
HP, Inc.,
5.50%, 01/15/2033			15,000		13,359
6.00%, 09/15/2041			31,000		27,526
Intel Corp.,
4.95%, 03/25/2060			41,000		33,300
5.05%, 08/05/2062			75,000		61,155
International Business Machines Corp., 7.13%, 12/01/2096			43,000		48,604
IPALCO Enterprises, Inc., 4.25%, 05/01/2030			68,000		58,530
JPMorgan Chase & Co.,
3.88%, 09/10/2024			115,000		112,069
4.13%, 12/15/2026			40,000		37,924
Kemper Corp., 3.80%, 02/23/2032			25,000		20,413
KLA Corp., 4.65%, 11/01/2024			14,000		13,939
Kohl’s Corp., 5.55%, 07/17/2045			68,000		40,521
Kyndryl Holdings, Inc., 4.10%, 10/15/2041			30,000		16,474
McKesson Corp., 1.30%, 08/15/2026(e)			25,000		21,493
Microsoft Corp., 3.04%, 03/17/2062			50,000		32,676
Mid-America Apartments L.P., 1.10%, 09/15/2026			25,000		21,156
MidAmerican Energy Co.,
3.65%, 04/15/2029			20,000		18,267
6.75%, 12/30/2031			20,000		21,583
Morgan Stanley,
3.70%, 10/23/2024			85,000		82,451
4.35%, 09/08/2026			35,000		33,356
Nordstrom, Inc., 5.00%, 01/15/2044			88,000		55,881
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031			110,000		82,664
Oracle Corp.,
3.85%, 04/01/2060			50,000		30,288
4.10%, 03/25/2061			45,000		28,035
Pacific Gas and Electric Co.,
4.20%, 03/01/2029			25,000		21,716
4.55%, 07/01/2030			25,000		21,926
4.40%, 03/01/2032			25,000		20,956
Paramount Global, 7.88%, 07/30/2030			35,000		36,420
Parker-Hannifin Corp., 3.30%, 11/21/2024			55,000		53,085
Patterson-UTI Energy, Inc., 5.15%, 11/15/2029			99,000		87,509
Philip Morris International, Inc.,
3.13%, 03/02/2028			20,000		17,483
2.10%, 05/01/2030			25,000		19,077
1.75%, 11/01/2030			20,000		14,686
6.38%, 05/16/2038			30,000		28,003
4.50%, 03/20/2042			35,000		25,636
PNC Financial Services Group, Inc. (The), 3.90%, 04/29/2024			50,000		48,943

	Principal Amount			Value
United States–(continued)
PPG Industries, Inc., 1.20%, 03/15/2026		$	40,000	$	34,676
Progress Energy, Inc., 7.75%, 03/01/2031			20,000		21,973
Prudential Financial, Inc., 3.70%, 10/01/2050(c)			50,000		38,977
Ralph Lauren Corp., 2.95%, 06/15/2030			44,000		36,911
Realty Income Corp., 3.95%, 08/15/2027			25,000		23,217
Simon Property Group L.P., 6.75%, 02/01/2040			38,000		37,827
Southern California Edison Co.,
6.65%, 04/01/2029			75,000		75,265
6.00%, 01/15/2034			47,000		46,076
Series 2004-G, 5.75%, 04/01/2035			30,000		28,520
Southern California Gas Co., 3.20%, 06/15/2025			25,000		23,754
Southwest Airlines Co., 3.00%, 11/15/2026			100,000		90,020
Southwest Gas Corp., 4.05%, 03/15/2032			45,000		37,652
Spectra Energy Partners L.P., 4.75%, 03/15/2024			30,000		29,732
Spirit Realty L.P., 3.20%, 02/15/2031			30,000		22,941
Stewart Information Services Corp., 3.60%, 11/15/2031			25,000		18,822
Swiss Re America Holding Corp., 7.00%, 02/15/2026			47,000		49,307
Time Warner Cable LLC, 7.30%, 07/01/2038			30,000		28,059
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026			50,000		52,720
Truist Financial Corp., 2.50%, 08/01/2024			60,000		57,197
Union Electric Co., 8.45%, 03/15/2039			48,000		57,157
United Parcel Service, Inc., 2.20%, 09/01/2024			25,000		23,887
US Airways Pass-Through Trust, Series 2013-1A, Class PTT, 3.95%, 11/15/2025			33,338		29,548
Verizon Communications, Inc.,
4.13%, 03/16/2027			45,000		42,830
4.33%, 09/21/2028			26,000		24,400
Wachovia Corp., 7.57%, 08/01/2016(f)			82,000		86,944
Walmart, Inc., 3.95%, 06/28/2038			20,000		17,520
Walt Disney Co. (The), 3.70%, 03/23/2027			25,000		23,604
Warnermedia Holdings, Inc., 4.05%, 03/15/2029(b)			46,000		39,129
Waste Management, Inc., 3.13%, 03/01/2025			50,000		48,263
Wells Fargo & Co., 4.10%, 06/03/2026			76,000		71,939
Western Digital Corp., 2.85%, 02/01/2029			30,000		23,234
Western Union Co. (The), 6.20%, 11/17/2036			20,000		18,801

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

12 Invesco World Bond Factor Fund

	Principal Amount			Value
United States–(continued)
Xilinx, Inc., 2.95%, 06/01/2024		$	40,000	$	38,750
					5,936,841
Total U.S. Dollar Denominated Bonds & Notes (Cost $9,036,282)					7,690,758
U.S. Treasury Securities–13.09%
U.S. Treasury Bills–0.36%
1.45 - 2.51%, 11/17/2022(g)(h)			81,942		81,942
3.71 - 4.16%, 03/09/2023(g)(h)			23,676		23,644
					105,586
U.S. Treasury Bonds–2.68%
7.50%, 11/15/2024			150,726		145,997
1.63%, 11/15/2050			1,000,730		653,356
					799,353
U.S. Treasury Notes–10.05%
3.25%, 08/31/2024			645,238		638,180
4.25%, 09/30/2024			747,468		746,250
0.38%, 12/31/2025			497,958		472,365
0.38%, 09/30/2027			899,352		873,084
2.75%, 08/15/2032			268,504		266,710
					2,996,589
Total U.S. Treasury Securities (Cost $4,315,594)					3,901,528
U.S. Government Sponsored Agency Mortgage-Backed     Securities–11.33%
Federal Home Loan Mortgage Corp.,
2.50%, 07/01/2035 - 08/01/2050			592,773		500,192
4.50%, 09/01/2049 - 01/01/2050			33,454		31,735
3.00%, 01/01/2050 - 05/01/2050			210,222		183,518
2.00%, 01/01/2051 - 10/01/2051			531,064		420,564
Federal National Mortgage Association,
4.50%, 06/01/2049			14,742		14,138
3.00%, 10/01/2049 - 03/01/2050			166,635		143,005
2.50%, 01/01/2050 - 08/01/2050			436,524		363,958
2.00%, 03/01/2051 - 08/01/2051			475,345		376,726

	Principal Amount				Value
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K038, Class X1, IO, 1.08%, 03/25/2024(i)		$		1,448,600	$	15,995
Uniform Mortgage-Backed Securities, TBA,
2.00%, 11/01/2037(j)				420,000		367,897
2.50%, 11/01/2052(j)				579,000		474,060
3.00%, 11/01/2052(j)				278,000		236,365
3.50%, 11/01/2052(j)				285,000		250,552
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $3,933,603)						3,378,705
			Shares
Exchange-Traded Funds–1.23%
United States–1.23%
Invesco High Yield Bond Factor ETF(k) (Cost $446,307)				17,500		368,287
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–102.80% (Cost $37,526,592)						30,646,563
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.41%
Invesco Private Government Fund, 3.18%(k)(l)(m)				33,265		33,265
Invesco Private Prime Fund, 3.28%(k)(l)(m)				88,347		88,347
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $121,612)						121,612
TOTAL INVESTMENTS IN SECURITIES–103.21% (Cost $37,648,204)						30,768,175
OTHER ASSETS LESS LIABILITIES–(3.21)%						(957,408	)
NET ASSETS–100.00%					$	29,810,767

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

13 Invesco World Bond Factor Fund

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
SEK	– Swedish Krona
TBA	– To Be Announced
THB	– Thai Baht

Notes to Schedule of Investments:

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

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $11,013,113, which represented 36.94% 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)  All or a portion of this security was out on loan at October 31, 2022.

^(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 1L.

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

⁽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 October 31, 2022.

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

^(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 fiscal year ended October 31, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Invesco High Yield Bond Factor ETF		$	446,425		$	-		$	-			$	(78,138	)		$	-			$	368,287		$	23,290
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			349,902			5,029,633			(5,379,535	)			-				-				-			570
Invesco Liquid Assets Portfolio, Institutional Class			240,290			3,592,596			(3,832,771	)			-				(115	)			-			759
Invesco Treasury Portfolio, Institutional Class			399,888			5,748,152			(6,148,040	)			-				-				-			1,143
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			183,702			(150,437	)			-				-				33,265			113	*
Invesco Private Prime Fund			-			407,339			(318,982	)			-				(10	)			88,347			308	*
Total		$	1,436,505		$	14,961,422		$	(15,829,765	)		$	(78,138	)		$	(125	)		$	489,899		$	26,183

* 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 October 31, 2022.

^(m)  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.

14 Invesco World Bond Factor Fund

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
Canada 10 Year Bonds		2		December-2022		$	180,614			$	(2,540	)		$	(2,540	)
Euro-Bund		2		December-2022			273,627				(3,745	)			(3,745	)
Euro-Buxl 30 Year Bonds		2		December-2022			285,051				(30,296	)			(30,296	)
Japan 10 Year Bonds		1		December-2022			1,000,504				2,488				2,488
Long Gilt		3		December-2022			351,368				(27,007	)			(27,007	)
Subtotal–Long Futures Contracts											(61,100	)			(61,100	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 2 Year Notes		3		December-2022			(613,148	)			594				594
U.S. Treasury 5 Year Notes		8		December-2022			(852,750	)			6,000				6,000
U.S. Treasury 10 Year Ultra Notes		5		December-2022			(579,922	)			29,437				29,437
Subtotal–Short Futures Contracts											36,031				36,031
Total Futures Contracts										$	(25,069	)		$	(25,069	)

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
Currency Risk
11/03/2022	Bank of America, N.A.		USD	26,855		BRL	145,947		$     1,399
12/21/2022	Bank of America, N.A.		AUD	612,000		USD	396,862		4,774
12/21/2022	Bank of America, N.A.		JPY	11,416,000		USD	80,467		3,213
12/21/2022	Bank of America, N.A.		NZD	1,892,121		USD	1,135,075		34,170
12/21/2022	Bank of America, N.A.		USD	3,014		CHF	3,000		0
12/21/2022	Bank of America, N.A.		USD	163,159		EUR	166,000		1,561
12/21/2022	Bank of America, N.A.		USD	105,538		GBP	94,190		2,664
12/21/2022	Bank of America, N.A.		USD	2,839		IDR	44,510,000		5
12/21/2022	Bank of America, N.A.		USD	190,369		NOK	2,070,125		9,096
12/21/2022	Bank of America, N.A.		USD	318,579		SEK	3,522,351		1,765
12/02/2022	Barclays Bank PLC		USD	7,782		BRL	41,470		196
12/21/2022	Barclays Bank PLC		CZK	247,000		USD	9,955		14
12/21/2022	BNP Paribas S.A.		SEK	14,129,722		USD	1,329,052		44,011
11/03/2022	Citibank, N.A.		USD	27,752		BRL	145,947		503
12/02/2022	Citibank, N.A.		USD	26,200		BRL	139,950		726
12/21/2022	Citibank, N.A.		CAD	587,000		USD	446,614		15,494
12/21/2022	Citibank, N.A.		IDR	81,607,000		USD	5,331		116
12/21/2022	Citibank, N.A.		INR	1,808,450		USD	22,014		296
12/21/2022	Citibank, N.A.		KRW	52,370,300		USD	37,680		956
12/21/2022	Citibank, N.A.		USD	11,363		KRW	16,214,000		7
12/21/2022	Citibank, N.A.		ZAR	2,079,000		USD	118,220		5,466
12/21/2022	Deutsche Bank AG		USD	297,888		EUR	305,000		4,759
12/21/2022	Deutsche Bank AG		USD	125,166		GBP	112,186		3,708
12/21/2022	Deutsche Bank AG		USD	13,025		MXN	266,000		286
12/21/2022	Goldman Sachs International		CLP	4,808,000		USD	5,116		62
12/21/2022	Goldman Sachs International		HUF	4,025,714		USD	9,844		260
12/21/2022	Goldman Sachs International		IDR	1,774,108,002		USD	118,614		5,259
12/21/2022	Goldman Sachs International		SGD	25,340		USD	18,033		128
12/21/2022	Goldman Sachs International		THB	556,501		USD	15,184		497
12/21/2022	Goldman Sachs International		USD	23,887		HUF	10,547,000		1,221

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

15 Invesco World Bond Factor Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
12/21/2022	Goldman Sachs International		USD	92,765		JPY	13,800,000		$         622
12/21/2022	J.P. Morgan Chase Bank, N.A.		EUR	270,000		USD	269,947		2,028
12/21/2022	J.P. Morgan Chase Bank, N.A.		GBP	305,520		USD	351,033		64
12/21/2022	J.P. Morgan Chase Bank, N.A.		JPY	17,684,000		USD	123,304		3,634
12/21/2022	J.P. Morgan Chase Bank, N.A.		NOK	19,651,016		USD	1,950,882		57,429
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	65,431		CAD	90,000		669
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	861,652		EUR	875,835		7,430
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	266,987		NOK	2,902,820		12,711
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	92,636		TRY	1,840,980		2,549
12/21/2022	Morgan Stanley and Co. International PLC		AUD	3,395,330		USD	2,294,420		119,142
12/21/2022	Morgan Stanley and Co. International PLC		CHF	1,796,010		USD	1,876,218		71,858
12/21/2022	Morgan Stanley and Co. International PLC		EUR	8,246,508		USD	8,290,335		107,413
12/21/2022	Morgan Stanley and Co. International PLC		JPY	8,553,360		USD	57,904		22
12/21/2022	Morgan Stanley and Co. International PLC		USD	20,795		TRY	424,180		1,137
12/21/2022	Royal Bank of Canada		COP	38,163,356		USD	8,468		806
12/21/2022	State Street Bank & Trust Co.		USD	103,650		EUR	105,000		540
12/21/2022	UBS AG		PLN	540,000		USD	112,764		602
12/21/2022	UBS AG		USD	2,850		THB	108,000		1
Subtotal–Appreciation									531,269
Currency Risk
11/03/2022	Bank of America, N.A.		BRL	145,947		USD	27,724		(531	)
12/21/2022	Bank of America, N.A.		GBP	197,000		USD	218,398		(7,907	)
12/21/2022	Bank of America, N.A.		NZD	290,810		USD	165,243		(3,961	)
12/21/2022	Bank of America, N.A.		SEK	62,000		USD	5,636		(3	)
12/21/2022	Bank of America, N.A.		USD	40,451		AUD	62,380		(487	)
12/21/2022	Bank of America, N.A.		USD	195,003		CHF	194,100		(0	)
12/21/2022	Bank of America, N.A.		USD	114,580		NZD	191,000		(3,449	)
12/02/2022	Barclays Bank PLC		BRL	111,450		USD	21,381		(61	)
12/21/2022	Barclays Bank PLC		CLP	37,211,260		USD	38,290		(828	)
12/21/2022	Barclays Bank PLC		SGD	58,190		USD	40,555		(564	)
12/21/2022	Barclays Bank PLC		USD	64,095		CNY	465,000		(96	)
12/21/2022	Barclays Bank PLC		USD	46,190		CZK	1,146,000		(66	)
12/21/2022	Barclays Bank PLC		USD	28,441		NZD	48,880		(1	)
12/21/2022	BNP Paribas S.A.		MXN	201,960		USD	9,903		(203	)
12/21/2022	BNP Paribas S.A.		USD	101,021		SEK	1,074,000		(3,345	)
11/03/2022	Citibank, N.A.		BRL	145,947		USD	27,507		(747	)
12/02/2022	Citibank, N.A.		BRL	5,997		USD	1,123		(31	)
12/21/2022	Citibank, N.A.		KRW	26,686,000		USD	18,611		(103	)
12/21/2022	Citibank, N.A.		USD	1,841,409		CAD	2,420,224		(63,884	)
12/21/2022	Citibank, N.A.		USD	6,508		INR	541,910		(0	)
12/21/2022	Citibank, N.A.		USD	107,483		KRW	149,385,000		(2,726	)
12/21/2022	Citibank, N.A.		USD	117,275		ZAR	2,062,380		(5,422	)
12/21/2022	Deutsche Bank AG		MXN	4,787,910		USD	234,438		(5,153	)
12/21/2022	Deutsche Bank AG		USD	2,637,706		CNY	18,307,000		(118,076	)
12/21/2022	Deutsche Bank AG		USD	1,144,976		GBP	992,627		(4,685	)
12/21/2022	Goldman Sachs International		USD	76,544		CLP	71,929,590		(931	)
12/21/2022	Goldman Sachs International		USD	982		COP	4,890,240		(0	)
12/21/2022	Goldman Sachs International		USD	60,590		HUF	24,779,190		(1,602	)
12/21/2022	Goldman Sachs International		USD	86,392		IDR	1,292,160,000		(3,830	)
12/21/2022	Goldman Sachs International		USD	131,621		SGD	184,950		(931	)

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

16 Invesco World Bond Factor Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
12/21/2022	Goldman Sachs International		USD	66,524		THB	2,424,000		$    (2,555)
12/21/2022	J.P. Morgan Chase Bank, N.A.		CAD	440,110		USD	321,699		(1,537	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		EUR	431,000		USD	422,110		(5,566	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		NOK	129,000		USD	11,865		(565	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		SEK	290,200		USD	26,080		(312	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	16,153		EUR	16,270		(9	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	80,428		GBP	70,000		(15	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	88,109		INR	7,063,570		(3,280	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	1,337,019		JPY	191,469,992		(41,310	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	590,611		NOK	6,077,880		(4,984	)
12/21/2022	Morgan Stanley and Co. International PLC		CAD	53,012		USD	38,909		(26	)
12/21/2022	Morgan Stanley and Co. International PLC		HUF	8,220,340		USD	19,562		(7	)
12/21/2022	Morgan Stanley and Co. International PLC		PLN	13,000		USD	2,583		(118	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	3,034,628		AUD	4,490,705		(157,578	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	20,536		CHF	20,000		(443	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	6,260,093		EUR	6,227,000		(81,109	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	24,490		SGD	34,650		(5	)
12/02/2022	Royal Bank of Canada		BRL	39,520		USD	7,228		(375	)
12/21/2022	Royal Bank of Canada		USD	48,751		COP	221,516,240		(4,279	)
12/21/2022	Royal Bank of Canada		USD	64,985		JPY	9,329,610		(1,850	)
12/21/2022	State Street Bank & Trust Co.		CZK	71,000		USD	2,856		(1	)
12/21/2022	State Street Bank & Trust Co.		EUR	133,000		USD	131,290		(684	)
12/21/2022	UBS AG		USD	392		PLN	1,879		(2	)
12/21/2022	UBS AG		USD	8,996		TRY	173,630		(19	)
Subtotal–Depreciation									(536,252	)
Total Forward Foreign Currency Contracts									$    (4,983)

		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 CDOR	Semi-Annually	(3.66)%	Semi-Annually		06/30/2032	CAD	143,000	$	(266	)	$	927		$        1,193
Pay	3 Month CNRR007	Quarterly	2.47	Quarterly		07/29/2027	CNY	4,000,000		–			2,508		2,508
Receive	SONIA	Annually	(1.25)	Annually		09/30/2051	GBP	6,000		(550	)		2,539		3,089
Receive	6 Month NIBOR	Semi-Annually	(1.27)	Annually		08/31/2031	NOK	302,000		887			5,375		4,488
Receive	3 Month STIBOR	Quarterly	(2.60)	Annually		07/05/2032	SEK	1,573,000		–			5,809		5,809
Receive	6 Month EURIBOR	Semi-Annually	(0.49)	Annually		08/31/2023	EUR	383,000		377			7,999		7,622
Receive	6 Month EURIBOR	Semi-Annually	(0.26)	Annually		07/29/2024	EUR	330,000		4,883			12,939		8,056
Receive	SONIA	Annually	(3.41)	Annually		09/01/2027	GBP	187,000		–			8,083		8,083
Receive	6 Month NIBOR	Semi-Annually	(1.94)	Annually		01/06/2032	NOK	654,000		5			8,675		8,670
Receive	6 Month SARON	Semi-Annually	(0.33)	Annually		12/02/2026	CHF	132,000		48			10,306		10,258
Receive	3 Month USD LIBOR	Quarterly	(1.81)	Semi-Annually		10/08/2051	USD	31,000		–			10,678		10,678
Pay	3 Month CNRR007	Quarterly	2.83	Quarterly		04/08/2026	CNY	7,065,538		–			18,323		18,323
Receive	3 Month USD LIBOR	Quarterly	(0.67)	Semi-Annually		10/08/2024	USD	317,000		–			24,505		24,505
Receive	3 Month STIBOR	Quarterly	(1.15)	Annually		02/02/2032	SEK	1,956,000		549			27,570		27,021
Pay	3 Month CNRR007	Quarterly	2.59	Quarterly		10/29/2025	CNY	20,000,000		–			30,492		30,492
Receive	6 Month EUR LIBOR	Semi-Annually	(0.37)	Annually		11/30/2023	EUR	568,000		(14,671	)		16,961		31,632
Receive	SONIA	Annually	(1.18)	Annually		09/30/2031	GBP	192,000		(7,381	)		43,578		50,959

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

17 Invesco World Bond Factor Fund

Open Centrally Cleared Interest Rate Swap Agreements(a)–(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Receive	3 Month NDBB		Quarterly		(1.46	)%		Semi-Annually		08/03/2026		NZD	1,018,000		$  (2,406	)	$	67,611			$  70,017
Receive	3 Month NDBB		Quarterly		(1.81	)		Semi-Annually		08/03/2031		NZD	772,000		4,510			90,087			85,577
Subtotal – Appreciation															(14,015	)		394,965			408,980
Interest Rate Risk
Receive	3 Month STIBOR		Quarterly		(3.28	)		Annually		10/04/2027		SEK	1,271,000		–			(634	)		(634	)
Pay	TONAR		Annually		0.06			Annually		03/01/2024		JPY	51,556,000		431			(2	)		(433	)
Pay	3 Month STIBOR		Quarterly		0.49			Annually		02/08/2031		SEK	171		(1	)		(3	)		(2	)
Subtotal – Depreciation															430			(639	)		(1,069	)
Total Centrally Cleared Interest Rate Swap Agreements															$(13,585	)	$	394,326			$407,911

^(a)  Centrally cleared swap agreements collateralized by $70,907 cash held with Merrill Lynch International.

Abbreviations:
AUD	–Australian Dollar
BRL	–Brazilian Real
CAD	–Canadian Dollar
CDOR	–Canadian Dealer Offered Rate
CHF	–Swiss Franc
CLP	–Chile Peso
CNRR007	–China 7-Day Reverse Repo Rate
CNY	–Chinese Yuan Renminbi
COP	–Colombia Peso
CZK	–Czech Koruna
EUR	–Euro
EURIBOR	–Euro Interbank Offered Rate
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

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

18 Invesco World Bond Factor Fund

Statement of Assets and Liabilities

October 31, 2022

Assets:
Investments in unaffiliated securities, at value (Cost $37,080,285)*	$	30,278,276
Investments in affiliates, at value (Cost $567,919)		489,899
Other investments:
Variation margin receivable - futures contracts		1,161
Variation margin receivable-centrally cleared swap agreements		45,994
Unrealized appreciation on forward foreign currency contracts outstanding		531,269
Deposits with brokers:
Cash collateral - centrally cleared swap agreements		70,907
Cash		165,673
Foreign currencies, at value (Cost $192,098)		209,214
Receivable for:
Investments sold		278,031
Fund shares sold		4,933
Dividends		1,005
Interest		259,036
Investment for trustee deferred compensation and retirement plans		21,287
Other assets		36,535
Total assets		32,393,220
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		536,252
Payable for:
Investments purchased		327,708
TBA sales commitment		1,363,613
Fund shares reacquired		464
Collateral upon return of securities loaned		121,612
Accrued fees to affiliates		14,035
Accrued trustees’ and officers’ fees and benefits		828
Accrued other operating expenses		194,307
Trustee deferred compensation and retirement plans		23,634
Total liabilities		2,582,453
Net assets applicable to shares outstanding	$	29,810,767

Net assets consist of:
Shares of beneficial interest	$	38,501,672
Distributable earnings (loss)		(8,690,905	)
	$	29,810,767
Net Assets:
Class A	$	16,081,134
Class C	$	1,300,866
Class Y	$	11,167,074
Class R5	$	665
Class R6	$	1,261,028
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,953,217
Class C		158,365
Class Y		1,357,144
Class R5		81.25
Class R6		153,076
Class A:
Net asset value per share	$	8.23
Maximum offering price per share (Net asset value of $8.23 ÷ 95.75%)	$	8.60
Class C:
Net asset value and offering price per share	$	8.21
Class Y:
Net asset value and offering price per share	$	8.23
Class R5:
Net asset value and offering price per share	$	8.18
Class R6:
Net asset value and offering price per share	$	8.24

* At October 31, 2022, securities with an aggregate value of $118,406 were on loan to brokers.

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

19 Invesco World Bond Factor Fund

Statement of Operations

For the year ended October 31, 2022

Investment income:
Interest (net of foreign withholding taxes of $2,158)	$	493,330
Dividends from affiliates (includes net securities lending income of $83)		25,845
Total investment income		519,175
Expenses:
Advisory fees		100,801
Administrative services fees		5,458
Custodian fees		80,399
Distribution fees:
Class A		51,094
Class C		16,660
Transfer agent fees – A, C and Y		74,319
Transfer agent fees – R6		418
Trustees’ and officers’ fees and benefits		19,310
Registration and filing fees		66,190
Reports to shareholders		7,163
Professional services fees		62,850
Other		16,827
Total expenses		501,489
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(318,828	)
Net expenses		182,661
Net investment income		336,514
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,229,738	)
Affiliated investment securities		(125	)
Foreign currencies		48,139
Forward foreign currency contracts		15,335
Futures contracts		(412,732	)
Swap agreements		208,513
		(3,370,608	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $813)		(6,150,271	)
Affiliated investment securities		(78,138	)
Foreign currencies		13,050
Forward foreign currency contracts		226,424
Futures contracts		30,775
Swap agreements		252,454
		(5,705,706	)
Net realized and unrealized gain (loss)		(9,076,314	)
Net increase (decrease) in net assets resulting from operations	$	(8,739,800	)

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

20 Invesco World Bond Factor Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	2022			2021
Operations:
Net investment income	$	336,514		$	240,062
Net realized gain (loss)		(3,370,608	)		1,250,504
Change in net unrealized appreciation (depreciation)		(5,705,706	)		(1,776,023	)
Net increase (decrease) in net assets resulting from operations		(8,739,800	)		(285,457	)
Distributions to shareholders from distributable earnings:
Class A		(405,867	)		(598,985	)
Class C		(22,570	)		(38,984	)
Class Y		(308,318	)		(362,187	)
Class R5		(17	)		(23	)
Class R6		(28,190	)		(16,326	)
Total distributions from distributable earnings		(764,962	)		(1,016,505	)
Return of capital:
Class A		(49,271	)		–
Class C		(2,604	)		–
Class Y		(37,742	)		–
Class R5		(2	)		–
Class R6		(3,502	)		–
Total return of capital		(93,121	)		–
Total distributions		(858,083	)		(1,016,505	)
Share transactions–net:
Class A		(2,795,234	)		(1,284,998	)
Class C		(352,050	)		(346,200	)
Class Y		(1,667,541	)		5,128,819
Class R6		405,699			971,470
Net increase (decrease) in net assets resulting from share transactions		(4,409,126	)		4,469,091
Net increase (decrease) in net assets		(14,007,009	)		3,167,129
Net assets:
Beginning of year		43,817,776			40,650,647
End of year	$	29,810,767		$	43,817,776

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

21 Invesco World Bond Factor Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			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
Year ended 10/31/22		$10.71		$0.08			$(2.35	)		$(2.27	)		$(0.17	)		$(0.02	)		$(0.02	)		$(0.21	)		$8.23		(21.52	)%		$16,081		0.56	%		1.42	%		0.83	%		123	%
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
Class C
Year ended 10/31/22		10.68		0.01			(2.34	)		(2.33	)		(0.11	)		(0.02	)		(0.01	)		(0.14	)		8.21		(22.09	)		1,301		1.31			2.17			0.08			123
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
Class Y
Year ended 10/31/22		10.70		0.10			(2.33	)		(2.23	)		(0.19	)		(0.02	)		(0.03	)		(0.24	)		8.23		(21.25	)		11,167		0.31			1.17			1.08			123
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
Class R5
Year ended 10/31/22		10.63		0.10			(2.31	)		(2.21	)		(0.19	)		(0.02	)		(0.03	)		(0.24	)		8.18		(21.21	)		1		0.31			0.99			1.08			123
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
Class R6
Year ended 10/31/22		10.71		0.10			(2.33	)		(2.23	)		(0.19	)		(0.02	)		(0.03	)		(0.24	)		8.24		(21.23	)		1,261		0.31			0.99			1.08			123
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

^(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.

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

22 Invesco World Bond Factor Fund

Notes to Financial Statements

October 31, 2022

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund

23 Invesco World Bond Factor Fund

securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 1940 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

24 Invesco World Bond Factor Fund

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves 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 year ended October 31, 2022, Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliates on the 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 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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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 or asset. 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 net asset value (“NAV”) per share 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

25 Invesco World Bond Factor Fund

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. 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 October 31, 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.

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.

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.

During the period, the Fund experienced a low interest rate environment 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

26 Invesco World Bond Factor Fund

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.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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 year ended October 31, 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 29, 2024, 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 29, 2024. 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 (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended October 31, 2022, the Adviser waived advisory fees of $100,800 and reimbursed fund level expenses of $143,002 and reimbursed class level expenses of $42,269, $3,446, $28,605, $0 and $417 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2022, IDI advised the Fund that IDI retained $1,127 in front-end sales commissions from the sale of Class A shares and $30 and $132 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. 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.

27 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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	$	–		$	15,307,285			$–	$	15,307,285
U.S. Dollar Denominated Bonds & Notes		–			7,690,758			–		7,690,758
U.S. Treasury Securities		–			3,901,528			–		3,901,528
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			3,378,705			–		3,378,705
Exchange-Traded Funds		368,287			–			–		368,287
Money Market Funds		–			121,612			–		121,612
Total Investments in Securities		368,287			30,399,888			–		30,768,175
Other Investments - Assets*
Futures Contracts		38,519			–			–		38,519
Forward Foreign Currency Contracts		–			531,269			–		531,269
Swap Agreements		–			408,980			–		408,980
		38,519			940,249			–		978,768
Other Investments - Liabilities*
Futures Contracts		(63,588	)		–			–		(63,588	)
Forward Foreign Currency Contracts		–			(536,252	)		–		(536,252	)
Swap Agreements		–			(1,069	)		–		(1,069	)
		(63,588	)		(537,321	)		–		(600,909	)
Total Other Investments		(25,069	)		402,928			–		377,859
Total Investments	$	343,218		$	30,802,816			$–	$	31,146,034

* 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 October 31, 2022:

	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	–	$	38,519		$	38,519
Unrealized appreciation on swap agreements – Centrally Cleared(a)		–		408,980			408,980
Unrealized appreciation on forward foreign currency contracts outstanding		531,269		–			531,269
Total Derivative Assets		531,269		447,499			978,768
Derivatives not subject to master netting agreements		–		(447,499	)		(447,499	)
Total Derivative Assets subject to master netting agreements	$	531,269	$	–		$	531,269

28 Invesco World Bond Factor Fund

	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	–		$	(63,588	)	$	(63,588	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		–			(1,069	)		(1,069	)
Unrealized depreciation on forward foreign currency contracts outstanding		(536,252	)		–			(536,252	)
Total Derivative Liabilities		(536,252	)		(64,657	)		(600,909	)
Derivatives not subject to master netting agreements		–			64,657			64,657
Total Derivative Liabilities subject to master netting agreements	$	(536,252	)	$	–		$	(536,252	)

^(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 October 31, 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.		$  58,647		$  (16,338	)		$  42,309		$–	$–		$ 42,309
Barclays Bank PLC		210		(1,616	)		(1,406	)	–	–		(1,406	)
BNP Paribas S.A.		44,011		(3,548	)		40,463		–	–		40,463
Citibank, N.A.		23,564		(72,913	)		(49,349	)	–	–		(49,349	)
Deutsche Bank AG		8,753		(127,914	)		(119,161	)	–	–		(119,161	)
Goldman Sachs International		8,049		(9,849	)		(1,800	)	–	–		(1,800	)
J.P. Morgan Chase Bank, N.A.		86,514		(57,578	)		28,936		–	–		28,936
Morgan Stanley and Co. International PLC		299,572		(239,286	)		60,286		–	–		60,286
Royal Bank of Canada		806		(6,504	)		(5,698	)	–	–		(5,698	)
State Street Bank & Trust Co.		540		(685	)		(145	)	–	–		(145	)
UBS AG		603		(21	)		582		–	–		582
Total		$531,269		$(536,252	)		$(4,983	)	$–	$–		$(4,983	)

Effect of Derivative Investments for the year ended October 31, 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	$	15,335	$	-		$	15,335
Futures contracts		-		(412,732	)		(412,732	)
Swap agreements		-		208,513			208,513
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		226,424		-			226,424
Futures contracts		-		30,775			30,775
Swap agreements		-		252,454			252,454
Total	$	241,759	$	79,010		$	320,769

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	$48,813,817	$3,569,003	$11,480,754

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $289.

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	705,757	$	779,487
Long-term capital gain		59,205		237,018
Return of capital		93,121		–
Total distributions	$	858,083	$	1,016,505

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2022
Net unrealized appreciation (depreciation) – investments	$	(6,798,197	)
Net unrealized appreciation – foreign currencies		12,860
Temporary book/tax differences		(19,585	)
Capital loss carryforward		(1,885,983	)
Shares of beneficial interest		38,501,672
Total net assets	$	29,810,767

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund does not have a capital loss carryforward as of October 31, 2022.

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$1,234,188	$651,795	$1,885,983

* 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 year ended October 31, 2022 was $25,459,572 and $28,719,753, 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	$	1,019,523
Aggregate unrealized (depreciation) of investments		(7,817,720	)
Net unrealized appreciation (depreciation) of investments	$	(6,798,197	)

Cost of investments for tax purposes is $37,944,231.

30 Invesco World Bond Factor Fund

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and net operating losses, on October 31, 2022, undistributed net investment income was decreased by $593,407, undistributed net realized gain (loss) was increased by $1,398,625 and shares of beneficial interest was decreased by $805,218. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		203,072			$ 1,968,814			445,039		$	4,926,597
Class C		31,200			297,438			57,595			632,108
Class Y		659,898			6,099,328			936,589			10,306,720
Class R6		66,597			654,707			94,190			1,036,295
Issued as reinvestment of dividends:
Class A		41,630			413,687			49,932			553,308
Class C		1,991			20,177			3,097			34,438
Class Y		25,459			251,987			26,094			288,436
Class R6		3,230			31,454			1,459			16,039
Automatic conversion of Class C shares to Class A shares:
Class A		5,671			53,819			39,260			435,539
Class C		(5,685	)		(53,819	)		(39,358	)		(435,539	)
Reacquired:
Class A		(552,300	)		(5,231,554	)		(655,265	)		(7,200,442	)
Class C		(63,739	)		(615,846	)		(52,733	)		(577,207	)
Class Y		(857,201	)		(8,018,856	)		(498,338	)		(5,466,337	)
Class R6		(30,991	)		(280,462	)		(7,390	)		(80,864	)
Net increase (decrease) in share activity		(471,168	)		$(4,409,126	)		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.

31 Invesco World Bond Factor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco World Bond Factor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco World Bond Factor Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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

32 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 May 1, 2022 through October 31, 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     (05/01/22)	Ending     Account Value     (10/31/22)1	Expenses     Paid During     Period2	Ending     Account Value     (10/31/22)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$894.10	$2.77	$1,022.28	$2.96	0.58%
Class C	1,000.00	890.40	6.34	1,018.50	6.77	1.33
Class Y	1,000.00	894.10	1.58	1,023.54	1.68	0.33
Class R5	1,000.00	894.40	1.58	1,023.54	1.68	0.33
Class R6	1,000.00	894.20	1.58	1,023.54	1.68	0.33

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 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.

33 Invesco World Bond Factor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco World Bond Factor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In

addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board

reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance for the one, three and five year periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Bloomberg Global Aggregate Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period, the first quintile for the three year period and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board further considered that the Fund had changed its name, investment strategy and index against which future performance will be compared in 2020 in connection with its repositioning as a factor-based fund, and that performance results prior to such date reflected that of the Fund’s former strategy. As a result, the Board did not consider performance of the Fund prior to such date to be particularly relevant. The Board also reviewed more

34 Invesco World Bond Factor Fund

recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective in 2020 in connection with its repositioning as a factor-based fund. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in

providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

    The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

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

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated

money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

35 Invesco World Bond Factor Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$59,205
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	2.35	%
Qualified Business Income*	0.00	%
Business Interest Income*	44.98	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

36 Invesco World Bond Factor Fund

Trustees and Officers

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

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)

T-1 Invesco World Bond Factor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman -1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-2 Invesco World Bond Factor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)	N/A	N/A
		Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC

T-3 Invesco World Bond Factor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.	N/A	N/A
		Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-4 Invesco World Bond Factor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801

T-5 Invesco World Bond Factor Fund

(This page intentionally left blank)

(This page intentionally left blank)

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-AR-1                                         

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Pursuant to PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, PricewaterhouseCoopers LLC (“PwC”) advised the Registrant’s Audit Committee of the following two matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Senior Associate and one PwC Partner each held financial interests directly in an investment company within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively the “Invesco Funds Investment Company Complex”) that were inconsistent with the requirements of Rule 2-01(c)(1) of SEC Regulation S-X. In reporting each matter to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the financial interests were not material to the net worth of each individual or his or her respective immediate family members and the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions . In addition, PwC considered that the audit services performed by the PwC Senior Associate were reviewed by team members at least two levels higher than the individual and the individual did not have any decision making responsibility for matters that materially affected the audit and that the PwC Partner provided non-audit services that were not relied upon by the audit engagement team in the audits of the financial statements of the Funds. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded, individually for each matter and in the aggregate, that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

        

	Fees Billed for Services Rendered to the Registrant for fiscal year end 2022	Fees Billed for Services Rendered to the Registrant for fiscal year end 2021
Audit Fees	$       925,264	$       999,325
Audit-Related Fees	$                  0	$                  0
Tax Fees(1)	$       403,564	$       538,211
All Other Fees	$                  0	$                  0
Total Fees	$    1,328,828	$    1,537,536

(1) Tax Fees for the fiscal years ended October 31, 2022 and October 31, 2021 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.

	Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee	Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2021 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)	$    760,000	$    760,000
Tax Fees	$               0	$               0
All Other Fees	$               0	$               0
Total Fees	$    760,000	$    760,000

  (1) Audit-Related Fees for the fiscal years ended 2022 and 2021 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

I. Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II. Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III. General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV. Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

a. Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

b. Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other

agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

c. Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

V. Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.

VI. Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII. Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII. Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX. Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

● Management functions;

● Human resources;

● Broker-dealer, investment adviser, or investment banking services ;

● Legal services;

● Expert services unrelated to the audit;

● Any service or product provided for a contingent fee or a commission;

● Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

● Tax services for persons in financial reporting oversight roles at the Fund; and

● Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

● Bookkeeping or other services related to the accounting records or financial statements of the audit client;

● Financial information systems design and implementation;

● Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

● Actuarial services; and

● Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $7,434,000 for the fiscal year ended October 31, 2022 and $5,910,000 for the fiscal year ended October 31, 2021. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $8,597,564 for the fiscal year ended October 31, 2022 and $7,208,211 for the fiscal year ended October 31, 2021.

PwC provided audit services to the Investment Company complex of approximately $31 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

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 December 20, 2022, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 20, 2022, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material

information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1)	Code of Ethics.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 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:	January 5, 2023

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	January 5, 2023
By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	January 5, 2023