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)

Glenn Brightman    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:   10/31/2023

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:

Annual Report to Shareholders October 31, 2023

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
21	Consolidated Financial Statements
24	Consolidated Financial Highlights
25	Notes to Consolidated Financial Statements
34	Report of Independent Registered Public Accounting Firm
35	Fund Expenses
36	Approval of Investment Advisory and Sub-Advisory Contracts
39	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2023, Class A shares of Invesco Balanced-Risk Allocation Fund (the Fund), at net asset value (NAV), underperformed 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, 10/31/22 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-2.06	%
Class C Shares	-2.87
Class R Shares	-2.37
Class Y Shares	-1.78
Class R5 Shares	-1.77
Class R6 Shares	-1.77
S&P 500 Index▼ (Broad Market Index)	10.14
Custom Invesco Balanced-Risk Allocation Style Index∎ (Style-Specific Index)	6.56
Lipper Alternative Global Macro Funds Index¨ (Peer Group Index)	4.63
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ¨Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2023, the Fund at NAV reported negative absolute performance as two of the macro factors in which the Fund invests (defensive and real return) detracted from the Fund’s absolute performance.

The Fund’s strategic exposure to the growth macro factor, obtained through the use of swaps, options and futures, contributed to results for the fiscal year. Despite elevated interest rates and heightened market volatility, five of the six markets in which the Fund invests delivered positive returns. Japanese equities were the top contributor to results as the Bank of Japan (BoJ) maintained its accommodative yield curve control policy despite rising inflation. Despite China’s lackluster economic recovery continuing to be a headwind, emerging equities contributed as continued economic resilience led investors to favor riskier assets. European equities added to results with gains largely concentrated in the first half of the fiscal year due to lower-than-expected energy prices. Prices declined in the second half as the European Central Bank (ECB) lifted rates to an all-time high and signs began to emerge that the region may be close to a recession. UK equities also contributed, benefiting from the index’s overweight to energy in the latter half of the fiscal year and from the Bank of England pressing pause on interest rate hikes in September 2023 after 14 consecutive months of increases. US equities detracted in aggregate, with US large-caps outperforming their small-cap counterpart. Gains in US large-caps were primarily due to strong performance in the seven largest stocks due to investor optimism around artificial intelligence (AI). US small-caps declined as concerns over a slowing global economy and the potential for interest

rates to stay higher for longer caused investors to become more risk averse. Exposure to defensive put options detracted as markets rose. Tactical shifts within equities through the fiscal year contributed to results due to timely positioning in European and Japanese equities.

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 with all six markets posting losses largely due to a combination of persistent strong inflation readings and aggressive actions by central banks. Australian bonds were the top detractor due to continued rate hikes from the Reserve Bank of Australia amid slowing economic growth. Japanese government bonds declined as the BoJ maintained its accommodative monetary policy despite high inflation. Canadian government bond prices declined over the fiscal year as interest rates rose. UK Gilts declined as the Bank of England signaled it intends to leave rates at high levels to combat inflation. German bunds declined amid a historic run of 10 consecutive rate increases by the ECB before pausing in October as economic growth began to show sign of slowing. US Treasuries detracted from performance as the resilient economic growth led the Federal Reserve (the Fed) to continue to raise rates. Yields surged late in the fiscal year, following comments from Fed Chairman Jerome Powell stating that he intended to keep rates higher for longer. Exposure to defensive factor premia detracted from performance as factors underperformed their base indexes. Tactical shifts in the defensive macro factor produced gains in the fiscal year as factors such as the rising inflation and rate environment led our models to be underweight bonds.

The Fund’s strategic exposure to the real return macro factor, obtained through the use of swaps, futures and commodity-linked notes detracted from the Fund’s absolute performance for the fiscal year with losses in energy and industrial metals outweighing gains in agriculture and precious metals. 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 behavior that we received even though performance was mixed across the commodity complexes. Precious metals contributed to results, with gold outperforming silver, despite concerns about higher-for-longer interest rates. Agriculture performance was driven by gains in soybeans, soymeal, cotton and sugar. Sugar rose as supplies have been diverted by demand for ethanol in Brazil, while India has resumed export quotas. Cotton prices rose due to hot weather in key US growing regions against the lowest acreage planted in decades. Industrial metals slightly detracted from results as losses in aluminum countered gains in copper due to uncertainty over future Chinese production. Energy was the largest detractor at the sub-complex level, with unleaded gas and gasoil providing the sole contributions. Oil prices came under pressure from concerns over rising interest rates and decreasing demand. Tactical shifts over the fiscal year in the real return macro factor produced losses as commodity performance became volatile later in the fiscal year.

Please note that our strategy is principally implemented with derivative instruments that include futures, commodity-linked notes, 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.

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

2 Invesco Balanced-Risk Allocation Fund

Portfolio manager(s):

Mark Ahnrud

John Burrello

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. 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 10/31/13

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 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (6/2/09)	4.56	%
10 Years	1.92
5 Years	1.22
1 Year	-7.45
Class C Shares
Inception (6/2/09)	4.52	%
10 Years	1.89
5 Years	1.60
1 Year	-3.84
Class R Shares
Inception (6/2/09)	4.70	%
10 Years	2.24
5 Years	2.10
1 Year	-2.37
Class Y Shares
Inception (6/2/09)	5.23	%
10 Years	2.75
5 Years	2.64
1 Year	-1.78
Class R5 Shares
Inception (6/2/09)	5.26	%
10 Years	2.79
5 Years	2.68
1 Year	-1.77
Class R6 Shares
Inception (9/24/12)	2.97	%
10 Years	2.87
5 Years	2.73
1 Year	-1.77

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 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, 2023, 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, 2023

	Target	Notional
	Risk	Asset
Asset Class	Contribution*	Weights**
Equities and Options	43.12%	57.75%
Fixed Income	17.19	52.58
Commodities	39.69	28.94
Total	100.00%	139.27%

* 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, 2023

	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–29.05%
U.S. Treasury Floating Rate Notes–29.05%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.02%)(a)		5.39%		01/31/2024	$	114,500	$	114,510,501
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)(a)		5.32%		04/30/2024		128,300		128,278,620
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(a)		5.45%		07/31/2024		134,000		134,040,535
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(a)		5.61%		01/31/2025		15,500		15,526,979
Total U.S. Treasury Securities (Cost $392,301,463)								392,356,635
			Expiration Date
Commodity-Linked Securities–3.93%
Bank of Montreal, Commodity-Linked Notes (linked to the S&P GSCI Aluminum Dynamic Roll Index)(b)(c)				07/08/2024		12,000		11,600,834
Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.03% (linked to the Canadian Imperial Bank of Commerce Gold Standard Roll Excess Return Index) (Canada), Series 2(b)(c)				06/07/2024		13,200		12,228,446
Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.03% (linked to the Canadian Imperial Bank of Commerce Silver Index) (Canada)(b)(c)				06/07/2024		12,300		9,727,473
RBC Capital Markets LLC, Commodity-Linked Notes (linked to the RBC Enhanced Copper 2x Index) (Canada)(b)(c)				06/07/2024		22,700		19,508,837
Total Commodity-Linked Securities (Cost $60,200,000)								53,065,590
					Shares
Money Market Funds–58.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)						211,036,608		211,036,608
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(d)(e)						32,364,389		32,374,098
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency Class, 5.45%(d)(e)						113,019,570		113,019,570
Invesco Treasury Obligations Portfolio, Institutional Class, 5.25%(d)(e)						375,500,000		375,500,000
Invesco Treasury Portfolio, Institutional Class, 5.27%(d)(e)						51,783,553		51,783,553
Total Money Market Funds (Cost $783,707,939)								783,713,829
Options Purchased–1.22%
(Cost $18,065,779)(f)								16,532,946
TOTAL INVESTMENTS IN SECURITIES–92.24% (Cost $1,254,275,181)								1,245,669,000
OTHER ASSETS LESS LIABILITIES–7.76%								104,760,464
NET ASSETS–100.00%							$	1,350,429,464

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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023.

^(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, 2023 was $53,065,590, which represented 3.93% of the Fund’s Net Assets.

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

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	263,828,894	$	389,297,652	$	(442,089,938	)		$    -		$       -		$211,036,608		$11,015,677
Invesco Liquid Assets Portfolio, Institutional Class		60,972,621		261,605,465		(290,207,098	)		(137)		3,247		32,374,098		2,544,293
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Agency Class		-		434,964,460		(321,944,890	)		-		-		113,019,570		6,648,630
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Institutional Class		174,522,956		128,046,348		(302,569,304	)		-		-		-		1,523,808
Invesco Treasury Obligations Portfolio, Institutional Class		380,000,000		84,700,000		(89,200,000	)		-		-		375,500,000		18,164,370
Invesco Treasury Portfolio, Institutional Class		97,546,164		418,568,746		(464,331,357	)		-		-		51,783,553		3,957,839
Total		$ 976,870,635	$	1,717,182,671	$	(1,910,342,587	)		$(137)		$3,247		$783,713,829		$43,854,617

^{(e) The rate shown is the 7-day SEC standardized yield as of October 31, 2023.}

^{(f) The table below details options purchased.}

Open Exchange-Traded Index Options Purchased
	Type of		Expiration		Number of			Exercise			Notional
Description	Contract		Date		Contracts			Price			Value*		Value
Equity Risk
EURO STOXX 50 Index		Put		01/19/2024		100	EUR		3,900.00	EUR		3,900,000	$       73,961
EURO STOXX 50 Index		Put		05/17/2024		100	EUR		4,200.00	EUR		4,200,000	288,756
EURO STOXX 50 Index		Put		06/21/2024		100	EUR		4,250.00	EUR		4,250,000	337,322
EURO STOXX 50 Index		Put		07/19/2024		100	EUR		4,300.00	EUR		4,300,000	375,626
EURO STOXX 50 Index		Put		10/18/2024		100	EUR		4,100.00	EUR		4,100,000	295,104
EURO STOXX 50 Index		Put		11/17/2023		100	EUR		3,500.00	EUR		3,500,000	1,905
EURO STOXX 50 Index		Put		12/15/2023		100	EUR		3,875.00	EUR		3,875,000	42,959
EURO STOXX 50 Index		Put		02/16/2024		100	EUR		4,100.00	EUR		4,100,000	163,794
EURO STOXX 50 Index		Put		03/15/2024		100	EUR		4,150.00	EUR		4,150,000	201,568
EURO STOXX 50 Index		Put		04/19/2024		100	EUR		4,200.00	EUR		4,200,000	247,807
EURO STOXX 50 Index		Put		08/16/2024		100	EUR		4,400.00	EUR		4,400,000	449,587
EURO STOXX 50 Index		Put		09/20/2024		100	EUR		4,200.00	EUR		4,200,000	335,735
FTSE 100 Index		Put		01/19/2024		50	GBP		7,450.00	GBP		3,725,000	135,523
FTSE 100 Index		Put		05/17/2024		50	GBP		7,800.00	GBP		3,900,000	313,890
FTSE 100 Index		Put		06/21/2024		50	GBP		7,575.00	GBP		3,787,500	251,294
FTSE 100 Index		Put		07/19/2024		50	GBP		7,575.00	GBP		3,787,500	246,129
FTSE 100 Index		Put		09/20/2024		50	GBP		7,500.00	GBP		3,750,000	260,106
FTSE 100 Index		Put		10/18/2024		50	GBP		7,500.00	GBP		3,750,000	268,310
FTSE 100 Index		Put		11/17/2023		50	GBP		7,050.00	GBP		3,525,000	13,066
FTSE 100 Index		Put		12/15/2023		50	GBP		7,450.00	GBP		3,725,000	122,760
FTSE 100 Index		Put		02/16/2024		50	GBP		7,650.00	GBP		3,825,000	228,808
FTSE 100 Index		Put		03/15/2024		50	GBP		7,800.00	GBP		3,900,000	308,116
FTSE 100 Index		Put		04/19/2024		50	GBP		7,575.00	GBP		3,787,500	219,996
FTSE 100 Index		Put		08/16/2024		50	GBP		7,500.00	GBP		3,750,000	235,493

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)
	Type of	Expiration	Number of	Exercise				Notional
Description	Contract	Date	Contracts	Price				Value*			Value
MSCI Emerging Markets Index	Put	12/15/2023	75		USD	970.00			USD	7,275,000	$   419,625
MSCI Emerging Markets Index	Put	01/19/2024	75		USD	960.00			USD	7,200,000	379,125
MSCI Emerging Markets Index	Put	05/17/2024	75		USD	960.00			USD	7,200,000	477,750
MSCI Emerging Markets Index	Put	06/21/2024	75		USD	960.00			USD	7,200,000	506,625
MSCI Emerging Markets Index	Put	07/19/2024	75		USD	1,000.00			USD	7,500,000	715,500
MSCI Emerging Markets Index	Put	10/18/2024	75		USD	950.00			USD	7,125,000	560,625
MSCI Emerging Markets Index	Put	11/17/2023	75		USD	840.00			USD	6,300,000	8,250
MSCI Emerging Markets Index	Put	03/15/2024	75		USD	970.00			USD	7,275,000	474,750
MSCI Emerging Markets Index	Put	02/16/2024	75		USD	1,040.00			USD	7,800,000	872,625
MSCI Emerging Markets Index	Put	04/19/2024	75		USD	975.00			USD	7,312,500	523,125
MSCI Emerging Markets Index	Put	08/16/2024	75		USD	1,050.00			USD	7,875,000	994,875
MSCI Emerging Markets Index	Put	09/20/2024	75		USD	990.00			USD	7,425,000	703,875
Nikkei 225 Index	Put	12/08/2023	26		JPY	25,000.00			JPY	650,000,000	3,431
Nikkei 225 Index	Put	03/08/2024	26		JPY	24,250.00			JPY	630,500,000	27,445
Nikkei 225 Index	Put	06/14/2024	26		JPY	28,250.00			JPY	734,500,000	181,824
Nikkei 225 Index	Put	06/14/2024	26		JPY	29,750.00			JPY	773,500,000	265,875
Nikkei 225 Index	Put	09/13/2024	26		JPY	32,250.00			JPY	838,500,000	548,046
Nikkei 225 Index	Put	09/13/2024	26		JPY	31,250.00			JPY	812,500,000	450,272
Nikkei 225 Index	Put	09/13/2024	26		JPY	32,000.00			JPY	832,000,000	522,316
Nikkei 225 Index	Put	12/13/2024	26		JPY	30,250.00	��		JPY	786,500,000	429,688
Nikkei 225 Index	Put	12/08/2023	26		JPY	26,250.00			JPY	682,500,000	7,204
Nikkei 225 Index	Put	03/08/2024	26		JPY	26,000.00			JPY	676,000,000	48,029
Nikkei 225 Index	Put	03/08/2024	26		JPY	26,250.00			JPY	682,500,000	54,033
Nikkei 225 Index	Put	06/14/2024	26		JPY	27,000.00			JPY	702,000,000	132,938
S&P 500 Index	Put	12/15/2023	8		USD	4,100.00			USD	3,280,000	46,960
S&P 500 Index	Put	01/19/2024	8		USD	3,900.00			USD	3,120,000	34,040
S&P 500 Index	Put	04/19/2024	8		USD	4,150.00			USD	3,320,000	118,000
S&P 500 Index	Put	05/17/2024	8		USD	4,200.00			USD	3,360,000	141,080
S&P 500 Index	Put	06/21/2024	8		USD	4,275.00			USD	3,420,000	172,560
S&P 500 Index	Put	07/19/2024	8		USD	4,525.00			USD	3,620,000	267,600
S&P 500 Index	Put	08/16/2024	8		USD	4,650.00			USD	3,720,000	327,760
S&P 500 Index	Put	09/20/2024	8		USD	4,600.00			USD	3,680,000	309,560
S&P 500 Index	Put	10/18/2024	8		USD	4,375.00			USD	3,500,000	231,760
S&P 500 Index	Put	11/17/2023	8		USD	3,875.00			USD	3,100,000	4,320
S&P 500 Index	Put	02/16/2024	8		USD	4,100.00			USD	3,280,000	80,600
S&P 500 Index	Put	03/15/2024	8		USD	4,000.00			USD	3,200,000	73,240
Total Index Options Purchased											$16,532,946

* 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		297		December-2023	$	25,081,650	$	(1,028,638	)	$	(1,028,638	)
Gasoline Reformulated Blendstock Oxygenate Blending		317		November-2023		29,521,132		236,609			236,609
Low Sulphur Gas Oil		28		December-2023		2,382,100		(156,256	)		(156,256	)
New York Harbor Ultra-Low Sulfur Diesel		247		November-2023		30,188,340		5,485,977			5,485,977
WTI Crude		174		December-2023		14,007,000		(940,004	)		(940,004	)
Subtotal								3,597,688			3,597,688

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		1,287		December-2023	$	107,361,540	$	(13,264,301	)	$	(13,264,301	)
E-Mini S&P 500 Index		4		December-2023		842,450		(22,376	)		(22,376	)
EURO STOXX 50 Index		260		December-2023		11,196,817		(570,420	)		(570,420	)
FTSE 100 Index		320		December-2023		28,501,801		(890,393	)		(890,393	)
MSCI Emerging Markets Index		410		December-2023		18,843,600		(638,104	)		(638,104	)
Nikkei 225 Index		302		December-2023		61,465,941		(3,921,205	)		(3,921,205	)
Subtotal								(19,306,799	)		(19,306,799	)
Interest Rate Risk
Australia 10 Year Bonds		4,083		December-2023		280,359,213		(10,685,789	)		(10,685,789	)
Canada 10 Year Bonds		402		December-2023		33,316,647		(1,154,305	)		(1,154,305	)
Euro-Bund		2,045		December-2023		279,110,508		(2,231,578	)		(2,231,578	)
Japan 10 Year Bonds		243		December-2023		230,455,220		(3,721,771	)		(3,721,771	)
Long Gilt		840		December-2023		95,114,258		(1,377,279	)		(1,377,279	)
Subtotal								(19,170,722	)		(19,170,722	)
Total Futures Contracts							$	(34,879,833	)	$	(34,879,833	)

^(a)  Futures contracts collateralized by $78,495,001 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
Barclays Bank PLC		Receive	Barclays Soybean Meal S2 Nearby Excess Return Index		0.19	%		Monthly		5,200		February-2024		USD	6,205,815		$  –	$	648,898		$	648,898
Barclays Bank PLC		Receive	Barclays Soybeans Seasonal Index Excess Return		0.19			Monthly		21,000		February-2024		USD	8,477,244		–		49,092			49,092
Canadian Imperial Bank of Commerce		Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.27			Monthly		82,000		February-2024		USD	8,100,993		–		75,579			75,579
Canadian Imperial Bank of Commerce		Receive	Canadian Imperial Bank of Commerce Soybean Meal 1 Excess Return Commodity Index		0.14			Monthly		44,000		February-2024		USD	9,846,544		–		1,407,397			1,407,397
Cargill, Inc.		Receive	Cargill Coffee Front Index		0.20			Monthly		40,000		July-2024		USD	5,654,060		–		822,652			822,652
Cargill, Inc.		Receive	Cargill Sugar Index		0.20			Monthly		24,500		February-2024		USD	14,309,499		–		187,300			187,300
Goldman Sachs International		Receive	Enhanced Strategy AB42 on the S&P GSCI Soybeans Excess Return		0.14			Monthly		22,400		February-2024		USD	10,680,699		–		233,186			233,186
Macquarie Bank Ltd.		Receive	Macquarie Aluminum Dynamic Selection Index		0.30			Monthly		170,000		February-2024		USD	8,551,612		–		119,680			119,680
Macquarie Bank Ltd.		Receive	Macquarie Soybean Meal A Excess Return Index		0.17			Monthly		34,700		February-2024		USD	15,618,349		–		26,199			26,199
Merrill Lynch International		Receive	MLCISCE Excess Return Index		0.12			Monthly		106,000		February-2024		USD	5,661,895		–		0			0
Merrill Lynch International		Receive	MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		66,000		June-2024		USD	5,590,457		–		0			0
Merrill Lynch International		Receive	MLCX6CTE Excess Return Index		0.18			Monthly		73,000		February-2024		USD	6,763,501		(2)		(2	)		0
Morgan Stanley and Co. International PLC		Receive	S&P GSCI Aluminum Dynamic Index Excess Return		0.30			Monthly		157,500		July-2024		USD	15,781,075		–		507,764			507,764

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

11 Invesco Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)
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)
Royal Bank of Canada		Receive	RBC Commodity CT01 Excess Return Custom Index		0.28	%	Monthly		82,000		February-2024	USD	10,924,343	$  –	$	0		$	0
Royal Bank of Canada		Receive	RBC Commodity KCE0 Excess Return Custom Index		0.18		Monthly		15,000		October-2024	USD	270,776	–		0			0
Royal Bank of Canada		Receive	RBC Commodity SB01 Excess Return Custom Index		0.20		Monthly		47,000		February-2024	USD	10,173,249	–		0			0
Royal Bank of Canada		Receive	RBC Commodity SO01 Excess Return Custom Index		0.18		Monthly		61,500		February-2024	USD	8,735,380	–		0			0
Subtotal – Appreciation														(2)		4,077,745			4,077,747
Commodity Risk
Canadian Imperial Bank of Commerce		Pay	Canadian Imperial Bank of Commerce Silver Index		0.00		Monthly		19,500		October-2024	USD	2,003,779	–		(143,212	)		(143,212	)
Canadian Imperial Bank of Commerce		Receive	Canadian Imperial Bank of Commerce Seasonally Enhanced Bean Oil Commodity Index		0.26		Monthly		29,500		February-2024	USD	3,785,154	–		(93,335	)		(93,335	)
Canadian Imperial Bank of Commerce		Receive	Canadian Imperial Bank of Commerce Seasonally Enhanced Cotton Commodity Index		0.28		Monthly		49,500		February-2024	USD	8,288,849	–		(373,265	)		(373,265	)
Cargill, Inc.		Receive	Cargill Soybean Oil Index		0.24		Monthly		45,000		February-2024	USD	8,451,243	–		(600,057	)		(600,057	)
Cargill, Inc.		Receive	Cargill Wheat Index		0.22		Monthly		85,000		July-2024	USD	4,288,598	–		(90,576	)		(90,576	)
Goldman Sachs International		Receive	S&P GSCI Corn Excess Return Index		0.18		Monthly		50,000		February–2024	USD	1,617,353	–		(31,469	)		(31,469	)
Goldman Sachs International		Receive	S&P GSCI Soybean Oil Excess Return Index		0.25		Monthly		60,500		February–2024	USD	8,231,660	–		(383,122	)		(383,122	)
J.P. Morgan Chase Bank, N.A.		Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25		Monthly		64,300		February–2024	USD	27,294,990	–		(1,291,395	)		(1,291,395	)
J.P. Morgan Chase Bank, N.A.		Receive	S&P GSCI Excess return Gold Index		0.09		Monthly		106,500		October–2024	USD	14,587,486	–		(30,661	)		(30,661	)
Subtotal – Depreciation														–		(3,037,092	)		(3,037,092	)
Total – Total Return Swap Agreements														$(2)	$	1,040,653		$	1,040,655

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $17,990,076.

^(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.

12 Invesco Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)
Counterparty	Pay/ Receive	Reference Entity	Floating Rate Index	Payment Frequency	Number of Contracts		Maturity Date		Notional Value			Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Equity Risk
BNP Paribas S.A.	Receive	MSCI Emerging Markets Minimum Volatility Index	SOFR + 0.640%	Monthly		2,500		March-2024		USD	4,576,475	$–	$	(121,200	)	$	(121,200	)
BNP Paribas S.A.	Receive	MSCI EMU Minimum Volatility Index	1 mo. EURIBOR - 0.010%	Monthly		8,200		March-2024		EUR	25,180,068	–		(472,084	)		(472,084	)
BNP Paribas S.A.	Receive	MSCI EMU Quality Index	1 mo. EURIBOR + 0.000%	Monthly		7,000		January-2024		EUR	27,327,090	–		(760,768	)		(760,768	)
BNP Paribas S.A.	Receive	MSCI Japan Minimum Volatility Index	TONAR - 0.325%	Monthly		337,114		February-2024		JPY	1,090,678,408	–		(130,776	)		(130,776	)
BNP Paribas S.A.	Receive	MSCI Japan Minimum Volatility Index	TONAR - 0.330%	Monthly		201,344		February-2024		JPY	651,416,296	–		(78,107	)		(78,107	)
BNP Paribas S.A.	Receive	MSCI Japan Minimum Volatility Index	TONAR - 0.365%	Monthly		295,000		January-2024		JPY	954,425,300	–		(114,438	)		(114,438	)
BNP Paribas S.A.	Receive	MSCI Japan Minimum Volatility Index	TONAR - 0.370%	Monthly		75,000		January-2024		JPY	242,650,500	–		(29,094	)		(29,094	)
BNP Paribas S.A.	Receive	MSCI Japan Quality Index	TONAR - 0.180%	Monthly		190,000		January-2024		JPY	590,765,100	–		(217,157	)		(217,157	)
BNP Paribas S.A.	Receive	MSCI Japan Quality Index	TONAR - 0.185%	Monthly		491,012		February-2024		JPY	1,526,698,701	–		(561,194	)		(561,194	)
BNP Paribas S.A.	Receive	MSCI Japan Quality Index	TONAR - 0.195%	Monthly		311,519		February-2024		JPY	968,602,911	–		(356,045	)		(356,045	)
BNP Paribas S.A.	Receive	MSCI Japan Quality Index	TONAR - 0.220%	Monthly		1,677,469		January-2024		JPY	5,215,737,587	–		(1,917,234	)		(1,917,234	)
Citibank, N.A.	Receive	Invesco UK Broad Low Volatility Net Total Return Index	SONIA + 0.190%	Monthly		850		May-2024		GBP	4,402,532	–		(178,113	)		(178,113	)

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	Floating Rate Index	Payment Frequency	Number of Contracts		Maturity Date		Notional Value			Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Citibank, N.A.	Receive	Invesco UK Broad Low Volatility Net Total Return Index	SONIA + 0.310%	Monthly		250		May-2024		GBP	1,294,863	$–	$	(52,386	)	$	(52,386	)
Citibank, N.A.	Receive	Invesco UK Broad Price Momentum Net Total Return Index	SONIA + 0.170%	Monthly		409		November-2023		GBP	2,560,127	–		(120,093	)		(120,093	)
Citibank, N.A.	Receive	Invesco UK Broad Price Momentum Net Total Return Index	SONIA + 0.330%	Monthly		450		February-2024		GBP	2,816,766	–		(132,131	)		(132,131	)
Citibank, N.A.	Receive	Invesco UK Broad Quality Net Total Return Index	SONIA + 0.245%	Monthly		1,320		January-2024		GBP	9,090,893	–		(506,882	)		(506,882	)
Citibank, N.A.	Receive	Invesco UK Broad Quality Net Total Return Index	SONIA + 0.340%	Monthly		170		January-2024		GBP	1,170,797	–		(65,280	)		(65,280	)
Citibank, N.A.	Receive	MSCI EMU Minimum Volatility Index	1 mo. EURIBOR - 0.120%	Monthly		100		January-2024		EUR	307,074	–		(5,757	)		(5,757	)
Citibank, N.A.	Receive	MSCI EMU Momentum Index	1 mo. EURIBOR - 0.180%	Monthly		4,600		January-2024		EUR	23,560,018	–		(212,877	)		(212,877	)
Citibank, N.A.	Receive	MSCI Japan Minimum Volatility Index	TONAR - 0.351%	Monthly		1,401,542		January-2024		JPY	4,534,464,894	–		(543,696	)		(543,696	)
Citibank, N.A.	Receive	MSCI Japan Minimum Volatility Index	TONAR - 0.375%	Monthly		180,000		January-2024		JPY	582,361,200	–		(69,827	)		(69,827	)
Goldman Sachs International	Receive	MSCI Emerging Markets Minimum Volatility Index	SOFR + 0.620%	Monthly		9,904		February-2024		USD	18,130,163	–		(480,146	)		(480,146	)

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

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

Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index

SOFR + 0.560%

Monthly

740

November–2023

USD

4,816,297

$–

$

(180,188

)

$

(180,188

)

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

Receive

Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index

SOFR + 0.580%

Monthly

550

January–2024

USD

3,579,681

–

(133,924

)

(133,924

)

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

Receive

Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index

SOFR + 0.580%

Monthly

950

January–2024

USD

6,183,084

–

(231,323

)

(231,323

)

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

Receive

Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index

SOFR + 0.640%

Monthly

3,704

March–2024

USD

24,107,521

–

(901,916

)

(901,916

)

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

Receive

Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index

SOFR + 0.670%

Monthly

650

April–2024

USD

4,230,532

–

(158,273

)

(158,273

)

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

Receive

Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index

SOFR + 0.680%

Monthly

3,856

February–2024

USD

25,096,815

–

(938,927

)

(938,927

)

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

15 Invesco Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)
Counterparty	Pay/ Receive		Reference Entity	Floating Rate Index	Payment Frequency	Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco U.S. Large Cap Broad Price Momentum Total Return Index	SOFR + 0.280%	Monthly		200		November-2023	USD	1,509,918	$–	$	(54,936	)	$	(54,936	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco U.S. Large Cap Broad Price Momentum Total Return Index	SOFR + 0.280%	Monthly		2,750		November-2023	USD	20,761,372	–		(755,369	)		(755,369	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco U.S. Large Cap Broad Quality Total Return Index	SOFR + 0.440%	Monthly		2,150		April-2024	USD	21,859,458	–		(159,609	)		(159,609	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco U.S. Low Volatility Total Return Index	SOFR + 0.280%	Monthly		3,350		November-2023	USD	20,823,600	–		(248,581	)		(248,581	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco U.S. Low Volatility Total Return Index	SOFR + 0.540%	Monthly		250		November-2023	USD	1,554,000	–		(18,551	)		(18,551	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco UK Broad Low Volatility Net Total Return Index	SONIA + 0.240%	Monthly		3,800		May-2024	GBP	19,681,910	–		(796,269	)		(796,269	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco UK Broad Price Momentum Net Total Return Index	SONIA + 0.190%	Monthly		3,141		November-2023	GBP	19,661,027	–		(922,277	)		(922,277	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco UK Broad Quality Net Total Return Index	SONIA + 0.300%	Monthly		380		January-2024	GBP	2,617,075	–		(145,921	)		(145,921	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco UK Broad Quality Net Total Return Index	SONIA + 0.320%	Monthly		990		April-2024	GBP	6,566,106	–		(73,791	)		(73,791	)

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

16 Invesco Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)
Counterparty	Pay/ Receive		Reference Entity	Floating Rate Index	Payment Frequency	Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Minimum Volatility Index	SOFR + 0.530%	Monthly		3,323		November-2023	USD	6,083,051	$–	$	(161,099	)	$	(161,099	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Minimum Volatility Index	SOFR + 0.690%	Monthly		4,242		February-2024	USD	7,765,363	–		(205,652	)		(205,652	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Minimum Volatility Index	SOFR + 0.690%	Monthly		6,782		March-2024	USD	12,415,061	–		(328,791	)		(328,791	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI EMU Minimum Volatility Index	1 mo. EURIBOR - 0.050%	Monthly		600		January-2024	EUR	1,842,444	–		(34,543	)		(34,543	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI EMU Momentum Index	1 mo. EURIBOR + 0.010%	Monthly		200		January-2024	EUR	1,024,349	–		(9,255	)		(9,255	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI EMU Momentum Index	1 mo. EURIBOR + 0.150%	Monthly		500		March-2024	EUR	2,560,872	–		(23,139	)		(23,139	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI EMU Quality Index	1 mo. EURIBOR - 0.000%	Monthly		200		January-2024	EUR	780,774	–		(21,736	)		(21,736	)
Merrill Lynch International		Receive	Invesco UK Broad Quality Net Total Return Index	SONIA + 0.260%	Monthly		820		January-2024	GBP	5,647,373	–		(314,881	)		(314,881	)
Merrill Lynch International		Receive	MSCI Emerging Markets Minimum Volatility Index	SOFR + 0.530%	Monthly		1,455		November-2023	USD	2,663,508	–		(70,538	)		(70,538	)
Merrill Lynch International		Receive	MSCI Emerging Markets Minimum Volatility Index	SOFR + 0.590%	Monthly		4,091		April-2024	USD	7,488,944	–		(198,332	)		(198,332	)
Merrill Lynch International		Receive	MSCI Emerging Markets Minimum Volatility Index	SOFR + 0.610%	Monthly		4,403		May-2024	USD	8,060,088	–		(213,457	)		(213,457	)
Total – Total Return Swap Agreements												$–	$	(14,426,563	)	$	(14,426,563	)

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $17,990,076.

^(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.

17 Invesco Balanced-Risk Allocation Fund

Reference Entity Components
Reference Entity	Underlying Components	Percentage
S&P GSCI Aluminum Dynamic Roll Index
	Long Futures Contracts
	Aluminum		100%
Canadian Imperial Bank of Commerce Gold Standard Roll Excess Return Index
	Long Futures Contracts
	Gold		100%
Canadian Imperial Bank of Commerce Silver Index
	Long Futures Contracts
	Silver		100%
RBC Enhanced Copper 2x Index
	Long Futures Contracts
	Copper		100%
Barclays Soybean Meal S2 Nearby Excess Return Index
	Long Futures Contracts
	Soybean Meal		100%
Barclays Soybeans Seasonal Index Excess Return
	Long Futures Contracts
	Soybean		100%
Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2
	Long Futures Contracts
	Copper		100%
Canadian Imperial Bank of Commerce Soybean Meal 1 Excess Return Commodity Index
	Long Futures Contracts
	Soybean Meal		100%
Cargill Coffee Front Index
	Long Futures Contracts
	Coffee		100%
Cargill Sugar Index
	Long Futures Contracts
	Sugar		100%
Enhanced Strategy AB42 on the S&P GSCI Soybeans Excess Return
	Long Futures Contracts
	Soybean		100%
Macquarie Aluminum Dynamic Selection Index
	Long Futures Contracts
	Aluminum		100%
Macquarie Soybean Meal A Excess Return Index
	Long Futures Contracts
	Soybean		100%

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

18 Invesco Balanced-Risk Allocation Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
MLCISCE Excess Return Index
	Long Futures Contracts
	Corn		100%
MLCX Natural Gas Annual Excess Return Index
	Long Futures Contracts
	Gas		100%
MLCX6CTE Excess Return Index
	Long Futures Contracts
	Cotton		100%
S&P GSCI Aluminum Dynamic Index Excess Return
	Long Futures Contracts
	Aluminum		100%
RBC Commodity CT01 Excess Return Custom Index
	Long Futures Contracts
	Cotton		100%
RBC Commodity KCE0 Excess Return Custom Index
	Long Futures Contracts
	Copper		100%
RBC Commodity SB01 Excess Return Custom Index
	Long Futures Contracts
	Sugar		100%
RBC Commodity SO01 Excess Return Custom Index
	Long Futures Contracts
	Soybean		100%
Canadian Imperial Bank of Commerce Silver Index
	Long Futures Contracts
	Silver		100%
Canadian Imperial Bank of Commerce Seasonally Enhanced Bean Oil Commodity Index
	Long Futures Contracts
	Bean Oil		100%
Canadian Imperial Bank of Commerce Seasonally Enhanced Cotton Commodity Index
	Long Futures Contracts
	Cotton		100%
Cargill Soybean Oil Index
	Long Futures Contracts
	Soybean Oil		100%
Cargill Wheat Index
	Long Futures Contracts
	Wheat		100%

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

19 Invesco Balanced-Risk Allocation Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
S&P GSCI Corn Excess Return Index
	Long Futures Contracts
	Corn		100%
S&P GSCI Soybean Oil Excess Return Index
	Long Futures Contracts
	Soybean Oil		100%
J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts
	Gas Oil		100%
S&P GSCI Excess return Gold Index
	Long Futures Contracts
	Gold		100%

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.

20 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

October 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $470,567,242)	$	461,955,171
Investments in affiliated money market funds, at value (Cost $783,707,939)		783,713,829
Other investments:
Swaps receivable – OTC		767,498
Unrealized appreciation on swap agreements – OTC		4,077,747
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		78,495,001
Cash collateral – OTC Derivatives		17,990,076
Foreign currencies, at value (Cost $22,752,135)		22,714,217
Receivable for:
Fund shares sold		311,940
Dividends		3,728,439
Interest		78,222
Investment for trustee deferred compensation and retirement plans		427,356
Other assets		49,552
Total assets		1,374,309,048
Liabilities:
Other investments:
Variation margin payable – futures contracts		1,073
Premiums received on swap agreements – OTC		2
Swaps payable – OTC		1,735,714
Unrealized depreciation on swap agreements–OTC		17,463,655
Payable for:
Fund shares reacquired		2,980,131
Accrued fees to affiliates		759,040
Accrued other operating expenses		122,713
Trustee deferred compensation and retirement plans		466,099
Collateral with broker - OTC Derivatives		351,157
Total liabilities		23,879,584
Net assets applicable to shares outstanding	$	1,350,429,464

Net assets consist of:
Shares of beneficial interest	$	1,600,936,220
Distributable earnings (loss)		(250,506,756	)
	$	1,350,429,464
Net Assets:
Class A	$	706,255,806
Class C	$	63,864,494
Class R	$	16,479,733
Class Y	$	526,412,200
Class R5	$	10,333,511
Class R6	$	27,083,720
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		87,524,781
Class C		8,583,470
Class R		2,103,473
Class Y		63,439,563
Class R5		1,243,885
Class R6		3,248,427
Class A:
Net asset value per share	$	8.07
Maximum offering price per share (Net asset value of $8.07 ÷ 94.50%)	$	8.54
Class C:
Net asset value and offering price per share	$	7.44
Class R:
Net asset value and offering price per share	$	7.83
Class Y:
Net asset value and offering price per share	$	8.30
Class R5:
Net asset value and offering price per share	$	8.31
Class R6:
Net asset value and offering price per share	$	8.34

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

21 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Operations

For the year ended October 31, 2023

Investment income:
Interest	$	24,578,059
Dividends from affiliated money market funds		43,854,617
Total investment income		68,432,676
Expenses:
Advisory fees		14,572,069
Administrative services fees		225,567
Custodian fees		141,814
Distribution fees:
Class A		2,002,054
Class C		843,098
Class R		87,516
Transfer agent fees – A, C, R and Y		2,134,930
Transfer agent fees – R5		11,248
Transfer agent fees – R6		10,661
Trustees’ and officers’ fees and benefits		30,632
Registration and filing fees		125,515
Reports to shareholders		170,173
Professional services fees		81,730
Other		36,636
Total expenses		20,473,643
Less: Fees waived and/or expense offset arrangement(s)		(881,390	)
Net expenses		19,592,253
Net investment income		48,840,423
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(6,233,134	)
Affiliated investment securities		3,247
Foreign currencies		1,500,839
Futures contracts		(85,391,695	)
Swap agreements		53,900,845
		(36,219,898	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(21,699,191	)
Affiliated investment securities		(137	)
Foreign currencies		(908,012	)
Futures contracts		14,799,180
Swap agreements		(25,031,464	)
		(32,839,624	)
Net realized and unrealized gain (loss)		(69,059,522	)
Net increase (decrease) in net assets resulting from operations	$	(20,219,099	)

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

22 Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2023 and 2022

	2023			2022
Operations:
Net investment income (loss)	$	48,840,423		$	(8,703,278	)
Net realized gain (loss)		(36,219,898	)		(318,819,265	)
Change in net unrealized appreciation (depreciation)		(32,839,624	)		19,452,689
Net increase (decrease) in net assets resulting from operations		(20,219,099	)		(308,069,854	)
Distributions to shareholders from distributable earnings:
Class A		–			(225,061,518	)
Class C		–			(34,535,946	)
Class R		–			(3,731,479	)
Class Y		–			(220,623,925	)
Class R5		–			(3,417,238	)
Class R6		–			(9,736,632	)
Total distributions from distributable earnings		–			(497,106,738	)
Share transactions–net:
Class A		(133,323,229	)		127,096,042
Class C		(34,846,125	)		(13,473,598	)
Class R		627,422			4,973,468
Class Y		(260,849,730	)		85,280,229
Class R5		(2,415,232	)		1,621,069
Class R6		(11,141,843	)		5,266,488
Net increase (decrease) in net assets resulting from share transactions		(441,948,737	)		210,763,698
Net increase (decrease) in net assets		(462,167,836	)		(594,412,894	)
Net assets:
Beginning of year		1,812,597,300			2,407,010,194
End of year	$	1,350,429,464		$	1,812,597,300

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

23 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 10/31/23		$  8.24		$  0.25			$(0.42	)		$(0.17	)		$     –			$      –			$      –			$  8.07		(2.06	)%		$   706,256		1.29	%		1.34	%		2.95	%		17	%
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
Class C
Year ended 10/31/23		7.66		0.17			(0.39	)		(0.22	)		–			–			–			7.44		(2.87	)		63,864		2.04			2.09			2.20			17
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
Class R
Year ended 10/31/23		8.02		0.22			(0.41	)		(0.19	)		–			–			–			7.83		(2.37	)		16,480		1.54			1.59			2.70			17
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
Class Y
Year ended 10/31/23		8.46		0.28			(0.44	)		(0.16	)		–			–			–			8.30		(1.89	)		526,412		1.04			1.09			3.20			17
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
Class R5
Year ended 10/31/23		8.46		0.28			(0.43	)		(0.15	)		–			–			–			8.31		(1.77	)		10,334		0.99			1.04			3.25			17
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
Class R6
Year ended 10/31/23		8.49		0.29			(0.44	)		(0.15	)		–			–			–			8.34		(1.77	)		27,084		0.93			0.98			3.31			17
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

^(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.

24 Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Financial Statements

October 31, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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

25 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

26 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 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.

27 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, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

O. LIBOR Transition 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 was 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. The publication of most LIBOR rates ceased at the end of 2021, and the remaining USD LIBOR rates ceased to be published after June 2023. The FCA will permit the use of synthetic USD LIBOR rates for non-U.S. contracts for a limited period of time after June 30, 2023, but any such rates would be considered non-representative of the underlying market.

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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act. The regulations provide a statutory fallback mechanism to replace LIBOR, by identifying benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) that replaced LIBOR in certain financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. The Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

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

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and 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.

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, 2023, the effective advisory fee rate incurred by the Fund was 0.90%.

28 Invesco Balanced-Risk Allocation Fund

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

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

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 fee waiver and/or expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2023, the Adviser waived advisory fees of $858,851.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $66,086 in front-end sales commissions from the sale of Class A shares and $68 and $4,049 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, 2023. 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.

29 Invesco Balanced-Risk Allocation Fund

	Level 1			Level 2			Level 3	Total
Investments in Securities
U.S. Treasury Securities	$	–		$	392,356,635		$–	$	392,356,635
Commodity-Linked Securities		–			53,065,590		–		53,065,590
Money Market Funds		783,713,829			–		–		783,713,829
Options Purchased		16,532,946			–		–		16,532,946
Total Investments in Securities		800,246,775			445,422,225		–		1,245,669,000
Other Investments - Assets*
Futures Contracts		5,722,586			–		–		5,722,586
Swap Agreements		–			4,077,747		–		4,077,747
		5,722,586			4,077,747		–		9,800,333
Other Investments - Liabilities*
Futures Contracts		(40,602,419	)		–		–		(40,602,419	)
Swap Agreements		–			(17,463,655	)	–		(17,463,655	)
		(40,602,419	)		(17,463,655	)	–		(58,066,074	)
Total Other Investments		(34,879,833	)		(13,385,908	)	–		(48,265,741	)
Total Investments	$	765,366,942		$	432,036,317		$–	$	1,197,403,259

* 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, 2023:

				Value
Derivative Assets				Commodity Risk			Equity Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)				$	5,722,586		$	–		$	5,722,586
Unrealized appreciation on swap agreements – OTC					4,077,747			–			4,077,747
Options purchased, at value – Exchange-Traded(b)					–			16,532,946			16,532,946
Total Derivative Assets					9,800,333			16,532,946			26,333,279
Derivatives not subject to master netting agreements					(5,722,586	)		(16,532,946	)		(22,255,532	)
Total Derivative Assets subject to master netting agreements				$	4,077,747		$	–		$	4,077,747
	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(2,124,898	)	$	(19,306,799	)	$	(19,170,722	)	$	(40,602,419	)
Unrealized depreciation on swap agreements – OTC		(3,037,092	)		(14,426,563	)		–			(17,463,655	)
Total Derivative Liabilities		(5,161,990	)		(33,733,362	)		(19,170,722	)		(58,066,074	)
Derivatives not subject to master netting agreements		2,124,898			19,306,799			19,170,722			40,602,419
Total Derivative Liabilities subject to master netting agreements	$	(3,037,092	)	$	(14,426,563	)	$	–		$	(17,463,655	)

^(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.

30 Invesco Balanced-Risk Allocation Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2023.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash		Cash			Net Amount(a)
Fund
BNP Paribas S.A.		$       8,540		$  (4,852,737	)		$  (4,844,197	)		$–		$4,844,197			$            –
Citibank, N.A.		5,543		(1,984,050	)		(1,978,507	)		–		1,978,507			–
Goldman Sachs International		–		(524,897	)		(524,897	)		–		524,897			–
J.P. Morgan Chase Bank, N.A.		–		(6,995,334	)		(6,995,334	)		–		6,470,000			(525,334	)
Merrill Lynch International		–		(858,088	)		(858,088	)		–		830,000			(28,088	)
Subtotal - Fund		14,083		(15,215,106	)		(15,201,023	)		–		14,647,601			(553,422	)
Subsidary
Barclays Bank PLC		697,990		(1,200	)		696,790			–		(696,790	)		–
Canadian Imperial Bank of Commerce		1,482,976		(613,703	)		869,273			–		(869,273	)		–
Cargill, Inc.		1,009,952		(695,501	)		314,451			–		(290,000	)		24,451
Goldman Sachs International		233,186		(416,865	)		(183,679	)		–		–			(183,679	)
J.P. Morgan Chase Bank, N.A.		–		(1,323,883	)		(1,323,883	)		–		1,323,883			–
Macquarie Bank Ltd.		145,879		(992	)		144,887			–		(50,000	)		94,887
Merrill Lynch International		385,590		(347,036	)		38,554			–		–			38,554
Morgan Stanley and Co. International PLC		507,764		(2,036	)		505,728			–		(505,728	)		–
Royal Bank of Canada		367,825		(583,047	)		(215,222	)		–		–			(215,222	)
Subtotal - Subsidary		4,831,162		(3,984,263	)		846,899			–		(1,087,908	)		(241,009	)
Total		$4,845,245		$(19,199,369	)		$(14,354,124	)		$–		$13,559,693			$(794,431	)

^(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, 2023

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

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Futures contracts	$	(11,963,558	)	$	12,921,106		$	(86,349,243	)	$	(85,391,695	)
Options purchased(a)		-			(14,318,276	)		-			(14,318,276	)
Swap agreements		-			53,408,225			492,620			53,900,845
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		537,730			(10,657,872	)		24,919,322			14,799,180
Options purchased(a)		-			(8,318,120	)		-			(8,318,120	)
Swap agreements		1,158,757			(26,190,221	)		-			(25,031,464	)
Total	$	(10,267,071	)	$	6,844,842		$	(60,937,301	)	$	(64,359,530	)

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

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

	Futures Contracts		Index Options Purchased		Swap Agreements
Average notional value	$	1,400,282,076	$	300,944,253	$	738,797,658
Average contracts		–		3,206		–

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $22,539.

31 Invesco Balanced-Risk Allocation Fund

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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, 2023 and 2022:

	2023		2022
Ordinary income*		$–	$	428,299,995
Long-term capital gain		–		68,806,743
Total distributions		$–	$	497,106,738

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	30,586,985
Net unrealized appreciation (depreciation) – investments		(28,161,941	)
Net unrealized appreciation (depreciation) – foreign currencies		(169,282	)
Temporary book/tax differences		(349,938	)
Capital loss carryforward		(252,412,580	)
Shares of beneficial interest		1,600,936,220
Total net assets	$	1,350,429,464

    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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	108,913,959	$	143,498,621	$	252,412,580

* 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, 2023 was $140,123,516 and $74,573,199, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	12,925,617
Aggregate unrealized (depreciation) of investments		(41,087,558	)
Net unrealized appreciation (depreciation) of investments	$	(28,161,941	)

    Cost of investments for tax purposes is $1,225,565,198.

32 Invesco Balanced-Risk Allocation Fund

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, income from the Subsidiary and derivative instruments, on October 31, 2023, undistributed net investment income was increased by $6,810,366 and undistributed net realized gain (loss) was decreased by $6,810,366. 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, 2023(a)						Year ended October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		3,995,391		$	33,583,122			7,675,989		$	73,144,192
Class C		1,077,277			8,363,967			1,764,890			15,574,741
Class R		511,999			4,183,153			512,017			4,634,315
Class Y		7,383,616			63,713,825			23,303,511			228,108,540
Class R5		64,616			557,952			98,801			961,133
Class R6		1,085,780			9,334,383			862,016			8,179,105
Issued as reinvestment of dividends:
Class A		-			-			21,402,812			205,895,058
Class C		-			-			3,455,498			31,099,481
Class R		-			-			393,370			3,693,741
Class Y		-			-			17,644,226			173,795,631
Class R5		-			-			330,794			3,258,322
Class R6		-			-			854,002			8,437,540
Automatic conversion of Class C shares to Class A shares:
Class A		2,620,062			21,971,585			3,448,280			31,918,195
Class C		(2,831,170	)		(21,971,585	)		(3,697,763	)		(31,918,195	)
Reacquired:
Class A		(22,506,936	)		(188,877,936	)		(19,509,831	)		(183,861,403	)
Class C		(2,736,395	)		(21,238,507	)		(3,218,052	)		(28,229,625	)
Class R		(436,374	)		(3,555,731	)		(371,925	)		(3,354,588	)
Class Y		(37,680,656	)		(324,563,555	)		(33,306,794	)		(316,623,942	)
Class R5		(342,247	)		(2,973,184	)		(263,981	)		(2,598,386	)
Class R6		(2,360,155	)		(20,476,226	)		(1,150,430	)		(11,350,157	)
Net increase (decrease) in share activity		(52,155,192	)	$	(441,948,737	)		20,227,430		$	210,763,698

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 57% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

33 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, 2023, the related consolidated statement of operations for the year ended October 31, 2023, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 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, 2023 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 21, 2023

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 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, 2023 through October 31, 2023.

    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     (05/01/23)		Ending     Account Value     (10/31/23)1		Expenses     Paid During     Period2		Ending     Account Value     (10/31/23)		Expenses     Paid During     Period2		Annualized     Expense     Ratio
Class A		$1,000.00		$953.90		$6.30		$1,018.75		$6.51	1.28%
Class C		1,000.00		950.20		9.98		1,014.97		10.31	2.03
Class R		1,000.00		951.40		7.53		1,017.49		7.78	1.53
Class Y		1,000.00		955.10		5.08		1,020.01		5.24	1.03
Class R5		1,000.00		955.20		4.88		1,020.21		5.04	0.99
Class R6		1,000.00		955.30		4.63		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, 2023 through October 31, 2023, 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 Balanced-Risk Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 fourth quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of

36 Invesco Balanced-Risk Allocation Fund

the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The 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. 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 were in the fifth quintile of its expense group, and discussed with management reasons for such relative actual management fees. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect to the Fund’s unique, differentiated strategy relative to peers. 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 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, 2022.

    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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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

37 Invesco Balanced-Risk Allocation Fund

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.

38 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, 2023:

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.

39 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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 Houston, TX 77046-1173	Invesco Advisers, Inc. 1331 Spring Street, NW, Suite 2500 Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza 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	Sidley Austin LLP 787 Seventh Avenue New York, NY 10019	Invesco Investment Services, Inc. 11 Greenway Plaza Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-6 Invesco Balanced-Risk Allocation Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each 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, 2023

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
15	Consolidated Financial Statements
18	Consolidated Financial Highlights
19	Notes to Consolidated Financial Statements
27	Report of Independent Registered Public Accounting Firm
28	Fund Expenses
29	Approval of Investment Advisory and Sub-Advisory Contracts
32	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2023, Class A shares of Invesco Balanced-Risk Commodity Strategy Fund (the Fund), at net asset value (NAV), outperformed 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, 10/31/22 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	1.91	%
Class C Shares	1.22
Class R Shares	1.85
Class Y Shares	2.25
Class R5 Shares	2.23
Class R6 Shares	2.27
Bloomberg Commodity Index▼ (Broad Market/Style-Specific Index)	-2.97
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

For the fiscal year ended October 31, 2023, the Fund at NAV reported positive absolute performance due to favorable positioning in agriculture, industrial metals and precious metals. Precious metals were the largest contributor to results, with gold outperforming silver, despite concerns about higher-for-longer interest rates as the yield on the 10-year Treasury increased to levels last seen in 2007, while the US dollar surged in response. Agriculture performance seesawed back and forth through the fiscal year but posted positive performance on aggregate due to gains in the soy complex (excluding soybean oil), cotton and sugar. Industrial metals provided a minor contribution to results as gains in copper countered losses in aluminum, which fell due to uncertainty over future Chinese production. Energy was the largest detractor at the sub-complex level, with unleaded gas, heating oil and gasoil providing the sole contributions. 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 and take advantage of short-term market dynamics. The Fund’s ability to tactically adjust its exposure to assets detracted from performance over the fiscal year as gains from an underweight position in natural gas and wheat and an overweight position in sugar were not enough to offset losses from positioning across the rest of the commodity assets. Overall, the Fund outperformed the Bloomberg Commodity Index, primarily due to a strategic underweight to energy and, in particular, natural gas, as well as the Fund’s strategic positioning in agriculture, industrial metals and precious metals.

    The Fund’s strategic positioning in energy was the largest detractor from absolute performance, led by natural gas and oil. Energy

prices plunged in the first half of 2023, largely due to recession concerns, a disappointing recovery of the Chinese economy and global central banks’ maintaining an aggressive stance on interest rates. However, energy commodities started to rally in July 2023 as Saudi Arabia and Russia remained committed to their supply cuts, extending them through the end of 2023, and demand from several non-traditional consuming regions and China fared better than expected. Tactical positioning in energy detracted due to ill-timed overweight positions negating the positive results from an underweight position in natural gas.

    The Fund’s strategic exposure to industrial metals provided a small gain mainly due to an overweight to copper and lack of strategic exposure to nickel and zinc. After prices skyrocketed from November 2022 through January 2023 due to growing optimism for a strong Chinese reopening and expectations for a moderation in Fed rate hikes, the sub-complex retreated sharply for the remainder of the fiscal year. The downtrend did, however, slow in the last two months of the fiscal year due to emerging signs of recovery in China and ongoing US economic resilience. Tactical positioning slightly detracted mainly due to an underweight position in aluminum during the first half of the fiscal year.

    The Fund’s strategic positioning in agriculture contributed to overall results as positive returns within the soy complex, cotton and sugar countered losses in grains and livestock. Front month sugar and cocoa prices both gained nearly 80% – Indian export uncertainty and adverse weather in Brazil and Thailand raised supply risks for sugar. The year-to-date return dispersion between soft commodities and grains is dramatic, with sugar hitting a 12-year high. Sugar continues to pad its lead as the top-performing commodity in our universe year-to-date, as El Niño is also making its mark in India and Thailand,

which has disrupted harvests and therefore supply. On the other side of the ledger, wheat was heavily pressured, down over 30% for the fiscal year. Slumping prices of wheat result from a second consecutive year of bumper crops in Russia that have driven prices back to 2021 levels and in the process removed all the premium that arose after the country’s invasion of Ukraine. Importantly, lower grain prices have helped slow the increase in food inflation; however, El Niño may be in the process of turning its sights on wheat, and that could negatively impact production given reports of drier weather in key growing regions including Russia, Europe and Australia. This left US grains largely uncompetitive in global markets. Tactical agriculture exposure provided gains due to a net short in lean hogs over most of the fiscal year, along with an overweight to sugar and underweight to wheat.

    The Fund’s strategic exposure to precious metals was the top contributor to overall results, with gold outperforming silver. The sub-complex was supported to end 2022 on expectations that the Fed would soon dial back its aggressive rate hikes. Then both gold and silver spiked in response to the collapse of Silicon Valley Bank in March 2023 and US debt ceiling default fears in late April, causing investors to flock to safe havens like gold. While gold prices faced downward pressure between May 2023 and September 2023 on a more hawkish-than-expected Fed, rising geopolitical tensions from the Israel-Gaza conflict in October 2023 renewed demand for safe havens. Strong central bank demand for gold also maintained a soft floor for the sub-complex during the fiscal year. Tactical precious metals detracted due to underweights to gold and silver, as the sub-complex continues to trade in a choppy pattern.

    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.

2 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. 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 10/31/13

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 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (11/30/10)	-1.12	%
10 Years	-0.60
5 Years	5.04
1 Year	-3.65
Class C Shares
Inception (11/30/10)	-1.15	%
10 Years	-0.63
5 Years	5.46
1 Year	0.30
Class R Shares
Inception (11/30/10)	-0.90	%
10 Years	-0.26
5 Years	6.03
1 Year	1.85
Class Y Shares
Inception (11/30/10)	-0.42	%
10 Years	0.22
5 Years	6.49
1 Year	2.25
Class R5 Shares
Inception (11/30/10)	-0.38	%
10 Years	0.27
5 Years	6.53
1 Year	2.23
Class R6 Shares
Inception (9/24/12)	-1.32	%
10 Years	0.31
5 Years	6.54
1 Year	2.27

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, 2023, 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, 2023

	Target			Notional
	Risk			Asset
Asset Class	Contribution*			Weights**
Agriculture		22.88	%		27.60	%
Energy		53.08			33.21
Industrial Metals		15.87			18.81
Precious Metals		8.17			16.40
Total		100.00	%		96.02	%

* 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, 2023

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
U.S. Treasury Securities–23.81%
U.S. Treasury Floating Rate Notes–23.81%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(a)		5.39%		01/31/2024	$	58,700	$	58,705,384
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(a)		5.32%		04/30/2024		74,500		74,487,585
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(a)		5.45%		07/31/2024		59,200		59,217,908
Total U.S. Treasury Securities (Cost $192,399,966)								192,410,877
			Expiration
			Date
Commodity-Linked Securities–12.43%
Barclays Bank PLC (United Kingdom), U.S. Federal Funds Effective Rate minus 0.06% (linked to the Barclays Gold Nearby Total Return Index, multiplied by 2.5)(b)(c)				01/08/2024		14,700		17,246,927
Citigroup, Inc., 1 month SOFR plus 0.04% (linked to the S&P GSCI Gold Excess Return Index, multiplied by 2.5)(b)(c)				11/30/2023		33,500		45,264,306
Royal Bank of Canada (Canada), (linked to RBC Enhanced Copper 2x Index, multiplied by 2)(b)(c)				09/03/2024		15,500		13,506,862
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)(b)(c)				01/31/2024		22,000		24,375,754
Total Commodity-Linked Securities (Cost $85,700,000)								100,393,849
					Shares
Money Market Funds–62.38%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)						116,900,583		116,900,583
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(d)(e)						82,510,857		82,535,610
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency Class, 5.45%(d)(e)						171,052,283		171,052,283
Invesco Treasury Portfolio, Institutional Class, 5.27%(d)(e)						133,600,667		133,600,667
Total Money Market Funds (Cost $504,051,196)								504,089,143
TOTAL INVESTMENTS IN SECURITIES–98.62% (Cost $782,151,162)								796,893,869
OTHER ASSETS LESS LIABILITIES–1.38%								11,151,268
NET ASSETS–100.00%							$	808,045,137

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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023.

^(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, 2023 was $100,393,849, which represented 12.42% of the Fund’s Net Assets.

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

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	161,006,414		$	169,907,175		$	(214,013,006	)		$	-			$	-		$	116,900,583		$	5,524,279
Invesco Liquid Assets Portfolio, Institutional Class			114,029,407			121,362,267			(152,866,432	)			(7,621	)			17,989			82,535,610			4,005,411
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Agency Class			-			738,185,578			(567,133,295	)			-				-			171,052,283			5,967,884
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Institutional Class			209,004,299			195,987,966			(404,992,265	)			-				-			-			1,484,240
Invesco Treasury Portfolio, Institutional Class			184,007,331			194,179,628			(244,586,292	)			-				-			133,600,667			6,307,320
Total		$	668,047,451		$	1,419,622,614		$	(1,583,591,290	)		$	(7,621	)		$	17,989		$	504,089,143		$	23,289,134

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Coffee ’C’		165		December-2023	$	10,351,687	$	1,114,477			$1,114,477
Corn		341		December-2023		8,162,688		(502,944	)		(502,944	)
Cotton No. 2		272		December-2023		11,045,920		(892,506	)		(892,506	)
Soybean		722		July-2024		48,590,600		594,873			594,873
Wheat		105		December-2023		2,920,313		1,977			1,977
Total Futures Contracts							$	315,877			$   315,877

^(a)  Futures contracts collateralized by $8,325,000 cash held with Goldman Sachs International, the futures commission merchant.

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)

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 Soybeans Seasonal Index Excess Return		0.19	%	Monthly		12,700	February–2024		USD	5,126,714		$–	$	29,689		$      29,689
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.27		Monthly		109,500	February–2024		USD	10,817,790		–		100,926		100,926
Cargill, Inc.	Receive	Cargill Single Commodity Index		0.41		Monthly		106,100	June–2024		USD	39,505,847		–		517,099		517,099
Goldman Sachs International	Receive	S&P GSCI Soybean Meal Excess Return Index		0.32		Monthly		9,670	June–2024		USD	12,234,378		–		1,842,009		1,842,009
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Nickel type A Excess Return Index		0.17		Monthly		71,500	March–2024		USD	7,957,771		–		87,831		87,831
Macquarie Bank Ltd.	Receive	Macquarie Aluminum Dynamic Selection Index		0.30		Monthly		1,281,000	February–2024		USD	64,438,912		–		901,824		901,824
Merrill Lynch International	Pay	Merrill Lynch Gold Excess Return Index		0.10		Monthly		84,000	April–2024		USD	17,993,758		–		0		0
Merrill Lynch International	Pay	MLCIAPLH Excess Return Index		0.00		Monthly		1,560,000	February–2024		USD	10,515,804		–		0		0
Merrill Lynch International	Pay	MLCX2LCER Excess Return Index		0.06		Monthly		7,000	February–2024		USD	504,599		2		2		0
Merrill Lynch International	Receive	MLCX Aluminum Annual Excess Return Index		0.28		Monthly		133,500	September–2024		USD	14,898,854		–		0		0
Merrill Lynch International	Receive	MLCX Dynamic Enhanced Copper Excess Return Index		0.25		Monthly		49,250	January–2024		USD	39,023,341		–		0		0
Merrill Lynch International	Receive	MLCX Natural Gas Annual Excess Return Index		0.25		Monthly		138,000	June–2024		USD	11,689,138		–		0		0
Merrill Lynch International	Receive	MLCX1XBE Excess Return Index		0.10		Monthly		83,300	September–2024		USD	36,596,939		–		0		0
Merrill Lynch International	Receive	MLCXLXAE Excess Return Index		0.25		Monthly		3,200	October–2024		USD	806,354		–		0		0
Morgan Stanley and Co. International PLC	Pay	Morgan Stanley MSCY2KW0 Index		0.05		Monthly		80,000	March–2024		USD	17,032,288		–		1,006,024		1,006,024
Royal Bank of Canada	Receive	RBC Enhanced Brent Crude Oil 01 Excess Return Index		0.32		Monthly		55,900	June–2024		USD	27,851,571		–		0		0
Royal Bank of Canada	Receive	RBC Enhanced Crude Oil 01 Excess Return Index		0.28		Monthly		27,300	August–2024		USD	9,220,468		–		0		0
Subtotal – Appreciation														2		4,485,404		4,485,402

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)
Commodity Risk
Barclays Bank PLC	Receive	Barclays Brent Crude Roll Yield Index		0.17	%	Monthly		5,600	September–2024		USD	3,256,589		$–	$	(119,904	)		$   (119,904	)
Barclays Bank PLC	Receive	Barclays WTI Crude Roll Yield Excess Return Index		0.17		Monthly		48,300	June–2024		USD	21,170,542		–		(886,938	)		(886,938	)
BNP Paribas S.A.	Receive	BNP Paribas Commodity Daily Dynamic Curve CO Index		0.25		Monthly		31,700	August–2024		USD	18,734,548		–		(247,647	)		(247,647	)
Goldman Sachs International	Receive	Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index		0.30		Monthly		14,100	June–2024		USD	5,270,163		–		(17,450	)		(17,450	)
Goldman Sachs International	Receive	Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index		0.35		Monthly		646,000	June–2024		USD	39,414,295		–		(2,264,308	)		(2,264,308	)
J.P. Morgan Chase Bank, N.A.	Pay	S&P GSCI Gold Index Excess Return		0.08		Monthly		77,500	December–2023		USD	10,558,476		–		(34,518	)		(34,518	)
J.P. Morgan Chase Bank, N.A.	Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25		Monthly		129,400	February–2024		USD	54,929,575		–		(2,598,857	)		(2,598,857	)
Macquarie Bank Ltd.	Receive	Macquarie Single Commodity Silver type A Excess Return Index		0.16		Monthly		172,300	February–2024		USD	38,550,919		–		(92,163	)		(92,163	)
Macquarie Bank Ltd.	Receive	Modified Macquarie Single Commodity Sugar type A Excess Return Index		0.34		Monthly		7,100	July–2024		USD	2,566,477		–		(50,159	)		(50,159	)
Morgan Stanley and Co. International PLC	Receive	Morgan Stanley MSCY2XB0 Index		0.15		Monthly		25,350	September–2024		USD	22,170,778		–		(368,675	)		(368,675	)
Morgan Stanley and Co. International PLC	Receive	MS Soybean Oil Dynamic Roll Index		0.30		Monthly		132,100	December–2023		USD	32,612,901		–		(2,538,249	)		(2,538,249	)
UBS AG	Receive	UBS Modified Roll Select Heating Oil Strategy		0.30		Monthly		475,500	December–2023		USD	58,099,823		–		(265,313	)		(265,313	)
Subtotal – Depreciation														–		(9,484,181	)		(9,484,181	)
Total – Total Return Swap Agreements														$2	$	(4,998,777	)		$(4,998,779	)

^{(a) Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $11,700,704.}

^{(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 Gold Nearby Total Return Index
	Long Futures Contracts
	Gold	100%
S&P GSCI Gold Excess Return Index
	Long Futures Contracts
	Gold	100%
RBC Enhanced Copper 2x Index
	Long Futures Contracts
	Copper	100%

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
Societe Generale Soybean Meal Index
	Long Futures Contracts
	Soybean Meal	100%
Barclays Soybeans Seasonal Index Excess Return
	Long Futures Contracts
	Soybean	100%
Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2
	Long Futures Contracts
	Copper	100%
Cargill Single Commodity Index
	Long Futures Contracts
	Sugar	100%
S&P GSCI Soybean Meal Excess Return Index
	Long Futures Contracts
	Soybean Meal	100%
Macquarie Single Commodity Nickel type A Excess Return Index
	Long Futures Contracts
	Nickel	100%
Macquarie Aluminum Dynamic Selection Index
	Long Futures Contracts
	Aluminum	100%
Merrill Lynch Gold Excess Return Index
	Long Futures Contracts
	Gold	100%
MLCIAPLH Excess Return Index
	Long Futures Contracts
	Lean Hogs	100%
MLCX2LCER Excess Return Index
	Long Futures Contracts
	Live Cattle	100%
MLCX Aluminum Annual Excess Return Index
	Long Futures Contracts
	Aluminum	100%
MLCX Dynamic Enhanced Copper Excess Return Index
	Long Futures Contracts
	Copper	100%
MLCX Natural Gas Annual Excess Return Index
	Long Futures Contracts
	Natural Gas	100%

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
MLCX1XBE Excess Return Index
	Long Futures Contracts
	Gasoline Unleaded	100%
MLCXLXAE Excess Return Index
	Long Futures Contracts
	Cocoa	100%
Morgan Stanley MSCY2KW0 Index
	Long Futures Contracts
	Kansas Wheat	100%
RBC Enhanced Brent Crude Oil 01 Excess Return Index
	Long Futures Contracts
	Brent Crude	100%
RBC Enhanced Crude Oil 01 Excess Return Index
	Long Futures Contracts
	Crude Oil	100%
Barclays Brent Crude Roll Yield Index
	Long Futures Contracts
	Brent Crude	100%
Barclays WTI Crude Roll Yield Excess Return Index
	Long Futures Contracts
	WTI Crude	100%
BNP Paribas Commodity Daily Dynamic Curve CO Index
	Long Futures Contracts
	Brent Crude	100%
Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index
	Long Futures Contracts
	Sugar	100%
Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index
	Long Futures Contracts
	Cotton	100%
S&P GSCI Gold Index Excess Return
	Long Futures Contracts
	Gold	100%
J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts
	Gas Oil	100%
Macquarie Single Commodity Silver type A Excess Return Index
	Long Futures Contracts
	Silver	100%

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

13 Invesco Balanced-Risk Commodity Strategy Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
Modified Macquarie Single Commodity Sugar type A Excess Return Index
	Long Futures Contracts
	Sugar	100%
Morgan Stanley MSCY2XB0 Index
	Long Futures Contracts
	Gasoline RBOB	100%
MS Soybean Oil Dynamic Roll Index
	Long Futures Contracts
	Soybean Oil	100%
UBS Modified Roll Select Heating Oil Strategy
	Long Futures Contracts
	Heating Oil	100%

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 Assets and Liabilities

October 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $ 278,099,966)	$	292,804,726
Investments in affiliated money market funds, at value (Cost $ 504,051,196)		504,089,143
Other investments:
Variation margin receivable – futures contracts		316,145
Swaps receivable – OTC		796,092
Unrealized appreciation on swap agreements – OTC		4,485,402
Premiums paid on swap agreements – OTC		2
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		8,325,000
Cash collateral – OTC Derivatives		11,700,704
Receivable for:
Fund shares sold		582,882
Dividends		2,351,333
Interest		28,646
Investment for trustee deferred compensation and retirement plans		55,747
Other assets		28,210
Total assets		825,564,032
Liabilities:
Other investments:
Swaps payable – OTC		6,275,807
Unrealized depreciation on swap agreements–OTC		9,484,181
Payable for:
Fund shares reacquired		1,077,713
Accrued fees to affiliates		433,504
Accrued trustees’ and officers’ fees and benefits		342
Accrued other operating expenses		144,540
Trustee deferred compensation and retirement plans		100,854
Collateral with broker - OTC Derivatives		1,954
Total liabilities		17,518,895
Net assets applicable to shares outstanding	$	808,045,137

Net assets consist of:
Shares of beneficial interest	$	770,067,462
Distributable earnings		37,977,675
	$	808,045,137
Net Assets:
Class A	$	75,011,410
Class C	$	21,628,353
Class R	$	8,829,594
Class Y	$	352,800,827
Class R5	$	142,191,146
Class R6	$	207,583,807
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,143,933
Class C		3,544,865
Class R		1,348,932
Class Y		50,681,022
Class R5		20,311,113
Class R6		29,582,191
Class A:
Net asset value per share	$	6.73
Maximum offering price per share (Net asset value of $6.73 ÷ 94.50%)	$	7.12
Class C:
Net asset value and offering price per share	$	6.10
Class R:
Net asset value and offering price per share	$	6.55
Class Y:
Net asset value and offering price per share	$	6.96
Class R5:
Net asset value and offering price per share	$	7.00
Class R6:
Net asset value and offering price per share	$	7.02

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 Operations

For the year ended October 31, 2023

Investment income:
Interest	$	17,140,439
Dividends from affiliated money market funds		23,289,134
Total investment income		40,429,573
Expenses:
Advisory fees		9,333,388
Administrative services fees		119,771
Custodian fees		198,079
Distribution fees:
Class A		203,089
Class C		239,005
Class R		56,368
Transfer agent fees – A, C, R and Y		1,189,546
Transfer agent fees – R5		150,495
Transfer agent fees – R6		67,694
Trustees’ and officers’ fees and benefits		26,195
Registration and filing fees		126,687
Reports to shareholders		172,680
Professional services fees		75,041
Other		30,716
Total expenses		11,988,754
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,617,522	)
Net expenses		10,371,232
Net investment income		30,058,341
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		13,347,609
Affiliated investment securities		17,989
Futures contracts		(21,974,701	)
Swap agreements		(18,720,736	)
		(27,329,839	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		13,629,809
Affiliated investment securities		(7,621	)
Futures contracts		12,598,339
Swap agreements		(8,275,876	)
		17,944,651
Net realized and unrealized gain (loss)		(9,385,188	)
Net increase in net assets resulting from operations	$	20,673,153

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

16 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2023 and 2022

	2023			2022
Operations:
Net investment income (loss)	$	30,058,341		$	(2,598,294	)
Net realized gain (loss)		(27,329,839	)		152,957,775
Change in net unrealized appreciation (depreciation)		17,944,651			(62,513,117	)
Net increase in net assets resulting from operations		20,673,153			87,846,364
Distributions to shareholders from distributable earnings:
Class A		(8,230,326	)		(6,880,799	)
Class C		(2,429,389	)		(2,650,024	)
Class R		(1,057,391	)		(435,805	)
Class Y		(46,238,655	)		(128,443,740	)
Class R5		(14,029,824	)		(22,431,534	)
Class R6		(22,438,033	)		(53,113,623	)
Total distributions from distributable earnings		(94,423,618	)		(213,955,525	)
Share transactions–net:
Class A		(5,013,334	)		49,014,032
Class C		(2,522,465	)		11,850,576
Class R		(1,988,162	)		9,747,043
Class Y		(124,915,377	)		(319,309,638	)
Class R5		(1,844,359	)		9,937,358
Class R6		(161,002,328	)		(48,603,744	)
Net increase (decrease) in net assets resulting from share transactions		(297,286,025	)		(287,364,373	)
Net increase (decrease) in net assets		(371,036,490	)		(413,473,534	)
Net assets:
Beginning of year		1,179,081,627			1,592,555,161
End of year	$	808,045,137		$	1,179,081,627

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

17 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 10/31/23		$7.28		$ 0.21			$(0.09	)		$ 0.12			$(0.67	)		$      –			$(0.67	)		$6.73		1.91	%		$   75,011		1.32	%		1.57	%		3.10	%		17	%
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
Class C
Year ended 10/31/23		6.65		0.14			(0.07	)		0.07			(0.62	)		–			(0.62	)		6.10		1.22			21,628		2.07			2.32			2.35			17
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
Class R
Year ended 10/31/23		7.09		0.19			(0.07	)		0.12			(0.66	)		–			(0.66	)		6.55		1.85			8,830		1.57			1.82			2.85			17
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
Class Y
Year ended 10/31/23		7.50		0.23			(0.08	)		0.15			(0.69	)		–			(0.69	)		6.96		2.25			352,801		1.07			1.32			3.35			17
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
Class R5
Year ended 10/31/23		7.54		0.23			(0.08	)		0.15			(0.69	)		–			(0.69	)		7.00		2.23			142,191		1.07			1.20			3.35			17
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
Class R6
Year ended 10/31/23		7.56		0.24			(0.09	)		0.15			(0.69	)		–			(0.69	)		7.02		2.27			207,584		1.07			1.12			3.35			17
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

^(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.

18 Invesco Balanced-Risk Commodity Strategy Fund

Notes to Consolidated Financial Statements

October 31, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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

19 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

20 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 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.

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, which could result in the Fund accruing additional expenses. 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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and 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

21 Invesco Balanced-Risk Commodity Strategy Fund

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.

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, 2023, the effective advisory fee rate incurred by the Fund was 1.02%.

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

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

The Adviser has contractually agreed, through at least February 28, 2025, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.40%, 2.15%, 1.65%, 1.15%, 1.15% and 1.15%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2025. 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, 2025, 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, 2023, the Adviser waived advisory fees of $429,851 and reimbursed class level expenses of $161,165, $47,307, $22,342, $827,199, $116,306 and $8,775 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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $29,714 in front-end sales commissions from the sale of Class A shares and $1,191 and $3,284 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.

22 Invesco Balanced-Risk Commodity Strategy Fund

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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, 2023. 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	$	–		$	192,410,877			$–	$	192,410,877
Commodity-Linked Securities		–			100,393,849			–		100,393,849
Money Market Funds		504,089,143			–			–		504,089,143
Total Investments in Securities		504,089,143			292,804,726			–		796,893,869
Other Investments - Assets*
Futures Contracts		1,711,327			–			–		1,711,327
Swap Agreements		–			4,485,402			–		4,485,402
		1,711,327			4,485,402			–		6,196,729
Other Investments - Liabilities*
Futures Contracts		(1,395,450	)		–			–		(1,395,450	)
Swap Agreements		–			(9,484,181	)		–		(9,484,181	)
		(1,395,450	)		(9,484,181	)		–		(10,879,631	)
Total Other Investments		315,877			(4,998,779	)		–		(4,682,902	)
Total Investments	$	504,405,020		$	287,805,947			$–	$	792,210,967

* 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, 2023:

	Value
	Commodity
Derivative Assets	Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	1,711,327
Unrealized appreciation on swap agreements – OTC		4,485,402
Total Derivative Assets		6,196,729
Derivatives not subject to master netting agreements		(1,711,327	)
Total Derivative Assets subject to master netting agreements	$	4,485,402

23 Invesco Balanced-Risk Commodity Strategy Fund

	Value
	Commodity
Derivative Liabilities	Risk
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	(1,395,450	)
Unrealized depreciation on swap agreements – OTC		(9,484,181	)
Total Derivative Liabilities		(10,879,631	)
Derivatives not subject to master netting agreements		1,395,450
Total Derivative Liabilities subject to master netting agreements	$	(9,484,181	)

^(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, 2023.

	Financial		Financial
	Derivative		Derivative						Collateral
	Assets		Liabilities						(Received)/Pledged
	Swap		Swap			Net Value of							Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash	Cash			Amount
Barclays Bank PLC	$	29,689	$	(1,009,046	)	$	(979,357	)	$–	$	640,000		$	(339,357	)
BNP Paribas S.A.		–		(250,417	)		(250,417	)	–		–			(250,417	)
Canadian Imperial Bank of Commerce		100,926		(1,654	)		99,272		–		–			99,272
Cargill, Inc.		517,099		(11,321	)		505,778		–		(20,000	)		485,778
Goldman Sachs International		1,842,009		(2,293,685	)		(451,676	)	–		–			(451,676	)
J.P. Morgan Chase Bank, N.A.		–		(2,636,902	)		(2,636,902	)	–		2,636,902			–
Macquarie Bank Ltd.		989,655		(147,582	)		842,073		–		(842,073	)		–
Merrill Lynch International		796,094		(3,847,623	)		(3,051,529	)	–		3,051,529			–
Morgan Stanley and Co. International PLC		1,006,024		(2,912,929	)		(1,906,905	)	–		1,780,000			(126,905	)
Royal Bank of Canada		0		(2,374,130	)		(2,374,130	)	–		1,790,000			(584,130	)
UBS AG		–		(274,699	)		(274,699	)	–		274,699			–
Total	$	5,281,496	$	(15,759,988	)	$	(10,478,492	)	$–	$	9,311,057		$	(1,167,435	)

Effect of Derivative Investments for the year ended October 31, 2023

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

	Location of Gain (Loss) on
	Consolidated Statement of Operations
	Commodity
	Risk
Realized Gain (Loss):
Futures contracts		$(21,974,701)
Swap agreements		(18,720,736)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		12,598,339
Swap agreements		(8,275,876)
Total		$(36,372,974)

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

	Futures		Swap
	Contracts		Agreements
Average notional value	$	96,389,559	$	688,386,935

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,577.

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

24 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.

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, 2023 and 2022:

	2023	2022
Ordinary income*	$94,423,618	$213,955,525

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	20,398,646
Undistributed long-term capital gain		2,966,240
Net unrealized appreciation – investments		14,700,936
Temporary book/tax differences		(88,147	)
Shares of beneficial interest		770,067,462
Total net assets	$	808,045,137

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 does not have a capital loss carryforward as of October 31, 2023.

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, 2023 was $52,200,000 and $60,868,499, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	27,586,113
Aggregate unrealized (depreciation) of investments		(12,885,177	)
Net unrealized appreciation of investments	$	14,700,936

Cost of investments for tax purposes is $777,510,033.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization and income from the Subsidiary, on October 31, 2023, undistributed net investment income was increased by $1,217,160, undistributed net realized gain was increased by $24,864,097 and shares of beneficial interest was decreased by $26,081,257. This reclassification had no effect on the net assets of the Fund.

25 Invesco Balanced-Risk Commodity Strategy Fund

NOTE 11–Share Information

	Summary of Share Activity
	Year ended							Year ended
	October 31, 2023(a)							October 31, 2022
	Shares			Amount				Shares			Amount
Sold:
Class A		3,405,545		$	23,350,608				10,005,503		$	78,497,690
Class C		670,608			4,131,411				2,282,984			16,402,860
Class R		644,680			4,281,478				1,688,747			12,822,228
Class Y		19,299,479			135,091,039				41,531,853			326,502,418
Class R5		1,775,891			12,400,018				3,312,197			26,956,361
Class R6		9,408,293			65,271,351				33,672,573			270,113,458
Issued as reinvestment of dividends:
Class A		1,084,972			7,139,114				879,856			5,930,231
Class C		353,878			2,123,267		��		374,025			2,318,957
Class R		164,960			1,057,391				66,005			434,310
Class Y		4,355,199			29,571,801				15,387,911			106,638,220
Class R5		2,053,963			14,028,568				3,217,990			22,429,386
Class R6		601,123			4,111,679				618,840			4,325,695
Automatic conversion of Class C shares to Class A shares:
Class A		123,811			827,744				87,779			672,462
Class C		(136,121	)		(827,744	)			(95,624	)		(672,462	)
Reacquired:
Class A		(5,423,171	)		(36,330,800	)			(4,757,894	)		(36,086,351	)
Class C		(1,305,725	)		(7,949,399	)			(901,355	)		(6,198,779	)
Class R		(1,121,026	)		(7,327,031	)			(468,097	)		(3,509,495	)
Class Y		(41,709,390	)		(289,578,217	)			(97,250,116	)		(752,450,276	)
Class R5		(4,053,405	)		(28,272,945	)			(5,004,803	)		(39,448,389	)
Class R6		(31,153,395	)		(230,385,358	)			(40,672,733	)		(323,042,897	)
Net increase (decrease) in share activity		(40,959,831	)	$	(297,286,025	)			(36,024,359	)	$	(287,364,373	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

26 Invesco Balanced-Risk 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, 2023, the related consolidated statement of operations for the year ended October 31, 2023, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 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, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2023

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.

27 Invesco Balanced-Risk Commodity Strategy Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including 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, 2023 through October 31, 2023.

    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     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,032.20	$6.86	$1,018.45	$6.82	1.34%
Class C	1,000.00	1,026.90	10.68	1,014.67	10.61	2.09
Class R	1,000.00	1,031.50	8.14	1,017.19	8.08	1.59
Class Y	1,000.00	1,032.60	5.58	1,019.71	5.55	1.09
Class R5	1,000.00	1,032.50	5.58	1,019.71	5.55	1.09
Class R6	1,000.00	1,033.90	5.59	1,019.71	5.55	1.09

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, 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.

28 Invesco Balanced-Risk Commodity Strategy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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

29 Invesco Balanced-Risk Commodity Strategy Fund

the performance of the Index for the one, three and five year periods. The Board considered that the Fund’s tactical asset allocation strategy detracted from performance in periods of high volatility, and its structural underweight allocation to the energy sector also impacted relative performance. 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, including that certain funds in the peer group may have sleeves that are more passively managed. 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. 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. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect to (1) differences between the Fund’s investment strategy and that of its peers in that the Fund seeks to balance risk across the commodity sub-sectors whereas a number of the Fund’s peers take an asset-weighted approach to the commodity sub-sectors; and (2) fees comprising the Fund’s total expense ratio relative to its peers. 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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

30 Invesco Balanced-Risk Commodity Strategy Fund

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.

31 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, 2023:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$3,233,000
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	7.02	%
Qualified Business Income*	0.00	%
Business Interest Income*	9.80	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

32 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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 Houston, TX 77046-1173	Invesco Advisers, Inc. 1331 Spring Street, NW, Suite 2500 Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza 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	Sidley Austin LLP 787 Seventh Avenue New York, NY 10019	Invesco Investment Services, Inc. 11 Greenway Plaza 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

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338                  Invesco Distributors, Inc. BRCS-AR-1                                         

Annual Report to Shareholders October 31, 2023

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
24	Financial Statements
27	Financial Highlights
28	Notes to Financial Statements
36	Auditor’s Report
37	Fund Expenses
38	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, 2023, Class A shares of Invesco Core Bond Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg U.S. Aggregate Bond Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/22 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	0.40	%
Class C Shares	-0.16
Class R Shares	0.33
Class Y Shares	0.82
Class R5 Shares	0.84
Class R6 Shares	0.87
Bloomberg U.S. Aggregate Bond Index▼	0.36
Bloomberg U.S. Credit Index▼	2.69
FTSE Broad Investment Grade Bond Index▼	0.28
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

The beginning of the fiscal year was headlined by the US Federal Reserve (the Fed) continuing 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 federal funds rate at the beginning of the fiscal year: a 0.75% hike in November 2022, its largest hike since 1994, a 0.50% hike in December and a 0.25% hike in January, to a target federal funds rate of 4.50% to 4.75%.¹

    A January 2023 rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, significant volatility plagued fixed income markets as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread pushed overall corporate spread premiums wider over the fiscal year. However, issues did not seem to be systemic, as policymakers responded swiftly which calmed markets. The Fed, aiming to further stabilize markets, continued course with its hawkish policy and announced two 0.25% hikes in March and May, resulting in a target federal funds rate of 5.00% to 5.25%.¹ Markets stabilized due to milder inflation data and better-than-expected corporate earnings.

    Through the second quarter of 2023, global economic growth remained resilient but bifurcated as emerging markets and Asian economies showed robust growth while developed western economies had sluggish yet positive growth. US labor markets maintained

momentum with unemployment still at historic lows despite a slight uptick at the end of May. Inflation generally eased in developed economies, largely driven by moderation in the goods component of inflation. However, core inflation remained more stubborn and led developed country central banks to continue tightening, showcased by another 0.25% hike by the Fed in July, increasing the target rate from 5.25% to 5.50%, its highest level since June 2006.1 While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 3.45% to 4.85% during the fiscal year, while 10-year Treasury rates increased from 3.53% to 4.48%.² At the end of the fiscal year, the yield curve remained inverted. Additionally, in August, US debt was downgraded by the Fitch credit rating agency from AAA to AA† on the premise of expected fiscal deterioration over the next three years.³ Despite the higher-than-expected Gross Domestic Product for the third quarter, the Fed held interest rates steady at its September and October 2023 meetings, but left open the possibility of another rate hike before the end of the calendar year.¹ As of the end of the fiscal year, we believe markets have priced in that the Fed is near the end or has finished its interest rate hiking cycle, with the expectation that the US is likely to avoid a substantial broad-based recession. We anticipate economic activity will remain relatively resilient. In the US, we believe rate hikes are ending and inflation will continue to fall significantly, albeit imperfectly. As we enter 2024, we expect a more positive growth outlook to unfold as the US economy recovers.

    The Fund’s Class A shares, at NAV, generated positive returns for the fiscal year. Overweight exposure to investment-grade corporates and securitized debt were the most notable contributors to the Fund’s relative performance. Outperformance from the

investment-grade corporate sector was driven by sector allocation, specifically to the financial institutions sector. Security selection in the industrials sector also contributed to the Fund’s relative performance during the fiscal year while sector allocation to government-related securities, such as authority bonds, 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 benchmark during the fiscal year. The Fund’s out-of-benchmark exposure to US dollar-denominated emerging market corporate debt during the fiscal year also detracted from the Fund’s relative performance.

    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) during the fiscal year. 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, may generate income for the Fund.

    The Fund may also engage in “to be announced” (TBA) transactions, which are transactions in which a fund buys or sells mortgage-backed securities on a forward commitment basis.

    The Fund may use active duration and yield curve positioning for risk management and for generating excess return versus its 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 benchmark, on average, and the timing of changes and the degree of variance from the Fund’s benchmark during the fiscal year detracted from relative returns, particularly amongst seven 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

2 Invesco Core Bond Fund

year. The currency management was carried out via currency forwards and options on an 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 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: Federal Reserve of Economic Data

2 Source: US Department of the Treasury

3 Source: Fitch Ratings

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on S&P Global Ratings’ rating methodology, please visit spglobal.com and select ‘Understanding Credit Ratings’ under ‘AboutRatings’ on the homepage. For more information on Moody’s rating methodology, please visit ratings.moodys.com and select ‘RatingMethodologies’ on the homepage.

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 10/31/13

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 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (4/15/88)	3.50	%
10 Years	0.57
5 Years	-1.04
1 Year	-3.79
Class C Shares
Inception (7/11/95)	2.14	%
10 Years	0.37
5 Years	-0.91
1 Year	-1.13
Class R Shares
Inception (3/1/01)	1.27	%
10 Years	0.73
5 Years	-0.42
1 Year	0.33
Class Y Shares
Inception (4/27/98)	2.17	%
10 Years	1.29
5 Years	0.12
1 Year	0.82
Class R5 Shares
10 Years	1.13	%
5 Years	0.07
1 Year	0.84
Class R6 Shares
Inception (4/27/12)	1.79	%
10 Years	1.37
5 Years	0.19
1 Year	0.87

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

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

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

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

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

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

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

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, 2023, 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 net assets
U.S. Dollar Denominated Bonds & Notes				43.80	%
U.S. Government Sponsored Agency Mortgage-Backed Securities				31.57
Asset-Backed Securities				18.92
U.S. Treasury Securities				11.07
Security Types Each Less Than 1% of Portfolio				1.16
Money Market Funds Plus Other Assets Less Liabilities				(6.52	)
Top Five Debt Issuers*
		% of total net assets
1.	Federal Home Loan Mortgage Corp.			15.73	%
2.	U.S. Treasury			11.07	%
3.	Federal National Mortgage Association			9.94
4.	Government National Mortgage Association			6.48
5.	Bank of America Corp.			1.64

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, 2023.

7 Invesco Core Bond Fund

Schedule of Investments^(a)

October 31, 2023

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–43.80%
Aerospace & Defense–0.39%
L3Harris Technologies, Inc.,
5.40%, 07/31/2033	$	830,000	$	776,036
5.60%, 07/31/2053		945,000		835,974
Lockheed Martin Corp.,
4.95%, 10/15/2025		630,000		625,680
5.10%, 11/15/2027		590,000		583,454
4.75%, 02/15/2034		1,421,000		1,306,879
5.70%, 11/15/2054		429,000		402,149
5.90%, 11/15/2063		429,000		410,474
Northrop Grumman Corp., 4.95%,
03/15/2053		502,000		416,249
RTX Corp., 5.15%, 02/27/2033		2,034,000		1,877,383
				7,234,278
Agricultural & Farm Machinery–0.25%
CNH Industrial Capital LLC,
5.45%, 10/14/2025		969,000		961,974
John Deere Capital Corp.,
4.55%, 10/11/2024		886,000		877,748
4.70%, 06/10/2030		3,071,000		2,892,303
				4,732,025
Agricultural Products & Services–0.08%
Cargill, Inc.,
4.88%, 10/10/2025(b)		769,000		761,071
4.75%, 04/24/2033(b)		805,000		736,510
				1,497,581
Air Freight & Logistics–0.14%
United Parcel Service, Inc.,
5.05%, 03/03/2053		3,039,000		2,612,128
Application Software–0.27%
Intuit, Inc., 5.20%,
09/15/2033		3,248,000		3,091,062
5.50%, 09/15/2053		2,092,000		1,904,748
				4,995,810
Asset Management & Custody Banks–0.38%
Ameriprise Financial, Inc.,
5.15%, 05/15/2033		2,431,000		2,245,202
BlackRock, Inc., 4.75%,
05/25/2033		2,567,000		2,351,628
Blackstone Secured Lending Fund,
2.13%, 02/15/2027		2,121,000		1,792,566
Northern Trust Corp., 6.13%,
11/02/2032		735,000		708,801
				7,098,197
Automobile Manufacturers–0.77%
Daimler Truck Finance North
America LLC (Germany),
5.60%, 08/08/2025(b)		2,903,000		2,883,872
5.15%, 01/16/2026(b)		1,064,000		1,048,415

	Principal Amount		Value
Automobile Manufacturers–(continued)
Hyundai Capital America,
5.50%, 03/30/2026(b)	$	1,075,000	$	1,057,702
5.65%, 06/26/2026(b)		2,223,000		2,194,634
5.60%, 03/30/2028(b)		1,844,000		1,786,582
5.80%, 04/01/2030(b)		373,000		356,358
Mercedes-Benz Finance North
America LLC (Germany),
5.10%, 08/03/2028(b)		2,914,000		2,826,571
PACCAR Financial Corp.,
4.95%, 10/03/2025		982,000		974,912
4.60%, 01/10/2028		513,000		496,694
Toyota Motor Credit Corp.,
4.63%, 01/12/2028		875,000		847,392
				14,473,132
Automotive Parts & Equipment–0.41%
American Honda Finance Corp.,
4.70%, 01/12/2028		1,502,000		1,444,297
4.60%, 04/17/2030		819,000		761,991
ERAC USA Finance LLC,
4.60%, 05/01/2028(b)		1,524,000		1,451,989
4.90%, 05/01/2033(b)		2,374,000		2,162,145
5.40%, 05/01/2053(b)		2,205,000		1,906,749
				7,727,171
Automotive Retail–0.20%
Advance Auto Parts, Inc.,
5.95%, 03/09/2028		903,000		844,883
AutoZone, Inc.,
5.05%, 07/15/2026		1,337,000		1,314,669
5.20%, 08/01/2033		1,677,000		1,522,014
				3,681,566
Biotechnology–0.72%
Amgen, Inc.,
5.25%, 03/02/2025		2,234,000		2,216,620
5.15%, 03/02/2028		1,725,000		1,684,250
5.25%, 03/02/2030		784,000		752,927
5.25%, 03/02/2033		1,780,000		1,660,888
5.60%, 03/02/2043		1,553,000		1,385,985
5.65%, 03/02/2053		1,723,000		1,516,640
Gilead Sciences, Inc.,
5.25%, 10/15/2033		3,173,000		3,007,404
5.55%, 10/15/2053		1,344,000		1,215,040
				13,439,754
Cable & Satellite–0.19%
Charter Communications
Operating LLC/Charter
Communications Operating Capital Corp.,
7.29% (3 mo. Term SOFR +
1.91%), 02/01/2024(c)		551,000		552,115
4.91%, 07/23/2025		1,288,000		1,259,761
Comcast Corp., 5.50%,
11/15/2032		1,160,000		1,117,876
Cox Communications, Inc., 5.70%,
06/15/2033(b)		714,000		671,805
				3,601,557

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

8 Invesco Core Bond Fund

	Principal Amount		Value
Cargo Ground Transportation–0.51%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
5.75%, 05/24/2026(b)	$	518,000 $		509,711
5.70%, 02/01/2028(b)		804,000		777,151
5.55%, 05/01/2028(b)		1,607,000		1,548,205
6.05%, 08/01/2028(b)		1,814,000		1,780,649
6.20%, 06/15/2030(b)		660,000		644,222
Ryder System, Inc.,
4.63%, 06/01/2025		1,592,000		1,557,538
6.60%, 12/01/2033		2,825,000		2,807,071
				9,624,547
Commercial & Residential Mortgage Finance–0.39%
Aviation Capital Group LLC, 6.75%, 10/25/2028(b)		4,039,000		3,982,474
Nationwide Building Society (United Kingdom), 6.56%, 10/18/2027(b)(d)		3,257,000		3,253,010
				7,235,484
Construction Machinery & Heavy Transportation Equipment– 0.42%
Caterpillar Financial Services Corp., 5.15%, 08/11/2025		5,693,000		5,662,237
Daimler Trucks Finance North America LLC (Germany), 5.13%, 01/19/2028(b)		882,000		853,498
Komatsu Finance America, Inc., 5.50%, 10/06/2027(b)		1,367,000		1,354,359
				7,870,094
Consumer Finance–0.78%
Capital One Financial Corp.,
7.15%, 10/29/2027(d)		2,704,000		2,705,062
6.31%, 06/08/2029(d)		2,222,000		2,128,270
7.62%, 10/30/2031(d)		3,149,000		3,148,634
Discover Financial Services, 7.96%, 11/02/2034(d)		4,825,000		4,796,285
General Motors Financial Co., Inc.,
6.05%, 10/10/2025		1,499,000		1,493,411
5.40%, 04/06/2026		387,000		378,841
				14,650,503
Consumer Staples Merchandise Retail–0.23%
Dollar General Corp., 5.50%, 11/01/2052		527,000		421,722
Target Corp.,
4.50%, 09/15/2032		760,000		689,868
4.80%, 01/15/2053		996,000		810,740
Walmart, Inc.,
4.50%, 09/09/2052		304,000		246,861
4.50%, 04/15/2053		2,750,000		2,234,689
				4,403,880
Data Processing & Outsourced Services–0.35%
Concentrix Corp., 6.85%, 08/02/2033		7,295,000		6,593,171
Distillers & Vintners–0.05%
Brown-Forman Corp., 4.75%, 04/15/2033		526,000		488,159

	Principal Amount		Value
Distillers & Vintners–(continued)
Constellation Brands, Inc., 4.90%, 05/01/2033	$	444,000	$	401,221
				889,380
Distributors–0.32%
Genuine Parts Co.,
6.50%, 11/01/2028		1,860,000		1,860,637
6.88%, 11/01/2033		4,063,000		4,054,418
				5,915,055
Diversified Banks–12.99%
Australia and New Zealand Banking Group Ltd. (Australia), 5.09%, 12/08/2025		1,629,000		1,611,397
Banco Santander S.A. (Spain),
6.53%, 11/07/2027(d)		17,600,000		17,635,683
6.61%, 11/07/2028		3,000,000		3,004,735
6.94%, 11/07/2033		4,800,000		4,818,106
Bank of America Corp.,
5.93%, 09/15/2027(d)		12,748,000		12,621,256
4.95%, 07/22/2028(d)		626,000		595,133
5.20%, 04/25/2029(d)		3,871,000		3,681,576
5.82%, 09/15/2029(d)		5,384,000		5,243,876
4.57%, 04/27/2033(d)		733,000		632,407
5.02%, 07/22/2033(d)		856,000		765,652
5.29%, 04/25/2034(d)		3,717,000		3,358,602
5.87%, 09/15/2034(d)		4,213,000		3,968,920
Bank of America N.A., 5.53%, 08/18/2026		6,652,000		6,602,559
Bank of Montreal (Canada), 5.30%, 06/05/2026		1,275,000		1,254,811
Bank of Nova Scotia (The) (Canada), 8.63%, 10/27/2082(d)		1,567,000		1,536,828
BNP Paribas S.A. (France), 8.50%(b)(d)(e)		1,981,000		1,903,124
BPCE S.A. (France), 5.93%(SOFR + 0.57%), 01/14/2025(b)(c)		1,818,000		1,810,769
Citigroup, Inc.,
5.61%, 09/29/2026(d)		1,563,000		1,543,498
6.17%, 05/25/2034(d)		3,908,000		3,634,520
7.38%(d)(e)		5,965,000		5,704,208
7.63%(d)(e)		6,121,000		5,909,478
Citizens Bank N.A., 6.06%, 10/24/2025(d)		1,931,000		1,846,862
Federation des caisses Desjardins du Quebec (Canada), 5.28%, 01/23/2026(b)(d)		3,634,000		3,580,471
Fifth Third Bancorp,
2.38%, 01/28/2025		730,000		693,545
1.71%, 11/01/2027(d)		776,000		661,625
6.34%, 07/27/2029(d)		595,000		576,516
4.77%, 07/28/2030(d)		1,774,000		1,572,894
HSBC Holdings PLC (United Kingdom), 5.89%, 08/14/2027(d)		3,585,000		3,522,850
5.21%, 08/11/2028(d)		1,361,000		1,298,562
6.33%, 03/09/2044(d)		2,479,000		2,299,732
Huntington National Bank (The), 5.70%, 11/18/2025(d)		3,825,000		3,714,528

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)
JPMorgan Chase & Co.,
4.85%, 07/25/2028(d)	$	667,000	$	637,578
5.30%, 07/24/2029(d)		3,248,000		3,128,165
6.09%, 10/23/2029(d)		4,412,000		4,387,070
4.59%, 04/26/2033(d)		525,000		461,619
5.72%, 09/14/2033(d)		1,552,000		1,453,890
5.35%, 06/01/2034(d)		6,023,000		5,557,192
6.25%, 10/23/2034(d)		6,799,000		6,710,004
KeyBank N.A.,
3.30%, 06/01/2025		1,128,000		1,046,566
4.15%, 08/08/2025		629,000		585,174
5.85%, 11/15/2027		1,311,000		1,214,590
KeyCorp, 3.88%, 05/23/2025(d)		1,121,000		1,073,223
Manufacturers & Traders Trust Co.,
5.40%, 11/21/2025		2,164,000		2,094,477
4.70%, 01/27/2028		1,879,000		1,703,327
Mitsubishi UFJ Financial Group, Inc. (Japan),
4.79%, 07/18/2025(d)		1,929,000		1,907,283
5.02%, 07/20/2028(d)		1,412,000		1,352,900
5.24%, 04/19/2029(d)		1,381,000		1,329,111
5.41%, 04/19/2034(d)		1,424,000		1,324,077
8.20%(d)(e)		5,794,000		5,899,231
Mizuho Financial Group, Inc. (Japan),
5.78%, 07/06/2029(d)		1,731,000		1,691,175
National Securities Clearing Corp.,
5.10%, 11/21/2027(b)		1,800,000		1,765,370
5.00%, 05/30/2028(b)		1,555,000		1,510,447
PNC Financial Services Group, Inc. (The),
5.67%, 10/28/2025(d)		1,000,000		990,079
6.62%, 10/20/2027(d)		4,622,000		4,634,692
5.58%, 06/12/2029(d)		3,618,000		3,465,306
6.04%, 10/28/2033(d)		813,000		765,953
5.07%, 01/24/2034(d)		1,218,000		1,072,277
6.88%, 10/20/2034(d)		3,828,000		3,827,286
Series O, 9.31% (3 mo. Term SOFR + 3.94%)(c)(e)		1,260,000		1,260,000
Royal Bank of Canada (Canada), 5.00%, 02/01/2033		1,578,000		1,427,384
Santander UK Group Holdings PLC (United Kingdom), 6.83%, 11/21/2026(d)		1,477,000		1,475,035
Standard Chartered PLC (United Kingdom),
6.19%, 07/06/2027(b)(d)		1,629,000		1,615,072
6.75%, 02/08/2028(b)(d)		3,935,000		3,933,426
7.02%, 02/08/2030(b)(d)		4,611,000		4,608,971
2.68%, 06/29/2032(b)(d)		1,468,000		1,092,094
Sumitomo Mitsui Financial Group, Inc. (Japan),
5.81%, 09/14/2033		3,924,000		3,716,669
6.18%, 07/13/2043		1,042,000		976,079
Sumitomo Mitsui Trust Bank Ltd. (Japan),
5.65%, 03/09/2026(b)		1,255,000		1,245,614
5.65%, 09/14/2026(b)		1,678,000		1,665,881
5.55%, 09/14/2028(b)		3,309,000		3,261,395
Synovus Bank, 5.63%, 02/15/2028		1,924,000		1,709,513

	Principal Amount		Value
Diversified Banks–(continued)
Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082(d)	$	1,361,000	$	1,338,628
U.S. Bancorp,
4.55%, 07/22/2028(d)		666,000		618,426
5.78%, 06/12/2029(d)		2,782,000		2,675,892
4.97%, 07/22/2033(d)		546,000		457,170
4.84%, 02/01/2034(d)		2,500,000		2,137,004
5.84%, 06/12/2034(d)		2,703,000		2,490,827
UBS AG (Switzerland), 5.65%, 09/11/2028		2,486,000		2,433,927
Wells Fargo & Co.,
5.57%, 07/25/2029(d)		2,234,000		2,154,799
6.30%, 10/23/2029(d)		3,030,000		3,005,708
5.39%, 04/24/2034(d)		1,203,000		1,089,574
5.56%, 07/25/2034(d)		5,878,000		5,382,983
6.49%, 10/23/2034(d)		7,931,000		7,796,028
4.61%, 04/25/2053(d)		634,000		467,763
7.63%(d)(e)		2,341,000		2,349,889
Wells Fargo Bank N.A.,
5.55%, 08/01/2025		7,342,000		7,318,010
5.45%, 08/07/2026		4,683,000		4,640,380
				243,536,926
Diversified Capital Markets–0.35%
UBS Group AG (Switzerland),
4.55%, 04/17/2026		1,142,000		1,092,048
5.71%, 01/12/2027(b)(d)		958,000		942,585
4.75%, 05/12/2028(b)(d)		1,254,000		1,178,433
6.30%, 09/22/2034(b)(d)		3,474,000		3,291,932
				6,504,998
Diversified Financial Services–0.15%
Corebridge Financial, Inc., 6.05%, 09/15/2033(b)		2,971,000		2,790,942
Diversified Metals & Mining–0.69%
BHP Billiton Finance (USA) Ltd. (Australia),
5.10%, 09/08/2028		3,995,000		3,896,856
5.25%, 09/08/2030		2,866,000		2,758,547
5.25%, 09/08/2033		5,121,000		4,816,354
5.50%, 09/08/2053		1,605,000		1,461,033
				12,932,790
Diversified REITs–0.09%
VICI Properties L.P./VICI Note Co., Inc., 5.63%, 05/01/2024(b)		1,686,000		1,676,051
Electric Utilities–1.87%
AEP Texas, Inc., 3.95%, 06/01/2028(b)		2,489,000		2,285,600
American Electric Power Co., Inc., 5.75%, 11/01/2027		590,000		586,483
Connecticut Light and Power Co. (The), 5.25%, 01/15/2053		594,000		511,725
Constellation Energy Generation LLC,
6.13%, 01/15/2034		1,155,000		1,117,500
6.50%, 10/01/2053		1,016,000		955,496
Dominion Energy South Carolina, Inc., 6.25%, 10/15/2053		1,295,000		1,261,621
Duke Energy Carolinas LLC, 5.35%, 01/15/2053		1,093,000		938,219

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

10 Invesco Core Bond Fund

	Principal Amount		Value
Electric Utilities–(continued)
Duke Energy Corp.,
5.00%, 12/08/2025	$	1,281,000	$	1,260,753
5.00%, 08/15/2052		720,000		559,754
Duke Energy Indiana LLC, 5.40%, 04/01/2053		1,290,000		1,107,726
Electricite de France S.A. (France), 5.70%, 05/23/2028(b)		627,000		613,925
Enel Finance America LLC (Italy), 7.10%, 10/14/2027(b)		814,000		832,678
Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(b)		1,437,000		1,453,801
Evergy Metro, Inc., 4.95%, 04/15/2033		662,000		604,789
Exelon Corp., 5.60%, 03/15/2053		1,086,000		932,982
Florida Power & Light Co., 4.80%, 05/15/2033		714,000		654,858
Georgia Power Co.,
4.65%, 05/16/2028		777,000		742,710
4.95%, 05/17/2033		2,007,000		1,833,122
Metropolitan Edison Co., 5.20%, 04/01/2028(b)		365,000		352,375
MidAmerican Energy Co.,
5.35%, 01/15/2034		781,000		751,436
5.85%, 09/15/2054		1,404,000		1,316,574
National Rural Utilities Cooperative Finance Corp., 5.80%, 01/15/2033		417,000		403,593
NextEra Energy Capital Holdings, Inc.,
6.05%, 03/01/2025		1,105,000		1,104,695
4.63%, 07/15/2027		894,000		852,314
Oklahoma Gas and Electric Co., 5.60%, 04/01/2053		626,000		551,399
PECO Energy Co., 4.90%, 06/15/2033		1,247,000		1,154,735
Pennsylvania Electric Co., 5.15%, 03/30/2026(b)		147,000		143,804
Public Service Co. of Colorado, 5.25%, 04/01/2053		997,000		834,834
Public Service Co. of New Hampshire, 5.35%, 10/01/2033		1,080,000		1,030,958
Public Service Electric and Gas Co., 5.13%, 03/15/2053		626,000		538,572
San Diego Gas & Electric Co., 5.35%, 04/01/2053		2,332,000		1,997,411
Sierra Pacific Power Co., 5.90%, 03/15/2054(b)		953,000		860,697
Southern Co. (The),
5.15%, 10/06/2025		461,000		455,715
5.70%, 10/15/2032		450,000		431,501
Southwestern Electric Power Co., 5.30%, 04/01/2033		879,000		810,435
Virginia Electric and Power Co., 5.00%, 04/01/2033		954,000		869,946
Vistra Operations Co. LLC, 6.95%, 10/15/2033(b)		2,550,000		2,431,672
				35,146,408
Environmental & Facilities Services–0.72%
Republic Services, Inc.,
4.88%, 04/01/2029		321,000		308,015
5.00%, 04/01/2034		583,000		535,107

	Principal Amount		Value
Environmental & Facilities Services–(continued)
Veralto Corp.,
5.50%, 09/18/2026(b)	$	7,292,000	$	7,221,352
5.35%, 09/18/2028(b)		3,704,000		3,585,467
5.45%, 09/18/2033(b)		2,082,000		1,946,611
				13,596,552
Financial Exchanges & Data–0.27%
Intercontinental Exchange, Inc.,
4.60%, 03/15/2033		427,000		381,917
4.95%, 06/15/2052		583,000		479,804
5.20%, 06/15/2062		1,244,000		1,030,183
Nasdaq, Inc.,
5.35%, 06/28/2028		743,000		723,912
5.55%, 02/15/2034		1,109,000		1,029,225
5.95%, 08/15/2053		514,000		459,087
6.10%, 06/28/2063		1,041,000		921,453
				5,025,581
Gas Utilities–0.24%
Atmos Energy Corp.,
5.90%, 11/15/2033		1,428,000		1,408,070
6.20%, 11/15/2053		1,106,000		1,074,626
Piedmont Natural Gas Co., Inc., 5.40%, 06/15/2033		1,472,000		1,368,008
Southwest Gas Corp., 5.45%, 03/23/2028		618,000		603,817
				4,454,521
Health Care Distributors–0.05%
McKesson Corp., 5.10%, 07/15/2033		931,000		866,047
Health Care Equipment–0.17%
Alcon Finance Corp. (Switzerland), 5.38%, 12/06/2032(b)		1,304,000		1,222,492
Becton, Dickinson and Co., 4.69%, 02/13/2028		698,000		668,407
Medtronic Global Holdings S.C.A., 4.50%, 03/30/2033		1,513,000		1,375,703
				3,266,602
Health Care Facilities–0.10%
UPMC,
5.04%, 05/15/2033		1,540,000		1,430,522
5.38%, 05/15/2043		511,000		450,613
				1,881,135
Health Care Services–0.55%
CVS Health Corp.,
5.00%, 01/30/2029		1,446,000		1,384,579
5.25%, 01/30/2031		438,000		412,427
5.30%, 06/01/2033		1,711,000		1,581,013
5.88%, 06/01/2053		813,000		711,639
6.00%, 06/01/2063		848,000		735,353
HCA, Inc., 5.90%, 06/01/2053		2,210,000		1,869,921
Piedmont Healthcare, Inc., Series 2032, 2.04%, 01/01/2032		59,000		44,200
Series 2042, 2.72%, 01/01/2042		805,000		498,859
2.86%, 01/01/2052		921,000		506,012

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

11 Invesco Core Bond Fund

	Principal Amount		Value
Health Care Services–(continued)
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051	$	1,424,000	$	717,022
Quest Diagnostics, Inc., 6.40%, 11/30/2033		1,929,000		1,925,313
				10,386,338
Home Improvement Retail–0.29%
Lowe’s Cos., Inc.,
5.00%, 04/15/2033		893,000		812,824
5.15%, 07/01/2033		1,701,000		1,557,674
5.75%, 07/01/2053		513,000		450,459
5.80%, 09/15/2062		162,000		137,372
5.85%, 04/01/2063		2,969,000		2,535,160
				5,493,489
Hotels, Resorts & Cruise Lines–0.07%
Marriott International, Inc., 4.90%, 04/15/2029		1,337,000		1,254,437
Industrial Conglomerates–0.01%
Honeywell International, Inc., 5.00%, 02/15/2033		122,000		115,318
Industrial Machinery & Supplies & Components–0.32%
Ingersoll Rand, Inc.,
5.40%, 08/14/2028		525,000		511,812
5.70%, 08/14/2033		1,895,000		1,791,424
Nordson Corp.,
5.60%, 09/15/2028		798,000		783,758
5.80%, 09/15/2033		1,440,000		1,371,580
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033		1,704,000		1,548,017
				6,006,591
Industrial REITs–0.46%
Prologis L.P.,
4.88%, 06/15/2028		1,475,000		1,419,727
4.63%, 01/15/2033		1,028,000		921,702
4.75%, 06/15/2033		2,493,000		2,233,996
5.13%, 01/15/2034		1,420,000		1,301,242
5.25%, 06/15/2053		3,250,000		2,736,016
				8,612,683
Insurance Brokers–0.49%
Arthur J. Gallagher & Co.,
6.50%, 02/15/2034		1,937,000		1,924,649
6.75%, 02/15/2054		2,079,000		2,046,720
Marsh & McLennan Cos., Inc.,
5.40%, 09/15/2033		2,679,000		2,548,165
5.45%, 03/15/2053		595,000		525,038
5.70%, 09/15/2053		2,392,000		2,199,134
				9,243,706
Integrated Oil & Gas–0.20%
BP Capital Markets America, Inc.,
4.81%, 02/13/2033		728,000		665,511
4.89%, 09/11/2033		1,286,000		1,177,766
BP Capital Markets PLC (United Kingdom), 4.88%(d)(e)		891,000		778,418

	Principal Amount		Value
Integrated Oil & Gas–(continued)
Occidental Petroleum Corp., 4.63%, 06/15/2045	$	1,481,000	$	1,046,586
				3,668,281
Integrated Telecommunication Services–0.19%
AT&T, Inc.,
2.55%, 12/01/2033		908,000		651,947
5.40%, 02/15/2034		1,861,000		1,710,596
Verizon Communications, Inc., 2.36%, 03/15/2032		1,507,000		1,127,434
				3,489,977
Interactive Media & Services–0.14%
Meta Platforms, Inc.,
4.65%, 08/15/2062		806,000		608,272
5.75%, 05/15/2063		2,253,000		2,022,803
				2,631,075
Investment Banking & Brokerage–1.89%
Charles Schwab Corp. (The),
5.64%, 05/19/2029(d)		1,962,000		1,889,298
5.85%, 05/19/2034(d)		1,961,000		1,799,542
6.14%, 08/24/2034(d)		5,003,000		4,688,696
Series K, 5.00%(d)(e)		573,000		453,982
Goldman Sachs Group, Inc. (The),
5.70%, 11/01/2024		839,000		836,001
Series W, 7.50%(d)(e)		9,315,000		9,159,000
Morgan Stanley,
5.12%, 02/01/2029(d)		743,000		707,613
5.16%, 04/20/2029(d)		4,367,000		4,155,990
5.45%, 07/20/2029(d)		1,199,000		1,153,437
6.41%, 11/01/2029(d)		3,716,000		3,716,641
5.25%, 04/21/2034(d)		4,354,000		3,924,624
5.42%, 07/21/2034(d)		2,597,000		2,371,120
5.95%, 01/19/2038(d)		599,000		543,437
				35,399,381
Life & Health Insurance–2.14%
Corebridge Global Funding,
6.66% (SOFR + 1.30%), 09/25/2026(b)(c)		5,344,000		5,346,155
5.90%, 09/19/2028(b)		2,191,000		2,165,744
Delaware Life Global Funding,
Series 22-1, 3.31%, 03/10/2025(b)		3,826,000		3,602,829
Series 21-1, 2.66%, 06/29/2026(b)		10,423,000		9,273,864
F&G Annuities & Life, Inc., 7.40%, 01/13/2028		1,539,000		1,521,439
MAG Mutual Holding Co., 4.75%, 04/30/2041(b)(f)		9,203,000		7,204,200
MetLife, Inc., 5.25%, 01/15/2054		1,961,000		1,642,046
Northwestern Mutual Global Funding, 4.35%, 09/15/2027(b)		1,003,000		953,990
Pacific Life Global Funding II, 6.41%(SOFR + 1.05%), 07/28/2026(b)(c)		7,205,000		7,201,735
Principal Financial Group, Inc., 5.38%, 03/15/2033		1,215,000		1,136,356
				40,048,358

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

12 Invesco Core Bond Fund

	Principal Amount		Value
Managed Health Care–0.47%
Kaiser Foundation Hospitals,
Series 2021, 2.81%, 06/01/2041	$	1,900,000	$	1,222,624
3.00%, 06/01/2051		1,152,000		677,224
UnitedHealth Group, Inc.,
5.00%, 10/15/2024		979,000		973,608
5.15%, 10/15/2025		686,000		683,602
5.25%, 02/15/2028		839,000		833,774
5.30%, 02/15/2030		1,425,000		1,399,237
5.35%, 02/15/2033		1,226,000		1,178,906
4.50%, 04/15/2033		434,000		390,964
5.05%, 04/15/2053		931,000		783,763
5.20%, 04/15/2063		767,000		641,536
				8,785,238
Marine Transportation–0.09%
A.P. Moller -Maersk A/S (Denmark), 5.88%, 09/14/2033(b)		1,874,000		1,778,311
Movies & Entertainment–0.08%
Warnermedia Holdings, Inc.,
5.05%, 03/15/2042		1,199,000		888,740
5.14%, 03/15/2052		962,000		681,236
				1,569,976
Multi-line Insurance–0.17%
Metropolitan Life Global Funding I, 5.15%, 03/28/2033(b)		1,977,000		1,810,902
New York Life Global Funding, 4.55%, 01/28/2033(b)		1,501,000		1,342,177
				3,153,079
Multi-Utilities–0.85%
Ameren Illinois Co., 4.95%, 06/01/2033		1,135,000		1,046,225
Black Hills Corp., 6.15%, 05/15/2034		3,272,000		3,085,552
Dominion Energy, Inc., 5.38%, 11/15/2032		1,953,000		1,809,857
NiSource, Inc.,
5.25%, 03/30/2028		427,000		414,811
5.40%, 06/30/2033		392,000		365,083
Public Service Enterprise Group, Inc.,
5.88%, 10/15/2028		4,310,000		4,267,714
6.13%, 10/15/2033		2,693,000		2,629,964
WEC Energy Group, Inc.,
5.00%, 09/27/2025		1,099,000		1,083,265
5.15%, 10/01/2027		606,000		591,558
4.75%, 01/15/2028		634,000		606,507
				15,900,536
Office REITs–0.79%
Office Properties Income Trust,
4.25%, 05/15/2024		2,222,000		2,081,696
4.50%, 02/01/2025		1,404,000		1,201,943
2.65%, 06/15/2026		297,000		195,564
2.40%, 02/01/2027		1,137,000		635,572
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028		10,726,000		10,690,452
				14,805,227

	Principal Amount		Value
Oil & Gas Drilling–0.08%
Patterson-UTI Energy, Inc., 7.15%, 10/01/2033	$	1,510,000	$	1,473,978
Oil & Gas Exploration & Production–0.16%
ConocoPhillips Co.,
5.55%, 03/15/2054		1,671,000		1,495,098
5.70%, 09/15/2063		1,092,000		975,380
Pioneer Natural Resources Co., 5.10%, 03/29/2026		615,000		608,360
				3,078,838
Oil & Gas Refining & Marketing–0.08%
Phillips 66 Co., 5.30%, 06/30/2033		1,687,000		1,573,364
Oil & Gas Storage & Transportation–2.08%
Cheniere Energy Partners L.P., 5.95%, 06/30/2033(b)		1,383,000		1,295,083
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026(b)		740,000		739,173
Enbridge, Inc. (Canada),
5.70%, 03/08/2033		1,544,000		1,444,411
Series NC5, 8.25%, 01/15/2084(d)		3,766,000		3,611,333
Energy Transfer L.P.,
6.05%, 12/01/2026		5,735,000		5,729,105
6.40%, 12/01/2030		885,000		876,306
5.75%, 02/15/2033		606,000		568,546
6.55%, 12/01/2033		1,067,000		1,053,859
Kinder Morgan, Inc.,
4.80%, 02/01/2033		611,000		534,651
5.20%, 06/01/2033		1,602,000		1,444,360
5.45%, 08/01/2052		1,170,000		946,586
MPLX L.P.,
5.00%, 03/01/2033		962,000		852,333
4.95%, 03/14/2052		813,000		603,130
ONEOK, Inc.,
5.55%, 11/01/2026		653,000		645,330
5.65%, 11/01/2028		940,000		917,690
5.80%, 11/01/2030		2,566,000		2,470,958
6.10%, 11/15/2032		451,000		434,837
6.05%, 09/01/2033		2,485,000		2,382,737
6.63%, 09/01/2053		3,536,000		3,307,589
Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037		805,000		771,896
Southern Co. Gas Capital Corp., 5.75%, 09/15/2033		1,206,000		1,148,670
Targa Resources Corp., 5.20%, 07/01/2027		529,000		512,052
TransCanada PipeLines Ltd. (Canada), 6.20%, 03/09/2026		61,000		60,978
Western Midstream Operating L.P., 6.15%, 04/01/2033		1,334,000		1,262,929
Williams Cos., Inc. (The),
5.30%, 08/15/2028		3,943,000		3,801,912
5.65%, 03/15/2033		1,593,000		1,503,779
				38,920,233
Other Specialty Retail–0.03%
Tractor Supply Co., 5.25%, 05/15/2033		649,000		594,422

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

13 Invesco Core Bond Fund

	Principal Amount		Value
Packaged Foods & Meats–0.39%
J. M. Smucker Co. (The),
6.20%, 11/15/2033	$	1,536,000	$	1,493,707
6.50%, 11/15/2043		1,012,000		961,188
6.50%, 11/15/2053		1,217,000		1,148,430
Mars, Inc.,
4.55%, 04/20/2028(b)		2,193,000		2,108,366
4.65%, 04/20/2031(b)		1,109,000		1,030,889
McCormick & Co., Inc., 4.95%, 04/15/2033		551,000		496,937
				7,239,517
Passenger Airlines–0.44%
American Airlines Pass-Through Trust,
Series 2021-1, Class B, 3.95%, 07/11/2030		1,810,900		1,557,938
Series 2021-1, Class A, 2.88%, 07/11/2034		660,571		533,752
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025(b)		525,688		511,071
4.75%, 10/20/2028(b)		1,363,172		1,281,939
United Airlines Pass-Through Trust,
Series 2020-1, Class A, 5.88%, 10/15/2027		585,520		577,165
Series 2019-2, Class AA, 2.70%, 05/01/2032		6,013		4,893
5.80%, 07/15/2037		3,998,000		3,760,773
				8,227,531
Personal Care Products–0.29%
Kenvue, Inc.,
5.05%, 03/22/2028		845,000		829,580
5.00%, 03/22/2030		1,575,000		1,516,296
4.90%, 03/22/2033		1,844,000		1,729,070
5.10%, 03/22/2043		819,000		725,070
5.20%, 03/22/2063		796,000		676,438
				5,476,454
Pharmaceuticals–1.16%
Bristol-Myers Squibb Co.,
5.75%, 02/01/2031		3,656,000		3,636,998
5.90%, 11/15/2033		2,262,000		2,250,046
6.25%, 11/15/2053		1,483,000		1,470,571
6.40%, 11/15/2063		2,051,000		2,036,359
Eli Lilly and Co.,
4.70%, 02/27/2033		1,273,000		1,196,115
4.88%, 02/27/2053		1,225,000		1,062,653
4.95%, 02/27/2063		686,000		584,835
Merck & Co., Inc.,
4.90%, 05/17/2044		3,515,000		3,041,684
5.00%, 05/17/2053		950,000		811,999
5.15%, 05/17/2063		1,165,000		993,664
Pfizer Investment Enterprises Pte. Ltd.,
4.75%, 05/19/2033		1,913,000		1,759,111
5.30%, 05/19/2053		3,298,000		2,887,748
				21,731,783
Precious Metals & Minerals–0.06%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024(b)		1,168,000		1,141,237

	Principal Amount		Value
Property & Casualty Insurance–0.04%
Travelers Cos., Inc. (The), 5.45%, 05/25/2053	$	891,000	$	801,643
Rail Transportation–0.28%
Norfolk Southern Corp.,
5.05%, 08/01/2030		2,021,000		1,911,650
5.35%, 08/01/2054		1,859,000		1,588,129
Union Pacific Corp.,
4.50%, 01/20/2033		1,044,000		945,838
5.15%, 01/20/2063		1,055,000		872,251
				5,317,868
Regional Banks–1.32%
Citizens Financial Group, Inc., 2.64%, 09/30/2032		989,000		658,163
Huntington Bancshares, Inc., 6.21%, 08/21/2029(d)		5,914,000		5,686,754
M&T Bank Corp., 5.05%, 01/27/2034(d)		1,103,000		923,765
Morgan Stanley Bank N.A.,
5.48%, 07/16/2025		1,843,000		1,835,524
4.75%, 04/21/2026		1,490,000		1,451,673
5.88%, 10/30/2026		5,080,000		5,077,098
Truist Financial Corp.,
6.05%, 06/08/2027(d)		2,002,000		1,961,536
4.87%, 01/26/2029(d)		1,190,000		1,098,770
7.16%, 10/30/2029(d)		2,241,000		2,254,818
4.92%, 07/28/2033(d)		1,434,000		1,171,652
6.12%, 10/28/2033(d)		801,000		742,116
5.87%, 06/08/2034(d)		2,144,000		1,951,285
				24,813,154
Restaurants–0.65%
McDonald’s Corp.,
4.80%, 08/14/2028		5,414,000		5,223,823
4.95%, 08/14/2033		4,507,000		4,183,511
5.15%, 09/09/2052		932,000		786,338
5.45%, 08/14/2053		2,304,000		2,032,584
				12,226,256
Retail REITs–0.08%
NNN REIT, Inc., 5.60%, 10/15/2033		1,114,000		1,027,546
Realty Income Corp., 5.63%, 10/13/2032		531,000		501,443
				1,528,989
Self-Storage REITs–0.26%
Extra Space Storage L.P., 5.70%, 04/01/2028		608,000		592,813
Public Storage Operating Co.,
5.13%, 01/15/2029		452,000		440,746
5.10%, 08/01/2033		2,604,000		2,414,683
5.35%, 08/01/2053		1,559,000		1,343,465
				4,791,707
Semiconductors–0.15%
Foundry JV Holdco LLC, 5.88%, 01/25/2034(b)		2,965,000		2,753,635

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

14 Invesco Core Bond Fund

	Principal Amount		Value
Single-Family Residential REITs–0.30%
Invitation Homes Operating Partnership L.P., 5.45%, 08/15/2030	$	6,056,000	$	5,649,816
Specialized Consumer Services–0.05%
Ashtead Capital, Inc. (United Kingdom), 5.55%, 05/30/2033(b)		1,140,000		1,022,350
Systems Software–0.23%
Oracle Corp.,
6.25%, 11/09/2032		999,000		990,069
4.90%, 02/06/2033		1,606,000		1,442,906
6.90%, 11/09/2052		1,091,000		1,075,866
5.55%, 02/06/2053		880,000		731,707
				4,240,548
Technology Hardware, Storage & Peripherals–0.05%
Leidos, Inc., 5.75%, 03/15/2033		967,000		899,365
Tobacco–1.08%
B.A.T Capital Corp. (United Kingdom),
7.08%, 08/02/2043		1,063,000		969,710
7.08%, 08/02/2053		879,000		785,044
Philip Morris International, Inc.,
5.13%, 11/17/2027		840,000		819,133
4.88%, 02/15/2028		3,960,000		3,806,889
5.25%, 09/07/2028		3,173,000		3,089,333
5.13%, 02/15/2030		4,388,000		4,135,221
5.38%, 02/15/2033		4,351,000		4,021,692
5.63%, 09/07/2033		2,823,000		2,651,812
				20,278,834
Transaction & Payment Processing Services–0.45%
Fiserv, Inc.,
5.38%, 08/21/2028		3,646,000		3,567,510
5.63%, 08/21/2033		2,784,000		2,612,602
Mastercard, Inc.,
4.85%, 03/09/2033		2,363,000		2,224,464
				8,404,576
Wireless Telecommunication Services–0.35%
T-Mobile USA, Inc.,
5.05%, 07/15/2033		1,316,000		1,189,761
5.75%, 01/15/2034		3,219,000		3,055,220
5.65%, 01/15/2053		1,651,000		1,427,975
6.00%, 06/15/2054		1,034,000		939,455
				6,612,411
Total U.S. Dollar Denominated Bonds & Notes (Cost $868,588,904)				821,094,376

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–31.57%
Collateralized Mortgage Obligations–0.41%
Fannie Mae Interest STRIPS, IO,
7.50%, 01/25/2024 to 11/25/2029(g)	$	7,162	$	922
6.50%, 04/25/2029 to 02/25/2033(g)		973,018		144,985
7.00%, 04/25/2032(g)		589,130		115,061
6.00%, 06/25/2033 to 03/25/2036(g)		637,944		102,463
5.50%, 09/25/2033 to 06/25/2035(g)		1,115,119		178,012
Fannie Mae REMICs,
4.50%, 08/25/2025		2,903		2,865
5.50%, 12/25/2025 to 07/25/2046(g)		1,986,638		1,142,407
7.00%, 07/25/2026 to 04/25/2033(g)		418,188		57,545
4.00%, 08/25/2026 to 08/25/2047(g)		1,063,385		174,420
6.50%, 10/25/2028 to 10/25/2031		100,125		100,051
6.00%, 11/25/2028		52,195		51,766
7.50%, 12/25/2029		305,454		309,233
6.44% (30 Day Average SOFR + 1.11%), 07/25/2032(c)		46,979		47,445
5.84% (30 Day Average SOFR + 0.51%), 03/25/2033(c)		12,722		12,572
5.69% (30 Day Average SOFR + 0.36%), 08/25/2035(c)		37,056		36,364
4.27% (24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036(c)		106,687		108,730
6.38% (30 Day Average SOFR + 1.05%), 06/25/2037(c)		69,265		69,002
5.00%, 04/25/2040		67,020		65,909
IO, 2.71% (8.15% - (30 Day Average SOFR + 0.11%)), 04/25/2027(c)(g)		33,261		1,346
3.00%, 11/25/2027(g)		721,679		25,769
1.66% (7.10% - (30 Day Average SOFR + 0.11%)), 11/25/2030(c)(g)		9,582		452
4.36% (9.80% - (30 Day Average SOFR + 0.11%)), 03/17/2031(c)(g)		16		0
2.31% (7.75% - (30 Day Average SOFR + 0.11%)), 07/25/2031 to 02/25/2032(c)(g)		44,178		3,469
2.41% (7.85% - (30 Day Average SOFR + 0.11%)), 11/18/2031(c)(g)		38,363		2,851
2.46% (7.90% - (30 Day Average SOFR + 0.11%)), 11/25/2031(c)(g)		94,171		7,361
1.81% (7.25% - (30 Day Average SOFR + 0.11%)), 01/25/2032(c)(g)		68,632		5,321

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

15 Invesco Core Bond Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
2.51% (7.95% - (30 Day Average SOFR + 0.11%)), 01/25/2032 to 07/25/2032(c)(g)	$	108,429	$	7,109
2.66% (8.10% - (30 Day Average SOFR + 0.11%)), 02/25/2032 to 03/25/2032(c)(g)		12,478		650
1.00% (8.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032(c)(g)		118,570		2,613
1.56% (7.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032 to 09/25/2032(c)(g)		306,446		20,221
2.56% (8.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032 to 12/25/2032(c)(g)		227,411		21,604
2.56% (8.00% - (30 Day Average SOFR + 0.11%)), 12/18/2032(c)(g)		144,931		13,310
2.66% (8.10% - (30 Day Average SOFR + 0.11%)), 12/18/2032(c)(g)		41,333		2,945
2.76% (8.20% - (30 Day Average SOFR + 0.11%)), 01/25/2033(c)(g)		212,871		18,870
2.81% (8.25% - (30 Day Average SOFR + 0.11%)), 02/25/2033 to 05/25/2033(c)(g)		145,360		17,389
2.11% (7.55% - (30 Day Average SOFR + 0.11%)), 10/25/2033(c)(g)		161,159		14,762
1.26% (6.70% - (30 Day Average SOFR + 0.11%)), 02/25/2035 to 05/25/2035(c)(g)		341,262		20,146
1.31% (6.75% - (30 Day Average SOFR + 0.11%)), 03/25/2035(c)(g)		61,501		3,299
1.16% (6.60% - (30 Day Average SOFR + 0.11%)), 05/25/2035(c)(g)		212,079		9,596
3.50%, 08/25/2035(g)		3,383,926		396,036
0.66% (6.10% - (30 Day Average SOFR + 0.11%)), 10/25/2035(c)(g)		169,365		9,663
1.14% (6.58% - (30 Day Average SOFR + 0.11%)), 06/25/2036(c)(g)		10,693		763
0.61% (6.05% - (30 Day Average SOFR + 0.11%)), 07/25/2038(c)(g)		72,357		1,236
1.11% (6.55% - (30 Day Average SOFR + 0.11%)), 10/25/2041(c)(g)		314,331		18,954
0.71% (6.15% - (30 Day Average SOFR + 0.11%)), 12/25/2042(c)(g)		793,692		58,295
0.46% (5.90% - (30 Day Average SOFR + 0.11%)), 09/25/2047(c)(g)		5,587,383		289,624

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KC02, Class X1, IO, 1.91%, 03/25/2024(g)	$	62,465,598	$	171,699
Series KC03, Class X1, IO, 0.63%, 11/25/2024(g)		40,157,695		160,643
Series K734, Class X1, IO, 0.65%, 02/25/2026(g)		32,503,170		347,170
Series K735, Class X1, IO, 1.10%, 05/25/2026(g)		33,388,274		637,763
Series K093, Class X1, IO, 0.94%, 05/25/2029(g)		26,750,616		1,102,687
Freddie Mac REMICs, IO,
2.22% (7.65% - (30 Day Average SOFR + 0.11%)), 07/15/2026 to 03/15/2029(c)(g)		106,593		3,988
3.00%, 06/15/2027 to 05/15/2040(g)		2,453,821		92,005
2.50%, 05/15/2028(g)		579,626		20,948
2.27% (7.70% - (30 Day Average SOFR + 0.11%)), 03/15/2029(c)(g)		12,838		278
2.67% (8.10% - (30 Day Average SOFR + 0.11%)), 09/15/2029(c)(g)		5,914		274
2.32% (7.75% - (30 Day Average SOFR + 0.11%)), 01/15/2032(c)(g)		88,526		4,993
1.62% (7.05% - (30 Day Average SOFR + 0.11%)), 10/15/2033(c)(g)		190,412		8,887
1.27% (6.70% - (30 Day Average SOFR + 0.11%)), 01/15/2035(c)(g)		198,907		7,341
1.32% (6.75% - (30 Day Average SOFR + 0.11%)), 02/15/2035(c)(g)		137,184		5,367
1.29% (6.72% - (30 Day Average SOFR + 0.11%)), 05/15/2035(c)(g)		713,909		33,206
1.22% (6.65% - (30 Day Average SOFR + 0.11%)), 07/15/2035(c)(g)		330,716		26,883
1.57% (7.00% - (30 Day Average SOFR + 0.11%)), 12/15/2037(c)(g)		66,833		4,952
0.57% (6.00% - (30 Day Average SOFR + 0.11%)), 04/15/2038(c)(g)		38,803		2,237
0.64% (6.07% - (30 Day Average SOFR + 0.11%)), 05/15/2038(c)(g)		984,630		52,904
0.82% (6.25% - (30 Day Average SOFR + 0.11%)), 12/15/2039(c)(g)		257,391		12,333
0.67% (6.10% - (30 Day Average SOFR + 0.11%)), 01/15/2044(c)(g)		881,227		67,182
4.00%, 03/15/2045(g)		267,704		12,559
6.50%, 02/15/2028 to 06/15/2032		493,710		493,652
6.00%, 04/15/2029		30,914		30,684

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

16 Invesco Core Bond Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
6.33% (30 Day Average SOFR + 1.01%), 07/15/2031(c)	$	37,174	$	37,346
7.00%, 03/15/2032		134,231		136,719
3.50%, 05/15/2032		113,573		105,599
6.43% (30 Day Average SOFR + 1.11%), 06/15/2032(c)		160,596		162,226
4.82% (24.75% - (3.67 x (30 Day Average SOFR + 0.11%))), 08/15/2035(c)		30,022		32,666
5.83% (30 Day Average SOFR + 0.51%), 09/15/2035(c)		74,371		72,186
Freddie Mac STRIPS,
IO, 7.00%, 04/01/2027(g)		49,355		3,763
3.00%, 12/15/2027(g)		935,952		42,158
3.27%, 12/15/2027(g)		247,113		10,009
6.50%, 02/01/2028(g)		5,001		450
7.50%, 12/15/2029(g)		16,856		2,274
6.00%, 12/15/2032(g)		53,271		6,386
PO, 0.00%, 06/01/2026(h)		4,414		4,170
				7,609,993
Federal Home Loan Mortgage Corp. (FHLMC)–3.29%
6.00%, 07/01/2024 to 08/01/2053		26,737,918		26,105,000
9.00%, 01/01/2025 to 05/01/2025		358		360
6.50%, 07/01/2028 to 04/01/2034		58,762		59,274
7.00%, 10/01/2031 to 10/01/2037		554,614		575,076
5.50%, 09/01/2039 to 08/01/2053		36,771,722		34,946,108
				61,685,818
Federal National Mortgage Association (FNMA)–2.21%
6.50%, 12/01/2029 to 11/01/2031		364,660		363,296
7.50%, 01/01/2033 to 08/01/2033		408,490		415,574
7.00%, 04/01/2033 to 04/01/2034		224,144		227,292
5.50%, 02/01/2035 to 09/01/2053		34,401,272		32,692,148
4.00%, 05/01/2052		8,824,769		7,699,637
				41,397,947

	Principal Amount		Value
Government National Mortgage Association (GNMA)–6.48%
ARM, 3.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2025 to 07/20/2027(c)	$	714	$	703
IO, 1.10% (6.55% - (1 mo. Term SOFR + 0.11%)), 04/16/2037(c)(g)		497,726		25,786
1.20% (6.65% - (1 mo. Term SOFR + 0.11%)), 04/16/2041(c)(g)		1,412,386		59,838
4.50%, 09/16/2047(g)		2,432,597		387,845
0.75% (6.20% - (1 mo. Term SOFR + 0.11%)), 10/16/2047(c)(g)		2,081,726		184,461
TBA,
2.50%, 11/01/2053(i)		69,445,000		55,317,283
4.50%, 11/01/2053(i)		39,787,000		35,950,657
5.50%, 11/01/2053(i)		30,947,000		29,595,487
				121,522,060
Uniform Mortgage-Backed Securities–19.18%
TBA,
2.50%, 11/01/2053(i)		80,000,000		61,381,250
3.00%, 11/01/2053(i)		80,000,000		64,019,544
3.50%, 11/01/2053(i)		43,000,000		35,809,819
4.00%, 11/01/2053(i)		16,410,000		14,176,701
4.50%, 11/01/2053(i)		56,409,000		50,370,585
5.00%, 11/01/2053(i)		83,579,000		77,055,921
5.50%, 11/01/2053(i)		59,800,000		56,721,235
				359,535,055
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $609,515,805)				591,750,873
Asset-Backed Securities–18.92%
Alternative Loan Trust,
Series 2005-21CB, Class A7, 5.50%, 06/25/2035		518,008		386,033
Series 2005-29CB, Class A4, 5.00%, 07/25/2035		238,384		130,089
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(b)		4,415,000		3,837,121
Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.47%, 12/25/2059(b)(j)		450,676		417,401
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(j)		1,432,088		1,300,346
Series 2021-3, Class A1, 1.07%, 05/25/2066(b)(j)		912,612		744,879
Series 2021-7, Class A1, 1.98%, 10/25/2066(b)(j)		2,353,881		1,901,000
Series 2022-1, Class A1, 2.88%, 12/25/2066(b)(k)		4,299,938		3,621,415
Series 2023-6, Class A1, 6.50%, 12/25/2067(b)(k)		1,729,321		1,709,567
Avis Budget Rental Car Funding (AESOP) LLC,
Series 2022-1A, Class A, 3.83%, 08/21/2028(b)		6,614,000		6,101,783
Series 2023-1A, Class A, 5.25%, 04/20/2029(b)		1,463,000		1,401,025
Series 2023-4A, Class A, 5.49%, 06/20/2029(b)		5,238,000		5,058,451

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

17 Invesco Core Bond Fund

	Principal Amount		Value
Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 6.82% (3 mo. Term SOFR + 1.44%), 07/25/2034(b)(c)	$	7,338,000	$	7,273,367
Banc of America Funding Trust,
Series 2007-1, Class 1A3, 6.00%, 01/25/2037		162,988		127,670
Series 2007-C, Class 1A4, 4.13%, 05/20/2036(j)		60,863		52,016
Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037		186,145		142,172
Bank, Series 2019-BNK16, Class XA, IO, 0.94%, 02/15/2052(l)		23,494,483		857,394
Bayview MSR Opportunity Master Fund Trust,
Series 2021-4, Class A3, 3.00%, 10/25/2051(b)(j)		3,531,998		2,718,844
Series 2021-4, Class A4, 2.50%, 10/25/2051(b)(j)		3,532,819		2,598,783
Series 2021-4, Class A8, 2.50%, 10/25/2051(b)(j)		3,276,760		2,706,942
Series 2021-5, Class A1, 3.00%, 11/25/2051(b)(j)		3,720,404		2,863,875
Series 2021-5, Class A2, 2.50%, 11/25/2051(b)(j)		4,539,054		3,338,981
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035(c)		133,855		122,978
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(c)		322,134		295,188
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.54%, 01/15/2051(l)		25,144,017		443,505
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(b)(j)		727,571		668,915
BX Commercial Mortgage Trust,
Series 2021-ACNT, Class A, 6.30% (1 mo. Term SOFR + 0.96%), 11/15/2038(b)(c)		2,220,000		2,173,993
Series 2021-VOLT, Class A, 6.15% (1 mo. Term SOFR + 0.81%), 09/15/2036(b)(c)		4,080,000		3,957,336
Series 2021-VOLT, Class B, 6.40% (1 mo. Term SOFR + 1.06%), 09/15/2036(b)(c)		3,595,000		3,478,614
BX Trust,
Series 2022-CLS, Class A, 5.76%, 10/13/2027(b)		1,625,000		1,565,035
Series 2022-LBA6, Class A, 6.33% (1 mo. Term SOFR + 1.00%), 01/15/2039(b)(c)		3,670,000		3,585,077
Series 2022-LBA6, Class B, 6.63% (1 mo. Term SOFR + 1.30%), 01/15/2039(b)(c)		2,265,000		2,207,482
Series 2022-LBA6, Class C, 6.93% (1 mo. Term SOFR + 1.60%), 01/15/2039(b)(c)		1,215,000		1,181,393

	Principal Amount		Value
CarMax Auto Owner Trust, Series 2022-4, Class A4, 5.70%, 07/17/2028	$	7,031,000	$	6,988,673
CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 0.87%, 11/13/2050(l)		9,992,787		224,145
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 6.66% (3 mo. Term SOFR + 1.24%), 04/20/2031(b)(c)		3,626,639		3,611,447
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(b)(j)		64,871		57,357
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 4.05%, 01/25/2036(j)		358,563		318,014
CIFC Funding Ltd. (Cayman Islands),
Series 2014-5A, Class A1R2, 6.86% (3 mo. Term SOFR + 1.46%), 10/17/2031(b)(c)		1,497,000		1,495,238
Series 2016-1A, Class ARR, 6.68% (3 mo. Term SOFR + 1.34%), 10/21/2031(b)(c)		1,538,000		1,526,746
Citigroup Commercial Mortgage Trust,
Series 2013-GC17, Class XA, IO, 0.79%, 11/10/2046(l)		1,187,971		12
Series 2014-GC21, Class AA, 3.48%, 05/10/2047		132,756		132,514
Series 2017-C4, Class XA, IO, 1.02%, 10/12/2050(l)		23,960,399		734,983
Citigroup Mortgage Loan Trust, Series 2021-INV3, Class A3, 2.50%, 05/25/2051(b)(j)		3,548,844		2,614,989
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Class 1A1, 7.11% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(c)		570,810		538,606
COLT Mortgage Loan Trust,
Series 2020-2, Class A1, 1.85%, 03/25/2065(b)(j)		30,007		29,804
Series 2021-5, Class A1, 1.73%, 11/26/2066(b)(j)		1,766,435		1,434,276
Series 2022-1, Class A1, 2.28%, 12/27/2066(b)(j)		2,573,696		2,156,254
Series 2022-2, Class A1, 2.99%, 02/25/2067(b)(k)		2,506,818		2,144,165
Series 2022-3, Class A1, 3.90%, 02/25/2067(b)(j)		3,486,650		3,091,747
COMM Mortgage Trust,
Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		198,741		195,447
Series 2014-LC15, Class AM, 4.20%, 04/10/2047		2,865,000		2,817,576
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		5,720,000		5,307,246

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

18 Invesco Core Bond Fund

	Principal Amount		Value
Credit Suisse Mortgage Capital Trust,
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(b)(j)	$	593,022	$	491,667
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(b)(j)		814,239		671,054
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(b)(j)		3,230,069		2,935,295
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(b)(j)		1,890,000		1,525,746
Series 2022-ATH2, Class A1, 4.55%, 05/25/2067(b)(j)		3,566,257		3,335,256
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		10,613,000		8,438,251
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		574,248		281,006
Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 6.74% (3 mo. Term SOFR + 1.34%), 01/15/2034(b)(c)		1,078,634		1,069,228
Ellington Financial Mortgage Trust,
Series 2020-1, Class A1, 2.01%, 05/25/2065(b)(j)		164,731		158,061
Series 2021-1, Class A1, 0.80%, 02/25/2066(b)(j)		271,201		219,260
Series 2022-1, Class A1, 2.21%, 01/25/2067(b)(j)		2,473,754		1,983,388
Series 2022-3, Class A1, 5.00%, 08/25/2067(b)(k)		3,277,947		3,099,532
Extended Stay America Trust, Series 2021-ESH, Class B, 6.83% (1 mo. Term SOFR + 1.49%), 07/15/2038(b)(c)		1,638,915		1,610,295
First Horizon Alternative Mortgage Securities Trust, Series 2005- FA8, Class 1A6, 5.50% (1 mo. Term SOFR + 0.76%), 11/25/2035(c)		350,829		153,575
Flagstar Mortgage Trust,
Series 2021-11IN, Class A6, 3.70%, 11/25/2051(b)(j)		5,582,152		4,596,914
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(b)(j)		1,198,135		983,179
FREMF Mortgage Trust,
Series 2015-K44, Class B, 3.72%, 01/25/2048(b)(j)		1,175,000		1,136,002
Series 2017-K62, Class B, 3.88%, 01/25/2050(b)(j)		1,040,000		971,030
Series 2017-K724, Class B, 5.26%, 12/25/2049(b)(j)		780,000		776,529
Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053(b)		4,952,710		4,711,315
GoldenTree Loan Management US CLO 1 Ltd., Series 2021-9A, Class A, 6.75% (3 mo. Term SOFR + 1.33%), 01/20/2033(b)(c)		1,712,000		1,704,741
GoldenTree Loan Management US CLO 5 Ltd., Series 2019-5A, Class AR, 6.75% (3 mo. Term SOFR + 1.33%), 10/20/2032(b)(c)		2,190,000		2,177,309

	Principal Amount		Value
Golub Capital Partners CLO 40(B) Ltd., Series 2019-40A, Class AR, 6.73% (3 mo. Term SOFR + 1.35%), 01/25/2032(b)(c)	$	5,264,000	$	5,198,426
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.38%, 05/12/2053		3,780,000		2,985,740
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(b)(j)		2,942,516		2,430,287
GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 4.65%, 07/25/2035(j)		48,677		43,427
Hertz Vehicle Financing III L.P.,
Series 2021-2A, Class A, 1.68%, 12/27/2027(b)		1,322,000		1,158,599
Series 2021-2A, Class B, 2.12%, 12/27/2027(b)		705,000		618,448
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56%, 12/26/2025(b)		432,000		411,284
HPEFS Equipment Trust, Series 2023-2A, Class A2, 6.04%, 01/21/2031(b)		1,470,000		1,469,782
IP Lending VII Ltd., Series 2022-7A, Class SNR, 8.00%, 10/11/2027(b)(f)		5,493,000		5,493,000
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-C16, Class AS, 4.52%, 12/15/2046		1,933,614		1,927,040
Series 2013-LC11, Class AS, 3.22%, 04/15/2046		544,846		509,023
Series 2014-C20, Class AS, 4.04%, 07/15/2047		3,950,000		3,857,699
JP Morgan Mortgage Trust,
Series 2007-A1, Class 5A1, 4.43%, 07/25/2035(j)		197,446		189,770
Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(b)(j)		4,189,942		3,174,523
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class AS, 4.07%, 11/15/2047		6,036,000		5,805,900
Series 2015-C27, Class XA, IO, 1.14%, 02/15/2048(l)		30,896,264		296,647
Series 2015-C28, Class AS, 3.53%, 10/15/2048		3,400,000		3,200,618
KKR CLO 30 Ltd., Series 30A, Class A1R, 6.68% (3 mo. Term SOFR + 1.28%), 10/17/2031(b)(c)		3,771,000		3,754,811
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(b)(j)		5,541		122

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

19 Invesco Core Bond Fund

	Principal Amount		Value
Life Mortgage Trust,
Series 2021-BMR, Class A, 6.15% (1 mo. Term SOFR + 0.81%), 03/15/2038(b)(c)	$	2,255,916	$	2,203,747
Series 2021-BMR, Class B, 6.33% (1 mo. Term SOFR + 0.99%), 03/15/2038(b)(c)		3,671,394		3,574,434
Series 2021-BMR, Class C, 6.55% (1 mo. Term SOFR + 1.21%), 03/15/2038(b)(c)		1,543,263		1,491,302
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 6.81% (3 mo. Term SOFR + 1.41%), 04/19/2033(b)(c)		10,755,000		10,686,803
Med Trust, Series 2021-MDLN, Class A, 6.40% (1 mo. Term SOFR + 1.06%), 11/15/2038(b)(c)		2,647,295		2,573,071
Mello Mortgage Capital Acceptance Trust,
Series 2021-INV2, Class A4, 2.50%, 08/25/2051(b)(j)		2,292,202		1,890,801
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(b)(j)		2,236,438		1,840,539
MFA Trust, Series 2021-INV2, Class A1, 1.91%, 11/25/2056(b)(j)		2,952,580		2,400,726
MHP Commercial Mortgage Trust,
Series 2021-STOR, Class A, 6.15% (1 mo. Term SOFR + 0.81%), 07/15/2038(b)(c)		1,945,000		1,906,702
Series 2021-STOR, Class B, 6.35% (1 mo. Term SOFR + 1.01%), 07/15/2038(b)(c)		1,460,000		1,421,585
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class AS, 3.83%, 12/15/2047		5,035,000		4,818,219
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.85%, 12/15/2050(l)		10,586,767		303,256
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 6.68% (3 mo. Term SOFR + 1.28%), 04/19/2030(b)(c)		4,579,318		4,567,618
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 6.72% (3 mo. Term SOFR + 1.32%), 04/16/2033(b)(c)		3,402,000		3,386,967
New Residential Mortgage Loan Trust, Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(b)(j)		2,351,759		2,027,845
OBX Trust,
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(b)(j)		3,038,316		2,485,786
Series 2022-NQM2, Class A1, 2.95%, 01/25/2062(b)(j)		3,615,763		3,055,127
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(b)(k)		2,276,430		2,010,577
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(b)(k)		2,305,000		1,753,876
Series 2022-NQM8, Class A1, 6.10%, 09/25/2062(b)(k)		4,693,799		4,627,182

	Principal Amount		Value
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(b)(j)	$	2,576,993	$	2,143,428
OCP CLO Ltd. (Cayman Islands),
Series 2017-13A, Class A1AR, 6.62% (3 mo. Term SOFR + 1.22%), 07/15/2030(b)(c)		3,098,488		3,080,972
Series 2020-8RA, Class A1, 6.88% (3 mo. Term SOFR + 1.48%), 01/17/2032(b)(c)		6,027,000		6,008,262
Octagon Investment Partners 31 Ltd., Series 2017-1A, Class AR, 6.73% (3 mo. Term SOFR + 1.31%), 07/20/2030(b)(c)		4,436,576		4,418,812
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 6.88% (3 mo. Term SOFR + 1.48%), 01/15/2033(b)(c)		5,507,000		5,496,658
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 6.94% (3 mo. Term SOFR + 1.52%), 01/20/2033(b)(c)		5,076,061		5,067,244
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(b)(j)		3,592,619		2,790,469
Progress Residential Trust,
Series 2021-SFR10, Class A, 2.39%, 12/17/2040(b)		2,390,044		1,980,742
Series 2022-SFR5, Class A, 4.45%, 06/17/2039(b)		3,193,947		3,009,065
Qdoba Funding LLC, Series 2023-1A, Class A2, 8.50%, 09/14/2053(b)		5,757,000		5,682,981
Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 6.68% (3 mo. Term SOFR + 1.30%), 02/20/2030(b)(c)		3,472,587		3,457,540
Residential Accredit Loans, Inc. Trust,
Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		44,053		31,543
Series 2007-QS6, Class A28, 5.75%, 04/25/2037		234,201		175,385
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 01/26/2060(b)(j)		342,799		325,625
RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067(b)		1,961,589		1,773,676
SG Residential Mortgage Trust,
Series 2022-1, Class A1, 3.17%, 03/27/2062(b)(j)		4,163,923		3,564,418
Series 2022-1, Class A2, 3.58%, 03/27/2062(b)(j)		1,756,516		1,478,285
Sonic Capital LLC,
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(b)		1,821,250		1,466,137
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(b)		1,782,083		1,309,338
STAR Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065(b)(j)		1,654,286		1,432,870

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

20 Invesco Core Bond Fund

	Principal Amount		Value
Starwood Mortgage Residential Trust,
Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(j)	$	113,601	$	105,436
Series 2021-6, Class A1, 1.92%, 11/25/2066(b)(j)		4,405,049		3,418,204
Series 2022-1, Class A1, 2.45%, 12/25/2066(b)(j)		3,218,361		2,636,325
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 6.95% (3 mo. Term SOFR + 1.55%), 04/18/2033(b)(c)		3,000,000		2,988,288
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(b)		3,367,200		2,871,336
TICP CLO XV Ltd., Series 2020-15A, Class A, 6.96% (3 mo. Term SOFR + 1.54%), 04/20/2033(b)(c)		4,685,000		4,667,745
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(b)		4,000,216		3,361,415
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.07%, 11/15/2050(l)		15,529,249		412,269
Verus Securitization Trust,
Series 2020-1, Class A1, 2.42%, 01/25/2060(b)(k)		707,503		664,578
Series 2020-1, Class A2, 2.64%, 01/25/2060(b)(k)		891,540		838,983
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(b)(j)		83,282		81,811
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(j)		783,842		650,223
Series 2021-7, Class A1, 1.83%, 10/25/2066(b)(j)		3,482,587		2,875,922
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(j)		1,042,246		929,373
Series 2022-1, Class A1, 2.72%, 01/25/2067(b)(k)		2,401,017		2,039,151
Series 2022-3, Class A1, 4.13%, 02/25/2067(b)(k)		3,667,478		3,254,004
Series 2022-7, Class A1, 5.15%, 07/25/2067(b)(k)		1,227,444		1,182,721
Series 2022-INV2, Class A1, 6.79%, 10/25/2067(b)(k)		1,753,434		1,744,105
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)		723,521		638,695
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7, 5.89%, 10/25/2033(j)		179,809		166,321
Series 2005-AR14, Class 1A4, 4.35%, 12/25/2035(j)		270,836		237,679
Series 2005-AR16, Class 1A1, 3.94%, 12/25/2035(j)		283,670		249,128
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048		468,749		465,169
Series 2017-C42, Class XA, IO, 0.86%, 12/15/2050(l)		17,665,033		500,586

	Principal Amount		Value
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046	$	681,198	$	628,107
Series 2014-C20, Class AS, 4.18%, 05/15/2047		1,693,000		1,595,156
Series 2014-C25, Class AS, 3.98%, 11/15/2047		5,225,000		4,949,266
Series 2014-LC14, Class AS, 4.35%, 03/15/2047(j)		2,174,838		2,165,478
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(b)		5,723,263		4,694,101
Total Asset-Backed Securities (Cost $394,769,544)				354,672,876
U.S. Treasury Securities–11.07%
U.S. Treasury Bonds–3.61%
4.38%, 08/15/2043		29,706,500		26,499,126
3.63%, 05/15/2053		52,817,900		41,181,457
				67,680,583
U.S. Treasury Notes–7.46%
5.00%, 10/31/2025		103,356,600		103,235,479
4.63%, 10/15/2026		744,000		738,507
4.88%, 10/31/2030		1,747,700		1,744,423
3.88%, 08/15/2033		37,035,800		34,093,190
				139,811,599
Total U.S. Treasury Securities (Cost $214,916,799)				207,492,182
Agency Credit Risk Transfer Notes–0.58%
Fannie Mae Connecticut Avenue Securities,
Series 2022-R03, Class 1M1, 7.42% (30 Day Average SOFR + 2.10%), 03/25/2042(b)(c)		3,264,170		3,295,615
Series 2022-R04, Class 1M1, 7.32% (30 Day Average SOFR + 2.00%), 03/25/2042(b)(c)		1,679,801		1,689,202
Series 2023-R02, Class 1M1, 7.62% (30 Day Average SOFR + 2.30%), 01/25/2043(b)(c)		1,259,774		1,277,103
Freddie Mac,
Series 2014-DN3, Class M3, STACR®, 9.44% (30 Day Average SOFR + 4.11%), 08/25/2024(c)		453,484		454,590
Series 2022-DNA3, Class M1A, STACR®, 7.32% (30 Day Average SOFR + 2.00%), 04/25/2042(b)(c)		2,371,653		2,394,038
Series 2022-DNA6, Class M1, STACR®, 7.47% (30 Day Average SOFR + 2.15%), 09/25/2042(b)(c)		760,688		766,981
Series 2023-DNA1, Class M1, STACR®, 7.42% (30 Day Average SOFR + 2.10%), 03/25/2043(b)(c)		1,057,716		1,065,948
Total Agency Credit Risk Transfer Notes (Cost $10,852,207)				10,943,477

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

21 Invesco Core Bond Fund

	Shares		Value
Preferred Stocks–0.30%
Diversified Financial Services–0.30%
Apollo Global Management, Inc., 7.63%, Pfd. (Cost $5,384,375)(d)		215,375	$	5,634,210
	Principal Amount
Municipal Obligations–0.28%
California (State of) Health Facilities Financing Authority (Social Bonds),
Series 2022, RB, 4.19%, 06/01/2037	$	1,370,000		1,159,768
Series 2022, RB, 4.35%, 06/01/2041		995,000		813,558
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041		4,965,000		3,270,280
Total Municipal Obligations (Cost $7,373,110)				5,243,606

	Shares		Value
Common Stocks & Other Equity Interests–0.00%
Agricultural Products & Services–0.00%
Locus Agriculture Solutions, Inc., Wts., expiring 12/31/2032 (Cost $0)(f)(m)		28	$	0
Money Market Funds–19.20%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(n)(o)		126,743,663		126,743,663
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(n)(o)		88,411,554		88,438,077
Invesco Treasury Portfolio, Institutional Class, 5.27%(n)(o)		144,849,901		144,849,901
Total Money Market Funds (Cost $360,009,166)				360,031,641
TOTAL INVESTMENTS IN SECURITIES–125.72% (Cost $2,471,409,910)				2,356,863,241
OTHER ASSETS LESS LIABILITIES–(25.72)%				(482,209,730	)
NET ASSETS–100.00%			$	1,874,653,511

Investment Abbreviations:
ARM	– Adjustable Rate Mortgage
Ctfs.	– Certificates
IO	– Interest Only
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
STRIPS	– Separately Traded Registered Interest and Principal Security
TBA	– To Be Announced
Wts.	– Warrants

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

22 Invesco Core Bond 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, 2023 was $448,895,627, which represented 23.95% of the Fund’s Net Assets.

^(c)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023.

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

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

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

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

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

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

^(j)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2023.

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

^(l)  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, 2023.

^(m)  Non-income producing security.

⁽ⁿ⁾  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  42,417,738		$   403,283,314		$(318,957,389)		$         -		$           -		$  126,743,663		$   5,794,042
Invesco Liquid Assets Portfolio, Institutional Class		28,202,765		288,059,512		(227,826,707)		12,532		(10,025)		88,438,077		4,139,694
Invesco Treasury Portfolio, Institutional Class		48,477,414		460,895,217		(364,522,730)		-		-		144,849,901		6,609,919
Total		$119,097,917		$1,152,238,043		$(911,306,826)		$12,532		$(10,025)		$  360,031,641		$  16,543,655

^(o)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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		711		December-2023	$	143,921,954		$	(592,091	)	$	(592,091	)
U.S. Treasury 5 Year Notes		488		December-2023		50,984,563			(266,333	)		(266,333	)
U.S. Treasury 10 Year Notes		1,035		December-2023		109,887,891			(3,509,782	)		(3,509,782	)
U.S. Treasury Long Bonds		339		December-2023		37,099,312			(3,727,267	)		(3,727,267	)
U.S. Treasury Ultra Bonds		215		December-2023		24,200,937			(3,265,294	)		(3,265,294	)
Subtotal–Long Futures Contracts									(11,360,767	)		(11,360,767	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 10 Year Ultra Notes		1,497		December-2023		(162,915,703	)		8,038,881			8,038,881
Total Futures Contracts								$	(3,321,886	)	$	(3,321,886	)

^(a)  Futures contracts collateralized by $3,763,991 cash held with Merrill Lynch International, the futures commission merchant.

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

23 Invesco Core Bond Fund

Statement of Assets and Liabilities

October 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $ 2,111,400,744)	$	1,996,831,600
Investments in affiliated money market funds, at value (Cost $ 360,009,166)		360,031,641
Other investments:
Variation margin receivable – futures contracts		3,224,774
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		3,763,991
Cash collateral – TBA commitments		9,862,242
Cash		2,000,000
Receivable for:
Investments sold		191,018,034
Fund shares sold		2,066,513
Dividends		1,748,975
Interest		13,237,164
Investment for trustee deferred compensation and retirement plans		111,834
Other assets		75,199
Total assets		2,583,971,967
Liabilities:
Payable for:
Investments purchased		208,551,663
TBA sales commitment		488,941,464
Dividends		1,582,557
Fund shares reacquired		4,187,505
Due to broker		5,184,000
Accrued fees to affiliates		653,614
Accrued other operating expenses		105,819
Trustee deferred compensation and retirement plans		111,834
Total liabilities		709,318,456
Net assets applicable to shares outstanding	$	1,874,653,511

Net assets consist of:
Shares of beneficial interest	$	2,323,012,187
Distributable earnings (loss)		(448,358,676	)
	$	1,874,653,511
Net Assets:
Class A	$	567,301,493
Class C	$	39,578,543
Class R	$	65,341,537
Class Y	$	873,415,464
Class R5	$	13,105
Class R6	$	329,003,369
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		106,991,813
Class C		7,457,817
Class R		12,327,191
Class Y		165,706,876
Class R5		2,472
Class R6		62,088,755
Class A:
Net asset value per share	$	5.30
Maximum offering price per share (Net asset value of $5.30 ÷ 95.75%)	$	5.54
Class C:
Net asset value and offering price per share	$	5.31
Class R:
Net asset value and offering price per share	$	5.30
Class Y:
Net asset value and offering price per share	$	5.27
Class R5:
Net asset value and offering price per share	$	5.30
Class R6:
Net asset value and offering price per share	$	5.30

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

24 Invesco Core Bond Fund

Statement of Operations

For the year ended October 31, 2023

Investment income:
Interest	$	70,195,261
Dividends from affiliated money market funds		16,543,655
Total investment income		86,738,916
Expenses:
Advisory fees		6,154,986
Administrative services fees		258,332
Custodian fees		48,729
Distribution fees:
Class A		1,467,945
Class C		428,137
Class R		361,653
Transfer agent fees – A, C, R and Y		2,326,140
Transfer agent fees – R5		9
Transfer agent fees – R6		95,747
Trustees’ and officers’ fees and benefits		29,827
Registration and filing fees		159,102
Reports to shareholders		107,486
Professional services fees		90,163
Other		32,181
Total expenses		11,560,437
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,638,769	)
Net expenses		9,921,668
Net investment income		76,817,248
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(128,465,561	)
Affiliated investment securities		(10,025	)
Futures contracts		(13,384,259	)
Swap agreements		209,876
		(141,649,969	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		60,495,049
Affiliated investment securities		12,532
Futures contracts		(4,179,543	)
		56,328,038
Net realized and unrealized gain (loss)		(85,321,931	)
Net increase (decrease) in net assets resulting from operations	$	(8,504,683	)

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

25 Invesco Core Bond Fund

Statement of Changes in Net Assets

For the years ended October 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	76,817,248		$	38,737,628
Net realized gain (loss)		(141,649,969	)		(181,509,479	)
Change in net unrealized appreciation (depreciation)		56,328,038			(178,899,691	)
Net increase (decrease) in net assets resulting from operations		(8,504,683	)		(321,671,542	)
Distributions to shareholders from distributable earnings:
Class A		(25,568,288	)		(16,307,502	)
Class C		(1,510,758	)		(896,446	)
Class R		(2,911,507	)		(1,685,982	)
Class Y		(34,931,809	)		(16,570,288	)
Class R5		(633	)		(416	)
Class R6		(14,567,696	)		(8,105,449	)
Total distributions from distributable earnings		(79,490,691	)		(43,566,083	)
Share transactions–net:
Class A		24,468,291			(52,098,582	)
Class C		(499,568	)		(15,137,193	)
Class R		(176,921	)		72,409
Class Y		374,601,069			(45,598,670	)
Class R6		59,561,222			35,989,122
Net increase (decrease) in net assets resulting from share transactions		457,954,093			(76,772,914	)
Net increase (decrease) in net assets		369,958,719			(442,010,539	)
Net assets:
Beginning of year		1,504,694,792			1,946,705,331
End of year	$	1,874,653,511		$	1,504,694,792

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

26 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 10/31/23		$5.51		$0.23		$(0.20	)		$ 0.03			$(0.24	)		$       –			$(0.24	)		$5.30		0.40	%		$567,301		0.68	%		0.79	%		4.12	%		578	%
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
Class C
Year ended 10/31/23		5.51		0.19		(0.19	)		–			(0.20	)		–			(0.20	)		5.31		(0.16	)		39,579		1.43			1.54			3.37			578
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
Class R
Year ended 10/31/23		5.50		0.22		(0.19	)		0.03			(0.23	)		–			(0.23	)		5.30		0.33			65,342		0.93			1.04			3.87			578
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
Class Y
Year ended 10/31/23		5.47		0.24		(0.19	)		0.05			(0.25	)		–			(0.25	)		5.27		0.82			873,415		0.43			0.54			4.37			578
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
Class R5
Year ended 10/31/23		5.50		0.25		(0.19	)		0.06			(0.26	)		–			(0.26	)		5.30		0.84			13		0.43			0.45			4.37			578
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 10/31/23		5.50		0.25		(0.19	)		0.06			(0.26	)		–			(0.26	)		5.30		0.87			329,003		0.39			0.41			4.41			578
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

^(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% and 0.00% for the ten months ended October 31, 2019 and for the year ended December 31, 2018, 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 and $10,593,719,030 and $10,775,658,902 for ten months ended October 31, 2019 and for the year ended December 31, 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 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.

27 Invesco Core Bond Fund

Notes to Financial Statements

October 31, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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

28 Invesco Core Bond 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 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. 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 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

29 Invesco Core Bond Fund

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.

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 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 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, which could result in the Fund accruing additional expenses. 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, 2023, 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.

L. 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.

30 Invesco Core Bond Fund

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.

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

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

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and 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.

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.

Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

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		0.400%
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, 2023, 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 28, 2025, 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 (the “expense limits”).In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2025. 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 did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser has contractually agreed, through at least June 30, 2025, 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, 2023, the Adviser waived advisory fees of $372,519 and reimbursed class level expenses of $481,547, $36,439, $61,361, $647,583, $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, 2023, 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, 2023, 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

31 Invesco Core Bond Fund

monthly. Of the Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $58,778 in front-end sales commissions from the sale of Class A shares and $3,434 and $2,873 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, 2023. 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	$	–		$	813,890,176	$	7,204,200	$	821,094,376
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			591,750,873		–		591,750,873
Asset-Backed Securities		–			349,179,876		5,493,000		354,672,876
U.S. Treasury Securities		–			207,492,182		–		207,492,182
Agency Credit Risk Transfer Notes		–			10,943,477		–		10,943,477
Preferred Stocks		5,634,210			–		–		5,634,210
Municipal Obligations		–			5,243,606		–		5,243,606
Common Stocks & Other Equity Interests		–			–		–		–
Money Market Funds		360,031,641			–		–		360,031,641
Total Investments in Securities		365,665,851			1,978,500,190		12,697,200		2,356,863,241
Other Investments - Assets*
Futures Contracts		8,038,881			–		–		8,038,881
Other Investments - Liabilities*
Futures Contracts		(11,360,767	)		–		–		(11,360,767	)
Total Other Investments		(3,321,886	)		–		–		(3,321,886	)
Total Investments	$	362,343,965		$	1,978,500,190	$	12,697,200	$	2,353,541,355

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2023:

	Value
	Interest
Derivative Assets	Rate Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	8,038,881
Derivatives not subject to master netting agreements		(8,038,881	)
Total Derivative Assets subject to master netting agreements	$	–

32 Invesco Core Bond Fund

	Value
	Interest
Derivative Liabilities	Rate Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(11,360,767	)
Derivatives not subject to master netting agreements		11,360,767
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, 2023

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		Interest
	Risk		Rate Risk			Total
Realized Gain (Loss):
Futures contracts	$	-	$	(13,384,259	)	$	(13,384,259	)
Swap agreements		209,876		-			209,876
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		-		(4,179,543	)		(4,179,543	)
Total	$	209,876	$	(17,563,802	)	$	(17,353,926	)

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

	Futures		Swap
	Contracts		Agreements
Average notional value	$	430,487,409	$	34,813,000

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $39,320.

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.

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, 2023 and 2022:

	2023		2022
Ordinary income*	$	79,490,691	$	43,566,083

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

33 Invesco Core Bond Fund

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	3,614,854
Net unrealized appreciation (depreciation) – investments		(117,970,542	)
Temporary book/tax differences		(107,815	)
Capital loss carryforward		(333,895,173	)
Shares of beneficial interest		2,323,012,187
Total net assets	$	1,874,653,511

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.

The Fund has a capital loss carryforward as of October 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	226,395,952	$	107,499,221	$	333,895,173

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

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, 2023 was $1,514,390,148 and $1,552,668,114, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	9,304,805
Aggregate unrealized (depreciation) of investments		(127,275,347	)
Net unrealized appreciation (depreciation) of investments	$	(117,970,542	)

Cost of investments for tax purposes is $2,471,511,897.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of amortization and accretion on debt securities, dollar rolls and paydowns, on October 31, 2023, undistributed net investment income was increased by $797,625 and undistributed net realized gain (loss) was decreased by $797,625. 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, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		23,858,710		$	135,215,575			17,838,489		$	112,639,168
Class C		2,527,833			14,352,927			1,518,947			9,458,524
Class R		2,969,091			16,851,769			2,842,778			17,892,812
Class Y		128,464,199			725,610,777			74,333,819			455,512,781
Class R6		23,603,319			133,682,141			26,237,706			160,963,443
Issued as reinvestment of dividends:
Class A		4,098,769			23,093,836			2,390,857			14,761,196
Class C		242,389			1,367,305			131,458			814,804
Class R		511,709			2,883,492			271,732			1,673,246
Class Y		4,248,702			23,727,669			1,923,761			11,825,056
Class R6		2,043,660			11,490,224			1,043,833			6,429,314
Automatic conversion of Class C shares to Class A shares:
Class A		859,879			4,863,663			900,361			5,642,658
Class C		(858,977	)		(4,863,663	)		(899,544	)		(5,642,658	)

34 Invesco Core Bond Fund

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(24,647,497	)	$	(138,704,783	)		(29,586,157	)	$	(185,141,604	)
Class C		(2,006,586	)		(11,356,137	)		(3,162,356	)		(19,767,863	)
Class R		(3,551,007	)		(19,912,182	)		(3,109,203	)		(19,493,649	)
Class Y		(66,547,600	)		(374,737,377	)		(82,922,888	)		(512,936,507	)
Class R6		(15,212,923	)		(85,611,143	)		(21,257,303	)		(131,403,635	)
Net increase (decrease) in share activity		80,603,670		$	457,954,093			(11,503,710	)	$	(76,772,914	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 41% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

35 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, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, 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, 2023, 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, 2023 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, 2023 and the ten months ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the four years in the period ended October 31, 2023 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 the year then ended (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, 2023 by correspondence with the custodian, transfer agent, portfolio company investee, and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2023

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.

36 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, 2023 through October 31, 2023.

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     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$938.00	$3.32	$1,021.78	$3.47	0.68%
Class C	1,000.00	934.50	6.97	1,018.00	7.27	1.43
Class R	1,000.00	936.70	4.54	1,020.52	4.74	0.93
Class Y	1,000.00	938.70	2.10	1,023.04	2.19	0.43
Class R5	1,000.00	939.10	2.10	1,023.04	2.19	0.43
Class R6	1,000.00	939.30	1.86	1,023.29	1.94	0.38

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, 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.

37 Invesco Core Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was

38 Invesco Core Bond Fund

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 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. 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 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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

39 Invesco Core Bond Fund

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 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, 2023:

Federal and State Income Tax
Qualified Dividend Income*	2.26	%
Corporate Dividends Received Deduction*	1.77	%
U.S. Treasury Obligations*	14.37	%
Qualified Business Income*	0.00	%
Business Interest Income*	78.30	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

41 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	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	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Core Bond Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

Annual Report to Shareholders October 31, 2023

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
23	Report of Independent Registered Public Accounting Firm
24	Fund Expenses
25	Approval of Investment Advisory and Sub-Advisory Contracts
28	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2023, Class A shares of Invesco Developing Markets Fund (the Fund), at net asset value (NAV), outperformed the MSCI Emerging Markets Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/22 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	15.91	%
Class C Shares	15.01
Class R Shares	15.58
Class Y Shares	16.18
Class R5 Shares	16.30
Class R6 Shares	16.31
MSCI Emerging Markets Index▼	10.80
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

Global equity markets posted gains in November 2022, after better inflation data sparked a rally. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023, as inflation remained above target levels. International stocks outperformed US stocks, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter of 2022, driven by China, which eased its zero-COVID-19 policy and started to reopen.

    For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. Optimism about AI (Artificial Intelligence) boosted technology stocks around the world during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023, but within the asset class, China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns, among other factors.

    The global equity rally in the first half of 2023 came to an end in the third quarter as global equity markets declined. Concerns about a slowing global economy and interest rates staying “higher for longer” hampered stock returns. During the quarter, value stocks outperformed growth stocks. Energy was the best performing sector, ending the quarter in positive territory, boosted by rising oil prices as Russia and the Organization of Petroleum Exporting Countries (OPEC) cut supplies. Developed market equities underperformed emerging market equities. Within emerging markets, there was a large dispersion in returns, largely driven by idiosyncratic country factors.

    Global equity markets continued their decline in October 2023. Despite higher rates and increased market volatility, for the fiscal year ended October 31, 2023, both developed

market equities and emerging market equities ended the fiscal year in positive territory. In our view, the strong performance of emerging market equities during a fiscal year of such adversity points to the increased resilience of emerging market economies and the attractive valuation of emerging market stocks.

    From a sector perspective, the largest contributors to the Fund’s relative performance during the fiscal year were stock selection in energy, consumer discretionary and industrials. The largest detractors to relative performance were stock selection in financials, an underweight and stock selection in information technology and an overweight and stock selection in consumer staples.

    From a country perspective, the largest contributors to the Fund’s relative performance during the fiscal year were an overweight in Russia, stock selection in China and an underweight allocation in Saudi Arabia. The largest detractors to relative performance were an overweight and stock selection in India, stock selection in South Korea and an overweight and stock selection in Brazil.

    The largest contributors to the Fund’s absolute performance during the fiscal year included Taiwan Semiconductor Manufacturing (TSMC), Novatek and Yum China Holdings.

    In our opinion, TSMC is one of the world’s leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms and design teams competing to push computing and AI innovation. We believe that TSMC should be well positioned, as they continue migrating to next generation processing nodes.

    Novatek, which we have held for nearly 15 years, is one of the world’s largest independent global gas producers, and we believe it has considerable growth options in its portfolio of low cost and competitively advantaged

liquefied natural gas projects. Market conditions allowed us, following strict guidelines and regulations, to sell shares in the over-the-counter market. The remaining shares have been priced in accordance with the most recent observed transaction, making appropriate adjustments to reflect additional market color.

    Yum China Holdings operates a portfolio of quick serve restaurants in the underpenetrated Chinese market with notable brands such as KFC and Pizza Hut. Despite the challenges of operating under China’s zero-COVID-19 policy, Yum’s adaptability in terms of managements’ flexibility, supply chain strength and digital initiatives allowed them to provide quality food to their budget conscious consumers. As a result, Yum China Holdings has continued to see same store sales improve, margin expansion and improved operating profits, nearing or above pre-COVID-19 levels. Continued expansion initiatives into Tier three and four cities should support ongoing growth, in our opinion.

    The largest detractors from the Fund’s absolute performance during the fiscal year included HDFC Bank, Banco Bradesco and Kotak Mahindra Bank.

    HDFC Bank is India’s largest private sector bank. HDFC Bank merged with its parent, HDFC Corp, a long-term holding of the Fund, in the third quarter of 2023. We believe that the combined entity should be able to achieve lower cost of funds for mortgage products along with better cross-selling opportunities through HDFC Bank’s vast branch network. Mortgage penetration and consumer finance remain embryonic in India. The stock has been under pressure as the result of earnings adjustments related to the integration.

    Banco Bradesco is one of the largest private financial institutions in Brazil. It operates a top tier bank and a strong insurance business. We expect that Bradesco should benefit when macroeconomic headwinds in Brazil recede, resulting in a baseline for credit growth. However, the challenging environment of the last several quarters have weighed on asset quality, net interest income and return on equity for Bradesco. The uncertainties surrounding the timing and scale of a macroeconomic recovery and the implications for the company have weighed on the stock. We reduced our position in the holding during the fiscal year.

    Kotak Mahindra Bank serves the largely underbanked Indian population through a physical retail presence and a robust digital infrastructure. We believe that Kotak Mahindra Bank’s digital campaigns should aid in acquiring younger customers who are climbing the income ladder providing growing customer volumes at a low acquisition cost. Kotak Mahindra Bank has strong fundamentals and underwriting quality which will support growth initiatives in the loan book and commercial business segments, in our opinion. A recent management transition has put

2 Invesco Developing Markets Fund

pressure on the stock. We remain confident that the company will continue to execute well on its growth strategy and will closely engage with the new CEO to monitor progress.

    As long-term investors, company fundamentals are especially crucial to us. Our investment approach has always been rooted in the unwavering focus of seeking to unearth high-quality compounders-innovative companies with structural tailwinds, durable competitive advantages and a host of options that will manifest over time. We believe that this environment favors those with an idiosyncratic approach and rewards genuine imagination and creativity in unearthing the rare breed of extraordinary companies.

    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 10/31/13

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 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (11/18/96)	8.93	%
10 Years	0.04
5 Years	-0.31
1 Year	9.53
Class C Shares
Inception (11/18/96)	8.91	%
10 Years	0.00
5 Years	0.07
1 Year	14.01
Class R Shares
Inception (3/1/01)	8.03	%
10 Years	0.35
5 Years	0.57
1 Year	15.58
Class Y Shares
Inception (9/7/05)	5.93	%
10 Years	0.86
5 Years	1.08
1 Year	16.18
Class R5 Shares
10 Years	0.77	%
5 Years	1.15
1 Year	16.30
Class R6 Shares
Inception (12/29/11)	3.27	%
10 Years	1.02
5 Years	1.22
1 Year	16.31

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, 2023, 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	17.97%
Consumer Discretionary	17.04
Information Technology	16.67
Consumer Staples	11.62
Communication Services	8.00
Materials	7.84
Industrials	6.63
Health Care	4.98
Energy	2.98
Real Estate	1.12
Money Market Funds Plus Other Assets Less Liabilities	5.15

Top 10 Equity Holdings*

		% of total net assets
1.	Taiwan Semiconductor Manufacturing Co. Ltd.	7.97%
2.	Kotak Mahindra Bank Ltd.	5.61
3.	Yum China Holdings, Inc.	5.26
4.	HDFC Bank Ltd.	5.17
5.	Grupo Mexico S.A.B. de C.V., Class B	4.68
6.	Tata Consultancy Services Ltd.	4.52
7.	Pernod Ricard S.A.	4.50
8.	H World Group Ltd., ADR	4.42
9.	ZTO Express (Cayman), Inc., ADR	3.97
10.	Tencent Holdings Ltd.	3.36

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, 2023.

7 Invesco Developing Markets Fund

Consolidated Schedule of Investments

October 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–93.70%
Brazil–6.74%
Ambev S.A.		164,774,890	$	420,291,582
Arezzo Industria e Comercio S.A.		3,344,595		38,734,745
B3 S.A. - Brasil, Bolsa, Balcao		74,076,100		163,087,164
Banco Bradesco S.A., Preference Shares		6,195,182		17,190,578
Itau Unibanco Holding S.A., Preference Shares		33,296,678		177,124,392
Localiza Rent a Car S.A.		5,555,200		56,050,583
Localiza Rent a Car S.A., Rts., expiring 11/10/2023(a)		40,734		56,555
NU Holdings Ltd., Class A(a)		28,291,531		231,990,554
Raia Drogasil S.A.		1,704,900		8,724,435
Vale S.A., ADR		15,845,114		217,236,513
WEG S.A.		21,644,240		141,711,978
				1,472,199,079
Chile–1.05%
Antofagasta PLC		5,731,475		93,706,430
Banco Santander Chile		3,120,245,394		136,035,727
				229,742,157
China–22.95%
BeiGene Ltd., ADR(a)		1,149,994		214,220,882
H World Group Ltd.(a)		1,984,000		7,432,538
H World Group Ltd., ADR(a)(b)		25,611,374		964,524,345
Meituan, B Shares(a)(c)		6,339,395		90,062,370
MicroTech Medical Hangzhou Co. Ltd., H Shares(a)(c)		7,473,100		4,009,813
NetEase, Inc., ADR		4,857,362		519,349,145
New Horizon Health Ltd.(a)(c)		28,876,500		70,443,615
PDD Holdings, Inc., ADR(a)		2,284,483		231,692,266
Silergy Corp.		1,176,269		10,545,240
Tencent Holdings Ltd.		19,791,458		733,171,344
Wuxi Biologics Cayman, Inc.(a)(c)		3,367,500		20,946,996
Yum China Holdings, Inc.(b)		21,881,564		1,150,095,004
Zai Lab Ltd., ADR(a)		2,824,837		71,185,892
ZTO Express (Cayman), Inc.		2,473,482		58,168,613
ZTO Express (Cayman), Inc., ADR(b)		36,797,774		867,323,533
				5,013,171,596
France–6.38%
L’Oreal S.A.		274,095		114,969,778
Pernod Ricard S.A.		5,527,981		982,871,121
TotalEnergies SE		4,426,049		296,427,767
				1,394,268,666
Hong Kong–1.11%
AIA Group Ltd.		27,744,400		241,631,265
India–17.46%
Havells India Ltd.		6,317,937		94,678,867
HCL Technologies Ltd.		4,253,676		65,284,637
HDFC Bank Ltd.		63,671,152		1,130,365,677
Kotak Mahindra Bank Ltd.		58,625,877		1,225,713,220
Le Travenues Technology Ltd.(d)		7,200,800		7,381,666
Oberoi Realty Ltd.		16,729,656		228,654,817

	Shares		Value
India–(continued)
Pine Labs Pvt. Ltd. (Acquired 09/09/2021; Cost $49,999,780)(d)(e)		134,098	$	74,304,582
Tata Consultancy Services Ltd.		24,317,692		986,589,742
Voltas Ltd.		106,743		1,074,731
				3,814,047,939
Indonesia–1.18%
PT Bank Central Asia Tbk		387,065,800		213,397,952
PT Bank Rakyat Indonesia (Persero) Tbk		142,129,100		44,429,188
				257,827,140
Italy–1.87%
Ermenegildo Zegna N.V.		7,001,943		77,861,606
PRADA S.p.A.		54,923,810		329,781,998
				407,643,604
Japan–0.83%
Daiichi Sankyo Co. Ltd.		7,018,400		180,344,078
Mexico–11.07%
America Movil S.A.B. de C.V., ADR		25,538,451		423,938,287
Fomento Economico Mexicano S.A.B.de C.V., Series CPO		40,018,242		452,943,727
Grupo Mexico S.A.B. de C.V., Class B		250,404,132		1,021,255,523
Wal-Mart de Mexico S.A.B. de C.V., Series V		144,949,334		518,807,506
				2,416,945,043
Netherlands–0.50%
Argenx SE, ADR(a)		233,639		109,709,865
Peru–0.93%
Credicorp Ltd.		1,621,078		202,569,907
Philippines–1.11%
SM Investments Corp.		16,066,072		226,815,120
SM Prime Holdings, Inc.		29,598,900		15,612,178
				242,427,298
Poland–0.03%
Allegro.eu S.A.(a)(c)		898,119		6,443,109
Portugal–1.19%
Galp Energia SGPS S.A.		17,291,279		260,312,156
Russia–0.43%
Novatek PJSC, GDR(a)(c)(d)		1,603,514		94,667,200
Sberbank of Russia PJSC(a)(d)		4,942,538		5
				94,667,205
South Africa–0.64%
FirstRand Ltd.		42,652,740		140,664,109
South Korea–7.06%
Kakao Corp.		2,487,184		70,184,173
LG Chem Ltd.		1,151,973		379,600,330
LG H&H Co. Ltd.		177,747		41,764,257
Samsung Biologics Co. Ltd.(a)(c)		704,568		370,037,402

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

8 Invesco Developing Markets Fund

	Shares		Value
South Korea–(continued)
Samsung Electronics Co. Ltd.		13,659,987	$	681,164,491
				1,542,750,653
Switzerland–3.08%
Cie Financiere Richemont S.A.		5,604,840		661,776,309
Cie Financiere Richemont S.A., Wts.,expiring 11/22/2023(a)		15,598,668		10,254,497
				672,030,806
Taiwan–8.09%
MediaTek, Inc.		952,000		25,082,178
Taiwan Semiconductor Manufacturing Co. Ltd.		105,625,429		1,740,244,667
Voltronic Power Technology Corp.		66,919		2,685,381
				1,768,012,226
Total Common Stocks & Other Equity Interests (Cost $14,814,056,761)				20,467,407,901
Preferred Stocks–1.15%
China–0.21%
Abogen Therapeutics Ltd., Series C, Pfd. (Acquired 08/02/2021; Cost $65,429,977)(d)(e)		1,436,122		45,800,803
India–0.94%
Bundl Technologies Pvt. Ltd., Series K, Pfd. (Acquired 01/24/2022; Cost $190,477,257)(d)		28,844		147,635,640

	Shares		Value
India–(continued)
Pine Labs Pvt. Ltd., Series K, Pfd. (Acquired 09/09/2021; Cost $50,000,355)(d)(e)		103,185	$	57,175,486
				204,811,126
Total Preferred Stocks (Cost $305,907,589)				250,611,929
Money Market Funds–4.90%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(b)(f)		374,814,301		374,814,301
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(b)(f)		267,649,549		267,729,843
Invesco Treasury Portfolio, Institutional Class, 5.27%(b)(f)		428,359,202		428,359,202
Total Money Market Funds (Cost $1,070,853,616)				1,070,903,346
TOTAL INVESTMENTS IN SECURITIES–99.75% (Cost $16,190,817,966)				21,788,923,176
OTHER ASSETS LESS LIABILITIES–0.25%				54,085,917
NET ASSETS–100.00%			$	21,843,009,093

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

Notes to Consolidated Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	210,074,808	$	1,694,248,610	$	(1,529,509,117)	$	-	$	-	$	374,814,301	$	16,785,453
Invesco Liquid Assets Portfolio, Institutional Class		160,872,614		1,210,177,500		(1,103,344,592)		1,789		22,532		267,729,843		12,348,364
Invesco Treasury Portfolio, Institutional Class		240,085,494		1,936,284,126		(1,748,010,418)		-		-		428,359,202		19,157,043

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

9 Invesco Developing Markets Fund

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Investments in Other Affiliates:
H World Group Ltd., ADR	$	714,027,757	$	51,042,946	$	(104,743,540)	$	274,839,088	$	29,358,094	$	964,524,345	$	-
Yandex N.V., Class A		23		-		(195,733,646)		916,590,344		(720,856,721)		-		-
Yum China Holdings, Inc.		1,248,079,869		-		(489,876,348)		308,879,625		83,011,858		1,150,095,004		14,129,016
Zai Lab Ltd., ADR*		161,412,607		-		(181,603,404)		527,319,709		(435,943,020)		71,185,892		-
Zee Entertainment Enterprises Ltd.		155,536,647		-		(120,746,666)		100,140,255		(134,930,236)		-		-
ZTO Express (Cayman), Inc., ADR		621,514,403		-		-		245,809,130		-		867,323,533		13,247,198
Total	$	3,511,604,222	$	4,891,753,182	$	(5,473,567,731)	$	2,373,579,940	$	(1,179,337,493)	$	4,124,032,120	$	75,667,074

* At October 31, 2023, this security was no longer an affiliate of the Fund.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $656,610,505, which represented 3.01% of the Fund’s Net Assets.

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

^(e)  Restricted security. The aggregate value of these securities at October 31, 2023 was $177,280,871, which represented less than 1% of the Fund’s Net Assets.

^(f)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized
Date	Counterparty	Deliver		Receive		Appreciation
Currency Risk
11/03/2023	State Street Bank & Trust Co.	USD	1,192,666	PHP	67,683,771		$210

Abbreviations:

PHP – Philippines Peso

USD – U.S. Dollar

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, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $13,199,893,146)	$	17,736,076,948
Investments in affiliates, at value (Cost $2,990,924,820)		4,052,846,228
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		210
Cash		40,034,662
Foreign currencies, at value (Cost $34,725,277)		33,068,513
Receivable for:
Investments sold		233,253,284
Fund shares sold		12,284,221
Dividends		27,638,365
Investment for trustee deferred compensation and retirement plans		1,197,175
Other assets		98,039
Total assets		22,136,497,645
Liabilities:
Payable for:
Investments purchased		103,738,806
Fund shares reacquired		29,804,700
Accrued foreign taxes		148,610,289
Accrued fees to affiliates		6,764,054
Accrued trustees’ and officers’ fees and benefits		237,323
Accrued other operating expenses		3,136,205
Trustee deferred compensation and retirement plans		1,197,175
Total liabilities		293,488,552
Net assets applicable to shares outstanding	$	21,843,009,093
Net assets consist of:
Shares of beneficial interest	$	19,033,394,047
Distributable earnings		2,809,615,046
	$	21,843,009,093

Net Assets:
Class A	$	2,281,614,174
Class C	$	36,504,263
Class R	$	216,912,406
Class Y	$	10,725,129,727
Class R5	$	16,142,886
Class R6	$	8,566,705,637
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		62,938,594
Class C		1,120,568
Class R		6,283,087
Class Y		300,639,497
Class R5		445,173
Class R6		240,149,766
Class A:
Net asset value per share	$	36.25
Maximum offering price per share (Net asset value of $36.25 ÷ 94.50%)	$	38.36
Class C:
Net asset value and offering price per share	$	32.58
Class R:
Net asset value and offering price per share	$	34.52
Class Y:
Net asset value and offering price per share	$	35.67
Class R5:
Net asset value and offering price per share	$	36.26
Class R6:
Net asset value and offering price per share	$	35.67

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, 2023

Investment income:
Interest	$	621,419
Dividends (net of foreign withholding taxes of $73,416,573)		401,314,308
Dividends from affiliates		75,667,074
Foreign withholding tax claims		11,453,521
Total investment income		489,056,322
Expenses:
Advisory fees		191,448,811
Administrative services fees		3,539,071
Custodian fees		8,583,074
Distribution fees:
Class A		6,502,034
Class C		362,354
Class R		1,207,491
Transfer agent fees – A, C, R and Y		24,114,741
Transfer agent fees – R5		5,187
Transfer agent fees – R6		2,959,309
Trustees’ and officers’ fees and benefits		250,820
Registration and filing fees		333,630
Reports to shareholders		2,041,170
Professional services fees		383,482
Other		823,581
Total expenses		242,554,755
Less: Fees waived and/or expense offset arrangement(s)		(1,150,985	)
Net expenses		241,403,770
Net investment income		247,652,552
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $63,871,125)		(208,355,887	)
Affiliated investment securities		(1,179,337,493	)
Foreign currencies		(11,146,965	)
Forward foreign currency contracts		(143,871	)
		(1,398,984,216	)
Change in net unrealized appreciation of:
Unaffiliated investment securities (net of foreign taxes of $43,816,091)		2,613,311,124
Affiliated investment securities		2,373,579,940
Foreign currencies		5,870,474
Forward foreign currency contracts		210
		4,992,761,748
Net realized and unrealized gain		3,593,777,532
Net increase in net assets resulting from operations	$	3,841,430,084

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, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	247,652,552		$	182,077,188
Net realized gain (loss)		(1,398,984,216	)		(1,297,407,234	)
Change in net unrealized appreciation (depreciation)		4,992,761,748			(16,193,379,595	)
Net increase (decrease) in net assets resulting from operations		3,841,430,084			(17,308,709,641	)
Distributions to shareholders from distributable earnings:
Class A		(15,077,879	)		(196,709,112	)
Class C		(39,391	)		(3,347,754	)
Class R		(577,718	)		(17,064,426	)
Class Y		(109,408,871	)		(1,100,030,266	)
Class R5		(1,597	)		(502,518	)
Class R6		(118,529,294	)		(1,049,638,131	)
Total distributions from distributable earnings		(243,634,750	)		(2,367,292,207	)
Share transactions–net:
Class A		(503,633,450	)		(257,246,966	)
Class C		1,996,035			(13,976,453	)
Class R		(26,301,216	)		(12,600,336	)
Class Y		(1,833,552,854	)		(2,926,163,579	)
Class R5		17,501,878			(8,363,219	)
Class R6		(2,287,254,658	)		(3,779,141,156	)
Net increase (decrease) in net assets resulting from share transactions		(4,631,244,265	)		(6,997,491,709	)
Net increase (decrease) in net assets		(1,033,448,931	)		(26,673,493,557	)
Net assets:
Beginning of year		22,876,458,024			49,549,951,581
End of year	$	21,843,009,093		$	22,876,458,024

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 10/31/23		$31.45		$ 0.28			$   4.72			$   5.00			$(0.20	)		$      –			$(0.20	)		$36.25		15.91	%		$2,281,614		1.25	%		1.25	%		0.73	%		25	%
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
Class C
Year ended 10/31/23		28.36		(0.01	)		4.27			4.26			(0.04	)		–			(0.04	)		32.58		15.01			36,504		2.00			2.00			(0.02	)		25
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
Class R
Year ended 10/31/23		29.94		0.18			4.48			4.66			(0.08	)		–			(0.08	)		34.52		15.58			216,912		1.50			1.50			0.48			25
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
Class Y
Year ended 10/31/23		30.99		0.37			4.64			5.01			(0.33	)		–			(0.33	)		35.67		16.15			10,725,130		1.00			1.00			0.98			25
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
Class R5
Year ended 10/31/23		31.51		0.39			4.75			5.14			(0.39	)		–			(0.39	)		36.26		16.30			16,143		0.94			0.94			1.04			25
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 10/31/23		31.02		0.42			4.64			5.06			(0.41	)		–			(0.41	)		35.67		16.31			8,566,706		0.87			0.87			1.11			25
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

^(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 year ended August 31, 2019, 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, 2023, the portfolio turnover calculation excludes the value of securities purchased of $24,736,814 in connection with the acquisition of Invesco Emerging Markets Innovators Fund into the Fund.

^(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, 2023

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 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 net 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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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.

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 mean between the last bid and ask 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/ask 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.

15 Invesco Developing Markets 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. 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 seek 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 Foreign withholding tax claims on the Consolidated Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

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 by investment companies. Any 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 services 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, 2023, 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

16 Invesco Developing Markets Fund

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 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.

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, 2023, the effective advisory fee rate incurred by the Fund was 0.77%.

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.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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 “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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

17 Invesco Developing Markets Fund

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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2023, the Adviser waived advisory fees of $1,091,682.

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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $54,794 in front-end sales commissions from the sale of Class A shares and $4,022 and $1,576 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, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Brazil	$	1,472,199,079	$	–	$	–	$	1,472,199,079
Chile		136,035,727		93,706,430		–		229,742,157
China		4,018,391,067		994,780,529		45,800,803		5,058,972,399
France		–		1,394,268,666		–		1,394,268,666
Hong Kong		–		241,631,265		–		241,631,265
India		–		3,732,361,691		286,497,374		4,018,859,065
Indonesia		–		257,827,140		–		257,827,140
Italy		77,861,606		329,781,998		–		407,643,604
Japan		–		180,344,078		–		180,344,078
Mexico		2,416,945,043		–		–		2,416,945,043
Netherlands		109,709,865		–		–		109,709,865
Peru		202,569,907		–		–		202,569,907
Philippines		–		242,427,298		–		242,427,298
Poland		–		6,443,109		–		6,443,109

18 Invesco Developing Markets Fund

	Level 1		Level 2		Level 3		Total
Portugal	$	–	$	260,312,156	$	–	$	260,312,156
Russia		–		–		94,667,205		94,667,205
South Africa		–		140,664,109		–		140,664,109
South Korea		–		1,542,750,653		–		1,542,750,653
Switzerland		10,254,497		661,776,309		–		672,030,806
Taiwan		–		1,768,012,226		–		1,768,012,226
Money Market Funds		1,070,903,346		–		–		1,070,903,346
Total Investments in Securities		9,514,870,137		11,847,087,657		426,965,382		21,788,923,176
Other Investments - Assets*
Forward Foreign Currency Contracts		–		210		–		210
Total Investments	$	9,514,870,137	$	11,847,087,867	$	426,965,382	$	21,788,923,386

* Unrealized appreciation.

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, 2023:

	Value 10/31/22		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 10/31/23
Preferred Stocks	$	265,554,732	$	–	$	–			$–	$	–		$	(14,942,803	)		$–		$–	$	250,611,929
Common Stocks & Other Equity Interests		62,853,428		9,169,499		(674,898,983	)		–		(1,143,474,585	)		1,922,704,094			–		–		176,353,453
Total	$	328,408,160	$	9,169,499	$	(674,898,983	)		$–	$	(1,143,474,585	)	$	1,907,761,291			$–		$–	$	426,965,382

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.

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, 2023:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$210
Derivatives not subject to master netting agreements	–
Total Derivative Assets subject to master netting agreements	$210

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, 2023.

	Financial
	Derivative		Collateral
	Assets		(Received)/Pledged
	Forward Foreign	Net Value of			Net
Counterparty	Currency Contracts	Derivatives	Non-Cash	Cash	Amount
State Street Bank & Trust Co.	$210	$210	$–	$–	$210

19 Invesco Developing Markets Fund

Effect of Derivative Investments for the year ended October 31, 2023

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

	Location of Gain (Loss) on
	Consolidated Statement of Operations
	Currency
	Risk
Realized Gain (Loss):
Forward foreign currency contracts		$(143,871)
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		210
Total		$(143,661)

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

	Forward
	Foreign Currency
	Contracts
Average notional value	$1,851,435

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $59,303.

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.

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, 2023 and 2022:

	2023		2022
Ordinary income*	$	243,634,750	$	197,775,456
Long-term capital gain		–		2,169,516,751
Total distributions	$	243,634,750	$	2,367,292,207

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	111,273,539
Net unrealized appreciation – investments		5,330,186,093
Net unrealized appreciation (depreciation) – foreign currencies		(2,107,258	)
Temporary book/tax differences		(1,392,578	)
Capital loss carryforward		(2,628,344,750	)
Shares of beneficial interest		19,033,394,047
Total net assets	$	21,843,009,093

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 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.

20 Invesco Developing Markets 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$1,625,219,115		$1,003,125,635		$2,628,344,750

* 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, 2023 was $5,847,554,626 and $10,939,954,588, 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	$ 6,520,630,711
Aggregate unrealized (depreciation) of investments	(1,190,444,618	)
Net unrealized appreciation of investments	$ 5,330,186,093

Cost of investments for tax purposes is $16,458,737,293.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and foreign capital gains taxes, on October 31, 2023, undistributed net investment income was decreased by $69,480,749 and undistributed net realized gain (loss) was increased by $69,480,749. Further, as a result of tax deferrals acquired in the reorganization of into the Fund, undistributed net investment income was decreased by $17,464, undistributed net realized gain (loss) was decreased by $32,378,592 and shares of beneficial interest was increased by $32,396,056. These reclassifications had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		7,704,832		$	292,416,517			15,975,399		$	628,270,673
Class C		174,202			6,065,838			109,960			4,097,121
Class R		681,330			24,879,179			921,028			36,451,727
Class Y		57,622,626			2,164,564,452			107,662,674			4,291,619,180
Class R5		464,283			18,405,853			22,052			953,261
Class R6		43,431,997			1,631,654,997			83,670,704			3,385,134,926
Issued as reinvestment of dividends:
Class A		342,132			12,484,358			3,677,641			174,320,239
Class C		1,111			36,688			73,175			3,147,985
Class R		16,571			576,991			376,951			17,041,970
Class Y		2,456,978			88,033,531			20,494,817			954,853,521
Class R5		41			1,503			10,620			501,895
Class R6		2,404,533			86,058,236			17,923,230			834,684,837
Automatic conversion of Class C shares to Class A shares:
Class A		133,287			5,107,931			212,455			8,587,167
Class C		(147,825	)		(5,107,931	)		(234,663	)		(8,587,167	)
Issued in connection with acquisitions:(b)
Class A		1,051,851			41,251,493			-			-
Class C		256,461			9,062,531			-			-
Class R		163,337			6,105,542			-			-
Class Y		920,475			35,494,048			-			-
Class R5		210			8,210			-			-
Class R6		216,033			8,325,575			-			-

21 Invesco Developing Markets Fund

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(22,435,302	)	$	(854,893,749	)		(27,234,377	)	$	(1,068,425,045	)
Class C		(233,908	)		(8,061,091	)		(342,845	)		(12,634,392	)
Class R		(1,584,463	)		(57,862,928	)		(1,707,185	)		(66,094,033	)
Class Y		(111,201,268	)		(4,121,644,885	)		(214,616,817	)		(8,172,636,280	)
Class R5		(23,471	)		(913,688	)		(225,231	)		(9,818,375	)
Class R6		(108,003,823	)		(4,013,293,466	)		(207,243,475	)		(7,998,960,919	)
Net increase (decrease) in share activity		(125,587,770	)	$	(4,631,244,265	)		(200,473,887	)	$	(6,997,491,709	)

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

^(b)  After the close of business on June 23, 2023, the Fund acquired all the net assets of Invesco Emerging Markets Innovators Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on March 16, 2023. 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 2,608,367 shares of the Fund for 12,966,553 shares outstanding of the Target Fund as of the close of business on June 23, 2023. 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, June 23, 2023. The Target Fund’s net assets as of the close of business on June 23, 2023 of $100,247,399, including $2,469,400 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $24,527,723,231 and $24,627,970,630 immediately after the acquisition.

The pro forma results of operations for the year ended October 31, 2023 assuming the reorganization had been completed on November 1, 2022, the beginning of the annual reporting period are as follows:

Net investment income	$	247,663,411
Net realized/unrealized gains		3,614,474,818
Change in net assets resulting from operations	$	3,862,138,229

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Target Fund that have been included in the Fund’s Statement of Operations since June 23, 2023.

22 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, 2023, the related consolidated statement of operations for the year ended October 31, 2023, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (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, 2023, 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, 2023 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 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, 2023 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 21, 2023

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.

23 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, 2023 through October 31, 2023.

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     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$910.10	$6.07	$1,018.85	$6.41	1.26%
Class C	1,000.00	906.80	9.66	1,015.07	10.21	2.01
Class R	1,000.00	908.90	7.27	1,017.59	7.68	1.51
Class Y	1,000.00	911.40	4.87	1,020.11	5.14	1.01
Class R5	1,000.00	911.50	4.48	1,020.52	4.74	0.93
Class R6	1,000.00	911.80	4.14	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, 2023 through October 31, 2023, 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.

24 Invesco Developing Markets Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 fourth quintile of its performance universe for the one and five year periods and the fifth 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

25 Invesco Developing Markets Fund

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 also considered that the Fund’s exposure to Russia and its stock selection in certain sectors and regions negatively impacted performance. The Board also considered that it had recently approved the reorganization of Invesco Emerging Markets Innovators Fund into the Fund, which reorganization was anticipated to close on or around June 23, 2023. 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, 2022.

    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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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

26 Invesco Developing Markets Fund

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.

27 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, 2023:

Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	6.02	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
Foreign Taxes	$0.0716		per share
Foreign Source Income	$0.7976		per share
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

28 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Board Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	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	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Developing Markets Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

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∎ 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, 2023

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
26	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2023, 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, 10/31/22 to 10/31/23, 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	-6.74	%
Class C Shares	-7.46
Class R Shares	-6.96
Class Y Shares	-6.52
Class R5 Shares	-6.47
Class R6 Shares	-6.36
Russell Midcap Growth Index▼	3.35
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

At the start of the fiscal year, US equity markets rebounded, despite mixed data on the economy and corporate earnings. However, the US Federal Reserve’s (the Fed’s) message that rate hikes would continue until data showed inflation meaningfully declining, sent markets lower in December 2022. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.¹

    US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

    The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting

gains for the quarter and with some big tech names providing optimistic future guidance. Following the March banking crisis, markets stabilized in April, as corporate earnings season got underway, with many companies surprising consensus earnings and revenue estimates. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting,¹ but left rates unchanged at its June meeting, giving investors the long-awaited “pause” in rate hikes, which sent equities broadly higher.

    Equity markets declined in the third quarter and into October 2023 as a resilient US economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak, the Consumer Price Index (CPI) rose by 0.2% in July, and the 12-month headline inflation rate rose to 3.2% from 3% in June.² Due to the persistence of inflation, the Fed raised the federal funds rate again in July by 0.25%. The CPI data released in September was higher-than-expected and the overall US labor market remained tight with unemployment near historic lows. At the same time, wages rose and consumers continued to spend, pushing the third quarter year-over-year Gross Domestic Product (GDP) to 4.9%, far above expectations.² Despite the higher-than-expected GDP for the third quarter of 2023, the Fed held interest rates steady at its September and October meetings, but left open the possibility of another rate hike before the end of the calendar year.¹

    Despite higher rates and increased market volatility, US stocks for the fiscal year had positive returns of 10.69%, as measured by the S&P 500 Index.³

    During the fiscal year, stock selection within the health care, industrials and information technology 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 energy sector.

    The largest individual contributors to the Fund’s absolute performance during the fiscal year included Synopsys, Manhattan Associates and Cadence Design Systems. Synopsys provides software products and consulting services in the electronic design automation industry. Management posted strong earnings and articulated its positioning in AI, which could expand Synopsys’ market opportunity. Manhattan Associates provides IT solutions for distribution centers. Its cloud warehouse products have been well received within its customer base. Cadence Design Systems engages in the design and development of integrated circuits and electronic devices. Market opportunity could expand via AI adoption.

    The largest individual detractors from the Fund’s absolute performance during the fiscal year included Paylocity, Molina Healthcare and DexCom. Paylocity provides online HR and payroll software. The company succumbed to general weakness in software growth stocks late last year even though the company’s fundamentals were completely intact. We exited our position during the fiscal year. Molina Healthcare is a managed care company focused on serving Medicaid and Medicare members. Management reported solid 2022 fourth quarter results and gave a strong outlook for 2023. However, the broader managed care industry underperformed in February due to the rotation away from defensive groups to more cyclical groups, which included Molina. DexCom is a medical device company providing continuous glucose monitoring systems. Despite reporting strong 2023 second quarter results, the stock underperformed due to concerns that widespread use of obesity drugs will slow the diagnosis rate for diabetes, which would hurt sales of DexCom’s continuous glucose monitors.

    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 what we view as 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: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

2 Invesco Discovery Mid Cap Growth Fund

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 10/31/13

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 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (11/1/00)	6.62	%
10 Years	7.45
5 Years	5.94
1 Year	-11.87
Class C Shares
Inception (11/1/00)	6.58	%
10 Years	7.41
5 Years	6.37
1 Year	-8.38
Class R Shares
Inception (3/1/01)	7.57	%
10 Years	7.79
5 Years	6.89
1 Year	-6.96
Class Y Shares
Inception (11/1/00)	7.32	%
10 Years	8.33
5 Years	7.42
1 Year	-6.52
Class R5 Shares
10 Years	8.22	%
5 Years	7.47
1 Year	-6.47
Class R6 Shares
Inception (2/28/13)	10.13	%
10 Years	8.51
5 Years	7.58
1 Year	-6.36

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, 2023, 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	23.32%
Industrials	22.26
Health Care	15.03
Consumer Discretionary	10.93
Financials	10.43
Energy	5.88
Communication Services	2.86
Consumer Staples	2.08
Other Sectors, Each Less than 2% of Net Assets	2.12
Money Market Funds Plus Other Assets Less Liabilities	5.09

Top 10 Equity Holdings*

		% of total net assets
1.	Manhattan Associates, Inc.	2.62%
2.	Synopsys, Inc.	2.51
3.	TransDigm Group, Inc.	2.33
4.	MongoDB, Inc.	1.97
5.	Old Dominion Freight Line, Inc.	1.90
6.	Trade Desk, Inc. (The), Class A	1.88
7.	Diamondback Energy, Inc.	1.72
8.	Cencora, Inc.	1.71
9.	TechnipFMC PLC	1.69
10.	West Pharmaceutical Services, Inc.	1.68

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, 2023.

7 Invesco Discovery Mid Cap Growth Fund

Schedule of Investments^(a)

October 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–94.91%
Advertising–1.88%
Trade Desk, Inc. (The), Class A(b)		1,264,571	$	89,733,958
Aerospace & Defense–4.92%
Axon Enterprise, Inc.(b)(c)		221,397		45,273,472
Howmet Aerospace, Inc.		1,778,427		78,428,631
TransDigm Group, Inc.(b)		134,353		111,256,376
				234,958,479
Application Software–13.66%
Cadence Design Systems, Inc.(b)		187,963		45,082,926
Datadog, Inc., Class A(b)(c)		440,408		35,880,040
Fair Isaac Corp.(b)		72,837		61,610,633
Guidewire Software, Inc.(b)		505,440		45,555,307
HubSpot, Inc.(b)(c)		173,594		73,563,929
Manhattan Associates, Inc.(b)(c)		641,460		125,071,871
Procore Technologies, Inc.(b)(c)		816,720		49,893,425
Roper Technologies, Inc.		97,498		47,634,598
Samsara, Inc., Class A(b)		2,113,416		48,756,507
Synopsys, Inc.(b)		254,819		119,622,231
				652,671,467
Asset Management & Custody Banks–2.72%
Ares Management Corp., Class A(c)		804,696		79,334,979
KKR & Co., Inc., Class A		916,941		50,798,531
				130,133,510
Automotive Parts & Equipment–1.34%
Aptiv PLC(b)		427,634		37,289,685
Mobileye Global, Inc., Class A (Israel)(b)(c)		754,348		26,907,593
				64,197,278
Automotive Retail–1.67%
O’Reilly Automotive, Inc., Class R(b)		85,614		79,658,690
Biotechnology–1.86%
Argenx SE, ADR (Netherlands)(b)		63,344		29,744,442
Exact Sciences Corp.(b)(c)		605,458		37,290,158
Natera, Inc.(b)		558,829		22,056,981
				89,091,581
Building Products–2.29%
Owens Corning		352,251		39,934,696
Trane Technologies PLC		365,330		69,525,952
				109,460,648
Cargo Ground Transportation–2.90%
Old Dominion Freight Line, Inc.		240,926		90,747,187
Saia, Inc.(b)		132,996		47,677,736
				138,424,923
Casinos & Gaming–1.14%
DraftKings, Inc., Class A(b)		1,972,591		54,482,963
Coal & Consumable Fuels–0.97%
Cameco Corp. (Canada)		1,129,326		46,200,727

	Shares		Value
Construction & Engineering–3.62%
Comfort Systems USA, Inc.(c)		389,911	$	70,905,315
EMCOR Group, Inc.		136,115		28,128,165
Quanta Services, Inc.(c)		441,557		73,793,006
				172,826,486
Construction Materials–1.20%
Vulcan Materials Co.		292,343		57,442,476
Electrical Components & Equipment–1.95%
AMETEK, Inc.		345,022		48,568,747
Vertiv Holdings Co.		1,135,201		44,579,343
				93,148,090
Environmental & Facilities Services–1.01%
Clean Harbors, Inc.(b)(c)		312,961		48,092,717
Financial Exchanges & Data–2.12%
MSCI, Inc.		156,347		73,725,428
Tradeweb Markets, Inc., Class A		303,894		27,353,499
				101,078,927
Footwear–1.96%
Deckers Outdoor Corp.(b)		114,213		68,192,014
On Holding AG, Class A (Switzerland)(b)(c)		990,246		25,419,615
				93,611,629
Health Care Distributors–1.71%
Cencora, Inc.(c)		441,939		81,825,006
Health Care Equipment–3.34%
DexCom, Inc.(b)		416,381		36,987,124
IDEXX Laboratories, Inc.(b)(c)		173,565		69,334,010
Penumbra, Inc.(b)(c)		128,911		24,641,338
Shockwave Medical, Inc.(b)		137,506		28,361,988
				159,324,460
Health Care Facilities–2.01%
Encompass Health Corp.		984,712		61,603,583
Tenet Healthcare Corp.(b)		644,920		34,632,204
				96,235,787
Health Care Supplies–0.81%
Cooper Cos., Inc. (The)(c)		124,658		38,862,132
Health Care Technology–0.74%
Veeva Systems, Inc., Class A(b)		184,648		35,583,516
Homebuilding–1.62%
D.R. Horton, Inc.		373,299		38,972,415
TopBuild Corp.(b)		168,309		38,502,367
				77,474,782
Hotels, Resorts & Cruise Lines–1.56%
Hilton Worldwide Holdings, Inc.		492,209		74,584,430
Industrial Machinery & Supplies & Components–0.88%
Parker–Hannifin Corp.		114,211		42,133,580
Insurance Brokers–1.60%
Arthur J. Gallagher & Co.(c)		324,447		76,404,024

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

8 Invesco Discovery Mid Cap Growth Fund

	Shares		Value
Internet Services & Infrastructure–1.97%
MongoDB, Inc.(b)		273,259	$	94,162,319
Investment Banking & Brokerage–0.76%
LPL Financial Holdings, Inc.		160,976		36,142,332
IT Consulting & Other Services–0.93%
Globant S.A.(b)(c)		260,605		44,378,425
Life Sciences Tools & Services–3.81%
Bruker Corp.		593,637		33,837,309
ICON PLC(b)(c)		277,841		67,782,090
West Pharmaceutical Services, Inc.		252,626		80,408,330
				182,027,729
Managed Health Care–0.75%
Molina Healthcare, Inc.(b)		107,257		35,711,218
Movies & Entertainment–0.98%
Liberty Media Corp.-Liberty Formula One(b)(c)		722,283		46,724,487
Oil & Gas Equipment & Services–1.69%
TechnipFMC PLC (United Kingdom)(c)		3,744,741		80,586,826
Oil & Gas Exploration & Production–1.71%
Diamondback Energy, Inc.(c)		510,605		81,860,194
Oil & Gas Storage & Transportation–1.51%
Targa Resources Corp.		861,651		72,042,640
Packaged Foods & Meats–0.53%
Lamb Weston Holdings, Inc.		279,489		25,098,112
Personal Care Products–0.55%
e.l.f. Beauty, Inc.(b)(c)		282,622		26,179,276
Property & Casualty Insurance–0.74%
Kinsale Capital Group, Inc.(c)		105,575		35,252,548
Real Estate Services–0.92%
CoStar Group, Inc.(b)(c)		600,179		44,059,140
Reinsurance–1.05%
Everest Group Ltd.		126,693		50,122,285
Research & Consulting Services–2.65%
Booz Allen Hamilton Holding Corp.(c)		479,659		57,525,504
KBR, Inc.(c)		774,845		45,057,237
Verisk Analytics, Inc.		105,418		23,967,836
				126,550,577
Restaurants–1.64%
Chipotle Mexican Grill, Inc.(b)		21,347		41,460,143
DoorDash, Inc., Class A(b)(c)		493,369		36,978,007
				78,438,150
Semiconductor Materials & Equipment–1.03%
Entegris, Inc.		560,565		49,352,143

Investment Abbreviations:

ADR – American Depositary Receipt

	Shares		Value
Semiconductors–3.59%
First Solar, Inc.(b)(c)		165,451	$	23,568,495
Lattice Semiconductor Corp.(b)		670,324		37,276,718
MACOM Technology Solutions Holdings, Inc.(b)(c)		659,956		46,553,296
Monolithic Power Systems, Inc.		84,979		37,538,623
ON Semiconductor Corp.(b)		421,234		26,386,098
				171,323,230
Soft Drinks & Non-alcoholic Beverages–1.00%
Celsius Holdings, Inc.(b)(c)		315,021		47,911,544
Systems Software–2.14%
CrowdStrike Holdings, Inc., Class A(b)		314,209		55,542,725
Gitlab, Inc., Class A(b)		1,079,237		46,709,377
				102,252,102
Trading Companies & Distributors–2.04%
United Rentals, Inc.(c)		95,380		38,750,032
W.W. Grainger, Inc.(c)		80,384		58,666,655
				97,416,687
Transaction & Payment Processing Services–1.44%
FleetCor Technologies, Inc.(b)(c)		305,140		68,708,374
Total Common Stocks & Other Equity Interests (Cost $4,152,850,828)				4,533,942,604
Money Market Funds–5.12%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)		85,621,500		85,621,500
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(d)(e)		61,143,462		61,161,805
Invesco Treasury Portfolio, Institutional Class, 5.27%(d)(e)		97,853,142		97,853,142
Total Money Market Funds (Cost $244,629,433)				244,636,447
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.03% (Cost $4,397,480,261)				4,778,579,051
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.23%
Invesco Private Government Fund, 5.32%(d)(e)(f)		69,446,619		69,446,619
Invesco Private Prime Fund, 5.53%(d)(e)(f)		180,334,378		180,352,412
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $249,794,574)				249,799,031
TOTAL INVESTMENTS IN SECURITIES–105.26% (Cost $4,647,274,835)				5,028,378,082
OTHER ASSETS LESS LIABILITIES–(5.26)%				(251,473,874	)
NET ASSETS–100.00%			$	4,776,904,208

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, 2023.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	79,857,341	$	929,202,598	$	(923,438,439	)		$              -	$	-	$	85,621,500	$	2,070,335
Invesco Liquid Assets Portfolio, Institutional Class		73,994,709		663,716,141		(676,555,946	)		(15,669)		22,570		61,161,805		1,565,092
Invesco Treasury Portfolio, Institutional Class		91,265,533		1,061,945,826		(1,055,358,217	)		-		-		97,853,142		2,363,004
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		80,573,512		936,944,185		(948,071,078	)		-		-		69,446,619		2,980,636*
Invesco Private Prime Fund		207,131,108		1,950,310,272		(1,977,073,177	)		4,948		(20,739)		180,352,412		8,137,072*
Total	$	532,822,203	$	5,542,119,022	$	(5,580,496,857	)		$(10,721)	$	1,831	$	494,435,478	$	17,116,139

* 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, 2023.

^(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, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $ 4,152,850,828)*	$	4,533,942,604
Investments in affiliated money market funds, at value (Cost $ 494,424,007)		494,435,478
Cash		200,000
Receivable for:
Investments sold		34,276,795
Fund shares sold		1,826,643
Dividends		1,502,486
Investment for trustee deferred compensation and retirement plans		397,066
Other assets		69,630
Total assets		5,066,650,702
Liabilities:
Payable for:
Investments purchased		32,202,456
Fund shares reacquired		5,225,981
Collateral upon return of securities loaned		249,794,574
Accrued fees to affiliates		1,927,623
Accrued trustees’ and officers’ fees and benefits		2,496
Accrued other operating expenses		156,964
Trustee deferred compensation and retirement plans		436,400
Total liabilities		289,746,494
Net assets applicable to shares outstanding	$	4,776,904,208
Net assets consist of:
Shares of beneficial interest	$	4,826,309,595
Distributable earnings (loss)		(49,405,387	)
	$	4,776,904,208

Net Assets:
Class A	$	2,918,067,770
Class C	$	84,403,854
Class R	$	112,345,303
Class Y	$	518,997,628
Class R5	$	95,675,381
Class R6	$	1,047,414,272
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		145,517,255
Class C		5,914,538
Class R		6,272,642
Class Y		21,791,148
Class R5		4,691,738
Class R6		42,857,847
Class A:
Net asset value per share	$	20.05
Maximum offering price per share (Net asset value of $20.05 ÷ 94.50%)	$	21.22
Class C:
Net asset value and offering price per share	$	14.27
Class R:
Net asset value and offering price per share	$	17.91
Class Y:
Net asset value and offering price per share	$	23.82
Class R5:
Net asset value and offering price per share	$	20.39
Class R6:
Net asset value and offering price per share	$	24.44

* At October 31, 2023, securities with an aggregate value of $243,921,751 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, 2023

Investment income:
Dividends (net of foreign withholding taxes of $66,415)	$	29,465,384
Dividends from affiliated money market funds (includes net securities lending income of $1,436,246)		7,434,677
Total investment income		36,900,061
Expenses:
Advisory fees		33,514,617
Administrative services fees		782,335
Custodian fees		31,315
Distribution fees:
Class A		8,166,047
Class C		1,027,052
Class R		625,377
Transfer agent fees – A, C, R and Y		6,868,124
Transfer agent fees – R5		109,107
Transfer agent fees – R6		349,795
Trustees’ and officers’ fees and benefits		63,240
Registration and filing fees		238,470
Reports to shareholders		433,512
Professional services fees		80,048
Other		(701,945	)
Total expenses		51,587,094
Less: Fees waived and/or expense offset arrangement(s)		(268,102	)
Net expenses		51,318,992
Net investment income (loss)		(14,418,931	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(177,514,498	)
Affiliated investment securities		1,831
Foreign currencies		(219	)
		(177,512,886	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(143,274,421	)
Affiliated investment securities		(10,721	)
		(143,285,142	)
Net realized and unrealized gain (loss)		(320,798,028	)
Net increase (decrease) in net assets resulting from operations	$	(335,216,959	)

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, 2023 and 2022

	2023			2022
Operations:
Net investment income (loss)	$	(14,418,931	)	$	(22,378,956	)
Net realized gain (loss)		(177,512,886	)		(233,239,924	)
Change in net unrealized appreciation (depreciation)		(143,285,142	)		(2,289,772,399	)
Net increase (decrease) in net assets resulting from operations		(335,216,959	)		(2,545,391,279	)
Distributions to shareholders from distributable earnings:
Class A		–			(812,766,598	)
Class C		–			(41,238,028	)
Class R		–			(30,829,170	)
Class Y		–			(130,957,329	)
Class R5		–			(23,402,647	)
Class R6		–			(207,455,097	)
Total distributions from distributable earnings		–			(1,246,648,869	)
Share transactions-net:
Class A		(271,799,470	)		514,718,145
Class C		(24,452,997	)		11,920,207
Class R		(3,676,396	)		29,406,569
Class Y		(115,387,782	)		127,483,890
Class R5		(4,695,954	)		22,515,201
Class R6		(56,257,241	)		311,123,821
Net increase (decrease) in net assets resulting from share transactions		(476,269,840	)		1,017,167,833
Net increase (decrease) in net assets		(811,486,799	)		(2,774,872,315	)
Net assets:
Beginning of year		5,588,391,007			8,363,263,322
End of year	$	4,776,904,208		$	5,588,391,007

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 10/31/23		$21.50		$(0.08	)		$  (1.37	)		$(1.45	)		$       –			$20.05		(6.74	)%		$2,918,068		1.04	%		1.04	%		(0.37	)%		124	%
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
Class C
Year ended 10/31/23		15.41		(0.17	)		(0.97	)		(1.14	)		–			14.27		(7.40	)(e)		84,404		1.77	(e)		1.77	(e)		(1.10	)(e)		124
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
Class R
Year ended 10/31/23		19.25		(0.12	)		(1.22	)		(1.34	)		–			17.91		(6.96	)		112,345		1.29			1.29			(0.62	)		124
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
Class Y
Year ended 10/31/23		25.48		(0.03	)		(1.63	)		(1.66	)		–			23.82		(6.52	)		518,998		0.79			0.79			(0.12	)		124
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
Class R5
Year ended 10/31/23		21.80		(0.01	)		(1.40	)		(1.41	)		–			20.39		(6.47	)		95,675		0.73			0.73			(0.06	)		124
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 10/31/23		26.10		0.00			(1.66	)		(1.66	)		–			24.44		(6.36	)		1,047,414		0.66			0.66			0.01			124
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

^(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 year ended October 31, 2019.

^(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 0.98%, 0.99% and 0.95% for Class C for the years ended October 31, 2023, 2022 and 2021, respectively 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, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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 securities 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, 2023, the Fund paid the Adviser $126,612 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, 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. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

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, 2023, 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.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2023, the Adviser waived advisory fees of $139,670.

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, 2023, 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, 2023, 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

17 Invesco Discovery Mid Cap Growth Fund

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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $441,471 in front-end sales commissions from the sale of Class A shares and $25,648 and $3,754 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2023, the Fund incurred $135,654 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, 2023. 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	$	4,533,942,604	$	–		$–	$	4,533,942,604
Money Market Funds		244,636,447		249,799,031		–		494,435,478
Total Investments	$	4,778,579,051	$	249,799,031		$–	$	5,028,378,082

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $128,432.

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.

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, 2023 and 2022:

	2023		2022
Ordinary income*		$–	$	162,051,056
Long-term capital gain		–		1,084,597,813
Total distributions		$–	$	1,246,648,869

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

18 Invesco Discovery Mid Cap Growth Fund

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation – investments	$	366,807,324
Temporary book/tax differences		(336,977	)
Late-Year ordinary loss deferral		(14,579,919	)
Capital loss carryforward		(401,295,815	)
Shares of beneficial interest		4,826,309,595
Total net assets	$	4,776,904,208

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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	401,295,815	$–	$	401,295,815

* 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, 2023 was $6,606,266,922 and $7,197,856,709, 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	$588,402,050
Aggregate unrealized (depreciation) of investments	(221,594,726	)
Net unrealized appreciation of investments	$366,807,324

Cost of investments for tax purposes is $4,661,570,758.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on October 31, 2023, undistributed net investment income (loss) was increased by $18,279,558, undistributed net realized gain (loss) was increased by $219 and shares of beneficial interest was decreased by $18,279,777. 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, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		8,497,973		$	183,944,919			11,816,206		$	295,474,702
Class C		788,903			12,206,319			1,051,819			19,432,387
Class R		1,129,267			21,828,622			1,284,557			28,768,746
Class Y		8,592,762			220,140,298			10,913,002			320,936,382
Class R5		583,672			12,800,144			719,838			18,284,370
Class R6		9,260,719			242,778,998			17,960,601			529,642,874
Issued as reinvestment of dividends:
Class A		-			-			26,589,469			773,221,924
Class C		-			-			1,909,121			40,053,351
Class R		-			-			1,179,551			30,774,475
Class Y		-			-			3,254,966			111,905,740
Class R5		-			-			795,893			23,399,246
Class R6		-			-			5,834,791			205,326,299
Automatic conversion of Class C shares to Class A shares:
Class A		629,624			13,502,913			679,402			16,377,029
Class C		(881,956	)		(13,502,913	)		(940,844	)		(16,377,029	)

19 Invesco Discovery Mid Cap Growth Fund

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(21,687,985	)	$	(469,247,302	)		(23,451,842	)	$	(570,355,510	)
Class C		(1,495,748	)		(23,156,403	)		(1,768,643	)		(31,188,502	)
Class R		(1,316,692	)		(25,505,018	)		(1,360,714	)		(30,136,652	)
Class Y		(13,053,854	)		(335,528,080	)		(10,629,873	)		(305,358,232	)
Class R5		(794,293	)		(17,496,098	)		(759,081	)		(19,168,415	)
Class R6		(11,369,078	)		(299,036,239	)		(14,579,687	)		(423,845,352	)
Net increase (decrease) in share activity		(21,116,686	)	$	(476,269,840	)		30,498,532		$	1,017,167,833

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, 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, 2023, 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, 2023 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, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2023

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, 2023 through October 31, 2023.

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     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$925.20	$5.05	$1,019.96	$5.30	1.04%
Class C	1,000.00	921.80	8.57	1,016.28	9.00	1.77
Class R	1,000.00	924.20	6.26	1,018.70	6.56	1.29
Class Y	1,000.00	926.50	3.84	1,021.22	4.02	0.79
Class R5	1,000.00	926.80	3.59	1,021.48	3.77	0.74
Class R6	1,000.00	927.20	3.25	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, 2023 through October 31, 2023, 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, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 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

23 Invesco Discovery Mid Cap Growth Fund

below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The 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. 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 requested and considered additional information from management regarding the Fund’s actual management fees and the levels of the Fund’s breakpoints in light of current asset levels. 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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

24 Invesco Discovery Mid Cap Growth Fund

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.

25 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, 2023:

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.

26 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	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	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Discovery Mid Cap Growth Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338                 Invesco Distributors, Inc. O-DMCG-AR-1                                         

Annual Report to Shareholders October 31, 2023

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
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, 2023, 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, 10/31/22 to 10/31/23, 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	13.01	%
Class C Shares	12.17
Class Y Shares	13.30
Class R5 Shares	13.36
Class R6 Shares	13.42
MSCI Emerging Markets Index▼ (Broad Market/Style-Specific Index)	10.80
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

Global equity markets posted gains in November 2022, after better inflation data sparked a rally. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023, as inflation remained above target levels. International stocks outperformed US stocks in the fourth quarter of 2022, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter of 2022, driven by China, which eased its zero-COVID-19 policy and started to reopen.

    For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS take-over of Credit Suisse, led to a selloff in US and European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023, but within the region, China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.

    The global equity rally in the first half of 2023 came to an end in the third quarter as global equity markets declined. Concerns about a slowing global economy and interest rates staying “higher for longer” hampered stock returns. During the quarter, value stocks outperformed growth stocks. Energy was the best performing sector, ending the quarter in positive territory, boosted by rising oil prices as Russia and the Organization of Petroleum Exporting Countries (OPEC) cut supplies. Developed global equities underperformed emerging market equities. Within emerging markets, China’s equities were weighed down by concerns in the real estate

sector, but positive performance in the United Arab Emirates, Turkey and India offset those results.

    Global equity markets continued their decline in October 2023, but growth stocks managed to outperform value stocks. Despite higher rates and increased market volatility, both developed market equities and emerging market equities finished the fiscal year ended October 31, 2023, in positive 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 Invesco EQV Emerging Markets All Cap Fund outperformed the MSCI Emerging Markets Index for the fiscal year.

    The Fund’s holdings in the consumer discretionary outperformed those of the benchmark index and were the largest contributors to relative outperformance. An overweight in the sector added to relative return. Within consumer discretionary, Yum China, the owner/operator of KFC and Pizza Hut in China, contributed to both absolute and relative results. Stock selection and an overweight in industrials also contributed to relative performance. AirTAC International, a Chinese pneumatic components manufacturer, was a key relative contributor within the sector. Having no exposure in the materials sector added to relative return as well. On a geographic basis, stock selection in Taiwan and underweights in Saudi Arabia and India positively contributed to relative results.

    Conversely, stock selection and an overweight in health care detracted from relative performance. Within the sector, Kalbe Farma, a large pharmaceutical and consumer health company in Indonesia, detracted from both absolute and relative results. Fund holdings in the real estate sector underperformed those of the benchmark index, detracting from relative return. Brazilian mall owner and operator Multiplan Empreendimentos Imobiliarios was a notable relative detractor

within real estate. Having no exposure in the energy sector hampered relative results. Geographically, stock selection in Indonesia, Brazil and China were among the largest detractors from relative performance. Overweights in Indonesia and Brazil relative to the MSCI Emerging Markets Index had a negative effect on relative results.

    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 evaluation of the EQV characteristics for each company. We initiated new positions in Hong Kong-based life insurance group AIA, Indian private life insurance company SBI Life Insurance and Indian online travel booking services company MakeMyTrip. We sold several holdings, including Mexican airport operator Grupo Aeroportuario del Centro Norte, Chinese ecommerce company JD.com and Turkish financial and industrial conglomerate Haci Omer Sabanci.

    As always, we remain focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused investment process. Our EQV investment approach focuses on earnings, demonstrated by sustainable earnings growth; quality, demonstrated by efficient capital allocation; and valuation, demonstrated by attractive prices. 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

Steven Rivoir

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 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 10/31/13

 

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.

3 Invesco EQV Emerging Markets All Cap Fund

Average Annual Total Returns
As of 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (1/11/94)	4.29	%
10 Years	0.41
5 Years	1.91
1 Year	6.77
Class C Shares
Inception (3/1/99)	7.38	%
10 Years	0.38
5 Years	2.31
1 Year	11.17
Class Y Shares
Inception (10/3/08)	5.11	%
10 Years	1.23
5 Years	3.33
1 Year	13.30
Class R5 Shares
Inception (10/25/05)	6.04	%
10 Years	1.33
5 Years	3.39
1 Year	13.36
Class R6 Shares
Inception (9/24/12)	1.85	%
10 Years	1.39
5 Years	3.47
1 Year	13.42

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.

4 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, 2023, 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 non-resident investors.

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

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

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 EQV Emerging Markets All Cap Fund

Fund Information

Portfolio Composition

By sector		% of total net assets
Consumer Staples			19.20	%
Financials			18.84
Consumer Discretionary			18.38
Information Technology			14.77
Real Estate			8.15
Health Care			6.33
Communication Services			6.11
Industrials			2.96
Money Market Funds Plus Other Assets Less Liabilities			5.26
Top 10 Equity Holdings*
		% of total net assets
1.	Yum China Holdings, Inc.		5.82	%
2.	Taiwan Semiconductor Manufacturing Co. Ltd.		4.92
3.	Gedeon Richter PLC		4.27
4.	HDFC Bank Ltd., ADR		3.75
5.	Arcos Dorados Holdings, Inc., Class A		3.68
6.	Multiplan Empreendimentos Imobiliarios S.A.		3.60
7.	Samsung Electronics Co. Ltd.		3.54
8.	BDO Unibank, Inc.		3.46
9.	Wuliangye Yibin Co. Ltd., A Shares		2.98
10.	China Mengniu Dairy Co. Ltd.		2.94

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, 2023.

6 Invesco EQV Emerging Markets All Cap Fund

Schedule of Investments

October 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–94.74%
Brazil–12.40%
Ambev S.A., ADR		6,143,589	$	15,543,280
Arcos Dorados Holdings, Inc., Class A(a)		6,250,663		56,380,980
B3 S.A. - Brasil, Bolsa, Balcao		4,309,160		9,487,118
Multiplan Empreendimentos Imobiliarios S.A.		11,259,329		55,249,824
Raia Drogasil S.A.		6,157,736		31,510,803
TOTVS S.A.		4,403,400		22,105,430
				190,277,435
China–26.18%
Airtac International Group		1,073,000		35,085,938
China Mengniu Dairy Co. Ltd.(b)		13,690,000		45,099,105
China Resources Beer Holdings Co. Ltd.		7,308,000		38,640,643
Chongqing Fuling Zhacai Group Co. Ltd., A Shares		6,340,366		13,408,318
Fuyao Glass Industry Group Co. Ltd., H Shares(c)		8,098,800		37,003,007
Prosus N.V.(b)		484,671		13,575,350
Tencent Holdings Ltd.		1,116,100		41,345,743
Tongcheng Travel Holdings Ltd.(b)(c)		22,288,000		42,535,575
Wuliangye Yibin Co. Ltd., A Shares		2,140,260		45,670,340
Yum China Holdings, Inc.		1,697,917		89,242,518
				401,606,537
Egypt–2.14%
Eastern Co. S.A.E.		14,250,488		12,121,893
EFG Holding S.A.E.(b)		38,434,502		20,755,210
				32,877,103
France–2.43%
Bollore SE		6,808,819		37,212,553
Hong Kong–2.11%
AIA Group Ltd.		3,725,600		32,446,960
Hungary–4.27%
Gedeon Richter PLC		2,790,740		65,445,095
India–7.92%
Emami Ltd.		3,355,291		20,559,184
HDFC Bank Ltd., ADR		1,017,245		57,525,205
MakeMyTrip Ltd.(b)(d)		393,434		15,237,699
SBI Life Insurance Co. Ltd.(c)		1,709,668		28,114,542
				121,436,630
Indonesia–5.73%
PT Bank Central Asia Tbk		74,917,000		41,303,402
PT Kalbe Farma Tbk		296,157,900		31,568,796
PT Telkom Indonesia (Persero) Tbk		68,261,900		15,005,370
				87,877,568
Macau–0.82%
Galaxy Entertainment Group Ltd.		2,254,000		12,625,219
Mexico–6.17%
Bolsa Mexicana de Valores S.A.B. de C.V.		19,251,320		30,015,786

	Shares		Value
Mexico–(continued)
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		17,542,492	$	32,158,154
Wal-Mart de Mexico S.A.B. de C.V., Series V		9,060,410		32,429,323
				94,603,263
Nigeria–1.07%
Zenith Bank PLC		447,469,084	��	16,390,256
Philippines–6.50%
BDO Unibank, Inc.		23,561,062		53,079,463
SM Investments Corp.		723,820		10,218,635
SM Prime Holdings, Inc.		69,045,700		36,418,710
				99,716,808
Russia–0.00%
Detsky Mir PJSC(b)(e)		6,640,610		7
Moscow Exchange MICEX-RTS PJSC(b)(e)		11,806,000		12
Sberbank of Russia PJSC(b)(e)		11,900,044		12
Sberbank of Russia PJSC, Preference Shares(b)(e)		15,636,015		15
				46
South Africa–1.00%
Naspers Ltd.		98,890		15,416,470
South Korea–4.37%
Douzone Bizon Co. Ltd.		35,211		716,240
LEENO Industrial, Inc.		116,138		11,966,178
Samsung Electronics Co. Ltd.		1,089,803		54,343,764
				67,026,182
Taiwan–8.96%
ASPEED Technology, Inc.		116,000		9,307,603
MediaTek, Inc.		955,000		25,161,218
Taiwan Semiconductor Manufacturing Co. Ltd.		4,583,000		75,507,777
Visual Photonics Epitaxy Co. Ltd.		6,004,000		27,486,786
				137,463,384
United Arab Emirates–2.18%
Emaar Properties PJSC		18,388,100		33,465,546
Vietnam–0.49%
Vietnam Dairy Products JSC		2,723,148		7,552,712
Total Common Stocks & Other Equity Interests (Cost $1,314,338,862)				1,453,439,767
Money Market Funds–4.95%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(a)(f)		26,555,275		26,555,275
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(a)(f)		18,961,400		18,967,089

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

7 Invesco EQV Emerging Markets All Cap Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 5.27%(a)(f)		30,348,885	$	30,348,885
Total Money Market Funds (Cost $75,868,586)				75,871,249
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.69% (Cost $1,390,207,448)				1,529,311,016
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.98%
Invesco Private Government Fund, 5.32%(a)(f)(g)		4,225,732		4,225,731

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 5.53%(a)(f)(g)		10,865,820	$	10,866,907
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,092,638)				15,092,638
TOTAL INVESTMENTS IN SECURITIES–100.67% (Cost $1,405,300,086)				1,544,403,654
OTHER ASSETS LESS LIABILITIES–(0.67)%				(10,295,470	)
NET ASSETS–100.00%			$	1,534,108,184

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	24,452,871	$	155,960,409	$	(153,858,005	)	$	-	$	-	$	26,555,275	$	1,473,703
Invesco Liquid Assets Portfolio, Institutional Class		11,276,948		111,400,292		(103,710,196	)		(723)		768		18,967,089		1,062,114
Invesco Treasury Portfolio, Institutional Class		27,946,138		178,240,467		(175,837,720	)		-		-		30,348,885		1,681,501
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		14,372,862		114,515,525		(124,662,656	)		-		-		4,225,731		126,937*
Invesco Private Prime Fund		36,948,524		271,422,950		(297,499,716	)		(3,198)		(1,653)		10,866,907		353,140*
Investments in Other Affiliates:
Arcos Dorados Holdings Inc.**		73,318,658		-		(34,436,913	)		11,951,783		5,547,452		56,380,980		1,483,169
Total	$	188,316,001	$	831,539,643	$	(890,005,206	)	$	11,947,862	$	5,546,567	$	147,344,867	$	6,180,564

* 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.

** As of October 31, 2023, this security was not considered as an affiliate of the Fund.

^(b)  Non-income producing security.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $107,653,124, which represented 7.02% of the Fund’s Net Assets.

^(d)  All or a portion of this security was out on loan at October 31, 2023.

^(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, 2023.

^(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 1J.

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

8 Invesco EQV Emerging Markets All Cap Fund

Statement of Assets and Liabilities

October 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $1,314,338,862)*	$	1,453,439,767
Investments in affiliated money market funds, at value (Cost $90,961,224)		90,963,887
Foreign currencies, at value (Cost $7,623,936)		4,737,208
Receivable for:
Investments sold		448,061
Fund shares sold		594,871
Dividends		1,665,415
Investment for trustee deferred compensation and retirement plans		224,982
Other assets		59,111
Total assets		1,552,133,302
Liabilities:
Payable for:
Fund shares reacquired		1,964,326
Accrued foreign taxes		9,300
Collateral upon return of securities loaned		15,092,638
Accrued fees to affiliates		533,246
Accrued other operating expenses		177,764
Trustee deferred compensation and retirement plans		247,844
Total liabilities		18,025,118
Net assets applicable to shares outstanding	$	1,534,108,184
Net assets consist of:
Shares of beneficial interest	$	1,431,597,399
Distributable earnings		102,510,785
	$	1,534,108,184

Net Assets:
Class A	$	398,691,415
Class C	$	7,317,420
Class Y	$	537,072,280
Class R5	$	137,176,611
Class R6	$	453,850,458
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,859,936
Class C		242,053
Class Y		17,308,389
Class R5		4,435,033
Class R6		14,678,980
Class A:
Net asset value per share	$	31.00
Maximum offering price per share (Net asset value of $31.00 ÷ 94.50%)	$	32.80
Class C:
Net asset value and offering price per share	$	30.23
Class Y:
Net asset value and offering price per share	$	31.03
Class R5:
Net asset value and offering price per share	$	30.93
Class R6:
Net asset value and offering price per share	$	30.92

* At October 31, 2023, securities with an aggregate value of $15,085,296 were on loan to brokers.

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 Operations

For the year ended October 31, 2023

Investment income:
Interest	$	6,468
Dividends (net of foreign withholding taxes of $5,959,541)		41,179,770
Dividends from affiliates (includes net securities lending income of $18,499)		5,718,986
Foreign withholding tax claims		128,910
Total investment income		47,034,134
Expenses:
Advisory fees		15,500,119
Administrative services fees		246,528
Custodian fees		312,708
Distribution fees:
Class A		1,102,922
Class C		87,256
Transfer agent fees – A, C and Y		1,702,009
Transfer agent fees – R5		147,574
Transfer agent fees – R6		146,664
Trustees’ and officers’ fees and benefits		29,543
Registration and filing fees		114,059
Reports to shareholders		204,906
Professional services fees		88,350
Other		30,944
Total expenses		19,713,582
Less: Fees waived and/or expense offset arrangement(s)		(110,546	)
Net expenses		19,603,036
Net investment income		27,431,098
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(33,249,497	)
Affiliated investment securities		5,546,567
Foreign currencies		(247,004	)
		(27,949,934	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $9,300)		210,504,104
Affiliated investment securities		11,947,862
Foreign currencies		(4,149,594	)
		218,302,372
Net realized and unrealized gain		190,352,438
Net increase in net assets resulting from operations	$	217,783,536

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 Changes in Net Assets

For the years ended October 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	27,431,098		$	26,630,334
Net realized gain (loss)		(27,949,934	)		(29,968,582	)
Change in net unrealized appreciation (depreciation)		218,302,372			(757,360,727	)
Net increase (decrease) in net assets resulting from operations		217,783,536			(760,698,975	)
Distributions to shareholders from distributable earnings:
Class A		(5,022,561	)		(23,821,085	)
Class C		(19,299	)		(557,095	)
Class Y		(9,215,710	)		(45,068,032	)
Class R5		(2,292,630	)		(9,177,465	)
Class R6		(7,971,139	)		(33,332,046	)
Total distributions from distributable earnings		(24,521,339	)		(111,955,723	)
Share transactions–net:
Class A		(37,292,996	)		(936,473	)
Class C		(1,330,548	)		(3,028,262	)
Class Y		(128,867,710	)		(132,804,152	)
Class R5		(14,194,837	)		(6,196,426	)
Class R6		(47,534,532	)		(40,373,264	)
Net increase (decrease) in net assets resulting from share transactions		(229,220,623	)		(183,338,577	)
Net increase (decrease) in net assets		(35,958,426	)		(1,055,993,275	)
Net assets:
Beginning of year		1,570,066,610			2,626,059,885
End of year	$	1,534,108,184		$	1,570,066,610

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

11 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 10/31/23		$27.75		$ 0.44			$   3.17			$   3.61			$(0.36	)		$      –			$(0.36	)		$31.00		13.01	%		$   398,691		1.33	%		1.34	%		1.36	%		11	%
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
Class C
Year ended 10/31/23		27.01		0.19			3.10			3.29			(0.07	)		–			(0.07	)		30.23		12.17			7,317		2.08			2.09			0.61			11
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
Class Y
Year ended 10/31/23		27.78		0.52			3.18			3.70			(0.45	)		–			(0.45	)		31.03		13.30			537,072		1.08			1.09			1.61			11
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
Class R5
Year ended 10/31/23		27.70		0.54			3.17			3.71			(0.48	)		–			(0.48	)		30.93		13.36			137,177		1.03			1.04			1.66			11
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
Class R6
Year ended 10/31/23		27.70		0.56			3.16			3.72			(0.50	)		–			(0.50	)		30.92		13.42			453,850		0.96			0.97			1.73			11
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

^(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.

12 Invesco EQV Emerging Markets All Cap Fund

Notes to Financial Statements

October 31, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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 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. 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 seek 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 Foreign withholding tax claims on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

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 by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the 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 Statement of Operations as Professional services 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, 2023, 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 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. 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

14 Invesco EQV Emerging Markets All Cap Fund

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 securities 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, 2023, the Fund paid the Adviser $738 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the 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 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.

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 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.

M. Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

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, 2023, 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).

15 Invesco EQV Emerging Markets All Cap Fund

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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, 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 “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2023, the Adviser waived advisory fees of $93,704.

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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $24,118 in front-end sales commissions from the sale of Class A shares and $1,130 and $1,009 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, 2023. 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	$	190,277,435	$	–		$  –	$	190,277,435
China		89,242,518		312,364,019		–		401,606,537
Egypt		20,755,210		12,121,893		–		32,877,103
France		–		37,212,553		–		37,212,553
Hong Kong		–		32,446,960		–		32,446,960
Hungary		–		65,445,095		–		65,445,095
India		72,762,904		48,673,726		–		121,436,630
Indonesia		–		87,877,568		–		87,877,568
Macau		–		12,625,219		–		12,625,219
Mexico		94,603,263		–		–		94,603,263
Nigeria		–		16,390,256		–		16,390,256

16 Invesco EQV Emerging Markets All Cap Fund

	Level 1		Level 2		Level 3	Total
Philippines	$	–	$	99,716,808	$  –	$	99,716,808
Russia		–		–	46		46
South Africa		–		15,416,470	–		15,416,470
South Korea		–		67,026,182	–		67,026,182
Taiwan		–		137,463,384	–		137,463,384
United Arab Emirates		–		33,465,546	–		33,465,546
Vietnam		–		7,552,712	–		7,552,712
Money Market Funds		75,871,249		15,092,638	–		90,963,887
Total Investments	$	543,512,579	$	1,000,891,029	$46	$	1,544,403,654

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $16,842.

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.

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, 2023 and 2022:

	2023		2022
Ordinary income*	$	24,521,339	$	19,389,385
Long-term capital gain		–		92,566,338
Total distributions	$	24,521,339	$	111,955,723

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	28,277,290
Net unrealized appreciation – investments		135,789,808
Net unrealized appreciation (depreciation) – foreign currencies		(4,333,866	)
Temporary book/tax differences		(187,049	)
Capital loss carryforward		(57,035,398	)
Shares of beneficial interest		1,431,597,399
Total net assets	$	1,534,108,184

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.

17 Invesco EQV Emerging Markets All Cap Fund

The Fund has a capital loss carryforward as of October 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	26,272,207	$	30,763,191	$	57,035,398

* 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, 2023 was $174,031,577 and $411,990,121, 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	$302,289,276
Aggregate unrealized (depreciation) of investments	(166,499,468	)
Net unrealized appreciation of investments	$135,789,808

Cost of investments for tax purposes is $1,408,613,846.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on October 31, 2023, undistributed net investment income was decreased by $247,005 and undistributed net realized gain (loss) was increased by $247,005. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		1,100,674		$	36,106,080			1,785,231		$	59,015,273
Class C		68,980			2,230,913			47,250			1,591,114
Class Y		3,771,516			123,924,186			6,322,632			211,228,639
Class R5		895,431			29,696,138			973,625			32,575,583
Class R6		2,516,875			82,665,320			4,346,031			145,692,469
Issued as reinvestment of dividends:
Class A		136,327			4,286,113			549,442			20,944,720
Class C		523			16,142			13,287			496,154
Class Y		128,048			4,020,698			709,975			27,028,746
Class R5		72,195			2,258,275			238,575			9,051,542
Class R6		240,455			7,514,208			811,404			30,760,326
Automatic conversion of Class C shares to Class A shares:
Class A		40,754			1,334,227			47,349			1,514,612
Class C		(41,677	)		(1,334,227	)		(48,496	)		(1,514,612	)
Reacquired:
Class A		(2,409,540	)		(79,019,416	)		(2,483,704	)		(82,411,078	)
Class C		(70,648	)		(2,243,376	)		(108,967	)		(3,600,918	)
Class Y		(7,869,136	)		(256,812,594	)		(11,058,099	)		(371,061,537	)
Class R5		(1,430,461	)		(46,149,250	)		(1,450,932	)		(47,823,551	)
Class R6		(4,221,896	)		(137,714,060	)		(6,711,309	)		(216,826,059	)
Net increase (decrease) in share activity		(7,071,580	)	$	(229,220,623	)		(6,016,706	)	$	(183,338,577	)

^(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.

In addition, 3% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

18 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, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 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, 2023 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2023

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 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, 2023 through October 31, 2023.

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     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending       Account Value       (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$925.40	$6.55	$1,018.40	$6.87	1.35%
Class C	1,000.00	921.90	10.17	1,014.62	10.66	2.10
Class Y	1,000.00	926.60	5.34	1,019.66	5.60	1.10
Class R5	1,000.00	926.90	5.10	1,019.91	5.35	1.05
Class R6	1,000.00	927.10	4.76	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, 2023 through October 31, 2023, 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 EQV Emerging Markets All Cap Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 (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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 first quintile of its performance universe for the one year period, the third 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

21 Invesco EQV Emerging Markets All Cap Fund

performance of Class A shares of the Fund was above the performance of the Index for the one and five year periods and below the performance of the Index for the three year period. 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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 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, 2023:

Federal and State Income Tax
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		2.99	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.1139		per share
Foreign Source Income	$	1.1287		per share
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

23 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Board Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	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	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza,	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco EQV Emerging Markets All Cap Fund

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Go paperless with eDelivery

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

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

∎Fund reports and prospectuses

∎Quarterly statements

∎Daily confirmations

∎Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338                 Invesco Distributors, Inc. DVM-AR-1                                         

Annual Report to Shareholders October 31, 2023

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
30	Report of Independent Registered Public Accounting Firm
31	Fund Expenses
32	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, 2023, Class A shares of Invesco Emerging Markets Local Debt Fund (the Fund), at net asset value (NAV), underperformed 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, 10/31/22 to 10/31/23, 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	13.38	%
Class C Shares	12.54
Class R Shares	13.09
Class Y Shares	13.87
Class R5 Shares	13.94
Class R6 Shares	13.73
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index▼	13.50
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

During the fiscal year ended October 31, 2023, volatility remained elevated in global fixed-income markets for much of the year as investor concerns vacillated between growth and inflation. Uncertainty on the path of the US Federal Reserve (the Fed), which has a global impact, kept markets guessing whether the prospect of continued strong growth would lead to higher interest rates, potentially for longer, or the prospect of imminent recession would unfold due to monetary tightening at a pace and scale not seen in the past two decades. While inflation data surprised to the upside in the first half of the fiscal year, growth data largely did so throughout the year, leading developed market (DM) central banks, particularly the Fed, to raise policy rates throughout the fiscal year. As disinflation unfolded in emerging markets (EM), uncertainty on the path of the Fed generated questions on the degree to which EM central banks would need to continue hiking or remain at elevated rates, despite their earlier start to monetary policy tightening. As disinflation commenced in DMs, especially the US, and continued in EMs, this concern abated, and EM central banks began to cut interest rates.

    Towards the end of 2022, bond markets finished a volatile year with gains in a last few months spurred by slowing US inflation, hints from the Fed that future interest rate hikes would be scaled back, and China’s relaxation of its stringent zero COVID-19 policy. DM central banks, including the Fed, the European Central Bank (ECB) and the Bank of England, continued to hike rates in an effort to combat persistent inflation, yet central banks within EMs began to slow or pause their hiking cycles. Despite the headwinds of aggressive monetary policy tightening throughout 2022, the global economy showed strength in the

first quarter of 2023 as China reopened and Europe experienced a mild winter. However, stress in the banking sector erupted in March, raising recession fears and tempering investors’ sentiment toward risk. Fortunately, these issues did not appear to be systemic, and policymakers’ swift response helped to calm markets. Central banks in major DMs continued to raise interest rates, albeit at a slower pace. The Fed and Bank of England raised their policy rates by 0.50%, while the ECB hiked by 1.00%.¹ Select central banks in EMs also raised rates during the first quarter, but most appeared to be at or near the end of their hiking cycles. As a result of changing expectations for relative growth and monetary policy, the US dollar weakened during the quarter, declining 1.1%.¹

    The second quarter of 2023 saw a decrease in market volatility as the threat of an imminent US recession receded amid better-than-expected economic data. Inflation generally eased in developed economies, largely driven by moderation in the goods component. However, core inflation remained more stubborn, leading most developed central banks to continue their monetary tightening. The ECB and Bank of England each raised their policy rate by 0.50%.¹ The Fed raised its rate by 0.25%¹ in May before pausing in June and then signaling that rates may remain elevated for some time. Most central banks in EMs reached their terminal rate for the current cycle, and with disinflation materializing, started to have room to begin cutting interest rates in the second half of the calendar year. The US dollar continued its sideways trend as investors anticipated the Fed nearing the end of its rate hikes.

    In the third quarter of 2023, progress on disinflation allowed many major economies, including the US, to pause their rate hiking campaigns. Nevertheless, resilience in economic activity and the labor market raised the

prospect that central banks will keep rates higher for an extended period. Both the Fed and the ECB raised rates by 0.25%¹ in July and the Bank of England raised rates in August. The ECB hiked again in September and suggested this rate might be sufficient to guide inflation back to its target. The Fed and the Bank of England kept rates steady in September, but guided the market to anticipate an extended period of elevated rates. Divergence in monetary policy among EM central banks continued as some countries, including Poland, Brazil, Chile and Peru, began to cut rates over the quarter. Meanwhile, a few countries, including Thailand and Turkey, hiked rates during the quarter. In addition, China’s economy appeared to stabilize as the country’s central bank further eased its monetary policy. The US dollar gained 3.2% during the quarter,¹ driven by surging Treasury yields. This momentum continued through October.

    Over the fiscal year, both interest rate and currency positioning were additive to the Fund on an absolute and relative basis. Specifically, interest rate positioning in Colombia, and positioning in the Hungarian forint and Mexican peso 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 interest rate positioning in Czech Republic, positioning in the Colombia peso, and exposure to the euro as a funding currency detracted the most.

    Going forward, our expectations for the medium to long term are that the global interest rate hiking cycle is behind us and that volatility in both emerging and developed sovereign bond markets will eventually decline. This gives investors the opportunity to potentially benefit from high nominal and real interest rates in EM sovereign bonds. We also anticipate that the US dollar could continue to weaken as the Fed reaches peak rates and begins to ease monetary policy over time. The difference between interest rate levels in DMs and EMs has in our view benefited EM currencies this year. A weaker dollar could allow EM currencies to continue to offer an additional source of return for investors.

    Given the current under-owned nature of EM local debt, we believe that the growth and interest rate differentials between EM and DM countries may be a catalyst for interest to return to the asset class. Importantly, individual country dynamics are reasserting themselves as various growth and inflation dynamics transpire across countries, offering greater differentiation among opportunities. We remain focused on extracting alpha as these dynamics unfold.

    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. We believe

2 Invesco Emerging Markets Local Debt Fund

derivatives can be a cost-effective way to gain exposure to certain asset classes 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 10/31/13

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 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (6/30/10)	0.54	%
10 Years	-0.87
5 Years	-0.03
1 Year	8.50
Class C Shares
Inception (6/30/10)	0.40	%
10 Years	-1.09
5 Years	0.02
1 Year	11.54
Class R Shares
Inception (6/30/10)	0.58	%
10 Years	-0.75
5 Years	0.53
1 Year	13.09
Class Y Shares
Inception (6/30/10)	1.14	%
10 Years	-0.18
5 Years	1.10
1 Year	13.87
Class R5 Shares
10 Years	-0.30	%
5 Years	1.14
1 Year	13.94
Class R6 Shares
Inception (9/28/12)	-0.24	%
10 Years	-0.10
5 Years	1.19
1 Year	13.73

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, 2023, 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				77.10	%
Financials				2.03
Other Sectors, Each Less than 2% of Net Assets				1.45
Money Market Funds Plus Other Assets Less Liabilities				19.42
Top Five Debt Issuers*
		% of total net assets
1.	Republic of South Africa Government Bond			11.13	%
2.	Colombian TES			9.89
3.	Indonesia Treasury Bond			8.52
4.	Malaysia Government Bond			8.01
5.	Republic of Poland Government Bond			7.90

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, 2023.

7 Invesco Emerging Markets Local Debt Fund

Schedule of Investments

October 31, 2023

	Principal Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes–79.38%(a)
Brazil–4.12%
Brazil Notas do Tesouro Nacional,
Series B, 6.00%, 05/15/2045		BRL	1,000,000	$	807,268
Series F, 10.00%, 01/01/2027		BRL	17,000,000		3,257,822
					4,065,090
Chile–2.86%
Bonos de la Tesoreria de la Republica, 0.00%, 03/01/2025		CLP	1,273,582,450		1,347,365
Bonos de la Tesoreria de la Republica en pesos, 2.30%, 10/01/2028(b)		CLP	1,600,000,000		1,474,256
					2,821,621
China–2.03%
China Government Bond, 3.72%, 04/12/2051		CNY	4,000,000		611,273
Export-Import Bank of China (The), Series 2105, 3.22%, 05/14/2026		CNY	10,000,000		1,389,391
					2,000,664
Colombia–11.14%
Colombian TES,
Series B, 5.75%, 11/03/2027		COP	24,000,000,000		4,883,453
Series B, 6.00%, 04/28/2028		COP	16,000,000,000		3,221,370
Series B, 9.25%, 05/28/2042		COP	3,500,000,000		678,907
Series B, 7.25%, 10/26/2050		COP	6,300,000,000		962,407
PA Autopista Rio Magdalena, 6.05%, 06/15/2036(b)		COP	6,500,000,000		1,236,814
					10,982,951
Czech Republic–4.24%
Czech Republic Government Bond,
Series 105, 2.75%, 07/23/2029		CZK	30,000,000		1,179,534
Series 125, 1.50%, 04/24/2040		CZK	19,000,000		521,265
Series 78, 2.50%, 08/25/2028(b)		CZK	23,000,000		907,546
Series 95, 1.00%, 06/26/2026(b)		CZK	40,000,000		1,574,545
					4,182,890
India–2.44%
India Government Bond, 7.27%, 04/08/2026		INR	200,000,000		2,404,513

	Principal Amount			Value
Indonesia–8.52%
Indonesia Treasury Bond,
Series FR82, 7.00%, 09/15/2030		IDR	15,000,000,000	$	936,610
Series FR91, 6.38%, 04/15/2032		IDR	25,000,000,000		1,504,234
Series FR92, 7.13%, 06/15/2042		IDR	16,000,000,000		1,000,320
Series FR95, 6.38%, 08/15/2028		IDR	40,000,000,000		2,452,049
Series FR96, 7.00%, 02/15/2033		IDR	40,000,000,000		2,498,810
					8,392,023
Malaysia–8.01%
Malaysia Government Bond,
Series 115, 3.96%, 09/15/2025		MYR	8,450,000		1,784,518
Series 118, 3.88%, 03/14/2025		MYR	1,550,000		327,128
Series 119, 3.91%, 07/15/2026		MYR	2,500,000		527,918
Series 122, 3.58%, 07/15/2032		MYR	5,000,000		1,005,940
Series 219, 3.89%, 08/15/2029		MYR	13,500,000		2,813,159
Series 310, 4.50%, 04/15/2030		MYR	4,000,000		859,263
Series 519, 3.76%, 05/22/2040		MYR	3,000,000		578,470
					7,896,396
Mexico–3.31%
Mexican Udibonos, Series S, 3.00%, 12/03/2026		MXN	63,218,840		3,176,125
Red de Carreteras de Occidente S.A.B. de C.V., 9.00%, 06/10/2028(b)		MXN	1,610,000		83,697
					3,259,822
Peru–3.47%
Peru Government Bond,
6.15%, 08/12/2032		PEN	13,500,000		3,214,745
7.30%, 08/12/2033(b)		PEN	800,000		204,185
					3,418,930
Poland–7.90%
Republic of Poland Government Bond,
Series 0727, 2.50%, 07/25/2027		PLN	6,000,000		1,299,477
Series 1026, 0.25%, 10/25/2026		PLN	18,000,000		3,712,657
Series 432, 1.75%, 04/25/2032		PLN	8,000,000		1,416,268
Series 527, 3.75%, 05/25/2027		PLN	6,000,000		1,360,078
					7,788,480

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
Romania–4.20%
Romania Government Bond,
2.50%, 10/25/2027		RON	9,000,000	$	1,657,793
5.00%, 02/12/2029		RON	5,100,000		999,734
4.85%, 07/25/2029		RON	5,520,000		1,070,532
4.25%, 04/28/2036		RON	2,500,000		410,171
					4,138,230
South Africa–11.13%
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030		ZAR	110,000,000		5,195,158
Series 2037, 8.50%, 01/31/2037		ZAR	55,000,000		2,181,703
Series 2040, 9.00%, 01/31/2040		ZAR	40,000,000		1,595,707
Series R186, 10.50%, 12/21/2026		ZAR	30,000,000		1,660,443
Series R209, 6.25%, 03/31/2036		ZAR	10,000,000		332,046
					10,965,057
Supranational–0.51%
European Bank for Reconstruction and Development, 7.00%, 11/29/2024		VND	10,000,000,000		419,647
International Finance Corp., 0.00%, 02/15/2029(b)(c)		TRY	7,300,000		80,351
					499,998
Thailand–4.86%
Thailand Government Bond,
1.00%, 06/17/2027		THB	20,000,000		522,885
2.88%, 12/17/2028		THB	80,000,000		2,227,756
2.00%, 12/17/2031		THB	5,000,000		127,608
3.78%, 06/25/2032		THB	50,000,000		1,452,125
1.59%, 12/17/2035		THB	20,000,000		457,861
					4,788,235

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

VND - Viet Nam Dong

ZAR - South African Rand

	Principal Amount				Value
Uruguay–0.64%
Uruguay Government International Bond, 8.25%, 05/21/2031		UYU		27,500,000	$	629,552
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $83,801,307)						78,234,452
U.S. Dollar Denominated Bonds & Notes–1.09%
Egypt–0.98%
Egypt Government International Bond,
6.20%, 03/01/2024(b)		$		500,000		487,554
5.75%, 05/29/2024(b)				500,000		477,375
						964,929
United States–0.11%
U.S. International Development Finance Corp., Series 4, 3.13%, 04/15/2028				120,000		110,491
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,103,941)						1,075,420
			Shares
Money Market Funds–16.25%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)				5,607,369		5,607,369
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(d)(e)				4,004,309		4,005,509
Invesco Treasury Portfolio, Institutional Class, 5.27%(d)(e)				6,408,422		6,408,422
Total Money Market Funds (Cost $16,021,146)						16,021,300
Options Purchased–0.11% (Cost $373,949)(f)						110,061
TOTAL INVESTMENTS IN SECURITIES–96.83% (Cost $101,300,343)						95,441,233
OTHER ASSETS LESS LIABILITIES–3.17%						3,120,423
NET ASSETS–100.00%					$	98,561,656

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, 2023 was $6,526,323, which represented 6.62% of the Fund’s Net Assets.

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

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation (Depreciation)	Realized Gain	Value October 31, 2023	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$  5,217,147	$  43,437,031	$(43,046,809)	$      -	$    -	$  5,607,369	$105,451
Invesco Liquid Assets Portfolio, Institutional Class	3,727,210	31,026,451	(30,748,252)	(161)	261	4,005,509	74,850
Invesco Treasury Portfolio, Institutional Class	5,962,453	49,642,321	(49,196,352)	-	-	6,408,422	116,665
Total	$14,906,810	$124,105,803	$(122,991,413)	$(161)	$261	$16,021,300	$296,966

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)  The table below details options purchased.

Open Over-The-Counter Foreign Currency Options Purchased(a)
	Type of		Expiration		Exercise		Notional
Description	Contract	Counterparty	Date		Price		Value		Value
Currency Risk
USD versus BRL	Put	Deutsche Bank AG		12/29/2023	BRL	4.92	USD	2,900,000	$	25,001
USD versus BRL	Put	Merrill Lynch International		11/09/2023	BRL	4.80	USD	3,550,000		302
USD versus COP	Put	Deutsche Bank AG		12/14/2023	COP	3,880.00	USD	2,850,000		7,461
USD versus COP	Put	Merrill Lynch International		11/02/2023	COP	4,000.00	USD	4,500,000		99
USD versus COP	Put	Morgan Stanley and Co. International PLC		12/22/2023	COP	4,025.00	USD	3,600,000		37,868
USD versus INR	Put	Standard Chartered Bank PLC		11/16/2023	INR	81.50	USD	3,500,000		175
USD versus MXN	Put	Goldman Sachs International		02/15/2024	MXN	17.45	USD	5,000,000		39,110
USD versus PLN	Put	J.P. Morgan Chase Bank, N.A.		11/16/2023	PLN	3.85	USD	2,800,000		45
Total Foreign Currency Options Purchased									$	110,061

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $600,000.

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

Type of

Expiration

Exercise

Notional

Description

Contract

Counterparty

Date

Price

Value

Value

Currency Risk

USD versus BRL

Call

Deutsche Bank AG

12/29/2023

BRL

5.30

USD

2,900,000

$

(24,516

)

USD versus BRL

Call

Merrill Lynch International

11/09/2023

BRL

5.20

USD

3,550,000

(4,977

)

USD versus MXN

Call

Morgan Stanley and Co. International PLC

12/14/2023

MXN

18.70

USD

2,175,000

(20,134

)

Subtotal – Foreign Currency Call Options Written

(49,627

)

Currency Risk

USD versus BRL

Put

Deutsche Bank AG

12/29/2023

BRL

4.75

USD

2,900,000

(6,279

)

USD versus BRL

Put

Merrill Lynch International

11/09/2023

BRL

4.65

USD

3,550,000

(11

)

USD versus COP

Put

Deutsche Bank AG

12/14/2023

COP

3,760.00

USD

5,700,000

(4,406

)

USD versus COP

Put

Merrill Lynch International

11/02/2023

COP

3,875.00

USD

6,750,000

(7

)

USD versus COP

Put

Morgan Stanley and Co. International PLC

12/22/2023

COP

3,845.00

USD

3,600,000

(8,586

)

USD versus INR

Put

Standard Chartered Bank PLC

11/16/2023

INR

80.50

USD

3,500,000

(63

)

USD versus MXN

Put

Goldman Sachs International

02/15/2024

MXN

16.70

USD

7,150,000

(12,477

)

Subtotal – Foreign Currency Put Options Written

(31,829

)

Total - Foreign Currency Options Written

$

(81,456

)

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

10 Invesco Emerging Markets Local Debt Fund

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $600,000.

Open Forward Foreign Currency Contracts
						Unrealized
Settlement		Contract to				Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
12/20/2023	Barclays Bank PLC	SGD	2,134,385	USD	1,571,255		$         9,038
12/20/2023	Barclays Bank PLC	USD	57,993	HUF	21,560,000		1,238
12/20/2023	Barclays Bank PLC	USD	3,565,797	PLN	15,081,000		9,464
12/20/2023	BNP Paribas S.A.	USD	46,721	CNY	340,000		421
12/20/2023	Citibank, N.A.	COP	949,810,000	USD	230,906		2,597
12/20/2023	Citibank, N.A.	CZK	800,000	USD	34,899		481
12/20/2023	Citibank, N.A.	PEN	1,150,000	USD	303,454		4,667
12/20/2023	Citibank, N.A.	TWD	32,833,000	USD	1,035,088		20,817
12/20/2023	Citibank, N.A.	USD	482,713	CLP	451,501,000		20,335
12/20/2023	Citibank, N.A.	USD	72,097	THB	2,650,000		1,945
12/20/2023	Deutsche Bank AG	HUF	304,251,750	USD	837,859		2,001
12/20/2023	Deutsche Bank AG	INR	36,673,841	USD	440,183		420
12/20/2023	Deutsche Bank AG	PEN	7,474,923	USD	2,003,088		60,991
12/20/2023	Deutsche Bank AG	THB	8,500,000	USD	239,437		1,944
12/20/2023	Deutsche Bank AG	USD	416,306	HUF	154,260,000		7,486
12/20/2023	Deutsche Bank AG	USD	16,551	ZAR	312,500		146
01/03/2024	Deutsche Bank AG	BRL	6,224,125	USD	1,232,500		6,506
01/03/2024	Deutsche Bank AG	USD	101,993	BRL	520,000		434
11/20/2023	Goldman Sachs International	INR	4,054,000	USD	49,333		674
12/20/2023	Goldman Sachs International	IDR	799,510,000	USD	51,893		1,741
12/20/2023	Goldman Sachs International	PEN	330,000	USD	86,464		725
12/20/2023	Goldman Sachs International	USD	3,784,200	HUF	1,385,575,956		22,337
12/20/2023	Goldman Sachs International	USD	134,804	THB	4,857,000		902
12/20/2023	HSBC Bank USA	KRW	653,259,940	USD	493,619		9,485
12/20/2023	HSBC Bank USA	THB	10,658,000	USD	299,774		1,986
11/03/2023	J.P. Morgan Chase Bank, N.A.	BRL	30,209,282	USD	6,033,038		41,214
11/03/2023	J.P. Morgan Chase Bank, N.A.	USD	5,973,165	BRL	30,209,282		18,659
11/20/2023	J.P. Morgan Chase Bank, N.A.	INR	85,600,000	USD	1,031,012		3,576
12/18/2023	J.P. Morgan Chase Bank, N.A.	HUF	30,070,000	USD	83,428		800
12/20/2023	J.P. Morgan Chase Bank, N.A.	IDR	1,037,770,000	USD	66,645		1,547
12/20/2023	J.P. Morgan Chase Bank, N.A.	ILS	7,580,000	USD	1,927,804		47,458
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD	5,924,011	CNY	43,049,792		44,992
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD	1,968,232	EUR	1,860,000		4,221
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD	950,000	KRW	1,287,725,000		4,338
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD	761,395	MYR	3,625,000		1,810
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD	119,361	PEN	463,000		934
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD	63,733	RON	300,000		141
01/03/2024	J.P. Morgan Chase Bank, N.A.	USD	241,456	BRL	1,260,000		6,732
02/20/2024	J.P. Morgan Chase Bank, N.A.	MXN	1,010,000	USD	57,559		2,556
02/20/2024	J.P. Morgan Chase Bank, N.A.	USD	48,655	MXN	910,000		902
07/22/2024	J.P. Morgan Chase Bank, N.A.	USD	700,000	PLN	3,110,800		35,041
11/08/2023	Merrill Lynch International	CLP	669,605,000	USD	785,000		37,047
11/08/2023	Merrill Lynch International	USD	2,495,000	CLP	2,326,088,500		103,256
12/18/2023	Merrill Lynch International	EUR	295,000	USD	312,844		46
12/18/2023	Merrill Lynch International	HUF	201,210,500	USD	564,388		11,492
12/18/2023	Merrill Lynch International	USD	312,845	HUF	114,814,000		2,647
12/20/2023	Merrill Lynch International	CLP	907,120,000	USD	1,018,664		7,978
12/20/2023	Merrill Lynch International	COP	28,702,856,800	USD	7,120,972		221,555

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)
12/20/2023	Merrill Lynch International	RON	6,846,070	USD	1,471,387		$       13,769
12/20/2023	Merrill Lynch International	THB	6,195,000	USD	174,262		1,172
12/20/2023	Merrill Lynch International	TWD	31,640,000	USD	986,900		9,483
12/20/2023	Merrill Lynch International	USD	549,265	HUF	200,380,000		1,230
12/20/2023	Merrill Lynch International	USD	208,043	ZAR	4,023,000		6,915
02/20/2024	Merrill Lynch International	MXN	6,130,000	USD	346,911		13,080
12/18/2023	Morgan Stanley and Co. International PLC	MXN	7,834,450	USD	442,000		10,667
12/20/2023	Morgan Stanley and Co. International PLC	CLP	854,690,000	USD	960,682		8,412
12/20/2023	Morgan Stanley and Co. International PLC	CZK	4,536,000	USD	197,342		2,194
12/20/2023	Morgan Stanley and Co. International PLC	HUF	231,280,500	USD	636,785		1,398
12/20/2023	Morgan Stanley and Co. International PLC	IDR	17,742,045,000	USD	1,147,097		34,165
12/20/2023	Morgan Stanley and Co. International PLC	MXN	22,950,000	USD	1,299,489		36,370
12/20/2023	Morgan Stanley and Co. International PLC	USD	1,368,001	CZK	32,059,000		11,244
12/20/2023	Morgan Stanley and Co. International PLC	USD	106,993	HUF	39,152,999		571
12/20/2023	Morgan Stanley and Co. International PLC	USD	142,937	MXN	2,610,000		712
12/20/2023	Morgan Stanley and Co. International PLC	USD	160,114	PLN	695,215		4,701
12/20/2023	Morgan Stanley and Co. International PLC	USD	77,351	ZAR	1,483,000		1,889
12/27/2023	Morgan Stanley and Co. International PLC	COP	3,294,720,000	USD	792,000		1,265
11/20/2023	Standard Chartered Bank PLC	INR	34,864,200	USD	420,000		1,534
12/20/2023	Standard Chartered Bank PLC	IDR	998,210,000	USD	63,512		896
12/20/2023	Standard Chartered Bank PLC	INR	124,518,200	USD	1,495,132		2,013
12/20/2023	Standard Chartered Bank PLC	KRW	546,890,000	USD	409,837		4,534
12/20/2023	Standard Chartered Bank PLC	MYR	5,200,000	USD	1,112,580		17,776
12/20/2023	Standard Chartered Bank PLC	USD	505,071	MYR	2,415,000		3,380
01/03/2024	Standard Chartered Bank PLC	USD	217,636	BRL	1,110,000		1,006
Subtotal–Appreciation							978,099
Currency Risk
12/20/2023	Citibank, N.A.	PEN	390,000	USD	101,099		(229	)
12/20/2023	Citibank, N.A.	THB	4,900,000	USD	134,854		(2,053	)
12/20/2023	Citibank, N.A.	USD	241,424	CLP	213,877,151		(3,128	)
12/20/2023	Citibank, N.A.	USD	988,793	COP	3,964,070,000		(35,934	)
12/20/2023	Citibank, N.A.	USD	1,021,448	PEN	3,810,000		(31,553	)
12/20/2023	Deutsche Bank AG	CZK	31,683,000	USD	1,357,601		(5,467	)
12/20/2023	Deutsche Bank AG	PLN	7,520,000	USD	1,739,574		(43,196	)
12/20/2023	Deutsche Bank AG	USD	249,879	HUF	90,830,000		(345	)
12/20/2023	Deutsche Bank AG	ZAR	7,345,489	USD	380,297		(12,187	)
01/03/2024	Deutsche Bank AG	USD	191,330	BRL	960,000		(2,234	)
07/22/2024	Deutsche Bank AG	PLN	450,000	USD	101,928		(4,401	)
12/20/2023	Goldman Sachs International	CLP	156,210,000	USD	171,814		(2,230	)
12/20/2023	Goldman Sachs International	THB	4,060,000	USD	110,125		(3,312	)
12/20/2023	Goldman Sachs International	USD	61,786	PEN	230,000		(2,029	)
12/20/2023	Goldman Sachs International	ZAR	6,100,000	USD	318,410		(7,526	)
02/20/2024	Goldman Sachs International	MXN	7,436,000	USD	400,000		(4,954	)
02/20/2024	Goldman Sachs International	USD	1,088,595	MXN	19,470,000		(28,285	)
11/03/2023	HSBC Bank USA	BRL	310,282	USD	61,351		(192	)
11/03/2023	HSBC Bank USA	USD	62,131	BRL	310,282		(588	)
12/20/2023	HSBC Bank USA	USD	1,092,123	COP	4,357,570,000		(44,677	)
12/20/2023	HSBC Bank USA	USD	59,663	EUR	56,000		(277	)
12/20/2023	HSBC Bank USA	USD	3,070,469	IDR	47,272,603,382		(105,128	)
12/20/2023	HSBC Bank USA	USD	1,006,624	ILS	3,830,000		(56,528	)

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)
12/20/2023	HSBC Bank USA	ZAR	950,000	USD	48,662		$       (2,098	)
11/03/2023	J.P. Morgan Chase Bank, N.A.	BRL	29,899,000	USD	5,911,814		(18,469	)
11/03/2023	J.P. Morgan Chase Bank, N.A.	USD	5,970,133	BRL	29,899,000		(39,850	)
12/18/2023	J.P. Morgan Chase Bank, N.A.	USD	451,764	MXN	7,834,450		(20,431	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	CNY	13,710,000	USD	1,886,611		(14,329	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	COP	1,037,780,000	USD	240,578		(8,877	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	CZK	15,494,000	USD	665,488		(1,097	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	PLN	22,086,296	USD	5,047,396		(188,616	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD	721,576	COP	2,908,311,000		(22,494	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD	1,150,376	EUR	1,065,615		(20,335	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD	972,348	ILS	3,750,000		(42,097	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD	6,039,466	MXN	106,085,335		(200,759	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD	55,703	PEN	210,000		(1,142	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD	6,059,247	THB	215,239,619		(45,394	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	ZAR	53,485,783	USD	2,799,643		(58,213	)
01/03/2024	J.P. Morgan Chase Bank, N.A.	USD	5,259,812	BRL	26,506,282		(38,752	)
02/20/2024	J.P. Morgan Chase Bank, N.A.	USD	130,806	MXN	2,350,000		(2,829	)
12/18/2023	Merrill Lynch International	USD	564,388	EUR	515,000		(18,317	)
12/20/2023	Merrill Lynch International	CLP	904,970,000	USD	1,004,016		(4,274	)
12/20/2023	Merrill Lynch International	COP	3,613,420,000	USD	817,146		(51,426	)
12/20/2023	Merrill Lynch International	PLN	900,000	USD	205,177		(8,187	)
12/20/2023	Merrill Lynch International	RON	450,000	USD	95,141		(669	)
12/20/2023	Merrill Lynch International	USD	2,730,150	CZK	62,947,700		(22,010	)
12/20/2023	Merrill Lynch International	USD	106,661	IDR	1,667,990,000		(2,031	)
12/20/2023	Merrill Lynch International	USD	2,272,403	MYR	10,571,900		(46,604	)
02/20/2024	Merrill Lynch International	USD	137,639	MXN	2,500,000		(1,493	)
12/18/2023	Morgan Stanley and Co. International PLC	USD	636,961	HUF	231,280,500		(1,436	)
12/20/2023	Morgan Stanley and Co. International PLC	CLP	289,700,000	USD	310,290		(12,486	)
12/20/2023	Morgan Stanley and Co. International PLC	CZK	1,980,000	USD	85,012		(172	)
12/20/2023	Morgan Stanley and Co. International PLC	PLN	360,000	USD	82,455		(2,890	)
12/20/2023	Morgan Stanley and Co. International PLC	USD	53,874	MXN	949,438		(1,619	)
02/20/2024	Morgan Stanley and Co. International PLC	USD	1,746,290	MXN	31,170,000		(48,815	)
11/20/2023	Standard Chartered Bank PLC	USD	1,497,099	INR	124,518,200		(2,537	)
12/20/2023	Standard Chartered Bank PLC	CLP	86,520,000	USD	95,980		(418	)
12/20/2023	Standard Chartered Bank PLC	EUR	631,250	USD	667,688		(1,726	)
12/20/2023	Standard Chartered Bank PLC	MYR	590,000	USD	124,101		(117	)
12/20/2023	Standard Chartered Bank PLC	THB	37,440,000	USD	1,034,240		(11,844	)
12/20/2023	Standard Chartered Bank PLC	USD	994,438	IDR	15,289,485,000		(35,351	)
12/20/2023	Standard Chartered Bank PLC	USD	142,645	MYR	670,000		(1,584	)
12/20/2023	Standard Chartered Bank PLC	USD	371,594	THB	13,186,000		(3,173	)
12/20/2023	UBS AG	CZK	13,734,000	USD	582,721		(8,144	)
12/20/2023	UBS AG	USD	66,978	THB	2,360,000		(1,039	)
Subtotal–Depreciation							(1,410,597	)
Total Forward Foreign Currency Contracts							$  (432,498	)

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)
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	6 Month WIBOR	Semi-Annually		4.73	%	Annually		07/25/2026	PLN	15,100,000		$–		$            278			$            278
Receive	3 Month CZK PRIBOR	Quarterly		(7.02	)	Annually		02/10/2024	CZK	50,000,000		–		1,560			1,560
Receive	28 Day MXN TIIE	28 days		(9.61	)	28 days		09/16/2033	MXN	14,050,000		–		1,576			1,576
Pay	3 Month CNRR007	Quarterly		2.44		Quarterly		04/27/2027	CNY	5,000,000		–		3,712			3,712
Pay	3 Month CNRR007	Quarterly		2.51		Quarterly		07/18/2027	CNY	5,000,000		–		5,147			5,147
Pay	6 Month CZK PRIBOR	Semi-Annually		4.85		Annually		06/26/2026	CZK	38,000,000		–		5,281			5,281
Pay	3 Month CNRR007	Quarterly		2.36		Quarterly		04/12/2027	CNY	15,000,000		–		6,097			6,097
Pay	FBIL Overnight MIBOR	At Maturity		7.01		At Maturity		09/07/2024	INR	315,000,000		–		6,206			6,206
Pay	28 Day MXN TIIE	28 days		10.87		28 days		09/26/2025	MXN	50,500,000		–		7,475			7,475
Receive	3 Month COOVIBR	Quarterly		(8.96	)	Quarterly		05/23/2032	COP	4,400,000,000		–		9,201			9,201
Pay	BZDIOVRA	At Maturity		11.51		At Maturity		07/01/2026	BRL	18,479,381		–		10,205			10,205
Pay	3 Month CNRR007	Quarterly		2.70		Quarterly		11/24/2027	CNY	6,000,000		–		11,598			11,598
Receive	6 Month CZK PRIBOR	Semi-Annually		(4.26	)	Annually		08/17/2033	CZK	14,000,000		–		11,675			11,675
Pay	3 Month COOVIBR	Quarterly		9.62		Quarterly		10/23/2026	COP	6,000,000,000		–		12,398			12,398
Receive	6 Month WIBOR	Semi-Annually		(4.02	)	Annually		07/18/2027	PLN	11,600,000		–		18,889			18,889
Receive	3 Month COOVIBR	Quarterly		(8.59	)	Quarterly		05/31/2032	COP	3,215,000,000		–		22,905			22,905
Receive	28 Day MXN TIIE	28 days		(9.14	)	28 days		09/08/2033	MXN	15,140,000		–		26,957			26,957
Receive	6 Month WIBOR	Semi-Annually		(4.71	)	Annually		09/22/2033	PLN	5,880,000		–		29,653			29,653
Receive	CLICP	Semi-Annually		(5.17	)	Semi-Annually		06/28/2028	CLP	950,000,000		–		41,855			41,855
Pay	6 Month BUBOR	Semi-Annually		9.78		Annually		08/04/2027	HUF	300,000,000		–		46,883			46,883
Pay	6 Month BUBOR	Semi-Annually		9.61		Annually		07/27/2027	HUF	389,700,000		–		54,079			54,079
Receive	28 Day MXN TIIE	28 days		(8.71	)	28 days		08/12/2033	MXN	27,530,000		–		90,575			90,575
Receive	3 Month COOVIBR	Quarterly		(7.70	)	Quarterly		07/18/2033	COP	12,600,000,000		–		256,579			256,579
Subtotal – Appreciation												–		680,784			680,784
Interest Rate Risk
Pay	28 Day MXN TIIE	28 days		8.23		28 days		05/29/2031	MXN	75,000,000		–		(314,702	)		(314,702	)
Pay	BZDIOVRA	At Maturity		10.05		At Maturity		01/04/2027	BRL	16,462,385		–		(137,716	)		(137,716	)
Pay	28 Day MXN TIIE	28 days		10.17		28 days		12/18/2024	MXN	135,900,000		–		(77,320	)		(77,320	)
Pay	28 Day MXN TIIE	28 days		9.95		28 days		08/22/2025	MXN	100,100,000		–		(76,088	)		(76,088	)
Pay	TTHORON	Quarterly		2.60		Quarterly		04/24/2033	THB	45,000,000		–		(64,715	)		(64,715	)
Pay	KWCDC	Quarterly		3.32		Quarterly		04/05/2025	KRW	6,750,000,000		–		(51,193	)		(51,193	)
Pay	28 Day MXN TIIE	28 days		9.42		28 days		06/03/2027	MXN	33,900,000		–		(31,357	)		(31,357	)
Pay	BZDIOVRA	At Maturity		11.30		At Maturity		01/02/2026	BRL	8,667,090		–		(31,029	)		(31,029	)
Receive	3 Month CNRR007	Quarterly		(2.82	)	Quarterly		03/23/2028	CNY	11,500,000		–		(29,395	)		(29,395	)
Receive	BZDIOVRA	At Maturity		(11.82	)	At Maturity		01/02/2029	BRL	10,251,941		–		(27,091	)		(27,091	)
Pay	28 Day MXN TIIE	28 days		10.21		28 days		09/12/2025	MXN	47,600,000		–		(23,833	)		(23,833	)
Pay	BZDIOVRA	At Maturity		10.97		At Maturity		01/04/2027	BRL	20,107,206		–		(22,042	)		(22,042	)
Pay	28 Day MXN TIIE	28 days		10.26		28 days		09/12/2025	MXN	47,250,000		–		(21,428	)		(21,428	)
Pay	6 Month WIBOR	Semi-Annually		4.53		Annually		09/22/2025	PLN	14,000,000		–		(21,368	)		(21,368	)
Pay	28 Day MXN TIIE	28 Days		9.13		28 Days		02/11/2028	MXN	14,000,000		–		(18,930	)		(18,930	)
Pay	6 Month CZK PRIBOR	Semi-Annually		4.21		Annually		12/20/2028	CZK	55,900,000		–		(16,739	)		(16,739	)
Pay	BZDIOVRA	At Maturity		10.75		At Maturity		01/02/2026	BRL	14,805,823		–		(15,505	)		(15,505	)
Pay	BZDIOVRA	At Maturity		10.84		At Maturity		01/02/2026	BRL	14,680,262		–		(10,417	)		(10,417	)
Receive	3 Month JIBAR	Quarterly		(9.95	)	Quarterly		10/25/2033	ZAR	19,850,000		–		(9,179	)		(9,179	)
Pay	BZDIOVRA	At Maturity		11.72		At Maturity		01/02/2026	BRL	8,286,342		–		(8,586	)		(8,586	)
Pay	6 Month CZK PRIBOR	Semi-Annually		4.58		Annually		07/20/2026	CZK	40,000,000		–		(6,484	)		(6,484	)
Pay	6 Month CZK PRIBOR	Semi-Annually		4.72		Annually		12/20/2025	CZK	117,000,000		–		(5,230	)		(5,230	)
Receive	CLICP	Semi-Annually		(6.28	)	Semi-Annually		03/08/2028	CLP	1,117,250,000		–		(4,799	)		(4,799	)

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

14 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)
Pay	28 Day MXN TIIE	28 days		10.64	%	28 days		09/26/2025	MXN	49,100,000	$–		$       (3,590	)		$       (3,590	)
Pay	3 Month CNRR007	Quarterly		2.08		Quarterly		07/19/2025	CNY	40,000,000	–		(1,474	)		(1,474	)
Pay	3 Month CZK PRIBOR	Quarterly		6.06		Annually		09/20/2024	CZK	158,700,000	–		(345	)		(345	)
Subtotal – Depreciation											–		(1,030,555	)		(1,030,555	)
Total Centrally Cleared Interest Rate Swap Agreements											$–		$  (349,771	)		$   (349,771	)

^(a)  Centrally cleared swap agreements collateralized by $1,133,778 cash held with Counterparties.

Open Over-The-Counter Interest Rate Swap Agreements(a)

Counterparty

Pay/ Receive Floating Rate

Floating Rate Index

Payment Frequency

(Pay)/ Received Fixed Rate

Payment Frequency

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Interest Rate Risk

Standard Chartered Bank PLC

Pay

3 Month KLIB

Quarterly

3.58

%

Quarterly

05/19/2028

MYR 11,000,000

$–

$(34,755)

$(34,755)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $600,000.

Abbreviations:

BRL	–Brazilian Real
BUBOR	–Budapest Interbank Offered Rate
BZDIOVRA	–Brazil Ceptip DI Interbank Deposit Rate
CLICP	–Sinacofi Chile Interbank Rate Avg (CAMARA)
CLP	–Chile Peso
CNRR007	–China 7-Day Reverse Repo Rate
CNY	–Chinese Yuan Renminbi
COOVIBR	–Colombia IBR Overnight Nominal Interbank Reference Rate
COP	–Colombia Peso
CZK	–Czech Koruna
EUR	–Euro
FBIL	–Financial Benchmarks India Private Ltd.
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
ILS	–Israel Shekel
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
KRW	–South Korean Won
KWCDC	–South Korean Won Certificate of Deposit
MIBOR	–Mumbai Interbank Offered Rate
MXN	–Mexican Peso
MYR	–Malaysian Ringgit
PEN	–Peruvian Sol
PLN	–Polish Zloty
PRIBOR	–Prague Interbank Offerred Rate
RON	–Romania New Leu
SGD	–Singapore Dollar
THB	–Thai Baht
TIIE	–Interbank Equilibrium Interest Rate
TTHORON	–Thai Overnight Repurchase Rate
TWD	–New Taiwan Dollar
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, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $85,279,197)	$	79,419,933
Investments in affiliated money market funds, at value (Cost $16,021,146)		16,021,300
Other investments:
Swaps receivable – OTC		212
Unrealized appreciation on forward foreign currency contracts outstanding		978,099
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		1,133,778
Cash collateral – OTC Derivatives		600,000
Cash		372,918
Foreign currencies, at value (Cost $137,873)		135,002
Receivable for:
Investments sold		84,766
Fund shares sold		56,895
Dividends		32,785
Interest		1,693,693
Cash segregated as collateral		80
Investment for trustee deferred compensation and retirement plans		23,533
Other assets		44,184
Total assets		100,597,178
Liabilities:
Other investments:
Options written, at value (premiums received $290,982)		81,456
Variation margin payable – centrally cleared swap agreements		154,732
Unrealized depreciation on forward foreign currency contracts outstanding		1,410,597
Unrealized depreciation on swap agreements–OTC		34,755
Payable for:
Investments purchased		27,473
Dividends		113,720
Fund shares reacquired		62,546
Accrued foreign taxes		2,254
Accrued fees to affiliates		30,089
Accrued trustees’ and officers’ fees and benefits		345
Accrued other operating expenses		94,022
Trustee deferred compensation and retirement plans		23,533
Total liabilities		2,035,522
Net assets applicable to shares outstanding	$	98,561,656

Net assets consist of:
Shares of beneficial interest	$	117,710,777
Distributable earnings (loss)		(19,149,121	)
	$	98,561,656
Net Assets:
Class A	$	23,308,810
Class C	$	4,121,987
Class R	$	1,742,814
Class Y	$	66,440,439
Class R5	$	7,898
Class R6	$	2,939,708
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,454,460
Class C		787,478
Class R		332,950
Class Y		12,686,379
Class R5		1,508
Class R6		561,761
Class A:
Net asset value per share	$	5.23
Maximum offering price per share (Net asset value of $5.23 ÷ 95.75%)	$	5.46
Class C:
Net asset value and offering price per share	$	5.23
Class R:
Net asset value and offering price per share	$	5.23
Class Y:
Net asset value and offering price per share	$	5.24
Class R5:
Net asset value and offering price per share	$	5.24
Class R6:
Net asset value and offering price per share	$	5.23

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, 2023

Investment income:
Interest (net of foreign withholding taxes of $94,533)	$	6,560,392
Dividends from affiliated money market funds		296,966
Total investment income		6,857,358
Expenses:
Advisory fees		660,996
Administrative services fees		13,787
Custodian fees		115,378
Distribution fees:
Class A		56,308
Class C		46,236
Class R		8,587
Transfer agent fees – A, C, R and Y		172,113
Transfer agent fees – R5		2
Transfer agent fees – R6		844
Trustees’ and officers’ fees and benefits		16,383
Registration and filing fees		86,940
Reports to shareholders		19,631
Professional services fees		61,856
Other		52,803
Total expenses		1,311,864
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(171,543	)
Net expenses		1,140,321
Net investment income		5,717,037
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $13,934)		(183,787	)
Affiliated investment securities		261
Foreign currencies		(473,286	)
Forward foreign currency contracts		(1,147,770	)
Futures contracts		(77,351	)
Option contracts written		830,039
Swap agreements		(335,781	)
		(1,387,675	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $208)		7,468,324
Affiliated investment securities		(161	)
Foreign currencies		242,307
Forward foreign currency contracts		(952,308	)
Option contracts written		301,504
Swap agreements		(465,499	)
		6,594,167
Net realized and unrealized gain		5,206,492
Net increase in net assets resulting from operations	$	10,923,529

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, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	5,717,037		$	4,989,630
Net realized gain (loss)		(1,387,675	)		(18,828,737	)
Change in net unrealized appreciation (depreciation)		6,594,167			(4,604,730	)
Net increase (decrease) in net assets resulting from operations		10,923,529			(18,443,837	)
Distributions to shareholders from distributable earnings:
Class A		(1,040,095	)		–
Class C		(181,423	)		–
Class R		(73,944	)		–
Class Y		(3,006,309	)		–
Class R5		(387	)		–
Class R6		(137,755	)		–
Total distributions from distributable earnings		(4,439,913	)		–
Return of capital:
Class A		(314,536	)		(1,308,109	)
Class C		(54,865	)		(232,461	)
Class R		(22,362	)		(75,996	)
Class Y		(909,145	)		(3,505,240	)
Class R5		(117	)		(437	)
Class R6		(41,659	)		(172,749	)
Total return of capital		(1,342,684	)		(5,294,992	)
Total distributions		(5,782,597	)		(5,294,992	)
Share transactions–net:
Class A		1,328,689			(10,038,507	)
Class C		(688,219	)		(1,780,116	)
Class R		174,201			200
Class Y		15,005,385			(29,344,167	)
Class R6		187,652			(1,047,904	)
Net increase (decrease) in net assets resulting from share transactions		16,007,708			(42,210,494	)
Net increase (decrease) in net assets		21,148,640			(65,949,323	)
Net assets:
Beginning of year		77,413,016			143,362,339
End of year	$	98,561,656		$	77,413,016

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 10/31/23		$4.89		$0.31			$0.35			$0.66			$(0.25	)		$(0.07	)		$(0.32	)		$5.23		13.38	%(e)		$  23,309		1.32	%(e)		1.49	%(e)		5.79	%(e)		143	%
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
Class C
Year ended 10/31/23		4.89		0.27			0.35			0.62			(0.21	)		(0.07	)		(0.28	)		5.23		12.54			4,122		2.08			2.25			5.03			143
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
Class R
Year ended 10/31/23		4.89		0.30			0.34			0.64			(0.23	)		(0.07	)		(0.30	)		5.23		13.09			1,743		1.57			1.75			5.54			143
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
Class Y
Year ended 10/31/23		4.89		0.33			0.35			0.68			(0.25	)		(0.08	)		(0.33	)		5.24		13.87			66,440		1.07			1.25			6.04			143
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
Class R5
Year ended 10/31/23		4.89		0.33			0.35			0.68			(0.25	)		(0.08	)		(0.33	)		5.24		13.94			8		1.02			1.10			6.09			143
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 10/31/23		4.89		0.33			0.34			0.67			(0.25	)		(0.08	)		(0.33	)		5.23		13.73			2,940		1.02			1.10			6.09			143
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

^(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 year ended May 31, 2019.

^(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, 2023, 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, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

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

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

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

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

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

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

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

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

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

21 Invesco Emerging Markets Local Debt Fund

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts 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.

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

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

22 Invesco Emerging Markets Local Debt Fund

margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the 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, which could result in the Fund accruing additional expenses. 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, 2023, 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 Transition 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 was 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. The publication of most LIBOR rates ceased at the end of 2021, and the remaining USD LIBOR rates ceased to be published after June 2023. The FCA will permit the use of synthetic USD LIBOR rates for non-U.S. contracts for a limited period of time after June 30, 2023, but any such rates would be considered non-representative of the underlying market.

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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act. The regulations provide a statutory fallback mechanism to replace LIBOR, by identifying benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) that replaced LIBOR in certain financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. The Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. 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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of

23 Invesco Emerging Markets Local Debt Fund

interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and 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, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with 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, 2023, the effective advisory fee rate incurred by the Fund was 0.69%.

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

Effective March 1, 2023 through at least February 28, 2025, 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 (the “expense limits”). Prior to March 1, 2023, the Adviser had contractually agreed, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25%, and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate February 28, 2025. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2023, the Adviser waived advisory fees of $8,022 and reimbursed class level expenses of $37,278, $7,260, $2,865, $111,519, $2 and $845 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, 2023, 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.

24 Invesco Emerging Markets Local Debt 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $3,995 in front-end sales commissions from the sale of Class A shares and $0 and $453 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, 2023. 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		$                –		$78,234,452		$–		$78,234,452
U.S. Dollar Denominated Bonds & Notes		–		1,075,420		–		1,075,420
Money Market Funds		16,021,300		–		–		16,021,300
Options Purchased		–		110,061		–		110,061
Total Investments in Securities		16,021,300		79,419,933		–		95,441,233
Other Investments - Assets*
Forward Foreign Currency Contracts		–		978,099		–		978,099
Swap Agreements		–		680,784		–		680,784
		–		1,658,883		–		1,658,883
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(1,410,597)		–		(1,410,597)
Options Written		–		(81,456)		–		(81,456)
Swap Agreements		–		(1,065,310)		–		(1,065,310)
		–		(2,557,363)		–		(2,557,363)
Total Other Investments		–		(898,480)		–		(898,480)
Total Investments		$16,021,300		$78,521,453		$–		$94,542,753

* 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.

25 Invesco Emerging Markets Local Debt 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, 2023:

	Value
Derivative Assets	Currency Risk			Interest Rate Risk			Total
Unrealized appreciation on swap agreements – Centrally Cleared(a)	$	–		$	680,784		$	680,784
Unrealized appreciation on forward foreign currency contracts outstanding		978,099			–			978,099
Options purchased, at value – OTC(b)		110,061			–			110,061
Total Derivative Assets		1,088,160			680,784			1,768,944
Derivatives not subject to master netting agreements		–			(680,784	)		(680,784	)
Total Derivative Assets subject to master netting agreements	$	1,088,160		$	–		$	1,088,160
	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on swap agreements – Centrally Cleared(a)	$	–		$	(1,030,555	)	$	(1,030,555	)
Unrealized depreciation on forward foreign currency contracts outstanding		(1,410,597	)		–			(1,410,597	)
Unrealized depreciation on swap agreements – OTC		–			(34,755	)		(34,755	)
Options written, at value – OTC		(81,456	)		–			(81,456	)
Total Derivative Liabilities		(1,492,053	)		(1,065,310	)		(2,557,363	)
Derivatives not subject to master netting agreements		–			1,030,555			1,030,555
Total Derivative Liabilities subject to master netting agreements	$	(1,492,053	)	$	(34,755	)	$	(1,526,808	)

^(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, 2023.

																					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
Barclays Bank PLC		$  19,740		$           –	$    –	$	19,740	$	–		$	–		$        –	$	–			$    19,740		$–	$	–		$	19,740
BNP Paribas S.A.		421		–	–		421		–			–		–		–			421		–		–			421
Citibank, N.A.		50,842		–	–		50,842		(72,897	)		–		–		(72,897	)		(22,055	)	–		10,000			(12,055	)
Deutsche Bank AG		79,928		32,462	–		112,390		(67,830	)		(35,201	)	–		(103,031	)		9,359		–		–			9,359
Goldman Sachs International		26,379		39,110	–		65,489		(48,336	)		(12,477	)	–		(60,813	)		4,676		–		–			4,676
HSBC Bank USA		11,471		–	–		11,471		(209,488	)		–		–		(209,488	)		(198,017	)	–		–			(198,017	)
J.P. Morgan Chase Bank, N.A.		214,921		45	–		214,966		(723,684	)		–		–		(723,684	)		(508,718	)	–		508,718			–
Merrill Lynch International		429,670		401	–		430,071		(155,011	)		(4,995	)	–		(160,006	)		270,065		–		(270,065	)		–
Morgan Stanley and Co. International PLC		113,588		37,868	–		151,456		(67,418	)		(28,720	)	–		(96,138	)		55,318		–		–			55,318
Standard Chartered Bank PLC		31,139		175	212		31,526		(56,750	)		(63	)	(34,755)		(91,568	)		(60,042	)	–		–			(60,042	)
UBS AG		–		–	–		–		(9,183	)		–		–		(9,183	)		(9,183	)	–		–			(9,183	)
Total		$978,099		$110,061	$212	$	1,088,372	$	(1,410,597	)	$	(81,456	)	$(34,755)	$	(1,526,808	)		$(438,436	)	$–	$	248,653		$	(189,783	)

26 Invesco Emerging Markets Local Debt Fund

Effect of Derivative Investments for the year ended October 31, 2023

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	$	(1,147,770	)	$	-		$	(1,147,770	)
Futures contracts		-			(77,351	)		(77,351	)
Options purchased(a)		250,975			(103,119	)		147,856
Options written		751,449			78,590			830,039
Swap agreements		-			(335,781	)		(335,781	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(952,308	)		-			(952,308	)
Options purchased(a)		(261,869	)		(42,375	)		(304,244	)
Options written		280,698			20,806			301,504
Swap agreements		-			(465,499	)		(465,499	)
Total	$	(1,078,825	)	$	(924,729	)	$	(2,003,554	)

^(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	$	149,641,036	$	5,600,000	$	14,663,606	$	20,227,972	$	5,840,902	$	40,954,528	$	71,658,135

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,752.

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.

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, 2023 and 2022:

	2023		2022
Ordinary income*	$	4,439,913	$	–
Return of capital		1,342,684		5,294,992
Total distributions	$	5,782,597	$	5,294,992

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

27 Invesco Emerging Markets Local Debt Fund

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation (depreciation) – investments	$	(7,425,055	)
Net unrealized appreciation (depreciation) – foreign currencies		(74,694	)
Temporary book/tax differences		(21,156	)
Capital loss carryforward		(11,628,216	)
Shares of beneficial interest		117,710,777
Total net assets	$	98,561,656

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, 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$6,468,628	$5,159,588	$11,628,216

* 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, 2023 was $129,105,747 and $117,835,526, 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	$	2,529,726
Aggregate unrealized (depreciation) of investments		(9,954,781	)
Net unrealized appreciation (depreciation) of investments	$	(7,425,055	)

Cost of investments for tax purposes is $101,967,808.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and return of capital distributions, on October 31, 2023, undistributed net investment income was increased by $228,405, undistributed net realized gain (loss) was increased by $1,114,280 and shares of beneficial interest was decreased by $1,342,685. 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, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		834,306		$	4,535,762			462,981		$	2,654,156
Class C		88,283			472,113			105,233			602,616
Class R		47,810			260,727			49,259			273,219
Class Y		7,648,294			41,018,433			6,135,961			35,757,530
Class R6		178,570			968,885			265,007			1,525,372
Issued as reinvestment of dividends:
Class A		188,288			1,020,443			164,172			905,430
Class C		32,883			178,071			32,739			180,693
Class R		17,714			96,025			13,643			74,941
Class Y		583,715			3,168,830			453,036			2,503,232
Class R6		23,193			125,661			24,154			134,005
Automatic conversion of Class C shares to Class A shares:
Class A		63,427			345,775			69,125			394,522
Class C		(63,427	)		(345,775	)		(69,109	)		(394,522	)

28 Invesco Emerging Markets Local Debt Fund

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(851,190	)	$	(4,573,291	)		(2,444,400	)	$	(13,992,615	)
Class C		(185,183	)		(992,628	)		(380,496	)		(2,168,903	)
Class R		(33,756	)		(182,551	)		(62,179	)		(347,960	)
Class Y		(5,411,491	)		(29,181,878	)		(11,736,637	)		(67,604,929	)
Class R6		(169,002	)		(906,894	)		(472,971	)		(2,707,281	)
Net increase (decrease) in share activity		2,992,434		$	16,007,708			(7,390,482	)	$	(42,210,494	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

29 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, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, 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, 2023, 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, 2023 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, 2023 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 21, 2023

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 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, 2023 through October 31, 2023.

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      (05/01/23)	Ending      Account Value      (10/31/23)1	Expenses      Paid During      Period2	Ending      Account Value      (10/31/23)	Expenses      Paid During      Period2	Annualized      Expense Ratio
Class A	$1,000.00	$976.10	$5.83	$1,019.31	$5.96	1.17%
Class C	1,000.00	970.50	9.59	1,015.48	9.80	1.93
Class R	1,000.00	973.00	7.11	1,018.00	7.27	1.43
Class Y	1,000.00	977.40	4.64	1,020.52	4.74	0.93
Class R5	1,000.00	977.40	4.69	1,020.47	4.79	0.94
Class R6	1,000.00	977.20	4.63	1,020.52	4.74	0.93

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, 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 Emerging Markets Local Debt Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to

attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 second quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile

32 Invesco Emerging Markets Local Debt Fund

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 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 also noted that there were only four other funds in the Fund’s expense group. The Board noted that the Fund’s actual management fees and total expense ratio ranked five out of five of its expense group. The Board requested and considered additional information from management regarding the Fund’s actual management fees, as well as the Fund’s total expenses relative to peers. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect to the Fund’s narrowly priced, small expense group and limitations regarding comparing the Fund’s expenses to such peers. 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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

33 Invesco Emerging Markets Local Debt Fund

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 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, 2023:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	2.20	%
Qualified Business Income*	0.00	%
Business Interest Income*	100.00	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

35 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold -1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	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	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Emerging Markets Local Debt Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338                  Invesco Distributors, Inc. O-EMLD-AR-1                                         

Annual Report to Shareholders October 31, 2023

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
21	Consolidated Financial Statements
24	Consolidated Financial Highlights
25	Notes to Consolidated Financial Statements
35	Report of Independent Registered Public Accounting Firm
36	Fund Expenses
37	Approval of Investment Advisory and Sub-Advisory Contracts
40	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2023, Class A shares of Invesco Fundamental Alternatives Fund (the Fund), at net asset value (NAV), outperformed the HFRX Global Hedge Fund Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/22 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	1.71	%
Class C Shares	0.92
Class R Shares	1.45
Class Y Shares	1.99
Class R5 Shares	2.12
Class R6 Shares	2.10
HFRX Global Hedge Fund Index▼	0.64
Source(s): ▼Bloomberg LP

Market conditions and you Fund

For the fiscal year ended October 31, 2023, the Fund’s Class A shares (without sales charge) generated a total return of 1.71%. The Fund outperformed the HFRX Global Hedge Fund Index, which returned 0.64% during the fiscal year. The Fund invests across three distinct alternative investment strategies including equity, credit and macro. The equity and credit sleeves contributed to absolute performance while the macro sleeve detracted from performance during the fiscal year.

The beginning of the fiscal year was headlined by the US Federal Reserve (the Fed) continuing 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 federal funds rate at the beginning of the fiscal year: a 0.75% hike in November, its largest hike since 1994, a 0.50% hike in December and a 0.25% hike in January, to a target federal funds rate of 4.50% to 4.75%.¹

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal fund’s rate by only 0.25% in February of

2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. Following the March banking crisis, markets stabilized in April due to milder inflation data and better-than-expected corporate earnings. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting,¹ but left rates unchanged at its June meeting, giving investors the long-awaited “pause” in rate hikes, which sent equities broadly higher.

Equity markets declined in the third quarter and into October 2023 as a resilient US economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak, the Consumer Price Index (CPI) rose by 0.2% in July, and the 12-month headline inflation rate rose to 3.2% from 3% in June.² Due to the persistence of inflation, the Fed raised the federal funds rate in July by 0.25% again. The CPI data released in September was higher-than-expected and the overall US labor market remained tight with unemployment near historic lows. At the same time, wages rose and consumers continued to spend, pushing the third quarter year-over-year Gross Domestic Product (GDP) to 4.9%, far above expectations.² Despite the higher-than-expected GDP for the third quarter of 2023, the Fed held interest rates steady at its September and October meetings, but left open the possibility of another rate hike before the end of the calendar year.¹

Despite higher rates and increased market volatility, US stocks for the fiscal year had

positive returns of 10.69%, as measured by the S&P 500 Index.³

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.

For the fiscal year ending October 2023, the Fund’s equity strategy underperformed the S&P 500 Index. Not surprisingly, the Fund’s inherently defensive low volatility positioning limited its ability to capture returns in a strong rising market environment. However, our intended factors combined to add significantly to performance where Momentum got off to a slow start, but large contributions towards the end of the fiscal year led to strong absolute returns for the factor overall. Similarly, Quality struggled for the first half of the fiscal year, though rotated back into favor as investors showed preference to companies with positive balance sheet characteristics. On the other hand, Value ended the fiscal year aiding absolute returns only slightly.

Within fixed-income, a January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of the two US regional banks caused significant volatility in fixed-income markets and prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread pushed overall corporate spread premiums wider over the fiscal year. Markets stabilized due to milder inflation data and better-than-expected corporate earnings.

Through the second quarter of 2023, inflation generally eased in developed economies, largely driven by moderation in the goods component of inflation. However, core inflation remained more stubborn and led to developed central banks to continue tightening, showcased by another 0.25% hike by the Fed in July, bringing the target rate from 5.25% to 5.50%, its highest level since June 2006.⁴ While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 3.45% to 4.85% during the fiscal year, while 10-year Treasury rates increased from 3.53% to 4.48%.⁵ At the end of the fiscal year, the yield curve remained inverted. Additionally, in August, US debt was downgraded by the Fitch credit rating agency from AAA to AA† on the premise of expected fiscal deterioration over the next three years.⁶

The Fund’s credit sleeve utilizes a systematic, quantitative, factor-based approach to investing.

Over the fiscal year, bonds with attractive carry and value factors positively impacted the Fund’s absolute performance, particularly within investment grade holdings. Duration was the largest detractor from the Fund’s

2 Invesco Fundamental Alternatives Fund

performance as interest rates rose sharply over the fiscal year, followed by low volatility factor exposure. The rise of interest rates during the fiscal year had a negative impact on performance, but overall, the boost from carry and value factors outweighed the negative impact of interest rates.

The Fund’s macro sleeve attempts to take advantage of short-term market trends by investing both long and short across liquid global equity, government bond and commodity markets based on each asset’s likelihood to outperform cash over the next 30-day period. The macro sleeve detracted from performance as gains within equities and bonds were outweighed by losses within commodities. Equities delivered absolute gains due to timely overweight exposures in Europe and Japan. Exposure to bonds also contributed to results primarily due to underweight positioning in German bunds, UK gilts and US Treasuries. Exposure to commodities produced losses primarily due to overweight positioning within energy throughout the first half of the fiscal year and due to trendless performance within both precious and industrial metals which made tactical positioning challenging.

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, commodity-linked notes and credit default 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 Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

4 Source: Federal Reserve of Economic Data

5 Source: US Department of the Treasury

6 Source: Fitch Ratings

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated indicates the debtor was not rated and should not be

interpreted as indicating low quality. For more information on S&P Global Ratings’ rating methodology, please visit spglobal.com and select ‘Understanding Credit Ratings’ under ‘About Ratings’ on the homepage. For more information on Moody’s rating methodology, please visit ratings.moodys.com and select ‘Rating Methodologies’ on the homepage.

Portfolio manager(s):

Chris Devine

Tarun Gupta

Scott Hixon

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 10/31/13

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 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (1/3/89)	6.51	%
10 Years	0.98
5 Years	-1.14
1 Year	-3.88
Class C Shares
Inception (9/1/93)	4.94	%
10 Years	0.93
5 Years	-0.78
1 Year	-0.06
Class R Shares
Inception (3/1/01)	1.78	%
10 Years	1.29
5 Years	-0.28
1 Year	1.45
Class Y Shares
Inception (12/16/96)	3.75	%
10 Years	1.79
5 Years	0.23
1 Year	1.99
Class R5 Shares
10 Years	1.73	%
5 Years	0.34
1 Year	2.12
Class R6 Shares
Inception (2/28/13)	2.15	%
10 Years	1.98
5 Years	0.40
1 Year	2.10

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, 2023, 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	0.17%	5.46%
Equity	2.80	89.39
Macro	0.16	5.15
Total	3.13%	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, 2023.

7 Invesco Fundamental Alternatives Fund

Consolidated Schedule of Investments^(a)

October 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–34.65%
Agricultural Products & Services–0.06%
Archer-Daniels-Midland Co.		2,828	$	202,400
Air Freight & Logistics–0.91%
C.H. Robinson Worldwide, Inc.		5,962		487,870
Expeditors International of Washington, Inc.(b)		13,402		1,464,168
FedEx Corp.		4,385		1,052,839
				3,004,877
Apparel Retail–0.35%
Ross Stores, Inc.		2,139		248,060
TJX Cos., Inc. (The)		10,371		913,374
				1,161,434
Application Software–0.94%
Adobe, Inc.(c)		1,570		835,334
DocuSign, Inc.(c)		4,499		174,921
Dynatrace, Inc.(c)		2,263		101,179
Fair Isaac Corp.(c)		404		341,731
Manhattan Associates, Inc.(c)		565		110,164
Roper Technologies, Inc.		428		209,108
Salesforce, Inc.(c)		5,277		1,059,780
Workday, Inc., Class A(c)		1,367		289,408
				3,121,625
Asset Management & Custody Banks–0.10%
Bank of New York Mellon Corp. (The)		7,818		332,265
Automobile Manufacturers–0.11%
General Motors Co.		13,373		377,119
Automotive Retail–0.18%
O’Reilly Automotive, Inc., Class R(c)		646		601,064
Biotechnology–2.12%
AbbVie, Inc.		7,375		1,041,202
Amgen, Inc.		5,509		1,408,651
Biogen, Inc.(c)		1,770		420,446
Gilead Sciences, Inc.		24,916		1,956,903
Incyte Corp.(c)		4,347		234,434
Neurocrine Biosciences, Inc.(c)		2,507		278,127
Regeneron Pharmaceuticals, Inc.(c)		682		531,885
Vertex Pharmaceuticals, Inc.(c)		3,219		1,165,632
				7,037,280
Brewers–0.28%
Molson Coors Beverage Co., Class B		15,847		915,481
Broadline Retail–0.49%
Amazon.com, Inc.(c)		6,834		909,537
eBay, Inc.		14,969		587,234
MercadoLibre, Inc. (Brazil)(c)		90		111,667
				1,608,438
Building Products–0.31%
Builders FirstSource, Inc.(c)		4,932		535,221

	Shares		Value
Building Products–(continued)
Owens Corning		4,368	$	495,200
				1,030,421
Cable & Satellite–0.44%
Comcast Corp., Class A		35,614		1,470,502
Commodity Chemicals–0.07%
LyondellBasell Industries N.V., Class A		2,547		229,841
Communications Equipment–0.76%
Cisco Systems, Inc.		39,460		2,057,050
Motorola Solutions, Inc.		1,701		473,660
				2,530,710
Computer & Electronics Retail–0.07%
Best Buy Co., Inc.		3,672		245,363
Construction Machinery & Heavy Transportation Equipment– 0.43%
Caterpillar, Inc.		1,370		309,689
PACCAR, Inc.		13,589		1,121,500
				1,431,189
Construction Materials–0.10%
Vulcan Materials Co.		1,757		345,233
Consumer Finance–0.14%
Synchrony Financial		16,492		462,601
Consumer Staples Merchandise Retail–0.64%
Walmart, Inc.		13,055		2,133,318
Data Processing & Outsourced Services–0.08%
Broadridge Financial Solutions, Inc.		1,635		278,996
Distributors–0.02%
LKQ Corp.		1,761		77,343
Diversified Banks–0.75%
Bank of America Corp.		7,520		198,077
Citigroup, Inc.		19,614		774,557
JPMorgan Chase & Co.		9,221		1,282,272
Wells Fargo & Co.		5,757		228,956
				2,483,862
Diversified Support Services–0.19%
Cintas Corp.		666		337,742
Copart, Inc.(c)		6,424		279,572
				617,314
Electric Utilities–0.84%
Edison International		1,934		121,958
Exelon Corp.		4,273		166,391
Pinnacle West Capital Corp.		8,362		620,293
PPL Corp.		37,342		917,493
Xcel Energy, Inc.		16,334		968,116
				2,794,251
Electronic Manufacturing Services–0.24%
Flex Ltd.(c)		9,179		236,084

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

8 Invesco Fundamental Alternatives Fund

	Shares		Value
Electronic Manufacturing Services–(continued)
Jabil, Inc.(b)		4,523	$	555,424
				791,508
Environmental & Facilities Services–0.34%
Republic Services, Inc.		7,618		1,131,197
Financial Exchanges & Data–0.27%
CME Group, Inc., Class A		3,467		740,066
Intercontinental Exchange, Inc.		1,339		143,862
				883,928
Food Distributors–0.09%
Performance Food Group Co.(c)		2,670		154,219
Sysco Corp.		2,281		151,664
				305,883
Food Retail–0.19%
Casey’s General Stores, Inc.		1,891		514,182
Kroger Co. (The)		2,665		120,911
				635,093
Gas Utilities–0.22%
Atmos Energy Corp.(b)		6,693		720,568
Health Care Distributors–0.92%
Cardinal Health, Inc.		13,255		1,206,205
Cencora, Inc.(b)		3,315		613,772
McKesson Corp.		2,664		1,213,079
				3,033,056
Health Care Equipment–0.21%
Zimmer Biomet Holdings, Inc.		6,763		706,125
Health Care Facilities–0.30%
HCA Healthcare, Inc.		4,430		1,001,800
Health Care Services–0.26%
Cigna Group (The)		2,187		676,220
DaVita, Inc.(c)		2,548		196,782
				873,002
Health Care Supplies–0.03%
Align Technology, Inc.(c)		517		95,433
Homebuilding–0.45%
Lennar Corp., Class A		2,642		281,849
NVR, Inc.(c)		87		470,898
PulteGroup, Inc.		9,900		728,541
				1,481,288
Hotels, Resorts & Cruise Lines–0.48%
Booking Holdings, Inc.(c)		418		1,166,036
Royal Caribbean Cruises Ltd.(c)		4,885		413,906
				1,579,942
Household Products–0.72%
Clorox Co. (The)		3,936		463,267
Kimberly-Clark Corp.		10,248		1,226,071
Procter & Gamble Co. (The)		4,672		700,940
				2,390,278
Human Resource & Employment Services–0.34%
Automatic Data Processing, Inc.		3,970		866,333

	Shares		Value
Human Resource & Employment Services–(continued)
Paychex, Inc.		2,233	$	247,975
				1,114,308
Independent Power Producers & Energy Traders–0.18%
Vistra Corp.		17,822		583,136
Industrial Conglomerates–0.32%
General Electric Co.		9,759		1,060,120
Industrial Gases–0.28%
Linde PLC		2,404		918,713
Integrated Oil & Gas–0.38%
Chevron Corp.		2,493		363,305
Exxon Mobil Corp.		8,333		882,048
				1,245,353
Integrated Telecommunication Services–0.35%
AT&T, Inc.		74,991		1,154,861
Interactive Home Entertainment–0.07%
Electronic Arts, Inc.		1,777		219,975
Interactive Media & Services–0.97%
Alphabet, Inc., Class A(c)		12,564		1,558,941
Alphabet, Inc., Class C(c)		1,464		183,440
Meta Platforms, Inc., Class A(c)		4,934		1,486,466
				3,228,847
Internet Services & Infrastructure–0.34%
Akamai Technologies, Inc.(c)		4,299		444,216
VeriSign, Inc.(c)		3,417		682,238
				1,126,454
IT Consulting & Other Services–0.49%
Amdocs Ltd.		5,871		470,620
Cognizant Technology Solutions Corp., Class A		4,043		260,652
International Business Machines Corp.(b)		6,053		875,506
				1,606,778
Life & Health Insurance–0.16%
Aflac, Inc.		1,162		90,764
Unum Group		8,842		432,374
				523,138
Life Sciences Tools & Services–0.04%
QIAGEN N.V.(c)		3,500		131,005
Managed Health Care–1.05%
Centene Corp.(c)		7,390		509,762
Elevance Health, Inc.		1,096		493,299
Humana, Inc.		2,862		1,498,801
UnitedHealth Group, Inc.		1,809		968,828
				3,470,690
Multi-line Insurance–0.27%
American International Group, Inc.		14,513		889,792
Multi-Sector Holdings–0.56%
Berkshire Hathaway, Inc., Class B(c)		5,477		1,869,464

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

9 Invesco Fundamental Alternatives Fund

	Shares		Value
Multi-Utilities–1.04%
Ameren Corp.		2,528	$	191,395
CenterPoint Energy, Inc.		7,573		203,562
Consolidated Edison, Inc.		15,978		1,402,708
DTE Energy Co.		5,523		532,307
Public Service Enterprise Group, Inc.		18,255		1,125,421
				3,455,393
Oil & Gas Equipment & Services–0.27%
Baker Hughes Co., Class A		19,390		667,404
Schlumberger N.V.		4,112		228,874
				896,278
Oil & Gas Exploration & Production–0.77%
ConocoPhillips		4,221		501,455
Coterra Energy, Inc.		14,023		385,632
EOG Resources, Inc.		5,308		670,135
Marathon Oil Corp.		23,481		641,266
Pioneer Natural Resources Co.		1,460		348,940
Sabine Oil & Gas Holdings, Inc.(c)(d)		115		22
				2,547,450
Oil & Gas Refining & Marketing–0.45%
Marathon Petroleum Corp.		8,885		1,343,857
Phillips 66		1,289		147,036
				1,490,893
Oil & Gas Storage & Transportation–0.07%
Cheniere Energy, Inc.		1,477		245,802
Southcross Energy Partners L.P.(d)		17,192		0
				245,802
Other Specialty Retail–0.07%
Bath & Body Works, Inc.		7,572		224,510
Packaged Foods & Meats–0.85%
General Mills, Inc.		5,870		382,959
Hershey Co. (The)		1,746		327,113
JM Smucker Co. (The)		2,555		290,861
Kraft Heinz Co. (The)		10,539		331,557
Lamb Weston Holdings, Inc.		5,939		533,322
Mondelez International, Inc., Class A		14,257		943,956
				2,809,768
Passenger Airlines–0.27%
United Airlines Holdings, Inc.(c)		25,243		883,757
Pharmaceuticals–1.39%
Bristol-Myers Squibb Co.		13,948		718,740
Eli Lilly and Co.		1,438		796,551
Jazz Pharmaceuticals PLC(c)		4,553		578,322
Johnson & Johnson		3,420		507,323
Merck & Co., Inc.		12,373		1,270,707
Pfizer, Inc.		2,386		72,916
Viatris, Inc.		75,605		672,885
				4,617,444
Property & Casualty Insurance–0.40%
Arch Capital Group Ltd.(c)		9,532		826,234
Loews Corp.		3,884		248,615
Markel Group, Inc.(c)		164		241,165
				1,316,014

	Shares		Value
Rail Transportation–0.05%
CSX Corp.		5,116	$	152,713
Reinsurance–0.11%
Everest Group Ltd.		929		367,531
Research & Consulting Services–0.17%
Booz Allen Hamilton Holding Corp.		1,104		132,403
Verisk Analytics, Inc.		1,882		427,891
				560,294
Restaurants–0.23%
McDonald’s Corp.		2,872		752,952
Semiconductor Materials & Equipment–0.42%
Applied Materials, Inc.		5,789		766,174
KLA Corp.		490		230,153
Lam Research Corp.		692		407,048
				1,403,375
Semiconductors–1.42%
Broadcom, Inc.		2,451		2,062,198
Microchip Technology, Inc.		4,126		294,143
NVIDIA Corp.		4,413		1,799,621
NXP Semiconductors N.V. (China)		3,095		533,671
				4,689,633
Soft Drinks & Non-alcoholic Beverages–0.77%
Coca-Cola Co. (The)		22,557		1,274,245
PepsiCo, Inc.		7,915		1,292,361
				2,566,606
Specialty Chemicals–0.08%
Ecolab, Inc.		1,637		274,590
Steel–0.36%
Nucor Corp.		2,469		364,894
Steel Dynamics, Inc.		7,853		836,423
				1,201,317
Systems Software–1.58%
Microsoft Corp.		10,574		3,575,175
Oracle Corp.		7,153		739,620
Palo Alto Networks, Inc.(c)		2,262		549,711
ServiceNow, Inc.(c)		609		354,347
				5,218,853
Technology Hardware, Storage & Peripherals–1.37%
Apple, Inc.		19,169		3,273,490
Dell Technologies, Inc., Class C		8,594		575,025
Hewlett Packard Enterprise Co.		45,198		695,145
				4,543,660
Tobacco–0.39%
Altria Group, Inc.		32,008		1,285,761
Trading Companies & Distributors–0.04%
W.W. Grainger, Inc.		190		138,668
Transaction & Payment Processing Services–1.18%
Fiserv, Inc.(c)		16,595		1,887,681
Global Payments, Inc.		1,343		142,653
Mastercard, Inc., Class A		2,486		935,606

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

10 Invesco Fundamental Alternatives Fund

	Shares		Value
Transaction & Payment Processing Services–(continued)
Visa, Inc., Class A(b)		3,996	$	939,460
				3,905,400
Total Common Stocks & Other Equity Interests (Cost $99,063,700)				114,813,324
	Principal   Amount
U.S. Treasury Securities–13.87%
U.S. Treasury Bills–0.16%
4.79% - 5.21%, 04/18/2024(e)(f)	$	556,000		542,113
U.S. Treasury Notes–13.71%
1.13%, 01/15/2025		10,000,000		9,514,063
5.00%, 09/30/2025		15,700,000		15,672,402
0.38%, 12/31/2025		9,100,000		8,246,875
2.63%, 05/31/2027		12,950,000		11,995,949
				45,429,289
Total U.S. Treasury Securities (Cost $47,847,150)				45,971,402
U.S. Dollar Denominated Bonds & Notes–7.55%
Aerospace & Defense–0.16%
Boeing Co. (The),
2.75%, 02/01/2026		177,000		164,765
2.25%, 06/15/2026		200,000		181,486
General Dynamics Corp., 3.25%, 04/01/2025		200,000		193,777
				540,028
Agricultural & Farm Machinery–0.09%
Deere & Co., 2.75%, 04/15/2025		310,000		298,325
Apparel Retail–0.03%
Ross Stores, Inc., 0.88%, 04/15/2026		100,000		88,587
Apparel, Accessories & Luxury Goods–0.02%
Tapestry, Inc., 4.13%, 07/15/2027		65,000		58,930
Application Software–0.09%
Adobe, Inc., 3.25%, 02/01/2025		300,000		292,236
Asset Management & Custody Banks–0.06%
Ares Capital Corp., 2.88%, 06/15/2028		155,000		128,353
Legg Mason, Inc., 4.75%, 03/15/2026		90,000		87,831
				216,184
Automobile Manufacturers–0.13%
General Motors Co.,
6.13%, 10/01/2025		75,000		74,896
4.20%, 10/01/2027		80,000		74,121
Toyota Motor Credit Corp.,
3.20%, 01/11/2027		130,000		121,177
1.15%, 08/13/2027		200,000		170,797
				440,991
Automotive Parts & Equipment–0.06%
American Honda Finance Corp., 2.35%, 01/08/2027		225,000		203,284
Automotive Retail–0.02%
Advance Auto Parts, Inc., 5.95%, 03/09/2028		75,000		70,173

	Principal     Amount		Value
Broadcasting–0.04%
Paramount Global, 3.70%, 06/01/2028	$	165,000	$	142,281
Broadline Retail–0.10%
Amazon.com, Inc., 3.30%, 04/13/2027(b)		350,000		328,001
Cable & Satellite–0.12%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		150,000		146,711
Discovery Communications LLC, 3.95%, 03/20/2028		270,000		243,941
				390,652
Cargo Ground Transportation–0.06%
Ryder System, Inc., 5.65%, 03/01/2028		220,000		215,022
Computer & Electronics Retail–0.03%
Dell International LLC/EMC Corp., 6.02%, 06/15/2026		89,000		89,134
Construction Machinery & Heavy Transportation Equipment– 0.10%
Caterpillar Financial Services Corp., 1.10%, 09/14/2027		175,000		149,274
Wabtec Corp., 3.45%, 11/15/2026		200,000		185,595
				334,869
Consumer Electronics–0.03%
Tyco Electronics Group S.A., 3.13%, 08/15/2027		100,000		91,848
Consumer Finance–0.10%
American Express Co., 3.30%, 05/03/2027		170,000		155,639
General Motors Financial Co., Inc.,
2.75%, 06/20/2025		150,000		141,604
5.25%, 03/01/2026		50,000		48,743
				345,986
Copper–0.03%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		100,000		94,661
Distillers & Vintners–0.05%
Constellation Brands, Inc., 3.70%, 12/06/2026		175,000		164,376
Diversified Banks–2.29%
Banco Santander S.A. (Spain),
2.75%, 05/28/2025		400,000		377,035
4.25%, 04/11/2027		200,000		185,423
Bank of America Corp.,
4.45%, 03/03/2026		269,000		257,657
3.50%, 04/19/2026		185,000		174,682
1.32%, 06/19/2026(g)		195,000		179,261
1.20%, 10/24/2026(g)		205,000		185,255
1.73%, 07/22/2027(g)		80,000		70,621
Series L, 4.18%, 11/25/2027		210,000		193,240
Barclays PLC (United Kingdom), 4.38%, 09/11/2024		494,000		483,689

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

11 Invesco Fundamental Alternatives Fund

	Principal   Amount		Value
Diversified Banks–(continued)
Canadian Imperial Bank of Commerce (Canada), 2.25%, 01/28/2025(b)	$	402,000	$	384,004
Citigroup, Inc.,
3.11%, 04/08/2026(g)		297,000		283,521
1.12%, 01/28/2027(g)		130,000		115,636
1.46%, 06/09/2027(g)		210,000		184,896
HSBC Holdings PLC (United Kingdom),
1.59%, 05/24/2027(g)		200,000		176,210
2.25%, 11/22/2027(g)		375,000		328,884
ING Groep N.V. (Netherlands), 4.02%, 03/28/2028(g)		200,000		184,077
JPMorgan Chase & Co.,
2.30%, 10/15/2025(g)		425,000		409,121
2.01%, 03/13/2026(g)		200,000		188,780
2.08%, 04/22/2026(g)		200,000		188,016
4.25%, 10/01/2027		50,000		47,167
3.63%, 12/01/2027		165,000		150,829
2.18%, 06/01/2028(g)		115,000		100,004
Lloyds Banking Group PLC (United Kingdom), 4.45%, 05/08/2025		305,000		296,332
Mitsubishi UFJ Financial Group, Inc. (Japan),
0.96%, 10/11/2025(g)		311,000		295,313
3.29%, 07/25/2027		75,000		68,440
National Australia Bank Ltd. (Australia), 4.94%, 01/12/2028		250,000		242,017
PNC Bank N.A., 4.20%, 11/01/2025		380,000		364,740
Royal Bank of Canada (Canada), 4.65%, 01/27/2026		180,000		174,556
Sumitomo Mitsui Financial Group, Inc. (Japan),
2.35%, 01/15/2025(b)		397,000		379,670
2.63%, 07/14/2026		100,000		91,684
3.45%, 01/11/2027		60,000		55,407
Toronto-Dominion Bank (The) (Canada), 5.16%, 01/10/2028		65,000		62,693
U.S. Bancorp, 1.45%, 05/12/2025		148,000		138,002
Wells Fargo & Co.,
2.19%, 04/30/2026(g)		190,000		178,782
4.30%, 07/22/2027		175,000		163,170
Westpac Banking Corp. (Australia),
3.35%, 03/08/2027		165,000		153,077
1.95%, 11/20/2028		90,000		75,309
				7,587,200
Diversified Capital Markets–0.04%
Deutsche Bank AG (Germany), 2.55%, 01/07/2028(g)		150,000		129,875
Diversified Financial Services–0.05%
Corebridge Financial, Inc., 3.65%, 04/05/2027		170,000		155,780
Drug Retail–0.03%
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026		100,000		91,171
Electric Utilities–0.22%
Edison International,
5.75%, 06/15/2027		125,000		122,936
4.13%, 03/15/2028		135,000		122,955
5.25%, 11/15/2028		65,000		61,713

	Principal     Amount		Value
Electric Utilities–(continued)
Pacific Gas and Electric Co.,
2.10%, 08/01/2027	$	75,000	$	63,537
3.30%, 12/01/2027		125,000		108,921
3.00%, 06/15/2028		75,000		63,515
System Energy Resources, Inc., 6.00%, 04/15/2028		195,000		188,528
				732,105
Electrical Components & Equipment–0.03%
Emerson Electric Co., 1.80%, 10/15/2027		100,000		87,400
Electronic Equipment & Instruments–0.03%
Vontier Corp., 1.80%, 04/01/2026		100,000		89,390
Financial Exchanges & Data–0.04%
Cboe Global Markets, Inc., 3.65%, 01/12/2027		40,000		37,706
Intercontinental Exchange, Inc., 3.10%, 09/15/2027		100,000		91,048
				128,754
Gas Utilities–0.03%
Southwest Gas Corp., 5.45%, 03/23/2028		100,000		97,705
Health Care Equipment–0.04%
Baxter International, Inc., 2.27%, 12/01/2028		150,000		124,178
Health Care Facilities–0.08%
CommonSpirit Health, 1.55%, 10/01/2025		96,000		87,962
Universal Health Services, Inc., 1.65%, 09/01/2026		200,000		176,453
				264,415
Health Care REITs–0.05%
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		179,000		173,025
Health Care Services���0.12%
HCA, Inc., 5.63%, 09/01/2028		125,000		120,980
Sutter Health, Series 20A, 1.32%, 08/15/2025		299,000		274,603
				395,583
Home Improvement Retail–0.04%
Home Depot, Inc. (The), 2.50%, 04/15/2027		160,000		145,290
Homebuilding–0.02%
Lennar Corp., 4.75%, 11/29/2027		80,000		76,157
Hotel & Resort REITs–0.03%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026		100,000		95,693
Hotels, Resorts & Cruise Lines–0.06%
Booking Holdings, Inc., 3.55%, 03/15/2028		70,000		64,766
Hyatt Hotels Corp., 4.85%, 03/15/2026		133,000		129,606
				194,372

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

12 Invesco Fundamental Alternatives Fund

	Principal   Amount		Value
Human Resource & Employment Services–0.09%
Automatic Data Processing, Inc., 3.38%, 09/15/2025	$	305,000	$	294,294
Independent Power Producers & Energy Traders–0.02%
AES Corp. (The), 5.45%, 06/01/2028		55,000		52,551
Industrial Conglomerates–0.05%
Berkshire Hathaway Energy Co., 3.50%, 02/01/2025		190,000		184,758
Industrial Machinery & Supplies & Components–0.03%
Stanley Black & Decker, Inc., 3.40%, 03/01/2026		125,000		117,881
Insurance Brokers–0.05%
Willis North America, Inc., 4.65%, 06/15/2027		165,000		157,136
Integrated Oil & Gas–0.14%
BP Capital Markets America, Inc., 3.54%, 04/06/2027		165,000		154,641
Chevron USA, Inc., 1.02%, 08/12/2027		185,000		158,506
Exxon Mobil Corp., 3.29%, 03/19/2027		150,000		140,971
				454,118
Integrated Telecommunication Services–0.02%
AT&T, Inc., 1.65%, 02/01/2028		100,000		83,630
Internet Services & Infrastructure–0.06%
VeriSign, Inc., 5.25%, 04/01/2025		200,000		197,693
Investment Banking & Brokerage–0.40%
Goldman Sachs Group, Inc. (The),
3.85%, 01/26/2027		165,000		153,724
1.54%, 09/10/2027(g)		150,000		130,542
1.95%, 10/21/2027(g)		100,000		87,727
3.62%, 03/15/2028(g)		160,000		146,533
Morgan Stanley,
2.72%, 07/22/2025(g)		150,000		145,966
3.63%, 01/20/2027		175,000		162,700
1.59%, 05/04/2027(g)		200,000		177,762
6.30%, 10/18/2028(g)		145,000		144,788
Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026		200,000		176,454
				1,326,196
IT Consulting & Other Services–0.14%
International Business Machines Corp.,
3.45%, 02/19/2026		100,000		95,310
3.30%, 05/15/2026		100,000		94,599
1.70%, 05/15/2027		100,000		87,323
Kyndryl Holdings, Inc., 2.05%, 10/15/2026		225,000		196,160
				473,392
Life & Health Insurance–0.07%
Principal Financial Group, Inc., 3.40%, 05/15/2025		239,000		229,560
Managed Health Care–0.02%
Centene Corp., 2.45%, 07/15/2028		75,000		63,159

	Principal Amount		Value
Multi-line Insurance–0.04%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026	$	140,000	$	138,761
Oil & Gas Equipment & Services–0.03%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		100,000		91,138
Oil & Gas Refining & Marketing–0.04%
HF Sinclair Corp., 5.88%, 04/01/2026		140,000		138,090
Oil & Gas Storage & Transportation–0.06%
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		160,000		154,433
Energy Transfer L.P., 4.40%, 03/15/2027		65,000		61,246
				215,679
Other Specialized REITs–0.12%
EPR Properties, 4.75%, 12/15/2026		100,000		91,260
GLP Capital L.P./GLP Financing II, Inc., 3.35%, 09/01/2024		327,000		317,879
				409,139
Packaged Foods & Meats–0.09%
Conagra Brands, Inc., 1.38%, 11/01/2027		130,000		108,194
Tyson Foods, Inc., 4.00%, 03/01/2026		190,000		182,237
				290,431
Paper & Plastic Packaging Products & Materials–0.03%
Berry Global, Inc., 1.57%, 01/15/2026		100,000		90,373
Passenger Airlines–0.02%
Southwest Airlines Co., 3.45%, 11/16/2027		65,000		58,804
Pharmaceuticals–0.44%
Bristol-Myers Squibb Co., 0.75%, 11/13/2025		400,000		364,865
Merck & Co., Inc., 2.75%, 02/10/2025		184,000		178,006
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		435,000		422,359
Royalty Pharma PLC, 1.20%, 09/02/2025		275,000		250,856
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		200,000		187,389
Viatris, Inc., 2.30%, 06/22/2027		75,000		64,322
				1,467,797
Property & Casualty Insurance–0.03%
Fairfax Financial Holdings Ltd. (Canada), 4.85%, 04/17/2028		100,000		94,442
Regional Banks–0.10%
Truist Financial Corp., 4.00%, 05/01/2025		350,000		336,396

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

13 Invesco Fundamental Alternatives Fund

	Principal   Amount		Value
Retail REITs–0.11%
Realty Income Corp., 4.88%, 06/01/2026	$	185,000	$	180,253
Simon Property Group L.P., 3.30%, 01/15/2026		95,000		89,871
Spirit Realty L.P., 4.45%, 09/15/2026		90,000		85,832
				355,956
Semiconductor Materials & Equipment–0.12%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 2.70%, 05/01/2025		415,000		394,537
Semiconductors–0.06%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		100,000		93,498
Micron Technology, Inc., 4.19%, 02/15/2027		100,000		93,640
				187,138
Specialty Chemicals–0.03%
PPG Industries, Inc., 1.20%, 03/15/2026		100,000		89,754
Steel–0.06%
ArcelorMittal S.A. (Luxembourg), 4.55%, 03/11/2026		200,000		194,846
Technology Distributors–0.03%
Avnet, Inc., 4.63%, 04/15/2026		90,000		86,309
Technology Hardware, Storage & Peripherals–0.07%
Apple, Inc.,
3.25%, 02/23/2026		185,000		177,100
3.20%, 05/11/2027		75,000		70,154
				247,254
Telecom Tower REITs–0.13%
American Tower Corp.,
1.30%, 09/15/2025		200,000		182,838
3.65%, 03/15/2027		135,000		124,364
3.55%, 07/15/2027		135,000		122,847
				430,049
Tobacco–0.20%
Altria Group, Inc., 4.40%, 02/14/2026		200,000		193,491
B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026		200,000		185,286
Philip Morris International, Inc., 4.88%, 02/15/2028		300,000		288,401
				667,178
Trading Companies & Distributors–0.04%
Air Lease Corp., 4.63%, 10/01/2028		135,000		123,938
Transaction & Payment Processing Services–0.06%
Global Payments, Inc., 2.15%, 01/15/2027		145,000		127,472
Western Union Co. (The), 1.35%, 03/15/2026		100,000		89,012
				216,484

	Principal   Amount		Value
Wireless Telecommunication Services–0.03%
Sprint Capital Corp., 6.88%, 11/15/2028		$       95,000	$	97,566
Total U.S. Dollar Denominated Bonds & Notes (Cost $26,825,347)				25,030,088
Non-U.S. Dollar Denominated Bonds & Notes–3.79%(h)
Advertising–0.03%
WPP Finance S.A. (United Kingdom), 4.13%, 05/30/2028(i)		EUR     100,000		104,392
Aerospace & Defense–0.09%
Thales S.A. (France), 0.75%, 01/23/2025(i)		EUR     300,000		304,819
Agricultural Products & Services–0.03%
Archer-Daniels-Midland Co., 1.00%, 09/12/2025		EUR     100,000		100,560
Apparel, Accessories & Luxury Goods–0.03%
PVH Corp., 3.13%, 12/15/2027(i)		EUR     100,000		100,211
Automobile Manufacturers–0.23%
BMW Finance N.V. (Germany), 1.00%, 01/21/2025(i)		EUR     100,000		102,374
Mercedes-Benz International Finance B.V. (Germany), 2.00%, 08/22/2026(i)		EUR       70,000		71,094
Nissan Motor Co. Ltd. (Japan), 2.65%, 03/17/2026(i)		EUR     100,000		100,968
RCI Banque S.A. (France), 1.75%, 04/10/2026(i)		EUR       50,000		49,594
Toyota Motor Finance (Netherlands) B.V. (Japan), 0.01%, 02/25/2028(i)		EUR     100,000		89,901
Volkswagen Financial Services AG (Germany),
0.13%, 02/12/2027(i)		EUR     150,000		138,615
2.25%, 10/01/2027(i)		EUR     100,000		99,062
Volkswagen Leasing GmbH (Germany),
1.50%, 06/19/2026(i)		EUR       35,000		34,592
0.38%, 07/20/2026(i)		EUR       75,000		71,764
				757,964
Broadcasting–0.12%
ITV PLC (United Kingdom), 1.38%, 09/26/2026(i)		EUR     200,000		195,129
TDF Infrastructure S.A.S.U. (France), 2.50%, 04/07/2026(i)		EUR     200,000		199,904
				395,033
Building Products–0.03%
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 3.00%, 09/15/2028		EUR     100,000		100,811
Cable & Satellite–0.06%
SES S.A. (Luxembourg), 1.63%, 03/22/2026(i)		EUR     200,000		198,369
Commercial & Residential Mortgage Finance–0.08%
Aareal Bank AG (Germany), 0.50%, 04/07/2027(i)		EUR     300,000		271,470

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

14 Invesco Fundamental Alternatives Fund

	Principal   Amount		Value
Construction & Engineering–0.06%
ISS Global A/S (Denmark), 0.88%, 06/18/2026(i)		EUR     100,000	$	96,696
Worley US Finance Sub Ltd. (Australia), 0.88%, 06/09/2026(i)		EUR     100,000		96,285
				192,981
Construction Materials–0.02%
Heidelberg Materials Finance Luxembourg S.A. (Germany), 1.63%, 04/07/2026(i)		EUR       70,000		69,990
Diversified Banks–1.12%
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 0.38%, 10/02/2024(i)		EUR     500,000		511,668
Banco Santander S.A. (Spain), 3.13%, 01/19/2027(i)		EUR     100,000		101,755
0.50%, 02/04/2027(i)		EUR     100,000		93,517
Bank of America Corp., 0.58%, 08/24/2028(g)(i)		EUR     100,000		91,940
Bankinter S.A. (Spain), 0.88%, 07/08/2026(i)		EUR     100,000		96,783
Banque Federative du Credit Mutuel S.A. (France),
1.25%, 01/14/2025(i)		EUR     100,000		102,190
2.13%, 09/12/2026(i)		EUR     100,000		99,634
0.63%, 11/19/2027(i)		EUR     100,000		91,260
Belfius Bank S.A. (Belgium), 0.01%, 10/15/2025(i)		EUR     300,000		294,121
BNP Paribas S.A. (France), 1.50%, 11/17/2025(i)		EUR     100,000		100,868
2.88%, 10/01/2026(i)		EUR     200,000		203,066
0.25%, 04/13/2027(g)(i)		EUR     100,000		95,476
BPCE S.A. (France), 0.63%, 09/26/2024(i)		EUR     300,000		307,969
Credit Agricole S.A. (France), 1.38%, 03/13/2025(i)		EUR     300,000		306,245
0.38%, 10/21/2025(i)		EUR     100,000		99,057
ING Groep N.V. (Netherlands), 1.13%, 02/14/2025(i)		EUR     100,000		101,893
Mediobanca Banca di Credito Finanziario S.p.A. (Italy), 0.88%, 01/15/2026(i)		EUR     100,000		98,602
NatWest Group PLC (United Kingdom), 4.07%, 09/06/2028(g)(i)		EUR     125,000		129,509
Nordea Bank Abp (Finland), 1.13%, 02/12/2025(i)		EUR     100,000		102,093
Skandinaviska Enskilda Banken AB (Sweden), 0.75%, 08/09/2027(i)		EUR     300,000		279,662
Standard Chartered PLC (United Kingdom), 0.90%, 07/02/2027(g)(i)		EUR     100,000		95,876
Swedbank AB (Sweden), 0.30%, 05/20/2027(g)(i)		EUR     200,000		190,570
Volkswagen Bank GmbH (Germany), 2.50%, 07/31/2026(i)		EUR     100,000		100,520
				3,694,274
Diversified Capital Markets–0.14%
Deutsche Bank AG (Germany),
2.63%, 02/12/2026(i)		EUR     100,000		101,606
0.75%, 02/17/2027(g)(i)		EUR     100,000		95,858
Macquarie Group Ltd. (Australia), 0.63%, 02/03/2027(i)		EUR     100,000		93,680

	Principal   Amount		Value
Diversified Capital Markets–(continued)
UBS Group AG (Switzerland), 0.25%, 11/05/2028(g)(i)		EUR     200,000	$	177,097
				468,241
Diversified Chemicals–0.09%
BASF SE (Germany),
0.25%, 06/05/2027(i)		EUR     200,000		187,720
3.13%, 06/29/2028(i)		EUR     100,000		103,280
				291,000
Diversified Financial Services–0.18%
Clearstream Banking AG (Germany), 0.01%, 12/01/2025(i)		EUR     200,000		195,509
JAB Holdings B.V. (Luxembourg), 1.75%, 06/25/2026(i)		EUR     100,000		99,714
LeasePlan Corp. N.V. (Netherlands), 3.50%, 04/09/2025(i)		EUR     294,000		308,405
				603,628
Electric Utilities–0.17%
AusNet Services Holdings Pty. Ltd. (Australia), 1.50%, 02/26/2027(i)		EUR     200,000		193,528
Duke Energy Corp., 3.10%, 06/15/2028		EUR     100,000		100,614
EDP Finance B.V. (Portugal), 1.50%, 11/22/2027(i)		EUR     100,000		96,128
Elenia Verkko OYJ (Finland), 0.38%, 02/06/2027(i)		EUR     200,000		186,798
				577,068
Food Retail–0.03%
ELO SACA (France), 2.88%, 01/29/2026(i)		EUR     100,000		100,685
Gas Utilities–0.03%
2i Rete Gas S.p.A. (Italy), 1.75%, 08/28/2026(i)		EUR     115,000		114,272
Health Care Equipment–0.09%
Becton, Dickinson and Co., 1.90%, 12/15/2026		EUR     100,000		99,617
DH Europe Finance II S.a.r.l., 0.45%, 03/18/2028		EUR     100,000		91,850
Zimmer Biomet Holdings, Inc., 2.43%, 12/13/2026		EUR     100,000		100,949
				292,416
Health Care Services–0.01%
Fresenius Medical Care AG & Co. KGaA (Germany), 0.63%, 11/30/2026(i)		EUR       50,000		46,447
Hotels, Resorts & Cruise Lines–0.03%
InterContinental Hotels Group PLC (United Kingdom), 2.13%, 05/15/2027(i)		EUR     100,000		99,034
Household Appliances–0.03%
Whirlpool Finance Luxembourg S.a.r.l., 1.10%, 11/09/2027		EUR     100,000		94,522
Household Products–0.02%
Procter & Gamble Co. (The), 4.88%, 05/11/2027		EUR       50,000		55,367

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

15 Invesco Fundamental Alternatives Fund

	Principal   Amount			Value
Integrated Oil & Gas–0.12%
Eni S.p.A. (Italy), 1.00%, 03/14/2025(i)		EUR	179,000	$	181,959
Shell International Finance B.V. (Netherlands), 0.38%, 02/15/2025(i)		EUR	222,000		224,625
					406,584
Investment Banking & Brokerage–0.06%
Goldman Sachs Group, Inc. (The), 0.25%, 01/26/2028(i)		EUR	100,000		89,984
Morgan Stanley, 4.81%, 10/25/2028(g)		EUR	100,000		107,379
					197,363
IT Consulting & Other Services–0.09%
DXC Technology Co., 1.75%, 01/15/2026		EUR	100,000		99,105
International Business Machines Corp., 1.25%, 01/29/2027		EUR	200,000		195,580
					294,685
Multi-line Insurance–0.09%
Metropolitan Life Global Funding I, 4.00%, 04/05/2028(i)		EUR	100,000		105,980
New York Life Global Funding, 0.25%, 01/23/2027(i)		EUR	200,000		189,712
					295,692
Multi-Sector Holdings–0.09%
Berkshire Hathaway, Inc., 1.13%, 03/16/2027		EUR	200,000		194,151
Groupe Bruxelles Lambert N.V. (Belgium), 1.88%, 06/19/2025(i)		EUR	100,000		102,427
					296,578
Office REITs–0.12%
Globalworth Real Estate Investments Ltd. (Poland), 2.95%, 07/29/2026(i)		EUR	100,000		82,149
Inmobiliaria Colonial SOCIMI S.A. (Spain), 1.63%, 11/28/2025(i)		EUR	300,000		302,130
					384,279
Oil & Gas Exploration & Production–0.03%
APA Infrastructure Ltd. (Australia), 2.00%, 03/22/2027(i)		EUR	100,000		97,265
Packaged Foods & Meats–0.06%
General Mills, Inc., 0.13%, 11/15/2025		EUR	100,000		98,213
JDE Peet’s N.V. (Netherlands), 0.01%, 01/16/2026(i)		EUR	100,000		96,556
					194,769
Passenger Airlines–0.04%
easyJet FinCo B.V. (United Kingdom), 1.88%, 03/03/2028(i)		EUR	135,000		125,241
Pharmaceuticals–0.03%
Novartis Finance S.A. (Switzerland), 1.63%, 11/09/2026(i)		EUR	100,000		99,957
Precious Metals & Minerals–0.03%
Anglo American Capital PLC (South Africa), 1.63%, 03/11/2026(i)		EUR	100,000		100,004

	Principal   Amount		Value
Rail Transportation–0.04%
Autostrade per l’Italia S.p.A. (Italy), 2.00%, 12/04/2028(i)		EUR     135,000	$	124,891
Real Estate Operating Companies–0.03%
CPI Property Group S.A. (Czech Republic), 2.75%, 05/12/2026(i)		EUR     100,000		88,183
Regional Banks–0.04%
SpareBank 1 SMN (Norway), 0.01%, 02/18/2028(i)		EUR     140,000		125,046
Renewable Electricity–0.03%
Southern Power Co., 1.85%, 06/20/2026		EUR     100,000		100,316
Restaurants–0.05%
Sodexo S.A. (France), 0.75%, 04/27/2025(i)		EUR     170,000		171,456
Soft Drinks & Non-alcoholic Beverages–0.03%
CCEP Finance (Ireland) DAC (United Kingdom), 0.01%, 09/06/2025(i)		EUR     100,000		98,436
Telecom Tower REITs–0.03%
American Tower Corp., 1.95%, 05/22/2026		EUR     100,000		99,811
Tobacco–0.03%
Imperial Brands Finance PLC (United Kingdom), 3.38%, 02/26/2026(i)		EUR     100,000		103,906
Transaction & Payment Processing Services–0.03%
Euronet Worldwide, Inc., 1.38%, 05/22/2026		EUR     110,000		105,435
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $14,286,627)				12,543,451
Variable Rate Senior Loan Interests–0.01%(j)(k)
Advertising–0.01%
Checkout Holding Corp., Term Loan, 14.87%, 05/10/2027 (Cost $38,751)		$       59,773		33,921
	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		609
Money Market Funds–27.21%
Invesco Treasury Portfolio, Institutional Class, 5.27%(l)(m) (Cost $90,165,725)		90,165,725		90,165,725
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-87.08% (Cost $278,295,749)				288,558,520
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.82%
Invesco Private Government Fund, 5.32%(l)(m)(n)		1,692,553		1,692,553

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

16 Invesco Fundamental Alternatives Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 5.53%(l)(m)(n)		4,353,440	$	4,353,875
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,046,538)				6,046,428
TOTAL INVESTMENTS IN SECURITIES–88.90% (Cost $284,342,287)				294,604,948
OTHER ASSETS LESS LIABILITIES–11.10%				36,782,604
NET ASSETS–100.00%			$	331,387,552

Investment Abbreviations:

EUR Pfd. REIT – Euro – Preferred – Real Estate Investment Trust

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, 2023.

^(c)  Non-income producing security.

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

^(e)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 10.

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

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

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

⁽ⁱ⁾  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, 2023 was $10,799,171, which represented 3.26% of the Fund’s Net Assets.

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

^(k)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate (“SOFR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(l)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Treasury Portfolio, Institutional Class		$  96,450,226	$	89,818,536	$	(96,103,037	)		$      -			$     -		$90,165,725		$4,465,717
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		3,757,237		56,186,860		(58,251,544	)		-			-		1,692,553		115,824	*
Invesco Private Prime Fund		9,659,107		119,241,974		(124,547,097	)		(583	)		474		4,353,875		309,098	*
Total		$109,866,570	$	265,247,370	$	(278,901,678	)		$(583	)		$474		$96,212,153		$4,890,639

* 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, 2023.

⁽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.

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

17 Invesco Fundamental Alternatives Fund

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Brent Crude		9		December-2023	$	760,050		$	(31,381	)	$	(31,381	)
Cotton No. 2		4		December-2023		162,440			(15,036	)		(15,036	)
Gasoline Reformulated Blendstock Oxygenate Blending		8		November-2023		745,013			7,192			7,192
LME Primary Aluminum		3		December-2023		168,536			(19,788	)		(19,788	)
Low Sulphur Gas Oil		7		December-2023		595,525			14,193			14,193
New York Harbor Ultra-Low Sulfur Diesel		7		November-2023		855,540			7,844			7,844
Soybean		3		July-2024		201,900			4,983			4,983
WTI Crude		8		December-2023		644,000			(43,400	)		(43,400	)
Subtotal									(75,393	)		(75,393	)
Equity Risk
FTSE 100 Index		29		December-2023		2,582,976			(75,096	)		(75,096	)
Tokyo Stock Price Index		33		December-2023		4,907,274			(225,897	)		(225,897	)
Subtotal									(300,993	)		(300,993	)
Interest Rate Risk
U.S. Treasury 5 Year Notes		161		December-2023		16,820,727			(265,696	)		(265,696	)
Subtotal–Long Futures Contracts									(642,082	)		(642,082	)
Short Futures Contracts
Commodity Risk
Coffee ’C’		11		December-2023		(690,113	)		(58,821	)		(58,821	)
Corn		31		December-2023		(742,063	)		7,579			7,579
Gold 100 Oz.		14		December-2023		(2,792,020	)		(8,120	)		(8,120	)
Lean Hogs		5		December-2023		(143,450	)		17,368			17,368
Live Cattle		3		December-2023		(220,260	)		(17,543	)		(17,543	)
Natural Gas		28		November-2023		(1,001,000	)		(4,999	)		(4,999	)
Silver		13		December-2023		(1,491,880	)		(12,500	)		(12,500	)
Soybean Oil		6		December-2023		(185,112	)		20,258			20,258
Wheat		35		December-2023		(973,437	)		93,023			93,023
Subtotal									36,245			36,245
Equity Risk
E-Mini Russell 2000 Index		10		December-2023		(834,200	)		50,419			50,419
E-Mini S&P 500 Index		249		December-2023		(52,442,513	)		3,551,004			3,551,004
MSCI Emerging Markets Index		9		December-2023		(413,640	)		29,744			29,744
Subtotal									3,631,167			3,631,167
Interest Rate Risk
Australia 10 Year Bonds		53		December-2023		(3,639,245	)		224,644			224,644
Canada 10 Year Bonds		63		December-2023		(5,221,266	)		82,696			82,696
Euro-Bobl		40		December-2023		(4,921,859	)		41,841			41,841
Euro-Bund		22		December-2023		(3,002,656	)		49,547			49,547
Euro-Schatz		27		December-2023		(3,004,714	)		7,959			7,959
Japan 10 year Bonds		4		December-2023		(3,793,502	)		25,334			25,334
Long Gilt		52		December-2023		(5,888,025	)		42,551			42,551
U.S. Treasury 2 Year Notes		19		December-2023		(3,846,016	)		(3,000	)		(3,000	)
U.S. Treasury Long Bonds		35		December-2023		(3,830,312	)		346,495			346,495
Subtotal									818,067			818,067
Subtotal–Short Futures Contracts									4,485,479			4,485,479
Total Futures Contracts								$	3,843,397		$	3,843,397

^(a)  Futures contracts collateralized by $866,567 cash held with Merrill Lynch International, the futures commission merchant.

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

18 Invesco Fundamental Alternatives Fund

Open Forward Foreign Currency Contracts
Settlement Date		Contract to				Unrealized Appreciation (Depreciation)
	Counterparty	Deliver		Receive
Currency Risk
11/10/2023	Barclays Bank PLC		USD        37,898		EUR        36,000		$       205
11/10/2023	BNP Paribas S.A.		EUR        27,810		USD        30,178		743
11/10/2023	Citibank, N.A.		EUR        35,000		USD        37,905		859
11/10/2023	Deutsche Bank AG		EUR      185,000		USD      203,480		7,669
11/10/2023	J.P. Morgan Chase Bank, N.A.		EUR        74,244		USD        81,286		2,703
11/10/2023	J.P. Morgan Chase Bank, N.A.		USD        15,835		EUR        15,000		42
11/10/2023	Merrill Lynch International		EUR 11,683,000		USD 12,851,336		485,644
11/10/2023	Royal Bank Of Scotland PLC		USD        35,912		EUR        34,000		75
Subtotal–Appreciation							497,940
Currency Risk
11/10/2023	BNP Paribas S.A.		USD        39,347		EUR        36,000		(1,243	)
11/10/2023	J.P. Morgan Chase Bank, N.A.		USD        49,863		EUR        47,000		(117	)
11/10/2023	Merrill Lynch International		EUR        40,000		USD        42,244		(93	)
11/10/2023	Merrill Lynch International		USD        31,110		EUR        29,000		(416	)
11/10/2023	Royal Bank Of Scotland PLC		EUR        29,793		USD        31,372		(161	)
Subtotal–Depreciation							(2,030	)
Total Forward Foreign Currency Contracts							$495,910

Open Centrally Cleared Credit Default Swap Agreements(a)

Reference Entity

Buy/Sell Protection

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Implied Credit Spread(b)

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Credit Risk

Markit CDX North America High Yield Index, Series 39, Version 2

Sell

5.00%

Quarterly

12/20/2027

4.740%

USD  2,257,200

$45,369

$16,285

$(29,084)

^(a)  Centrally cleared swap agreements collateralized by $180,185 cash held with Citigroup Global Markets, Inc..

^(b)  Implied credit spreads represent the current level, as of October 31, 2023, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

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

Counterparty

Pay/ Receive

Reference Entity(b)

Fixed Rate

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Commodity Risk

Cargill, Inc.

Receive

Cargill Single Commodity Index

0.41

%

Monthly

700

June–2024

USD

260,642

$–

$ 3,412

$3,412

Merrill Lynch International

Receive

Merrill Lynch Soybean Meal Index

0.25

Monthly

120

June–2024

USD

115,020

–

0

0

Subtotal – Appreciation

–

3,412

3,412

Commodity Risk

Canadian Imperial Bank of Commerce

Pay

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

0.06

Monthly

230

October–2024

USD

104,500

–

(1,132

)

(1,132

)

Total – Total Return Swap Agreements

$–

$ 2,280

$2,280

^(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.

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

19 Invesco Fundamental Alternatives Fund

Reference Entity Components
Reference Entity	Underlying Components	Percentage
Cargill Single Commodity Index
	Long Futures Contracts
	Sugar	100%
Merrill Lynch Soybean Meal Index
	Long Futures Contracts
	Soybean Meal	100%
Canadian Imperial Bank of Commerce LME Copper Standard Roll Excess Return Index
	Long Futures Contracts
	Copper	100%

Abbreviations:

EUR –Euro

USD –U.S. Dollar

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

20 Invesco Fundamental Alternatives Fund

Consolidated Statement of Assets and Liabilities

October 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $188,130,024)*	$	198,392,795
Investments in affiliated money market funds, at value (Cost $96,212,263)		96,212,153
Other investments:
Variation margin receivable – non-LME futures contracts		8,381,796
Swaps receivable – OTC		13,290
Unrealized appreciation on swap agreements – OTC		3,412
Unrealized appreciation on forward foreign currency contracts outstanding		497,940
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		866,567
Cash collateral – centrally cleared swap agreements		180,185
Cash		32,384,108
Foreign currencies, at value (Cost $7,317)		7,310
Receivable for:
Investments sold		147,984
Fund shares sold		20,502
Dividends		636,977
Interest		572,737
Investment for trustee deferred compensation and retirement plans		100,935
Other assets		43,360
Total assets		338,462,051
Liabilities:
Other investments:
Variation margin payable – centrally cleared swap agreements		332,244
Unrealized depreciation on forward foreign currency contracts outstanding		2,030
Swaps payable – OTC		103
Unrealized depreciation on LME futures contracts		19,788
Unrealized depreciation on swap agreements–OTC		1,132
Payable for:
Investments purchased		97,507
Fund shares reacquired		167,256
Collateral upon return of securities loaned		6,046,538
Accrued fees to affiliates		178,963
Accrued trustees’ and officers’ fees and benefits		223
Accrued other operating expenses		83,452
Trustee deferred compensation and retirement plans		145,263
Total liabilities		7,074,499
Net assets applicable to shares outstanding	$	331,387,552

Net assets consist of:
Shares of beneficial interest	$	307,105,204
Distributable earnings		24,282,348
	$	331,387,552
Net Assets:
Class A	$	276,077,871
Class C	$	10,842,439
Class R	$	10,485,121
Class Y	$	31,447,012
Class R5	$	9,372
Class R6	$	2,525,737
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,247,066
Class C		508,282
Class R		450,102
Class Y		1,245,668
Class R5		380
Class R6		99,351
Class A:
Net asset value per share	$	24.55
Maximum offering price per share (Net asset value of $24.55 ÷ 94.50%)	$	25.98
Class C:
Net asset value and offering price per share	$	21.33
Class R:
Net asset value and offering price per share	$	23.29
Class Y:
Net asset value and offering price per share	$	25.25
Class R5:
Net asset value and offering price per share	$	24.66
Class R6:
Net asset value and offering price per share	$	25.42

* At October 31, 2023, securities with an aggregate value of $5,955,680 were on loan to brokers.

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

21 Invesco Fundamental Alternatives Fund

Consolidated Statement of Operations

For the year ended October 31, 2023

Investment income:
Interest	$	1,900,919
Dividends (net of foreign withholding taxes of $968)		2,275,861
Dividends from affiliated money market funds (includes net securities lending income of $23,208)		4,488,925
Other income		6,408
Total investment income		8,672,113
Expenses:
Advisory fees		2,966,149
Administrative services fees		50,730
Custodian fees		44,976
Distribution fees:
Class A		725,093
Class C		122,957
Class R		52,938
Transfer agent fees – A, C, R and Y		660,411
Transfer agent fees – R5		4
Transfer agent fees – R6		824
Trustees’ and officers’ fees and benefits		24,068
Registration and filing fees		82,927
Reports to shareholders		52,157
Professional services fees		67,067
Other		17,061
Total expenses		4,867,362
Less: Fees waived and/or expense offset arrangement(s)		(148,136	)
Net expenses		4,719,226
Net investment income		3,952,887
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		14,432,894
Affiliated investment securities		474
Foreign currencies		76,516
Forward foreign currency contracts		(531,883	)
Futures contracts		(9,078,349	)
Swap agreements		(191,460	)
		4,708,192
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(5,595,139	)
Affiliated investment securities		(583	)
Foreign currencies		(7,853	)
Forward foreign currency contracts		(121,111	)
Futures contracts		3,351,213
Swap agreements		(123,805	)
		(2,497,278	)
Net realized and unrealized gain		2,210,914
Net increase in net assets resulting from operations	$	6,163,801

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

22 Invesco Fundamental Alternatives Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2023 and 2022

	2023			2022
Operations:
Net investment income (loss)	$	3,952,887		$	(764,127	)
Net realized gain		4,708,192			19,079,317
Change in net unrealized appreciation (depreciation)		(2,497,278	)		(48,527,205	)
Net increase (decrease) in net assets resulting from operations		6,163,801			(30,212,015	)
Distributions to shareholders from distributable earnings:
Class A		(7,437,551	)		(10,053,694	)
Class C		(382,548	)		(437,899	)
Class R		(279,243	)		(337,935	)
Class Y		(1,191,849	)		(3,063,993	)
Class R5		(235	)		(334	)
Class R6		(79,119	)		(200,601	)
Total distributions from distributable earnings		(9,370,545	)		(14,094,456	)
Share transactions–net:
Class A		(26,336,193	)		(25,043,386	)
Class C		(2,814,387	)		(3,772,748	)
Class R		(115,402	)		(864,204	)
Class Y		(21,575,654	)		(42,113,326	)
Class R5		–			100
Class R6		(1,116,764	)		(2,569,837	)
Net increase (decrease) in net assets resulting from share transactions		(51,958,400	)		(74,363,401	)
Net increase (decrease) in net assets		(55,165,144	)		(118,669,872	)
Net assets:
Beginning of year		386,552,696			505,222,568
End of year	$	331,387,552		$	386,552,696

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

23 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			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)			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 10/31/23		$24.75		$0.27			$0.15			$0.42			$ –			$(0.62	)		$(0.62	)		$24.55		1.71	%		$276,078		1.33	%		1.37	%		1.33	%		1.11	%		61	%
Year ended 10/31/22		27.26		(0.05	)		(1.69	)		(1.74	)		(0.77	)		–			(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	)		–			(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	)		–			(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	)		–			(0.46	)		26.83		(0.45	)		441,060		1.64			1.71			1.38			2.59			289
Class C
Year ended 10/31/23		21.75		0.08			0.12			0.20			–			(0.62	)		(0.62	)		21.33		0.92			10,842		2.08			2.12			2.08			0.36			61
Year ended 10/31/22		24.02		(0.21	)		(1.50	)		(1.71	)		(0.56	)		–			(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	)		–			(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	)		–			(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	)		–			(0.26	)		23.60		(1.25	)		38,860		2.42			2.47			2.14			1.81			289
Class R
Year ended 10/31/23		23.57		0.20			0.14			0.34			–			(0.62	)		(0.62	)		23.29		1.45			10,485		1.58			1.62			1.58			0.86			61
Year ended 10/31/22		26.00		(0.11	)		(1.62	)		(1.73	)		(0.70	)		–			(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	)		–			(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	)		–			(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	)		–			(0.39	)		25.60		(0.70	)		16,296		1.91			1.97			1.64			2.33			289
Class Y
Year ended 10/31/23		25.37		0.34			0.16			0.50			–			(0.62	)		(0.62	)		25.25		1.99			31,447		1.08			1.12			1.08			1.36			61
Year ended 10/31/22		27.94		0.02			(1.75	)		(1.73	)		(0.84	)		–			(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	)		–			(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	)		–			(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	)		–			(0.53	)		27.47		(0.22	)		266,741		1.41			1.47			1.14			2.82			289
Class R5
Year ended 10/31/23		24.76		0.37			0.15			0.52			–			(0.62	)		(0.62	)		24.66		2.12			9		0.93			0.96			0.93			1.51			61
Year ended 10/31/22		27.29		0.05			(1.69	)		(1.64	)		(0.89	)		–			(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	)		–			(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	)		–			(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 10/31/23		25.51		0.38			0.15			0.53			–			(0.62	)		(0.62	)		25.42		2.10			2,526		0.93			0.96			0.93			1.51			61
Year ended 10/31/22		28.09		0.06			(1.75	)		(1.69	)		(0.89	)		–			(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	)		–			(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	)		–			(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	)		–			(0.57	)		27.60		(0.08	)		175,917		1.23			1.29			0.96			3.00			289

^(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% and 0.01% for the years ended October 31, 2020 and 2019, 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.

24 Invesco Fundamental Alternatives Fund

Notes to Consolidated Financial Statements

October 31, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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

25 Invesco Fundamental Alternatives 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. 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.

J. Structured Securities – The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by

26 Invesco Fundamental Alternatives Fund

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 securities 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, 2023, the Fund paid the Adviser $1,083 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, 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 currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits

27 Invesco Fundamental Alternatives Fund

required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made 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 (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

28 Invesco Fundamental Alternatives Fund

(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, which could result in the Fund accruing additional expenses. 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, 2023, 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. This practice does not apply to securities pledged as collateral for securities lending transactions.

T. Other Risks – Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and 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.

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		0.850	%
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, 2023, 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.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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, 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 the Fund directly, but are fees and expenses, including management fees, of the

29 Invesco Fundamental Alternatives Fund

investment companies in which the Fund invests. As a result, the total annual fund operating expenses after fee waiver and/or expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2023, the Adviser waived advisory fees of $113,958.

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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $21,716 in front-end sales commissions from the sale of Class A shares and $196 and $1,220 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, 2023. 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	$	114,813,302	$	–	$	22	$	114,813,324
U.S. Treasury Securities		–		45,971,402		–		45,971,402
U.S. Dollar Denominated Bonds & Notes		–		25,030,088		–		25,030,088
Non-U.S. Dollar Denominated Bonds & Notes		–		12,543,451		–		12,543,451
Variable Rate Senior Loan Interests		–		33,921		–		33,921
Preferred Stocks		–		–		609		609
Money Market Funds		90,165,725		6,046,428		–		96,212,153
Total Investments in Securities		204,979,027		89,625,290		631		294,604,948
Other Investments - Assets*
Futures Contracts		4,624,674		–		–		4,624,674
Forward Foreign Currency Contracts		–		497,940		–		497,940
Swap Agreements		–		3,412		–		3,412
		4,624,674		501,352		–		5,126,026

30 Invesco Fundamental Alternatives Fund

	Level 1			Level 2			Level 3		Total
Other Investments - Liabilities*
Futures Contracts	$	(781,277	)	$	–		$	–	$	(781,277	)
Forward Foreign Currency Contracts		–			(2,030	)		–		(2,030	)
Swap Agreements		–			(30,216	)		–		(30,216	)
		(781,277	)		(32,246	)		–		(813,523	)
Total Other Investments		3,843,397			469,106			–		4,312,503
Total Investments	$	208,822,424		$	90,094,396		$	631	$	298,917,451

* 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, 2023:

	Value
Derivative Assets	Commodity Risk						Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	172,440					$	–		$	3,631,167		$	821,067		$	4,624,674
Unrealized appreciation on forward foreign currency contracts outstanding		–						497,940			–			–			497,940
Unrealized appreciation on swap agreements – OTC		3,412						–			–			–			3,412
Total Derivative Assets		175,852						497,940			3,631,167			821,067			5,126,026
Derivatives not subject to master netting agreements		(172,440	)					–			(3,631,167	)		(821,067	)		(4,624,674	)
Total Derivative Assets subject to master netting agreements	$	3,412					$	497,940		$	–		$	–		$	501,352
	Value
Derivative Liabilities	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	(211,588	)	$	–		$	–		$	(300,993	)	$	(268,696	)	$	(781,277	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		–			(29,084	)		–			–			–			(29,084	)
Unrealized depreciation on forward foreign currency contracts outstanding		–			–			(2,030	)		–			–			(2,030	)
Unrealized depreciation on swap agreements – OTC		(1,132	)		–			–			–			–			(1,132	)
Total Derivative Liabilities		(212,720	)		(29,084	)		(2,030	)		(300,993	)		(268,696	)		(813,523	)
Derivatives not subject to master netting agreements		211,588			29,084			–			300,993			268,696			810,361
Total Derivative Liabilities subject to master netting agreements	$	(1,132	)	$	–		$	(2,030	)	$	–		$	–		$	(3,162)

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

31 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, 2023.

	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
Barclays Bank PLC	$	205	$	–	$	205	$	–		$	–		$	–		$	205		$	–		$	–	$	205
BNP Paribas S.A.		743		–		743		(1,243	)		–			(1,243	)		(500	)		–			–		(500	)
Citibank, N.A.		859		–		859		–			–			–			859			–			–		859
Deutsche Bank AG		7,669		–		7,669		–			–			–			7,669			–			–		7,669
J.P. Morgan Chase Bank, N.A.		2,745		–		2,745		(117	)		–			(117	)		2,628			–			–		2,628
Merrill Lynch International		485,644		–		485,644		(509	)		–			(509	)		485,135			–			–		485,135
Royal Bank Of Scotland PLC		75		–		75		(161	)		–			(161	)		(86	)		–			–		(86	)
Subtotal –Fund		497,940		–		497,940		(2,030	)		–			(2,030	)		495,910			–			–		495,910
Subsidiary
Canadian Imperial Bank of Commerce		–		–		–		–			(1,137	)		(1,137	)		(1,137	)		–	��		–		(1,137	)
Cargill, Inc.		–		3,412		3,412		–			(75	)		(75	)		3,337			–			–		3,337
Merrill Lynch International		–		13,290		13,290		–			(23	)		(23	)		13,267			–			–		13,267
Subtotal –Subsidiary		–		16,702		16,702		–			(1,235	)		(1,235	)		15,467			–			–		15,467
Total	$	497,940	$	16,702	$	514,642	$	(2,030	)	$	(1,235	)	$	(3,265	)	$	511,377		$	–		$	–	$	511,377

^{(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, 2023

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	$	–		$	–		$	(531,883	)	$	–		$	–		$	(531,883	)
Futures contracts		(1,536,964	)		–			–			(4,405,790	)		(3,135,595	)		(9,078,349	)
Swap agreements		(544,407	)		352,947			–			–			–			(191,460	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		–			–			(121,111	)		–			–			(121,111	)
Futures contracts		(1,121,038	)		–			–			1,904,130			2,568,121			3,351,213
Swap agreements		2,303			(126,108	)		–			–			–			(123,805	)
Total	$	(3,200,106	)	$	226,839		$	(652,994	)	$	(2,501,660	)	$	(567,474	)	$	(6,695,395	)

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		$14,325,969	$	146,412,353	$	4,894,657

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $34,178.

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

32 Invesco Fundamental Alternatives Fund

such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 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.

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, 2023 and 2022:

	2023		2022
Ordinary income*	$	–	$	14,046,440
Long-term capital gain		9,370,545		48,016
Total distributions	$	9,370,545	$	14,094,456

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	2,711,927
Undistributed long-term capital gain		11,786,264
Net unrealized appreciation –investments		9,920,936
Net unrealized appreciation –foreign currencies		5,676
Temporary book/tax differences		(142,455	)
Shares of beneficial interest		307,105,204
Total net assets	$	331,387,552

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 does not have a capital loss carryforward as of October 31, 2023.

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, 2023 was $115,951,705 and $157,762,932, 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	$	20,420,617
Aggregate unrealized (depreciation) of investments		(10,499,681	)
Net unrealized appreciation of investments	$	9,920,936

Cost of investments for tax purposes is $288,996,515.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and income from the subsidiary, on October 31, 2023, undistributed net investment income was decreased by $1,235,605, undistributed net realized gain was increased by $4,301,535 and shares of beneficial interest was decreased by $3,065,930. This reclassification had no effect on the net assets of the Fund.

33 Invesco Fundamental Alternatives Fund

NOTE 11–Share Information

		Summary of Share Activity
	Year ended						Year ended
	October 31, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		343,662		$	8,401,076			395,352		$	10,205,406
Class C		57,318			1,222,239			60,433			1,373,972
Class R		49,188			1,145,235			61,564			1,522,679
Class Y		114,767			2,883,235			295,017			7,871,209
Class R5		-			-			3			100
Class R6		12,156			308,104			34,256			914,617
Issued as reinvestment of dividends:
Class A		290,320			7,051,867			354,615			9,471,770
Class C		17,410			369,953			17,796			420,343
Class R		12,058			278,537			13,155			335,466
Class Y		39,960			996,195			92,274			2,520,915
Class R6		2,477			62,103			5,510			151,127
Automatic conversion of Class C shares to Class A shares:
Class A		79,381			1,936,644			91,844			2,343,122
Class C		(90,968	)		(1,936,644	)		(104,243	)		(2,343,122	)
Reacquired:
Class A		(1,784,801	)		(43,725,780	)		(1,823,686	)		(47,063,684	)
Class C		(115,424	)		(2,469,935	)		(141,872	)		(3,223,941	)
Class R		(66,214	)		(1,539,174	)		(110,177	)		(2,722,349	)
Class Y		(1,013,263	)		(25,455,084	)		(1,994,015	)		(52,505,450	)
Class R6		(58,769	)		(1,486,971	)		(136,328	)		(3,635,581	)
Net increase (decrease) in share activity		(2,110,742	)	$	(51,958,400	)		(2,888,502	)	$	(74,363,401	)

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

34 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, 2023, the related consolidated statement of operations for the year ended October 31, 2023, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (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, 2023, 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, 2023 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 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, 2023 by correspondence with the custodian, transfer agent, brokers, agent banks, and portfolio company investees; 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 21, 2023

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.

35 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, 2023 through October 31, 2023.

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 (05/01/23)	Ending Account Value (10/31/23)1	Expenses Paid During Period2	Ending Account Value (10/31/23)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$1,006.20	$6.78	$1,018.45	$6.82	1.34%
Class C	1,000.00	1,002.30	10.55	1,014.67	10.61	2.09
Class R	1,000.00	1,004.80	8.03	1,017.19	8.08	1.59
Class Y	1,000.00	1,007.60	5.52	1,019.71	5.55	1.09
Class R5	1,000.00	1,008.20	4.76	1,020.47	4.79	0.94
Class R6	1,000.00	1,007.90	4.76	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, 2023 through October 31, 2023, 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.

36 Invesco Fundamental Alternatives Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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

37 Invesco Fundamental Alternatives Fund

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 certain factor exposures and headwinds posed by elevated short-term volatility detracted from Fund performance. The Board also considered that the Fund underwent portfolio management and corresponding investment strategy changes in 2020, and that performance results prior to such date were those of the prior portfolio management team. 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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

38 Invesco Fundamental Alternatives Fund

federal securities laws and consistent with best execution obligations.

39 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, 2023:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	9,370,545
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.

40 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	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	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Fundamental Alternatives Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

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∎ 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, 2023

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
15	Consolidated Financial Statements
18	Consolidated Financial Highlights
19	Notes to Consolidated Financial Statements
29	Report of Independent Registered Public Accounting Firm
30	Fund Expenses
31	Approval of Investment Advisory and Sub-Advisory Contracts
33	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2023, 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, 10/31/22 to 10/31/23, 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	5.55	%
Class C Shares	4.78
Class R Shares	5.30
Class Y Shares	5.83
Class R5 Shares	5.95
Class R6 Shares	5.96
Custom Invesco Global Allocation Index▼	7.11
MSCI All Country World Index∎	10.50
Bloomberg Global Aggregate USD Hedged Index∎	1.72
Source(s): ▼Invesco, RIMES Technologies Corp.; ∎RIMES Technologies Corp.

Market conditions and your Fund

Global equity markets posted gains in November 2022, after better inflation data sparked a rally. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023, as inflation remained above target levels. International stocks outperformed US stocks in the fourth quarter of 2022, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter of 2022, driven by China, which eased its zero-COVID-19 policy and started to reopen.

    For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023, but within the region, China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.

    The global equity rally in the first half of 2023 came to an end in the third quarter as global equity markets declined. Concerns about a slowing global economy and interest rates staying “higher for longer” hampered stock returns. During the quarter, value stocks outperformed growth stocks. Energy was the best performing sector, ending the quarter in positive territory, boosted by rising oil prices as Russia and the Organization of Petroleum Exporting Countries (OPEC) cut supplies. Developed global equities underperformed

emerging market equities. Within emerging markets, China’s equities were weighed down by concerns in the real estate sector, but positive performance in the United Arab Emirates, Turkey and India offset those results.

    Global equity markets continued their decline in October 2023, but growth stocks managed to outperform value stocks. Despite higher rates and increased market volatility, both developed market equities and emerging market equities finished the fiscal year ended October 31, 2023, in positive territory.

    During the fiscal year, the Fund underperformed the Custom Invesco Global Allocation Index. Relative to the index, the Fund received positive contributions from bottom-up managers’ security selection. Top-down factor rotation and top-down asset allocation detracted from relative performance.

    From a top-down asset allocation perspective, the Fund was positioned in a ‘neutral’ or ‘risk-off’ stance compared to the Custom Invesco Global Allocation Index for the middle of the fiscal year (March 2023 through June 2023), and in a more ‘risk on’ position for most of the rest of the fiscal year. This tactical positioning allowed for positive relative contributions from international fixed-income and equities, foreign exchange and cash. Within international equities, top-down factor rotation into defensive factors helped the portfolio capitalize on a defensive factor led rally around mid-fiscal-year. The Fund’s relative detractors were centered in the US equity and fixed-income spaces. The diversification benefits of fixed-income as a ballast to riskier equities held back the Fund’s returns for the fiscal year, as many equity strategies rallied strongly early in the fiscal year.

    From a bottom-up managers’ security selection perspective, after controlling for style bias, several global and international Fund strategies contributed to relative outperformance.

Conversely, the Invesco Discovery Mid Cap Growth Fund, the Fund’s primary mid-cap holding, detracted from relative Fund performance.

    Thank you for your investment in Invesco Global Allocation Fund as we continue to dynamically navigate changing macroeconomic and market conditions.

Portfolio manager(s):

Jeffrey Bennett

Alessio de Longis

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 Allocation Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/13

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 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (11/1/91)	6.74	%
10 Years	2.77
5 Years	2.58
1 Year	-0.23
Class C Shares
Inception (9/1/93)	6.51	%
10 Years	2.73
5 Years	2.97
1 Year	3.78
Class R Shares
Inception (3/1/01)	3.06	%
10 Years	3.09
5 Years	3.49
1 Year	5.30
Class Y Shares
Inception (5/1/00)	4.07	%
10 Years	3.61
5 Years	4.01
1 Year	5.83
Class R5 Shares
10 Years	3.54	%
5 Years	4.13
1 Year	5.95
Class R6 Shares
Inception (2/28/12)	4.71	%
10 Years	3.78
5 Years	4.17
1 Year	5.96

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

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

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

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

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

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

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

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, 2023, 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		52.05	%
Common Stocks & Other Equity Interests		19.33
U.S. Treasury Securities		19.07
Security Types Each Less Than 1% of Portfolio		0.16
Money Market Funds Plus Other Assets Less Liabilities		9.39

Top 10 Equity Holdings*

		% of total net assets
1.	Invesco Russell 1000® Dynamic Multifactor ETF		20.84	%
2.	Invesco International Developed Dynamic Multifactor ETF		13.44
3.	iShares iBoxx High Yield Corporate Bond ETF		6.93
4.	Invesco Russell 2000® Dynamic Multifactor ETF		5.37
5.	Invesco Emerging Markets Sovereign Debt ETF		3.14
6.	Invesco High Yield Bond Factor ETF		2.33
7.	Alphabet, Inc., Class A		0.59
8.	Taiwan Semiconductor Manufacturing Co. Ltd.		0.52
9.	Novo Nordisk A/S, Class B		0.45
10.	E-Mini Russell 2000 Index		0.66

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, 2023.

6 Invesco Global Allocation Fund

Consolidated Schedule of Investments^(a)

October 31, 2023

	Shares		Value
Exchange-Traded Funds–52.05%
Invesco Emerging Markets Sovereign Debt ETF(b)(c)		1,700,000	$	30,311,000
Invesco High Yield Bond Factor ETF(b)(c)		1,076,000		22,483,020
Invesco International Developed Dynamic Multifactor ETF(b)(c)		5,817,300		129,667,617
Invesco Russell 1000® Dynamic Multifactor ETF(b)(c)		4,586,860		201,179,679
Invesco Russell 2000® Dynamic Multifactor ETF(b)(c)		1,607,300		51,819,352
iShares iBoxx High Yield Corporate Bond ETF(c)		922,000		66,909,540
Total Exchange-Traded Funds (Cost $454,771,107)				502,370,208
Common Stocks & Other Equity Interests–19.33%
Advertising–0.09%
Trade Desk, Inc. (The), Class A(d)		12,159		862,803
Aerospace & Defense–0.53%
Airbus SE (France)		20,754		2,776,013
Axon Enterprise, Inc.(d)		2,171		443,948
Howmet Aerospace, Inc.		17,443		769,236
TransDigm Group, Inc.(d)		1,318		1,091,423
				5,080,620
Air Freight & Logistics–0.29%
United Parcel Service, Inc., Class B		1,800		254,250
ZTO Express (Cayman), Inc. (China)		5,979		140,608
ZTO Express (Cayman), Inc., ADR (China)		103,006		2,427,851
				2,822,709
Apparel, Accessories & Luxury Goods–0.89%
Brunello Cucinelli S.p.A. (Italy)		4,741		380,176
Cie Financiere Richemont S.A. (Switzerland)		14,593		1,723,029
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023 (Switzerland)(d)		36,082		23,720
Ermenegildo Zegna N.V. (Italy)		19,581		217,741
Hermes International S.C.A. (France)		545		1,022,048
Kering S.A. (France)		1,828		739,319
LVMH Moet Hennessy Louis Vuitton SE (France)		4,955		3,546,134
PRADA S.p.A. (Italy)		153,900		924,070
				8,576,237
Application Software–1.42%
Adobe, Inc.(d)		3,951		2,102,169
Cadence Design Systems, Inc.(d)		1,843		442,044
Dassault Systemes SE (France)		14,469		596,798
Datadog, Inc., Class A(d)		4,236		345,107
Fair Isaac Corp.(d)		699		591,263
Guidewire Software, Inc.(d)		4,854		437,491
HubSpot, Inc.(d)		1,669		707,272
Intuit, Inc.		4,230		2,093,639
Manhattan Associates, Inc.(d)		6,293		1,227,009
Nice Ltd., ADR (Israel)(d)		3,195		493,148

	Shares		Value
Application Software–(continued)
Procore Technologies, Inc.(d)		7,852	$	479,679
Roper Technologies, Inc.		958		468,050
Samsara, Inc., Class A(d)		20,321		468,806
SAP SE (Germany)		10,625		1,423,748
Splunk, Inc.(d)		2,309		339,792
Synopsys, Inc.(d)		2,501		1,174,069
Xero Ltd. (New Zealand)(d)		3,903		267,298
				13,657,382
Asset Management & Custody Banks–0.13%
Ares Management Corp., Class A		7,736		762,692
KKR & Co., Inc., Class A		8,817		488,462
				1,251,154
Automobile Manufacturers–0.01%
Ferrari N.V. (Italy)		246		74,460
Automotive Parts & Equipment–0.06%
Aptiv PLC(d)		4,112		358,566
Mobileye Global, Inc., Class A (Israel)(d)		7,398		263,887
				622,453
Automotive Retail–0.08%
O’Reilly Automotive, Inc., Class R(d)		823		765,752
Biotechnology–0.26%
Argenx SE, ADR (Netherlands)(d)		1,264		593,536
BeiGene Ltd., ADR (China)(d)		3,219		599,635
CSL Ltd. (Australia)		3,858		571,200
Exact Sciences Corp.(d)		5,822		358,577
Natera, Inc.(d)		5,367		211,836
Zai Lab Ltd., ADR (China)(d)		7,894		198,929
				2,533,713
Brewers–0.11%
Ambev S.A. (Brazil)		422,402		1,077,421
Broadline Retail–0.46%
Allegro.eu S.A. (Poland)(d)(e)		2,173		15,589
Amazon.com, Inc.(d)		4,500		598,905
Dollarama, Inc. (Canada)		18,163		1,240,336
JD.com, Inc., ADR (China)		39,965		1,015,910
Next PLC (United Kingdom)		11,526		967,033
PDD Holdings, Inc., ADR (China)(d)		5,969		605,376
				4,443,149
Building Products–0.27%
Assa Abloy AB, Class B (Sweden)		38,228		814,678
Daikin Industries Ltd. (Japan)		5,000		720,063
Owens Corning		3,387		383,984
Trane Technologies PLC		3,511		668,178
				2,586,903
Cable & Satellite–0.03%
Charter Communications, Inc., Class A(d)		697		280,752
Cargo Ground Transportation–0.14%
Old Dominion Freight Line, Inc.		2,478		933,364

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

7 Invesco Global Allocation Fund

	Shares		Value
Cargo Ground Transportation–(continued)
Saia, Inc.(d)		1,278	$	458,150
				1,391,514
Casinos & Gaming–0.16%
DraftKings, Inc., Class A(d)		18,964		523,786
Flutter Entertainment PLC (Ireland)(d)		6,641		1,044,901
				1,568,687
Coal & Consumable Fuels–0.04%
Cameco Corp. (Canada)		10,611		434,096
Commodity Chemicals–0.10%
LG Chem Ltd. (South Korea)		3,036		1,000,429
Construction & Engineering–0.17%
Comfort Systems USA, Inc.		3,749		681,756
EMCOR Group, Inc.		1,308		270,298
Quanta Services, Inc.		4,332		723,964
				1,676,018
Construction Machinery & Heavy Transportation Equipment– 0.12%
Epiroc AB, Class A (Sweden)		69,806		1,149,329
Construction Materials–0.12%
James Hardie Industries PLC, CDI (Australia)(d)		23,889		594,034
Vulcan Materials Co.		2,811		552,333
				1,146,367
Consumer Staples Merchandise Retail–0.14%
Wal-Mart de Mexico S.A.B. de C.V., Series V (Mexico)		380,268		1,361,068
Copper–0.03%
Antofagasta PLC (Chile)		15,225		248,920
Distillers & Vintners–0.36%
Davide Campari-Milano N.V. (Italy)		76,706		848,225
Pernod Ricard S.A. (France)		14,999		2,666,812
				3,515,037
Diversified Banks–1.06%
Banco Bradesco S.A., Preference Shares (Brazil)		17,356		48,160
Banco Santander Chile (Chile)		8,725,300		380,404
Credicorp Ltd. (Peru)		4,538		567,068
HDFC Bank Ltd. (India)		179,733		3,190,833
ICICI Bank Ltd. (India)		15,108		166,137
ICICI Bank Ltd., ADR (India)		30,945		686,670
Itau Unibanco Holding S.A., Preference Shares (Brazil)		87,101		463,341
Kotak Mahindra Bank Ltd. (India)		164,110		3,431,109
NU Holdings Ltd., Class A (Brazil)(d)		73,729		604,578
PT Bank Central Asia Tbk (Indonesia)		992,200		547,022
PT Bank Rakyat Indonesia (Persero) Tbk (Indonesia)		395,900		123,757
Sberbank of Russia PJSC (Russia)(d)(f)		11,951		0
				10,209,079
Diversified Financial Services–0.04%
FirstRand Ltd. (South Africa)		117,611		387,868

	Shares		Value
Diversified Metals & Mining–0.29%
Grupo Mexico S.A.B. de C.V., Class B (Mexico)		684,002	$	2,789,654
Diversified Real Estate Activities–0.24%
DLF Ltd. (India)		340,864		2,308,669
Drug Retail–0.00%
Raia Drogasil S.A. (Brazil)		4,700		24,051
Electrical Components & Equipment–0.20%
AMETEK, Inc.		3,386		476,647
Havells India Ltd. (India)		17,686		265,038
Schneider Electric SE (France)		2,358		362,601
Vertiv Holdings Co.		10,914		428,593
WEG S.A. (Brazil)		56,548		370,238
				1,903,117
Electronic Components–0.10%
Murata Manufacturing Co. Ltd. (Japan)		27,600		458,187
TDK Corp. (Japan)		14,800		555,740
				1,013,927
Electronic Equipment & Instruments–0.22%
Keyence Corp. (Japan)		5,400		2,090,351
Environmental & Facilities Services–0.13%
Clean Harbors, Inc.(d)		3,027		465,159
Rentokil Initial PLC (United Kingdom)		141,287		721,529
Veralto Corp.(d)		361		24,909
				1,211,597
Financial Exchanges & Data–0.47%
B3 S.A. - Brasil, Bolsa, Balcao (Brazil)		207,500		456,835
London Stock Exchange Group PLC (United Kingdom)		12,480		1,255,184
MSCI, Inc.		1,504		709,211
S&P Global, Inc.		5,420		1,893,260
Tradeweb Markets, Inc., Class A		2,986		268,770
				4,583,260
Food Retail–0.20%
Alimentation Couche-Tard, Inc. (Canada)		19,885		1,082,472
HelloFresh SE (Germany)(d)		9,646		209,467
Kobe Bussan Co. Ltd. (Japan)		18,800		466,133
Ocado Group PLC (United Kingdom)(d)		22,245		126,778
				1,884,850
Footwear–0.10%
Arezzo Industria e Comercio S.A. (Brazil)		9,341		108,181
Deckers Outdoor Corp.(d)		1,099		656,169
On Holding AG, Class A (Switzerland)(d)		9,712		249,307
				1,013,657
Health Care Distributors–0.08%
Cencora, Inc.		4,261		788,924
Health Care Equipment–0.37%
Boston Scientific Corp.(d)		3,407		174,404
DexCom, Inc.(d)		4,125		366,424
Edwards Lifesciences Corp.(d)		1,726		109,981
IDEXX Laboratories, Inc.(d)		2,111		843,281
Intuitive Surgical, Inc.(d)		1,612		422,699

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

8 Invesco Global Allocation Fund

	Shares		Value
Health Care Equipment–(continued)
MicroTech Medical Hangzhou Co. Ltd., H Shares (China)(d)(e)		14,500	$	7,780
Penumbra, Inc.(d)		1,239		236,835
ResMed, Inc.		5,424		765,977
Shockwave Medical, Inc.(d)		1,324		273,088
Siemens Healthineers AG (Germany)(e)		8,068		394,831
				3,595,300
Health Care Facilities–0.10%
Encompass Health Corp.		9,468		592,318
Tenet Healthcare Corp.(d)		6,201		332,994
				925,312
Health Care Services–0.07%
Dr Lal PathLabs Ltd. (India)(e)		15,324		445,555
New Horizon Health Ltd. (China)(d)(e)		81,000		197,598
				643,153
Health Care Supplies–0.23%
ConvaTec Group PLC (United Kingdom)(e)		136,636		340,001
Cooper Cos., Inc. (The)		1,196		372,853
EssilorLuxottica S.A. (France)		4,919		889,618
Hoya Corp. (Japan)		6,500		625,278
				2,227,750
Health Care Technology–0.04%
Veeva Systems, Inc., Class A(d)		1,809		348,612
Homebuilding–0.08%
D.R. Horton, Inc.		3,622		378,137
TopBuild Corp.(d)		1,635		374,022
				752,159
Hotels, Resorts & Cruise Lines–0.61%
Amadeus IT Group S.A. (Spain)		26,012		1,486,120
H World Group Ltd. (China)(d)		4,900		18,357
H World Group Ltd., ADR (China)(d)		67,442		2,539,866
Hilton Worldwide Holdings, Inc.		4,732		717,040
Marriott International, Inc., Class A		2,088		393,713
Trainline PLC (United Kingdom)(d)(e)		229,397		726,883
				5,881,979
Human Resource & Employment Services–0.01%
Benefit One, Inc. (Japan)		13,600		97,501
Industrial Conglomerates–0.16%
Hitachi Ltd. (Japan)		8,500		540,143
Siemens AG (Germany)		2,803		370,645
SM Investments Corp. (Philippines)		44,974		634,927
				1,545,715
Industrial Machinery & Supplies & Components–0.34%
Aalberts N.V. (Netherlands)		9,354		292,763
Atlas Copco AB, Class A (Sweden)		165,036		2,135,212
Parker-Hannifin Corp.		1,100		405,801
VAT Group AG (Switzerland)(e)		1,224		432,716
				3,266,492
Insurance Brokers–0.08%
Arthur J. Gallagher & Co.		3,119		734,493

	Shares		Value
Integrated Oil & Gas–0.19%
Galp Energia SGPS S.A. (Portugal)		46,966	$	707,052
Novatek PJSC, GDR (Russia)(d)(e)(f)		4,612		272,280
TotalEnergies SE (France)		12,391		829,868
				1,809,200
Interactive Home Entertainment–0.14%
NetEase, Inc., ADR (China)		12,692		1,357,029
Interactive Media & Services–1.29%
Alphabet, Inc., Class A(d)		45,565		5,653,705
Auto Trader Group PLC (United Kingdom)(e)		78,047		591,791
Kakao Corp. (South Korea)		6,963		196,484
Meta Platforms, Inc., Class A(d)		11,376		3,427,248
Rightmove PLC (United Kingdom)		81,722		472,976
Tencent Holdings Ltd. (China)		57,817		2,141,821
				12,484,025
Internet Services & Infrastructure–0.09%
MongoDB, Inc.(d)		2,627		905,238
Investment Banking & Brokerage–0.04%
LPL Financial Holdings, Inc.		1,574		353,395
IT Consulting & Other Services–0.45%
Capgemini SE (France)		2,522		447,024
EPAM Systems, Inc.(d)		3,240		704,927
Globant S.A.(d)		2,496		425,044
HCL Technologies Ltd. (India)		11,848		181,841
Tata Consultancy Services Ltd. (India)		63,515		2,576,858
				4,335,694
Life & Health Insurance–0.10%
AIA Group Ltd. (Hong Kong)		71,200		620,094
Legal & General Group PLC (United
Kingdom)		142,301		366,795
				986,889
Life Sciences Tools & Services–0.51%
Avantor, Inc.(d)		8,852		154,290
Bruker Corp.		5,709		325,413
Charles River Laboratories International, Inc.(d)		833		140,244
Danaher Corp.		1,083		207,958
ICON PLC(d)		2,671		651,617
Illumina, Inc.(d)		1,827		199,910
IQVIA Holdings, Inc.(d)		2,467		446,108
Lonza Group AG (Switzerland)		1,271		445,694
Samsung Biologics Co. Ltd. (South Korea)(d)(e)		1,970		1,034,639
Sartorius Stedim Biotech (France)		2,264		425,660
Thermo Fisher Scientific, Inc.		146		64,937
West Pharmaceutical Services, Inc.		2,429		773,126
Wuxi Biologics Cayman, Inc. (China)(d)(e)		8,800		54,739
				4,924,335
Managed Health Care–0.04%
Molina Healthcare, Inc.(d)		1,053		350,596
Movies & Entertainment–0.18%
CTS Eventim AG & Co. KGaA (Germany)		8,055		485,935

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

9 Invesco Global Allocation Fund

	Shares		Value
Movies & Entertainment–(continued)
Liberty Media Corp.-Liberty Formula One(d)		7,084	$	458,264
Netflix, Inc.(d)		233		95,924
Universal Music Group N.V. (Netherlands)		28,096		685,081
				1,725,204
Multi-line Insurance–0.03%
Allianz SE (Germany)		1,111		259,676
Oil & Gas Equipment & Services–0.08%
TechnipFMC PLC (United Kingdom)		35,189		757,267
Oil & Gas Exploration & Production–0.08%
Diamondback Energy, Inc.		4,908		786,851
Oil & Gas Refining & Marketing–0.14%
Reliance Industries Ltd. (India)		49,759		1,372,420
Oil & Gas Storage & Transportation–0.07%
Targa Resources Corp.		8,284		692,625
Other Specialty Retail–0.09%
JD Sports Fashion PLC (United Kingdom)		529,796		821,842
Packaged Foods & Meats–0.04%
Barry Callebaut AG (Switzerland)		114		172,905
Lamb Weston Holdings, Inc.		2,741		246,142
				419,047
Passenger Ground Transportation–0.02%
Localiza Rent a Car S.A. (Brazil)		15,500		156,391
Localiza Rent a Car S.A., Rts., expiring 11/10/2023 (Brazil)(d)		113		157
				156,548
Personal Care Products–0.15%
e.l.f. Beauty, Inc.(d)		2,649		245,377
LG H&H Co. Ltd. (South Korea)		498		117,012
L’Oreal S.A. (France)		2,500		1,048,631
				1,411,020
Pharmaceuticals–0.51%
Daiichi Sankyo Co. Ltd. (Japan)		18,200		467,665
Novo Nordisk A/S, Class B (Denmark)		44,840		4,324,160
Phathom Pharmaceuticals, Inc.(d)		10,631		98,868
				4,890,693
Property & Casualty Insurance–0.03%
Kinsale Capital Group, Inc.		1,014		338,585
Rail Transportation–0.03%
Canadian Pacific Kansas City Ltd. (Canada)		4,173		296,158
Real Estate Development–0.07%
Oberoi Realty Ltd. (India)		46,831		640,069
Real Estate Operating Companies–0.00%
SM Prime Holdings, Inc. (Philippines)		76,800		40,509
Real Estate Services–0.04%
CoStar Group, Inc.(d)		5,886		432,091

	Shares		Value
Reinsurance–0.05%
Everest Group Ltd.		1,242	$	491,360
Research & Consulting Services–0.24%
Booz Allen Hamilton Holding Corp.		4,639		556,355
Equifax, Inc.		3,577		606,552
Experian PLC		10,768		327,560
KBR, Inc.		7,600		441,940
Nihon M&A Center Holdings, Inc. (Japan)		36,100		164,742
Verisk Analytics, Inc.		1,036		235,545
				2,332,694
Restaurants–0.58%
Chipotle Mexican Grill, Inc.(d)		208		403,978
Compass Group PLC (United Kingdom)		48,181		1,215,733
DoorDash, Inc., Class A(d)		4,782		358,411
Meituan, B Shares (China)(d)(e)		37,021		525,949
Yum China Holdings, Inc. (China)		58,231		3,060,621
				5,564,692
Semiconductor Materials & Equipment–0.33%
AIXTRON SE (Germany)		16,559		463,981
ASM International N.V. (Netherlands)		907		375,118
ASML Holding N.V. (Netherlands)		2,934		1,764,976
Entegris, Inc.		5,389		474,448
Lam Research Corp.		172		101,174
				3,179,697
Semiconductors–1.06%
Analog Devices, Inc.		13,589		2,137,957
First Solar, Inc.(d)		1,639		233,476
Lattice Semiconductor Corp.(d)		6,447		358,518
MACOM Technology Solutions Holdings, Inc.(d)		6,199		437,277
Marvell Technology, Inc.		14,822		699,895
MediaTek, Inc. (Taiwan)		2,000		52,694
Monolithic Power Systems, Inc.		834		368,411
NVIDIA Corp.		1,565		638,207
ON Semiconductor Corp.(d)		4,050		253,692
Silergy Corp. (China)		2,816		25,245
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		304,000		5,008,589
				10,213,961
Soft Drinks & Non-alcoholic Beverages–0.21%
Britvic PLC (United Kingdom)		32,765		333,737
Celsius Holdings, Inc.(d)		3,028		460,528
Fomento Economico Mexicano S.A.B. de C.V., Series CPO (Mexico)		110,786		1,253,924
				2,048,189
Specialty Chemicals–0.05%
Ecolab, Inc.		1,041		174,618
Sika AG (Switzerland)		1,427		340,664
				515,282
Steel–0.06%
Vale S.A., ADR (Brazil)		43,961		602,705
Systems Software–0.21%
CrowdStrike Holdings, Inc., Class A(d)		3,036		536,674
Gitlab, Inc., Class A(d)		10,376		449,073

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

10 Invesco Global Allocation Fund

	Shares		Value
Systems Software–(continued)
Microsoft Corp.		2,999	$	1,013,992
				1,999,739
Technology Hardware, Storage & Peripherals–0.19%
Samsung Electronics Co. Ltd. (South Korea)		36,141		1,802,195
Trading Companies & Distributors–0.32%
Ashtead Group PLC (United Kingdom)		10,904		624,593
Beijer Ref AB (Sweden)		24,393		232,599
Ferguson PLC		5,900		886,326
RS GROUP PLC (United Kingdom)		49,172		406,981
United Rentals, Inc.		918		372,956
W.W. Grainger, Inc.		789		575,836
				3,099,291
Transaction & Payment Processing Services–0.28%
Adyen N.V. (Netherlands)(d)(e)		313		211,588
Edenred SE (France)		12,669		676,472
FleetCor Technologies, Inc.(d)		2,933		660,424
Visa, Inc., Class A		4,869		1,144,702
				2,693,186
Wireless Telecommunication Services–0.11%
America Movil S.A.B. de C.V., ADR (Mexico)		66,546		1,104,664
Total Common Stocks & Other Equity Interests (Cost $184,436,859)				186,549,104
	Principal Amount
U.S. Treasury Securities–19.07%
U.S. Treasury Inflation – Indexed Bonds–7.35%
1.38%, 07/15/2033	$	78,335,450		70,924,297
U.S. Treasury Notes–11.72%
3.88%, 12/31/2027		23,390,000		22,528,407
3.88%, 12/31/2029		68,550,000		64,744,940
1.88%, 02/15/2032(g)		32,515,000		25,845,614
				113,118,961
Total U.S. Treasury Securities (Cost $200,008,305)				184,043,258
	Shares
Preferred Stocks–0.09%
Diversified Banks–0.00%
Socium Re Ltd., Series 2019-1, Pfd.(f)		264,345		0
Diversified Support Services–0.09%
Harambee Re Ltd., Pfd.(f)		115		19,975
Kinesis Reinsurance I Ltd., Series 2019-1, Pfd.(f)		116,394		34,282

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

Rts. - Rights

Wts. - Warrants

	Shares		Value
Diversified Support Services–(continued)
Mt. Logan Re Ltd., Pfd.(f)		759	$	685,213
Thopas Re Ltd., Pfd.(f)		73		39,452
Viribus Re Ltd., Pfd.(f)		399,749		33,144
				812,066
Total Preferred Stocks (Cost $2,626,588)				812,066
	Principal Amount
Event-Linked Bonds–0.07%
Diversified Financial Services–0.07%
Limestone Re Ltd. (Multinational), Class A, Catastrophe Linked Notes, 0.00%, 12/31/2024(e)(f)(h)	$	15,621		20,929
Sector Re V Ltd. (Multinational), Series 2019-1, Class A, Catastrophe Linked Notes, 0.00%, 03/01/2024(e)(f)(h)		1,228,541		682,882
Total Event-Linked Bonds (Cost $1,244,162)				703,811
	Shares
Money Market Funds–6.92%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(b)(i)		23,371,061		23,371,061
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(b)(i)		16,689,257		16,694,264
Invesco Treasury Portfolio, Institutional Class, 5.27%(b)(i)		26,709,785		26,709,785
Total Money Market Funds (Cost $66,773,059)				66,775,110
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.53% (Cost $909,860,080)				941,253,557
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–7.16%
Invesco Private Government Fund, 5.32%(b)(i)(j)		19,124,283		19,124,283
Invesco Private Prime Fund, 5.53%(b)(i)(j)		49,965,323		49,970,320
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $69,095,652)				69,094,603
TOTAL INVESTMENTS IN SECURITIES–104.69% (Cost $978,955,732)				1,010,348,160
OTHER ASSETS LESS LIABILITIES–(4.69)%				(45,219,438	)
NET ASSETS–100.00%			$	965,128,722

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

11 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 holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Invesco BulletShares 2023 Corporate Bond ETF		$136,622,570		$                    -		$   (137,073,790)		$     261,980		$   189,240		$                    -		$       63,124
Invesco BulletShares 2025 Corporate Bond ETF		-		137,045,944		(137,181,278)		-		135,334		-		1,549,458
Invesco Emerging Markets Sovereign Debt ETF		-		64,605,416		(32,341,880)		(2,703,000)		750,464		30,311,000		1,463,572
Invesco High Yield Bond Factor ETF		22,644,420		-		(107,729)		(53,671)		-		22,483,020		1,615,463
Invesco International Developed Dynamic Multifactor ETF		91,450,714		20,568,491		-		17,648,412		-		129,667,617		3,698,555
Invesco Russell 1000® Dynamic Multifactor ETF		207,235,310		-		(10,526,566)		492,239		3,978,696		201,179,679		3,602,887
Invesco Russell 2000® Dynamic Multifactor ETF		56,866,274		-		-		(5,046,922)		-		51,819,352		911,098
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		5,265,568		116,385,643		(98,280,150)		-		-		23,371,061		700,066
Invesco Liquid Assets Portfolio, Institutional Class		3,771,624		83,132,601		(70,210,580)		1,955		(1,336)		16,694,264		515,581
Invesco Treasury Portfolio, Institutional Class		6,017,793		133,012,163		(112,320,171)		-		-		26,709,785		799,045
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		4,044,769		246,757,238		(231,677,724)		-		-		19,124,283		474,449*
Invesco Private Prime Fund		10,398,787		501,955,972		(462,396,834)		(1,621)		14,016		49,970,320		1,296,606*
Investments in Other Affiliates:
Lion Rock Re Ltd., Series S, Pfd.		23,596		-		-		13,904		(37,500)		-		-
Total		$544,341,425		$1,303,463,468		$(1,292,116,702)		$10,613,276		$5,028,914		$571,330,381		$16,689,904

* 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, 2023.

^(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, 2023 was $5,955,750, 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, 2023.

^(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.

Open Futures Contracts
										Unrealized
	Number of		Expiration		Notional					Appreciation
Long Futures Contracts	Contracts		Month		Value		Value			(Depreciation)
Equity Risk
E-Mini S&P 500 Index		712		December-2023	$	149,956,100	$	(11,647,681	)	$	(11,647,681	)
MSCI Emerging Markets Index		799		December-2023		36,722,040		(2,794,625	)		(2,794,625	)
Subtotal								(14,442,306	)		(14,442,306	)
Interest Rate Risk
U.S. Treasury 5 Year Notes		986		December-2023		103,013,891		(1,735,382	)		(1,735,382	)
Subtotal–Long Futures Contracts								(16,177,688	)		(16,177,688	)

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

12 Invesco Global Allocation Fund

Open Futures Contracts–(continued)
											Unrealized
	Number of		Expiration		Notional						Appreciation
Short Futures Contracts	Contracts		Month		Value			Value			(Depreciation)
Equity Risk
E-Mini Russell 2000 Index		613		December-2023	$	(51,136,460	)	$	6,357,072		$	6,357,072
Nikkei 225 Index		9		December-2023		(1,831,766	)		120,832			120,832
S&P/TSX 60 Index		6		December-2023		(982,153	)		68,458			68,458
SPI 200 Index		9		December-2023		(968,129	)		65,932			65,932
STOXX Europe 600 Index		1,549		December-2023		(35,631,802	)		1,959,872			1,959,872
Subtotal—Short Futures Contracts									8,572,166			8,572,166
Total Futures Contracts								$	(7,605,522	)	$	(7,605,522	)

Open Forward Foreign Currency Contracts
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty		Deliver			Receive		(Depreciation)
Currency Risk
12/20/2023	BNP Paribas S.A.	JPY		85,340,000	USD		588,443	$	20,951
12/20/2023	BNP Paribas S.A.	MXN		333,405,000	USD		19,164,077		814,185
12/20/2023	Citibank, N.A.	CLP		413,000,000	USD		466,193		6,040
12/20/2023	Deutsche Bank AG	EUR		7,315,000	USD		7,837,419		80,164
12/20/2023	Deutsche Bank AG	INR		538,040,000	USD		6,457,901		6,168
12/20/2023	HSBC Bank USA	ILS		5,030,000	USD		1,322,016		74,240
12/20/2023	HSBC Bank USA	KRW		22,178,810,000	USD		16,758,835		322,034
12/05/2023	J.P. Morgan Chase Bank, N.A.	BRL		77,270,000	USD		15,316,306		49,724
12/20/2023	J.P. Morgan Chase Bank, N.A.	AUD		32,475,000	USD		20,990,310		356,620
12/20/2023	J.P. Morgan Chase Bank, N.A.	CAD		12,515,000	USD		9,270,824		238,426
12/20/2023	J.P. Morgan Chase Bank, N.A.	DKK		47,405,000	USD		6,822,859		83,913
12/20/2023	J.P. Morgan Chase Bank, N.A.	THB		436,000,000	USD		12,273,911		91,953
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD		14,798,432	PLN		64,570,000		509,214
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD		32,978,618	ZAR		630,040,000		685,724
12/20/2023	Morgan Stanley and Co. International PLC	NZD		23,375,000	USD		13,865,816		245,385
12/20/2023	Standard Chartered Bank PLC	USD		13,087,902	HUF		4,783,170,000		52,707
11/03/2023	State Street Bank & Trust Co.	USD		3,080	PHP		174,777		1
12/20/2023	UBS AG	CHF		19,170,000	USD		21,643,213		455,218
Subtotal–Appreciation									4,092,667
Currency Risk
12/20/2023	Barclays Bank PLC	USD		15,212,806	SGD		20,665,000		(87,507	)
12/20/2023	BNP Paribas S.A.	USD		1,322,773	IDR		20,392,000,000		(43,613	)
12/20/2023	BNP Paribas S.A.	USD		12,137,606	SEK		135,125,000		(3,710	)
12/20/2023	Citibank, N.A.	USD		6,698,140	TWD		212,465,000		(134,710	)
12/20/2023	Deutsche Bank AG	USD		434,118	PEN		1,620,000		(13,218	)
12/04/2023	J.P. Morgan Chase Bank, N.A.	USD		15,296,638	BRL		75,540,000		(370,292	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	CNY		18,480,000	USD		2,543,003		(19,314	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD		2,285,784	HKD		17,860,000		(1,619	)
12/20/2023	J.P. Morgan Chase Bank, N.A.	USD		13,862,699	NOK		148,530,000		(547,638	)
12/20/2023	Merrill Lynch International	USD		14,051,678	COP		56,638,800,000		(437,191	)
12/20/2023	Morgan Stanley and Co. International PLC	PHP		841,900,000	USD		14,810,449		(14,589	)
12/20/2023	Morgan Stanley and Co. International PLC	USD		655,928	CZK		15,130,000		(5,005	)
12/20/2023	Morgan Stanley and Co. International PLC	USD		355,116	GBP		285,000		(8,582	)
12/20/2023	Morgan Stanley and Co. International PLC	USD		1,619,764	MYR		7,540,000		(32,298	)
Subtotal–Depreciation									(1,719,286	)
Total Forward Foreign Currency Contracts								$	2,373,381

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

13 Invesco Global Allocation Fund

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

Upfront

Floating

Payments

Unrealized

Pay/

Rate

Payment

Number of

Paid

Appreciation

Counterparty

Receive

Reference Entity

Index

Frequency

Contracts

Maturity Date

Notional Value

(Received)

Value

(Depreciation)

Equity Risk

Goldman Sachs International

Pay

MSCI ACWI ex USA Growth Net Total Return Index

SOFR + 0.24%

Quarterly

399,000

May–2024

USD

102,890,130

$–

$

7,281,750

$ 7,281,750

Goldman Sachs International

Pay

Russell Midcap Growth Total Return Index

SOFR + 0.37%

Monthly

11,370

September–2024

USD

51,226,330

–

2,680,544

2,680,544

Subtotal – Appreciation

–

9,962,294

9,962,294

Equity Risk

Goldman Sachs International

Receive

MSCI ACWI Daily Total Return Net ex USA

SOFR + 0.08%

Quarterly

389,000

May–2024

USD

104,151,638

–

(5,490,731

)

(5,490,731

)

Total – Total Return Swap Agreements

$–

$

4,471,563

$ 4,471,563

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $340,000.

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

Abbreviations:

AUD	–Australian Dollar
BRL	–Brazilian Real
CAD	–Canadian Dollar
CHF	–Swiss Franc
CLP	–Chile Peso
CNY	–Chinese Yuan Renminbi
COP	–Colombia Peso
CZK	–Czech Koruna
DKK	–Danish Krone
EUR	–Euro
GBP	–British Pound Sterling
HKD	–Hong Kong Dollar
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
ILS	–Israel Shekel
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.

14 Invesco Global Allocation Fund

Consolidated Statement of Assets and Liabilities

October 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $457,004,730)*	$	439,017,779
Investments in affiliates, at value (Cost $521,951,002)		571,330,381
Other investments:
Variation margin receivable – futures contracts		8,726,822
Swaps receivable – OTC		1,128,425
Unrealized appreciation on swap agreements – OTC		9,962,294
Unrealized appreciation on forward foreign currency contracts outstanding		4,092,667
Deposits with brokers:
Cash collateral – OTC Derivatives		340,000
Cash		5,443,695
Foreign currencies, at value (Cost $995,289)		995,240
Receivable for:
Investments sold		1,118,658
Fund shares sold		60,977
Dividends		1,474,506
Interest		1,410,217
Investment for trustee deferred compensation and retirement plans		219,174
Other assets		36,499
Total assets		1,045,357,334
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		1,719,286
Swaps payable – OTC		1,075,365
Unrealized depreciation on swap agreements–OTC		5,490,731
Payable for:
Investments purchased		570,422
Fund shares reacquired		926,879
Accrued foreign taxes		372,836
Collateral upon return of securities loaned		69,095,652
Accrued fees to affiliates		487,407
Accrued other operating expenses		129,715
Trustee deferred compensation and retirement plans		360,319
Total liabilities		80,228,612
Net assets applicable to shares outstanding	$	965,128,722

Net assets consist of:
Shares of beneficial interest	$	989,725,495
Distributable earnings (loss)		(24,596,773	)
	$	965,128,722
Net Assets:
Class A	$	831,966,892
Class C	$	40,307,304
Class R	$	31,487,473
Class Y	$	47,784,218
Class R5	$	9,737
Class R6	$	13,573,098
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		49,695,796
Class C		2,605,592
Class R		1,944,118
Class Y		2,841,768
Class R5		576
Class R6		803,652
Class A:
Net asset value per share	$	16.74
Maximum offering price per share (Net asset value of $16.74 ÷ 94.50%)	$	17.71
Class C:
Net asset value and offering price per share	$	15.47
Class R:
Net asset value and offering price per share	$	16.20
Class Y:
Net asset value and offering price per share	$	16.81
Class R5:
Net asset value and offering price per share	$	16.90
Class R6:
Net asset value and offering price per share	$	16.89

* At October 31, 2023, securities with an aggregate value of $67,763,430 were on loan to brokers.

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

15 Invesco Global Allocation Fund

Consolidated Statement of Operations

For the year ended October 31, 2023

Investment income:
Interest	$	8,472,774
Dividends (net of foreign withholding taxes of $369,299)		6,920,203
Dividends from affiliates (includes net securities lending income of $634,369)		15,553,218
Foreign withholding tax claims		159,353
Total investment income		31,105,548
Expenses:
Advisory fees		8,267,435
Administrative services fees		150,833
Custodian fees		189,774
Distribution fees:
Class A		2,238,114
Class C		477,274
Class R		166,123
Transfer agent fees – A, C, R and Y		1,636,793
Transfer agent fees – R5		4
Transfer agent fees – R6		7,999
Trustees’ and officers’ fees and benefits		41,357
Registration and filing fees		104,195
Reports to shareholders		105,975
Professional services fees		129,753
Other		53,879
Total expenses		13,569,508
Less: Fees waived and/or expense offset arrangement(s)		(1,638,746	)
Net expenses		11,930,762
Net investment income		19,174,786
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $203,854)		(34,724,476	)
Affiliated investment securities		5,028,914
Foreign currencies		(165,128	)
Forward foreign currency contracts		9,031,590
Futures contracts		1,532,007
Swap agreements		(2,242,050	)
		(21,539,143	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $53,286)		57,536,729
Affiliated investment securities		10,613,276
Foreign currencies		(1,191,951	)
Forward foreign currency contracts		(1,308,028	)
Futures contracts		(9,019,405	)
Swap agreements		4,543,709
		61,174,330
Net realized and unrealized gain		39,635,187
Net increase in net assets resulting from operations	$	58,809,973

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

16 Invesco Global Allocation Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	19,174,786		$	16,086,876
Net realized gain (loss)		(21,539,143	)		(465,179	)
Change in net unrealized appreciation (depreciation)		61,174,330			(271,277,739	)
Net increase (decrease) in net assets resulting from operations		58,809,973			(255,656,042	)
Distributions to shareholders from distributable earnings:
Class A		(47,881,874	)		(146,614,587	)
Class C		(2,520,753	)		(9,123,275	)
Class R		(1,702,221	)		(5,093,988	)
Class Y		(2,864,646	)		(9,300,035	)
Class R5		(683	)		(2,002	)
Class R6		(2,193,824	)		(5,849,031	)
Total distributions from distributable earnings		(57,164,001	)		(175,982,918	)
Share transactions-net:
Class A		(30,802,811	)		49,715,808
Class C		(9,452,770	)		(471,104	)
Class R		544,280			3,926,613
Class Y		(2,105,706	)		(719,309	)
Class R5		(1,582	)		484
Class R6		(24,334,807	)		5,423,105
Net increase (decrease) in net assets resulting from share transactions		(66,153,396	)		57,875,597
Net increase (decrease) in net assets		(64,507,424	)		(373,763,363	)
Net assets:
Beginning of year		1,029,636,146			1,403,399,509
End of year	$	965,128,722		$	1,029,636,146

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

17 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 10/31/23		$16.79		$0.32		$ 0.57			$ 0.89			$(0.94	)		$     –			$(0.94	)		$16.74		5.30	%		$   831,967		1.11	%		1.27	%		1.84	%		77	%
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
Class C
Year ended 10/31/23		15.56		0.17		0.54			0.71			(0.80	)		–			(0.80	)		15.47		4.51			40,307		1.86			2.02			1.09			77
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
Class R
Year ended 10/31/23		16.27		0.27		0.56			0.83			(0.90	)		–			(0.90	)		16.20		5.05			31,487		1.36			1.52			1.59			77
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
Class Y
Year ended 10/31/23		16.87		0.36		0.57			0.93			(0.99	)		–			(0.99	)		16.81		5.52			47,784		0.86			1.02			2.09			77
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
Class R5
Year ended 10/31/23		16.96		0.39		0.57			0.96			(1.02	)		–			(1.02	)		16.90		5.64			10		0.74			0.89			2.21			77
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 10/31/23		16.93		0.38		0.60			0.98			(1.02	)		–			(1.02	)		16.89		5.77			13,573		0.74			0.89			2.21			77
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

^(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 0.20%, 0.15%, 0.17%, 0.14% and 0.08% for the years ended October 31, 2023, 2022, 2021, 2020 and 2019, 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.

18 Invesco Global Allocation Fund

Notes to Consolidated Financial Statements

October 31, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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

19 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 seek 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 Foreign withholding tax claims on the Consolidated Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

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 by investment companies. Any 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 services 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, 2023, 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

20 Invesco Global Allocation Fund

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 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 securities 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, 2023, the Fund paid the Adviser $68,200 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, 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 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

21 Invesco Global Allocation Fund

liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

O. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s 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, which could result in the Fund accruing additional expenses. 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, 2023, 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

22 Invesco Global Allocation Fund

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. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and 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, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

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 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, 2023, 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.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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 “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 fee waiver and/or expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2023, the Adviser waived advisory fees of $1,570,019.

23 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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $65,745 in front-end sales commissions from the sale of Class A shares and $4,246 and $8,456 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, 2023. 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	$	502,370,208	$	–	$	–	$	502,370,208
Common Stocks & Other Equity Interests		98,750,594		87,526,230		272,280		186,549,104
U.S. Treasury Securities		–		184,043,258		–		184,043,258
Preferred Stocks		–		–		812,066		812,066
Event-Linked Bonds		–		–		703,811		703,811
Money Market Funds		66,775,110		69,094,603		–		135,869,713
Total Investments in Securities		667,895,912		340,664,091		1,788,157		1,010,348,160
Other Investments - Assets*
Futures Contracts		8,572,166		–		–		8,572,166
Forward Foreign Currency Contracts		–		4,092,667		–		4,092,667
Swap Agreements		–		9,962,294		–		9,962,294
		8,572,166		14,054,961		–		22,627,127

24 Invesco Global Allocation Fund

	Level 1			Level 2			Level 3		Total
Other Investments - Liabilities*
Futures Contracts	$	(16,177,688	)	$	–		$	–	$	(16,177,688	)
Forward Foreign Currency Contracts		–			(1,719,286	)		–		(1,719,286	)
Swap Agreements		–			(5,490,731	)		–		(5,490,731	)
		(16,177,688	)		(7,210,017	)		–		(23,387,705	)
Total Other Investments		(7,605,522	)		6,844,944			–		(760,578	)
Total Investments	$	660,290,390		$	347,509,035		$	1,788,157	$	1,009,587,582

* 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, 2023:

	Value
Derivative Assets	Currency Risk		Equity Risk			Total
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	–	$	8,572,166		$	8,572,166
Unrealized appreciation on forward foreign currency contracts outstanding		4,092,667		–			4,092,667
Unrealized appreciation on swap agreements – OTC		–		9,962,294			9,962,294
Total Derivative Assets		4,092,667		18,534,460			22,627,127
Derivatives not subject to master netting agreements		–		(8,572,166	)		(8,572,166	)
Total Derivative Assets subject to master netting agreements	$	4,092,667	$	9,962,294		$	14,054,961

	Value
Derivative Liabilities	Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	–		$	(14,442,306	)	$	(1,735,382	)	$	(16,177,688	)
Unrealized depreciation on forward foreign currency contracts outstanding		(1,719,286	)		–			–			(1,719,286	)
Unrealized depreciation on swap agreements – OTC		–			(5,490,731	)		–			(5,490,731	)
Total Derivative Liabilities		(1,719,286	)		(19,933,037	)		(1,735,382	)		(23,387,705	)
Derivatives not subject to master netting agreements		–			14,442,306			1,735,382			16,177,688
Total Derivative Liabilities subject to master netting agreements	$	(1,719,286	)	$	(5,490,731	)	$	–		$	(7,210,017	)

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

25 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, 2023.

	Financial Derivative Assets						Financial Derivative Liabilities												Collateral (Received)/Pledged
	Forward						Forward
	Foreign						Foreign
	Currency		Swap		Total		Currency			Swap			Total			Net Value of									Net
Counterparty	Contracts		Agreements		Assets		Contracts			Agreements			Liabilities			Derivatives			Non–Cash			Cash			Amount
Barclays Bank PLC	$	–	$	–	$	–	$	(87,507	)	$	–		$	(87,507	)	$	(87,507	)	$	–		$	–		$	(87,507	)
BNP Paribas S.A.		835,136		–		835,136		(47,323	)		–			(47,323	)		787,813			(787,813	)		–			–
Citibank, N.A.		6,040		–		6,040		(134,710	)		–			(134,710	)		(128,670	)		–			40,000			(88,670	)
Deutsche Bank AG		86,332		–		86,332		(13,218	)		–			(13,218	)		73,114			–			–			73,114
Goldman Sachs International		–		11,090,719		11,090,719		–			(6,566,096	)		(6,566,096	)		4,524,623			–			(4,524,623	)		–
HSBC Bank USA		396,274		–		396,274		–			–			–			396,274			–			(310,000	)		86,274
J.P. Morgan Chase Bank, N.A.		2,015,574		–		2,015,574		(938,863	)		–			(938,863	)		1,076,711			(799,586	)		–			277,125
Merrill Lynch International		–		–		–		(437,191	)		–			(437,191	)		(437,191	)		–			300,000			(137,191	)
Morgan Stanley and Co. International PLC		245,385		–		245,385		(60,474	)		–			(60,474	)		184,911			(184,911	)		–			–
Standard Chartered Bank PLC		52,707		–		52,707		–			–			–			52,707			–			–			52,707
State Street Bank & Trust Co.		1		–		1		–			–			–			1			–			–			1
UBS AG		455,218		–		455,218		–			–			–			455,218			(52,612	)		–			402,606
Total	$	4,092,667	$	11,090,719	$	15,183,386	$	(1,719,286	)	$	(6,566,096	)	$	(8,285,382	)	$	6,898,004		$	(1,824,922	)	$	(4,494,623	)	$	578,459

Effect of Derivative Investments for the year ended October 31, 2023

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

	Location of Gain (Loss) on Consolidated Statement of Operations
	Currency			Equity			Interest
	Risk			Risk			Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	9,031,590		$	-		$	-		$	9,031,590
Futures contracts		-			8,030,398			(6,498,391	)		1,532,007
Swap agreements		-			11,922,100			(14,164,150	)		(2,242,050	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(1,308,028	)		-			-			(1,308,028	)
Futures contracts		-			(7,284,023	)		(1,735,382	)		(9,019,405	)
Swap agreements		-			4,543,709			-			4,543,709
Total	$	7,723,562		$	17,212,184		$	(22,397,923	)	$	2,537,823

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

	Forward
	Foreign Currency	Futures	Swap
	Contracts	Contracts	Agreements
Average notional value	$521,106,887	$420,211,832	$268,520,388

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended October 31, 2023, the Fund engaged in securities purchases of $107,391.

26 Invesco Global Allocation Fund

NOTE 6–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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $68,727.

NOTE 7–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 8–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.

NOTE 9–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2023 and 2022:

	2023		2022
Ordinary income*	$	57,164,001	$	42,824,477
Long-term capital gain		–		133,158,441
Total distributions	$	57,164,001	$	175,982,918

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	22,491,711
Net unrealized appreciation – investments		31,626,249
Net unrealized appreciation – foreign currencies		3,490,956
Temporary book/tax differences		(356,832	)
Capital loss carryforward		(81,848,857	)
Shares of beneficial interest		989,725,495
Total net assets	$	965,128,722

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 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$61,225,737	$20,623,120	$81,848,857

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

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2023 was $521,229,691 and $660,445,349, 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	$	123,151,304
Aggregate unrealized (depreciation) of investments		(91,525,055	)
Net unrealized appreciation of investments	$	31,626,249

Cost of investments for tax purposes is $977,961,333.

27 Invesco Global Allocation Fund

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, foreign capital gains taxes, elimination entry and derivative instruments, on October 31, 2023, undistributed net investment income was decreased by $446,587, undistributed net realized gain (loss) was increased by $720,935 and shares of beneficial interest was decreased by $274,348. This reclassification had no effect on the net assets of the Fund.

NOTE 12–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		2,104,279		$	36,556,656			1,861,609		$	35,693,983
Class C		394,070			6,361,218			361,281			6,556,324
Class R		255,761			4,299,706			245,339			4,601,243
Class Y		622,323			10,775,452			445,783			8,682,723
Class R5		24			411			69			1,288
Class R6		288,198			5,024,613			299,431			5,529,328
Issued as reinvestment of dividends:
Class A		2,688,808			45,171,947			6,786,388			139,326,608
Class C		156,665			2,448,672			466,344			8,926,958
Class R		103,808			1,691,039			253,570			5,052,342
Class Y		135,028			2,273,865			361,963			7,459,544
Class R5		6			97			10			217
Class R6		127,802			2,158,573			277,815			5,733,961
Automatic conversion of Class C shares to Class A shares:
Class A		273,668			4,749,477			268,532			5,035,795
Class C		(295,264	)		(4,749,477	)		(288,672	)		(5,035,795	)
Reacquired:
Class A		(6,749,383	)		(117,280,891	)		(6,855,559	)		(130,340,578	)
Class C		(839,249	)		(13,513,183	)		(615,204	)		(10,918,591	)
Class R		(323,223	)		(5,446,465	)		(311,209	)		(5,726,972	)
Class Y		(870,556	)		(15,155,023	)		(888,313	)		(16,861,576	)
Class R5		(117	)		(2,090	)		(56	)		(1,021	)
Class R6		(1,766,232	)		(31,517,993	)		(311,642	)		(5,840,184	)
Net increase (decrease) in share activity		(3,693,584	)	$	(66,153,396	)		2,357,479		$	57,875,597

^(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.

28 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, 2023, the related consolidated statement of operations for the year ended October 31, 2023, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (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, 2023, 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, 2023 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 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, 2023 by correspondence with the custodian, transfer agent, brokers and insurance companies. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2023

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 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, 2023 through October 31, 2023.

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      (05/01/23)	Ending      Account Value      (10/31/23)1	Expenses      Paid During      Period2	Ending      Account Value      (10/31/23)	Expenses      Paid During      Period2	Annualized      Expense Ratio
Class A	$1,000.00	$937.80	$5.08	$1,019.96	$5.30	1.04%
Class C	1,000.00	934.10	8.73	1,016.18	9.10	1.79
Class R	1,000.00	936.90	6.30	1,018.70	6.56	1.29
Class Y	1,000.00	939.10	3.86	1,021.22	4.02	0.79
Class R5	1,000.00	939.40	3.42	1,021.68	3.57	0.70
Class R6	1,000.00	939.30	3.42	1,021.68	3.57	0.70

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, 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.

30 Invesco Global Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 fourth 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

31 Invesco Global Allocation Fund

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 recently underwent a change in portfolio management in March 2023. 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. 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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.

32 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, 2023:

Federal and State Income Tax
Qualified Dividend Income*	8.23	%
Corporate Dividends Received Deduction*	1.03	%
U.S. Treasury Obligations*	8.61	%
Qualified Business Income*	0.00	%
Business Interest Income*	6.86	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

33 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	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	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Global Allocation 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-GLAL-AR-1                                         

Annual Report to Shareholders October 31, 2023

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, 2023, 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, 10/31/22 to 10/31/23, 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	-5.29	%
Class C Shares	-6.02
Class R Shares	-5.54
Class Y Shares	-5.13
Class R5 Shares	-5.12
Class R6 Shares	-5.12
MSCI World Index▼ (Broad Market Index)	10.48
Dow Jones Brookfield Global Infrastructure Index▼ (Style-Specific Index)	-2.90
Lipper Global Infrastructure Funds Classification Average∎ (Peer Group)	-3.09
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Global equity markets posted gains in November 2022, after better inflation data sparked a rally. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023, as inflation remained above target levels. International stocks outperformed US stocks in the fourth quarter of 2022, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter of 2022, driven by China, which eased its zero-COVID-19 policy and started to reopen.

    For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023, but within the region, China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.

    The global equity rally in the first half of 2023 came to an end in the third quarter as global equity markets declined. Concerns about a slowing global economy and interest rates staying “higher for longer” hampered stock returns. During the quarter, value stocks outperformed growth stocks. Energy was the best performing sector, ending the quarter in positive territory, boosted by rising oil prices as Russia and the Organization of Petroleum Exporting Countries (OPEC) cut supplies. Developed global equities underperformed

emerging market equities. Within emerging markets, China’s equities were weighed down by concerns in the real estate sector, but positive performance in the United Arab Emirates, Turkey and India offset those results.

    Global equity markets continued their decline in October 2023, but growth stocks managed to outperform value stocks. Despite higher rates and increased market volatility, both developed market equities and emerging market equities finished the fiscal year ended October 31, 2023, in positive territory.

    Global infrastructure stocks posted negative absolute performance over the fiscal year and underperformed broad global market equities over the period. The Fund’s Class A shares underperformed the Dow Jones Brookfield Global Infrastructure Index, its style-specific benchmark. An underweight to the midstream energy sector and security selection among the electric utility sectors were the main detractors to relative performance while the major positive drivers of relative performance came from security selection within the water and diversified sectors.

    Eversource Energy, the largest New England utility and one of the country’s largest utility companies, was a top individual detractor from the Fund’s performance. The stock underperformed as the company’s offshore wind assets took a write-down ahead of its expected sale. Also, the rapid rise in interest rates caused markets to reduce the stock’s valuation along with other renewable assets around the world. One of the largest detractors to relative performance arose from an underweight in Williams Companies, a midstream services company. Williams, along with other midstream companies saw their stock prices rise during the period as prices of natural gas and oil increased due to OPEC production cuts and the extension of those

cuts through the rest of 2023. The position in Williams has been exited.

    Top individual relative contributors to Fund performance for the fiscal year include SSE, Transurban and Italgas. SSE, a UK-based diversified utility company’s outperformance stemmed from a solid balance sheet and strong inflation-linked sales growth in the UK. Italgas outperformed as Italian utilities had full inflation pass-through proving to be a material advantage relative to other utilities. Transurban outperformed on the back of a strong rebound in Australian toll traffic and inflation linked toll increases. The positions in SSE, Transurban, and Italgas have been exited.

    Given the continued resilience in the US economy, we have added to sectors that we expect to outperform in an environment of higher interest rates for an extended period of time. At the close of the fiscal year, relative to the style-specific benchmark, the Fund held overweight positions in water, midstream services, ports, and satellites sectors and underweight positions in electric utilities, tolls, gas distribution, and diversified sectors.

    We thank you for your continued investment in Invesco Global Infrastructure Fund.

Portfolio manager(s):

James Cowen

Grant Jackson

Darin Turner

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 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (5/2/14)	2.07	%
5 Years	1.76
1 Year	-10.52
Class C Shares
Inception (5/2/14)	2.01	%
5 Years	2.13
1 Year	-6.95
Class R Shares
Inception (5/2/14)	2.41	%
5 Years	2.62
1 Year	-5.54
Class Y Shares
Inception (5/2/14)	2.93	%
5 Years	3.15
1 Year	-5.13
Class R5 Shares
Inception (5/2/14)	2.93	%
5 Years	3.15
1 Year	-5.12
Class R6 Shares
Inception (5/2/14)	2.93	%
5 Years	3.16
1 Year	-5.12

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, 2023, 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 IndexSM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The Dow Jones Brookfield Global Infrastructure Index is designed to measure the stock performance of infrastructure companies domiciled globally and covers all sectors of the infrastructure market. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The Lipper Global Infrastructure Funds Classification Average represents an average of all the funds in the Lipper Global Infrastructure Funds classification.

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

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

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	24.77	%
Towers	14.36
Diversified	12.57
Water Utilities	12.28
Multi-Utilities	12.02
Electric Utilities	11.02
Gas Utilities	6.01
Airports	3.74
Satellites	1.79
Money Market Funds Plus Other Assets Less Liabilities	1.44

Top 10 Equity Holdings*

		% of total net assets
1.	ONEOK, Inc.	6.81%
2.	Vinci S.A.	6.75
3.	Sempra	6.59
4.	Pennon Group PLC	5.88
5.	TC Energy Corp.	5.82
6.	Cheniere Energy, Inc.	5.09
7.	American Tower Corp.	5.04
8.	Essential Utilities, Inc.	4.84
9.	Xcel Energy, Inc.	4.75
10.	National Grid PLC	4.55

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2023.

6 Invesco Global Infrastructure Fund

Schedule of Investments

October 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–98.56%
Australia–4.04%
APA Group		711,477	$	3,737,207
Brazil–0.41%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR		33,229		383,463
Canada–13.62%
Enbridge, Inc.		115,762		3,709,726
Gibson Energy, Inc.		171,852		2,611,085
Pembina Pipeline Corp.		28,786		885,947
TC Energy Corp.		156,253		5,381,390
				12,588,148
China–2.20%
China Gas Holdings Ltd.		285,600		256,727
China Resources Gas Group Ltd.		251,700		744,268
ENN Energy Holdings Ltd.		108,000		824,251
Hainan Meilan International Airport Co. Ltd.(a)		257,000		209,302
				2,034,548
France–6.75%
Vinci S.A.		56,383		6,234,848
Luxembourg–1.79%
SES S.A., FDR		283,798		1,654,447
Mexico–2.39%
Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR		10,233		2,212,477
Netherlands–3.45%
Koninklijke Vopak N.V.		94,528		3,188,297
Spain–3.37%
Aena SME S.A.(b)		7,154		1,036,762
Cellnex Telecom S.A.(b)		70,476		2,077,309
				3,114,071
United Kingdom–11.58%
National Grid PLC		353,738		4,203,924
Pennon Group PLC		611,678		5,434,740
Severn Trent PLC		32,796		1,063,487
				10,702,151

Investment Abbreviations:

ADR - American Depositary Receipt

FDR - Fiduciary Depositary Receipt

	Shares		Value
United States–48.96%
American Tower Corp.(c)		26,155	$	4,660,559
Cheniere Energy, Inc.		28,273		4,705,193
Crown Castle, Inc.		26,641		2,477,080
Essential Utilities, Inc.		133,680		4,472,933
Eversource Energy		27,076		1,456,418
NextEra Energy, Inc.		20,939		1,220,744
NiSource, Inc.		32,337		813,599
ONEOK, Inc.		96,474		6,290,105
PG&E Corp.(a)		102,461		1,670,114
PPL Corp.		58,581		1,439,335
SBA Communications Corp., Class A		19,435		4,054,724
Sempra		86,989		6,091,840
Targa Resources Corp.		18,050		1,509,160
Xcel Energy, Inc.		74,144		4,394,515
				45,256,319
Total Common Stocks & Other Equity Interests (Cost $93,040,967)				91,105,976
Money Market Funds–1.47%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)		474,556		474,556
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(d)(e)		338,890		338,991
Invesco Treasury Portfolio, Institutional Class, 5.27%(d)(e)		542,350		542,350
Total Money Market Funds (Cost $1,355,867)				1,355,897
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.03% (Cost $94,396,834)				92,461,873
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.79%
Invesco Private Government Fund, 5.32%(d)(e)(f)		721,940		721,940
Invesco Private Prime Fund, 5.53%(d)(e)(f)		1,856,228		1,856,413
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,578,353)				2,578,353
TOTAL INVESTMENTS IN SECURITIES–102.82% (Cost $96,975,187)				95,040,226
OTHER ASSETS LESS LIABILITIES–(2.82)%				(2,603,325	)
NET ASSETS–100.00%			$	92,436,901

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)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $3,114,071, which represented 3.37% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at October 31, 2023.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	193,359	$	16,106,047	$	(15,824,850)	$	-	$	-	$	474,556	$	29,459
Invesco Liquid Assets Portfolio, Institutional Class		138,164		11,504,320		(11,303,429)		(12)		(52)		338,991		20,752
Invesco Treasury Portfolio, Institutional Class		220,982		18,406,911		(18,085,543)		-		-		542,350		32,296
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		770,155		18,881,383		(18,929,598)		-		-		721,940		23,451*
Invesco Private Prime Fund		1,980,320		43,584,876		(43,710,333)		(1)		1,551		1,856,413		63,442*
Total	$	3,302,980	$	108,483,537	$	(107,853,753)	$	(13)	$	1,499	$	3,934,250	$	169,400

* 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, 2023.

^(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 1L.

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, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $93,040,967)*	$	91,105,976
Investments in affiliated money market funds, at value (Cost $3,934,220)		3,934,250
Foreign currencies, at value (Cost $143,250)		143,616
Receivable for:
Investments sold		596,752
Fund shares sold		4,480
Dividends		135,796
Investment for trustee deferred compensation and retirement plans		18,300
Other assets		36,246
Total assets		95,975,416
Liabilities:
Payable for:
Investments purchased		796,170
Fund shares reacquired		64,243
Collateral upon return of securities loaned		2,578,353
Accrued fees to affiliates		25,634
Accrued trustees’ and officers’ fees and benefits		1,761
Accrued other operating expenses		54,054
Trustee deferred compensation and retirement plans		18,300
Total liabilities		3,538,515
Net assets applicable to shares outstanding	$	92,436,901
Net assets consist of:
Shares of beneficial interest	$	102,241,287
Distributable earnings (loss)		(9,804,386	)
	$	92,436,901

Net Assets:
Class A		$	16,766,464
Class C		$	2,751,285
Class R		$	4,553,289
Class Y		$	15,739,830
Class R5		$	106,811
Class R6		$	52,519,222
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A			1,628,081
Class C			267,613
Class R			442,540
Class Y			1,528,057
Class R5			10,358
Class R6			5,095,407
Class A:
Net asset value per share		$	10.30
Maximum offering price per share (Net asset value of $10.30 ÷ 94.50%)		$	10.90
Class C:
Net asset value and offering price per share	��	$	10.28
Class R:
Net asset value and offering price per share		$	10.29
Class Y:
Net asset value and offering price per share		$	10.30
Class R5:
Net asset value and offering price per share		$	10.31
Class R6:
Net asset value and offering price per share		$	10.31

* At October 31, 2023, security with a value of $2,606,385 was 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, 2023

Investment income:
Interest	$	1,850
Dividends (net of foreign withholding taxes of $296,904)		3,776,386
Dividends from affiliated money market funds (includes net securities lending income of $3,259)		85,766
Foreign withholding tax claims		40,659
Total investment income		3,904,661
Expenses:
Advisory fees		928,381
Administrative services fees		16,070
Custodian fees		20,652
Distribution fees:
Class A		51,701
Class C		32,752
Class R		26,720
Transfer agent fees – A, C, R and Y		93,866
Transfer agent fees – R5		124
Transfer agent fees – R6		17,168
Trustees’ and officers’ fees and benefits		18,115
Registration and filing fees		82,966
Reports to shareholders		18,838
Professional services fees		68,897
Other		16,745
Total expenses		1,392,995
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(175,132	)
Net expenses		1,217,863
Net investment income		2,686,798
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(4,459,613	)
Affiliated investment securities		1,499
Foreign currencies		(30,706	)
		(4,488,820	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(2,963,602	)
Affiliated investment securities		(13	)
Foreign currencies		862
		(2,962,753	)
Net realized and unrealized gain (loss)		(7,451,573	)
Net increase (decrease) in net assets resulting from operations	$	(4,764,775	)

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, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	2,686,798		$	2,411,199
Net realized gain (loss)		(4,488,820	)		1,570,917
Change in net unrealized appreciation (depreciation)		(2,962,753	)		(17,458,439	)
Net increase (decrease) in net assets resulting from operations		(4,764,775	)		(13,476,323	)
Distributions to shareholders from distributable earnings:
Class A		(447,278	)		(425,602	)
Class C		(45,515	)		(38,107	)
Class R		(101,279	)		(90,182	)
Class Y		(540,136	)		(598,947	)
Class R5		(2,984	)		(2,384	)
Class R6		(1,384,676	)		(1,341,029	)
Total distributions from distributable earnings		(2,521,868	)		(2,496,251	)
Share transactions–net:
Class A		(4,688,089	)		5,208,346
Class C		(206,620	)		486,101
Class R		(345,438	)		757,000
Class Y		(9,883,609	)		8,939,989
Class R5		(9,427	)		107,632
Class R6		2,192,721			(5,267,234	)
Net increase (decrease) in net assets resulting from share transactions		(12,940,462	)		10,231,834
Net increase (decrease) in net assets		(20,227,105	)		(5,740,740	)
Net assets:
Beginning of year		112,664,006			118,404,746
End of year	$	92,436,901		$	112,664,006

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			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 10/31/23		$11.12		$0.26			$(0.83	)		$(0.57	)		$(0.25	)		$      –			$(0.25	)		$10.30		(5.29	)%		$16,766		1.25	%		1.49	%		2.28	%		168	%
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
Class C
Year ended 10/31/23		11.10		0.18			(0.84	)		(0.66	)		(0.16	)		–			(0.16	)		10.28		(6.02	)		2,751		2.00			2.24			1.53			168
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
Class R
Year ended 10/31/23		11.11		0.23			(0.83	)		(0.60	)		(0.22	)		–			(0.22	)		10.29		(5.54	)		4,553		1.50			1.74			2.03			168
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
Class Y
Year ended 10/31/23		11.13		0.29			(0.84	)		(0.55	)		(0.28	)		–			(0.28	)		10.30		(5.13	)		15,740		1.00			1.24			2.53			168
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
Class R5
Year ended 10/31/23		11.14		0.29			(0.84	)		(0.55	)		(0.28	)		–			(0.28	)		10.31		(5.12	)		107		1.00			1.16			2.53			168
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
Class R6
Year ended 10/31/23		11.14		0.29			(0.84	)		(0.55	)		(0.28	)		–			(0.28	)		10.31		(5.12	)		52,519		1.00			1.09			2.53			168
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

^(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, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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. 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 seek 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 Foreign withholding tax claims on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

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 by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the 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 Statement of Operations as Professional services 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, 2023, the Fund did not enter into any closing agreements.

I. 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.

J. 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.

K. 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

14 Invesco Global Infrastructure Fund

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.

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 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 securities 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, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the 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 Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

15 Invesco Global Infrastructure Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with 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, 2023, the effective advisory fee rate incurred by the Fund was 0.84%.

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

The Adviser has contractually agreed, through at least February 28, 2025, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 1.25%, 2.00%, 1.50%, 1.00%, 1.00% and 1.00%, respectively of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2025. 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, 2025, 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, 2023, the Adviser waived advisory fees of $60,834 and reimbursed class level expenses of $36,874, $5,799, $9,462, $41,731, $124 and $17,168 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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $4,046 in front-end sales commissions from the sale of Class A shares and $2,595 and $96 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.

16 Invesco Global Infrastructure Fund

The following is a summary of the tiered valuation input levels, as of October 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
Australia	$	–		$	3,737,207		$–	$	3,737,207
Brazil		383,463			–		–		383,463
Canada		12,588,148			–		–		12,588,148
China		–			2,034,548		–		2,034,548
France		–			6,234,848		–		6,234,848
Luxembourg		–			1,654,447		–		1,654,447
Mexico		2,212,477			–		–		2,212,477
Netherlands		–			3,188,297		–		3,188,297
Spain		–			3,114,071		–		3,114,071
United Kingdom		–			10,702,151		–		10,702,151
United States		45,256,319			–		–		45,256,319
Money Market Funds		1,355,897	��		2,578,353		–		3,934,250
Total Investments	$	61,796,304		$	33,243,922		$–	$	95,040,226

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,140.

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.

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, 2023 and 2022:

	2023		2022
Ordinary income*	$	2,521,868	$	2,496,251

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	366,303
Net unrealized appreciation (depreciation) – investments		(4,364,895	)
Net unrealized appreciation (depreciation) – foreign currencies		(177	)
Temporary book/tax differences		(15,193	)
Capital loss carryforward		(5,790,424	)
Shares of beneficial interest		102,241,287
Total net assets	$	92,436,901

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.

17 Invesco Global Infrastructure Fund

The Fund has a capital loss carryforward as of October 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	5,790,424	$–	$	5,790,424

* 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, 2023 was $181,499,497 and $194,575,276, 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	$	4,495,016
Aggregate unrealized (depreciation) of investments		(8,859,911	)
Net unrealized appreciation (depreciation) of investments	$	(4,364,895	)

Cost of investments for tax purposes is $99,405,121.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of REITs, foreign currency transactions and partnerships, on October 31, 2023, undistributed net investment income was increased by $138,976, undistributed net realized gain (loss) was decreased by $136,033 and shares of beneficial interest was decreased by $2,943. 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, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		249,179		$	2,919,739			737,018		$	9,232,181
Class C		51,835			601,604			100,098			1,255,824
Class R		91,233			1,041,120			100,361			1,258,512
Class Y		697,641			8,191,314			1,771,710			22,226,181
Class R5		1,819			21,191			12,275			155,405
Class R6		141,994			1,678,396			383,428			5,055,554
Issued as reinvestment of dividends:
Class A		34,004			378,449			31,270			379,344
Class C		3,993			44,075			3,051			36,907
Class R		9,132			101,192			7,432			90,180
Class Y		23,551			263,782			33,431			407,847
Class R5		245			2,722			177			2,132
Class R6		124,736			1,384,398			110,033			1,340,763
Automatic conversion of Class C shares to Class A shares:
Class A		14,158			162,141			21,247			255,114
Class C		(14,181	)		(162,141	)		(21,288	)		(255,114	)
Reacquired:
Class A		(713,031	)		(8,148,418	)		(381,529	)		(4,658,293	)
Class C		(61,024	)		(690,158	)		(45,643	)		(551,516	)
Class R		(131,739	)		(1,487,750	)		(46,910	)		(591,692	)
Class Y		(1,596,975	)		(18,338,705	)		(1,098,491	)		(13,694,039	)
Class R5		(2,907	)		(33,340	)		(4,183	)		(49,905	)
Class R6		(74,837	)		(870,073	)		(908,854	)		(11,663,551	)
Net increase (decrease) in share activity		(1,151,174	)	$	(12,940,462	)		804,633		$	10,231,834

^(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.

In addition, 54% 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, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 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, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2023

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, 2023 through October 31, 2023.

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       (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense        Ratio
Class A	$1,000.00	$867.20	$5.88	$1,018.90	$6.36	1.25%
Class C	1,000.00	864.30	9.45	1,015.07	10.21	2.01
Class R	1,000.00	866.60	7.10	1,017.59	7.68	1.51
Class Y	1,000.00	868.30	4.76	1,020.11	5.14	1.01
Class R5	1,000.00	868.40	4.71	1,020.16	5.09	1.00
Class R6	1,000.00	868.40	4.71	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, 2023 through October 31, 2023, 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, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 fourth quintile of its performance universe for the one and three year periods 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

21 Invesco Global Infrastructure Fund

for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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, 2023:

Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	44.25	%
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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	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	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Global Infrastructure Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338                 Invesco Distributors, Inc. GBLI-AR-1                                         

Annual Report to Shareholders October 31, 2023

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
36	Consolidated Financial Statements
39	Consolidated Financial Highlights
40	Notes to Consolidated Financial Statements
51	Report of Independent Registered Public Accounting Firm
52	Fund Expenses
53	Approval of Investment Advisory and Sub-Advisory Contracts
56	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2023, 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, 10/31/22 to 10/31/23, 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	7.14	%
Class C Shares	6.34
Class R Shares	6.86
Class Y Shares	7.40
Class R5 Shares	7.51
Class R6 Shares	7.53
Bloomberg Global Aggregate Index▼	1.72
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

During the fiscal year ended October 31, 2023, volatility remained elevated in global fixed-income markets for much of the year as investor concerns vacillated between growth and inflation. Uncertainty on the path of the US Federal Reserve (the Fed), which has a global impact, kept markets guessing whether the prospect of continued strong growth would lead to higher interest rates, potentially for longer, or the prospect of imminent recession would unfold due to monetary tightening at a pace and scale not seen in the past two decades. While inflation data surprised to the upside in the first half of the fiscal year, growth data largely did so throughout the year, leading developed market (DM) central banks, particularly the Fed, to raise policy rates throughout the fiscal year. As disinflation unfolded in emerging markets (EM), uncertainty on the path of the Fed generated questions on the degree to which EM central banks would need to continue hiking or remain at elevated rates, despite their earlier start to monetary policy tightening. As disinflation commenced in DMs, especially the US, and continued in EMs, this concern abated, and EM central banks began to cut interest rates.

    Towards the end of 2022, bond markets finished a volatile year with gains in a last few months spurred by slowing US inflation, hints from the Fed that future interest rate hikes would be scaled back, and China’s relaxation of its stringent zero COVID-19 policy. DM central banks, including the Fed, the European Central Bank (ECB) and the Bank of England, continued to hike rates in an effort to combat persistent inflation, yet central banks within EMs began to slow or pause their hiking cycles. Despite the headwinds of aggressive monetary policy tightening throughout 2022, the global economy showed strength in the first quarter of 2023 as China reopened and Europe experienced a mild winter. However,

stress in the banking sector erupted in March, raising recession fears and tempering investors’ sentiment toward risk. Fortunately, these issues did not appear to be systemic, and policymakers’ swift response helped to calm markets. Major DM central banks continued to raise interest rates, albeit at a slower pace. The Fed and Bank of England raised their policy rates by 0.50%, while the ECB hiked by 1.00%.¹ Select central banks in EMs also raised rates during the quarter, but most appeared to be at or near the end of their hiking cycles. As a result of changing expectations for relative growth and monetary policy, the US dollar weakened during the quarter, declining 1.1%.¹

    The second quarter of 2023 saw a decrease in market volatility as the threat of an imminent US recession receded amid better-than-expected economic data. Inflation generally eased in DMs, largely driven by moderation in the goods component. However, core inflation remained more stubborn, leading most developed central banks to continue their monetary tightening. The ECB and Bank of England each raised their policy rate by 0.50%.¹ The Fed raised its rate by 0.25%¹ in May before pausing in June and then signaling that rates may remain elevated for some time. Most central banks in EMs reached their terminal rate for the current cycle, and with disinflation materializing, started to have room to begin cutting interest rates in the second half of the year. The US dollar continued its sideways trend as investors anticipated the Fed nearing the end of its rate hikes.

    In the third quarter of 2023, progress on disinflation allowed many major economies, including the US, to pause their rate hiking campaigns. Nevertheless, resilience in economic activity and the labor market raised the prospect that central banks will keep rates higher for an extended period. Both the Fed and the ECB raised rates by 0.25%1 in July and the Bank of England raised rates in

August. The ECB hiked again in September and suggested this rate might be sufficient to guide inflation back to its target. The Fed and the Bank of England kept rates steady in September, but guided the market to anticipate an extended period of elevated rates. Divergence in monetary policy among EM central banks continued as some countries, including Poland, Brazil, Chile and Peru, began to cut rates over the quarter. Meanwhile, a few countries, including Thailand and Turkey, hiked rates during the quarter. In addition, China’s economy appeared to stabilize as the country’s central bank further eased its monetary policy. The US dollar gained 3.2% during the quarter,¹ driven by surging Treasury yields. This momentum continued through October.

    Compared to the Bloomberg Global Aggregate Bond Index, the Fund’s interest rate and credit exposure contributed positively to relative Fund performance over the fiscal year, while foreign currency exposure detracted. The top contributors to relative Fund performance were interest rate positioning in Brazil and Colombia, and credit exposure in the United Kingdom, while the top detractors were positioning in the Argentinian peso, the Japanese yen, and the euro.

    Going forward, our expectations for the medium to long term are that the global interest rate hiking cycle is behind us and that volatility in both developed and emerging sovereign bond markets will eventually decline. This gives investors the opportunity to potentially benefit from high nominal and real interest rates, particularly in EM sovereign bonds. We also anticipate that the US dollar could continue to weaken as the Fed reaches peak rates and begins to ease monetary policy over time. The difference between interest rate levels in DMs and EMs has in our view benefited EM currencies this fiscal year. A weaker dollar could allow foreign currencies to offer an additional source of return for investors.

    Given the current under-owned nature of global fixed-income, we believe that the potential for a weaker US dollar going forward, along with the growth and interest rate differentials between domestic and international markets may be a catalyst for interest to return to the asset class. Importantly, individual country dynamics are reasserting themselves as various growth and inflation dynamics transpire across countries, offering greater differentiation among opportunities. We remain focused on extracting alpha as these dynamics unfold.

    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. We believe derivatives can be a cost-effective way to gain exposure to certain asset classes or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks

2 Invesco Global Strategic Income Fund

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

MIchael Block

Kristina Campmany

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 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 10/31/13

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 Global Strategic Income Fund

Average Annual Total Returns
As of 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (10/16/89)	5.46	%
10 Years	0.14
5 Years	-1.35
1 Year	2.53
Class C Shares
Inception (5/26/95)	4.40	%
10 Years	-0.02
5 Years	-1.27
1 Year	5.34
Class R Shares
Inception (3/1/01)	3.70	%
10 Years	0.33
5 Years	-0.76
1 Year	6.86
Class Y Shares
Inception (1/26/98)	4.21	%
10 Years	0.82
5 Years	-0.27
1 Year	7.40
Class R5 Shares
10 Years	0.75	%
5 Years	-0.18
1 Year	7.51
Class R6 Shares
Inception (1/27/12)	1.66	%
10 Years	0.97
5 Years	-0.16
1 Year	7.53

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, 2023, 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 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
Non-U.S. Dollar Denominated Bonds & Notes	30.55%
U.S. Dollar Denominated Bonds & Notes	29.95
Asset-Backed Securities	10.23
U.S. Treasury Securities	8.96
U.S. Government Sponsored Agency Mortgage-Backed Securities	6.25
Agency Credit Risk Transfer Notes	3.17
Common Stocks & Other Equity Interests	1.39
Security Types Each Less Than 1% of Portfolio	1.35
Money Market Funds Plus Other Assets Less Liabilities	8.15

Top Five Debt Issuers*

		% of total net assets
1.	U.S. Treasury	8.96%
2.	Brazil Notas do Tesouro Nacional	6.37
3.	Federal Home Loan Mortgage Corp.	5.24
4.	Federal National Mortgage Association	4.18
5.	Colombian TES	3.38

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, 2023.

7 Invesco Global Strategic Income Fund

Consolidated Schedule of Investments

October 31, 2023

		Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–30.55%(a)
Australia–1.51%
Australia Government Bond, Series 169, 4.75%, 06/21/2054(b)	AUD		16,400,000	$	9,550,802
New South Wales Treasury Corp., 3.00%, 02/20/2030(b)	AUD		25,060,000		14,080,350
					23,631,152
Austria–0.28%
Erste Group Bank AG, 5.13%(b)(c)(d)	EUR		2,200,000		2,077,580
Republic of Austria Government Bond, 2.10%, 09/20/2117(b)	EUR		3,587,000		2,363,223
					4,440,803
Belgium–0.56%
KBC Group N.V.,
4.25%(b)(c)(d)	EUR		3,200,000		2,901,819
4.75%(b)(c)(d)	EUR		5,600,000		5,847,532
					8,749,351
Brazil–6.37%
Brazil Notas do Tesouro Nacional,
Series B, 6.00%, 05/15/2055	BRL		5,700,000		4,719,460
Series F, 10.00%, 01/01/2027	BRL		495,000,000		94,975,603
					99,695,063
Canada–0.54%
Province of Ontario, 3.75%, 12/02/2053	CAD		14,000,000		8,405,441
China–0.50%
China Government Bond, 3.32%, 04/15/2052	CNY		55,000,000		7,887,806
Colombia–3.38%
Colombian TES,
Series B, 7.50%, 08/26/2026	COP		31,500,000,000		7,045,642
Series B, 6.00%, 04/28/2028	COP		35,050,000,000		7,056,814
Series B, 7.75%, 09/18/2030	COP		79,000,000,000		16,100,716
Series B, 7.00%, 06/30/2032	COP		70,000,000,000		12,872,953
Series B, 9.25%, 05/28/2042	COP		11,375,000,000		2,206,448
Series B, 7.25%, 10/26/2050	COP		50,000,000,000		7,638,150
					52,920,723
Czech Republic–0.09%
CPI Property Group S.A., 4.88%(b)(c)(d)	EUR		4,100,000		1,419,866

		Principal Amount		Value
Egypt–0.09%
Egypt Government International Bond, 4.75%, 04/16/2026(b)	EUR		2,000,000	$	1,438,953
France–1.04%
BPCE S.A., Series NC5, 1.50%, 01/13/2042(b)(c)	EUR		5,000,000		4,587,843
Electricite de France S.A., 5.38%(b)(c)(d)	EUR		5,400,000		5,599,581
French Republic Government Bond OAT, 0.50%, 05/25/2072(b)	EUR		18,515,000		6,100,775
					16,288,199
Germany–0.27%
Deutsche Lufthansa AG, 4.38%, 08/12/2075(b)(c)	EUR		1,750,000		1,736,437
Nidda Healthcare Holding GmbH, 7.50%, 08/21/2026(b)	EUR		990,000		1,053,027
Volkswagen International Finance N.V., 4.63%(b)(c)(d)	EUR		1,480,000		1,484,256
					4,273,720
Greece–0.95%
Hellenic Republic Government Bond,
4.38%, 07/18/2038(b)	EUR		14,000,000		14,599,721
0.00%, 10/15/2042	EUR		76,770,000		255,453
					14,855,174
India–1.16%
India Government Bond,
6.54%, 01/17/2032	INR		700,000,000		7,976,009
7.26%, 08/22/2032	INR		850,000,000		10,083,517
					18,059,526
Indonesia–0.97%
Indonesia Treasury Bond,
Series FR95, 6.38%, 08/15/2028	IDR		140,000,000,000		8,582,172
Series FR96, 7.00%, 02/15/2033	IDR		105,000,000,000		6,559,377
					15,141,549
Italy–0.37%
Intesa Sanpaolo S.p.A.,
5.50%(b)(c)(d)	EUR		4,800,000		4,246,706
6.38%(b)(c)(d)	EUR		1,750,000		1,582,257
					5,828,963

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
Ivory Coast–0.15%
Ivory Coast Government International Bond, 4.88%, 01/30/2032(b)	EUR		2,900,000	$	2,326,300
Japan–0.73%
Japan Government Bond,
Series 15, 1.00%, 03/20/2062	JPY		673,600,000		3,347,115
Series 77, 1.60%, 12/20/2052	JPY		1,291,850,000		8,039,966
					11,387,081
Malaysia–0.99%
Malaysia Government Bond,
Series 115, 3.96%, 09/15/2025	MYR		17,500,000		3,695,748
Series 319, 3.48%, 06/14/2024	MYR		56,000,000		11,764,505
					15,460,253
Netherlands–0.31%
ABN AMRO Bank N.V., 4.38%(b)(c)(d)	EUR		1,700,000		1,650,705
Cooperatieve Rabobank U.A., 4.38%(b)(c)(d)	EUR		3,400,000		3,182,690
					4,833,395
Peru–2.48%
Peru Government Bond,
6.15%, 08/12/2032	PEN		140,000,000		33,338,097
7.30%, 08/12/2033(b)	PEN		21,300,000		5,436,428
					38,774,525
South Africa–2.81%
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030	ZAR		421,000,000		19,883,285
Series 2032, 8.25%, 03/31/2032	ZAR		165,300,000		7,294,486
Series 2040, 9.00%, 01/31/2040	ZAR		420,000,000		16,754,930
					43,932,701
Spain–1.46%
Banco Bilbao Vizcaya Argentaria S.A., 6.00%(b)(c)(d)	EUR		3,600,000		3,590,991
Banco Santander S.A.,
4.38%(b)(c)(d)	EUR		1,800,000		1,584,716
4.13%(c)(d)	EUR		2,000,000		1,597,369
CaixaBank S.A.,
6.75%(b)(c)(d)	EUR		3,400,000		3,563,501
5.25%(b)(c)(d)	EUR		3,600,000		3,309,468
Repsol International Finance B.V., 3.75%(b)(c)(d)	EUR		1,950,000		1,958,532
Telefonica Europe B.V.,
2.88%(b)(c)(d)	EUR		3,700,000		3,430,885
4.38%(b)(c)(d)	EUR		3,700,000		3,838,085
					22,873,547

		Principal Amount		Value
Supranational–0.90%
African Development Bank, 0.00%, 01/17/2050(e)	ZAR		222,000,000	$	1,076,797
Corp. Andina de Fomento, 6.82%, 02/22/2031(b)	MXN		221,200,000		9,560,100
International Finance Corp.,
0.00%, 02/15/2029(b)(e)	TRY		10,300,000		113,372
0.00%, 03/23/2038(e)	MXN		260,000,000		3,329,857
					14,080,126
Sweden–0.06%
Heimstaden Bostad AB, 3.38%(b)(c)(d)	EUR		1,850,000		915,301
Thailand–0.34%
Thailand Government Bond, 3.45%, 06/17/2043	THB		196,000,000		5,282,114
United Kingdom–1.96%
Barclays PLC, 7.13%(c)(d)	GBP		9,575,000		10,867,380
HSBC Holdings PLC, 5.88%(c)(d)	GBP		3,500,000		3,766,765
International Consolidated Airlines Group S.A., 1.50%, 07/04/2027(b)	EUR		1,900,000		1,765,406
Lloyds Banking Group PLC, 8.50%(c)(d)	GBP		2,275,000		2,540,440
Nationwide Building Society, 5.75%(b)(c)(d)	GBP		6,800,000		7,044,621
NatWest Group PLC, 5.13%(c)(d)	GBP		2,415,000		2,434,341
United Kingdom Gilt, 0.50%, 10/22/2061(b)	GBP		6,912,000		2,223,206
					30,642,159
United States–0.11%
Boxer Parent Co., Inc., 6.50%, 10/02/2025(b)	EUR		1,125,000		1,178,590
OI European Group B.V., 6.25%, 05/15/2028(b)	EUR		550,000		576,902
					1,755,492
Uruguay–0.17%
Uruguay Government International Bond, 9.75%, 07/20/2033	UYU		104,175,200		2,590,179
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $515,433,806)					477,889,462
U.S. Dollar Denominated Bonds & Notes–29.95%
Argentina–0.00%
Argentina Treasury Dual Bond, 0.00%, 04/30/2024(e)	$		44,540		20,606

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
Belgium–0.24%
Telenet Finance Luxembourg Notes S.a.r.l., 5.50%, 03/01/2028(b)	$	4,200,000	$	3,754,506
Brazil–0.63%
CSN Inova Ventures, 6.75%, 01/28/2028(b)		325,000		297,471
CSN Resources S.A., 5.88%, 04/08/2032(b)		1,050,000		831,347
Embraer Netherlands Finance B.V., 7.00%, 07/28/2030(b)		1,750,000		1,710,433
Minerva Luxembourg S.A., 8.88%, 09/13/2033(b)		1,645,000		1,617,364
Sitios Latinoamerica S.A.B. de C.V., 5.38%, 04/04/2032(b)		4,745,000		3,997,728
Suzano Austria GmbH, 2.50%, 09/15/2028		1,716,000		1,429,630
				9,883,973
Canada–1.02%
1011778 BC ULC/New Red Finance, Inc., 3.50%, 02/15/2029(b)(f)		1,076,000		921,174
1375209 BC Ltd., 9.00%, 01/30/2028(b)(f)		797,000		773,425
Enbridge, Inc., 7.38%, 01/15/2083(c)		6,974,000		6,469,112
Enerflex Ltd., 9.00%, 10/15/2027(b)		548,000		499,236
Hudbay Minerals, Inc., 6.13%, 04/01/2029(b)		736,000		659,498
New Gold, Inc., 7.50%, 07/15/2027(b)		674,000		633,092
Ritchie Bros. Holdings, Inc., 6.75%, 03/15/2028(b)		1,342,000		1,316,808
Strathcona Resources Ltd., 6.88%, 08/01/2026(b)		1,652,000		1,525,597
Transcanada Trust, Series 16-A, 5.88%, 08/15/2076(c)		3,545,000		3,184,187
				15,982,129
Chile–0.37%
AES Andes S.A., 6.35%, 10/07/2079(b)(c)		1,750,000		1,622,792
Kenbourne Invest S.A., 4.70%, 01/22/2028(b)		2,084,000		1,075,417
Mercury Chile Holdco LLC, 6.50%, 01/24/2027(b)		3,500,000		3,148,612
				5,846,821

	Principal Amount		Value
China–0.07%
Prosus N.V., 4.99%, 01/19/2052(b)	$	1,750,000	$	1,081,527
Colombia–0.72%
Bancolombia S.A., 6.91%, 10/18/2027(c)		6,150,000		5,667,057
Colombia Government International Bond, 4.13%, 02/22/2042		3,725,000		2,230,208
Ecopetrol S.A., 5.38%, 06/26/2026		3,500,000		3,353,959
				11,251,224
Czech Republic–0.06%
Allwyn Entertainment Financing (UK) PLC, 7.88%, 04/30/2029(b)		891,000		882,945
Denmark–0.07%
Danske Bank A/S, 6.13%(b)(c)(d)		1,050,000		1,036,219
Dominican Republic–0.10%
Dominican Republic International Bond,
4.50%, 01/30/2030(b)		720,000		612,006
4.88%, 09/23/2032(b)		1,200,000		974,202
				1,586,208
Ecuador–0.03%
Ecuador Government International Bond, 5.00%, 07/31/2040(b)(g)		1,575,000		534,631
Egypt–0.09%
Egypt Government International Bond, 8.50%, 01/31/2047(b)		2,600,000		1,358,370
Finland–0.21%
Nordea Bank Abp, 6.63%(b)(c)(d)		3,500,000		3,289,489
France–1.75%
Ally Financial, Inc., 5.50%, 10/15/2029(b)		518,000		356,718
Altice France S.A.,
8.13%, 02/01/2027(b)(f)		870,000		734,367
5.13%, 07/15/2029(b)		543,000		372,143
BNP Paribas S.A.,
6.63%(b)(c)(d)		4,900,000		4,849,815
7.75%(b)(c)(d)		1,750,000		1,626,928
4.63%(b)(c)(d)		1,750,000		1,384,006
9.25%(b)(c)(d)		1,750,000		1,782,895
BPCE S.A., 5.15%, 07/21/2024(b)(f)		3,500,000		3,449,555
Credit Agricole S.A., 7.88%(b)(c)(d)		7,000,000		6,982,500

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
France–(continued)
Electricite de France S.A., 9.13%(b)(c)(d)	$	2,642,000	$	2,718,272
Iliad Holding S.A.S.,
6.50%, 10/15/2026(b)		275,000		257,222
7.00%, 10/15/2028(b)		1,347,000		1,220,055
Societe Generale S.A., 7.88%(b)(c)(d)		1,750,000		1,738,335
				27,472,811
Germany–0.04%
ZF North America Capital, Inc., 6.88%, 04/14/2028(b)		622,000		603,435
Ghana–0.05%
Ghana Government International Bond, 7.88%, 02/11/2035(b)(h)		1,750,000		759,062
Guatemala–0.10%
CT Trust, 5.13%, 02/03/2032(b)		2,000,000		1,542,347
Hong Kong–0.94%
Melco Resorts Finance Ltd.,
4.88%, 06/06/2025(b)(f)		9,250,000		8,748,465
5.75%, 07/21/2028(b)		1,775,000		1,508,088
5.38%, 12/04/2029(b)		2,049,000		1,631,118
Prudential Funding Asia PLC, 4.88%(b)(d)		3,550,000		2,815,558
				14,703,229
India–0.23%
JSW Steel Ltd., 3.95%, 04/05/2027(b)		4,260,000		3,678,982
Indonesia–0.86%
PT Bank Tabungan Negara (Persero) Tbk, 4.20%, 01/23/2025(b)		6,390,000		6,066,580
PT Indonesia Asahan Aluminium/PT Mineral Industri Indonesia (Persero), 6.76%, 11/15/2048(b)		3,000,000		2,665,857
PT Pertamina (Persero), 4.18%, 01/21/2050(b)		1,775,000		1,184,552
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 4.13%, 05/15/2027(b)		3,700,000		3,480,756
				13,397,745
Iraq–0.06%
Iraq International Bond, 5.80%, 01/15/2028(b)		1,012,500		903,317

	Principal Amount		Value
Ireland–0.43%
BB Blue Financing DAC, Series A1, 4.40%, 09/20/2037	$	1,750,000	$	1,642,719
Coriolanus DAC,
Series 116, 0.00%, 04/30/2025(b)(e)		565,880		537,113
Series 119, 0.00%, 04/30/2025(b)(e)		602,028		571,423
Series 120, 0.00%, 04/30/2025(b)(e)		753,587		715,278
Series 122, 0.00%, 04/30/2025(b)(e)		660,257		626,692
Series 124, 0.00%, 04/30/2025(b)(e)		530,306		503,347
Series 126, 0.00%, 04/30/2025(b)		791,007		750,795
Series 127, 0.00%, 04/30/2025(b)(e)		687,163		652,230
0.00%, 04/30/2025(b)(e)		719,087		682,532
				6,682,129
Ivory Coast–0.13%
Ivory Coast Government International Bond, 5.38%, 07/23/2024(b)		2,100,000		2,069,277
Macau–0.74%
MGM China Holdings Ltd.,
5.38%, 05/15/2024(b)		3,495,000		3,438,919
5.88%, 05/15/2026(b)(f)		4,250,000		3,968,225
Studio City Finance Ltd., 5.00%, 01/15/2029(b)		1,100,000		790,625
Wynn Macau Ltd.,
4.88%, 10/01/2024(b)		2,840,000		2,761,676
5.63%, 08/26/2028(b)(f)		723,000		607,203
				11,566,648
Mexico–1.40%
Banco Mercantil del Norte S.A.,
8.38%(b)(c)(d)		1,850,000		1,688,938
5.88%(b)(c)(d)		1,764,000		1,501,217
Braskem Idesa S.A.P.I.,
7.45%, 11/15/2029(b)		3,550,000		2,248,773
6.99%, 02/20/2032(b)(f)		1,471,000		869,526
Cemex S.A.B. de C.V., 5.13%(b)(c)(d)(f)		2,487,000		2,302,590
Mexico Remittances Funding Fiduciary Estate Management S.a.r.l., 4.88%, 01/15/2028(b)		2,975,000		2,631,770
Nemak S.A.B. de C.V., 3.63%, 06/28/2031(b)		3,064,000		2,269,356

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
Mexico–(continued)
Petroleos Mexicanos,
6.50%, 03/13/2027	$	3,500,000	$	3,090,380
8.75%, 06/02/2029(f)		3,500,000		3,097,758
7.69%, 01/23/2050		1,775,000		1,097,321
6.95%, 01/28/2060		1,925,000		1,091,555
				21,889,184
Netherlands–0.70%
ING Groep N.V.,
6.50%(c)(d)(f)		5,000,000		4,681,917
5.75%(c)(d)		7,100,000		6,250,698
				10,932,615
Nigeria–0.10%
Nigeria Government International Bond, 6.50%, 11/28/2027(b)		1,750,000		1,508,908
Oman–0.20%
Oman Government International Bond, 6.75%, 01/17/2048(b)		3,500,000		3,145,100
Panama–0.09%
Telecomunicaciones Digitales S.A., 4.50%, 01/30/2030(b)		1,750,000		1,383,524
Romania–0.11%
Romanian Government International Bond, 7.13%, 01/17/2033(b)		1,750,000		1,745,219
Supranational–0.12%
European Bank for Reconstruction and Development, 6.40%, 08/27/2025		1,800,000		1,827,607
Sweden–0.21%
Swedbank AB, Series NC5, 5.63%(b)(c)(d)		3,400,000		3,287,715
Switzerland–0.95%
Cloverie PLC for Swiss Reinsurance Co. Ltd., 4.50%, 09/11/2044(b)(c)		3,850,000		3,725,903
Credit Suisse Group AG, 6.25%(b)(c)(d)(h)		7,385,000		812,350
UBS Group AG,
7.00%(b)(c)(d)		7,000,000		6,958,595
6.88%(b)(c)(d)		3,500,000		3,308,847
				14,805,695
Ukraine–0.07%
Ukraine Government International Bond, 7.75%, 08/01/2041(b)		2,775,000		1,163,696

	Principal Amount		Value
United Kingdom–2.08%
abrdn PLC, 4.25%, 06/30/2028(b)	$	1,825,000	$	1,546,459
BP Capital Markets PLC, 4.88%(c)(d)(f)		1,295,000		1,131,370
British Telecommunications PLC, 4.25%, 11/23/2081(b)(c)		10,650,000		9,313,109
HSBC Holdings PLC, 6.38%(c)(d)		1,750,000		1,652,109
Lloyds Banking Group PLC,
7.50%(c)(d)		2,100,000		2,048,427
7.50%(c)(d)		3,500,000		3,256,050
M&G PLC, 6.50%, 10/20/2048(b)(c)		925,000		890,304
NatWest Group PLC, 6.00%(c)(d)(f)		5,250,000		4,822,695
Virgin Media Finance PLC, 5.00%, 07/15/2030(b)		246,000		193,645
Virgin Media Secured Finance PLC, 5.50%, 05/15/2029(b)		544,000		482,274
Vodafone Group PLC,
3.25%, 06/04/2081(c)(f)		6,876,000		6,046,631
4.13%, 06/04/2081(c)		1,605,000		1,216,280
				32,599,353
United States–14.79%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)		1,856,000		1,845,180
Alcoa Nederland Holding B.V., 6.13%, 05/15/2028(b)(f)		4,445,000		4,291,614
Allison Transmission, Inc.,
4.75%, 10/01/2027(b)		607,000		554,190
3.75%, 01/30/2031(b)		2,322,000		1,842,630
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)		6,538,333		6,364,633
American Express Co., 6.34%, 10/30/2026(c)(f)		4,900,000		4,914,775
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/2026(b)		640,000		618,636
Ball Corp., 6.00%, 06/15/2029(f)		636,000		610,611
Bausch Health Cos., Inc., 4.88%, 06/01/2028(b)		873,000		436,452
Becton, Dickinson and Co., 3.79%, 05/20/2050		3,307,000		2,229,059
Black Knight InfoServ LLC, 3.63%, 09/01/2028(b)		1,024,000		913,920

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)
Boeing Co. (The), 4.88%, 05/01/2025	$	3,500,000	$	3,439,447
Camelot Finance S.A., 4.50%, 11/01/2026(b)		2,258,000		2,089,811
Carnival Corp., 6.00%, 05/01/2029(b)(f)		380,000		321,334
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b)		1,317,000		1,405,350
Carriage Services, Inc., 4.25%, 05/15/2029(b)		1,564,000		1,280,877
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(b)(f)		733,000		576,116
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.50%, 05/01/2026(b)		1,170,000		1,116,955
5.13%, 05/01/2027(b)		55,000		50,688
5.00%, 02/01/2028(b)		198,000		177,945
4.75%, 03/01/2030(b)		4,067,000		3,360,777
4.50%, 08/15/2030(b)		4,945,000		3,971,652
4.50%, 05/01/2032		708,000		542,542
4.25%, 01/15/2034(b)		245,000		177,169
Charles Schwab Corp. (The), Series G, 5.38%(c)(d)(f)		974,000		929,740
Citigroup, Inc.,
3.88%(c)(d)		570,000		479,322
7.38%(c)(d)		130,000		124,316
Clarivate Science Holdings Corp., 4.88%, 07/01/2029(b)(f)		559,000		472,159
Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)		650,000		580,865
Community Health Systems, Inc.,
8.00%, 03/15/2026(b)(f)		4,248,000		3,888,728
8.00%, 12/15/2027(b)		1,440,000		1,222,898
5.25%, 05/15/2030(b)		532,000		378,299
4.75%, 02/15/2031(b)		354,000		237,683
Cox Communications, Inc., 2.95%, 10/01/2050(b)		2,720,000		1,429,269
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 7.38%, 02/01/2031(b)		261,000		263,350
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029(f)		1,454,000		1,216,763

	Principal Amount		Value
United States–(continued)
CSC Holdings LLC,
5.50%, 04/15/2027(b)	$	848,000	$	709,827
4.63%, 12/01/2030(b)		213,000		108,169
4.50%, 11/15/2031(b)		1,245,000		823,449
5.00%, 11/15/2031(b)		253,000		129,569
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(b)		884,000		743,701
CVS Health Corp., 5.05%, 03/25/2048		3,500,000		2,753,883
DaVita, Inc., 3.75%, 02/15/2031(b)		448,000		322,412
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)		876,000		798,045
Dell International LLC/EMC Corp., 6.20%, 07/15/2030		7,400,000		7,338,524
DISH Network Corp., 11.75%, 11/15/2027(b)(f)		937,000		928,932
Diversified Healthcare Trust,
4.75%, 05/01/2024		406,000		382,162
4.38%, 03/01/2031		176,000		121,297
Emerald Debt Merger Sub LLC, 6.63%, 12/15/2030(b)		1,268,000		1,207,770
Encompass Health Corp., 4.50%, 02/01/2028		834,000		752,739
EnerSys, 4.38%, 12/15/2027(b)(f)		1,000,000		886,788
EnPro Industries, Inc., 5.75%, 10/15/2026		973,000		922,942
FedEx Corp., 4.05%, 02/15/2048		3,500,000		2,439,672
FirstCash, Inc., 5.63%, 01/01/2030(b)(f)		718,000		640,089
Ford Motor Co.,
4.35%, 12/08/2026		370,000		349,076
3.25%, 02/12/2032		439,000		331,679
4.75%, 01/15/2043		455,000		316,633
Ford Motor Credit Co. LLC,
5.13%, 06/16/2025		10,716,000		10,436,617
3.38%, 11/13/2025		300,000		280,247
4.39%, 01/08/2026		277,000		262,861
5.11%, 05/03/2029		1,120,000		1,020,428
Fortress Transportation and Infrastructure Investors LLC,
6.50%, 10/01/2025(b)(f)		661,000		655,130
5.50%, 05/01/2028(b)		1,350,000		1,229,179
Freeport-McMoRan, Inc., 4.63%, 08/01/2030(f)		6,290,000		5,548,725

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)
Gartner, Inc.,
3.63%, 06/15/2029(b)	$	536,000	$	453,200
3.75%, 10/01/2030(b)		185,000		153,399
General Motors Co., 6.80%, 10/01/2027(f)		7,000,000		7,112,028
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.50%, 10/01/2025		288,000		281,620
6.25%, 05/15/2026		251,000		239,464
8.00%, 01/15/2027		391,000		375,814
Global Partners L.P./GLP Finance Corp., 7.00%, 08/01/2027		978,000		922,650
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)(f)		1,434,000		1,235,846
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/2031(b)		675,000		667,069
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)		933,000		904,463
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.00%, 04/15/2030(b)		626,000		556,483
6.00%, 02/01/2031(b)		168,000		147,794
6.25%, 04/15/2032(b)		165,000		144,290
Howard Midstream Energy Partners LLC,
6.75%, 01/15/2027(b)		812,000		768,143
8.88%, 07/15/2028(b)		472,000		474,906
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.38%, 02/01/2029		1,110,000		856,007
J. M. Smucker Co. (The), 5.90%, 11/15/2028(f)		3,424,000		3,398,470
Jabil, Inc., 3.00%, 01/15/2031		3,700,000		2,932,739
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b)(f)		778,000		663,848
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.13%, 02/01/2028		2,579,000		2,423,762
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)		723,000		577,830
Jefferies Financial Group, Inc., 6.50%, 07/31/2026		3,500,000		3,440,869
JPMorgan Chase & Co., Series FF, 5.00%(c)(d)		1,287,000		1,246,251

	Principal Amount		Value
United States–(continued)
L3Harris Technologies, Inc., 5.40%, 01/15/2027	$	2,917,000	$	2,865,923
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(b)		757,000		609,776
Lamar Media Corp.,
4.88%, 01/15/2029(f)		1,861,000		1,708,277
4.00%, 02/15/2030(f)		673,000		570,149
LCM Investments Holdings II LLC,
4.88%, 05/01/2029(b)		1,386,000		1,162,962
8.25%, 08/01/2031(b)		341,000		324,701
Level 3 Financing, Inc.,
3.75%, 07/15/2029(b)		1,403,000		714,970
10.50%, 05/15/2030(b)		107,000		107,179
Lithia Motors, Inc., 3.88%, 06/01/2029(b)(f)		1,449,000		1,200,344
Macy’s Retail Holdings LLC, 5.88%, 03/15/2030(b)		670,000		567,616
Match Group Holdings II LLC, 4.63%, 06/01/2028(b)(f)		1,172,000		1,053,599
Mativ Holdings, Inc., 6.88%, 10/01/2026(b)		4,604,000		4,148,434
Mattel, Inc., 6.20%, 10/01/2040		1,775,000		1,525,950
Medline Borrower L.P., 3.88%, 04/01/2029(b)		716,000		605,235
Moss Creek Resources Holdings, Inc., 10.50%, 05/15/2027(b)		646,000		639,259
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031		1,856,000		1,127,348
Navient Corp., 6.13%, 03/25/2024		646,000		643,407
NCL Corp. Ltd., 5.88%, 02/15/2027(b)		1,342,000		1,236,618
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)		1,065,000		914,287
New Fortress Energy, Inc., 6.50%, 09/30/2026(b)		703,000		630,329
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)(f)		420,000		393,254
Novelis Corp., 3.25%, 11/15/2026(b)		1,002,000		893,064
NRG Energy, Inc., 4.45%, 06/15/2029(b)		768,000		664,296

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
United States–(continued)
Oceaneering International, Inc., 6.00%, 02/01/2028(b)	$	672,000	$	617,299
OneMain Finance Corp.,
6.88%, 03/15/2025		871,000		860,264
7.13%, 03/15/2026		735,000		714,738
3.88%, 09/15/2028		456,000		360,972
ONEOK, Inc.,
5.55%, 11/01/2026		2,892,000		2,858,032
6.63%, 09/01/2053(f)		3,629,000		3,394,581
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027(b)(f)		685,000		598,449
Paramount Global, 2.90%, 01/15/2027(f)		3,780,000		3,320,636
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/2030(b)(f)		636,000		614,423
Penske Truck Leasing Co. L.P./PTL Finance Corp., 6.05%, 08/01/2028(b)		7,000,000		6,871,304
Pfizer Investment Enterprises Pte. Ltd., 5.30%, 05/19/2053		95,000		83,183
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030		2,220,000		1,871,705
PNC Financial Services Group, Inc. (The), 6.62%, 10/20/2027(c)		5,195,000		5,209,266
Prestige Brands, Inc., 3.75%, 04/01/2031(b)		748,000		594,847
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)		706,000		599,578
Royal Caribbean Cruises Ltd., 8.25%, 01/15/2029(b)		1,453,000		1,490,940
RR Donnelley & Sons Co., 8.25%, 07/01/2027		447,000		455,873
SBA Communications Corp., 3.88%, 02/15/2027		688,000		627,146
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)		702,000		604,362
Seagate HDD Cayman,
4.13%, 01/15/2031		1,069,000		851,170
9.63%, 12/01/2032(b)		1,512,800		1,614,356
Sempra, 4.13%, 04/01/2052(c)		10,650,000		8,216,320

	Principal Amount		Value
United States–(continued)
Sensata Technologies B.V.,
5.00%, 10/01/2025(b)	$	654,000	$	636,580
4.00%, 04/15/2029(b)		182,000		154,923
5.88%, 09/01/2030(b)		500,000		457,244
Sensata Technologies, Inc., 3.75%, 02/15/2031(b)(f)		718,000		575,622
Service Properties Trust,
5.50%, 12/15/2027		1,589,000		1,343,122
4.38%, 02/15/2030		1,503,000		1,038,355
Sirius XM Radio, Inc., 3.88%, 09/01/2031(b)(f)		396,000		298,587
Sitio Royalties Operating Partnership L.P./Sitio Finance Corp., 7.88%, 11/01/2028(b)		643,000		634,908
Southern Co. (The),
Series B, 4.00%, 01/15/2051(c)		8,100,000		7,403,232
Series 21-A, 3.75%, 09/15/2051(c)		5,274,000		4,518,587
SS&C Technologies, Inc., 5.50%, 09/30/2027(b)		643,000		603,952
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/2026(b)(g)		635,000		610,226
Talen Energy Supply LLC, 8.63%, 06/01/2030(b)		605,000		615,351
Tenet Healthcare Corp., 4.88%, 01/01/2026		1,613,000		1,547,390
T-Mobile USA, Inc., 6.00%, 06/15/2054(f)		1,351,000		1,227,470
TransDigm, Inc.,
6.25%, 03/15/2026(b)		1,238,000		1,210,646
6.75%, 08/15/2028(b)		295,000		286,809
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)		640,000		643,226
Transocean, Inc., 8.75%, 02/15/2030(b)		537,700		536,571
U.S. International Development Finance Corp., Series 4, 3.13%, 04/15/2028		1,120,000		1,031,251
United Airlines, Inc., 4.38%, 04/15/2026(b)		3,600,000		3,342,994
United Natural Foods, Inc., 6.75%, 10/15/2028(b)		755,000		594,800
Valaris Ltd., 8.38%, 04/30/2030(b)		543,000		533,305

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

15 Invesco Global Strategic Income Fund

	Principal Amount		Value
United States–(continued)
Venture Global LNG, Inc.,
8.13%, 06/01/2028(b)	$	861,000	$	836,536
9.50%, 02/01/2029(b)		646,000		656,701
Viatris, Inc., 3.85%, 06/22/2040		2,220,000		1,382,719
Victoria’s Secret & Co., 4.63%, 07/15/2029(b)(f)		842,000		619,978
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029(b)		653,000		579,433
Vistra Operations Co. LLC,
5.63%, 02/15/2027(b)		300,000		282,580
5.00%, 07/31/2027(b)		361,000		330,566
Vital Energy, Inc.,
10.13%, 01/15/2028		249,000		249,878
7.75%, 07/31/2029(b)(f)		550,000		498,578
9.75%, 10/15/2030		143,000		140,281
VOC Escrow Ltd., 5.00%, 02/15/2028(b)		345,000		310,287
Walgreens Boots Alliance, Inc., 3.80%, 11/18/2024		998,000		969,816
Yum! Brands, Inc., 5.38%, 04/01/2032(f)		1,364,000		1,227,606
				231,439,776
Zambia–0.19%
First Quantum Minerals Ltd., 6.88%, 10/15/2027(b)		3,500,000		2,986,325
Total U.S. Dollar Denominated Bonds & Notes (Cost $529,632,449)				468,602,347
Asset-Backed Securities–10.23%
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(i)		10,527		9,647
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.54%, 01/15/2051(j)		9,384,240		165,525
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 0.87%, 11/13/2050(j)		4,685,303		105,095
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.02%, 10/12/2050(j)		11,979,048		367,456

	Principal Amount		Value
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-2, Class 1A3, 2.82%, 05/25/2035(k)	$	421,694	$	397,534
Series 2006-AR1, Class 1A1, 7.11% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(i)		83,809		79,081
COMM Mortgage Trust,
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		4,690,000		4,351,571
Series 2014-CR21, Class AM, 3.99%, 12/10/2047		70,000		66,264
Countrywide Home Loans Mortgage Pass-Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035		303,225		273,030
Series 2005-J4, Class A7, 5.50%, 11/25/2035		458,939		354,918
CWHEQ Revolving Home Equity Loan Trust,
Series 2005-G, Class 2A, 5.68% (1 mo. Term SOFR + 0.34%), 12/15/2035(i)		1,285		1,283
Series 2006-H, Class 2A1A, 5.45% (1 mo. Term SOFR + 0.26%), 11/15/2036(i)		19,952		16,567
DT Auto Owner Trust, Series 2019-4A, Class D, 2.85%, 07/15/2025(b)		1,878,019		1,864,310
Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 09/15/2025(b)		2,139,266		2,109,182
FREMF Mortgage Trust,
Series 2017-K62, Class B, 3.88%, 01/25/2050(b)(k)		840,000		784,293
Series 2016-K54, Class C, 4.05%, 04/25/2048(b)(k)		4,190,000		3,984,305
GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 4.65%, 07/25/2035(k)		40,530		36,159
Hertz Vehicle Financing III LLC, Series 2023- 3A, Class C, 7.26%, 02/25/2028(b)		260,000		259,123
ILPT Commercial Mortgage Trust, Series 2022- LPF2, Class B, 8.08% (1 mo. Term SOFR + 2.74%), 10/15/2039(b)(i)		2,100,000		2,062,011

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
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046	$	134,471	$	125,630
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 4.43%, 07/25/2035(k)		38,797		37,288
JPMBB Commercial Mortgage Securities Trust, Series 2014- C24, Class B, 4.12%, 11/15/2047(k)		1,655,000		1,424,863
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(b)(k)		13,852		304
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 5.64% (1 mo. Term SOFR + 0.31%), 08/25/2036(i)		2,903,060		1,038,859
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014- C14, Class B, 4.86%, 02/15/2047(k)		680,000		666,502
Morgan Stanley Capital I Trust, Series 2017- HR2, Class XA, IO, 0.85%, 12/15/2050(j)		3,985,420		114,162
Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036(b)(k)		5,714,884		4,476,972
OBX Trust,
Series 2022-NQM7, Class A3, 5.70%, 08/25/2062(b)(g)		796,846		772,789
Series 2022-NQM7, Class A2, 5.70%, 08/25/2062(b)(g)		1,532,397		1,491,447
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		21,965		15,727
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.07%, 11/15/2050(j)		7,523,269		199,727
Vendee Mortgage Trust,
Series 1995-2B, Class 2, IO, 0.79%, 06/15/2025(l)		43,648		217
Series 1995-3, Class 1, IO, 0.00%, 09/15/2025(j)		873,695		1
Verus Securitization Trust, Series 2022-7, Class A3, 5.35%, 07/25/2067(b)(k)		1,074,020		1,026,175

	Principal Amount		Value
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003- AR10, Class A7, 5.89%, 10/25/2033(k)	$	27,922	$	25,827
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 0.86%, 12/15/2050(j)		6,277,064		177,878
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046		526,247		485,233
Series 2014-LC14, Class AS, 4.35%, 03/15/2047(k)		1,135,000		1,130,115
Series 2014-C20, Class AS, 4.18%, 05/15/2047		1,455,000		1,370,911
Alba PLC,
Series 2007-1, Class F, 8.59% (SONIA + 3.37%), 03/17/2039(a)(b)(i)	GBP	1,860,047		2,115,620
Series 2007-1, Class E, 6.54% (SONIA + 1.32%), 03/17/2039(a)(b)(i)	GBP	4,852,296		5,111,094
Series 2006-2, Class F, 8.59% (SONIA + 3.37%), 12/15/2038(a)(b)(i)	GBP	1,178,640		1,322,004
Eurohome UK Mortgages PLC,
Series 2007-1, Class B1, 6.48% (3 mo. GBP LIBOR + 0.90%), 06/15/2044(a)(b)(i)	GBP	2,006,000		2,077,134
Series 2007-2, Class B1, 6.74% (SONIA + 1.52%), 09/15/2044(a)(b)(i)	GBP	2,243,000		2,210,247

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
Eurosail PLC,
Series 2006-2X, Class E1C, 8.59% (SONIA + 3.37%), 12/15/2044(a)(b)(i)	GBP		5,550,000	$	5,832,114
Series 2006-4X, Class E1C, 8.34% (SONIA + 3.12%), 12/10/2044(a)(b)(i)	GBP		4,135,722		4,581,159
Series 2007-2X, Class D1A, 4.62% (3 mo. EURIBOR + 0.80%), 03/13/2045(a)(b)(i)	EUR		8,400,000		7,529,167
Series 2006-2X, Class D1A, 4.65% (3 mo. EURIBOR + 0.80%), 12/15/2044(a)(b)(i)	EUR		6,300,000		5,645,016
Series 2006-1X, Class D1A, 4.64% (3 mo. EURIBOR + 0.84%), 06/10/2044(b)(i)	EUR		2,100,000		1,915,698
Eurosail-UK NC PLC, Series 2007-1X, Class D1C, 6.23% (SONIA + 1.01%), 03/13/2045(a)(b)(i)	GBP		1,750,000		1,807,887
Great Hall Mortgages No. 1 PLC, Series 2007-2X, Class EB, 7.62% (3 mo. EURIBOR + 3.75%), 06/18/2039(a)(b)(i)	EUR		4,570,000		4,608,936
Jupiter Mortgage No. 1 PLC, Series E, 7.72% (SONIA + 2.50%), 07/20/2060(a)(b)(i)	GBP		3,500,000		4,246,815
Ludgate Funding PLC, Series 2007-1, Class MA, 5.65% (3 mo. GBP LIBOR + 0.24%), 01/01/2061(a)(b)(i)	GBP		2,553,291		2,796,712
Newday Funding Master Issuer PLC,
Series 2021-1X, Class E, 9.25% (SONIA + 4.05%), 03/15/2029(a)(b)(i)	GBP		8,043,000		9,699,529
Series 2021-3X, Class E, 9.55% (SONIA + 4.35%), 11/15/2029(a)(b)(i)	GBP		3,700,000		4,466,978
Series 2021-3X, Class D, 7.55% (SONIA + 2.35%), 11/15/2029(a)(b)(i)	GBP		5,075,000		6,046,030
Stratton Mortgage Funding PLC, Series 2021-1, Class E, 7.97% (SONIA + 2.75%), 09/25/2051(a)(b)(i)	GBP		2,220,000		2,668,495

	Principal Amount		Value
Towd Point Mortgage Funding 2019 - Granite4 PLC,
Series 2019-GR4X, Class FR, 7.27% (SONIA +2.05%), 10/20/2051(a)(b)(i)	GBP	2,130,000	$	2,562,290
Series 2019-GR4X, Class DR, 6.42% (SONIA + 1.20%), 10/20/2051(b)(i)	GBP	8,750,000		10,553,993
Series 2019-GR4X, Class GR, 7.72% (SONIA + 2.50%), 10/20/2051(a)(b)(i)	GBP	1,775,000		2,132,860
Prosil Acquisition S.A., Series 2019-1, Class A, 5.71% (3 mo. EURIBOR + 2.00%), 10/31/2039(a)(b)(i)	EUR	4,011,438		3,843,178
SC Germany S.A. Compartment Consumer, Series 2021-1, Class E, 6.67% (1 mo. EURIBOR +2.80%), 11/14/2035(a)(b)(i)	EUR	7,047,113		7,173,844
Alhambra SME Funding DAC, Series 2019-1, Class D, 13.13% (1 mo. EURIBOR + 9.25%), 11/30/2028(a)(b)(i)	EUR	424,276		265,230
Lusitano Mortgages No. 5 PLC, Class D, 4.93% (3 mo. EURIBOR + 0.96%), 07/15/2059(a)(b)(i)	EUR	1,812,256		1,566,722
Futura S.r.l., Series 2019-1, Class A, 6.97% (6 mo. EURIBOR + 3.00%), 07/31/2044(a)(b)(i)	EUR	2,789,504		2,937,414
Taurus, Series 2018-IT1, Class A, 6.58% (3 mo. EURIBOR + 2.78%), 05/18/2032(a)(i)	EUR	4,603,415		4,799,604
Fideicomiso Dorrego Y Libertador,
2.00%, 12/31/2043(m)	$	7,698,968		7,314,020
0.00%, 12/31/2043(a)(m)	ARS	83,227,881		225,921
Fideicomiso Financiero Invernea Proteina 2, Serie II, 0.00%, 08/25/2032(a)(k)(m)	ARS	311,500,000		2,595,438
SC Germany Consumer UG, Series 2018-1, Class D, 3.25%, 12/13/2031(a)(b)	EUR	7,200,000		7,574,501
Total Asset-Backed Securities (Cost $173,568,756)				160,093,631
U.S. Treasury Securities–8.96%
U.S. Treasury Bills–4.35%
5.46%, 04/18/2024(n)	$	34,126,469		34,125,853
5.38%, 05/16/2024(n)		33,999,842		33,995,150
				68,121,003

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

18 Invesco Global Strategic Income Fund

	Principal Amount		Value
U.S. Treasury Inflation – Indexed Notes–4.61%
1.25%, 04/15/2028(o)	$	58,136,860	$	55,015,724
0.63%, 07/15/2032(o)		18,769,311		17,109,039
				72,124,763
Total U.S. Treasury Securities (Cost $145,032,482)				140,245,766
U.S. Government Sponsored Agency Mortgage-Backed Securities–6.25%
Fannie Mae Grantor Trust, IO,
0.63%, 11/25/2040(j)		1,863,648		15,134
0.38%, 12/25/2041(j)		11,575,010		132,599
Fannie Mae Interest STRIPS, IO,
7.50%, 01/25/2024 - 11/25/2029(l)		34,984		5,275
6.50%, 04/25/2029 - 07/25/2032(l)		742,934		110,040
6.00%, 12/25/2032 - 08/25/2035(l)		960,135		145,003
5.50%, 11/25/2033 - 06/25/2035(l)		808,269		128,993
Fannie Mae REMICs, IO,
2.16%(7.60% - (30 Day Average SOFR + 0.11%)), 06/25/2026(i)(l)		38,127		1,004
2.46%, 11/18/2031 - 12/18/2031(i)(l)		104,498		8,362
2.46%(7.90% - (30 Day Average SOFR + 0.11%)), 11/25/2031(i)(l)		2,021		175
2.51%(7.95% - (30 Day Average SOFR + 0.11%)), 01/25/2032(i)(l)		24,257		1,908
2.56%(8.00% - (30 Day Average SOFR + 0.11%)), 03/18/2032(i)(l)		48,074		4,022
2.66%, 03/25/2032 - 04/25/2032(i)(l)		69,015		6,457
1.56%(7.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032(i)(l)		30,899		1,768
2.36%(7.80% - (30 Day Average SOFR + 0.11%)), 04/25/2032(i)(l)		21,821		2,017
2.56%, 07/25/2032 - 09/25/2032(i)(l)		97,976		9,948
2.66%, 12/18/2032(i)(l)		79,830		5,694
2.76%(8.20% - (30 Day Average SOFR + 0.11%)), 01/25/2033(i)(l)		285,125		25,275
2.81%, 02/25/2033 - 05/25/2033(i)(l)		162,807		19,301
7.00%, 03/25/2033 - 04/25/2033(l)		389,635		54,928

	Principal Amount		Value
2.11%(7.55% - (30 Day Average SOFR +0.11%)), 10/25/2033(i)(l)	$	128,937	$	11,810
0.61%, 03/25/2035 - 07/25/2038(i)(l)		114,226		4,090
1.31%, 03/25/2035 - 05/25/2035(i)(l)		164,176		4,444
1.16%(6.60% - (30 Day Average SOFR +0.11%)), 05/25/2035(i)(l)		244,246		11,052
1.26%(6.70% - (30 Day Average SOFR +0.11%)), 05/25/2035(i)(l)		461,143		26,465
1.79%(7.23% - (30 Day Average SOFR +0.11%)), 09/25/2036(i)(l)		507,820		17,662
1.10%(6.54% - (30 Day Average SOFR +0.11%)), 06/25/2037(i)(l)		751,829		40,238
4.00%, 04/25/2041(l)		737,413		78,464
1.11%(6.55% - (30 Day Average SOFR +0.11%)), 10/25/2041(i)(l)		124,787		7,524
0.71%(6.15% - (30 Day Average SOFR +0.11%)), 12/25/2042(i)(l)		344,558		25,307
7.00%, 07/25/2026		4,020		3,988
4.00%, 08/25/2026 - 03/25/2041		70,825		63,319
6.50%, 10/25/2028 - 04/25/2029		56,285		56,134
6.00%, 05/25/2031 - 01/25/2032		102,102		100,977
6.44%, 04/25/2032 - 12/25/2032(i)		83,867		84,646
5.94% (30 Day Average SOFR + 0.61%), 10/18/2032(i)		31,808		31,572
5.94% (30 Day Average SOFR + 0.61%), 12/25/2032(i)		54,343		51,988
5.84% (30 Day Average SOFR + 0.51%), 11/25/2033(i)		29,574		29,394
4.64%(24.57% - (3.67 x (30 Day Average SOFR + 0.11%))), 03/25/2036(i)		125,348		134,175
4.27%(24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036(i)		121,355		120,585

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
6.38% (30 Day Average SOFR + 1.05%), 06/25/2037(i)	$	62,351	$	62,114
Federal Home Loan Mortgage Corp.,
8.50%, 08/01/2031		18,216		18,732
5.00%, 09/01/2052 - 03/01/2053(p)		33,097,486		30,552,224
4.50%, 10/01/2052		16,247,101		14,628,193
Federal National Mortgage Association,
7.50%, 03/01/2033		11,770		12,008
7.00%, 12/01/2033		10,629		10,757
5.50%, 02/01/2035 - 03/01/2053(p)		33,311,759		31,649,510
4.50%, 07/01/2052		18,445,590		16,571,165
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K734, Class X1,
IO, 0.65%, 02/25/2026(j)		3,955,968		42,254
Series K735, Class X1, IO, 1.10%, 05/25/2026(j)		6,620,447		126,460
Series K093, Class X1, IO, 0.94%, 05/25/2029(j)		44,118,087		1,818,592
Freddie Mac REMICs,
6.75%, 02/15/2024		193		192
6.50%, 02/15/2028 - 06/15/2032		51,651		51,571
5.88% (30 Day Average SOFR + 0.56%), 02/15/2029(i)		4,851		4,820
6.08% (30 Day Average SOFR + 0.76%), 07/15/2029(i)		7,324		7,310
6.43%, 02/15/2032 - 03/15/2032(i)		171,734		172,389
3.50%, 05/15/2032		53,349		49,604
5.93% (30 Day Average SOFR + 0.61%), 01/15/2033(i)		4,994		4,975
4.82%(24.75% - (3.67 x (30 Day Average SOFR + 0.11%))), 08/15/2035(i)		90,942		98,953
4.00%, 06/15/2038		53,971		48,499
3.00%, 05/15/2040		546		535
IO, 0.57%, 03/15/2024 - 04/15/2038(i)(l)		58,441		2,672
7.00%, 03/15/2028 - 04/15/2028(l)		24,937		2,414
3.26%, 07/17/2028(i)(l)		1,336		9
2.67%(8.10% - (30 Day Average SOFR +0.11%)), 06/15/2029(i)(l)		37,642		1,873

	Principal Amount		Value
3.52%(8.95% - (30 Day Average SOFR + 0.11%)), 08/15/2029(i)(l)	$	14,820	$	611
1.62%(7.05% - (30 Day Average SOFR + 0.11%)), 10/15/2033(i)(l)		190,387		8,886
1.27%(6.70% - (30 Day Average SOFR + 0.11%)), 01/15/2035(i)(l)		356,618		13,161
1.32%(6.75% - (30 Day Average SOFR + 0.11%)), 02/15/2035(i)(l)		20,109		787
1.29%, 05/15/2035(i)(l)		543,453		26,585
0.72%(6.15% - (30 Day Average SOFR + 0.11%)), 07/15/2035(i)(l)		321,020		8,870
1.57%(7.00% - (30 Day Average SOFR + 0.11%)), 12/15/2037(i)(l)		100,306		7,432
0.64%(6.07% - (30 Day Average SOFR + 0.11%)), 05/15/2038(i)(l)		200,243		10,759
0.82%(6.25% - (30 Day Average SOFR + 0.11%)), 12/15/2039(i)(l)		95,512		4,577
Freddie Mac STRIPS, IO,
7.00%, 04/01/2027 - 04/01/2030(l)		128,888		15,002
6.50%, 02/01/2028 - 06/01/2031(l)		31,264		4,046
7.50%, 12/15/2029(l)		39,637		5,348
6.00%, 12/15/2032(l)		73,213		8,776
Government National Mortgage Association,
ARM, 3.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2027(i)		546		533
7.00%, 01/15/2028 - 01/20/2030		77,851		77,819
8.00%, 01/15/2028 - 09/15/2028		49,988		50,412
IO, 1.10% (6.55% - (1 mo. Term SOFR + 0.11%)), 04/16/2037(i)(l)		360,574		18,681
1.20% (6.65% - (1 mo. Term SOFR + 0.11%)), 04/16/2041(i)(l)		603,730		25,578
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $107,996,428)				97,807,425

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
Agency Credit Risk Transfer Notes–3.17%
United States–3.17%
Fannie Mae Connecticut Avenue Securities,
Series 2018-R07, Class 1M2, 7.84% (30 Day Average SOFR + 2.51%), 04/25/2031(b)(i)	$	105,197	$	105,210
Series 2022-R04, Class 1M2, 8.42% (30 Day Average SOFR + 3.10%), 03/25/2042(b)(i)		1,795,000		1,831,129
Series 2022-R08, Class 1M2, 8.92% (30 Day Average SOFR + 3.60%), 07/25/2042(b)(i)		3,150,000		3,284,302
Series 2023-R02, Class 1M1, 7.62% (30 Day Average SOFR + 2.30%), 01/25/2043(b)(i)		1,196,562		1,213,022
Series 2023-R03, Class 2M1, 7.82% (30 Day Average SOFR + 2.50%), 04/25/2043(b)(i)		2,477,545		2,508,153
Series 2023-R04, Class 1M1, 7.62% (30 Day Average SOFR + 2.30%), 05/25/2043(b)(i)		2,588,032		2,624,577
Series 2023-R06, Class 1M1, 7.02% (30 Day Average SOFR + 1.70%), 07/25/2043(b)(i)		1,392,351		1,393,410
Series 2023-R06, Class 1M2, 8.02% (30 Day Average SOFR + 2.70%), 07/25/2043(b)(i)		1,145,000		1,157,098
Series 2023-R06, Class 1B1, 9.22% (30 Day Average SOFR + 3.90%), 07/25/2043(b)(i)		1,310,000		1,323,336

	Principal Amount		Value
United States–(continued)
Freddie Mac,
Series 2022-DNA2, Class M1B, STACR® , 7.72% (30 Day Average SOFR + 2.40%), 02/25/2042(b)(i)	$	3,500,000	$	3,513,190
Series 2022-DNA3, Class M1B, STACR® , 8.22% (30 Day Average SOFR + 2.90%), 04/25/2042(b)(i)		7,000,000		7,145,993
Series 2022-DNA3, Class M1A, STACR® , 7.32% (30 Day Average SOFR + 2.00%), 04/25/2042(b)(i)		4,280,545		4,320,946
Series 2022-HQA2, Class M1, STACR® , 9.32% (30 Day Average SOFR + 4.00%), 07/25/2042(b)(i)		3,500,000		3,669,266
Series 2022-HQA3, Class M1, STACR® , 8.87% (30 Day Average SOFR + 3.55%), 08/25/2042(b)(i)		3,500,000		3,613,120
Series 2022-HQA3, Class M2, STACR® , 10.67% (30 Day Average SOFR + 5.35%), 08/25/2042(b)(i)		3,745,000		3,967,250
Series 2023-DNA1, Class M1, STACR® , 7.42% (30 Day Average SOFR + 2.10%), 03/25/2043(b)(i)		2,509,836		2,529,369
Series 2023-HQA2, Class M1, STACR® , 7.32% (30 Day Average SOFR + 2.00%), 06/25/2043(b)(i)		2,481,546		2,492,492
Series 2023-HQA2, Class M1, STACR® , 8.67% (30 Day Average SOFR + 3.35%), 06/25/2043(b)(i)		2,100,000		2,151,610
Series 2023-HQA2, Class M2, STACR® , 9.17% (30 Day Average SOFR + 3.85%), 06/25/2043(b)(i)		700,000		727,232
Total Agency Credit Risk Transfer Notes (Cost $48,620,977)				49,570,705
	Shares
Common Stocks & Other Equity Interests–1.39%
Argentina–1.36%
Banco BBVA Argentina S.A.		200,000		654,335

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

21 Invesco Global Strategic Income Fund

	Shares		Value
Argentina–(continued)
Banco Macro S.A., Class B		530,000	$	2,317,034
Grupo Financiero Galicia S.A., Class B		1,335,000		3,731,229
Pampa Energia S.A.(q)		900,000		3,296,822
YPF S.A., ADR(q)		105,000		1,042,650
YPF S.A., Class D(q)		416,000		10,317,586
				21,359,656
United States–0.03%
ACNR Holdings, Inc.		2,129		182,775
Claire’s Holdings LLC, Class S		614		227,691
McDermott International Ltd.(q)		38,319		7,281
McDermott International Ltd., Series A, Wts., expiring 06/30/2027(m)(q)		76,715		2,301
McDermott International Ltd., Series B, Wts., expiring 06/30/2027(m)(q)		85,239		2,557
McDermott International Ltd., Wts., expiring 12/31/2049(m)		55,393		9,998
Sabine Oil & Gas Holdings, Inc.(m)(q)		2,510		477
Tenerity LLC, Wts., expiring 04/10/2024(m)		2,297		0
Windstream Services LLC, Wts.		399		4,090
				437,170
Total Common Stocks & Other Equity Interests (Cost $25,176,532)				21,796,826
	Principal Amount
Variable Rate Senior Loan Interests–0.74%(r)(s)
Canada–0.06%
GFL Environmental, Inc., Term Loan B, 7.91% (1 mo. Term SOFR + 2.50%), 05/31/2027	$	275,000		275,402
New Red Finance, Inc., Term Loan B, 7.57% (1 mo. Term SOFR + 2.25%), 09/23/2030		640,000		634,720
				910,122
United States–0.68%
Carnival Corp., Incremental Term Loan, 8.69% (1 mo. Term SOFR + 3.25%), 10/18/2028		637,762		627,134
Claire’s Stores, Inc., Term Loan, 11.92% (1 mo. Term SOFR + 6.50%), 12/18/2026		183,840		167,639
Clear Channel Outdoor Holdings, Inc., Term Loan B, 9.14% (3 mo. Term SOFR + 3.50%), 08/21/2026		932,338		897,762
DTZ U.S. Borrower LLC, Term loan B, 9.32% (1 mo. Term SOFR + 4.50%), 01/31/2030(m)		645,000		620,812

	Principal Amount		Value
United States–(continued)
Dun & Bradstreet Corp. (The), Term loan B, 8.18% (1 mo. Term SOFR + 3.00%), 02/06/2026	$	1,220,453	$	1,220,453
Endo Luxembourg Finance Co. I S.a.r.l., Term Loan, 14.50% (1 mo. USD LIBOR + 4.00%), 03/27/2028		1,352,875		922,492
Greystar Real Estate Partners LLC, Term Loan, 9.15% (1 mo. Term SOFR + 0.38%), 08/07/2030(m)		358,000		358,000
IRB Holding Corp., Term Loan B, 8.42% (1 mo. Term SOFR + 3.00%), 12/15/2027		1,319,476		1,307,106
Mativ Holdings, Inc., Term Loan B, 9.19% (1 mo. Term SOFR + 3.75%), 04/20/2028		1,279,128		1,263,139
Mozart Debt Merger Sub, Inc. (Medline Industries), Term Loan, 8.69% (1 mo. Term SOFR + 3.25%), 10/23/2028		624,415		621,099
New Fortress Energy, Inc., Term Loan B, -% (1 mo. Term SOFR + 5.00%), 10/30/2028(m)		859,000		794,575
Scientific Games Holdings L.P., First Lien Term Loan, 8.91% (3 mo. Term SOFR + 3.50%), 04/04/2029		642,729		633,011
Select Medical Corp., Term Loan, 8.32% (1 mo. Term SOFR + 3.00%), 03/06/2027		644,385		643,480
Star Parent, Inc., Term Loan, 9.39% (1 mo. Term SOFR + 4.00%), 09/27/2030		638,000		609,931
				10,686,633
Total Variable Rate Senior Loan Interests (Cost $12,036,163)				11,596,755
	Shares
Preferred Stocks–0.04%
United States–0.04%
Bank of America Corp., 6.50%, Series Z, Pfd.(c)		615,000		608,470
Claire’s Holdings LLC, Series A, Pfd.		195		39,000
Total Preferred Stocks (Cost $710,081)				647,470
Money Market Funds–3.15%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(t)(u)		17,246,221		17,246,221
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(t)(u)		12,313,334		12,317,028

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

22 Invesco Global Strategic Income Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 5.27%(t)(u)		19,709,967	$	19,709,966
Total Money Market Funds (Cost $49,272,543)				49,273,215
Options Purchased–0.57%
(Cost $26,188,690)(v)				8,912,651
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-95.00% (Cost $1,633,668,907)				1,486,436,253
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.81%
Invesco Private Government Fund, 5.32%(t)(u)(w)		18,315,184		18,315,184

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 5.53%(t)(u)(w)		41,277,128	$	41,281,255
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $59,595,615)				59,596,439
TOTAL INVESTMENTS IN SECURITIES–98.81% (Cost $1,693,264,522)				1,546,032,692
OTHER ASSETS LESS LIABILITIES–1.19%				18,554,582
NET ASSETS–100.00%			$	1,564,587,274

Investment Abbreviations:
ADR	– American Depositary Receipt
ARM	– Adjustable Rate Mortgage
ARS	– Argentina Peso
AUD	– Australian Dollar
BRL	– Brazilian Real
CAD	– Canadian Dollar
CNY	– Chinese Yuan Renminbi
COP	– Colombia Peso
Ctfs.	– Certificates
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
IDR	– Indonesian Rupiah
INR	– Indian Rupee
IO	– Interest Only
JPY	– Japanese Yen
LIBOR	– London Interbank Offered Rate
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
PEN	– Peruvian Sol
Pfd.	– Preferred
REMICs	– Real Estate Mortgage Investment Conduits
SOFR	– Secured Overnight Financing Rate
SONIA	– Sterling Overnight Index Average
STACR®	– Structured Agency Credit Risk
STRIPS	– Separately Traded Registered Interest and Principal Security
THB	– Thai Baht
TRY	– Turkish Lira
USD	– U.S. Dollar
UYU	– Uruguay Peso
Wts.	– Warrants
ZAR	– South African Rand

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

23 Invesco Global Strategic Income 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, 2023 was $592,588,500, which represented 37.88% 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)  Zero coupon bond issued at a discount.

^(f)  All or a portion of this security was out on loan at October 31, 2023.

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

^(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, 2023 was $1,571,412, which represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023.

^(j)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2023.

^(k)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2023.

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

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

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

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

^(p)  All or a portion of the value was designated as collateral to cover margin requirements for swap agreements. See Note 1R.

^(q)  Non-income producing security.

^(r)  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.

^(s)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate (“SOFR”), 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.

^(t)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$31,287,616		$352,871,472		$(366,912,867	)		$       -			$         -			$17,246,221	$1,212,475
Invesco Liquid Assets Portfolio, Institutional Class		22,438,567		252,051,052		(262,171,485	)		(102	)		(1,004	)		12,317,028	888,658
Invesco Treasury Portfolio, Institutional Class		35,757,276		403,281,682		(419,328,992	)		-			-			19,709,966	1,383,457
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		17,970,670		119,372,464		(119,027,950	)		-			-			18,315,184	787,366*
Invesco Private Prime Fund		47,071,670		239,027,389		(244,823,746	)		2,425			3,517			41,281,255	2,126,375*
Total		$154,525,799		$1,366,604,059		$(1,412,265,040	)		$2,323			$2,513			$108,869,654	$6,398,331

* 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.

^(u)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(v)  The table below details options purchased.

^(w)  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.

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 Purchased(a)
Description	Type of Contract	Counterparty	Expiration Date		Exercise Price		Notional Value		Value
Currency Risk
AUD versus USD	Call	Deutsche Bank AG		11/06/2023	USD	0.70	AUD	4,200,000	$	3
AUD versus USD	Call	Goldman Sachs International		05/16/2024	USD	0.69	AUD	87,500,000		364,006
AUD versus USD	Call	J.P. Morgan Chase Bank, N.A.		11/22/2023	USD	0.67	AUD	35,000,000		22
EUR versus USD	Call	Deutsche Bank AG		12/11/2023	USD	1.16	EUR	87,500,000		185
EUR versus USD	Call	Goldman Sachs International		11/08/2023	USD	1.11	EUR	52,500,000		56
EUR versus USD	Call	Goldman Sachs International		12/07/2023	USD	1.10	EUR	4,375,000		296,643
EUR versus USD	Call	Goldman Sachs International		02/08/2024	USD	1.15	EUR	52,500,000		15,110
EUR versus USD	Call	Goldman Sachs International		03/01/2024	USD	1.15	EUR	5,250,000		145,936
EUR versus USD	Call	J.P. Morgan Chase Bank, N.A.		12/01/2023	USD	1.13	EUR	3,500,000		7,633
Subtotal – Foreign Currency Call Options Purchased										829,594
Currency Risk
EUR versus HUF	Put	Goldman Sachs International		12/01/2023	HUF	360.00	EUR	3,500,000		7,073
EUR versus MXN	Put	Deutsche Bank AG		01/11/2024	MXN	18.40	EUR	2,100,000		34,659
EUR versus MXN	Put	Goldman Sachs International		11/10/2023	MXN	18.30	EUR	35,000,000		3,037
EUR versus MXN	Put	Morgan Stanley and Co. International PLC		11/30/2023	MXN	18.50	EUR	3,500,000		335,227
EUR versus MXN	Put	Morgan Stanley and Co. International PLC		12/11/2023	MXN	18.40	EUR	35,000,000		21,591
EUR versus NOK	Put	Morgan Stanley and Co. International PLC		11/10/2023	NOK	11.10	EUR	35,000,000		37
EUR versus SEK	Put	Merrill Lynch International		11/16/2023	SEK	11.25	EUR	1,750,000		2,316
USD versus BRL	Put	Goldman Sachs International		11/14/2023	BRL	4.80	USD	3,500,000		82,456
USD versus BRL	Put	Goldman Sachs International		11/16/2023	BRL	4.50	USD	1,120,000		754
USD versus BRL	Put	Goldman Sachs International		12/18/2023	BRL	4.83	USD	35,000,000		112,280
USD versus BRL	Put	Goldman Sachs International		02/15/2024	BRL	4.80	USD	70,000,000		469,700
USD versus BRL	Put	Merrill Lynch International		01/24/2024	BRL	4.93	USD	45,500,000		531,121
USD versus BRL	Put	Merrill Lynch International		10/08/2024	BRL	4.90	USD	2,100,000		172,628
USD versus BRL	Put	Morgan Stanley and Co. International PLC		11/16/2023	BRL	4.50	USD	3,500,000		578
USD versus BRL	Put	Morgan Stanley and Co. International PLC		07/08/2024	BRL	4.60	USD	2,100,000		294,416
USD versus CAD	Put	Merrill Lynch International		11/27/2023	CAD	1.30	USD	1,750,000		177
USD versus CLP	Put	Morgan Stanley and Co. International PLC		11/14/2023	CLP	715.00	USD	2,100,000		2
USD versus CLP	Put	Morgan Stanley and Co. International PLC		11/14/2023	CLP	740.00	USD	2,100,000		2
USD versus CLP	Put	Morgan Stanley and Co. International PLC		11/30/2023	CLP	805.00	USD	42,000,000		3,360
USD versus COP	Put	Goldman Sachs International		02/12/2024	COP	3,960.00	USD	35,000,000		378,210
USD versus COP	Put	Merrill Lynch International		01/11/2024	COP	4,100.00	USD	2,100,000		322,245
USD versus COP	Put	Morgan Stanley and Co. International PLC		01/30/2024	COP	3,950.00	USD	35,000,000		327,670
USD versus INR	Put	Standard Chartered Bank PLC		01/24/2024	INR	81.40	USD	35,000,000		22,540
USD versus JPY	Put	Deutsche Bank AG		12/12/2023	JPY	135.00	USD	1,750,000		6,671
USD versus JPY	Put	Deutsche Bank AG		07/18/2024	JPY	129.40	USD	1,750,000		161,213
USD versus JPY	Put	Goldman Sachs International		02/08/2024	JPY	113.00	USD	52,500,000		4,200
USD versus JPY	Put	Goldman Sachs International		02/16/2024	JPY	135.00	USD	3,500,000		145,019
USD versus JPY	Put	Goldman Sachs International		05/07/2024	JPY	118.00	USD	52,500,000		38,587
USD versus JPY	Put	Goldman Sachs International		05/30/2024	JPY	115.00	USD	5,250,000		61,609
USD versus JPY	Put	Goldman Sachs International		06/10/2024	JPY	115.00	USD	5,250,000		67,903
USD versus JPY	Put	J.P. Morgan Chase Bank, N.A.		11/07/2023	JPY	114.00	USD	2,100,000		2
USD versus JPY	Put	Merrill Lynch International		06/03/2024	JPY	115.00	USD	3,500,000		29,547

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

25 Invesco Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Purchased(a)–(continued)
Description	Type of Contract	Counterparty	Expiration Date		Exercise Price		Notional Value		Value
USD versus JPY	Put	Morgan Stanley and Co. International PLC		04/18/2024	JPY	132.00	USD	1,750,000	$	111,414
USD versus KRW	Put	Goldman Sachs International		12/19/2023	KRW	1,170.00	USD	1,750,000		910
USD versus MXN	Put	Deutsche Bank AG		11/01/2023	MXN	16.75	USD	35,000,000		35
USD versus MXN	Put	Goldman Sachs International		12/01/2023	MXN	17.00	USD	3,500,000		341,554
USD versus MXN	Put	Goldman Sachs International		05/02/2024	MXN	16.00	USD	5,950,000		27,751
USD versus MXN	Put	Merrill Lynch International		03/06/2024	MXN	16.50	USD	2,800,000		134,207
USD versus THB	Put	Goldman Sachs International		01/18/2024	THB	31.05	USD	1,750,000		3,825
USD versus THB	Put	Standard Chartered Bank PLC		02/23/2024	THB	30.65	USD	1,750,000		6,694
USD versus ZAR	Put	Goldman Sachs International		05/14/2024	ZAR	15.00	USD	7,000,000		238,007
USD versus ZAR	Put	Goldman Sachs International		10/16/2024	ZAR	18.15	USD	26,250,000		863,940
Subtotal – Foreign Currency Put Options Purchased										5,365,167
Total Foreign Currency Options Purchased									$	6,194,761

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $38,871,588.

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

2 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

4.45%

Receive

SOFR

Annually

03/07/2024

USD

175,000,000

$

650,342

30 Year Interest Rate Swap

Call

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

3.93

Receive

SOFR

Annually

12/05/2023

USD

6,615,000

35,097

Subtotal – Interest Rate Call Swaptions Purchased

685,439

Interest Rate Risk

30 Year Interest Rate Swap

Put

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

4.43

Pay

SOFR

Annually

12/05/2023

USD

6,615,000

106,193

5 Year Interest Rate Swap

Put

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

0.75

Pay

TONAR

Annually

03/04/2024

JPY

10,920,000,000

486,518

Subtotal – Interest Rate Put Swaptions Purchased

592,711

Total Interest Rate Swaptions Purchased

$

1,278,150

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $38,871,588.

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

(Pay)/

Receive

Implied

Type of

Exercise

Reference

Fixed

Payment

Expiration

Credit

Notional

Counterparty

Contract

Rate

Entity

Rate

Frequency

Date

Spread(b)

Value

Value

Credit Risk

Goldman Sachs International

Put

80.00%

Markit CDX North America Investment Grade Index, Series 40, Version 1

(1.00)%

Quaterly

11/15/2023

0.732%

USD

140,000,000

$

77,822

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

Put

500.00

Markit iTraxx Crossover Index, Series 40, Version 1

(5.00)

Quaterly

03/20/2024

4.509

EUR

70,000,000

1,361,918

Total Credit Default Swaptions Purchased

$

1,439,740

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $38,871,588.

^(b)  Implied credit spreads represent the current level, as of October 31, 2023, 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.

26 Invesco Global Strategic Income Fund

Open Over-The-Counter Credit Default Swaptions Written(a)
				(Pay)/
				Receive				Implied
	Type of	Exercise	Reference	Fixed	Payment	Expiration		Credit			Notional
Counterparty	Contract	Rate	Entity	Rate	Frequency	Date		Spread(b)			Value			Value
Credit Risk
Goldman Sachs International	Call	60.00%	Markit CDX Investment Grade Index, Series 40, Version 1	1.00%	Quarterly		11/15/2023		0.732	%		USD	140,000,000	$	(4,561	)
Credit Risk
Goldman Sachs International	Put	90.00	Markit CDX Investment Grade Index, Series 40, Version 1	(1.00)	Quarterly		11/15/2023		0.732			USD	140,000,000		(25,784	)
Goldman Sachs International	Put	99.00	Markit CDX North America High Yield Index, Series 40, Version 1	(5.00)	Quarterly		12/20/2023		4.918			USD	46,200,000		(421,849	)
J.P. Morgan Chase Bank, N.A.	Put	500.00	Markit iTraxx Europe Crossover Index, Series 40, Version 6	(5.00)	Quarterly		11/15/2023		4.509			EUR	58,300,000		(98,522	)
J.P. Morgan Chase Bank, N.A.	Put	550.00	Markit iTraxx Europe Crossover Index, Series 40, Version 6	(5.00)	Quarterly		03/20/2024		4.509			EUR	70,000,000		(968,479	)
J.P. Morgan Chase Bank, N.A.	Put	99.00	Markit CDX North America High Yield Index, Series 40, Version 3	(5.00)	Quarterly		11/15/2023		4.918			USD	46,900,000		(136,158	)
J.P. Morgan Chase Bank, N.A.	Put	98.00	Markit CDX North America High Yield Index, Series 40, Version 2	(5.00)	Quarterly		12/20/2023		4.918			USD	70,000,000		(455,804	)
J.P. Morgan Chase Bank, N.A.	Put	750.00	Markit iTraxx Europe Crossover Index, Series 40, Version 6	(5.00)	Quarterly		03/20/2024		4.509			EUR	70,000,000		(297,047	)
J.P. Morgan Chase Bank, N.A.	Put	500.00	Markit iTraxx Europe Crossover Index, Series 40, Version 6	(5.00)	Quarterly		11/15/2023		4.509			EUR	35,000,000		(59,147	)
J.P. Morgan Chase Bank, N.A.	Put	97.00	Markit CDX High Yield Index, Series 41, Version 1	(5.00)	Quarterly		02/21/2024		5.137			USD	46,900,000		(697,031	)
J.P. Morgan Chase Bank, N.A.	Put	98.00	Markit CDX North America High Yield Index, Series 40, Version 4	(5.00)	Quarterly		02/21/2024		4.918			USD	46,900,000		(656,425	)
Subtotal - Credit Default Put Swaptions Written															(3,816,246	)
Total Credit Default Swaptions Written														$	(3,820,807	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $38,871,588.

^(b)  Implied credit spreads represent the current level, as of October 31, 2023, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

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

Type of

Expiration

Exercise

Notional

Description

Contract

Counterparty

Date

Price

Value

Value

Currency Risk

AUD versus USD

Call

Goldman Sachs International

05/16/2024

USD

0.73

AUD

87,500,000

$

(81,760

)

EUR versus HUF

Call

Goldman Sachs International

12/01/2023

HUF

400.00

EUR

1,400,000

(116,990

)

EUR versus HUF

Call

Goldman Sachs International

03/07/2024

HUF

425.00

EUR

49,875,000

(289,775

)

EUR versus HUF

Call

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

12/13/2023

HUF

410.00

EUR

35,000,000

(59,957

)

EUR versus HUF

Call

Merrill Lynch International

12/18/2023

HUF

415.00

EUR

35,000,000

(50,366

)

USD versus BRL

Call

Goldman Sachs International

11/16/2023

BRL

5.10

USD

1,120,000

(351,781

)

USD versus BRL

Call

Goldman Sachs International

12/18/2023

BRL

5.30

USD

35,000,000

(230,405

)

USD versus BRL

Call

Goldman Sachs International

02/15/2024

BRL

5.25

USD

70,000,000

(1,323,490

)

USD versus BRL

Call

Goldman Sachs International

05/23/2024

BRL

5.55

USD

3,500,000

(638,785

)

USD versus BRL

Call

Merrill Lynch International

01/24/2024

BRL

5.30

USD

45,500,000

(576,121

)

USD versus COP

Call

Goldman Sachs International

02/12/2024

COP

4,500.00

USD

35,000,000

(562,275

)

USD versus COP

Call

Morgan Stanley and Co. International PLC

01/30/2024

COP

4,350.00

USD

35,000,000

(752,465

)

USD versus INR

Call

Standard Chartered Bank PLC

01/24/2024

INR

84.00

USD

35,000,000

(152,950

)

USD versus JPY

Call

Deutsche Bank AG

11/01/2023

JPY

145.75

USD

52,500,000

(1,996,837

)

USD versus JPY

Call

Deutsche Bank AG

02/12/2024

JPY

145.30

USD

35,000,000

(1,239,525

)

USD versus MXN

Call

Goldman Sachs International

04/03/2024

MXN

18.75

USD

3,500,000

(1,145,084

)

USD versus MXN

Call

Goldman Sachs International

05/02/2024

MXN

19.00

USD

89,250,000

(2,464,817

)

USD versus MXN

Call

Goldman Sachs International

05/15/2024

MXN

19.75

USD

1,400,000

(264,445

)

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

27 Invesco Global Strategic Income Fund

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

Type of

Expiration

Exercise

Notional

Description

Contract

Counterparty

Date

Price

Value

Value

USD versus MXN

Call

Merrill Lynch International

03/06/2024

MXN

19.00

USD

1,400,000

$

(392,263

)

USD versus ZAR

Call

Goldman Sachs International

10/16/2024

ZAR

21.75

USD

26,250,000

(612,780

)

Subtotal – Foreign Currency Call Options Written

(13,302,871

)

Currency Risk

AUD versus USD

Put

Goldman Sachs International

05/16/2024

USD

0.63

AUD

87,500,000

(1,387,918

)

EUR versus NOK

Put

Morgan Stanley and Co. International PLC

11/10/2023

NOK

10.80

EUR

70,000,000

(74

)

USD versus BRL

Put

Goldman Sachs International

12/18/2023

BRL

4.50

USD

35,000,000

(3,500

)

USD versus BRL

Put

Goldman Sachs International

02/15/2024

BRL

4.64

USD

70,000,000

(160,160

)

USD versus BRL

Put

Merrill Lynch International

01/24/2024

BRL

4.75

USD

45,500,000

(169,488

)

USD versus CLP

Put

Morgan Stanley and Co. International PLC

11/30/2023

CLP

780.00

USD

42,000,000

(546

)

USD versus COP

Put

Goldman Sachs International

02/12/2024

COP

3,750.00

USD

35,000,000

(105,385

)

USD versus COP

Put

Morgan Stanley and Co. International PLC

01/30/2024

COP

3,750.00

USD

35,000,000

(86,660

)

USD versus INR

Put

Standard Chartered Bank PLC

01/24/2024

INR

79.50

USD

35,000,000

(4,760

)

USD versus ZAR

Put

Goldman Sachs International

10/16/2024

ZAR

17.15

USD

26,250,000

(444,938

)

Subtotal – Foreign Currency Put Options Written

(2,363,429

)

Total – Foreign Currency Options Written

$

(15,666,300

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $38,871,588.

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

BNP Paribas S.A.

3.79%

SOFR

Receive

Annually

10/18/2024

USD

26,250,000

$

(998,851

)

30 Year Interest Rate Swap

Call

Deutsche Bank AG

3.50

SOFR

Receive

Annually

03/28/2025

USD

52,500,000

(1,784,989

)

1 Year Interest Rate Swap

Call

Goldman Sachs International

3.29

SOFR

Receive

Annually

06/30/2025

USD

105,000,000

(400,688

)

30 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

3.50

SOFR

Receive

Annually

09/29/2025

USD

43,750,000

(1,867,557

)

10 Year Interest Rate Swap

Call

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

2.44

6 Month EURIBOR

Receive

Semi - Annually

04/14/2025

EUR

52,500,000

(835,962

)

2 Year Interest Rate Swap

Call

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

4.05

SOFR

Receive

Annually

03/07/2024

USD

175,000,000

(346,990

)

30 Year Interest Rate Swap

Call

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

2.97

SOFR

Receive

Annually

10/05/2028

USD

31,500,000

(1,465,445

)

5 Year Interest Rate Swap

Call

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

0.35

TONAR

Receive

Annually

03/04/2024

JPY

10,920,000,000

(43,203

)

10 Year Interest Rate Swap

Call

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

3.94

SOFR

Receive

Annually

10/03/2025

USD

35,000,000

(1,095,730

)

30 Year Interest Rate Swap

Call

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

3.52

SOFR

Receive

Annually

10/21/2024

USD

21,000,000

(525,125

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

3.43

SOFR

Receive

Annually

09/29/2025

USD

77,500,000

(3,028,197

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

2.35

6 Month EURIBOR

Receive

Semi - Annually

05/19/2027

EUR

42,000,000

(1,221,941

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

3.30

SOFR

Receive

Annually

09/29/2025

USD

23,940,000

(804,560

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

3.50

SOFR

Receive

Annually

10/06/2025

USD

24,360,000

(1,046,718

)

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

28 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

3.60%

SONIA

Receive

Annually

03/14/2024

GBP

35,000,000

$

(283,879

)

2 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

4.92

SONIA

Receive

Monthly

03/28/2024

GBP

175,000,000

(1,982,041

)

Subtotal–Interest Rate Call Swaptions Written

(17,731,876

)

Interest Rate Risk

10 Year Interest Rate Swap

Put

Deutsche Bank AG

5.25

SOFR

Pay

Annually

10/21/2024

USD

42,000,000

(670,150

)

1 Year Interest Rate Swap

Put

Goldman Sachs International

3.29

SOFR

Pay

Annually

06/30/2025

USD

105,000,000

(1,283,012

)

5 Year Interest Rate Swap

Put

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

1.10

TONAR

Pay

Annually

03/04/2024

JPY

10,920,000,000

(203,028

)

30 Year Interest Rate Swap

Put

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

5.02

SOFR

Pay

Annually

10/21/2024

USD

21,000,000

(582,866

)

30 Year Interest Rate Swap

Put

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

4.97

SOFR

Pay

Annually

10/05/2028

USD

31,500,000

(2,170,969

)

2 Year Interest Rate Swap

Put

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

4.00

SOFR

Pay

Annually

09/16/2024

USD

262,500,000

(3,598,444

)

10 Year Interest Rate Swap

Put

Merrill Lynch International

5.15

SOFR

Pay

Annually

04/25/2024

USD

52,500,000

(527,019

)

5 Year Interest Rate Swap

Put

Merrill Lynch International

4.17

SOFR

Pay

Annually

11/30/2023

USD

210,000,000

(3,498,182

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

5.25

SOFR

Pay

Annually

10/21/2024

USD

105,000,000

(1,675,434

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

3.72

6 Month EURIBOR

Pay

Semi - Annually

04/18/2024

EUR

105,000,000

(1,330,568

)

2 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

5.45

SONIA

Pay

Annually

03/14/2024

GBP

150,500,000

(336,946

)

5 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.50

SOFR

Pay

Annually

10/03/2025

USD

168,000,000

(4,287,345

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

5.25

SOFR

Pay

Annually

04/23/2025

USD

84,000,000

(1,853,414

)

5 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.55

SOFR

Pay

Annually

10/06/2025

USD

94,500,000

(2,337,612

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

3.85

6 Month EURIBOR

Pay

Semi - Annually

05/19/2027

EUR

42,000,000

(2,143,767

)

5 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.33

SOFR

Pay

Annually

09/29/2025

USD

94,500,000

(2,692,420

)

10 Year Interest Rate Swap

Put

Toronto-Dominion Bank (The)

5.25

SOFR

Pay

Annually

07/25/2024

USD

70,000,000

(895,794

)

Subtotal–Interest Rate Put Swaptions Written

(30,086,970

)

Total Open Over-The-Counter Interest Rate Swaptions Written

$

(47,818,846

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $38,871,588.

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	169	December-2023	$	34,209,297	$	(127,634	)	$	(127,634	)
U.S. Treasury 10 Year Notes	798	December-2023		84,725,156		(2,994,232	)		(2,994,232	)
U.S. Treasury 10 Year Ultra Notes	770	December-2023		83,797,656		(2,153,629	)		(2,153,629	)
Subtotal–Long Futures Contracts						(5,275,495	)		(5,275,495	)

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

29 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
U.S. Treasury 5 Year Notes		184		December-2023	$	(19,223,687	)	$	41,852		$	41,852
U.S. Treasury Long Bonds		34		December-2023		(3,720,875	)		362,502			362,502
Subtotal–Short Futures Contracts									404,354			404,354
Total Futures Contracts								$	(4,871,141	)	$	(4,871,141	)

^(a)  Futures contracts collateralized by $4,110,337 cash held with Merrill Lynch International, the futures commission merchant.

Open Forward Foreign Currency Contracts
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
12/20/2023	Barclays Bank PLC		JPY	4,152,423,219		USD	28,149,533	$	536,858
12/20/2023	Barclays Bank PLC		SGD	52,417,560		USD	38,587,863		221,965
12/20/2023	Barclays Bank PLC		USD	33,233,297		KRW	44,987,250,000		106,925
12/20/2023	Barclays Bank PLC		USD	12,103,805		MXN	222,747,000		155,710
12/20/2023	Barclays Bank PLC		USD	6,172,108		PLN	26,104,000		16,382
12/20/2023	BNP Paribas S.A.		EUR	5,374,000		USD	5,723,235		24,330
12/20/2023	BNP Paribas S.A.		JPY	1,892,424,000		USD	13,048,785		464,593
12/20/2023	BNP Paribas S.A.		USD	15,469,780		COP	64,414,000,000		13,661
12/20/2023	BNP Paribas S.A.		USD	11,785,222		MXN	215,886,000		96,678
12/20/2023	Citibank, N.A.		CLP	4,525,565,000		USD	5,108,438		66,190
12/20/2023	Citibank, N.A.		GBP	4,330,000		USD	5,308,928		44,043
12/20/2023	Citibank, N.A.		TWD	518,990,811		USD	16,361,627		329,059
12/20/2023	Citibank, N.A.		USD	13,379,266		COP	56,413,332,500		181,024
11/08/2023	Deutsche Bank AG		AUD	17,500,000		USD	11,532,500		429,021
12/13/2023	Deutsche Bank AG		EUR	10,150,000		USD	11,022,900		263,703
12/20/2023	Deutsche Bank AG		INR	1,543,170,000		USD	18,522,115		17,692
12/20/2023	Deutsche Bank AG		PEN	120,717,000		USD	32,349,063		984,983
12/20/2023	Deutsche Bank AG		USD	3,994,327		EUR	3,805,000		40,719
12/20/2023	Deutsche Bank AG		USD	4,385,317		ZAR	83,612,400		82,267
02/14/2024	Deutsche Bank AG		JPY	1,654,695,000		USD	11,900,000		793,681
07/22/2024	Deutsche Bank AG		JPY	501,095,000		USD	3,500,000		50,585
11/07/2023	Goldman Sachs International		BRL	149,891,525		USD	30,275,000		564,135
12/20/2023	Goldman Sachs International		BRL	62,262,900		USD	12,600,000		317,791
12/20/2023	Goldman Sachs International		JPY	4,704,959,710		USD	31,900,000		613,082
12/20/2023	Goldman Sachs International		USD	5,530,647		PLN	23,371,000		9,929
12/21/2023	Goldman Sachs International		KRW	6,582,450,000		USD	5,250,000		371,441
01/22/2024	Goldman Sachs International		THB	152,197,500		USD	4,550,000		284,508
02/13/2024	Goldman Sachs International		JPY	1,094,562,000		USD	8,820,000		1,474,477
02/20/2024	Goldman Sachs International		JPY	1,027,320,000		USD	7,000,000		97,965
03/05/2024	Goldman Sachs International		EUR	23,800,000		USD	25,963,420		632,137
05/09/2024	Goldman Sachs International		JPY	2,190,384,000		USD	17,220,000		2,315,205
05/20/2024	Goldman Sachs International		AUD	14,437,500		USD	9,704,887		493,573
11/03/2023	HSBC Bank USA		BRL	490,705,000		USD	98,258,911		930,602
11/03/2023	HSBC Bank USA		USD	97,025,210		BRL	490,705,000		303,099
12/20/2023	HSBC Bank USA		IDR	368,541,180,000		USD	23,929,536		811,494
12/20/2023	HSBC Bank USA		KRW	44,196,364		USD	33,396		642
12/20/2023	HSBC Bank USA		SEK	29,223,165		USD	2,628,028		3,859
11/03/2023	J.P. Morgan Chase Bank, N.A.		BRL	244,940,755		USD	48,939,212		356,724
11/03/2023	J.P. Morgan Chase Bank, N.A.		USD	48,431,192		BRL	244,940,755		151,295

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

30 Invesco Global Strategic Income Fund

Open Forward Foreign Currency Contracts–(continued)
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
12/05/2023	J.P. Morgan Chase Bank, N.A.		EUR	22,750,000		USD	24,643,937	$	539,904
12/20/2023	J.P. Morgan Chase Bank, N.A.		AUD	27,450,000		USD	17,732,633		291,685
12/20/2023	J.P. Morgan Chase Bank, N.A.		CAD	36,180,487		USD	26,438,426		326,038
12/20/2023	J.P. Morgan Chase Bank, N.A.		EUR	183,504,283		USD	198,099,520		3,500,813
12/20/2023	J.P. Morgan Chase Bank, N.A.		GBP	99,523,000		USD	124,545,360		3,534,482
12/20/2023	J.P. Morgan Chase Bank, N.A.		JPY	7,060,920,000		USD	48,000,000		1,046,479
12/20/2023	J.P. Morgan Chase Bank, N.A.		KRW	4,705,820,000		USD	3,500,000		12,499
12/20/2023	J.P. Morgan Chase Bank, N.A.		MXN	949,357,000		USD	53,878,819		1,628,257
12/20/2023	J.P. Morgan Chase Bank, N.A.		THB	188,820,000		USD	5,315,504		39,822
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	18,583,806		CNY	135,048,514		141,141
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	16,730,000		COP	71,009,648,500		338,863
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	29,203,907		HUF	10,744,810,117		314,873
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	13,978,943		PLN	60,994,324		481,015
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	15,652,455		ZAR	299,032,326		325,461
01/03/2024	J.P. Morgan Chase Bank, N.A.		BRL	490,705,000		USD	97,364,035		707,677
03/20/2024	J.P. Morgan Chase Bank, N.A.		CNY	56,290,000		USD	8,330,343		531,988
12/20/2023	Merrill Lynch International		COP	209,079,840,000		USD	51,871,200		1,613,873
12/20/2023	Merrill Lynch International		EUR	1,835,000		USD	1,976,397		30,455
12/20/2023	Merrill Lynch International		KRW	9,426,060,000		USD	7,000,000		14,311
12/20/2023	Merrill Lynch International		USD	351,179		ZAR	6,815,000		12,960
01/26/2024	Merrill Lynch International		BRL	55,096,860		USD	10,920,000		97,634
03/08/2024	Merrill Lynch International		MXN	215,544,700		USD	11,900,000		195,998
11/01/2023	Morgan Stanley and Co. International PLC		CAD	22,435,487		USD	16,590,000		411,535
11/03/2023	Morgan Stanley and Co. International PLC		USD	26,462,828		BRL	133,911,100		97,613
11/27/2023	Morgan Stanley and Co. International PLC		COP	172,383,400,000		USD	42,000,000		352,303
12/04/2023	Morgan Stanley and Co. International PLC		USD	28,980,000		CLP	26,299,350,000		355,583
12/20/2023	Morgan Stanley and Co. International PLC		AUD	26,723,677		USD	17,311,414		331,950
12/20/2023	Morgan Stanley and Co. International PLC		GBP	9,620,572		USD	11,744,250		46,513
12/20/2023	Morgan Stanley and Co. International PLC		NZD	12,447,667		USD	7,466,078		212,919
12/20/2023	Morgan Stanley and Co. International PLC		USD	12,889,200		PLN	54,395,000		6,254
04/22/2024	Morgan Stanley and Co. International PLC		JPY	508,375,000		USD	3,500,000		50,061
12/20/2023	Standard Chartered Bank PLC		JPY	1,892,236,500		USD	12,855,222		272,277
01/03/2024	Standard Chartered Bank PLC		BRL	149,891,525		USD	29,705,137		180,333
01/29/2024	Standard Chartered Bank PLC		INR	1,298,115,000		USD	15,750,000		211,552
02/28/2024	Standard Chartered Bank PLC		THB	127,935,500		USD	3,850,000		252,386
Subtotal–Appreciation									33,159,534
Currency Risk
12/20/2023	BNP Paribas S.A.		USD	79,131,485		JPY	11,476,189,210		(2,817,422	)
12/20/2023	Citibank, N.A.		CLP	11,141,742,500		USD	12,250,000		(163,792	)
12/20/2023	Citibank, N.A.		USD	15,315,518		CLP	13,568,017,118		(198,444	)
12/13/2023	Deutsche Bank AG		USD	13,799,625		EUR	12,250,000		(814,387	)
12/20/2023	Deutsche Bank AG		HUF	2,794,260,000		USD	7,587,943		(88,614	)
12/20/2023	Deutsche Bank AG		USD	17,182,800		INR	1,431,585,000		(16,412	)
11/16/2023	Goldman Sachs International		MXN	111,483,000		USD	5,400,000		(770,455	)
11/20/2023	Goldman Sachs International		BRL	23,325,120		USD	4,032,000		(584,063	)
12/11/2023	Goldman Sachs International		EUR	35,000,000		USD	37,028,250		(68,041	)
12/20/2023	Goldman Sachs International		PLN	61,661,055		USD	14,524,960		(93,061	)
05/06/2024	Goldman Sachs International		MXN	190,927,043		USD	9,917,000		(346,285	)
05/16/2024	Goldman Sachs International		ZAR	124,715,938		USD	6,212,500		(366,093	)
05/17/2024	Goldman Sachs International		MXN	42,358,400		USD	2,240,000		(32,713	)

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

31 Invesco Global Strategic Income Fund

Open Forward Foreign Currency Contracts–(continued)
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
11/03/2023	HSBC Bank USA		BRL	310,037,655		USD	61,302,551	$	(191,504	)
11/03/2023	HSBC Bank USA		USD	62,082,029		BRL	310,037,655		(587,974	)
12/20/2023	HSBC Bank USA		CNY	77,861,840		USD	10,709,287		(86,528	)
12/20/2023	HSBC Bank USA		USD	31,859,855		IDR	490,676,809,600		(1,080,425	)
11/01/2023	J.P. Morgan Chase Bank, N.A.		USD	16,245,723		CAD	22,435,486		(67,258	)
11/03/2023	J.P. Morgan Chase Bank, N.A.		BRL	490,705,000		USD	97,025,210		(303,099	)
11/03/2023	J.P. Morgan Chase Bank, N.A.		USD	98,042,957		BRL	490,705,000		(714,648	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		CLP	15,404,984,000		USD	16,730,000		(433,767	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		COP	5,157,470,000		USD	1,196,143		(43,578	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		EUR	4,090,000		USD	4,331,456		(5,820	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		HUF	3,528,000,000		USD	9,651,211		(41,120	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		PLN	103,155,000		USD	23,641,510		(813,504	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	46,560,891		AUD	72,036,331		(791,057	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	22,548,473		CAD	30,438,951		(579,900	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	86,712,176		EUR	80,420,177		(1,429,904	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	35,351,863		GBP	28,249,334		(1,003,253	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	51,994,974		JPY	7,644,000,000		(1,164,103	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	44,213,499		MXN	779,051,880		(1,336,164	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	1,718,833		PEN	6,480,000		(35,232	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	2,898,345		SEK	31,961,678		(28,264	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	32,228,939		THB	1,144,852,484		(241,450	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		ZAR	1,093,078,200		USD	57,314,884		(1,090,548	)
01/03/2024	J.P. Morgan Chase Bank, N.A.		USD	48,600,320		BRL	244,940,755		(353,245	)
12/20/2023	Merrill Lynch International		MXN	203,597,100		USD	11,200,626		(4,919	)
12/20/2023	Merrill Lynch International		USD	8,566,199		COP	34,528,205,217		(266,521	)
12/20/2023	Merrill Lynch International		USD	141,402		CZK	3,260,232		(1,140	)
12/20/2023	Merrill Lynch International		USD	2,008,709		EUR	1,865,000		(30,953	)
12/20/2023	Merrill Lynch International		USD	8,819		NOK	93,682		(421	)
11/03/2023	Morgan Stanley and Co. International PLC		BRL	133,911,100		USD	26,064,134		(496,306	)
12/20/2023	Morgan Stanley and Co. International PLC		USD	6,903,938		NZD	11,638,662		(122,180	)
12/20/2023	Royal Bank of Canada		USD	51,760,195		JPY	7,659,750,000		(824,590	)
11/07/2023	Standard Chartered Bank PLC		USD	29,906,649		BRL	149,891,525		(195,784	)
12/20/2023	Standard Chartered Bank PLC		USD	27,050,637		EUR	25,420,000		(93,778	)
12/20/2023	Standard Chartered Bank PLC		USD	6,981,944		IDR	107,361,350,000		(247,325	)
12/20/2023	UBS AG		EUR	1,835,000		USD	1,940,320		(5,622	)
12/20/2023	UBS AG		USD	12,128,593		EUR	11,370,000		(71,178	)
Subtotal–Depreciation									(21,142,844	)
Total Forward Foreign Currency Contracts								$	12,016,690

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 CDX North America High Yield Index, Series 41, Version 1

Buy

(5.00)%

Quarterly

12/20/2028

5.137%

USD

110,375,000

$10,962

$

735,319

$724,357

Societe Generale S.A.

Sell

1.00

Quarterly

06/20/2027

0.940

EUR

10,500,000

8,302

27,797

19,495

Subtotal - Appreciation

19,264

763,116

743,852

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

32 Invesco Global Strategic Income Fund

Open Centrally Cleared Credit Default Swap Agreements(a)–(continued)

(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

Brazil Government International Bonds

Buy

(1.00)%

Quarterly

12/20/2027

1.414%

USD

3,500,000

$160,760

$

53,704

$(107,056

)

Total Centrally Cleared Credit Default Swap Agreements

$180,024

$

816,820

$ 636,796

^(a)  Centrally cleared swap agreements collateralized by $6,897,263 cash held with Counterparties.

^(b)  Implied credit spreads represent the current level, as of October 31, 2023, 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/			(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	CPURNSA	At Maturity		2.70	%	At Maturity		10/23/2053	USD	6,930,000	$	–		$	11,989		$	11,989
Receive	COOVIBR	Quarterly		(11.46	)	Quarterly		11/01/2024	COP	96,250,000,000		–			15,829			15,829
Receive	3 Month CZK PRIBOR	Quarterly		(7.02	)	Annually		02/10/2024	CZK	725,000,000		–			22,617			22,617
Receive	COOVIBR	Quarterly		(9.06	)	Quarterly		05/16/2032	COP	25,900,000,000		–			23,400			23,400
Pay	COOVIBR	Quarterly		9.44		Quarterly		10/24/2026	COP	35,000,000,000		–			33,794			33,794
Receive	COOVIBR	Quarterly		(9.01	)	Quarterly		05/24/2032	COP	25,400,000,000		–			34,517			34,517
Pay	CPURNSA	At Maturity		2.71		At Maturity		10/23/2033	USD	13,020,000		–			46,994			46,994
Receive	COOVIBR	Quarterly		(8.54	)	Quarterly		05/27/2032	COP	9,450,000,000		–			74,732			74,732
Receive	COOVIBR	Quarterly		(8.88	)	Quarterly		05/09/2032	COP	27,000,000,000		–			95,844			95,844
Receive	SOFR	Annually		(4.39	)	Annually		10/19/2033	USD	18,270,000		–			178,700			178,700
Receive	3 Month JIBAR	Quarterly		(6.61	)	Quarterly		10/19/2026	ZAR	119,500,000		430			272,239			271,809
Receive	3 Month JIBAR	Quarterly		(6.65	)	Quarterly		10/11/2026	ZAR	124,250,000		–			285,173			285,173
Pay	SONIA	Annually		5.34		Annually		12/05/2025	GBP	63,515,200		–			593,507			593,507
Receive	CPURNSA	At Maturity		(2.48	)	At Maturity		05/11/2028	USD	187,075,000		–			1,523,457			1,523,457
Subtotal – Appreciation												430			3,212,792			3,212,362
Interest Rate Risk
Pay	EFFR	Annually		3.67		Annually		08/09/2039	USD	210,000,000		(159,376	)		(16,582,537	)		(16,423,161	)
Pay	SOFR	Annually		3.30		Annually		05/11/2028	USD	61,130,000		–			(3,105,751	)		(3,105,751	)
Pay	6 Month EURIBOR	Semi - Annually		2.55		Annually		04/24/2034	EUR	37,800,000		–			(2,575,074	)		(2,575,074	)
Pay	SONIA	Annually		4.24		Annually		05/30/2025	GBP	118,160,000		–			(1,865,967	)		(1,865,967	)
Pay	6 Month EURIBOR	Semi - Annually		3.05		Annually		05/20/2025	EUR	202,986,000		–			(983,946	)		(983,946	)
Pay	28 Day MXN TIIE	28 Days		9.25		28 Days		02/10/2025	MXN	752,500,000		–			(702,768	)		(702,768	)
Pay	28 Day MXN TIIE	28 Days		9.40		28 Days		02/10/2025	MXN	787,500,000		–			(675,141	)		(675,141	)
Pay	BZDIOVRA	At Maturity		11.30		At Maturity		01/02/2026	BRL	181,797,497		–			(650,849	)		(650,849	)
Pay	6 Month EURIBOR	Semi - Annually		3.17		Annually		08/30/2033	EUR	22,512,000		8,065			(329,964	)		(338,029	)
Receive	COOVIBR	Quarterly		(9.91	)	Quarterly		01/17/2028	COP	42,590,000,000		–			(310,129	)		(310,129	)
Receive	COOVIBR	Quarterly		(9.86	)	Quarterly		09/09/2032	COP	25,200,000,000		–			(280,155	)		(280,155	)
Pay	28 Day MXN TIIE	28 Days		9.13		28 Days		02/11/2028	MXN	163,100,000		–			(220,539	)		(220,539	)
Pay	BZDIOVRA	At Maturity		11.72		At Maturity		01/02/2026	BRL	174,013,173		–			(180,316	)		(180,316	)
Receive	COOVIBR	Quarterly		(9.85	)	Quarterly		07/21/2032	COP	12,010,000,000		–			(141,822	)		(141,822	)
Receive	3 Month JIBAR	Quarterly		(10.00	)	Quarterly		10/26/2033	ZAR	203,000,000		–			(129,069	)		(129,069	)
Receive	COOVIBR	Quarterly		(9.71	)	Quarterly		07/21/2032	COP	12,332,000,000		–			(121,661	)		(121,661	)

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

33 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)
Pay	6 Month EURIBOR	Semi-Annually		3.74	%	Annually		03/14/2025	EUR	113,162,000	$	–		$	(102,776	)	$	(102,776	)
Receive	CPURNSA	At Maturity		(2.69	)	At Maturity		10/23/2043	USD	15,750,000		–			(40,715	)		(40,715	)
Pay	28 Day MXN TIIE	28 days		10.61		28 days		10/21/2025	MXN	636,600,000		–			(39,308	)		(39,308	)
Receive	3 Month JIBAR	Quarterly		(9.87	)	Quarterly		06/15/2033	ZAR	98,700,000		–			(34,645	)		(34,645	)
Pay	28 Day MXN TIIE	28 days		10.66		28 days		10/20/2025	MXN	659,750,000		–			(10,633	)		(10,633	)
Pay	3 Month CZK PRIBOR	Quarterly		6.06		Annually		09/20/2024	CZK	1,165,500,000		–			(2,534	)		(2,534	)
Subtotal – Depreciation												(151,311	)		(29,086,299	)		(28,934,988	)
Total Centrally Cleared Interest Rate Swap Agreements											$	(150,881	)	$	(25,873,507	)	$	(25,722,626	)

^(a)  Centrally cleared swap agreements collateralized by $6,897,263 cash held with Counterparties.

Open Over-The-Counter Credit Default Swap Agreements(a)
			(Pay)/					Implied					Upfront						Unrealized
		Buy/Sell	Receive		Payment	Maturity		Credit			Notional		Payments Paid						Appreciation
Counterparty	Reference Entity	Protection	Fixed Rate		Frequency	Date		Spread(b)			Value		(Received)			Value			(Depreciation)
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.	Buy		(1.00)%	Quarterly		12/20/2024		0.769	%	EUR	3,750,000	$	16,804		$	22,580		$	5,776
Goldman Sachs International	Markit iTraxx Europe Crossover Index, Series 32, Version 6	Sell		5.00	Quarterly		12/20/2024		0.978		EUR	7,100,000		231,685			338,765			107,080
J.P. Morgan Chase Bank, N.A.	Markit CDX North America High Yield Index, Series 39, Version 2	Buy		(5.00)	Quarterly		12/20/2027		0.768		USD	21,000,000		(3,197,961	)		(3,174,415	)		23,546
J.P. Morgan Chase Bank, N.A.	Markit CDX Investment Grade Index, Series 33, Version 1	Sell		1.00	Quarterly		12/20/2024		8.745		USD	7,000,000		(582,626	)		(577,001	)		5,625
Subtotal–Appreciation														(3,532,098	)		(3,390,071	)		142,027
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.	Sell		1.00	Quarterly		12/20/2024		0.492		EUR	7,500,000		10,916			(10,281	)		(21,197	)
Goldman Sachs International	Markit CDX North America High Yield Index, Series 37, Version 1	Buy		(5.00)	Quarterly		12/20/2026		0.425		USD	14,834,423		(1,910,943	)		(1,944,224	)		(33,281	)
J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)	Buy		(1.00)	Quarterly		06/20/2027		1.463		EUR	5,250,000		134,680			86,772			(47,908	)
Subtotal–Depreciation														(1,765,347	)		(1,867,733	)		(102,386	)
Total Open Over-The-Counter Credit Default Swap Agreements													$	(5,297,445	)	$	(5,257,804	)	$	39,641

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $38,871,588.

^(b)  Implied credit spreads represent the current level, as of October 31, 2023, 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

Morgan Stanley and Co. International PLC

Receive

EFFR

Annually

(3.67)%

Annually

08/09/2039

USD $210,000,000

$–

$

16,582,537

$

16,582,537

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $38,871,588.

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

34 Invesco Global Strategic Income Fund

Abbreviations:
AUD	–Australian Dollar
BRL	–Brazilian Real
BZDIOVRA	–Brazil Ceptip DI Interbank Deposit Rate
CAD	–Canadian Dollar
CLP	–Chile Peso
CNY	–Chinese Yuan Renminbi
COOVIBR	–Colombia IBR Overnight Nominal Interbank Reference Rate
COP	–Colombia Peso
CPURNSA	–Consumer Price Index For All Urban Consumers (Not Seasonally Adjusted)
CZK	–Czech Koruna
EFFR	–Effective Federal Funds Rate
EUR	–Euro
EURIBOR	–Euro Interbank Offered Rate
GBP	–British Pound Sterling
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
JPY	–Japanese Yen
KRW	–South Korean Won
MXN	–Mexican Peso
NOK	–Norwegian Krone
NZD	–New Zealand Dollar
PEN	–Peruvian Sol
PLN	–Polish Zloty
PRIBOR	–Prague Interbank Offerred Rate
SEK	–Swedish Krona
SGD	–Singapore Dollar
SOFR	–Secured Overnight Financing Rate
SONIA	–Sterling Overnight Index Average
THB	–Thai Baht
TIIE	–Interbank Equilibrium Interest Rate
TONAR	–Tokyo Overnight Average Rate
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.

35 Invesco Global Strategic Income Fund

Consolidated Statement of Assets and Liabilities

October 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $1,584,396,364)*	$	1,437,163,038
Investments in affiliated money market funds, at value (Cost $108,868,158)		108,869,654
Other investments:
Variation margin receivable – futures contracts		2,125,317
Variation margin receivable–centrally cleared swap agreements		4,150,483
Swaps receivable – OTC		56,600
Unrealized appreciation on swap agreements – OTC		16,724,564
Unrealized appreciation on forward foreign currency contracts outstanding		33,159,534
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		4,110,337
Cash collateral – centrally cleared swap agreements		6,897,263
Cash collateral – OTC Derivatives		38,871,588
Cash collateral – TBA commitments		669,000
Cash		48,685,327
Foreign currencies, at value (Cost $18,388,610)		18,371,538
Receivable for:
Investments sold		9,002,446
Fund shares sold		273,807
Dividends		445,738
Interest		17,957,574
Principal paydowns		359,684
Investment for trustee deferred compensation and retirement plans		332,157
Other assets		96,263
Total assets		1,748,321,912
Liabilities:
Other investments:
Options written, at value (premiums received $72,919,336)		67,305,953
Premiums received on swap agreements – OTC		5,297,445
Unrealized depreciation on forward foreign currency contracts outstanding		21,142,844
Swaps payable – OTC		221,106
Unrealized depreciation on swap agreements–OTC		102,386
Payable for:
Investments purchased		26,108,469
Dividends		1,275,442
Fund shares reacquired		1,362,651
Collateral upon return of securities loaned		59,595,615
Accrued fees to affiliates		731,906
Accrued trustees’ and officers’ fees and benefits		827
Accrued other operating expenses		257,837
Trustee deferred compensation and retirement plans		332,157
Total liabilities		183,734,638
Net assets applicable to shares outstanding	$	1,564,587,274

Net assets consist of:
Shares of beneficial interest	$	2,694,294,021
Distributable earnings (loss)		(1,129,706,747	)
	$	1,564,587,274
Net Assets:
Class A	$	1,353,278,977
Class C	$	41,073,121
Class R	$	52,258,892
Class Y	$	107,237,180
Class R5	$	7,994	��
Class R6	$	10,731,110
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		459,222,052
Class C		13,977,291
Class R		17,721,559
Class Y		36,443,391
Class R5		2,710
Class R6		3,657,601
Class A:
Net asset value per share	$	2.95
Maximum offering price per share (Net asset value of $2.95 ÷ 95.75%)	$	3.08
Class C:
Net asset value and offering price per share	$	2.94
Class R:
Net asset value and offering price per share	$	2.95
Class Y:
Net asset value and offering price per share	$	2.94
Class R5:
Net asset value and offering price per share	$	2.95
Class R6:
Net asset value and offering price per share	$	2.93

* At October 31, 2023, securities with an aggregate value of $58,060,563 were on loan to brokers.

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

36 Invesco Global Strategic Income Fund

Consolidated Statement of Operations

For the year ended October 31, 2023

Investment income:
Interest (net of foreign withholding taxes of $586,167)	$	95,402,137
Dividends (net of foreign withholding taxes of $1,827)		211,934
Dividends from affiliates (includes net securities lending income of $207,693)		3,692,283
Total investment income		99,306,354
Expenses:
Advisory fees		9,974,060
Administrative services fees		239,420
Custodian fees		459,651
Distribution fees:
Class A		3,449,760
Class C		468,567
Class R		273,793
Transfer agent fees – A, C, R and Y		2,472,931
Transfer agent fees – R5		2
Transfer agent fees – R6		3,135
Trustees’ and officers’ fees and benefits		30,862
Registration and filing fees		115,729
Reports to shareholders		138,301
Professional services fees		122,091
Other		32,642
Total expenses		17,780,944
Less: Fees waived and/or expense offset arrangement(s)		(180,618	)
Net expenses		17,600,326
Net investment income		81,706,028
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $26,752)		(60,468,172	)
Affiliated investment securities		2,513
Foreign currencies		(4,531,885	)
Forward foreign currency contracts		(42,431,830	)
Futures contracts		(10,225,296	)
Option contracts written		47,512,928
Swap agreements		(31,770,567	)
		(101,912,309	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		88,103,635
Affiliated investment securities		2,323
Foreign currencies		329,583
Forward foreign currency contracts		16,447,919
Futures contracts		(1,758,342	)
Option contracts written		30,566,860
Swap agreements		6,005,533
		139,697,511
Net realized and unrealized gain		37,785,202
Net increase in net assets resulting from operations	$	119,491,230

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

37 Invesco Global Strategic Income Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	81,706,028		$	57,305,451
Net realized gain (loss)		(101,912,309	)		(170,991,590	)
Change in net unrealized appreciation (depreciation)		139,697,511			(229,652,093	)
Net increase (decrease) in net assets resulting from operations		119,491,230			(343,338,232	)
Distributions to shareholders from distributable earnings:
Class A		(55,950,291	)		–
Class C		(1,513,240	)		–
Class R		(1,998,328	)		–
Class Y		(4,395,833	)		–
Class R5		(344	)		–
Class R6		(444,870	)		–
Total distributions from distributable earnings		(64,302,906	)		–
Return of capital:
Class A		(14,433,288	)		(54,922,897	)
Class C		(390,365	)		(1,516,768	)
Class R		(515,501	)		(1,802,840	)
Class Y		(1,133,977	)		(4,613,921	)
Class R5		(89	)		(316	)
Class R6		(114,762	)		(534,000	)
Total return of capital		(16,587,982	)		(63,390,742	)
Total distributions		(80,890,888	)		(63,390,742	)
Share transactions–net:
Class A		(114,721,926	)		(219,253,212	)
Class C		(8,498,785	)		(17,438,498	)
Class R		(720,903	)		(6,115,570	)
Class Y		1,618,883			(26,212,159	)
Class R6		76,553			(5,302,195	)
Net increase (decrease) in net assets resulting from share transactions		(122,246,178	)		(274,321,634	)
Net increase (decrease) in net assets		(83,645,836	)		(681,050,608	)
Net assets:
Beginning of year		1,648,233,110			2,329,283,718
End of year	$	1,564,587,274		$	1,648,233,110

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

38 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 10/31/23		$	2.89		$	0.15		$	0.06			$	0.21			$	(0.12	)		$	(0.03	)		$	(0.15	)		$	2.95		7.14	%(f)		$	1,353,279		1.04	%(f)		1.05	%(f)		4.89	%(f)		75	%
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
Class C
Year ended 10/31/23			2.88			0.13			0.05				0.18				(0.10	)			(0.02	)			(0.12	)			2.94		6.34				41,073		1.80			1.81			4.13			75
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
Class R
Year ended 10/31/23			2.89			0.14			0.06				0.20				(0.11	)			(0.03	)			(0.14	)			2.95		6.86				52,259		1.30			1.31			4.63			75
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
Class Y
Year ended 10/31/23			2.88			0.16			0.06				0.22				(0.13	)			(0.03	)			(0.16	)			2.94		7.40				107,237		0.80			0.81			5.13			75
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
Class R5
Year ended 10/31/23			2.89			0.16			0.06				0.22				(0.13	)			(0.03	)			(0.16	)			2.95		7.51				8		0.69			0.69			5.24			75
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 10/31/23			2.87			0.16			0.06				0.22				(0.13	)			(0.03	)			(0.16	)			2.93		7.53				10,731		0.69			0.69			5.24			75
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

^(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% and 0.04% for the one month ended October 31, 2019 and the year ended September 30, 2019, 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 for the one month ended October 31, 2019 and the year ended September 30, 2019, 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 ended October 31, 2023, 2022, 2021 and 2020, respectively.

^(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.

39 Invesco Global Strategic Income Fund

Notes to Consolidated Financial Statements

October 31, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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.

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

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

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

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

J. Treasury Inflation-Protected Securities – The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose

41 Invesco Global Strategic Income Fund

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 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 securities 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, 2023, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, 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 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

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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. 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

43 Invesco Global Strategic Income Fund

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, which could result in the Fund accruing additional expenses. 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, 2023, 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. 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.

T. LIBOR Transition 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 was 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. The publication of most LIBOR rates ceased at the end of 2021, and the remaining USD LIBOR rates ceased to be published after June 2023. The FCA will permit the use of synthetic USD LIBOR rates for non-U.S. contracts for a limited period of time after June 30, 2023, but any such rates would be considered non-representative of the underlying market.

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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act. The regulations provide a statutory fallback mechanism to replace LIBOR, by identifying benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) that replaced LIBOR in certain financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. The Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

V. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

44 Invesco Global Strategic Income Fund

W. 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.

Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

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, 2023, the effective advisory fee rate incurred by the Fund was 0.60%.

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.

Effective July 1, 2023, the Adviser has agreed for an indefinite period, 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 “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 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 boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2023, the Adviser waived advisory fees of $79,587.

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, 2023, 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, 2023, 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 Plans 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, 2023, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

45 Invesco Global Strategic Income Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2023, IDI advised the Fund that IDI retained $47,254 in front-end sales commissions from the sale of Class A shares and $740 and $2,064 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, 2023. 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	$	–		$	477,889,462			$                –	$	477,889,462
U.S. Dollar Denominated Bonds & Notes		–			468,602,347			–		468,602,347
Asset-Backed Securities		–			149,958,252			10,135,379		160,093,631
U.S. Treasury Securities		–			140,245,766			–		140,245,766
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			97,807,425			–		97,807,425
Agency Credit Risk Transfer Notes		–			49,570,705			–		49,570,705
Common Stocks & Other Equity Interests		21,366,937			414,556			15,333		21,796,826
Variable Rate Senior Loan Interests		–			9,823,368			1,773,387		11,596,755
Preferred Stocks		–			647,470			–		647,470
Money Market Funds		49,273,215			59,596,439			–		108,869,654
Options Purchased		–			8,912,651			–		8,912,651
Total Investments in Securities		70,640,152			1,463,468,441			11,924,099		1,546,032,692
Other Investments - Assets*
Futures Contracts		404,354			–			–		404,354
Forward Foreign Currency Contracts		–			33,159,534			–		33,159,534
Swap Agreements		–			20,680,778			–		20,680,778
		404,354			53,840,312			–		54,244,666
Other Investments - Liabilities*
Futures Contracts		(5,275,495	)		–			–		(5,275,495	)
Forward Foreign Currency Contracts		–			(21,142,844	)		–		(21,142,844	)
Options Written		–			(67,305,953	)		–		(67,305,953	)
Swap Agreements		–			(29,144,430	)		–		(29,144,430	)
		(5,275,495	)		(117,593,227	)		–		(122,868,722	)
Total Other Investments		(4,871,141	)		(63,752,915	)		–		(68,624,056	)
Total Investments	$	65,769,011		$	1,399,715,526			$11,924,099	$	1,477,408,636

* 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.

46 Invesco Global Strategic Income Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2023:

	Value
	Credit			Currency		Interest
Derivative Assets	Risk			Risk		Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	–		$	–	$	404,354		$	404,354
Unrealized appreciation on swap agreements – Centrally Cleared(a)		743,852			–		3,212,362			3,956,214
Unrealized appreciation on forward foreign currency contracts outstanding		–			33,159,534		–			33,159,534
Unrealized appreciation on swap agreements – OTC		142,027			–		16,582,537			16,724,564
Options purchased, at value – OTC(b)		1,439,740			6,194,761		1,278,150			8,912,651
Total Derivative Assets		2,325,619			39,354,295		21,477,403			63,157,317
Derivatives not subject to master netting agreements		(743,852	)		–		(3,616,716	)		(4,360,568	)
Total Derivative Assets subject to master netting agreements	$	1,581,767		$	39,354,295	$	17,860,687		$	58,796,749

	Value
	Credit			Currency			Interest
Derivative Liabilities	Risk			Risk			Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	–		$	–		$	(5,275,495	)	$	(5,275,495	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		(107,056	)		–			(28,934,988	)		(29,042,044	)
Unrealized depreciation on forward foreign currency contracts outstanding		–			(21,142,844	)		–			(21,142,844	)
Unrealized depreciation on swap agreements – OTC		(102,386	)		–			–			(102,386	)
Options written, at value – OTC		(3,820,807	)		(15,666,300	)		(47,818,846	)		(67,305,953	)
Total Derivative Liabilities		(4,030,249	)		(36,809,144	)		(82,029,329	)		(122,868,722	)
Derivatives not subject to master netting agreements		107,056			–			34,210,483			34,317,539
Total Derivative Liabilities subject to master netting agreements	$	(3,923,193	)	$	(36,809,144	)	$	(47,818,846	)	$	(88,551,183	)

^(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, 2023.

	Financial Derivative Assets								Financial Derivative Liabilities												Collateral     (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash	Cash			Net Amount
Barclays Bank PLC	$	1,037,840	$	–	$	–	$	1,037,840	$	–		$	–		$	–		$	–		$	1,037,840		$–	$	(650,000	)	$	387,840
BNP Paribas S.A.		599,262		–		–		599,262		(2,817,422	)		(998,851	)		–			(3,816,273	)		(3,217,011	)	–		2,040,000			(1,177,011	)
Citibank, N.A.		620,316		–		10,403		630,719		(362,236	)		–			(25,825	)		(388,061	)		242,658		–		(242,658	)		–
Deutsche Bank AG		2,662,651		202,766		–		2,865,417		(919,413	)		(5,691,501	)		–			(6,610,914	)		(3,745,497	)	–		2,330,000			(1,415,497	)
Goldman Sachs International		7,174,243		3,746,388		150,886		11,071,517		(2,260,711	)		(12,320,182	)		(120,781	)		(14,701,674	)		(3,630,157	)	–		3,630,157			–
HSBC Bank USA		2,049,696		–		–		2,049,696		(1,946,431	)		–			–			(1,946,431	)		103,265		–		–			103,265
J.P. Morgan Chase Bank, N.A.		14,269,016		2,647,725		37,338		16,954,079		(10,475,914	)		(16,163,889	)		(176,886	)		(26,816,689	)		(9,862,610	)	–		9,862,610			–
Merrill Lynch International		1,965,231		1,192,241		–		3,157,472		(303,954	)		(5,213,439	)		–			(5,517,393	)		(2,359,921	)	–		2,359,921			–
Morgan Stanley and Co. International PLC		1,864,731		1,094,297		16,582,537		19,541,565		(618,486	)		(25,864,587	)		–			(26,483,073	)		(6,941,508	)	–		6,941,508			–
Royal Bank of Canada		–		–		–		–		(824,590	)		–			–			(824,590	)		(824,590	)	–		260,000			(564,590	)
Standard Chartered Bank PLC		916,548		29,234		–		945,782		(536,887	)		(157,710	)		–			(694,597	)		251,185		–		(251,185	)		–
Toronto-Dominion Bank (The)		–		–		–		–		–			(895,794	)		–			(895,794	)		(895,794	)	–		–			(895,794	)
UBS AG		–		–		–		–		(76,800	)		–			–			(76,800	)		(76,800	)	–		–			(76,800	)
Total	$	33,159,534	$	8,912,651	$	16,781,164	$	58,853,349	$	(21,142,844	)	$	(67,305,953	)	$	(323,492	)	$	(88,772,289	)	$	(29,918,940	)	$–	$	26,280,353		$	(3,638,587	)

47 Invesco Global Strategic Income Fund

Effect of Derivative Investments for the year ended October 31, 2023

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	$	-		$	(42,431,830	)	$	-		$	(42,431,830	)
Futures contracts		-			-			(10,225,296	)		(10,225,296	)
Options purchased(a)		-			2,656,652			21,556,682			24,213,334
Options written		-			19,832,935			27,679,993			47,512,928
Swap agreements		(1,618,454	)		-			(30,152,113	)		(31,770,567	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			16,447,919			-			16,447,919
Futures contracts		-			-			(1,758,342	)		(1,758,342	)
Options purchased(a)		(1,561,082	)		(11,622,640	)		(28,284,200	)		(41,467,922	)
Options written		1,876,178			(536,722	)		29,227,404			30,566,860
Swap agreements		4,415,756			-			1,589,777			6,005,533
Total	$	3,112,398		$	(15,653,686	)	$	9,633,905		$	(2,907,383	)

^(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	$	3,597,609,645	$	456,494,916	$	719,958,515	$	1,103,579,619	$	3,554,892,217	$	1,137,677,245	$	2,384,833,751

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $101,031.

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.

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, 2023 and 2022:

	2023		2022
Ordinary income*	$	64,302,906	$	–
Return of capital		16,587,982		63,390,742
Total distributions	$	80,890,888	$	63,390,742

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

48 Invesco Global Strategic Income Fund

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation (depreciation) – investments	$	(175,189,568	)
Net unrealized appreciation (depreciation) – foreign currencies		(583,144	)
Temporary book/tax differences		(327,613	)
Capital loss carryforward		(953,606,422	)
Shares of beneficial interest		2,694,294,021
Total net assets	$	1,564,587,274

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, straddles, partnerships and 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$530,941,468	$422,664,954	$953,606,422

* 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, 2023 was $832,538,814 and $1,117,977,356, 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	$	93,849,558
Aggregate unrealized (depreciation) of investments		(269,039,126	)
Net unrealized appreciation (depreciation) of investments	$	(175,189,568	)

Cost of investments for tax purposes is $1,647,300,759.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and return of capital distributions, on October 31, 2023, undistributed net investment income was decreased by $18,644,758, undistributed net realized gain (loss) was increased by $37,254,941 and shares of beneficial interest was decreased by $18,610,183. 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, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		13,925,917		$	42,639,727			13,995,663		$	46,075,249
Class C		2,291,502			7,014,812			1,981,985			6,501,825
Class R		2,329,843			7,126,090			2,169,448			7,151,175
Class Y		16,517,530			50,711,935			18,495,604			63,481,249
Class R6		956,838			2,908,613			1,035,855			3,362,129
Issued as reinvestment of dividends:
Class A		18,982,473			58,175,403			14,040,687			44,995,175
Class C		581,152			1,775,763			431,954			1,381,234
Class R		805,926			2,470,293			551,262			1,767,204
Class Y		1,330,969			4,068,922			1,018,630			3,265,663
Class R6		147,936			450,844			134,665			433,369
Automatic conversion of Class C shares to Class A shares:
Class A		2,496,863			7,637,199			3,023,398			9,784,129
Class C		(2,504,256	)		(7,637,199	)		(3,032,222	)		(9,784,129	)

49 Invesco Global Strategic Income Fund

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(72,984,662	)	$	(223,174,255	)		(97,664,404	)	$	(320,107,765	)
Class C		(3,158,608	)		(9,652,161	)		(4,736,373	)		(15,537,428	)
Class R		(3,361,269	)		(10,317,286	)		(4,586,861	)		(15,033,949	)
Class Y		(17,432,059	)		(53,161,974	)		(27,744,639	)		(92,959,071	)
Class R6		(1,083,688	)		(3,282,904	)		(2,888,897	)		(9,097,693	)
Net increase (decrease) in share activity		(40,157,593	)	$	(122,246,178	)		(83,774,245	)	$	(274,321,634	)

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

50 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, 2023, the related consolidated statement of operations for the year ended October 31, 2023, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (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, 2023, 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, 2023 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 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, 2023 by correspondence with the custodian, transfer agent, brokers, portfolio company investees 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 21, 2023

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.

51 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, 2023 through October 31, 2023.

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     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$977.90	$5.23	$1,019.91	$5.35	1.05%
Class C	1,000.00	970.80	8.99	1,016.08	9.20	1.81
Class R	1,000.00	973.50	6.52	1,018.60	6.67	1.31
Class Y	1,000.00	975.80	4.03	1,021.12	4.13	0.81
Class R5	1,000.00	976.40	3.49	1,021.68	3.57	0.70
Class R6	1,000.00	976.10	3.49	1,021.68	3.57	0.70

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, 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.

52 Invesco Global Strategic Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 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

53 Invesco Global Strategic Income Fund

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 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 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 fee was in the fifth quintile of its expense group and discussed with management reasons for such relative contractual management fees. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect the Fund’s contractual management fee schedule relative to peers. 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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

54 Invesco Global Strategic Income Fund

federal securities laws and consistent with best execution obligations.

55 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, 2023:

Federal and State Income Tax
Qualified Dividend Income*	7.00	%
Corporate Dividends Received Deduction*	1.58	%
U.S. Treasury Obligations*	7.11	%
Qualified Business Income*	0.00	%
Business Interest Income*	98.42	%

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

56 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	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	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Global Strategic Income Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

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∎ 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, 2023

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
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
25	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2023, 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, 10/31/22 to 10/31/23, 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	17.90	%
Class C Shares	17.14
Class R Shares	17.62
Class Y Shares	18.27
Class R5 Shares	18.41
Class R6 Shares	18.42
MSCI China Index▼ (Broad Market Index)	21.12
MSCI China All Shares Index∎ (Style-Specific Index)	11.63
Lipper China Region Funds Index◆ (Peer Group Index)	10.00
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg LP; ◆Lipper Inc.

Market conditions and your Fund

Chinese equities were one of the weakest performing asset classes for the fiscal year, amidst a weaker-than-expected re-opening recovery following a strong start until February 2023. The Chinese market extended weakness throughout the second and third quarter, as the re-opening rally in the beginning of the first quarter succumbed to macro concerns. Investors were cautious amidst weaker-than-expected re-opening recovery, subdued consumption demands, as well as the rising competition concerns, especially from Douyin, a popular shorts streaming platform, on some sectors including e-commerce and local community life. Secto leadership concentrated in narrow themes, such as AI (artificial intelligence), SOE (state-owned enterprise) and selected EV (electric vehicle) opportunities.

    We acknowledge that China macro head-winds are challenging and will stay for a while, including property weakness, weak exports, investment and domestic consumption, shrinking balance sheet and ongoing US-China tension. We believe much of these negative headlines may be well priced in to current valuation.

    For the near term, recent economic data on retail, industrial and service sectors indicate a positive momentum of recovery. We anticipate the momentum to be sustained, with the help of the Chinese government’s support. To bolster the economy, the Chinese government has stepped up easing efforts across different areas such as relaxing major property measures to revive housing demand, introducing more special-item deduction for income taxes as well as further cutting RRR (reserve requirement ratio) rate. We anticipate these measures to contribute to a sustained recovery and favorable environment for economic growth.

    For the fiscal year ended October 31, 2023, stock selection in the materials sector contributed to the Fund’s performance relative to the style-specific benchmark. Zijin Mining Group, a large multinational mining group headquartered in China, was a top contributor to performance in this sector. Zijin Mining Group engages in the global exploration and development of copper, gold, zinc and lithium projects, as well as engineering and technological research. An underweight to the industrials sector also helped the Fund’s relative performance.

    Stock selection and an underweight to the information technology sector also contributed to the Fund’s performance relative to the style-specific benchmark during the fiscal year.

    In contrast, stock selection in the consumer staples sector had a negative impact on the Fund’s performance relative to the style-specific benchmark. One of the top detractors to performance in this sector was Tingyi Holding which operates as an investment holding company through the following business segments: instant noodles and beverages. We exited our position in the holding at the end of the fiscal year. An underweight in the energy sector was also a detractor from performance relative to the style-specific benchmark.

    Additionally stock selection and an underweight in the financials sector detracted from performance relative to the style-specific benchmark.

    Raymond Ma has recently joined Invesco as Chief Investment Officer for Hong Kong and China. With over 20 years of experience, Raymond is a seasoned Chinese and Hong Kong equity investor. Raymond believes that identifying and investing in good growth quality companies is key to alpha generation.

    Kehong Jiang joined Invesco in 2022 from Invesco’s onshore China funds management

joint venture, Invesco Great Wall. He has a wealth of experience across risk management, industry research and investment management in China A-shares.

    There is no change to the investment objective, strategy or process of the Fund as a result of these portfolio manager changes.

    One of the key investment themes that we believe the Fund is well-positioned in is ‘reglobalization’. Through proprietary, fundamental research, we are aiming to identify Chinese companies that have capability and leadership position to expand globally and capture market shares in overseas markets. We held a constructive outlook as in our view leaders in various sectors, including consumer, internet, automotive and battery manufacturers have successfully ventured abroad while maintaining local presence in China. We believe the trajectory of global expansion for Chinese companies appears promising, as we anticipate that hundreds of enterprises will follow the footsteps of successful pioneers. We believe as economic growth in China moderates, stock picking would be key as we aim to identify companies with strong competitive edge, rising market share, solid balance sheet/cashflow and global expansion capabilities.

    Thank you for your continued investment in Invesco Greater China Fund.

Portfolio manager(s):

Kehong Jiang

Raymond Ma

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 10/31/13

1 Source: Bloomberg LP

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 Greater China Fund

Average Annual Total Returns
As of 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	4.63	%
10 Years	0.23
5 Years	-4.77
1 Year	11.38
Class C Shares
Inception (3/31/06)	4.61	%
10 Years	0.19
5 Years	-4.38
1 Year	16.14
Class R Shares
10 Years	0.54	%
5 Years	-3.92
1 Year	17.62
Class Y Shares
Inception (10/3/08)	4.52	%
10 Years	1.05
5 Years	-3.44
1 Year	18.27
Class R5 Shares
Inception (3/31/06)	5.42	%
10 Years	1.21
5 Years	-3.32
1 Year	18.41
Class R6 Shares
10 Years	1.06	%
5 Years	-3.29
1 Year	18.42

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, 2023, 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		29.82	%
Communication Services		14.57
Materials		12.67
Industrials		11.67
Financials		9.23
Health Care		8.57
Consumer Staples		7.91
Information Technology		4.13
Other Sectors, Each Less than 2% of Net Assets		0.80
Money Market Funds Plus Other Assets Less Liabilities		0.63

Top 10 Equity Holdings*

		% of total net assets
1.	Tencent Holdings Ltd.		9.09	%
2.	Alibaba Group Holding Ltd.		6.36
3.	Suofeiya Home Collection Co. Ltd., A Shares		4.34
4.	Kweichow Moutai Co. Ltd., A Shares		4.17
5.	Wanhua Chemical Group Co. Ltd., A Shares		3.72
6.	PDD Holdings, Inc., ADR		3.63
7.	AIA Group Ltd.		3.44
8.	Haier Smart Home Co. Ltd., A Shares		3.37
9.	Innovent Biologics, Inc.		3.35
10.	Shenzhen Mindray Bio-Medical Electronics 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, 2023.

6 Invesco Greater China Fund

Schedule of Investments^(a)

October 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–99.37%(b)
Apparel, Accessories & Luxury Goods–2.57%
ANTA Sports Products Ltd.		69,800	$	785,957
Shenzhou International Group Holdings Ltd.		88,000		859,685
				1,645,642
Automobile Manufacturers–0.52%
BYD Co. Ltd., A Shares		10,300		336,025
Automotive Parts & Equipment–1.13%
Fuyao Glass Industry Group Co. Ltd., A Shares		142,300		724,444
Biotechnology–3.72%
Akeso, Inc.(c)(d)		42,000		237,386
Innovent Biologics, Inc.(c)(d)		366,000		2,149,155
				2,386,541
Broadline Retail–11.74%
Alibaba Group Holding Ltd.(d)		395,600		4,075,782
Alibaba Group Holding Ltd., ADR(d)(e)		8,977		740,962
MINISO Group Holding Ltd., A shares		60,000		382,865
PDD Holdings, Inc., ADR(d)		22,929		2,325,459
				7,525,068
Building Products–0.94%
ZBOM Home Collection Co. Ltd., A Shares		227,300		604,682
Construction Machinery & Heavy Transportation Equipment– 1.96%
Sany Heavy Industry Co. Ltd., A Shares		632,400		1,254,648
Construction Materials–0.49%
Asia Cement China Holdings Corp.		1,014,000		314,819
Distillers & Vintners–6.29%
Kweichow Moutai Co. Ltd., A Shares		11,600		2,672,355
Luzhou Laojiao Co. Ltd., A Shares		46,300		1,359,531
				4,031,886
Diversified Banks–4.02%
Bank of China Ltd., H Shares		4,465,000		1,571,224
China Construction Bank Corp., H Shares		1,188,000		672,323
China Merchants Bank Co. Ltd., H Shares		88,000		333,752
				2,577,299
Education Services–0.40%
New Oriental Education & Technology Group, Inc.(d)		38,600		253,461
Electrical Components & Equipment–3.80%
Contemporary Amperex Technology Co. Ltd., A Shares		50,465		1,280,870
Gongniu Group Co. Ltd., A Shares		43,092		623,523
Hongfa Technology Co. Ltd., A Shares		133,900		532,447
				2,436,840

	Shares		Value
Electronic Components–3.64%
Chaozhou Three-Circle Group Co. Ltd., A Shares		257,300	$	1,088,773
Xiamen Faratronic Co. Ltd., A Shares		90,800		1,242,335
				2,331,108
Footwear–0.45%
Stella International Holdings Ltd.		257,000		290,287
Gold–3.25%
Zijin Mining Group Co. Ltd., A Shares		515,400		876,870
Zijin Mining Group Co. Ltd., H Shares		778,000		1,208,539
				2,085,409
Health Care Equipment–3.30%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares		54,100		2,114,985
Health Care Services–1.55%
Guangzhou Kingmed Diagnostics Group Co. Ltd., A Shares		117,400		996,126
Home Furnishings–4.34%
Suofeiya Home Collection Co. Ltd., A Shares ,(Acquired 12/20/2022-02/07/23; Cost $3,050,641)(f)		1,123,528		2,782,449
Hotels, Resorts & Cruise Lines–0.41%
Shanghai Jinjiang International Hotels Co. Ltd., B Shares		177,178		260,917
Household Appliances–3.37%
Haier Smart Home Co. Ltd., A Shares		710,846		2,160,007
Household Products–0.69%
Vinda International Holdings Ltd.		178,000		440,228
Industrial Gases–0.56%
Hangzhou Oxygen Plant Group Co. Ltd., A Shares		78,900		356,447
Industrial Machinery & Supplies & Components–4.97%
Haitian International Holdings Ltd.		64,000		152,429
Jiangsu Hengli Hydraulic Co. Ltd., A Shares		146,600		1,130,893
Luoyang Xinqianglian Slewing Bearings Co. Ltd., A Shares		146,824		745,100
Shenzhen Inovance Technology Co. Ltd., A Shares		139,300		1,154,620
				3,183,042
Integrated Oil & Gas–0.19%
PetroChina Co. Ltd., H Shares		186,000		121,197
Interactive Home Entertainment–3.29%
NetEase, Inc.		98,500		2,106,447
Interactive Media & Services–10.76%
Baidu, Inc., A Shares(d)		58,100		761,307
Kuaishou Technology(c)(d)		48,400		311,226
Tencent Holdings Ltd.		157,200		5,823,448
				6,895,981
Life & Health Insurance–4.37%
AIA Group Ltd. (Hong Kong)		252,800		2,201,683

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

7 Invesco Greater China Fund

	Shares		Value
Life & Health Insurance–(continued)
China Life Insurance Co. Ltd., H Shares		443,000	$	599,751
				2,801,434
Movies & Entertainment–0.53%
Tencent Music Entertainment Group, ADR(d)		46,698		339,027
Packaged Foods & Meats–0.93%
Guangdong Haid Group Co. Ltd., A Shares		96,200		593,792
Paper & Plastic Packaging Products & Materials–0.56%
Zhejiang Jiemei Electronic & Technology Co. Ltd., A Shares		94,800		360,137
Pharmaceuticals–0.00%
China Animal Healthcare Ltd.(g)		349,000		0
Property & Casualty Insurance–0.84%
PICC Property & Casualty Co. Ltd., H Shares		472,000		539,068
Real Estate Development–0.31%
Longfor Group Holdings Ltd.(c)		137,500		201,410
Real Estate Services–0.29%
KE Holdings, Inc., A shares		38,200		188,189
Restaurants–3.78%
Ajisen (China) Holdings Ltd. (Hong Kong)		1,802,000		191,087
Meituan, B Shares(c)(d)		125,620		1,784,655
Yum China Holdings, Inc.		8,500		444,530
				2,420,272
Semiconductor Materials & Equipment–0.49%
TCL Zhonghuan Renewable Energy Technology Co. Ltd., A Shares		123,600		313,776
Specialty Chemicals–5.28%
Shenzhen Capchem Technology Co. Ltd., A Shares		165,460		1,000,612

	Shares		Value
Specialty Chemicals–(continued)
Wanhua Chemical Group Co. Ltd., A Shares		196,500	$	2,385,927
				3,386,539
Steel–2.53%
Zhejiang JIULI Hi-tech Metals Co. Ltd., A Shares		583,100		1,618,881
Textiles–1.11%
Tayho Advanced Materials Group Co. Ltd., A Shares		336,200		714,084
Total Common Stocks & Other Equity Interests (Cost $64,819,230)				63,692,594
Money Market Funds–0.65%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(h)(i)		145,289		145,289
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(h)(i)		103,735		103,766
Invesco Treasury Portfolio, Institutional Class, 5.27%(h)(i)		166,045		166,045
Total Money Market Funds (Cost $415,091)				415,100
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $65,234,321)				64,107,694
Investments Purchased with Cash Collateral from Securities on Loan–1.16%
Money Market Funds–1.16%
Invesco Private Government Fund, 5.32%(h)(i)(j)		208,790		208,790
Invesco Private Prime Fund, 5.53%(h)(i)(j)		537,070		537,124
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $745,908)				745,914
TOTAL INVESTMENTS IN SECURITIES–101.18% (Cost $65,980,229)				64,853,608
OTHER ASSETS LESS LIABILITIES–(1.18)%				(759,280	)
NET ASSETS–100.00%			$	64,094,328

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, 2023 was $4,683,832, which represented 7.31% 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, 2023.

^(f)  Restricted security. The value of this security at October 31, 2023 represented 4.34% of the Fund’s Net Assets.

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

^(h)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$            -		$19,183,432		$(19,038,143)		$     -		$       -		$  145,289		$  44,193
Invesco Liquid Assets Portfolio, Institutional Class		31,663		13,702,451		(13,630,001)		(10)		(337)		103,766		32,344
Invesco Treasury Portfolio, Institutional Class		-		21,923,922		(21,757,877)		-		-		166,045		50,397

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

8 Invesco Greater China Fund

	Value October 31, 2022	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation (Depreciation)	Realized Gain (Loss)	Value October 31, 2023	Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$   760,848	$  9,414,744	$  (9,966,802)	$     -	$     -	$   208,790	$ 12,674*
Invesco Private Prime Fund	1,956,079	19,455,433	(20,874,661)	(6)	279	537,124	35,055*
Total	$2,748,590	$83,679,982	$(85,267,484)	$(16)	$(58)	$1,161,014	$174,663

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

⁽ⁱ⁾  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(j)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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

9 Invesco Greater China Fund

Statement of Assets and Liabilities

October 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $ 64,819,230)*	$	63,692,594
Investments in affiliated money market funds, at value (Cost $ 1,160,999)		1,161,014
Foreign currencies, at value and cost		38,638
Receivable for:
Investments sold		111,580
Fund shares sold		1,751
Dividends		6,470
Investment for trustee deferred compensation and retirement plans		45,134
Other assets		123,539
Total assets		65,180,720
Liabilities:
Payable for:
Investments purchased		109,638
Fund shares reacquired		30,769
Collateral upon return of securities loaned		745,908
Accrued fees to affiliates		53,024
Accrued trustees’ and officers’ fees and benefits		361
Accrued other operating expenses		57,517
Trustee deferred compensation and retirement plans		89,175
Total liabilities		1,086,392
Net assets applicable to shares outstanding	$	64,094,328
Net assets consist of:
Shares of beneficial interest	$	93,591,077
Distributable earnings (loss)		(29,496,749	)
	$	64,094,328

Net Assets:
Class A	$	56,177,739
Class C	$	2,244,214
Class R	$	488,617
Class Y	$	4,808,841
Class R5	$	6,727
Class R6	$	368,190
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		3,294,778
Class C		138,268
Class R		28,747
Class Y		281,301
Class R5		393
Class R6		21,501
Class A:
Net asset value per share	$	17.05
Maximum offering price per share (Net asset value of $17.05 ÷ 94.50%)	$	18.04
Class C:
Net asset value and offering price per share	$	16.23
Class R:
Net asset value and offering price per share	$	17.00
Class Y:
Net asset value and offering price per share	$	17.10
Class R5:
Net asset value and offering price per share	$	17.12
Class R6:
Net asset value and offering price per share	$	17.12

* At October 31, 2023, security with a value of $725,527 was on loan to brokers.

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

10 Invesco Greater China Fund

Statement of Operations

For the year ended October 31, 2023

Investment income:
Dividends (net of foreign withholding taxes of $97,306)	$	1,895,633
Dividends from affiliated money market funds (includes net securities lending income of $1,823)		128,757
Total investment income		2,024,390
Expenses:
Advisory fees		673,165
Administrative services fees		10,631
Custodian fees		21,405
Distribution fees:
Class A		168,781
Class C		24,260
Class R		2,749
Transfer agent fees – A, C, R and Y		170,398
Transfer agent fees – R5		2
Transfer agent fees – R6		124
Trustees’ and officers’ fees and benefits		17,454
Registration and filing fees		82,275
Reports to shareholders		24,989
Professional services fees		61,366
Other		15,078
Total expenses		1,272,677
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(8,005	)
Net expenses		1,264,672
Net investment income		759,718
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(18,389,927	)
Affiliated investment securities		(58	)
Foreign currencies		(30,099	)
Forward foreign currency contracts		(13	)
		(18,420,097	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		29,197,518
Affiliated investment securities		(16	)
Foreign currencies		(507	)
		29,196,995
Net realized and unrealized gain		10,776,898
Net increase in net assets resulting from operations	$	11,536,616

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

11 Invesco Greater China Fund

Statement of Changes in Net Assets

For the years ended October 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	759,718		$	1,065,274
Net realized gain (loss)		(18,420,097	)		(9,953,034	)
Change in net unrealized appreciation (depreciation)		29,196,995			(39,887,385	)
Net increase (decrease) in net assets resulting from operations		11,536,616			(48,775,145	)
Distributions to shareholders from distributable earnings:
Class A		(1,147,256	)		(65,397	)
Class C		(22,293	)		–
Class R		(6,683	)		–
Class Y		(117,984	)		(30,560	)
Class R5		(151	)		(71	)
Class R6		(8,833	)		(4,044	)
Total distributions from distributable earnings		(1,303,200	)		(100,072	)
Share transactions–net:
Class A		(8,406,321	)		(12,713,278	)
Class C		(212,608	)		(552,038	)
Class R		85,057			(52,658	)
Class Y		(491,134	)		(1,661,147	)
Class R5		–			(5,106	)
Class R6		(9,615	)		(365,504	)
Net increase (decrease) in net assets resulting from share transactions		(9,034,621	)		(15,349,731	)
Net increase (decrease) in net assets		1,198,795			(64,224,948	)
Net assets:
Beginning of year		62,895,533			127,120,481
End of year	$	64,094,328		$	62,895,533

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

12 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 10/31/23		$14.70		$ 0.19			$   2.47			$   2.66			$(0.31	)		$      –			$(0.31	)		$17.05		17.90	%		$  56,178		1.63	%		1.63	%		0.99	%		94	%
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
Class C
Year ended 10/31/23		13.97		0.06			2.35			2.41			(0.15	)		–			(0.15	)		16.23		17.14	(e)		2,244		2.29	(e)		2.29	(e)		0.33	(e)		94
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
Class R
Year ended 10/31/23		14.65		0.14	(d)		2.47			2.61			(0.26	)		–			(0.26	)		17.00		17.62			489		1.88			1.88			0.74			94
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 10/31/23		14.74		0.24	(d)		2.49			2.73			(0.37	)		–			(0.37	)		17.10		18.27			4,809		1.38			1.38			1.24			94
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
Class R5
Year ended 10/31/23		14.75		0.27	(d)		2.49			2.76			(0.39	)		–			(0.39	)		17.12		18.41			7		1.20			1.20			1.42			94
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
Class R6
Year ended 10/31/23		14.76		0.27	(d)		2.49			2.76			(0.40	)		–			(0.40	)		17.12		18.42			368		1.20			1.20			1.42			94
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

^(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.

^(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 0.91% for the year ended October 31, 2023.

^(f)  Commencement date of April 23, 2021.

^(g)  Annualized.

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

13 Invesco Greater China Fund

Notes to Financial Statements

October 31, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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 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 securities 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, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, 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

15 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; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; 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. In addition, export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has recently imposed tariffs on the other country’s products. Further, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

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.

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, 2023, the effective advisory fee rate incurred by the Fund was 0.87%.

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

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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 “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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

16 Invesco Greater China Fund

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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2023, the Adviser waived advisory fees of $3,332.

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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $5,628 in front-end sales commissions from the sale of Class A shares and $617 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, 2023. 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	$	3,405,448	$	60,287,146		$0	$	63,692,594
Money Market Funds		415,100		745,914		–		1,161,014
Total Investments	$	3,820,548	$	61,033,060		$0	$	64,853,608

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.

17 Invesco Greater China Fund

Effect of Derivative Investments for the year ended October 31, 2023

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		$(13)

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

	Forward Foreign Currency Contracts
Average notional value	$29,889

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,673.

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.

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, 2023 and 2022:

	2023		2022
Ordinary income*	$	1,303,200	$	100,072

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	1,152,706
Net unrealized appreciation (depreciation) – investments		(1,569,897	)
Net unrealized appreciation (depreciation) – foreign currencies		(24,485	)
Temporary book/tax differences		(78,964	)
Capital loss carryforward		(28,976,109	)
Shares of beneficial interest		93,591,077
Total net assets	$	64,094,328

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 distributions.

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.

18 Invesco Greater China Fund

The Fund has a capital loss carryforward as of October 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$14,547,589	$14,428,520	$28,976,109

* 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, 2023 was $68,888,680 and $79,309,612, 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	$	4,559,776
Aggregate unrealized (depreciation) of investments		(6,129,673	)
Net unrealized appreciation (depreciation) of investments	$	(1,569,897	)

Cost of investments for tax purposes is $66,423,505.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, on October 31, 2023, undistributed net investment income was increased by $415,157 and undistributed net realized gain (loss) was decreased by $415,157. 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, 2023(a)						Year ended October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		997,548		$	18,622,567			551,375		$	11,191,105
Class C		16,309			306,867			56,736			1,128,081
Class R		9,267			182,948			9,502			198,380
Class Y		215,424			4,628,149			355,448			7,310,714
Class R5		-			-			1,070			22,421
Class R6		9,350			178,763			8,289			172,430
Issued as reinvestment of dividends:
Class A		53,343			1,017,779			2,464			57,624
Class C		1,174			21,445			-			-
Class R		351			6,683			-			-
Class Y		5,452			104,082			1,118			26,181
Class R5		-			-			1			31
Class R6		426			8,124			144			3,377
Automatic conversion of Class C shares to Class A shares:
Class A		5,889			110,321			11,489			230,452
Class C		(6,166	)		(110,321	)		(12,039	)		(230,452	)
Reacquired:
Class A		(1,523,331	)		(28,156,988	)		(1,176,210	)		(24,192,459	)
Class C		(24,044	)		(430,599	)		(71,412	)		(1,449,667	)
Class R		(5,890	)		(104,574	)		(12,296	)		(251,038	)
Class Y		(265,441	)		(5,223,365	)		(453,053	)		(8,998,042	)
Class R5		-			-			(1,366	)		(27,558	)
Class R6		(10,396	)		(196,502	)		(24,964	)		(541,311	)
Net increase (decrease) in share activity		(520,735	)	$	(9,034,621	)		(753,704	)	$	(15,349,731	)

^(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.

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, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, 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, 2023, 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, 2023 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, 2023 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 21, 2023

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, 2023 through October 31, 2023.

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     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$876.10	$8.04	$1,016.64	$8.64	1.70%
Class C	1,000.00	873.00	11.14	1,013.31	11.98	2.36
Class R	1,000.00	875.40	9.22	1,015.38	9.91	1.95
Class Y	1,000.00	877.40	6.86	1,017.90	7.38	1.45
Class R5	1,000.00	877.90	5.63	1,019.21	6.06	1.19
Class R6	1,000.00	877.90	5.82	1,019.00	6.26	1.23

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, 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, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 first quintile of its performance universe for the one year period, the fourth quintile for the three year period and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that overweight allocation to

22 Invesco Greater China Fund

certain Chinese companies and stock selection within the Chinese healthcare sector were the primary detractors from Fund performance. The Board further considered that the Fund’s value bias can result in underperformance during markets that favor growth companies. 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 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 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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

23 Invesco Greater China 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.

24 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, 2023:

Federal and State Income Tax
Qualified Dividend Income*	86.43	%
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.

25 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Board Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	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	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Greater China 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. CHI-AR-1                                         

Annual Report to Shareholders October 31, 2023

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
25	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2023, Class A shares of Invesco Health Care Fund (the Fund), at net asset value (NAV), outperformed the S&P Composite 1500 Health Care Index, one of the Fund’s style-specific benchmarks.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/22 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-4.72	%
Class C Shares	-5.46
Class Y Shares	-4.46
Investor Class Shares	-4.72
Class R6 Shares	-4.42
MSCI World Index▼ (Broad Market Index)	10.48
S&P Composite 1500 Health Care Index▼ (Style-Specific Index)	-5.24
MSCI World Health Care Index▼ (Style-Specific Index)	-1.92
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

At the start of the fiscal year, US equity markets rebounded, despite mixed data on the economy and corporate earnings. However, the US Federal Reserve’s (the Fed’s) message that rate hikes would continue until data showed inflation meaningfully declining, sent markets lower in December 2022. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.¹

    US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

    The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported

equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. Following the March banking crisis, markets stabilized in April, as corporate earnings season got underway, with many companies surprising consensus earnings and revenue estimates. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting,¹ but left rates unchanged at its June meeting, giving investors the long-awaited “pause” in rate hikes, which sent equities broadly higher.

    Equity markets declined in the third quarter and into October 2023 as a resilient US economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak, the Consumer Price Index (CPI) rose by 0.2% in July, and the 12-month headline inflation rate rose to 3.2% from 3% in June.² Due to the persistence of inflation, the Fed raised the federal funds rate again in July by 0.25%. The CPI data released in September was higher-than-expected and the overall US labor market remained tight with unemployment near historic lows. At the same time, wages rose and consumers continued to spend, pushing the third quarter year-over-year Gross Domestic Product (GDP) to 4.9%, far above expectations.² Despite the higher-than-expected GDP for the third quarter of 2023, the Fed held interest rates steady at its September and October meetings, but left open the possibility of another rate hike before the end of the calendar year.¹

    Despite higher rates and increased market volatility, US stocks for the fiscal year had positive returns of 10.69%, as measured by the S&P 500 Index.³

    During the fiscal year, the Fund’s Class A shares at NAV outperformed the S&P Composite 1500 Health Care Index. Outperformance was mainly attributed to stronger stock selection in pharmaceuticals. This was

partially offset by weaker stock selection and an underweight allocation as of fiscal year end to health care equipment and an underweight allocation to managed care.

    At the stock level, the top three individual contributors to absolute Fund performance during the fiscal year were Eli Lilly, Novo Nordisk and Vertex Pharmaceuticals.

    Eli Lilly is a large cap pharmaceutical company that makes drugs to treat Alzheimer’s, cancer, diabetes, obesity, pain and autoimmune diseases. During the second quarter of 2023, the stock price rose after management raised its earnings and revenue guidance despite reporting revenues and earnings that fell short of analyst expectations. The company also announced positive clinical trial results for its early-stage Alzheimer’s drug and its diabetes drug. During the third quarter of 2023, the company reported better-than-expected sales of its GLP-1 diabetes treatment Mounjaro. The stock also benefited from positive clinical headlines related to Novo Nordisk’s obesity treatment Wegovy.

    Novo Nordisk makes treatments for diabetes, obesity, rare blood disorders, endocrinology and hormone replacement. In late 2022, the company reported better-than-expected sales in diabetes and obesity treatments and raised earnings guidance. The stock also rose on positive Phase III data from its PIONEER PLUS clinical trial to treat Type 2 Diabetes and from positive results from its SELECT study regarding its weight-loss drug Wegovy.

    Vertex makes drugs to treat cystic fibrosis, infectious diseases, viral infections, bacterial infections, flu, rheumatoid arthritis, cancer, inflammatory bowel disease, neurological disorders, and multiple sclerosis. The stock rose as management expressed confidence in its 2023 guidance led by its cystic fibrosis franchise and as it expects its pipeline to generate five new product launches over the next five years.

    At the stock level, the top three individual detractors from absolute Fund performance during the fiscal year were DexCom, Elevance and Humana.

    DexCom makes wearable continuous glucose monitors used to treat diabetes. The company reported better-than-expected results and raised its earnings guidance. The stock declined in response to better-than-expected sales of GLP-1 obesity drugs, which pressured stocks of companies that treat diabetes.

    Elevance provides managed care and prescription benefit services for government and commercial sectors. The stock declined on investor concerns regarding pressure on Medicare Advantage margins driven by higher supplemental benefit utilization.

    Humana provides health insurance and prescription drug services, including Medicare and Medicaid health coverage. The stock declined on investor concerns regarding higher

2 Invesco Health Care Fund

medical costs driven by higher elective procedure volume within the Medicare Advantage channel.

    We invest in 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: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 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 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 10/31/13

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 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (8/7/89)	9.59	%
10 Years	5.85
5 Years	4.08
1 Year	-9.97
Class C Shares
Inception (3/1/99)	7.69	%
10 Years	5.82
5 Years	4.47
1 Year	-6.40
Class Y Shares
Inception (10/3/08)	8.97	%
10 Years	6.72
5 Years	5.53
1 Year	-4.46
Investor Class Shares
Inception (7/15/05)	7.42	%
10 Years	6.45
5 Years	5.26
1 Year	-4.72
Class R6 Shares
10 Years	6.68	%
5 Years	5.60
1 Year	-4.42

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, 2023, 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 MSCI World Health Care Index is an unmanaged index considered representative of health care stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The 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	% of total net assets
Pharmaceuticals	23.43%
Biotechnology	17.48
Health Care Equipment	15.50
Managed Health Care	15.41
Life Sciences Tools & Services	7.75
Health Care Distributors	6.87
Health Care Facilities	4.12
Other Sectors, Each Less than 2% of Net Assets	3.52
Money Market Funds Plus Other Assets Less Liabilities	5.92

Top 10 Equity Holdings*

		% of total net assets
1.	UnitedHealth Group, Inc.	9.29%
2.	Eli Lilly and Co.	8.44
3.	Vertex Pharmaceuticals, Inc.	4.65
4.	Merck & Co., Inc.	4.50
5.	Boston Scientific Corp.	4.41
6.	McKesson Corp.	3.93
7.	Stryker Corp.	3.48
8.	AstraZeneca PLC, ADR	3.45
9.	Humana, Inc.	3.21
10.	Regeneron Pharmaceuticals, Inc.	3.17

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, 2023.

7 Invesco Health Care Fund

Schedule of Investments^(a)

October 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–94.08%
Biotechnology–17.48%
AbbVie, Inc.		60,082	$	8,482,377
Alnylam Pharmaceuticals, Inc.(b)		11,782		1,788,508
Amgen, Inc.		18,290		4,676,753
Argenx SE, ADR (Netherlands)(b)		31,147		14,625,697
Arrowhead Pharmaceuticals, Inc.(b)(c)		38,367		943,445
Ascendis Pharma A/S, ADR (Denmark)(b)		33,638		3,004,210
Biogen, Inc.(b)		53,692		12,753,998
CSL Ltd. (Australia)		10,624		1,572,946
Cytokinetics, Inc.(b)(c)		52,304		1,823,317
Exact Sciences Corp.(b)(c)		123,991		7,636,606
Exelixis, Inc.(b)		317,534		6,538,025
Gilead Sciences, Inc.		97,105		7,626,627
Halozyme Therapeutics, Inc.(b)		70,537		2,389,088
ImmunoGen, Inc.(b)(c)		151,958		2,258,096
Karuna Therapeutics, Inc.(b)(c)		15,606		2,600,116
Legend Biotech Corp., ADR(b)(c)		148,255		9,795,208
Natera, Inc.(b)		143,401		5,660,037
Neurocrine Biosciences, Inc.(b)		70,860		7,861,208
Regeneron Pharmaceuticals, Inc.(b)		48,178		37,573,540
Sarepta Therapeutics, Inc.(b)(c)		26,700		1,797,177
Ultragenyx Pharmaceutical, Inc.(b)(c)		64,658		2,288,893
United Therapeutics Corp.(b)		15,959		3,556,623
Vaxcyte, Inc.(b)(c)		73,325		3,526,932
Vertex Pharmaceuticals, Inc.(b)		152,322		55,157,319
Zentalis Pharmaceuticals, Inc.(b)(c)		76,559		1,252,505
				207,189,251
Health Care Distributors–6.87%
Cencora, Inc.		188,072		34,821,531
McKesson Corp.		102,405		46,631,141
				81,452,672
Health Care Equipment–15.50%
AtriCure, Inc.(b)		64,289		2,226,971
Axonics, Inc.(b)(c)		62,889		3,220,546
Becton, Dickinson and Co.		81,451		20,589,184
Boston Scientific Corp.(b)		1,021,871		52,309,576
CONMED Corp.(c)		22,376		2,180,765
DexCom, Inc.(b)		132,637		11,782,145
Glaukos Corp.(b)		44,544		3,037,901
IDEXX Laboratories, Inc.(b)		13,882		5,545,442
Inspire Medical Systems, Inc.(b)		15,767		2,320,272
Intuitive Surgical, Inc.(b)		85,600		22,446,032
Shockwave Medical, Inc.(b)		21,948		4,526,994
STERIS PLC		44,906		9,429,362
Stryker Corp.		152,450		41,195,039
TransMedics Group, Inc.(b)(c)		47,503		1,780,412
Treace Medical Concepts, Inc.(b)		111,400		1,117,342
				183,707,983
Health Care Facilities–4.12%
Acadia Healthcare Co., Inc.(b)		63,903		4,697,510
Encompass Health Corp.		189,767		11,871,824
HCA Healthcare, Inc.		88,404		19,991,681
Surgery Partners, Inc.(b)(c)		211,719		4,897,060

	Shares		Value
Health Care Facilities–(continued)
Tenet Healthcare Corp.(b)		137,442	$	7,380,635
				48,838,710
Health Care Services–0.96%
Guardant Health, Inc.(b)		52,300		1,353,524
NeoGenomics, Inc.(b)		157,393		2,206,650
Privia Health Group, Inc.(b)(c)		162,005		3,405,345
RadNet, Inc.(b)(c)		165,222		4,454,385
				11,419,904
Health Care Supplies–1.64%
Alcon, Inc. (Switzerland)		74,437		5,333,986
Cooper Cos., Inc. (The)		14,863		4,633,540
Haemonetics Corp.(b)		77,639		6,617,172
Lantheus Holdings, Inc.(b)		45,004		2,907,258
				19,491,956
Health Care Technology–0.92%
Evolent Health, Inc., Class A(b)(c)		73,354		1,792,038
Veeva Systems, Inc., Class A(b)		47,516		9,156,809
				10,948,847
Life Sciences Tools & Services–7.75%
10X Genomics, Inc., Class A(b)		118,035		4,164,275
Bruker Corp.		104,342		5,947,494
Danaher Corp.		25,058		4,811,637
ICON PLC(b)		70,750		17,260,170
Medpace Holdings, Inc.(b)		37,791		9,170,742
Pacific Biosciences of California, Inc.(b)(c)		185,580		1,146,884
Repligen Corp.(b)(c)		31,851		4,285,871
Thermo Fisher Scientific, Inc.		67,333		29,947,698
West Pharmaceutical Services, Inc.		47,443		15,100,633
				91,835,404
Managed Health Care–15.41%
Elevance Health, Inc.		17,391		7,827,515
HealthEquity, Inc.(b)		70,517		5,054,659
Humana, Inc.		72,597		38,018,323
Molina Healthcare, Inc.(b)		53,342		17,760,219
Progyny, Inc.(b)(c)		125,526		3,873,732
UnitedHealth Group, Inc.		205,663		110,144,876
				182,679,324
Pharmaceuticals–23.43%
AstraZeneca PLC (United Kingdom)		25,331		3,166,266
AstraZeneca PLC, ADR (United Kingdom)(c)		645,923		40,841,711
Axsome Therapeutics, Inc.(b)(c)		20,687		1,288,386
Eli Lilly and Co.		180,555		100,014,831
Intra-Cellular Therapies, Inc.(b)		91,125		4,534,380
Merck & Co., Inc.		518,867		53,287,641
Novo Nordisk A/S, Class B (Denmark)		350,242		33,775,700
Sanofi, ADR		218,341		9,879,930
Zoetis, Inc.		197,134		30,950,038
				277,738,883
Total Common Stocks & Other Equity Interests (Cost $832,567,739)				1,115,302,934

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–5.50%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)		22,579,302	$	22,579,302
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(d)(e)		16,774,954		16,779,987
Invesco Treasury Portfolio, Institutional Class, 5.27%(d)(e)		25,804,916		25,804,916
Total Money Market Funds (Cost $65,160,015)				65,164,205
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.58% (Cost $897,727,754)				1,180,467,139

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.45%
Invesco Private Government Fund, 5.32%(d)(e)(f)		16,203,495	$	16,203,495
Invesco Private Prime Fund, 5.53%(d)(e)(f)		36,589,445		36,593,104
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $52,795,282)				52,796,599
TOTAL INVESTMENTS IN SECURITIES–104.03% (Cost $950,523,036)				1,233,263,738
OTHER ASSETS LESS LIABILITIES—(4.03)%				(47,810,056	)
NET ASSETS–100.00%			$	1,185,453,682

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, 2023.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$16,763,030		$130,186,260		$(124,369,988)		$      -		$        -		$  22,579,302		$   700,712
Invesco Liquid Assets Portfolio, Institutional Class		12,624,352		92,990,186		(88,835,705)		(975)		2,129		16,779,987		545,178
Invesco Treasury Portfolio, Institutional Class		19,157,749		148,784,298		(142,137,131)		-		-		25,804,916		799,831
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		10,015,507		164,683,008		(158,495,020)		-		-		16,203,495		515,272*
Invesco Private Prime Fund		27,798,816		348,061,852		(339,274,215)		1,307		5,344		36,593,104		1,381,841*
Total		$86,359,454		$884,705,604		$(853,112,059)		$ 332		$7,473		$117,960,804		$3,942,834

* 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, 2023.

^(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, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $832,567,739)*	$	1,115,302,934
Investments in affiliated money market funds, at value (Cost $117,955,297)		117,960,804
Foreign currencies, at value (Cost $3,491)		3,451
Receivable for:
Investments sold		14,785,552
Fund shares sold		47,905
Dividends		1,607,767
Investment for trustee deferred compensation and retirement plans		165,771
Other assets		49,931
Total assets		1,249,924,115
Liabilities:
Payable for:
Investments purchased		10,053,366
Fund shares reacquired		795,094
Collateral upon return of securities loaned		52,795,282
Accrued fees to affiliates		536,869
Accrued other operating expenses		71,040
Trustee deferred compensation and retirement plans		218,782
Total liabilities		64,470,433
Net assets applicable to shares outstanding	$	1,185,453,682
Net assets consist of:
Shares of beneficial interest	$	911,476,186
Distributable earnings		273,977,496
	$	1,185,453,682

Net Assets:
Class A	$	607,032,045
Class C	$	15,507,967
Class Y	$	38,762,143
Investor Class	$	522,684,156
Class R6	$	1,467,371
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		18,665,215
Class C		932,307
Class Y		1,145,927
Investor Class		16,067,618
Class R6		43,165
Class A:
Net asset value per share	$	32.52
Maximum offering price per share (Net asset value of $32.52 ÷ 94.50%)	$	34.41
Class C:
Net asset value and offering price per share	$	16.63
Class Y:
Net asset value and offering price per share	$	33.83
Investor Class:
Net asset value and offering price per share	$	32.53
Class R6:
Net asset value and offering price per share	$	33.99

* At October 31, 2023, securities with an aggregate value of $52,004,023 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, 2023

Investment income:
Dividends (net of foreign withholding taxes of $177,418)	$	10,950,136
Dividends from affiliated money market funds (includes net securities lending income of $58,636)		2,104,357
Total investment income		13,054,493
Expenses:
Advisory fees		8,261,888
Administrative services fees		189,658
Distribution fees:
Class A		1,685,730
Class C		186,472
Investor Class		1,431,954
Transfer agent fees – A, C, Y and Investor		1,651,354
Transfer agent fees – R6		397
Trustees’ and officers’ fees and benefits		28,227
Registration and filing fees		106,118
Reports to shareholders		91,312
Professional services fees		67,458
Other		22,677
Total expenses		13,723,245
Less: Fees waived and/or expense offset arrangement(s)		(88,693	)
Net expenses		13,634,552
Net investment income (loss)		(580,059	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		19,997,638
Affiliated investment securities		7,473
Foreign currencies		(149,728	)
		19,855,383
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(77,000,372	)
Affiliated investment securities		332
Foreign currencies		77,552
		(76,922,488	)
Net realized and unrealized gain (loss)		(57,067,105	)
Net increase (decrease) in net assets resulting from operations	$	(57,647,164	)

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, 2023 and 2022

	2023			2022
Operations:
Net investment income (loss)	$	(580,059	)	$	(2,206,504	)
Net realized gain (loss)		19,855,383			(27,612,730	)
Change in net unrealized appreciation (depreciation)		(76,922,488	)		(219,616,690	)
Net increase (decrease) in net assets resulting from operations		(57,647,164	)		(249,435,924	)
Distributions to shareholders from distributable earnings:
Class A		–			(175,765,430	)
Class C		–			(9,290,808	)
Class Y		–			(11,596,963	)
Investor Class		–			(146,619,587	)
Class R6		–			(399,985	)
Total distributions from distributable earnings		–			(343,672,773	)
Share transactions-net:
Class A		(59,793,005	)		104,833,962
Class C		(3,599,535	)		4,224,192
Class Y		(5,698,577	)		5,704,868
Investor Class		(39,916,790	)		96,663,657
Class R6		269,234			(232,412	)
Net increase (decrease) in net assets resulting from share transactions		(108,738,673	)		211,194,267
Net increase (decrease) in net assets		(166,385,837	)		(381,914,430	)
Net assets:
Beginning of year		1,351,839,519			1,733,753,949
End of year	$	1,185,453,682		$	1,351,839,519

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 10/31/23		$34.13		$(0.01	)		$(1.60	)		$(1.61	)		$       –			$       –			$       –			$32.52		(4.72	)%		$607,032		1.05	%		1.05	%		(0.05	)%		59	%
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
Class C
Year ended 10/31/23		17.59		(0.14	)		(0.82	)		(0.96	)		–			–			–			16.63		(5.46	)		15,508		1.80			1.80			(0.80	)		59
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
Class Y
Year ended 10/31/23		35.41		0.07			(1.65	)		(1.58	)		–			–			–			33.83		(4.46	)		38,762		0.80			0.80			0.20			59
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
Investor Class
Year ended 10/31/23		34.14		(0.01	)		(1.60	)		(1.61	)		–			–			–			32.53		(4.72	)		522,684		1.05			1.05			(0.05	)		59
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
Class R6
Year ended 10/31/23		35.56		0.11			(1.68	)		(1.57	)		–			–			–			33.99		(4.42	)		1,467		0.70			0.70			0.30			59
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

^(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, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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 securities 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, 2023, the Fund paid the Adviser $2,999 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, 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.

15 Invesco Health Care 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. Other Risks - The Fund’s performance is vulnerable to factors affecting the health care sector, including significant government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products, services and facilities, pricing pressure, an increased emphasis on outpatient services, a limited number of products, industry innovation, costs associated with obtaining and protecting patents, product liability and other claims, changes in technologies and other market developments.

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, 2023, the effective advisory fee rate incurred by the Fund was 0.63%.

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

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2023, the Adviser waived advisory fees of $45,068.

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, 2023, 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

16 Invesco Health Care Fund

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $50,905 in front-end sales commissions from the sale of Class A shares and $1,097 and $799 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2023, the Fund incurred $63,978 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, 2023. 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	$	1,071,454,036	$	43,848,898		$–	$	1,115,302,934
Money Market Funds		65,164,205		52,796,599		–		117,960,804
Total Investments	$	1,136,618,241	$	96,645,497		$–	$	1,233,263,738

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $43,625.

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.

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, 2023 and 2022:

	2023		2022
Long-term capital gain		$–		$343,672,773

17 Invesco Health Care Fund

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation – investments	$	279,059,380
Net unrealized appreciation – foreign currencies		12,230
Temporary book/tax differences		(174,341	)
Late-Year ordinary loss deferral		(713,322	)
Capital loss carryforward		(4,206,451	)
Shares of beneficial interest		911,476,186
Total net assets	$	1,185,453,682

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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$4,206,451	$–	$4,206,451

* 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, 2023 was $751,968,508 and $875,699,148, 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	$321,130,266
Aggregate unrealized (depreciation) of investments	(42,070,886	)
Net unrealized appreciation of investments	$279,059,380

Cost of investments for tax purposes is $954,204,358.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses and foreign currency transactions, on October 31, 2023, undistributed net investment income (loss) was increased by $447,704, undistributed net realized gain (loss) was increased by $149,728 and shares of beneficial interest was decreased by $597,432. 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, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		648,963		$	22,356,047			1,020,924		$	37,178,045
Class C		193,583			3,428,618			241,467			4,562,878
Class Y		426,648			15,311,305			292,440			10,821,049
Investor Class		93,942			3,246,765			141,992			5,399,582
Class R6		16,542			583,646			9,899			373,272
Issued as reinvestment of dividends:
Class A		-			-			4,091,961			158,317,977
Class C		-			-			440,490			8,840,630
Class Y		-			-			233,867			9,366,384
Investor Class		-			-			3,463,003			134,018,202
Class R6		-			-			7,307			293,596
Automatic conversion of Class C shares to Class A shares:
Class A		94,432			3,232,212			73,766			2,605,013
Class C		(183,978	)		(3,232,212	)		(141,001	)		(2,605,013	)

18 Invesco Health Care Fund

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(2,477,109	)	$	(85,381,264	)		(2,601,958	)	$	(93,267,073	)
Class C		(215,594	)		(3,795,941	)		(348,834	)		(6,574,303	)
Class Y		(582,115	)		(21,009,882	)		(395,818	)		(14,482,565	)
Investor Class		(1,252,654	)		(43,163,555	)		(1,199,075	)		(42,754,127	)
Class R6		(8,860	)		(314,412	)		(23,683	)		(899,280	)
Net increase (decrease) in share activity		(3,246,200	)	$	(108,738,673	)		5,306,747		$	211,194,267

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 14% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 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, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2023

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, 2023 through October 31, 2023.

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     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$918.40	$5.03	$1,019.96	$5.30	1.04%
Class C	1,000.00	914.70	8.64	1,016.18	9.10	1.79
Class Y	1,000.00	919.80	3.82	1,021.22	4.02	0.79
Investor Class	1,000.00	918.40	5.03	1,019.96	5.30	1.04
Class R6	1,000.00	919.90	3.39	1,021.68	3.57	0.70

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, 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, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 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 considered that the Fund underwent a portfolio management change in

22 Invesco Health Care Fund

November 2021, and that performance results prior to such date were those of the prior portfolio management team. The Board also considered 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.

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 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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

23 Invesco Health Care Fund

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 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, 2023:

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.

25 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	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	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Health Care 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. GHC-AR-1                                             

Annual Report to Shareholders October 31, 2023

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
26	Consolidated Financial Statements
29	Consolidated Financial Highlights
30	Notes to Consolidated Financial Statements
41	Report of Independent Registered Public Accounting Firm
42	Fund Expenses
43	Approval of Investment Advisory and Sub-Advisory Contracts
45	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2023, 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, 10/31/22 to 10/31/23, 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	9.40	%
Class C Shares	8.61
Class R Shares	8.87
Class Y Shares	9.67
Class R5 Shares	9.66
Class R6 Shares	9.75
FTSE Non-U.S. Dollar World Government Bond Index▼	1.32
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index▼	13.50
JP Morgan EMBI Global Diversified Index▼	8.36
Custom Invesco International Bond Index∎	6.33
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

During the fiscal year ended October 31, 2023, volatility remained elevated in global fixed-income markets for much of the year as investor concerns vacillated between growth and inflation. Uncertainty on the path of the US Federal Reserve (the Fed), which has a global impact, kept markets guessing whether the prospect of continued strong growth would lead to higher interest rates, potentially for longer, or the prospect of imminent recession would unfold due to monetary tightening at a pace and scale not seen in the past two decades. While inflation data surprised to the upside in the first half of the fiscal year, growth data largely did so throughout the year, leading developed market (DM) central banks, particularly the Fed, to raise policy rates throughout the fiscal year. As disinflation unfolded in emerging markets (EM), uncertainty on the path of the Fed generated questions on the degree to which EM central banks would need to continue hiking or remain at elevated rates, despite their earlier start to monetary policy tightening. As disinflation commenced in DMs, especially the US, and continued in EMs, this concern abated, and EM central banks began to cut interest rates.

    Towards the end of 2022, bond markets finished a volatile year with gains in the last few months spurred by slowing US inflation, hints from the Fed that future interest rate hikes would be scaled back, and China’s relaxation of its stringent zero COVID-19 policy. DM central banks, including the Fed, the European Central Bank (ECB) and the Bank of England, continued to hike rates in an effort to combat persistent inflation, yet central banks within EMs began to slow or pause their hiking cycles. Despite the headwinds of

aggressive monetary policy tightening throughout 2022, the global economy showed strength in the first quarter of 2023 as China reopened and Europe experienced a mild winter. However, stress in the banking sector erupted in March, raising recession fears and tempering investors’ sentiment toward risk. Fortunately, these issues did not appear to be systemic, and policymakers’ swift response helped to calm markets. Major DM central banks continued to raise interest rates, albeit at a slower pace. The Fed and Bank of England raised their policy rates by 0.50%, while the ECB hiked by 1.00%.¹ Select central banks in EMs also raised rates during the quarter, but most appeared to be at or near the end of their hiking cycles. As a result of changing expectations for relative growth and monetary policy, the US dollar weakened during the quarter, declining 1.1%.¹

    The second quarter of 2023 saw a decrease in market volatility as the threat of an imminent US recession receded amid better-than-expected economic data. Inflation generally eased in DMs, largely driven by moderation in the goods component. However, core inflation remained more stubborn, leading most developed central banks to continue their monetary tightening. The ECB and Bank of England each raised their policy rate by 0.50%.¹ The Fed raised its rate by 0.25%¹ in May before pausing in June and then signaling that rates may remain elevated for some time. Most central banks in EMs reached their terminal rate for the current cycle, and with disinflation materializing, started to have room to begin cutting interest rates in the second half of the fiscal year. The US dollar continued its sideways trend as investors anticipated the Fed nearing the end of its rate hikes.

    In the third quarter of 2023, progress on disinflation allowed many major economies, including the US, to pause their rate hiking campaigns. Nevertheless, resilience in economic activity and the labor market raised the prospect that central banks will keep rates higher for an extended period. Both the Fed and the ECB raised rates by 0.25%¹ in July and the Bank of England raised rates in August. The ECB hiked again in September and suggested this rate might be sufficient to guide inflation back to its target. The Fed and the Bank of England kept rates steady in September, but guided the market to anticipate an extended period of elevated rates. Divergence in monetary policy among EM central banks continued as some countries, including Poland, Brazil, Chile and Peru, began to cut rates over the quarter. Meanwhile, a few countries, including Thailand and Turkey, hiked rates during the quarter. In addition, China’s economy appeared to stabilize as the country’s central bank further eased its monetary policy. The US dollar gained 3.2% during the quarter,¹ driven by surging Treasury yields. This momentum continued through October.

    Compared to the Custom Invesco International Bond Index, the Fund’s interest rate and credit exposure contributed positively to relative Fund performance over the fiscal year, while foreign currency exposure detracted. The top contributors to relative Fund performance were interest rate positioning in Brazil and Colombia, and overall yield curve positioning, while the top detractors were positioning in the Argentinian peso, the Japanese yen, and the euro.

    Going forward, our expectations for the medium to long term are that the global interest rate hiking cycle is behind us and that volatility in both developed and emerging sovereign bond markets will eventually decline. This gives investors the opportunity to potentially benefit from high nominal and real interest rates, particularly in EM sovereign bonds. We also anticipate that the US dollar could continue to weaken as the Fed reaches peak rates and begins to ease monetary policy over time. The difference between interest rate levels in DMs and EMs has in our view benefited EM currencies this fiscal year. A weaker dollar could allow foreign currencies to offer an additional source of return for investors.

    Given the current under-owned nature of international fixed-income, we believe that the potential for a weaker US dollar going forward, along with the growth and interest rate differentials between domestic and international markets may be a catalyst for interest to return to the asset class. Importantly, individual country dynamics are reasserting themselves as various growth and inflation dynamics transpire across countries, offering greater differentiation among opportunities. We remain focused on extracting alpha as these dynamics unfold.

2 Invesco International Bond Fund

    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. We believe derivatives can be a cost-effective way to gain exposure to certain asset classes 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 International Bond Fund.

1  Source: Bloomberg LP

Portfolio manager(s):

Hemant Baijal

Kristina Campmany

Chris Kelly

Arin Kornchankul

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 10/31/13

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 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (6/15/95)	5.23	%
10 Years	-0.60
5 Years	-2.09
1 Year	4.64
Class C Shares
Inception (6/15/95)	5.15	%
10 Years	-0.78
5 Years	-1.99
1 Year	7.61
Class R Shares
Inception (3/1/01)	4.45	%
10 Years	-0.45
5 Years	-1.53
1 Year	8.87
Class Y Shares
Inception (9/27/04)	3.49	%
10 Years	0.05
5 Years	-1.03
1 Year	9.67
Class R5 Shares
10 Years	-0.04	%
5 Years	-0.96
1 Year	9.66
Class R6 Shares
Inception (1/27/12)	0.60	%
10 Years	0.22
5 Years	-0.87
1 Year	9.75

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, 2023, 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		48.87	%
U.S. Dollar Denominated Bonds & Notes		12.47
U.S. Treasury Securities		11.74
Asset-Backed Securities		8.73
Common Stocks & Other Equity Interests		2.67
Security Types Each Less Than 1% of Portfolio		0.81
Money Market Funds Plus Other Assets Less Liabilities		14.71

Top Five Debt Issuers*

		% of total net assets
1.	U.S. Treasury		11.74	%
2.	Republic of South Africa Government Bond		8.41
3.	Colombian TES		5.97
4.	Brazil Notas do Tesouro Nacional		5.70
5.	Peru Government Bond		4.43

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, 2023.

7 Invesco International Bond Fund

Consolidated Schedule of Investments

October 31, 2023

		Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–48.87%(a)
Argentina–0.03%
Argentine Bonos del Tesoro, 15.50%, 10/17/2026	ARS		135,000,000	$          79,163
Provincia de Buenos Aires, 129.05% (BADLAR + 3.75%), 04/12/2025(b)(c)	ARS		120,000,000	295,542
				374,705
Australia–2.27%
Australia Government Bond, Series 169, 4.75%, 06/21/2054(b)	AUD		14,100,000	8,211,360
New South Wales Treasury Corp., 3.00%, 02/20/2030(b)	AUD		35,800,000	20,114,786
				28,326,146
Austria–0.48%
Erste Group Bank AG, 5.13%(b)(d)(e)	EUR		2,800,000	2,644,193
Republic of Austria Government Bond, 2.10%, 09/20/2117(b)	EUR		5,125,000	3,376,503
				6,020,696
Belgium–0.99%
KBC Group N.V.,
4.25%(b)(d)(e)	EUR		4,400,000	3,990,001
4.75%(b)(d)(e)	EUR		8,000,000	8,353,617
				12,343,618
Brazil–5.70%
Brazil Notas do Tesouro Nacional,
Series B, 6.00%, 05/15/2055	BRL		28,000,000	23,183,311
Series F, 10.00%, 01/01/2027	BRL		250,000,000	47,967,477
				71,150,788
Colombia–6.53%
Colombian TES,
Series B, 7.50%, 08/26/2026	COP		45,000,000,000	10,065,203
Series B, 6.00%, 04/28/2028	COP		51,500,000,000	10,368,786
Series B, 7.75%, 09/18/2030	COP		175,000,000,000	35,666,142
Series B, 9.25%, 05/28/2042	COP		16,250,000,000	3,152,068
Series B, 7.25%, 10/26/2050	COP		100,000,000,000	15,276,300
Fideicomiso PA Concesion Ruta al Mar, 6.75%, 02/15/2044(b)	COP		8,000,000,000	1,302,278
Fideicomiso PA Costera, Series B, 6.25%, 01/15/2034(b)	COP		6,107,644,400	1,272,426

		Principal Amount		Value
Colombia–(continued)
PA Autopista Rio Magdalena, 6.05%, 06/15/2036(b)	COP		23,500,000,000	$       4,471,560
				81,574,763
Egypt–0.39%
Egypt Government International Bond, 4.75%, 04/16/2026(b)	EUR		6,800,000	4,892,440
France–0.89%
French Republic Government Bond OAT, 0.50%, 05/25/2072(b)	EUR		33,850,000	11,153,725
Germany–0.20%
Deutsche Lufthansa AG, 4.38%, 08/12/2075(b)(d)	EUR		2,500,000	2,480,623
Greece–1.70%
Hellenic Republic Government Bond,
4.38%, 07/18/2038(b)	EUR		20,000,000	20,856,744
0.00%, 10/15/2042	EUR		107,000,000	356,044
				21,212,788
India–4.09%
India Government Bond,
8.15%, 11/24/2026	INR		500,000,000	6,143,916
6.54%, 01/17/2032	INR		1,000,000,000	11,394,298
7.26%, 08/22/2032	INR		1,300,000,000	15,421,850
State of Gujarat India, 7.52%, 05/24/2027	INR		500,000,000	5,980,930
State of Maharashtra India, 7.99%, 10/28/2025	INR		500,000,000	6,058,273
State of Tamil Nadu India, 8.53%, 03/09/2026	INR		500,000,000	6,152,847
				51,152,114
Indonesia–1.73%
Indonesia Treasury Bond,
Series FR95, 6.38%, 08/15/2028	IDR		200,000,000,000	12,260,246
Series FR96, 7.00%, 02/15/2033	IDR		150,000,000,000	9,370,538
				21,630,784
Italy–0.61%
Intesa Sanpaolo S.p.A.,
5.50%(b)(d)(e)	EUR		6,000,000	5,308,383
6.38%(b)(d)(e)	EUR		2,500,000	2,260,367
				7,568,750

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–0.25%
Ivory Coast Government International Bond, 4.88%, 01/30/2032(b)	EUR		3,950,000	$       3,168,580
Japan–1.48%
Japan Government Bond,
Series 15, 1.00%, 03/20/2062	JPY		2,405,700,000	11,953,910
Series 77, 1.60%, 12/20/2052	JPY		1,054,500,000	6,562,793
				18,516,703
Malaysia–1.77%
Malaysia Government Bond,
Series 115, 3.96%, 09/15/2025	MYR		25,000,000	5,279,640
Series 319, 3.48%, 06/14/2024	MYR		80,000,000	16,806,436
				22,086,076
Netherlands–0.57%
ABN AMRO Bank N.V., 4.38%(b)(d)(e)	EUR		2,500,000	2,427,507
Cooperatieve Rabobank U.A., 4.38%(b)(d)(e)	EUR		5,000,000	4,680,427
				7,107,934
Peru–4.43%
Peru Government Bond,
6.15%, 08/12/2032	PEN		200,000,000	47,625,852
7.30%, 08/12/2033(b)	PEN		30,400,000	7,759,034
				55,384,886
South Africa–8.41%
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030	ZAR		400,000,000	18,891,482
Series 2032, 8.25%, 03/31/2032	ZAR		533,300,000	23,533,874
Series 2040, 9.00%, 01/31/2040	ZAR		600,000,000	23,935,614
Series R186, 10.50%, 12/21/2026	ZAR		700,000,000	38,743,662
				105,104,632
Spain–1.59%
Banco Bilbao Vizcaya Argentaria S.A., 6.00%(b)(d)(e)	EUR		5,000,000	4,987,488
Banco Santander S.A.,
4.38%(b)(d)(e)	EUR		2,200,000	1,936,875
4.13%(d)(e)	EUR		2,000,000	1,597,370
CaixaBank S.A., 5.25%(b)(d)(e)	EUR		4,600,000	4,228,764
Repsol International Finance B.V., 3.75%(b)(d)(e)	EUR		2,500,000	2,510,938
Telefonica Europe B.V., 2.88%(b)(d)(e)	EUR		5,000,000	4,636,331
				19,897,766

		Principal Amount		Value
Supranational–1.59%
African Development Bank,
0.00%, 04/05/2046(f)	ZAR		600,000,000	$       3,386,720
0.00%, 01/17/2050(f)	ZAR		310,000,000	1,503,635
Corp. Andina de Fomento, 10.35%, 03/15/2033(b)	MXN		200,000,000	10,543,569
International Finance Corp., 0.00%, 03/23/2038(f)	MXN		350,000,000	4,482,500
				19,916,424
Sweden–0.10%
Heimstaden Bostad AB, 3.38%(b)(d)(e)	EUR		2,500,000	1,236,893
Thailand–0.60%
Thailand Government Bond, 3.45%, 06/17/2043	THB		280,000,000	7,545,878
United Kingdom–2.19%
Barclays PLC, 7.13%(d)(e)	GBP		2,150,000	2,440,195
Gatwick Airport Finance PLC, 4.38%, 04/07/2026(b)	GBP		5,400,000	6,081,015
HSBC Holdings PLC, 5.88%(d)(e)	GBP		5,000,000	5,381,092
International Consolidated Airlines Group S.A., 1.50%, 07/04/2027(b)	EUR		2,600,000	2,415,819
Lloyds Banking Group PLC, 8.50%(d)(e)	GBP		3,275,000	3,657,118
Nationwide Building Society, 5.75%(b)(d)(e)	GBP		2,500,000	2,589,934
NatWest Group PLC, 5.13%(d)(e)	GBP		1,550,000	1,562,413
United Kingdom Gilt, 0.50%, 10/22/2061(b)	GBP		9,875,000	3,176,238
				27,303,824
Uruguay–0.28%
Uruguay Government International Bond, 9.75%, 07/20/2033	UYU		138,900,300	3,453,573
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $694,826,338)				610,605,109
U.S. Dollar Denominated Bonds & Notes–12.47%
Argentina–0.00%
Argentina Treasury Dual Bond, 0.00%, 04/30/2024(f)		$	79,836	36,936
Brazil–0.97%
CSN Inova Ventures, 6.75%, 01/28/2028(b)			475,000	434,765
CSN Resources S.A., 5.88%, 04/08/2032(b)			1,500,000	1,187,639

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)
Embraer Netherlands Finance B.V., 7.00%, 07/28/2030(b)	$	2,470,000	$       2,414,154
Minerva Luxembourg S.A., 8.88%, 09/13/2033(b)		2,360,000	2,320,352
Sitios Latinoamerica S.A.B. de C.V., 5.38%, 04/04/2032(b)		6,786,000	5,717,298
			12,074,208
Chile–0.55%
AES Andes S.A., 6.35%, 10/07/2079(b)(d)		2,500,000	2,318,275
Mercury Chile Holdco LLC, 6.50%, 01/24/2027(b)		5,000,000	4,498,016
			6,816,291
China–0.12%
Prosus N.V., 4.99%, 01/19/2052(b)		2,500,000	1,545,039
Colombia–0.24%
Colombia Government International Bond, 4.13%, 02/22/2042		5,000,000	2,993,568
Denmark–0.12%
Danske Bank A/S, 6.13%(b)(d)(e)		1,500,000	1,480,313
Dominican Republic–0.18%
Dominican Republic International Bond,
4.50%, 01/30/2030(b)		975,000	828,758
4.88%, 09/23/2032(b)		1,800,000	1,461,303
			2,290,061
Ecuador–0.06%
Ecuador Government International Bond, 5.00%, 07/31/2040(b)(g)		2,300,000	780,732
Egypt–0.15%
Egypt Government International Bond, 8.50%, 01/31/2047(b)		3,550,000	1,854,698
France–1.58%
BNP Paribas S.A.,
6.63%(b)(d)(e)		2,000,000	1,979,516
7.75%(b)(d)(e)		2,500,000	2,324,183
4.63%(b)(d)(e)		2,500,000	1,977,152
9.25%(b)(d)(e)		2,500,000	2,546,993
Credit Agricole S.A., 7.88%(b)(d)(e)		5,000,000	4,987,500
Electricite de France S.A., 9.13%(b)(d)(e)		3,334,000	3,430,249

	Principal Amount		Value
France–(continued)
Societe Generale S.A., 7.88%(b)(d)(e)	$	2,500,000	$       2,483,335
			19,728,928
Ghana–0.09%
Ghana Government International Bond, 7.88%, 02/11/2035(b)(h)		2,500,000	1,084,375
Guatemala–0.17%
CT Trust, 5.13%, 02/03/2032(b)		2,817,000	2,172,395
Hong Kong–0.36%
Melco Resorts Finance Ltd.,
4.88%, 06/06/2025(b)		2,500,000	2,364,450
5.75%, 07/21/2028(b)		2,500,000	2,124,067
			4,488,517
Indonesia–0.33%
PT Indonesia Asahan Aluminium/PT Mineral Industri Indonesia (Persero), 6.76%, 11/15/2048(b)		2,700,000	2,399,271
PT Pertamina (Persero), 4.18%, 01/21/2050(b)		2,500,000	1,668,383
			4,067,654
Iraq–0.10%
Iraq International Bond, 5.80%, 01/15/2028(b)		1,406,250	1,254,607
Ireland–0.56%
BB Blue Financing DAC, Series A1, 4.40%, 09/20/2037		2,500,000	2,346,741
Coriolanus DAC, Series 116, 0.00%, 04/30/2025(b)(f)		519,977	493,543
Series 119, 0.00%, 04/30/2025(b)(f)		553,192	525,070
Series 120, 0.00%, 04/30/2025(b)(f)		692,457	657,255
Series 122, 0.00%, 04/30/2025(b)(f)		606,697	575,855
Series 124, 0.00%, 04/30/2025(b)(f)		487,288	462,516
Series 126, 0.00%, 04/30/2025(b)		726,840	689,891
Series 127, 0.00%, 04/30/2025(b)(f)		631,421	599,321
0.00%, 04/30/2025(b)(f)		660,755	627,165
			6,977,357
Ivory Coast–0.24%
Ivory Coast Government International Bond, 5.38%, 07/23/2024(b)		3,009,000	2,964,978

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

10 Invesco International Bond Fund

	Principal Amount		Value
Macau–0.30%
MGM China Holdings Ltd., 5.88%, 05/15/2026(b)(i)		$ 4,000,000	$       3,734,800
Mexico–1.46%
Banco Mercantil del Norte S.A.,
8.38%(b)(d)(e)		2,500,000	2,282,349
5.88%(b)(d)(e)		2,490,000	2,119,065
Braskem Idesa S.A.P.I., 7.45%, 11/15/2029(b)		5,000,000	3,167,286
6.99%, 02/20/2032(b)		2,076,000	1,227,149
Cemex S.A.B. de C.V., 5.13%(b)(d)(e)		3,457,000	3,200,664
Nemak S.A.B. de C.V., 3.63%, 06/28/2031(b)		4,254,000	3,150,730
Petroleos Mexicanos,
7.69%, 01/23/2050		2,500,000	1,545,522
6.95%, 01/28/2060		2,750,000	1,559,365
			18,252,130
Nigeria–0.17%
Nigeria Government International Bond, 6.50%, 11/28/2027(b)		2,500,000	2,155,583
Oman–0.36%
Oman Government International Bond, 6.75%, 01/17/2048(b)		5,000,000	4,493,000
Panama–0.16%
Telecomunicaciones Digitales S.A., 4.50%, 01/30/2030(b)		2,500,000	1,976,463
Romania–0.20%
Romanian Government International Bond, 7.13%, 01/17/2033(b)		2,500,000	2,493,170
Supranational–0.19%
European Bank for Reconstruction and Development, 6.40%, 08/27/2025		2,400,000	2,436,809
Sweden–0.39%
Swedbank AB, Series NC5, 5.63%(b)(d)(e)		5,000,000	4,834,875
Switzerland–0.81%
Cloverie PLC for Swiss Reinsurance Co. Ltd., 4.50%, 09/11/2044(b)(d)		4,500,000	4,354,951
Credit Suisse Group AG, 6.25%(b)(d)(e)(h)		9,800,000	1,078,000
UBS Group AG, 6.88%(b)(d)(e)		5,000,000	4,726,925
			10,159,876

		Principal Amount		Value
Ukraine–0.13%
Ukraine Government International Bond, 7.75%, 08/01/2041(b)			$ 4,000,000	$       1,677,400
United Kingdom–2.36%
abrdn PLC, 4.25%, 06/30/2028(b)			2,500,000	2,118,438
BP Capital Markets PLC, 4.88%(d)(e)(i)			1,750,000	1,528,879
British Telecommunications PLC, 4.25%, 11/23/2081(b)(d)			5,000,000	4,372,351
HSBC Holdings PLC, 6.38%(d)(e)			2,500,000	2,360,156
Lloyds Banking Group PLC,
7.50%(d)(e)			2,000,000	1,950,883
7.50%(d)(e)			5,000,000	4,651,500
M&G PLC, 6.50%, 10/20/2048(b)(d)			1,300,000	1,251,238
NatWest Group PLC, 6.00%(d)(e)(i)			7,500,000	6,889,564
Vodafone Group PLC, 3.25%, 06/04/2081(d)(i)			5,000,000	4,396,910
				29,519,919
United States–0.12%
U.S. International Development Finance Corp., Series 4, 3.13%, 04/15/2028			1,600,000	1,473,216
Total U.S. Dollar Denominated Bonds & Notes (Cost $185,003,957)				155,817,898
U.S. Treasury Securities–11.74%
U.S. Treasury Bills–11.74%
5.34%, 01/18/2024(j)			49,431,087	49,425,021
5.46%, 04/18/2024(j)			48,752,099	48,751,219
5.38%, 05/16/2024(j)			48,571,203	48,564,499
Total U.S. Treasury Securities (Cost $146,754,389)				146,740,739
Asset-Backed Securities–8.73%
Alba PLC,
Series 2007-1, Class F, 8.59% (SONIA + 3.37%), 03/17/2039(b)(c)	GBP		3,362,556	3,824,577
Series 2006-2, Class F, 8.59% (SONIA + 3.37%), 12/15/2038(b)(c)	GBP		1,113,160	1,248,559

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

11 Invesco International Bond Fund

		Principal Amount		Value
Eurohome UK Mortgages PLC,
Series 2007-1, Class M2, 6.08% (3 mo. GBP LIBOR + 0.50%), 06/15/2044(b)(c)	GBP		4,000,000	$       4,353,701
Series 2007-1, Class B1, 6.48% (3 mo. GBP LIBOR + 0.90%), 06/15/2044(b)(c)	GBP		5,275,000	5,462,055
Series 2007-2, Class B1, 6.74% (SONIA + 1.52%), 09/15/2044(b)(c)	GBP		4,000,000	3,941,590
Series 2007-2, Class B2, 9.34% (SONIA + 4.12%), 09/15/2044(b)(c)	GBP		3,750,000	4,178,241
Eurosail PLC,
Series 2007-4X, Class D1A, 7.09% (SONIA + 1.87%), 06/13/2045(b)(c)	GBP		4,094,013	4,513,515
Series 2006-1X, Class D1A, 4.64% (3 mo. EURIBOR + 0.84%), 06/10/2044(b)(c)	EUR		3,000,000	2,736,711
Eurosail-UK NC PLC, Series 2007-1X, Class D1C, 6.23% (SONIA + 1.01%), 03/13/2045(b)(c)	GBP		2,500,000	2,582,696
Grifonas Finance No. 1 PLC, Class B, 4.45% (6 mo. EURIBOR + 0.52%), 08/28/2039(b)(c)	EUR		5,000,000	4,580,717
Ludgate Funding PLC, Series 2007-1, Class RES, 0.00%, 01/01/2061(b)(k)	GBP		207,500,000	5,921,286
Mansard Mortgages PLC,
Series 2006-1X, Class B2, 8.84% (SONIA + 3.62%), 10/15/2048(b)(c)	GBP		3,418,266	4,085,013
Series 2007-1X, Class B2, 8.34% (SONIA + 3.12%), 04/15/2049(b)(c)	GBP		2,155,392	2,416,724
Newday Funding Master Issuer PLC,
Series 2021-1X, Class E, 9.25% (SONIA + 4.05%), 03/15/2029(b)(c)	GBP		5,084,000	6,131,096
Series 2021-3X, Class D, 7.55% (SONIA + 2.35%), 11/15/2029(b)(c)	GBP		3,600,000	4,288,810

		Principal Amount		Value
Newgate Funding PLC,
Series 2006-2, Class CB, 4.39% (3 mo. EURIBOR + 0.43%), 12/01/2050(b)(c)	EUR		1,412,749	$       1,299,933
Series 2007-2X, Class CB, 4.29% (3 mo. EURIBOR + 0.44%), 12/15/2050(b)(c)	EUR		1,906,836	1,659,673
Series 2007-1X, Class CB, 4.18% (3 mo. EURIBOR + 0.38%), 12/01/2050(b)(c)	EUR		1,067,002	970,670
ResLoC UK PLC, Series 2007-1X, Class D1A, 5.05% (3 mo. EURIBOR + 1.20%), 12/15/2043(b)(c)	EUR		3,836,225	3,445,045
RMAC Securities No. 1 PLC, Series 2006-NS4X, Class B1C, 4.65% (3 mo. EURIBOR + 0.85%), 06/12/2044(b)(c)	EUR		7,306,732	6,910,180
Towd Point Mortgage Funding 2019 - Granite4 PLC,
Series 2019-GR4X, Class FR, 7.27% (SONIA +2.05%), 10/20/2051(b)(c)	GBP		3,000,000	3,608,860
Series 2019-GR4X, Class GR, 7.72% (SONIA + 2.50%), 10/20/2051(b)(c)	GBP		2,500,000	3,004,029
Sestante Finance S.r.l., Series 2005, Class C1, 4.77% (3 mo. EURIBOR +0.80%), 07/15/2045(b)(c)	EUR		9,700,000	6,349,180
IM Pastor 4, FTA, Series B, 4.12% (3 mo. EURIBOR + 0.19%), 03/22/2044(b)(c)	EUR		3,800,000	2,484,505
Lusitano Mortgages No. 5 PLC, Class D, 4.93% (3 mo. EURIBOR + 0.96%), 07/15/2059(b)(c)	EUR		5,475,326	4,733,499
Fideicomiso Dorrego Y Libertador,
2.00%, 12/31/2043(l)	$		10,843,617	10,301,436
0.00%, 12/31/2043(l)	ARS		117,222,368	318,199
Fideicomiso Financiero Invernea Proteina 2, Serie II, 0.00%, 08/25/2032(k)(l)	ARS		445,000,000	3,707,768
Total Asset-Backed Securities (Cost $117,573,829)				109,058,268
		Shares
Common Stocks & Other Equity Interests–2.67%
Argentina–2.67%
Banco BBVA Argentina S.A.			500,000	1,635,839
Banco Macro S.A., Class B			950,000	4,153,174

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

12 Invesco International Bond Fund

	Shares		Value
Argentina–(continued)
Grupo Financiero Galicia S.A., Class B		2,260,000	$       6,316,535
Pampa Energia S.A.(m)		1,450,000	5,311,547
YPF S.A., ADR(m)		140,000	1,390,200
YPF S.A., Class D(m)		585,000	14,509,105
Total Common Stocks & Other Equity Interests (Cost $28,474,852)			33,316,400
Money Market Funds–4.64%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(n)(o)		20,424,446	20,424,446
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(n)(o)		14,225,020	14,229,288
Invesco Treasury Portfolio, Institutional Class, 5.27%(n)(o)		23,342,225	23,342,225
Total Money Market Funds (Cost $57,994,862)			57,995,959
Options Purchased–0.81%
(Cost $30,737,955)(p)			10,180,344
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-89.93% (Cost $1,261,366,182)			1,123,714,717

Investment Abbreviations:
ADR	– American Depositary Receipt
ARS	– Argentina Peso
AUD	– Australian Dollar
BADLAR	– Buenos Aires Deposits of Large Amounts Rate
BRL	– Brazilian Real
COP	– Colombia Peso
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
IDR	– Indonesian Rupiah
INR	– Indian Rupee
JPY	– Japanese Yen
LIBOR	– London Interbank Offered Rate
MXN	– Mexican Peso
MYR	– Malaysian Ringgit
PEN	– Peruvian Sol
SONIA	– Sterling Overnight Index Average
THB	– Thai Baht
UYU	– Uruguay Peso
ZAR	– South African Rand

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.78%
Invesco Private Government Fund, 5.32%(n)(o)(q)		2,739,416	$       2,739,416
Invesco Private Prime Fund, 5.53%(n)(o)(q)		7,045,098	7,045,803
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,785,127)			9,785,219
TOTAL INVESTMENTS IN SECURITIES–90.71% (Cost $1,271,151,309)			1,133,499,936
OTHER ASSETS LESS LIABILITIES–9.29%			116,034,673
NET ASSETS–100.00%			$1,249,534,609

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, 2023 was $379,742,674, which represented 30.39% of the Fund’s Net Assets.

^(c)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023.

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

^(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, 2023 was $2,162,375, which represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾  All or a portion of this security was out on loan at October 31, 2023.

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

^(k)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2023.

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

^(m)  Non-income producing security.

⁽ⁿ⁾  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	23,284,920	$	381,067,049	$	(383,927,523	)		$      -	$	-	$	20,424,446	$	887,434
Invesco Liquid Assets Portfolio, Institutional Class		16,742,380		272,190,749		(274,707,586	)		751		2,994		14,229,288		649,554
Invesco Treasury Portfolio, Institutional Class		26,611,337		435,505,199		(438,774,311	)		-		-		23,342,225		1,013,458
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		1,248,525		32,453,854		(30,962,963	)		-		-		2,739,416		146,178*
Invesco Private Prime Fund		3,209,614		72,521,520		(68,683,661	)		23		(1,693)		7,045,803		390,798*
Total	$	71,096,776	$	1,193,738,371	$	(1,197,056,044	)		$774	$	1,301	$	67,781,178	$	3,087,422

* 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, 2023.

^(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 1K.

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

Goldman Sachs International

05/16/2024

USD

0.69

AUD

75,000,000

$

312,005

AUD versus USD

Call

J.P. Morgan Chase Bank, N.A.

11/22/2023

USD

0.67

AUD

50,000,000

32

EUR versus USD

Call

Deutsche Bank AG

12/11/2023

USD

1.16

EUR

125,000,000

265

EUR versus USD

Call

Goldman Sachs International

11/08/2023

USD

1.11

EUR

75,000,000

79

EUR versus USD

Call

Goldman Sachs International

12/07/2023

USD

1.10

EUR

6,250,000

423,776

EUR versus USD

Call

Goldman Sachs International

02/08/2024

USD

1.15

EUR

75,000,000

21,585

EUR versus USD

Call

Goldman Sachs International

03/01/2024

USD

1.15

EUR

7,500,000

208,480

EUR versus USD

Call

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

12/01/2023

USD

1.13

EUR

5,000,000

10,904

Subtotal – Foreign Currency Call Options Purchased

977,126

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 HUF

Put

Goldman Sachs International

12/01/2023

HUF

360.00

EUR

10,000,000

$     20,210

EUR versus MXN

Put

Deutsche Bank AG

01/11/2024

MXN

18.40

EUR

2,000,000

33,008

EUR versus MXN

Put

Goldman Sachs International

11/10/2023

MXN

18.30

EUR

50,000,000

4,338

EUR versus MXN

Put

Morgan Stanley and Co. International PLC

11/30/2023

MXN

18.50

EUR

3,000,000

287,338

EUR versus MXN

Put

Morgan Stanley and Co. International PLC

12/11/2023

MXN

18.40

EUR

50,000,000

30,844

EUR versus NOK

Put

Morgan Stanley and Co. International PLC

11/10/2023

NOK

11.10

EUR

50,000,000

53

EUR versus SEK

Put

Merrill Lynch International

11/16/2023

SEK

11.25

EUR

2,500,000

3,309

USD versus BRL

Put

Goldman Sachs International

11/14/2023

BRL

4.80

USD

5,000,000

117,795

USD versus BRL

Put

Goldman Sachs International

11/16/2023

BRL

4.50

USD

3,400,000

2,288

USD versus BRL

Put

Goldman Sachs International

12/18/2023

BRL

4.83

USD

50,000,000

160,400

USD versus BRL

Put

Merrill Lynch International

01/24/2024

BRL

4.93

USD

35,000,000

408,555

USD versus BRL

Put

Merrill Lynch International

10/08/2024

BRL

4.90

USD

2,000,000

164,408

USD versus BRL

Put

Morgan Stanley and Co. International PLC

11/16/2023

BRL

4.50

USD

5,000,000

825

USD versus BRL

Put

Morgan Stanley and Co. International PLC

07/08/2024

BRL

4.60

USD

2,000,000

280,396

USD versus CAD

Put

Merrill Lynch International

11/27/2023

CAD

1.30

USD

2,500,000

253

USD versus CLP

Put

Morgan Stanley and Co. International PLC

11/14/2023

CLP

715.00

USD

2,000,000

2

USD versus CLP

Put

Morgan Stanley and Co. International PLC

11/14/2023

CLP

740.00

USD

2,000,000

2

USD versus CLP

Put

Morgan Stanley and Co. International PLC

11/30/2023

CLP

805.00

USD

40,000,000

3,200

USD versus COP

Put

Goldman Sachs International

02/12/2024

COP

3,960.00

USD

35,000,000

378,210

USD versus COP

Put

Merrill Lynch International

01/11/2024

COP

4,100.00

USD

2,000,000

306,900

USD versus COP

Put

Morgan Stanley and Co. International PLC

01/30/2024

COP

3,950.00

USD

50,000,000

468,100

USD versus INR

Put

Standard Chartered Bank PLC

01/24/2024

INR

81.40

USD

50,000,000

32,200

USD versus JPY

Put

Deutsche Bank AG

12/12/2023

JPY

135.00

USD

2,500,000

9,530

USD versus JPY

Put

Deutsche Bank AG

07/18/2024

JPY

129.40

USD

5,000,000

460,610

USD versus JPY

Put

Goldman Sachs International

02/08/2024

JPY

113.00

USD

50,000,000

4,000

USD versus JPY

Put

Goldman Sachs International

02/16/2024

JPY

135.00

USD

10,000,000

414,340

USD versus JPY

Put

Goldman Sachs International

05/07/2024

JPY

118.00

USD

50,000,000

36,750

USD versus JPY

Put

Goldman Sachs International

05/30/2024

JPY

115.00

USD

5,000,000

58,675

USD versus JPY

Put

Goldman Sachs International

06/10/2024

JPY

115.00

USD

5,000,000

64,670

USD versus JPY

Put

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

11/07/2023

JPY

114.00

USD

6,000,000

6

USD versus JPY

Put

Merrill Lynch International

06/03/2024

JPY

115.00

USD

7,500,000

63,315

USD versus JPY

Put

Morgan Stanley and Co. International PLC

04/18/2024

JPY

132.00

USD

5,000,000

318,325

USD versus KRW

Put

Goldman Sachs International

12/19/2023

KRW

1,170.00

USD

2,500,000

1,300

USD versus MXN

Put

Deutsche Bank AG

11/01/2023

MXN

16.75

USD

50,000,000

50

USD versus MXN

Put

Goldman Sachs International

12/01/2023

MXN

17.00

USD

5,000,000

487,935

USD versus MXN

Put

Goldman Sachs International

05/02/2024

MXN

16.00

USD

3,500,000

16,324

USD versus MXN

Put

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

12/07/2023

MXN

17.25

USD

5,000,000

420,160

USD versus THB

Put

Goldman Sachs International

01/18/2024

THB

31.05

USD

2,500,000

5,465

USD versus THB

Put

Standard Chartered Bank PLC

02/23/2024

THB

30.65

USD

2,500,000

9,562

USD versus ZAR

Put

Goldman Sachs International

05/14/2024

ZAR

15.00

USD

10,000,000

340,010

USD versus ZAR

Put

Goldman Sachs International

10/16/2024

ZAR

18.15

USD

37,500,000

1,234,200

Subtotal – Foreign Currency Put Options Purchased

6,647,861

Total Foreign Currency Options Purchased

$7,624,987

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 $45,184,000.

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

2 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

4.45%

Receive

SOFR

Annually

03/07/2024

USD

250,000,000

$   929,060

30 Year Interest Rate Swap

Call

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

3.93

Receive

SOFR

Annually

12/05/2023

USD

6,300,000

33,426

Subtotal – Interest Rate Call Swaptions Purchased

962,486

Interest Rate Risk

30 Year Interest Rate Swap

Put

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

4.43

Pay

SOFR

Annually

12/05/2023

USD

6,300,000

101,136

5 Year Interest Rate Swap

Put

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

0.75

Pay

TONAR

Annually

03/04/2024

JPY

10,400,000,000

463,350

Subtotal – Interest Rate Put Swaptions Purchased

564,486

Total Interest Rate Swaptions Purchased

$1,526,972

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $45,184,000.

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
Goldman Sachs International		Put		80.00	%		Markit CDX North America Investment Grade Index, Series 40, Version 1		(1.00	)%		Quaterly		11/15/2023		0.733	%	USD	100,000,000	$	55,587
J.P. Morgan Chase Bank, N.A.		Put		500.00			Markit iTraxx Crossover Index, Series 40, Version 1		(5.00	)		Quaterly		03/20/2024		4.509		EUR	50,000,000		972,798
Total Credit Default Swaptions Purchased																				$	1,028,385

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $45,184,000.

^(b)  Implied credit spreads represent the current level, as of October 31, 2023, 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

Goldman Sachs International

Call

60.00

%

Markit CDX Investment Grade Index, Series 40, Version 1

1.00

%

Quarterly

11/15/2023

0.733

%

USD

100,000,000

$

(3,259

)

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

16 Invesco International Bond Fund

Open Over-The-Counter Credit Default Swaptions Written(a)–(continued)
Counterparty	Type of Contract		Exercise Rate		Reference Entity		(Pay)/ Receive Fixed Rate			Payment Frequency		Expiration Date		Implied Credit Spread(b)			Notional Value		Value
Credit Risk
Goldman Sachs International		Put		90.00		Markit CDX Investment Grade Index, Series 40, Version 1		(1.00	)		Quarterly		11/15/2023		0.733	%	USD	100,000,000	$	(18,417	)
Goldman Sachs International		Put		99.00		Markit CDX North America High Yield Index, Series 40, Version 1		(5.00	)		Quarterly		12/20/2023		4.919		USD	34,000,000		(310,452	)
J.P. Morgan Chase Bank, N.A.		Put		500.00		Markit iTraxx Europe Crossover Index, Series 40, Version 6		(5.00	)		Quarterly		11/15/2023		4.509		EUR	41,700,000		(70,469	)
J.P. Morgan Chase Bank, N.A.		Put		550.00		Markit iTraxx Europe Crossover Index, Series 40, Version 6		(5.00	)		Quarterly		03/20/2024		4.509		EUR	50,000,000		(691,771	)
J.P. Morgan Chase Bank, N.A.		Put		99.00		Markit CDX North America High Yield Index, Series 40, Version 3		(5.00	)		Quarterly		11/15/2023		4.919		USD	33,000,000		(95,804	)
J.P. Morgan Chase Bank, N.A.		Put		98.00		Markit CDX North America High Yield Index, Series 40, Version 2		(5.00	)		Quarterly		12/20/2023		4.919		USD	50,000,000		(325,574	)
J.P. Morgan Chase Bank, N.A.		Put		750.00		Markit iTraxx Europe Crossover Index, Series 40, Version 6		(5.00	)		Quarterly		03/20/2024		4.509		EUR	50,000,000		(212,176	)
J.P. Morgan Chase Bank, N.A.		Put		500.00		Markit iTraxx Europe Crossover Index, Series 40, Version 6		(5.00	)		Quarterly		11/15/2023		4.509		EUR	25,000,000		(42,248	)
J.P. Morgan Chase Bank, N.A.		Put		97.00		Markit CDX High Yield Index, Series 41, Version 1		(5.00	)		Quarterly		02/21/2024		5.137		USD	33,000,000		(490,448	)
J.P. Morgan Chase Bank, N.A.		Put		98.00		Markit CDX North America High Yield Index, Series 40, Version 4		(5.00	)		Quarterly		02/21/2024		4.919		USD	33,000,000		(461,877	)
Subtotal – Credit Default Put Swaptions Written																				(2,719,236	)
Total Credit Default Swaptions Written																			$	(2,722,495	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $45,184,000.

^(b)  Implied credit spreads represent the current level, as of October 31, 2023, 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

Goldman Sachs International

05/16/2024

USD

0.73

AUD

75,000,000

$

(70,080

)

EUR versus HUF

Call

Goldman Sachs International

12/01/2023

HUF

400.00

EUR

3,000,000

(250,694

)

EUR versus HUF

Call

Goldman Sachs International

03/07/2024

HUF

425.00

EUR

53,750,000

(312,289

)

EUR versus HUF

Call

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

12/13/2023

HUF

410.00

EUR

50,000,000

(85,653

)

EUR versus HUF

Call

Merrill Lynch International

12/18/2023

HUF

415.00

EUR

50,000,000

(71,951

)

USD versus BRL

Call

Goldman Sachs International

11/16/2023

BRL

5.10

USD

3,400,000

(1,067,906

)

USD versus BRL

Call

Goldman Sachs International

12/18/2023

BRL

5.30

USD

50,000,000

(329,150

)

USD versus BRL

Call

Goldman Sachs International

05/23/2024

BRL

5.55

USD

5,000,000

(912,550

)

USD versus BRL

Call

Merrill Lynch International

01/24/2024

BRL

5.30

USD

35,000,000

(443,170

)

USD versus COP

Call

Goldman Sachs International

02/12/2024

COP

4,500.00

USD

35,000,000

(562,275

)

USD versus COP

Call

Morgan Stanley and Co. International PLC

01/30/2024

COP

4,350.00

USD

50,000,000

(1,074,950

)

USD versus INR

Call

Standard Chartered Bank PLC

01/24/2024

INR

84.00

USD

50,000,000

(218,500

)

USD versus JPY

Call

Deutsche Bank AG

11/01/2023

JPY

145.75

USD

75,000,000

(2,852,625

)

USD versus JPY

Call

Deutsche Bank AG

02/12/2024

JPY

145.30

USD

50,000,000

(1,770,750

)

USD versus MXN

Call

Goldman Sachs International

04/03/2024

MXN

18.75

USD

5,000,000

(1,635,835

)

USD versus MXN

Call

Goldman Sachs International

05/02/2024

MXN

19.00

USD

52,500,000

(1,449,892

)

USD versus MXN

Call

Goldman Sachs International

05/15/2024

MXN

19.75

USD

3,000,000

(566,667

)

USD versus ZAR

Call

Goldman Sachs International

10/16/2024

ZAR

21.75

USD

37,500,000

(875,400

)

Subtotal – Foreign Currency Call Options Written

(14,550,337

)

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 Foreign Currency Options Written(a)–(continued)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

AUD versus USD

Put

Goldman Sachs International

05/16/2024

USD

0.63

AUD

75,000,000

$(1,189,644

)

EUR versus NOK

Put

Morgan Stanley and Co. International PLC

11/10/2023

NOK

10.80

EUR

100,000,000

(106

)

USD versus BRL

Put

Goldman Sachs International

12/18/2023

BRL

4.50

USD

50,000,000

(5,000

)

USD versus BRL

Put

Merrill Lynch International

01/24/2024

BRL

4.75

USD

35,000,000

(130,375

)

USD versus CLP

Put

Morgan Stanley and Co. International PLC

11/30/2023

CLP

780.00

USD

40,000,000

(520

)

USD versus COP

Put

Goldman Sachs International

02/12/2024

COP

3,750.00

USD

35,000,000

(105,385

)

USD versus COP

Put

Morgan Stanley and Co. International PLC

01/30/2024

COP

3,750.00

USD

50,000,000

(123,800

)

USD versus INR

Put

Standard Chartered Bank PLC

01/24/2024

INR

79.50

USD

50,000,000

(6,800

)

USD versus ZAR

Put

Goldman Sachs International

10/16/2024

ZAR

17.15

USD

37,500,000

(635,625

)

Subtotal – Foreign Currency Put Options Written

(2,197,255

)

Total – Foreign Currency Options Written

$(16,747,592

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $45,184,000.

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

BNP Paribas S.A.

3.79%

SOFR

Receive

Annually

10/18/2024

USD

37,500,000

$

(1,426,930

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

3.65

SOFR

Receive

Annually

09/29/2025

USD

250,000,000

(5,813,715

)

30 Year Interest Rate Swap

Call

Goldman Sachs International

3.30

SOFR

Receive

Annually

03/08/2024

USD

40,000,000

(165,382

)

1 Year Interest Rate Swap

Call

Goldman Sachs International

3.29

SOFR

Receive

Annually

06/30/2025

USD

100,000,000

(381,608

)

30 Year Interest Rate Swap

Call

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

3.50

SOFR

Receive

Annually

09/29/2025

USD

62,500,000

(2,667,939

)

10 Year Interest Rate Swap

Call

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

2.44

6 Month EURIBOR

Receive

Semi - Annually

04/14/2025

EUR

75,000,000

(1,194,231

)

2 Year Interest Rate Swap

Call

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

4.05

SOFR

Receive

Annually

03/07/2024

USD

250,000,000

(495,700

)

30 Year Interest Rate Swap

Call

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

2.97

SOFR

Receive

Annually

10/05/2028

USD

30,000,000

(1,395,662

)

10 Year Interest Rate Swap

Call

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

3.94

SOFR

Receive

Annually

10/03/2025

USD

50,000,000

(1,565,328

)

5 Year Interest Rate Swap

Call

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

0.35

TONAR

Receive

Annually

03/04/2024

JPY

10,400,000,000

(41,146

)

30 Year Interest Rate Swap

Call

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

3.52

SOFR

Receive

Annually

10/21/2024

USD

20,000,000

(500,119

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

3.43

SOFR

Receive

Annually

09/29/2025

USD

44,300,000

(1,730,956

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

2.35

6 Month EURIBOR

Receive

Semi - Annually

05/19/2027

EUR

40,000,000

(1,163,754

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

3.30

SOFR

Receive

Annually

09/29/2025

USD

22,800,000

(766,248

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

3.50

SOFR

Receive

Annually

10/06/2025

USD

23,200,000

(996,874

)

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

18 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

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

3.60%

SONIA

Receive

Annually

03/14/2024

GBP

��

50,000,000

$

(405,541

)

2 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

4.92

SONIA

Receive

Monthly

03/28/2024

GBP

250,000,000

(2,831,486

)

Subtotal–Interest Rate Call Swaptions Written

(23,542,619

)

Interest Rate Risk

10 Year Interest Rate Swap

Put

Deutsche Bank AG

5.25

SOFR

Pay

Annually

10/21/2024

USD

40,000,000

(638,238

)

1 Year Interest Rate Swap

Put

Goldman Sachs International

3.29

SOFR

Pay

Annually

06/30/2025

USD

100,000,000

(1,221,916

)

5 Year Interest Rate Swap

Put

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

1.10

TONAR

Pay

Annually

03/04/2024

JPY

10,400,000,000

(193,360

)

30 Year Interest Rate Swap

Put

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

5.02

SOFR

Pay

Annually

10/21/2024

USD

20,000,000

(555,110

)

30 Year Interest Rate Swap

Put

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

4.97

SOFR

Pay

Annually

10/05/2028

USD

30,000,000

(2,067,589

)

2 Year Interest Rate Swap

Put

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

4.00

SOFR

Pay

Annually

09/16/2024

USD

125,000,000

(1,713,545

)

10 Year Interest Rate Swap

Put

Merrill Lynch International

5.15

SOFR

Pay

Annually

04/25/2024

USD

75,000,000

(752,884

)

2 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

5.45

SONIA

Pay

Annually

03/14/2024

GBP

215,000,000

(481,352

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

5.25

SOFR

Pay

Annually

10/21/2024

USD

100,000,000

(1,595,651

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

3.72

6 Month EURIBOR

Pay

Semi - Annually

04/18/2024

EUR

50,000,000

(633,604

)

5 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.50

SOFR

Pay

Annually

10/03/2025

USD

160,000,000

(4,083,186

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

5.25

SOFR

Pay

Annually

04/23/2025

USD

80,000,000

(1,765,156

)

5 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.55

SOFR

Pay

Annually

10/06/2025

USD

90,000,000

(2,226,298

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

3.85

6 Month EURIBOR

Pay

Semi - Annually

05/19/2027

EUR

40,000,000

(2,041,683

)

5 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

4.33

SOFR

Pay

Annually

09/29/2025

USD

90,000,000

(2,564,210

)

Subtotal–Interest Rate Put Swaptions Written

(22,533,782

)

Total Open Over-The-Counter Interest Rate Swaptions Written

$

(46,076,401

)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $45,184,000.

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		1,030		December-2023	$	107,610,860		$	(990,186	)		$	(990,186	)
U.S. Treasury 10 Year Ultra Notes		406		December-2023		44,184,219			24,494				24,494
Subtotal–Long Futures Contracts									(965,692	)			(965,692	)
Short Futures Contracts
Interest Rate Risk
Euro-Bund		123		December-2023		(16,787,576	)		390,282				390,282
Total Futures Contracts								$	(575,410	)		$	(575,410	)

^(a)  Futures contracts collateralized by $3,141,242 cash held with Merrill Lynch International, the futures commission merchant.

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
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
12/20/2023	Barclays Bank PLC		JPY	6,438,901,112		USD	43,645,904	$	828,669
12/20/2023	Barclays Bank PLC		SGD	72,500,517		USD	53,372,190		307,007
12/20/2023	Barclays Bank PLC		USD	47,476,139		KRW	64,267,500,000		152,750
12/20/2023	Barclays Bank PLC		USD	25,271,672		MXN	465,076,000		325,108
12/20/2023	Barclays Bank PLC		USD	8,817,433		PLN	37,292,000		23,403
12/20/2023	BNP Paribas S.A.		EUR	1,665,000		USD	1,773,202		7,538
12/20/2023	BNP Paribas S.A.		JPY	3,139,795,649		USD	21,649,756		770,824
12/20/2023	BNP Paribas S.A.		USD	22,099,686		COP	92,020,000,000		19,516
12/20/2023	BNP Paribas S.A.		USD	18,957,860		MXN	347,277,000		155,517
12/20/2023	Citibank, N.A.		CLP	5,428,840,000		USD	6,128,051		79,401
12/20/2023	Citibank, N.A.		TWD	857,465,781		USD	27,032,339		543,665
12/20/2023	Citibank, N.A.		USD	19,113,237		COP	80,590,475,000		258,607
12/13/2023	Deutsche Bank AG		EUR	14,500,000		USD	15,747,000		376,718
12/20/2023	Deutsche Bank AG		INR	4,640,681,000		USD	55,700,426		53,203
12/20/2023	Deutsche Bank AG		PEN	172,477,000		USD	46,219,417		1,407,316
12/20/2023	Deutsche Bank AG		USD	5,306,523		EUR	5,055,000		54,095
12/20/2023	Deutsche Bank AG		USD	7,624,539		ZAR	145,377,000		143,255
02/14/2024	Deutsche Bank AG		JPY	2,363,850,000		USD	17,000,000		1,133,830
07/22/2024	Deutsche Bank AG		JPY	1,431,700,000		USD	10,000,000		144,527
12/20/2023	Goldman Sachs International		BRL	88,947,000		USD	18,000,000		453,987
12/20/2023	Goldman Sachs International		JPY	7,743,272,250		USD	52,500,000		1,008,991
12/20/2023	Goldman Sachs International		USD	15,090,177		HUF	5,517,421,487		67,610
12/20/2023	Goldman Sachs International		USD	7,900,891		PLN	33,387,000		14,184
12/21/2023	Goldman Sachs International		KRW	9,403,500,000		USD	7,500,000		530,630
01/22/2024	Goldman Sachs International		THB	217,425,000		USD	6,500,000		406,439
02/13/2024	Goldman Sachs International		JPY	1,042,440,000		USD	8,400,000		1,404,264
02/20/2024	Goldman Sachs International		JPY	2,935,200,000		USD	20,000,000		279,900
03/05/2024	Goldman Sachs International		EUR	34,000,000		USD	37,090,600		903,053
05/09/2024	Goldman Sachs International		JPY	2,086,080,000		USD	16,400,000		2,204,957
05/20/2024	Goldman Sachs International		AUD	12,375,000		USD	8,318,475		423,063
11/03/2023	HSBC Bank USA		BRL	357,801,244		USD	71,646,225		678,555
11/03/2023	HSBC Bank USA		USD	70,746,662		BRL	357,801,244		221,006
12/20/2023	HSBC Bank USA		IDR	526,487,400,000		USD	34,185,052		1,159,276
12/20/2023	HSBC Bank USA		KRW	30,771,375,000		USD	23,251,581		446,798
11/03/2023	J.P. Morgan Chase Bank, N.A.		BRL	219,204,400		USD	43,797,083		319,243
11/03/2023	J.P. Morgan Chase Bank, N.A.		USD	43,342,442		BRL	219,204,400		135,398
12/05/2023	J.P. Morgan Chase Bank, N.A.		EUR	32,500,000		USD	35,205,625		771,292
12/20/2023	J.P. Morgan Chase Bank, N.A.		AUD	45,610,000		USD	29,447,644		468,348
12/20/2023	J.P. Morgan Chase Bank, N.A.		CAD	32,050,695		USD	23,223,495		91,685
12/20/2023	J.P. Morgan Chase Bank, N.A.		EUR	183,752,635		USD	198,368,668		3,506,598
12/20/2023	J.P. Morgan Chase Bank, N.A.		GBP	77,025,000		USD	96,390,849		2,735,483
12/20/2023	J.P. Morgan Chase Bank, N.A.		JPY	5,736,997,500		USD	39,000,000		850,264
12/20/2023	J.P. Morgan Chase Bank, N.A.		KRW	23,826,399,650		USD	17,939,681		281,845
12/20/2023	J.P. Morgan Chase Bank, N.A.		MXN	1,127,007,000		USD	63,960,982		1,932,947
12/20/2023	J.P. Morgan Chase Bank, N.A.		SEK	24,614,588		USD	2,232,097		21,767
12/20/2023	J.P. Morgan Chase Bank, N.A.		THB	269,745,000		USD	7,593,638		56,889
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	29,110,842		CNY	211,548,488		221,093
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	10,100,000		COP	42,868,945,000		204,574
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	21,755,747		HUF	7,983,233,627		176,265

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

20 Invesco International Bond Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement			Contract to						Unrealized Appreciation
Date	Counterparty		Deliver			Receive			(Depreciation)
12/20/2023	J.P. Morgan Chase Bank, N.A.			USD	2,051,002		PLN	8,949,137	$	70,575
12/20/2023	J.P. Morgan Chase Bank, N.A.			USD	23,259,492		ZAR	444,360,964		483,635
01/03/2024	J.P. Morgan Chase Bank, N.A.			BRL	357,801,244		USD	70,993,719		516,008
12/20/2023	Merrill Lynch International			COP	331,798,701,000		USD	82,316,864		2,561,131
12/20/2023	Merrill Lynch International			KRW	13,465,800,000		USD	10,000,000		20,445
12/20/2023	Merrill Lynch International			NOK	374,387,886		USD	35,245,516		1,683,290
12/20/2023	Merrill Lynch International			USD	1,133,410		ZAR	21,995,000		41,829
01/26/2024	Merrill Lynch International			BRL	42,382,200		USD	8,400,000		75,103
11/01/2023	Morgan Stanley and Co. International PLC			CAD	32,050,695		USD	23,700,000		587,907
11/03/2023	Morgan Stanley and Co. International PLC			USD	15,521,028		BRL	78,497,600		48,486
11/27/2023	Morgan Stanley and Co. International PLC			COP	246,262,000,000		USD	60,000,000		503,290
12/04/2023	Morgan Stanley and Co. International PLC			USD	27,600,000		CLP	25,047,000,000		338,650
12/20/2023	Morgan Stanley and Co. International PLC			AUD	38,176,682		USD	24,730,591		474,214
12/20/2023	Morgan Stanley and Co. International PLC			GBP	37,085,582		USD	45,271,980		179,299
12/20/2023	Morgan Stanley and Co. International PLC			NZD	25,193,333		USD	15,179,423		499,464
12/20/2023	Morgan Stanley and Co. International PLC			USD	5,775,191		GBP	4,780,000		36,852
12/20/2023	Morgan Stanley and Co. International PLC			USD	18,412,872		PLN	77,706,000		8,934
04/22/2024	Morgan Stanley and Co. International PLC			JPY	1,452,500,000		USD	10,000,000		143,031
12/20/2023	Standard Chartered Bank PLC			JPY	2,703,195,000		USD	18,364,603		388,968
01/29/2024	Standard Chartered Bank PLC			INR	1,854,450,000		USD	22,500,000		302,218
02/28/2024	Standard Chartered Bank PLC			THB	182,765,000		USD	5,500,000		360,552
Subtotal–Appreciation										38,085,234
Currency Risk
12/20/2023	BNP Paribas S.A.			USD	135,846,275		JPY	19,701,355,999		(4,836,714	)
12/20/2023	Citibank, N.A.	��		CLP	15,916,775,000		USD	17,500,000		(233,989	)
12/20/2023	Citibank, N.A.			USD	11,387,478		CLP	10,088,166,865		(147,548	)
12/13/2023	Deutsche Bank AG			USD	19,713,750		EUR	17,500,000		(1,163,410	)
12/20/2023	Deutsche Bank AG			HUF	3,991,800,000		USD	10,839,919		(126,591	)
12/20/2023	Deutsche Bank AG			USD	34,854,746		INR	2,903,923,125		(33,292	)
11/16/2023	Goldman Sachs International			MXN	78,451,000		USD	3,800,000		(542,172	)
11/20/2023	Goldman Sachs International			BRL	70,808,400		USD	12,240,000		(1,773,048	)
12/11/2023	Goldman Sachs International			EUR	50,000,000		USD	52,897,500		(97,201	)
12/20/2023	Goldman Sachs International			PLN	27,058,431		USD	6,373,920		(40,838	)
05/06/2024	Goldman Sachs International			MXN	112,299,832		USD	5,833,000		(203,679	)
05/16/2024	Goldman Sachs International			ZAR	178,165,625		USD	8,875,000		(522,990	)
05/17/2024	Goldman Sachs International			MXN	90,768,000		USD	4,800,000		(70,099	)
11/03/2023	HSBC Bank USA			BRL	297,702,000		USD	58,863,470		(183,884	)
11/03/2023	HSBC Bank USA			USD	59,611,934		BRL	297,702,000		(564,580	)
12/20/2023	HSBC Bank USA			CNY	111,231,200		USD	15,298,982		(123,612	)
12/20/2023	HSBC Bank USA			USD	32,504,285		IDR	500,601,746,200		(1,102,279	)
12/20/2023	HSBC Bank USA			USD	43,119,486		KRW	57,064,758,780		(828,575	)
12/20/2023	HSBC Bank USA			USD	2,432,641		SEK	27,050,500		(3,573	)
11/01/2023	J.P. Morgan Chase Bank, N.A.			USD	23,208,176		CAD	32,050,695		(96,083	)
11/03/2023	J.P. Morgan Chase Bank, N.A.			BRL	357,801,244		USD	70,746,662		(221,006	)
11/03/2023	J.P. Morgan Chase Bank, N.A.			USD	71,488,760		BRL	357,801,244		(521,091	)
11/03/2023	J.P. Morgan Chase Bank, N.A.			USD	18,500,000		MXN	330,558,000		(165,206	)
12/20/2023	J.P. Morgan Chase Bank, N.A.			CLP	9,300,080,000		USD	10,100,000		(261,867	)
12/20/2023	J.P. Morgan Chase Bank, N.A.			COP	7,578,019,000		USD	1,757,527		(64,030	)
12/20/2023	J.P. Morgan Chase Bank, N.A.			HUF	8,400,000,000		USD	22,979,073		(97,905	)
12/20/2023	J.P. Morgan Chase Bank, N.A.			PLN	131,710,000		USD	30,185,869		(1,038,696	)

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

21 Invesco International Bond Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	63,037,474		AUD	97,527,952	$	(1,070,989	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	28,001,856		CAD	37,800,658		(720,150	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	316,144,178		EUR	292,889,458		(5,547,019	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	55,560,146		GBP	44,397,578		(1,576,745	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	74,278,534		JPY	10,920,000,000		(1,663,004	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	12,375,714		MXN	218,062,895		(374,003	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	2,468,170		PEN	9,305,000		(50,592	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	37,730		SEK	416,071		(368	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	53,196,398		THB	1,889,669,037		(398,532	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		ZAR	2,532,803,780		USD	132,646,049		(2,686,902	)
01/03/2024	J.P. Morgan Chase Bank, N.A.		USD	43,493,800		BRL	219,204,400		(316,129	)
12/20/2023	Merrill Lynch International		MXN	173,520,000		USD	9,542,724		(7,442	)
12/20/2023	Merrill Lynch International		USD	6,581,848		COP	26,529,784,195		(204,782	)
12/20/2023	Merrill Lynch International		USD	817,424		CZK	18,846,926		(6,590	)
12/20/2023	Merrill Lynch International		USD	35,250,027		NOK	374,435,799		(1,683,506	)
11/03/2023	Morgan Stanley and Co. International PLC		BRL	78,497,600		USD	15,194,750		(374,764	)
12/20/2023	Morgan Stanley and Co. International PLC		USD	27,858,626		NZD	46,964,086		(493,018	)
12/20/2023	Royal Bank of Canada		USD	73,943,135		JPY	10,942,500,000		(1,177,985	)
12/20/2023	Standard Chartered Bank PLC		USD	35,186,047		EUR	33,065,000		(121,982	)
12/20/2023	Standard Chartered Bank PLC		USD	9,974,205		IDR	153,373,350,000		(353,322	)
12/20/2023	UBS AG		EUR	2,225,000		USD	2,352,704		(6,817	)
12/20/2023	UBS AG		USD	16,885,549		EUR	15,830,000		(98,488	)
Subtotal–Depreciation									(33,997,087	)
Total Forward Foreign Currency Contracts								$	4,088,147

Open Centrally Cleared Credit Default Swap Agreements(a)
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread(b)			Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Credit Risk
Markit CDX North America High Yield Index, Series 41, Version 1		Buy		(5.00	)%		Quarterly		12/20/2028		5.137	%		USD	83,010,000		$	8,244		$	553,013		$	544,769
Societe Generale S.A.		Sell		1.00			Quarterly		06/20/2027		0.941			EUR	15,000,000			11,860			39,710			27,850
Subtotal – Appreciation																		20,104			592,723			572,619
Credit Risk
Brazil Government International Bonds		Buy		(1.00	)		Quarterly		12/20/2027		1.414			USD	5,000,000			229,657			76,720			(152,937	)
Total Centrally Cleared Credit Default Swap Agreements																	$	249,761		$	669,443		$	419,682

^(a)  Centrally cleared swap agreements collateralized by $51,521,869 cash held with Counterparties.

^(b)  Implied credit spreads represent the current level, as of October 31, 2023, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

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

22 Invesco International Bond Fund

Open 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	CPURNSA		At Maturity		2.70	%		At Maturity		10/23/2053		USD	6,600,000	$	–		$	11,420		$	11,420
Receive	COOVIBR		Quarterly		(11.46	)		Quarterly		11/01/2024		COP	137,500,000,000		–			22,612			22,612
Receive	3 Month CZK PRIBOR		Quarterly		(7.02	)		Annually		02/10/2024		CZK	1,040,000,000		–			32,444			32,444
Pay	CPURNSA		At Maturity		2.71			At Maturity		10/23/2033		USD	12,400,000		–			44,757			44,757
Pay	COOVIBR		Quarterly		9.44			Quarterly		10/24/2026		COP	50,000,000,000		–			48,277			48,277
Receive	COOVIBR		Quarterly		(9.01	)		Quarterly		05/24/2032		COP	36,300,000,000		–			49,330			49,330
Receive	COOVIBR		Quarterly		(8.54	)		Quarterly		05/27/2032		COP	13,500,000,000		–			106,760			106,760
Receive	CPURNSA		At Maturity		(2.41	)		At Maturity		05/12/2028		USD	32,500,000		–			372,858			372,858
Receive	CPURNSA		At Maturity		(2.48	)		At Maturity		05/11/2028		USD	53,450,000		–			435,273			435,273
Receive	3 Month JIBAR		Quarterly		(7.42	)		Quarterly		05/05/2027		ZAR	370,000,000		–			537,179			537,179
Receive	3 Month JIBAR		Quarterly		(6.61	)		Quarterly		10/19/2026		ZAR	336,700,000		1,212			767,056			765,844
Receive	3 Month JIBAR		Quarterly		(6.65	)		Quarterly		10/11/2026		ZAR	350,000,000		–			803,304			803,304
Pay	SONIA		Annually		5.34			Annually		12/05/2025		GBP	121,264,000		–			1,133,130			1,133,130
Receive	COOVIBR		Quarterly		(4.20	)		Quarterly		02/08/2031		COP	43,000,000,000		–			2,705,200			2,705,200
Receive	SOFR		Annually		(3.53	)		Annually		09/27/2032		USD	62,000,000		–			4,410,025			4,410,025
Subtotal – Appreciation															1,212			11,479,625			11,478,413
Interest Rate Risk
Pay	EFFR		Annually		3.67			Annually		08/09/2039		USD	200,000,000		(151,787	)		(15,792,892	)		(15,641,105	)
Pay	6 Month EURIBOR		Semi - Annually		2.55			Annually		04/24/2034		EUR	54,000,000		–			(3,678,678	)		(3,678,678	)
Pay	SONIA		Annually		4.24			Annually		05/30/2025		GBP	168,800,000		–			(2,665,668	)		(2,665,668	)
Pay	6 Month EURIBOR		Semi - Annually		3.08			Annually		03/16/2033		EUR	83,000,000		–			(1,752,707	)		(1,752,707	)
Pay	28 Day MXN TIIE		28 Days		9.25			28 Days		02/10/2025		MXN	1,075,000,000		–			(1,003,954	)		(1,003,954	)
Pay	28 Day MXN TIIE		28 Days		9.40			28 Days		02/10/2025		MXN	1,125,000,000		–			(964,487	)		(964,487	)
Pay	6 Month EURIBOR		Semi - Annually		3.05			Annually		05/20/2025		EUR	193,320,000		–			(937,091	)		(937,091	)
Pay	BZDIOVRA		At Maturity		11.30			At Maturity		01/02/2026		BRL	259,730,842		–			(929,856	)		(929,856	)
Receive	COOVIBR		Quarterly		(9.91	)		Quarterly		01/17/2028		COP	60,845,000,000		–			(443,056	)		(443,056	)
Receive	COOVIBR		Quarterly		(9.86	)		Quarterly		09/09/2032		COP	36,000,000,000		–			(400,221	)		(400,221	)
Pay	6 Month EURIBOR		Semi - Annually		3.17			Annually		08/30/2033		EUR	21,440,000		7,681			(314,251	)		(321,932	)
Pay	28 Day MXN TIIE		28 Days		9.13			28 Days		02/11/2028		MXN	233,000,000		–			(315,056	)		(315,056	)
Pay	BZDIOVRA		At Maturity		11.72			At Maturity		01/02/2026		BRL	248,590,247		–			(257,594	)		(257,594	)
Receive	COOVIBR		Quarterly		(9.85	)		Quarterly		07/21/2032		COP	17,843,000,000		–			(210,702	)		(210,702	)
Receive	3 Month JIBAR		Quarterly		(10.00	)		Quarterly		10/26/2033		ZAR	290,000,000		–			(184,385	)		(184,385	)
Receive	COOVIBR		Quarterly		(9.71	)		Quarterly		07/21/2032		COP	16,883,000,000		–			(166,559	)		(166,559	)
Pay	28 Day MXN TIIE		28 days		10.61			28 days		10/21/2025		MXN	1,024,100,000		–			(63,235	)		(63,235	)
Receive	3 Month JIBAR		Quarterly		(9.87	)		Quarterly		06/15/2033		ZAR	141,000,000		–			(49,493	)		(49,493	)
Receive	CPURNSA		At Maturity		(2.69	)		At Maturity		10/23/2043		USD	15,000,000		–			(38,776	)		(38,776	)
Pay	28 Day MXN TIIE		28 days		10.66			28 days		10/20/2025		MXN	942,500,000		–			(15,191	)		(15,191	)
Pay	3 Month CZK PRIBOR		Quarterly		6.06			Annually		09/20/2024		CZK	1,665,000,000		–			(3,621	)		(3,621	)
Subtotal – Depreciation															(144,106	)		(30,187,473	)		(30,043,367	)
Total Centrally Cleared Interest Rate Swap Agreements														$	(142,894	)	$	(18,707,848	)	$	(18,564,954	)

^(a)  Centrally cleared swap agreements collateralized by $51,521,869 cash held with Counterparties.

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

23 Invesco International Bond Fund

Open Over-The-Counter Credit Default Swap Agreements(a)
Counterparty	Reference Entity	Buy/Sell Protection	(Pay)/ Receive Fixed Rate	Payment Frequency		Maturity Date		Implied Credit Spread(b)		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.	Sell	1.00%		Quarterly		12/20/2024		0.492%		EUR	5,000,000	$	22,391		$	30,106			$     7,715
Goldman Sachs International	Markit iTraxx Europe Crossover Index, Series 32, Version 6	Sell	5.00		Quarterly		12/20/2024		0.978		EUR	10,000,000		326,317			477,133			150,816
J.P. Morgan Chase Bank, N.A.	Markit CDX North America High Yield Index, Series 39, Version 2	Buy	(5.00)		Quarterly		12/20/2027		0.768		USD	20,000,000		(3,045,677	)		(3,023,253	)		22,424
Subtotal–Appreciation														(2,696,969	)		(2,516,014	)		180,955
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.	Buy	(1.00)		Quarterly		12/20/2024		0.769		EUR	5,000,000		14,545			(13,708	)		(28,253	)
Goldman Sachs International	Markit CDX North America High Yield Index, Series 37, Version 1	Buy	(5.00)		Quarterly		12/20/2026		0.425		USD	24,724,038		(3,184,905	)		(3,240,374	)		(55,469	)
J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)	Buy	(1.00)		Quarterly		06/20/2027		1.463		EUR	7,500,000		192,400			123,960			(68,440	)
Subtotal–Depreciation														(2,977,960	)		(3,130,122	)		(152,162	)
Total Open Over-The-Counter Credit Default Swap Agreements													$	(5,674,929	)	$	(5,646,136	)		$   28,793

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $45,184,000.

^(b)  Implied credit spreads represent the current level, as of October 31, 2023, 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
Morgan Stanley and Co. International PLC	Receive	EFFR	Annually	(3.67)%	Annually	08/09/2039	USD $200,000,000	$–	$15,792,892	$15,792,892

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $45,184,000.

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

24 Invesco International Bond Fund

Abbreviations:
AUD	–Australian Dollar
BRL	–Brazilian Real
BZDIOVRA	–Brazil Ceptip DI Interbank Deposit Rate
CAD	–Canadian Dollar
CLP	–Chile Peso
CNY	–Chinese Yuan Renminbi
COOVIBR	–Colombia IBR Overnight Nominal Interbank Reference Rate
COP	–Colombia Peso
CPURNSA	–Consumer Price Index For All Urban Consumers (Not Seasonally Adjusted)
CZK	–Czech Koruna
EFFR	–Effective Federal Funds Rate
EUR	–Euro
EURIBOR	–Euro Interbank Offered Rate
GBP	–British Pound Sterling
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
JPY	–Japanese Yen
KRW	–South Korean Won
MXN	–Mexican Peso
NOK	–Norwegian Krone
NZD	–New Zealand Dollar
PEN	–Peruvian Sol
PLN	–Polish Zloty
PRIBOR	–Prague Interbank Offerred Rate
SEK	–Swedish Krona
SGD	–Singapore Dollar
SOFR	–Secured Overnight Financing Rate
SONIA	–Sterling Overnight Index Average
THB	–Thai Baht
TIIE	–Interbank Equilibrium Interest Rate
TONAR	–Tokyo Overnight Average Rate
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.

25 Invesco International Bond Fund

Consolidated Statement of Assets and Liabilities

October 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $1,203,371,320)*	$	1,065,718,758
Investments in affiliated money market funds, at value (Cost $67,779,989)		67,781,178
Other investments:
Variation margin receivable – futures contracts		2,951,436
Variation margin receivable–centrally cleared swap agreements		2,870,749
Swaps receivable – OTC		67,869
Unrealized appreciation on swap agreements – OTC		15,973,847
Unrealized appreciation on forward foreign currency contracts outstanding		38,085,234
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		3,141,242
Cash collateral – centrally cleared swap agreements		51,521,869
Cash collateral – OTC Derivatives		45,184,000
Cash		41,377,488
Foreign currencies, at value (Cost $28,424,813)		28,209,193
Receivable for:
Investments sold		7,958,967
Fund shares sold		478,714
Dividends		360,453
Interest		13,781,945
Investment for trustee deferred compensation and retirement plans		275,740
Other assets		77,584
Total assets		1,385,816,266
Liabilities:
Other investments:
Options written, at value (premiums received $75,668,698)		65,546,488
Premiums received on swap agreements – OTC		5,674,929
Unrealized depreciation on forward foreign currency contracts outstanding		33,997,087
Swaps payable – OTC		277,924
Unrealized depreciation on swap agreements–OTC		152,162
Payable for:
Investments purchased		16,868,347
Dividends		849,891
Fund shares reacquired		2,034,546
Collateral upon return of securities loaned		9,785,127
Accrued fees to affiliates		537,424
Accrued trustees’ and officers’ fees and benefits		877
Accrued other operating expenses		281,115
Trustee deferred compensation and retirement plans		275,740
Total liabilities		136,281,657
Net assets applicable to shares outstanding	$	1,249,534,609

Net assets consist of:
Shares of beneficial interest	$	1,631,896,997
Distributable earnings (loss)		(382,362,388	)
	$	1,249,534,609
Net Assets:
Class A	$	409,560,556
Class C	$	14,744,128
Class R	$	38,381,150
Class Y	$	435,275,081
Class R5	$	1,117,587
Class R6	$	350,456,107
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		98,783,570
Class C		3,569,646
Class R		9,283,680
Class Y		105,044,407
Class R5		269,146
Class R6		84,659,153
Class A:
Net asset value per share	$	4.15
Maximum offering price per share (Net asset value of $4.15 ÷ 95.75%)	$	4.33
Class C:
Net asset value and offering price per share	$	4.13
Class R:
Net asset value and offering price per share	$	4.13
Class Y:
Net asset value and offering price per share	$	4.14
Class R5:
Net asset value and offering price per share	$	4.15
Class R6:
Net asset value and offering price per share	$	4.14

* At October 31, 2023, securities with an aggregate value of $9,601,926 were on loan to brokers.

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

26 Invesco International Bond Fund

Consolidated Statement of Operations

For the year ended October 31, 2023

Investment income:
Interest (net of foreign withholding taxes of $1,185,133)	$	76,713,532
Dividends (net of foreign withholding taxes of $4,896)		373,389
Dividends from affiliated money market funds (includes net securities lending income of $41,984)		2,592,430
Total investment income		79,679,351
Expenses:
Advisory fees		8,307,412
Administrative services fees		190,349
Custodian fees		544,843
Distribution fees:
Class A		1,097,069
Class C		169,970
Class R		207,511
Transfer agent fees – A, C, R and Y		1,877,702
Transfer agent fees – R5		1,111
Transfer agent fees – R6		101,433
Trustees’ and officers’ fees and benefits		27,308
Registration and filing fees		96,648
Reports to shareholders		114,002
Professional services fees		123,305
Other		29,675
Total expenses		12,888,338
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,202,794	)
Net expenses		11,685,544
Net investment income		67,993,807
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $2,163)		(52,145,102	)
Affiliated investment securities		1,301
Foreign currencies		(8,858,053	)
Forward foreign currency contracts		(40,955,726	)
Futures contracts		9,793,705
Option contracts written		49,298,382
Swap agreements		(29,957,426	)
		(72,822,919	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		88,747,962
Affiliated investment securities		774
Foreign currencies		477,144
Forward foreign currency contracts		8,608,182
Futures contracts		(5,243,955	)
Option contracts written		28,991,005
Swap agreements		6,846,652
		128,427,764
Net realized and unrealized gain		55,604,845
Net increase in net assets resulting from operations	$	123,598,652

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

27 Invesco International Bond Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	67,993,807		$	58,643,561
Net realized gain (loss)		(72,822,919	)		(303,143,970	)
Change in net unrealized appreciation (depreciation)		128,427,764			(117,343,724	)
Net increase (decrease) in net assets resulting from operations		123,598,652			(361,844,133	)
Distributions to shareholders from distributable earnings:
Class A		(3,990,702	)		–
Class C		(124,362	)		–
Class R		(347,746	)		–
Class Y		(4,555,496	)		–
Class R5		(10,546	)		–
Class R6		(3,296,864	)		–
Total distributions from distributable earnings		(12,325,716	)		–
Return of capital:
Class A		(15,235,988	)		(17,732,927	)
Class C		(474,796	)		(542,467	)
Class R		(1,327,651	)		(1,451,576	)
Class Y		(17,392,299	)		(24,106,074	)
Class R5		(40,262	)		(22,987	)
Class R6		(12,587,001	)		(12,876,954	)
Total return of capital		(47,057,997	)		(56,732,985	)
Total distributions		(59,383,713	)		(56,732,985	)
Share transactions–net:
Class A		(63,170,758	)		(102,712,578	)
Class C		(3,654,656	)		(7,390,569	)
Class R		(4,724,501	)		(7,684,378	)
Class Y		(86,721,980	)		(266,241,633	)
Class R5		112,045			1,078,038
Class R6		52,649,973			(96,211,294	)
Net increase (decrease) in net assets resulting from share transactions		(105,509,877	)		(479,162,414	)
Net increase (decrease) in net assets		(41,294,938	)		(897,739,532	)
Net assets:
Beginning of year		1,290,829,547			2,188,569,079
End of year	$	1,249,534,609		$	1,290,829,547

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

28 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 10/31/23		$3.96		$0.21		$0.17			$0.38			$(0.04	)		$(0.15	)		$(0.19	)		$4.15		9.40	%(e)		$409,561		1.03	%(e)		1.14	%(e)		4.95	%(e)		78	%
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	(f)		1.18	(f)		3.21	(f)		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	(g)		1.03	(g)		4.60	(g)		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
Class C
Year ended 10/31/23		3.94		0.18		0.16			0.34			(0.03	)		(0.12	)		(0.15	)		4.13		8.61			14,744		1.79			1.90			4.19			78
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	(f)		1.93	(f)		2.46	(f)		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	(g)		1.79	(g)		3.84	(g)		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
Class R
Year ended 10/31/23		3.95		0.20		0.15			0.35			(0.04	)		(0.13	)		(0.17	)		4.13		8.87			38,381		1.29			1.40			4.69			78
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	(f)		1.43	(f)		2.96	(f)		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	(g)		1.29	(g)		4.34	(g)		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
Class Y
Year ended 10/31/23		3.96		0.22		0.16			0.38			(0.04	)		(0.16	)		(0.20	)		4.14		9.40			435,275		0.79			0.90			5.19			78
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	(f)		0.93	(f)		3.46	(f)		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	(g)		0.79	(g)		4.84	(g)		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
Class R5
Year ended 10/31/23		3.96		0.22		0.17			0.39			(0.04	)		(0.16	)		(0.20	)		4.15		9.66			1,118		0.78			0.81			5.20			78
Year ended 10/31/22		5.08		0.15		(1.11	)		(0.96	)		–			(0.16	)		(0.16	)		3.96		(19.23	)		964		0.84	(f)		0.84	(f)		3.53	(f)		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	(g)		0.68	(g)		4.93	(g)		7
Period ended 09/30/19(h)		5.41		0.11		(0.01	)		0.10			–			(0.10	)		(0.10	)		5.41		1.74			10		0.65	(g)		0.67	(g)		5.48	(g)		105
Class R6
Year ended 10/31/23		3.95		0.22		0.17			0.39			(0.04	)		(0.16	)		(0.20	)		4.14		9.75			350,456		0.74			0.74			5.24			78
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	(f)		0.78	(f)		3.59	(f)		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	(g)		0.62	(g)		5.01	(g)		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

^(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% and 0.01% for the one month ended October 31, 2019 and the year ended September 30, 2019, 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 year ended October 31, 2023.

^(f)  Ratios include interest, facilities and maintenance fees of 0.15% for the year ended October 31, 2022.

^(g)  Annualized.

^(h)  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.

29 Invesco International Bond Fund

Notes to Consolidated Financial Statements

October 31, 2023

NOTE 1–Significant Accounting Policies

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

The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Susbsidiary. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

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

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

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

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

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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.

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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. 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.

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

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

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

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K. 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 securities 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, 2023, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds 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 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.

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

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

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When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

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

P. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

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

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Q. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s 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

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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, which could result in the Fund accruing additional expenses. 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, 2023, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

R. LIBOR Transition 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 was 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. The publication of most LIBOR rates ceased at the end of 2021, and the remaining USD LIBOR rates ceased to be published after June 2023. The FCA will permit the use of synthetic USD LIBOR rates for non-U.S. contracts for a limited period of time after June 30, 2023, but any such rates would be considered non-representative of the underlying market.

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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act. The regulations provide a statutory fallback mechanism to replace LIBOR, by identifying benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) that replaced LIBOR in certain financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. The Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

T. 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.

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

Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

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.

34 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, 2023, the effective advisory fee rate incurred by the Fund was 0.62%.

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.

Effective March 1, 2023, through at least February 28, 2025, 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 (the “expense limits”). Prior to March 1, 2023, the Adviser had contractually agreed, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.01%, 1.76%, 1.26%, 0.76%, 0.76%, and 0.76%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate February 28, 2025. 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, 2025, 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, 2023, the Adviser waived advisory fees of $61,092 and reimbursed class level expenses of $488,216, $19,540, $47,670, $551,809, $310 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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $14,659 in front-end sales commissions from the sale of Class A shares and $194 and $(608) 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.

35 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, 2023. 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	$	–		$	610,605,109		$	–	$	610,605,109
U.S. Dollar Denominated Bonds & Notes		–			155,817,898			–		155,817,898
U.S. Treasury Securities		–			146,740,739			–		146,740,739
Asset-Backed Securities		–			94,730,865			14,327,403		109,058,268
Common Stocks & Other Equity Interests		33,316,400			–			–		33,316,400
Money Market Funds		57,995,959			9,785,219			–		67,781,178
Options Purchased		–			10,180,344			–		10,180,344
Total Investments in Securities		91,312,359			1,027,860,174			14,327,403		1,133,499,936
Other Investments - Assets*
Futures Contracts		414,776			–			–		414,776
Forward Foreign Currency Contracts		–			38,085,234			–		38,085,234
Swap Agreements		–			28,024,879			–		28,024,879
		414,776			66,110,113			–		66,524,889
Other Investments - Liabilities*
Futures Contracts		(990,186	)		–			–		(990,186	)
Forward Foreign Currency Contracts		–			(33,997,087	)		–		(33,997,087	)
Options Written		–			(65,546,488	)		–		(65,546,488	)
Swap Agreements		–			(30,348,466	)		–		(30,348,466	)
		(990,186	)		(129,892,041	)		–		(130,882,227	)
Total Other Investments		(575,410	)		(63,781,928	)		–		(64,357,338	)
Total Investments	$	90,736,949		$	964,078,246		$	14,327,403	$	1,069,142,598

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

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, 2023:

	Value 10/31/22	Purchases at Cost	Proceeds from Sales	Accrued Discounts/ Premiums	Realized Gain (Loss)	Change in Unrealized Appreciation	Transfers into Level 3	Transfers out of Level 3	Value 10/31/23
Asset-Backed Securities	$7,136,135	$12,661,106	$(4,080,781)	$–	$(2,685,437)	$1,296,380	$–	$–	$14,327,403

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.

36 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, 2023:

	Value
Derivative Assets	Credit Risk			Currency Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	–		$	–		$	414,776		$	414,776
Unrealized appreciation on swap agreements – Centrally Cleared(a)		572,619			–			11,478,413			12,051,032
Unrealized appreciation on forward foreign currency contracts outstanding		–			38,085,234			–			38,085,234
Unrealized appreciation on swap agreements – OTC		180,955			–			15,792,892			15,973,847
Options purchased, at value – OTC(b)		1,028,385			7,624,987			1,526,972			10,180,344
Total Derivative Assets		1,781,959			45,710,221			29,213,053			76,705,233
Derivatives not subject to master netting agreements		(572,619	)		–			(11,893,189	)		(12,465,808	)
Total Derivative Assets subject to master netting agreements	$	1,209,340		$	45,710,221		$	17,319,864		$	64,239,425
	Value
Derivative Liabilities	Credit Risk			Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	–		$	–		$	(990,186	)	$	(990,186	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		(152,937	)		–			(30,043,367	)		(30,196,304	)
Unrealized depreciation on forward foreign currency contracts outstanding		–			(33,997,087	)		–			(33,997,087	)
Unrealized depreciation on swap agreements – OTC		(152,162	)		–			–			(152,162	)
Options written, at value – OTC		(2,722,495	)		(16,747,592	)		(46,076,401	)		(65,546,488	)
Total Derivative Liabilities		(3,027,594	)		(50,744,679	)		(77,109,954	)		(130,882,227	)
Derivatives not subject to master netting agreements		152,937			–			31,033,553			31,186,490
Total Derivative Liabilities subject to master netting agreements	$	(2,874,657	)	$	(50,744,679	)	$	(46,076,401	)	$	(99,695,737	)

^(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, 2023.

																								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
Barclays Bank PLC	$	1,636,937	$	–	$	–	$	1,636,937	$	–		$	–		$	–		$	–		$	1,636,937		$	–		$	(1,000,000	)	$	636,937
BNP Paribas S.A.		953,395		–		–		953,395		(4,836,714	)		(1,426,930	)		–			(6,263,644	)		(5,310,249	)		–			3,280,000			(2,030,249	)
Citibank, N.A.		881,673		–		7,716		889,389		(381,537	)		–			(28,253	)		(409,790	)		479,599			–			(479,599	)		–
Deutsche Bank AG		3,312,944		503,463		–		3,816,407		(1,323,293	)		(5,261,613	)		–			(6,584,906	)		(2,768,499	)		–			880,000			(1,888,499	)
Goldman Sachs International		7,697,078		4,368,422		150,816		12,216,316		(3,250,027	)		(17,883,141	)		(201,302	)		(21,334,470	)		(9,118,154	)		–			9,118,154			–
HSBC Bank USA		2,505,635		–		–		2,505,635		(2,806,503	)		–			–			(2,806,503	)		(300,868	)		–			270,000			(30,868	)
J.P. Morgan Chase Bank, N.A.		12,843,909		2,930,872		90,293		15,865,074		(16,870,317	)		(14,865,749	)		(200,531	)		(31,936,597	)		(16,071,523	)		–			16,071,523			–
Merrill Lynch International		4,381,798		946,740		–		5,328,538		(1,902,320	)		(1,398,380	)		–			(3,300,700	)		2,027,838			–			(1,150,000	)		877,838
Morgan Stanley and Co. International PLC		2,820,127		1,389,085		15,792,892		20,002,104		(867,782	)		(24,485,375	)		–			(25,353,157	)		(5,351,053	)		–			5,351,053			–
Royal Bank of Canada		–		–		–		–		(1,177,985	)		–			–			(1,177,985	)		(1,177,985	)		–			240,000			(937,985	)
Standard Chartered Bank PLC		1,051,738		41,762		–		1,093,500		(475,304	)		(225,300	)		–			(700,604	)		392,896			(270,959	)		(30,000	)		91,937
UBS AG		–		–		–		–		(105,305	)		–			–			(105,305	)		(105,305	)		–			–			(105,305	)
Total	$	38,085,234	$	10,180,344	$	16,041,717	$	64,307,295	$	(33,997,087	)	$	(65,546,488	)	$	(430,086	)	$	(99,973,661	)	$	(35,666,366	)	$	(270,959	)	$	32,551,131		$	(3,386,194	)

37 Invesco International Bond Fund

Effect of Derivative Investments for the year ended October 31, 2023

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	$	-		$	(40,955,726	)	$	-		$	(40,955,726	)
Futures contracts		-			-			9,793,705			9,793,705
Options purchased(a)		-			6,358,134			24,043,979			30,402,113
Options written		-			24,747,180			24,551,202			49,298,382
Swap agreements		(2,628,674	)		-			(27,328,752	)		(29,957,426	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			8,608,182			-			8,608,182
Futures contracts		-			-			(5,243,955	)		(5,243,955	)
Options purchased(a)		(1,351,156	)		(12,582,791	)		(33,863,550	)		(47,797,497	)
Options written		1,501,233			(747,708	)		28,237,480			28,991,005
Swap agreements		3,520,041			-			3,326,611			6,846,652
Total	$	1,041,444		$	(14,572,729	)	$	23,516,720		$	9,985,435

^(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	$	4,539,858,241	$	245,301,554	$	855,411,141	$	1,400,419,022	$	3,700,548,408	$	1,331,761,263	$	2,837,601,667

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $34,157.

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.

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, 2023 and 2022:

	2023			2022
Ordinary income*		$	12,325,716		$	–
Return of capital			47,057,997			56,732,985
Total distributions		$	59,383,713		$	56,732,985

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

38 Invesco International Bond Fund

Tax Components of Net Assets at Period-End:
	2023
Net unrealized appreciation (depreciation) – investments	$	(129,262,062	)
Net unrealized appreciation (depreciation) – foreign currencies		(1,058,670	)
Temporary book/tax differences		(271,276	)
Capital loss carryforward		(251,770,380	)
Shares of beneficial interest		1,631,896,997
Total net assets	$	1,249,534,609

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 amortization and accretion on debt securities, 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$200,602,146	$51,168,234	$251,770,380

* 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, 2023 was $815,192,051 and $1,046,519,972, 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	$	101,901,705
Aggregate unrealized (depreciation) of investments		(231,163,767	)
Net unrealized appreciation (depreciation) of investments	$	(129,262,062	)

Cost of investments for tax purposes is $1,192,729,731.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and return of capital distributions, on October 31, 2023, undistributed net investment income was decreased by $16,058,525, undistributed net realized gain (loss) was increased by $63,102,159 and shares of beneficial interest was decreased by $47,043,634. 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, 2023(a)				October 31, 2022
	Shares		Amount		Shares		Amount
Sold:
Class A		5,240,826	$	22,502,818		6,791,760	$	31,312,761
Class C		380,326		1,625,996		482,560		2,196,516
Class R		1,008,632		4,318,474		1,266,442		5,839,373
Class Y		21,710,668		93,548,744		39,767,405		189,983,572
Class R5		58,516		253,566		248,165		1,156,653
Class R6		27,187,620		115,228,476		11,857,360		54,706,960
Issued as reinvestment of dividends:
Class A		3,706,065		15,942,298		3,281,576		14,668,894
Class C		120,181		515,001		103,470		459,930
Class R		388,397		1,665,068		323,717		1,439,296
Class Y		3,836,793		16,491,201		3,842,890		17,291,282
Class R5		11,684		50,318		5,409		22,693
Class R6		3,531,830		15,156,966		2,593,720		11,614,884

39 Invesco International Bond Fund

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		458,185		$	1,971,834			656,099		$	3,019,260
Class C		(459,908	)		(1,971,834	)		(658,721	)		(3,019,260	)
Reacquired:
Class A		(24,206,556	)		(103,587,708	)		(33,153,319	)		(151,713,493	)
Class C		(897,168	)		(3,823,819	)		(1,512,565	)		(7,027,755	)
Class R		(2,491,619	)		(10,708,043	)		(3,239,823	)		(14,963,047	)
Class Y		(46,146,891	)		(196,761,925	)		(102,430,021	)		(473,516,487	)
Class R5		(44,307	)		(191,839	)		(23,998	)		(101,308	)
Class R6		(18,101,341	)		(77,735,469	)		(35,016,427	)		(162,533,138	)
Net increase (decrease) in share activity		(24,708,067	)	$	(105,509,877	)		(104,814,301	)	$	(479,162,414	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 38% 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, 5% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

40 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, 2023, the related consolidated statement of operations for the year ended October 31, 2023, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (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, 2023, 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, 2023 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 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, 2023 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 21, 2023

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.

41 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, 2023 through October 31, 2023.

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     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$982.00	$5.10	$1,020.06	$5.19	1.02%
Class C	1,000.00	978.10	8.87	1,016.23	9.05	1.78
Class R	1,000.00	980.60	6.39	1,018.75	6.51	1.28
Class Y	1,000.00	983.20	3.90	1,021.27	3.97	0.78
Class R5	1,000.00	983.30	3.90	1,021.27	3.97	0.78
Class R6	1,000.00	983.60	3.70	1,021.48	3.77	0.74

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, 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.

42 Invesco International Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 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 above the performance of the Index for

43 Invesco International Bond Fund

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 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 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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.

44 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, 2023:

Federal and State Income Tax
Qualified Dividend Income*	19.65	%
Corporate Dividends Received Deduction*	2.91	%
U.S. Treasury Obligations*	19.15	%
Qualified Business Income*	0.00	%
Business Interest Income*	97.09	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

45 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	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	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco International Bond Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each 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, 2023

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
4	Long-Term Fund Performance
6	Supplemental Information
8	Consolidated Schedule of Investments
15	Consolidated Financial Statements
18	Consolidated Financial Highlights
19	Notes to Consolidated Financial Statements
28	Report of Independent Registered Public Accounting Firm
29	Fund Expenses
30	Approval of Investment Advisory and Sub-Advisory Contracts
33	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2023, 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, 10/31/22 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-1.59	%
Class C Shares	-2.29
Class R Shares	-1.86
Class Y Shares	-1.31
Class R5 Shares	-1.31
Class R6 Shares	-1.32
Bloomberg 3-month Treasury Bellwether Index▼ (Broad Market/Style-Specific Index)	4.94
Lipper Absolute Return Funds Index∎ (Peer Group Index)	3.34
Source(s): ▼RIMES Technologies Corp.; ∎ Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2023, the Fund at NAV underperformed its benchmark as two of the major asset classes in which the Fund invests (commodities and sovereign debt) detracted from results, while the global equity market index exposure contributed to Fund performance. The Fund invests in derivatives, primarily exchanged-traded futures and swaps, which are expected to correspond to the performance of US and international equity, fixed-income and commodity markets. The portfolio operates on two components that fulfill specific roles for the total portfolio; 1) an adaptive positioning component that seeks to capitalize on market trends by investing long and short across a diversified mix of liquid assets, and 2) 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 component generated a negative result for the Fund for the fiscal year. The exposures to commodities and sovereign debt detracted from results, while the global equity market index exposure contributed to absolute Fund performance. This result is consistent with how the Fund was positioned throughout the fiscal year, with the net long exposure to energy commodities detracting the most over the fiscal year, followed by the net short exposure to precious metals and mixed results from long/short exposure across sovereign debt markets.

    The diversified defense module introduces dedicated defensive assets and strategies to the total portfolio. This module is made up of four parts that exhibit defensive characteristics: 1) dedicated long exposure to high quality sovereign debt; 2) long equity put option strategies; 3) defensive equity factor premia

(momentum, low volatility, quality), and 4) optimal roll (in our view) of select commodities. These four components are combined into an aggregate diversified defense module using a risk-balanced framework. This component delivered negative absolute performance for the fiscal year as long-only exposure to long-duration sovereign debt and long put options on US large-cap equities offset positive results from favorable contract selection in commodities.

    The Fund’s exposure to global equity market indices contributed to absolute results, with Japanese and European equities performing the best, and Canadian and US small-cap equities performing the worst. Japanese equities were the top contributor to results as the Bank of Japan (BoJ) maintained its looser monetary policy relative to the rest of the developed world over the majority of the fiscal year. Exposure to European equities also provided gains on the back of easing inflation across the region and improved economic growth data. Canadian and US small-cap equities were both weighed down by rising interest rates over the fiscal year.

    The Fund’s exposure to sovereign debt was a mild detractor from absolute results, primarily due to long exposure to Australian government bonds outweighing the positive results from positioning across the other markets. Bonds broadly declined over the fiscal year due to a combination of elevated inflation readings and aggressive actions by central banks. Australian government bonds were the top detractor due to continued rate hikes from the Reserve Bank of Australia amid slowing economic growth. The only market to benefit from long exposure for the fiscal year was Japanese government bonds, which posted gains as a result of the BoJ’s more accommodative monetary policy stance. Select short positions across the

other markets – Germany, the UK and the US – were rewarded over the fiscal year amid the rising interest rate environment.

    The Fund’s exposure to commodities was the top detractor from absolute results due to negative results from net long exposure to energy and net short exposure to precious metals. Energy prices plunged in the first half of 2023, largely due to recession concerns and a disappointing recovery of the Chinese economy. Precious metals rose largely as a result of safe haven demand and rising geopolitical tensions from the Israel-Gaza conflict in October 2023. Strong central bank demand for gold also helped support gold prices during the fiscal year. Positioning in agriculture was the sole bright spot within the asset class, largely due to a long position in sugar and short exposure to wheat. Sugar prices rose throughout the fiscal year due to tight supplies, while wheat prices plunged due to larger-than-expected harvests in Russia and the US.

    Of the four components of the diversified defense module, all but the commodity optimal roll strategy detracted from absolute results. The long-only exposure to sovereign debt detracted the most from results due to the asset class’ high sensitivity to interest rate moves, followed by the long-put exposure and defensive equity factor premia.

    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.

2 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.

3 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 10/31/13

1 Source: Lipper Inc.

2 Source: RIMES Technologies Corp.

*The Fund’s oldest share class (Class Y) does not have a sales charge; therefore, the second-oldest share classes with a sales charge (Class A and Class C) are also included in the chart.

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 Macro Allocation Strategy Fund

Average Annual Total Returns
As of 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (8/28/13)	0.58	%
10 Years	0.33
5 Years	-1.23
1 Year	-7.02
Class C Shares
Inception (8/28/13)	0.56	%
10 Years	0.32
5 Years	-0.87
1 Year	-3.26
Class R Shares
Inception (8/28/13)	0.91	%
10 Years	0.68
5 Years	-0.38
1 Year	-1.86
Class Y Shares
Inception (9/26/12)	1.75	%
10 Years	1.16
5 Years	0.12
1 Year	-1.31
Class R5 Shares
Inception (8/28/13)	1.41	%
10 Years	1.18
5 Years	0.12
1 Year	-1.31
Class R6 Shares
Inception (8/28/13)	1.39	%
10 Years	1.15
5 Years	0.12
1 Year	-1.32

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.

5 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, 2023, 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

6 Invesco Macro Allocation Strategy Fund

Fund Information

Notional Asset Weights as of October 31, 2023

Asset Class	Notional Asset Weights
Equities		19.23	%
Fixed Income		3.86
Commodities		48.07
Options		18.73
Total		89.89	%

7 Invesco Macro Allocation Strategy Fund

Consolidated Schedule of Investments

October 31, 2023

	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–30.85%
U.S. Treasury Floating Rate Notes–30.85%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(a)		5.39	%		01/31/2024	$	23,030	$	23,032,112
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(a)		5.32	%		04/30/2024		23,080		23,076,154
Total U.S. Treasury Securities (Cost $46,108,938)									46,108,266
						Shares
Exchange-Traded Funds–4.34%
Invesco Short Term Treasury ETF(b) (Cost $6,489,480)							61,500		6,490,710
Money Market Funds–55.20%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(b)(c)							35,477,548		35,477,548
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(b)(c)							13,032,298		13,036,207
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency Class, 5.45%(b)(c)							13,384,742		13,384,742
Invesco Treasury Portfolio, Institutional Class, 5.27%(b)(c)							20,605,197		20,605,197
Total Money Market Funds (Cost $82,499,588)									82,503,694
Options Purchased–0.87%
(Cost $1,044,014)(d)									1,302,900
TOTAL INVESTMENTS IN SECURITIES–91.26% (Cost $136,142,020)									136,405,570
OTHER ASSETS LESS LIABILITIES–8.74%									13,064,812
NET ASSETS–100.00%								$	149,470,382

Investment Abbreviations:

ETF – Exchange-Traded Fund

Notes to Consolidated Schedule of Investments:

^(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023.

^(b)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Invesco Short Term Treasury ETF	$	-	$	6,489,480	$	-	$	1,230	$	-	$	6,490,710	$	241,508
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		28,357,639		57,417,216		(50,297,307)		-		-		35,477,548		1,648,551
Invesco Liquid Assets Portfolio, Institutional Class		9,056,334		38,648,011		(34,669,505)		854		513		13,036,207		640,653
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Agency Class		-		55,247,236		(41,862,494)		-		-		13,384,742		532,368
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Institutional Class		10,138,306		9,133,806		(19,272,112)		-		-		-		89,598
Invesco Treasury Portfolio, Institutional Class		14,239,588		61,836,818		(55,471,209)		-		-		20,605,197		984,173
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		25,882,062		(25,882,062)		-		-		-		7,604*
Invesco Private Prime Fund		-		83,364,991		(83,364,750)		-		(241)		-		18,630*
Total	$	61,791,867	$	338,019,620	$	(310,819,439)	$	2,084	$	272	$	88,994,404	$	4,163,085

* 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)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(d)  The table below details options purchased.

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

8 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 Mini Index		Put		11/17/2023		60		USD	387.00		USD	2,322,000	$3,270
S&P 500 Mini Index		Put		12/15/2023		60		USD	410.00		USD	2,460,000	35,700
S&P 500 Mini Index		Put		01/19/2024		60		USD	390.00		USD	2,340,000	25,770
S&P 500 Mini Index		Put		03/15/2024		60		USD	400.00		USD	2,400,000	55,170
S&P 500 Mini Index		Put		07/19/2024		60		USD	453.00		USD	2,718,000	209,940
S&P 500 Mini Index		Put		08/16/2024		60		USD	465.00		USD	2,790,000	243,660
S&P 500 Mini Index		Put		10/18/2024		60		USD	437.00		USD	2,622,000	173,010
S&P 500 Mini Index		Put		02/16/2024		60		USD	410.00		USD	2,460,000	60,720
S&P 500 Mini Index		Put		04/19/2024		60		USD	415.00		USD	2,490,000	88,560
S&P 500 Mini Index		Put		05/17/2024		60		USD	420.00		USD	2,520,000	105,930
S&P 500 Mini Index		Put		06/21/2024		60		USD	425.00		USD	2,550,000	124,170
S&P 500 Mini Index		Put		09/20/2024		60		USD	460.00		USD	2,760,000	177,000
Total Index Options Purchased													$1,302,900

^(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		28		December-2023	$	2,364,600	$	(97,630	)	$	(97,630	)
Cocoa		7		March-2024		269,290		29,170			29,170
Cotton No. 2		33		December-2023		1,340,130		(78,961	)		(78,961	)
Gasoline Reformulated Blendstock Oxygenate Blending		27		November-2023		2,514,418		22,138			22,138
Low Sulphur Gas Oil		27		December-2023		2,297,025		188,475			188,475
New York Harbor Ultra-Low Sulfur Diesel		23		November-2023		2,811,060		169,777			169,777
Soybean		23		July-2024		1,547,900		19,883			19,883
Soybean Meal		37		December-2023		1,594,700		184,203			184,203
Soybean Oil		14		December-2023		431,928		(88,565	)		(88,565	)
Sugar No. 11		50		February-2024		1,517,040		191,822			191,822
WTI Crude		21		December-2023		1,690,500		(113,926	)		(113,926	)
Subtotal								426,386			426,386
Equity Risk
E-Mini Russell 2000 Index		11		December-2023		917,620		(113,930	)		(113,930	)
EURO STOXX 50 Index		43		December-2023		1,851,781		(93,124	)		(93,124	)
FTSE 100 Index		80		December-2023		7,125,450		(219,119	)		(219,119	)
S&P/TSX 60 Index		16		December-2023		2,619,074		(140,583	)		(140,583	)
Tokyo Stock Price Index		83		December-2023		12,342,537		(567,064	)		(567,064	)
Subtotal								(1,133,820	)		(1,133,820	)
Interest Rate Risk
Australia 10 Year Bonds		131		December-2023		8,995,116		(285,825	)		(285,825	)
Euro-Bund		73		December-2023		9,963,358		97,049			97,049
Japan 10 Year Bonds		1		December-2023		948,375		(15,109	)		(15,109	)
Subtotal								(203,885	)		(203,885	)
Subtotal–Long Futures Contracts								(911,319	)		(911,319	)

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

9 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
Coffee ’C’		19		December-2023	$	(1,192,012	)	$	(86,501	)	$	(86,501	)
Corn		49		December-2023		(1,172,938	)		10,417			10,417
Gold 100 Oz.		20		December-2023		(3,988,600	)		(36,369	)		(36,369	)
Kansas City Wheat		61		December-2023		(1,919,212	)		310,437			310,437
Lean Hogs		61		December-2023		(1,750,090	)		84,747			84,747
Live Cattle		8		December-2023		(587,360	)		(5,919	)		(5,919	)
LME Nickel		10		December-2023		(1,080,900	)		65,225			65,225
Natural Gas		42		November-2023		(1,501,500	)		(88	)		(88	)
Silver		20		December-2023		(2,295,200	)		(34,007	)		(34,007	)
Wheat		68		December-2023		(1,891,250	)		187,423			187,423
Subtotal									495,365			495,365
Equity Risk
E-Mini S&P 500 Index		68		December-2023		(14,321,650	)		996,772			996,772
MSCI EAFE Index		139		December-2023		(13,719,995	)		852,048			852,048
MSCI Emerging Markets Index		252		December-2023		(11,581,920	)		825,002			825,002
Subtotal									2,673,822			2,673,822
Interest Rate Risk
Canada 10 Year Bonds		83		December-2023		(6,878,810	)		(81,156	)		(81,156	)
Long Gilt		39		December-2023		(4,416,019	)		(23,206	)		(23,206	)
U.S. Treasury Long Bonds		23		December-2023		(2,517,063	)		188,458			188,458
Subtotal									84,096			84,096
Subtotal–Short Futures Contracts									3,253,283			3,253,283
Total Futures Contracts								$	2,341,964			$2,341,964

^(a)  Futures contracts collateralized by $8,320,000 cash held with Goldman Sachs 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

Canadian Imperial Bank of Commerce

Receive

Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2

0.27%

Monthly

12,000

February–2024

USD  1,185,511

$–

$

11,061

$11,061

Morgan Stanley and Co. International PLC

Receive

S&P GSCI Aluminum Dynamic Index Excess Return

0.30

Monthly

19,800

July–2024

USD  1,983,906

–

63,833

63,833

Subtotal – Appreciation

–

74,894

74,894

Commodity Risk

Barclays Bank PLC

Receive

Barclays Commodity Strategy 1756 Excess Return Index

0.42

Monthly

82,650

March–2024

USD  17,783,718

–

(5,471

)

(5,471

)

Macquarie Bank Ltd.

Receive

Macquarie F6 Carry Alpha Index

0.32

Monthly

176,230

April–2024

USD  50,675,395

–

(21,342

)

(21,342

)

Subtotal – Depreciation

–

(26,813

)

(26,813

)

Total – Total Return Swap Agreements

$–

$

48,081

$48,081

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $1,379,706.

^(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.

10 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	MSCI EAFE Minimum Volatility Index		SOFR + 0.230%		Monthly		2,370		November–2023		USD	4,661,221	$–	$	(99,943	)	$	(99,943	)
BNP Paribas S.A.		Receive	MSCI EAFE Momentum Index		SOFR + 0.190%		Monthly		20		November–2023		USD	125,894	–		(3,540	)		(3,540	)
BNP Paribas S.A.		Receive	MSCI EAFE Momentum Index		SOFR + 0.190%		Monthly		735		November–2023		USD	4,626,612	–		(130,095	)		(130,095	)
BNP Paribas S.A.		Receive	MSCI EAFE Quality Index		SOFR + 0.270%		Monthly		35		November–2023		USD	156,735	–		(5,563	)		(5,563	)
BNP Paribas S.A.		Receive	MSCI EAFE Quality Index		SOFR + 0.270%		Monthly		1,010		November–2023		USD	4,522,911	–		(160,529	)		(160,529	)
BNP Paribas S.A.		Receive	MSCI Emerging Markets Minimum Volatility Index		SOFR + 0.640%		Monthly		300		March–2024		USD	549,177	–		(14,544	)		(14,544	)
Goldman Sachs International		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index		SOFR + 0.560%		Monthly		10		November–2023		USD	65,085	–		(2,435	)		(2,435	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index		SOFR + 0.560%		Monthly		10		November–2023		USD	65,085	–		(2,435	)		(2,435	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index		SOFR + 0.580%		Monthly		30		January–2024		USD	195,255	–		(7,305	)		(7,305	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index		SOFR + 0.640%		Monthly		60		November–2023		USD	390,511	–		(14,610	)		(14,610	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index		SOFR + 0.640%		Monthly		368		March–2024		USD	2,395,132	–		(89,607	)		(89,607	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index		SOFR + 0.670%		Monthly		60		April–2024		USD	390,511	–		(14,610	)		(14,610	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index		SOFR + 0.680%		Monthly		90		February–2024		USD	585,766	–		(21,915	)		(21,915	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index		SOFR + 0.680%		Monthly		472		February–2024		USD	3,072,017	–		(114,931	)		(114,931	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco U.S. Large Cap Broad Price Momentum Total Return Index		SOFR + 0.280%		Monthly		632		November–2023		USD	4,771,341	–		(173,597	)		(173,597	)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco U.S. Large Cap Broad Quality Total Return Index		SOFR + 0.440%		Monthly		455		April–2024		USD	4,626,071	–		(33,778	)		(33,778	)

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

11 Invesco Macro Allocation Strategy Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)
Counterparty	Pay/ Receive		Reference Entity	Floating Rate Index		Payment Frequency		Number of Contracts		Maturity Date		Notional Value			Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
J.P. Morgan Chase Bank, N.A.		Receive	Invesco U.S. Low Volatility Total Return Index		SOFR + 0.280%		Monthly		755		November–2023		USD	4,693,080	$–	$	(56,023	)	$	(56,023	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Minimum Volatility Index		SOFR + 0.530%		Monthly		30		November–2023		USD	54,918	–		(1,454	)		(1,454	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Minimum Volatility Index		SOFR + 0.690%		Monthly		2,737		February–2024		USD	5,010,325	–		(132,690	)		(132,690	)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Minimum Volatility Index		SOFR + 0.690%		Monthly		483		March–2024		USD	884,175	–		(23,416	)		(23,416	)
Merrill Lynch International		Receive	MSCI Emerging Markets Minimum Volatility Index		SOFR + 0.530%		Monthly		120		November–2023		USD	219,671	–		(5,818	)		(5,818	)
Merrill Lynch International		Receive	MSCI Emerging Markets Minimum Volatility Index		SOFR + 0.530%		Monthly		190		November–2023		USD	347,812	–		(9,211	)		(9,211	)
Merrill Lynch International		Receive	MSCI Emerging Markets Minimum Volatility Index		SOFR + 0.570%		Monthly		60		February–2024		USD	109,835	–		(2,909	)		(2,909	)
Total – Total Return Swap Agreements															$–	$	(1,120,958	)	$	(1,120,958	)

(a) Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $1,379,706.

(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%
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.

12 Invesco Macro Allocation Strategy Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
Barclays Commodity Strategy 1756 Excess Return Index
	Long Futures Contracts
	Aluminum		4.14%
	Brent Crude		8.15
	Coffee		3.06
	Corn		4.20
	Cotton		1.55
	Gas Oil		2.87
	Gasoline		2.22
	Gold		15.12
	Heating Oil		2.16
	Kansas Wheat		1.39
	Lead		0.91
	Lean Hogs		1.56
	Live Cattle		3.93
	Natural Gas		9.04
	Nickel		1.85
	Silver		4.54
	Soybean Meal		3.12
	Soybean Oil		2.73
	Soybeans		5.26
	Sugar		3.72
	US Copper		5.05
	Wheat		2.16
	WTI Crude		8.87
	Zinc		2.40
	Total		100%
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%

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

13 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.

14 Invesco Macro Allocation Strategy Fund

Consolidated Statement of Assets and Liabilities

October 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $47,152,952)	$	47,411,166
Investments in affiliates, at value (Cost $88,989,068)		88,994,404
Other investments:
Variation margin receivable – non-LME futures contracts		32,590
Unrealized appreciation on LME futures contracts		65,225
Unrealized appreciation on swap agreements – OTC		74,894
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		8,320,000
Cash collateral – exchange-traded options contracts		4,095,000
Cash collateral – OTC Derivatives		1,379,706
Foreign currencies, at value (Cost $639)		621
Receivable for:
Fund shares sold		108
Dividends		393,009
Interest		6,836
Investment for trustee deferred compensation and retirement plans		20,913
Other assets		53,349
Total assets		150,847,821
Liabilities:
Other investments:
Swaps payable – OTC		96,255
Unrealized depreciation on swap agreements – OTC		1,147,771
Payable for:
Fund shares reacquired		193
Accrued fees to affiliates		29,020
Accrued trustees’ and officers’ fees and benefits		315
Accrued other operating expenses		80,835
Trustee deferred compensation and retirement plans		23,050
Total liabilities		1,377,439
Net assets applicable to shares outstanding	$	149,470,382

Net assets consist of:
Shares of beneficial interest	$	157,923,734
Distributable earnings (loss)		(8,453,352	)
	$	149,470,382
Net Assets:
Class A	$	1,277,570
Class C	$	177,547
Class R	$	82,445
Class Y	$	3,454,770
Class R5	$	7,148
Class R6	$	144,470,902
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		172,234
Class C		24,457
Class R		11,164
Class Y		459,853
Class R5		952
Class R6		19,260,453
Class A:
Net asset value per share	$	7.42
Maximum offering price per share
(Net asset value of $7.42 ÷ 94.50%)	$	7.85
Class C:
Net asset value and offering price per share	$	7.26
Class R:
Net asset value and offering price per share	$	7.38
Class Y:
Net asset value and offering price per share	$	7.51
Class R5:
Net asset value and offering price per share	$	7.51
Class R6:
Net asset value and offering price per share	$	7.50

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

15 Invesco Macro Allocation Strategy Fund

Consolidated Statement of Operations

For the year ended October 31, 2023

Investment income:
Interest	$	2,887,203
Dividends		609
Dividends from affiliates (includes net securities lending income of $ 11,484)		4,148,335
Total investment income		7,036,147
Expenses:
Advisory fees		1,696,608
Administrative services fees		21,591
Custodian fees		69,950
Distribution fees:
Class A		3,325
Class C		1,833
Class R		631
Transfer agent fees – A, C, R and Y		6,688
Transfer agent fees – R5		2
Transfer agent fees – R6		44,636
Trustees’ and officers’ fees and benefits		16,879
Registration and filing fees		78,991
Reports to shareholders		10,132
Professional services fees		79,466
Other		16,103
Total expenses		2,046,835
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(278,840	)
Net expenses		1,767,995
Net investment income		5,268,152
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,344,884	)
Affiliated investment securities		272
Foreign currencies		(58,275	)
Futures contracts		(9,070,230	)
Swap agreements		5,810,014
	(6,663,103)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(11,776	)
Affiliated investment securities		2,084
Foreign currencies		1,350
Futures contracts		1,166,467
Swap agreements		(1,871,199	)
	(713,074)
Net realized and unrealized gain (loss)		(7,376,177	)
Net increase (decrease) in net assets resulting from operations	$	(2,108,025	)

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

16 Invesco Macro Allocation Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2023 and 2022

	2023			2022
Operations:
Net investment income (loss)	$	5,268,152		$	(851,859	)
Net realized gain (loss)		(6,663,103	)		(21,320,150	)
Change in net unrealized appreciation (depreciation)		(713,074	)		1,267,440
Net increase (decrease) in net assets resulting from operations		(2,108,025	)		(20,904,569	)
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		(109,285	)		(225,349	)
Class C		(14,558	)		(122,716	)
Class R		(42,383	)		(1,478	)
Class Y		(756,813	)		(619,490	)
Class R6		(3,614,708	)		(51,010,922	)
Net increase (decrease) in net assets resulting from share transactions		(4,537,747	)		(51,979,955	)
Net increase (decrease) in net assets		(6,645,772	)		(95,705,624	)
Net assets:
Beginning of year		156,116,154			251,821,778
End of year	$	149,470,382		$	156,116,154

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

17 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 10/31/23		$7.54		$0.24			$(0.36)			$(0.12)			$ –			$ –			$ –		$	7.42		(1.59	)%		$ 1,278		1.39	%		1.67	%		3.17	%		20	%
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
Class C
Year ended 10/31/23		7.43		0.18			(0.35	)		(0.17	)		–			–			–			7.26		(2.29	)		178		2.14			2.42			2.42			20
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
Class R
Year ended 10/31/23		7.52		0.22			(0.36	)		(0.14	)		–			–			–			7.38		(1.86	)		82		1.64			1.92			2.92			20
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
Class Y
Year ended 10/31/23		7.61		0.26			(0.36	)		(0.10	)		–			–			–			7.51		(1.31	)		3,455		1.14			1.42			3.42			20
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
Class R5
Year ended 10/31/23		7.62		0.26			(0.37	)		(0.11	)		–			–			–			7.51		(1.44	)		7		1.14			1.32			3.42			20
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
Class R6
Year ended 10/31/23		7.60		0.26			(0.36	)		(0.10	)		–			–			–			7.50		(1.32	)		144,471		1.14			1.32			3.42			20
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

^(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.

18 Invesco Macro Allocation Strategy Fund

Notes to Consolidated Financial Statements

October 31, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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

19 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. 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 seek 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 Foreign withholding tax claims on the Consolidated Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

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 by investment companies. Any 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 services 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, 2023, 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

20 Invesco Macro Allocation Strategy Fund

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. 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 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 securities 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, 2023, the Fund paid the Adviser $1,099 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, 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 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 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

21 Invesco Macro Allocation Strategy Fund

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.

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

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

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

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

P. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Q. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. 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, which could result in the Fund accruing additional expenses. 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.

22 Invesco Macro Allocation Strategy Fund

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

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

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and 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.

Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

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, 2023, the effective advisory fee rate incurred by the Fund was 1.10%.

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

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

The Adviser has contractually agreed, through at least February 28, 2025, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2025. 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, 2025, 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, 2023, the Adviser waived advisory fees of $227,262 and reimbursed class level expenses of $1,671, $230, $158, $4,630, $2 and $44,636 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, 2023, 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, 2023, 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

23 Invesco Macro Allocation Strategy Fund

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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $230 in front-end sales commissions from the sale of Class A shares and $0 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when 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, 2023. 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	$	–		$	46,108,266			$–	$	46,108,266
Exchange-Traded Funds		6,490,710			–			–		6,490,710
Money Market Funds		82,503,694			–			–		82,503,694
Options Purchased		1,302,900			–			–		1,302,900
Total Investments in Securities		90,297,304			46,108,266			–		136,405,570
Other Investments - Assets*
Futures Contracts		4,423,046			–			–		4,423,046
Swap Agreements		–			74,894			–		74,894
		4,423,046			74,894			–		4,497,940
Other Investments - Liabilities*
Futures Contracts		(2,081,082	)		–			–		(2,081,082	)
Swap Agreements		–			(1,147,771	)		–		(1,147,771	)
		(2,081,082	)		(1,147,771	)		–		(3,228,853	)
Total Other Investments		2,341, 964			(1,072,877	)		–		1,269,087
Total Investments	$	92,639,268		$	45,035,389			$–	$	137,674,657

* 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.

24 Invesco Macro Allocation Strategy Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2023:

	Value
Derivative Assets	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	1,463,717		$	2,673,822		$	285,507		$	4,423,046
Unrealized appreciation on swap agreements – OTC		74,894			–			–			74,894
Options purchased, at value – Exchange-Traded(b)		–			1,302,900			–			1,302,900
Total Derivative Assets		1,538,611			3,976,722			285,507			5,800,840
Derivatives not subject to master netting agreements		(1,463,717	)		(3,976,722	)		(285,507	)		(5,725,946	)
Total Derivative Assets subject to master netting agreements	$	74,894		$	–		$	–		$	74,894
	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(541,966	)	$	(1,133,820	)	$	(405,296	)	$	(2,081,082	)
Unrealized depreciation on swap agreements – OTC		(26,813	)		(1,120,958	)		–			(1,147,771	)
Total Derivative Liabilities		(568,779	)		(2,254,778	)		(405,296	)		(3,228,853	)
Derivatives not subject to master netting agreements		541,966			1,133,820			405,296			2,081,082
Total Derivative Liabilities subject to master netting agreements	$	(26,813	)	$	(1,120,958	)	$	–		$	(1,147,771	)

^(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, 2023.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash		Cash		Net Amount(a)
Fund
BNP Paribas S.A.		$–		$       (443,732)			$       (443,732)			$–		$420,000	$	(23,732	)
Goldman Sachs International		–		(2,594	)		(2,594	)		–		–		(2,594	)
J.P. Morgan Chase Bank, N.A.		–		(744,571	)		(744,571	)		–		744,571		–
Merrill Lynch International		–		(19,586	)		(19,586	)		–		–		(19,586	)
Subtotal - Fund		–		(1,210,483	)		(1,210,483	)		–		1,164,571		(45,912	)
Subsidiary
Barclays Bank PLC		–		(8,684	)		(8,684	)		–		–		(8,684	)
Canadian Imperial Bank of Commerce		11,061		(181	)		10,880			–		–		10,880
Macquarie Bank Ltd.		–		(24,422	)		(24,422	)		–		–		(24,422	)
Morgan Stanley and Co. International PLC		63,833		(256	)		63,577			–		–		63,577
Subtotal - Subsidiary		74,894		(33,543	)		41,351			–		–		41,351
Total	$	74,894	$	(1,244,026	)	$	(1,169,132	)	$	–	$	1,164,571	$	(4,561	)

^(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, 2023

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

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Futures contracts	$	(4,795,450	)	$	(556,497	)	$	(3,718,283	)	$	(9,070,230	)
Options purchased(a)		-			(3,322,097	)		-			(3,322,097	)
Swap agreements		2,378,372			3,431,642			-			5,810,014

25 Invesco Macro Allocation Strategy Fund

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts	$	51,634		$	(259,270	)	$	1,374,103		$	1,166,467
Options purchased(a)		-			(71,816	)		-			(71,816	)
Swap agreements		283,207			(2,154,406	)		-			(1,871,199	)
Total	$	(2,082,237	)	$	(2,932,444	)	$	(2,344,180	)	$	(7,358,861	)

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

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

	Futures Contracts		Index Options Purchased		Swap Agreements
Average notional value	$	161,997,635	$	33,300,917	$	113,391,371
Average contracts		–		218		–

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $251.

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.

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, 2023 and 2022:

	2023		2022
Ordinary income*	$	–	$	22,821,100

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	2,421,546
Net unrealized appreciation (depreciation) – investments		(1,026,772	)
Net unrealized appreciation – foreign currencies		317
Temporary book/tax differences		(19,238	)
Capital loss carryforward		(9,829,205	)
Shares of beneficial interest		157,923,734
Total net assets	$	149,470,382

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.

26 Invesco Macro Allocation Strategy Fund

The Fund has a capital loss carryforward as of October 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	5,034,386	$	4,794,819	$	9,829,205

* 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, 2023 was $8,870,727 and $3,768,061, 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	$	2,216,339
Aggregate unrealized (depreciation) of investments		(3,243,111	)
Net unrealized appreciation (depreciation) of investments	$	(1,026,772	)

Cost of investments for tax purposes is $138,701,429.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, derivative instruments and income from the subsidiary, on October 31, 2023, undistributed net investment income was decreased by $975,419, undistributed net realized gain (loss) was increased by $1,898,997 and shares of beneficial interest was decreased by $923,578. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended October 31, 2023(a)						Year ended October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		37,042		$	275,645			37,914		$	298,375
Class C		6,268			45,715			4,285			33,815
Class R		1,726			12,759			4,722			37,670
Class Y		23,587			176,838			20,824			167,103
Class R6		1,752,205			13,095,257			297,557			2,446,746
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		3,726			27,617			7,936			65,455
Class C		(3,795	)		(27,617	)		(8,047	)		(65,455	)
Reacquired:
Class A		(55,710	)		(412,547	)		(91,257	)		(727,692	)
Class C		(4,476	)		(32,656	)		(12,373	)		(108,360	)
Class R		(7,412	)		(55,142	)		(5,484	)		(48,580	)
Class Y		(125,196	)		(933,651	)		(157,159	)		(1,271,556	)
Class R6		(2,233,900	)		(16,709,965	)		(9,470,381	)		(75,548,073	)
Net increase (decrease) in share activity		(605,935	)	$	(4,537,747	)		(6,717,887	)	$	(51,979,955	)

^{(a) 97% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.}

27 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, 2023, the related consolidated statement of operations for the year ended October 31, 2023, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 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, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 21, 2023

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.

28 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, 2023 through October 31, 2023.

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     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$996.00	$6.99	$1,018.20	$7.07	1.39%
Class C	1,000.00	991.80	10.74	1,014.42	10.87	2.14
Class R	1,000.00	993.30	8.24	1,016.94	8.34	1.64
Class Y	1,000.00	996.00	5.74	1,019.46	5.80	1.14
Class R5	1,000.00	997.30	5.54	1,019.66	5.60	1.10
Class R6	1,000.00	996.00	5.74	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, 2023 through October 31, 2023, 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.

29 Invesco Macro Allocation Strategy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 to the performance of funds in the Broadridge performance universe and against the Bloomberg US Treasury Bellwethers 3 Month Index (Index). The Board noted that performance of Class Y 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 Y shares

30 Invesco Macro Allocation Strategy Fund

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 its performance peer funds. The Board considered that the Fund’s tactical allocation negatively impacted Fund performance in periods of short-term volatility, and that the Fund’s defensive positioning did not perform as expected given the rising interest rate environment. 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 the same as 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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

31 Invesco Macro Allocation Strategy Fund

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.

32 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, 2023:

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.

33 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong—1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes—1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1331 Spring Street, NW, Suite 2500 Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza 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 Sidley Austin LLP 787 Seventh Avenue New York, NY 10019	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza 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

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, 2023

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
4	Long-Term Fund Performance
6	Supplemental Information
8	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
50	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended October 31, 2023, 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, 10/31/22 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	3.87	%
Class C Shares	3.08
Class R Shares	3.73
Class Y Shares	4.26
Class R5 Shares	4.13
Class R6 Shares	4.32
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)	0.36
Custom Invesco Multi-Asset Income Index∎ (Style-Specific Index)	4.41
Lipper Mixed-Asset Target Allocation Conservative Funds Index¨ (Peer Group Index)	2.90
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ¨Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2023, the Fund at NAV reported positive absolute performance.

    The beginning of the fiscal year was headlined by the US Federal Reserve (the Fed) continuing 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 federal funds rate at the beginning of the fiscal year: a 0.75% hike in November 2022, its largest hike since 1994, a 0.50% hike in December and a 0.25% hike in January, to a target federal funds rate of 4.50% to 4.75%.¹

    Risky assets managed to deliver gains in the first quarter of 2023 despite a tight labor market and solid economic growth indicating that the Fed’s monetary policy would remain tight for the foreseeable future. In March, significant volatility plagued both equity and bond markets as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread pushed overall corporate spread premiums wider over the fiscal year. However, these issues did not seem to be systemic as policymakers responded swiftly, which calmed markets. The Fed, aiming to further stabilize markets, continued course with their hawkish policy with two 0.25% hikes in March and May to a target federal funds rate from 5.00% to 5.25%. Markets stabilized due to milder inflation data and better-than-expected corporate earnings.

    Through the second quarter of 2023, global economic growth remained resilient but bifurcated as emerging markets and Asian

economies showed robust growth while developed western economies had sluggish yet positive growth. US labor markets maintained momentum with unemployment still at historic lows despite a slight uptick at the end of May. Inflation generally eased in developed economies, largely driven by moderation in the goods component of inflation. However, core inflation remained more stubborn and led to developed central banks to continue tightening, showcased by another 0.25% hike by the Fed in July, bringing the target rate from 5.25% to 5.50%, its highest level since June 2006.¹ While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 3.45% to 4.85% during the fiscal year, while 10-year Treasury rates increased from 3.53% to 4.48%.²

    At the end of the fiscal year, the yield curve remained inverted and despite higher rates and increased market volatility, US stocks had positive returns of 10.69%, as measured by the S&P 500 Index.³ Additionally, in August, US debt was downgraded by the Fitch credit rating agency from AAA to AA† on the premise of expected fiscal deterioration over the next three years.⁴

    The strategic allocation delivered strong results for the fiscal year due primarily to gains in equity. Equity exposure is gained through the use of equity-linked notes (ELNs). Technology was the top performing sector due to investor optimism around artificial intelligence (AI). Cyclical sectors like telecommunications, industrials and consumer discretionary also posted gains in line with the direction of broad equity markets. Exposure to more defensive sectors like utilities, financials, consumer staples and REITs detracted from performance. US preferred shares were the worst performing asset in the bunch due

to their sensitivity to interest rate movements.

    In aggregate, strategic exposure to fixed-income detracted from results due to losses in US 30-Year Treasuries. This is 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. Emerging market debt and US high yield contributed to results amid resilient economic growth.

    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 strategy utilizes derivative instruments that include futures. Therefore, some of the Fund’s performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in Invesco Multi-Asset Income Fund.

1  Source: Federal Reserve of Economic Data

2  Source: US Department of the Treasury

3  Source: Lipper Inc.

4  Source: Fitch Ratings

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on S&P Global Ratings’ rating methodology, please visit spglobal.com and select ‘Understanding Credit Ratings’ under ‘About Ratings’ on the homepage. For more information on Moody’s rating methodology, please visit ratings.moodys.com and select ‘Rating Methodologies’ on the homepage.

2 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.

3 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 10/31/13

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.

4 Invesco Multi-Asset Income Fund

Average Annual Total Returns
As of 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (12/14/11)	2.44	%
10 Years	1.77
5 Years	-1.56
1 Year	-1.89
Class C Shares
Inception (12/14/11)	2.40	%
10 Years	1.73
5 Years	-1.17
1 Year	2.11
Class R Shares
Inception (12/14/11)	2.68	%
10 Years	2.11
5 Years	-0.67
1 Year	3.73
Class Y Shares
Inception (12/14/11)	3.19	%
10 Years	2.60
5 Years	-0.17
1 Year	4.26
Class R5 Shares
Inception (12/14/11)	3.18	%
10 Years	2.59
5 Years	-0.20
1 Year	4.13
Class R6 Shares
Inception (9/24/12)	2.43	%
10 Years	2.64
5 Years	-0.12
1 Year	4.32

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 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 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, 2023, 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

6 Invesco Multi-Asset Income Fund

Fund Information

Portfolio Composition

By security type	% of total net assets
U.S. Dollar Denominated Bonds & Notes		37.45	%
Equity Linked Notes		21.73
U.S. Treasury Securities		21.14
Preferred Stocks		6.28
Security Types Each Less Than 1% of Portfolio		0.83
Money Market Funds Plus Other Assets Less Liabilities		12.57

Top Five Debt Issuers*

		% of total net assets
1.	U.S. Treasury		21.14	%
2.	Saudi Government International Bond		0.93
3.	Colombia Government International Bond		0.82
4.	Hungary Government International Bond		0.79
5.	Turkey Government International Bond		0.80

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, 2023.

7 Invesco Multi-Asset Income Fund

Schedule of Investments^(a)

October 31, 2023

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–37.45%
Advertising–0.13%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b)	$	700,000	$	571,508
Belo Corp., 7.25%, 09/15/2027		813,000		775,542
				1,347,050
Aerospace & Defense–0.44%
Boeing Co. (The), 2.75%, 02/01/2026		119,000		110,775
2.25%, 06/15/2026		59,000		53,538
Bombardier, Inc. (Canada), 7.50%, 02/01/2029(b)(c)		1,209,000		1,121,107
General Dynamics Corp., 3.25%, 04/01/2025		101,000		97,857
Howmet Aerospace, Inc., 5.90%, 02/01/2027(c)		444,000		438,265
5.95%, 02/01/2037		465,000		425,369
Rolls-Royce PLC (United Kingdom), 3.63%, 10/14/2025(b)		870,000		816,328
Spirit AeroSystems, Inc., 9.38%, 11/30/2029(b)(c)		454,000		466,794
TransDigm, Inc., 6.25%, 03/15/2026(b)		1,160,000		1,134,370
				4,664,403
Agricultural & Farm Machinery–0.05%
CNH Industrial Capital LLC, 4.55%, 04/10/2028		75,000		70,516
Deere & Co., 2.75%, 04/15/2025		125,000		120,293
Titan International, Inc., 7.00%, 04/30/2028		420,000		384,180
				574,989
Agricultural Products & Services–0.06%
Darling Ingredients, Inc., 5.25%, 04/15/2027(b)		622,000		592,433
Air Freight & Logistics–0.08%
Rand Parent LLC, 8.50%, 02/15/2030(b)(c)		955,000		873,000
Alternative Carriers–0.15%
Lumen Technologies, Inc., 4.00%, 02/15/2027(b)		2,307,000		1,559,324
Aluminum–0.05%
Kaiser Aluminum Corp., 4.50%, 06/01/2031(b)		400,000		296,077
Novelis Corp., 3.25%, 11/15/2026(b)		216,000		192,517
				488,594
Apparel Retail–0.19%
Gap, Inc. (The), 3.63%, 10/01/2029(b)(c)		975,000		745,949
3.88%, 10/01/2031(b)		935,000		672,483
Ross Stores, Inc., 0.88%, 04/15/2026		164,000		145,282

	Principal Amount		Value
Apparel Retail–(continued)
Victoria’s Secret & Co., 4.63%, 07/15/2029(b)(c)	$	592,000	$	435,900
				1,999,614
Apparel, Accessories & Luxury Goods–0.17%
G-III Apparel Group Ltd., 7.88%, 08/15/2025(b)(c)		635,000		629,836
Hanesbrands, Inc., 4.88%, 05/15/2026(b)(c)		495,000		455,345
Under Armour, Inc., 3.25%, 06/15/2026 (c)		752,000		685,590
				1,770,771
Application Software–0.19%
Adobe, Inc., 3.25%, 02/01/2025		100,000		97,412
Cloud Software Group, Inc., 6.50%, 03/31/2029(b)		308,000		270,704
9.00%, 09/30/2029(b)(c)		1,178,000		1,004,251
GoTo Group, Inc., 5.50%, 09/01/2027(b)		739,000		386,209
Open Text Holdings, Inc. (Canada), 4.13%, 12/01/2031(b)		317,000		249,366
				2,007,942
Asset Management & Custody Banks–0.06%
Ares Capital Corp., 2.88%, 06/15/2028		110,000		91,089
Brightsphere Investment Group, Inc., 4.80%, 07/27/2026		528,000		479,918
Legg Mason, Inc., 4.75%, 03/15/2026		59,000		57,578
				628,585
Automobile Manufacturers–0.57%
Ford Motor Credit Co. LLC, 2.30%, 02/10/2025(c)		607,000		573,858
4.69%, 06/09/2025		291,000		281,387
5.13%, 06/16/2025		682,000		664,219
4.13%, 08/04/2025		306,000		291,969
3.38%, 11/13/2025		811,000		757,602
4.39%, 01/08/2026		582,000		552,293
4.27%, 01/09/2027		605,000		560,405
6.80%, 05/12/2028(c)		813,000		811,465
General Motors Co., 6.13%, 10/01/2025		135,000		134,814
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		167,000		159,388
Jaguar Land Rover Automotive PLC (United Kingdom), 7.75%, 10/15/2025(b)		434,000		434,769
4.50%, 10/01/2027(b)		412,000		355,680
PM General Purchaser LLC, 9.50%, 10/01/2028(b)		239,000		224,893
Toyota Motor Credit Corp., 3.20%, 01/11/2027		100,000		93,213
1.15%, 08/13/2027		100,000		85,398
				5,981,353

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

8 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Automotive Parts & Equipment–0.35%
American Honda Finance Corp., 2.35%, 01/08/2027	$	95,000	$	85,831
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		719,000		709,257
Dana, Inc., 4.50%, 02/15/2032		283,000		221,938
IHO Verwaltungs GmbH (Germany), 7.13% PIK Rate, 6.38% Cash Rate, 05/15/2029(b)(d)		1,757,000		1,532,867
ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025(b)		1,182,000		1,141,695
				3,691,588
Automotive Retail–0.03%
Advance Auto Parts, Inc., 5.95%, 03/09/2028		60,000		56,138
Sonic Automotive, Inc., 4.63%, 11/15/2029(b)		250,000		208,449
				264,587
Broadcasting–0.45%
AMC Networks, Inc., 4.75%, 08/01/2025(c)		494,000		450,425
iHeartCommunications, Inc., 6.38%, 05/01/2026		490,000		399,893
8.38%, 05/01/2027		532,000		326,626
5.25%, 08/15/2027(b)(c)		443,000		325,074
Liberty Interactive LLC, 8.25%, 02/01/2030		710,000		182,828
Paramount Global, 3.70%, 06/01/2028		125,000		107,789
6.38%, 03/30/2062(c)(e)		1,182,000		870,980
Sinclair Television Group, Inc., 4.13%, 12/01/2030(b)		443,000		280,339
Univision Communications, Inc., 5.13%, 02/15/2025(b)		931,000		910,053
6.63%, 06/01/2027(b)		483,000		441,514
Videotron Ltd. (Canada), 5.13%, 04/15/2027(b)		411,000		382,908
				4,678,429
Broadline Retail–0.55%
Amazon.com, Inc., 3.30%, 04/13/2027(c)		150,000		140,572
1.65%, 05/12/2028		60,000		51,257
GrubHub Holdings, Inc., 5.50%, 07/01/2027(b)		289,000		212,853
Kohl’s Corp., 4.63%, 05/01/2031		840,000		575,316
Macy’s Retail Holdings LLC, 6.13%, 03/15/2032(b)(c)		1,569,000		1,297,563
Nordstrom, Inc., 4.00%, 03/15/2027(c)		456,000		403,051
6.95%, 03/15/2028		462,000		435,313
4.38%, 04/01/2030(c)		692,000		537,961
4.25%, 08/01/2031		578,000		424,084
QVC, Inc., 4.45%, 02/15/2025		445,000		383,694
4.75%, 02/15/2027		605,000		344,622
Rakuten Group, Inc. (Japan), 10.25%, 11/30/2024(b)		962,000		974,038
				5,780,324

	Principal Amount		Value
Building Products–0.43%
Builders FirstSource, Inc., 4.25%, 02/01/2032(b)	$	591,000	$	471,058
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(b)		269,000		196,918
JELD-WEN, Inc., 4.63%, 12/15/2025(b)		261,000		246,966
4.88%, 12/15/2027(b)(c)		991,000		841,035
Masonite International Corp., 5.38%, 02/01/2028(b)		543,000		500,676
3.50%, 02/15/2030(b)		546,000		432,982
Standard Industries, Inc., 5.00%, 02/15/2027(b)		630,000		583,025
4.75%, 01/15/2028(b)		967,000		866,490
4.38%, 07/15/2030(b)		509,000		416,353
				4,555,503
Cable & Satellite–0.93%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026(b)(c)		969,000		925,067
5.13%, 05/01/2027(b)(c)		1,353,000		1,246,934
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		100,000		97,807
CSC Holdings LLC, 5.25%, 06/01/2024		440,000		411,799
7.50%, 04/01/2028(b)		411,000		263,845
5.75%, 01/15/2030(b)		452,000		237,187
4.63%, 12/01/2030(b)		765,000		388,495
4.50%, 11/15/2031(b)		371,000		245,381
5.00%, 11/15/2031(b)		320,000		163,881
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027(b)		1,863,000		1,634,168
Discovery Communications LLC, 3.95%, 03/20/2028		200,000		180,697
DISH DBS Corp., 5.88%, 11/15/2024(c)		670,000		615,627
7.75%, 07/01/2026		915,000		614,231
5.25%, 12/01/2026(b)		532,000		430,136
DISH Network Corp., 11.75%, 11/15/2027(b)(c)		820,000		812,940
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027(b)		982,000		889,712
VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032(b)		807,000		612,860
				9,770,767
Cargo Ground Transportation–0.01%
Ryder System, Inc., 5.65%, 03/01/2028		150,000		146,606
Casinos & Gaming–0.75%
Caesars Entertainment, Inc., 6.25%, 07/01/2025(b)		1,091,000		1,074,288
4.63%, 10/15/2029(b)		283,000		232,864
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025(b)		264,000		260,098

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

9 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Casinos & Gaming–(continued)
Codere Finance 2 (Luxembourg) S.A. (Spain), 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027(b)(d)	$	100,894	$	8,828
Genting New York LLC/GENNY Capital, Inc., 3.30%, 02/15/2026(b)		674,000		601,599
International Game Technology PLC, 6.50%, 02/15/2025(b)		200,000		198,842
4.13%, 04/15/2026(b)		227,000		213,816
6.25%, 01/15/2027(b)		241,000		235,096
Las Vegas Sands Corp., 2.90%, 06/25/2025		233,000		218,931
Melco Resorts Finance Ltd. (Hong Kong), 4.88%, 06/06/2025(b)		616,000		582,600
5.25%, 04/26/2026(b)		310,000		283,865
5.75%, 07/21/2028(b)		319,000		271,031
MGM China Holdings Ltd. (Macau), 5.25%, 06/18/2025(b)		683,000		650,585
4.75%, 02/01/2027(b)		646,000		568,583
MGM Resorts International, 6.75%, 05/01/2025(c)		613,000		610,233
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b)		366,000		336,685
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029(b)		447,000		314,742
Studio City Finance Ltd. (Macau), 6.00%, 07/15/2025(b)		230,000		216,964
Wynn Macau Ltd. (Macau), 5.50%, 01/15/2026(b)		385,000		357,960
5.63%, 08/26/2028(b)(c)		740,000		621,480
				7,859,090
Coal & Consumable Fuels–0.07%
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 7.50%, 05/01/2025(b)		90,000		89,424
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)(c)		903,000		635,346
				724,770
Commercial & Residential Mortgage Finance–0.13%
NMI Holdings, Inc., 7.38%, 06/01/2025(b)		431,000		432,030
PennyMac Financial Services, Inc., 5.38%, 10/15/2025(b)		362,000		345,154
5.75%, 09/15/2031(b)		280,000		228,570
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026(b)		357,000		311,201
				1,316,955
Commodity Chemicals–0.08%
Methanex Corp. (Canada), 5.25%, 12/15/2029		508,000		449,746
5.65%, 12/01/2044		597,000		441,686
				891,432

	Principal Amount		Value
Communications Equipment–0.23%
CommScope Technologies LLC, 6.00%, 06/15/2025(b)	$	477,000	$	286,918
Hughes Satellite Systems Corp., 5.25%, 08/01/2026		944,000		849,883
6.63%, 08/01/2026		513,000		435,287
Viasat, Inc., 5.63%, 04/15/2027(b)		700,000		611,737
6.50%, 07/15/2028(b)		277,000		196,627
				2,380,452
Construction & Engineering–0.02%
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(b)		36,000		34,056
Tutor Perini Corp., 6.88%, 05/01/2025(b)		264,000		227,301
				261,357
Construction Machinery & Heavy Transportation Equipment– 0.07%
Caterpillar Financial Services Corp., 1.10%, 09/14/2027		130,000		110,889
Manitowoc Co., Inc. (The), 9.00%, 04/01/2026(b)(c)		403,000		395,432
Wabtec Corp., 3.45%, 11/15/2026		235,000		218,074
				724,395
Construction Materials–0.13%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(b)(c)		427,000		399,134
Eco Material Technologies, Inc., 7.88%, 01/31/2027(b)		492,000		466,398
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028(b)		555,000		513,667
				1,379,199
Consumer Electronics–0.01%
Tyco Electronics Group S.A., 3.13%, 08/15/2027		75,000		68,886
Consumer Finance–0.71%
Ally Financial, Inc., 5.75%, 11/20/2025(c)		558,000		533,175
American Express Co., 3.30%, 05/03/2027		130,000		119,018
ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024(b)		712,000		689,750
Credit Acceptance Corp., 5.13%, 12/31/2024(b)		495,000		480,202
General Motors Financial Co., Inc., 2.75%, 06/20/2025		100,000		94,403
goeasy Ltd. (Canada), 5.38%, 12/01/2024(b)		335,000		328,692
Navient Corp., 5.88%, 10/25/2024		272,000		265,878
5.00%, 03/15/2027		300,000		263,801
4.88%, 03/15/2028		279,000		229,444
5.50%, 03/15/2029		416,000		337,443
5.63%, 08/01/2033		302,000		204,763

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

10 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Consumer Finance–(continued)
OneMain Finance Corp., 6.88%, 03/15/2025	$	686,000	$	677,545
7.13%, 03/15/2026(c)		952,000		925,756
9.00%, 01/15/2029(c)		841,000		819,254
5.38%, 11/15/2029(c)		425,000		349,903
PRA Group, Inc., 8.38%, 02/01/2028(b)		541,000		445,987
Synchrony Financial, 7.25%, 02/02/2033		800,000		678,847
				7,443,861
Copper–0.01%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		75,000		70,996
Distillers & Vintners–0.01%
Constellation Brands, Inc., 3.70%, 12/06/2026		117,000		109,897
Distributors–0.06%
Resideo Funding, Inc., 4.00%, 09/01/2029(b)		250,000		200,965
Windsor Holdings III LLC, 8.50%, 06/15/2030(b)		447,000		435,698
				636,663
Diversified Banks–0.62%
Banco Santander S.A. (Spain), 2.75%, 05/28/2025		200,000		188,517
Bank of America Corp., 4.45%, 03/03/2026		100,000		95,783
1.32%, 06/19/2026(e)		160,000		147,086
1.20%, 10/24/2026(e)		160,000		144,589
1.73%, 07/22/2027(e)		70,000		61,793
Series L, 4.18%, 11/25/2027		100,000		92,019
Banque Centrale de Tunisie International Bond (Tunisia), 5.75%, 01/30/2025(b)		600,000		418,797
Barclays PLC (United Kingdom), 4.38%, 09/11/2024		306,000		299,613
Canadian Imperial Bank of Commerce (Canada), 2.25%, 01/28/2025(c)		350,000		334,332
Citigroup, Inc., 3.11%, 04/08/2026(e)		225,000		214,789
1.12%, 01/28/2027(e)		110,000		97,845
1.46%, 06/09/2027(e)		140,000		123,264
Freedom Mortgage Corp., 6.63%, 01/15/2027(b)		300,000		259,928
HSBC Holdings PLC (United Kingdom), 1.59%, 05/24/2027(e)		200,000		176,210
2.25%, 11/22/2027(e)		200,000		175,405
ING Groep N.V. (Netherlands), 4.02%, 03/28/2028(e)		200,000		184,077
Intesa Sanpaolo S.p.A. (Italy), 5.71%, 01/15/2026(b)		956,000		907,208
JPMorgan Chase & Co., 2.30%, 10/15/2025(e)		200,000		192,528
2.01%, 03/13/2026(e)		134,000		126,483
2.08%, 04/22/2026(e)		134,000		125,970
1.05%, 11/19/2026(e)		60,000		53,974
4.25%, 10/01/2027		75,000		70,751
2.18%, 06/01/2028(e)		75,000		65,220

	Principal Amount		Value
Diversified Banks–(continued)
Lloyds Banking Group PLC (United Kingdom), 4.45%, 05/08/2025	$	275,000	$	267,185
Mitsubishi UFJ Financial Group, Inc. (Japan), 0.96%, 10/11/2025(e)		200,000		189,912
3.29%, 07/25/2027		60,000		54,752
PNC Bank N.A., 4.20%, 11/01/2025		275,000		263,956
Royal Bank of Canada (Canada), 4.65%, 01/27/2026		125,000		121,220
Sumitomo Mitsui Financial Group, Inc. (Japan), 2.35%, 01/15/2025		275,000		262,996
Toronto-Dominion Bank (The) (Canada), 5.16%, 01/10/2028		100,000		96,450
U.S. Bancorp, 1.45%, 05/12/2025		125,000		116,556
Vnesheconombank Via VEB Finance PLC (Russia), 5.94%, 11/21/2023(b)(f)(g)		1,450,000		0
Wells Fargo & Co., 2.19%, 04/30/2026(e)		150,000		141,144
4.30%, 07/22/2027		130,000		121,212
3.53%, 03/24/2028(e)		160,000		145,937
Westpac Banking Corp. (Australia), 3.40%, 01/25/2028		105,000		96,344
1.95%, 11/20/2028		60,000		50,206
				6,484,051
Diversified Capital Markets–0.01%
Deutsche Bank AG (Germany), 2.55%, 01/07/2028(e)		150,000		129,875
Diversified Chemicals–0.20%
Chemours Co. (The), 5.38%, 05/15/2027(c)		407,000		368,087
5.75%, 11/15/2028(b)		303,000		256,538
4.63%, 11/15/2029(b)		974,000		753,305
INEOS Finance PLC (Luxembourg), 6.75%, 05/15/2028(b)		536,000		501,128
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(b)		476,000		200,846
				2,079,904
Diversified Financial Services–0.66%
Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026(b)		439,000		406,582
Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027(b)		635,000		583,241
Corebridge Financial, Inc., 3.65%, 04/05/2027		130,000		119,126
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)		466,000		372,432
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026(b)		251,000		219,458

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

11 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Diversified Financial Services–(continued)
Midcap Financial Issuer Trust, 6.50%, 05/01/2028(b)	$	615,000	$	521,852
5.63%, 01/15/2030(b)		285,000		219,631
PHH Mortgage Corp., 7.88%, 03/15/2026(b)		1,299,000		1,122,096
Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 04/16/2029(b)		1,000,000		769,050
4.63%, 04/06/2031(b)		500,000		353,047
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)		745,000		641,382
United Wholesale Mortgage LLC, 5.50%, 11/15/2025(b)		677,000		644,307
5.75%, 06/15/2027(b)		350,000		318,831
5.50%, 04/15/2029(b)(c)		410,000		343,830
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), 6.38%, 02/01/2030(b)		407,000		271,861
				6,906,726
Diversified Metals & Mining–0.40%
Corp. Nacional del Cobre de Chile (Chile), 3.63%, 08/01/2027(b)		1,524,000		1,392,678
5.63%, 10/18/2043(b)		95,000		78,957
4.88%, 11/04/2044(b)		105,000		77,640
Mineral Resources Ltd. (Australia), 8.13%, 05/01/2027(b)		928,000		903,724
8.00%, 11/01/2027(b)		650,000		628,826
9.25%, 10/01/2028(b)		450,000		450,563
Perenti Finance Pty. Ltd. (Australia), 6.50%, 10/07/2025(b)(c)		740,000		723,350
				4,255,738
Diversified Real Estate Activities–0.03%
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025(b)(c)		321,000		301,765
Diversified REITs–0.11%
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/2026(b)		253,000		222,978
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032(b)		396,000		324,487
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 4.63%, 06/15/2025(b)		630,000		607,934
				1,155,399
Diversified Support Services–0.28%
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/2026(b)		471,000		449,617
MPH Acquisition Holdings LLC, 5.50%, 09/01/2028(b)		606,000		515,795
5.75%, 11/01/2028(b)(c)		528,000		394,149
Neptune Bidco US, Inc., 9.29%, 04/15/2029(b)		1,173,000		1,036,332

	Principal Amount		Value
Diversified Support Services–(continued)
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 04/15/2026(b)	$	434,000	$	421,452
Sabre GLBL, Inc., 8.63%, 06/01/2027(b)		124,000		102,955
				2,920,300
Drug Retail–0.01%
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026		75,000		68,378
Electric Utilities–0.48%
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)		706,000		680,129
Edison International, 4.13%, 03/15/2028		100,000		91,078
5.25%, 11/15/2028		90,000		85,448
8.13%, 06/15/2053(c)(e)		626,000		605,183
NRG Energy, Inc., 5.25%, 06/15/2029(b)		540,000		477,042
3.63%, 02/15/2031(b)		1,103,000		833,732
3.88%, 02/15/2032(b)		854,000		635,931
Pacific Gas and Electric Co., 3.30%, 12/01/2027		100,000		87,137
3.00%, 06/15/2028		85,000		71,984
PG&E Corp., 5.25%, 07/01/2030(c)		523,000		458,899
System Energy Resources, Inc., 6.00%, 04/15/2028		150,000		145,021
Vistra Operations Co. LLC, 5.63%, 02/15/2027(b)		689,000		648,992
5.00%, 07/31/2027(b)		200,000		183,139
				5,003,715
Electrical Components & Equipment–0.11%
Emerson Electric Co., 1.80%, 10/15/2027		80,000		69,920
EnerSys, 4.38%, 12/15/2027(b)		222,000		196,867
WESCO Distribution, Inc., 7.13%, 06/15/2025(b)		863,000		863,340
				1,130,127
Electronic Components–0.09%
Imola Merger Corp., 4.75%, 05/15/2029(b)		774,000		675,437
Likewize Corp., 9.75%, 10/15/2025(b)		239,000		237,593
				913,030
Environmental & Facilities Services–0.08%
Enviri Corp., 5.75%, 07/31/2027(b)		763,000		645,698
GFL Environmental, Inc. (Canada), 3.75%, 08/01/2025(b)		190,000		179,915
				825,613
Financial Exchanges & Data–0.10%
Cboe Global Markets, Inc., 3.65%, 01/12/2027		60,000		56,560
Coinbase Global, Inc., 3.38%, 10/01/2028(b)		1,215,000		893,224

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

12 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Financial Exchanges & Data–(continued)
S&P Global, Inc., 2.45%, 03/01/2027	$	65,000	$	58,842
				1,008,626
Food Distributors–0.08%
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)		1,087,000		842,012
Food Retail–0.02%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027(b)		200,000		187,636
Footwear–0.10%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(b)		401,000		406,523
Wolverine World Wide, Inc., 4.00%, 08/15/2029(b)(c)		910,000		679,476
				1,085,999
Gas Utilities–0.10%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.50%, 05/20/2025		184,000		176,549
5.88%, 08/20/2026(c)		456,000		427,931
Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029(b)		458,000		404,572
Southwest Gas Corp., 5.45%, 03/23/2028		80,000		78,164
				1,087,216
Gold–0.03%
Coeur Mining, Inc., 5.13%, 02/15/2029(b)(c)		380,000		316,734
Health Care Equipment–0.09%
Baxter International, Inc., 2.27%, 12/01/2028		125,000		103,481
Varex Imaging Corp., 7.88%, 10/15/2027(b)		810,000		794,857
				898,338
Health Care Facilities–0.18%
CommonSpirit Health, 1.55%, 10/01/2025		64,000		58,641
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026(b)		522,000		488,598
Tenet Healthcare Corp., 4.88%, 01/01/2026		1,293,000		1,240,406
Universal Health Services, Inc., 1.65%, 09/01/2026		134,000		118,223
				1,905,868
Health Care REITs–0.18%
MPT Operating Partnership L.P./MPT Finance Corp., 5.25%, 08/01/2026(c)		500,000		430,987
5.00%, 10/15/2027(c)		952,000		736,378
4.63%, 08/01/2029		847,000		588,039
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		120,000		115,994
				1,871,398

	Principal Amount		Value
Health Care Services–0.41%
Community Health Systems, Inc., 8.00%, 03/15/2026(b)	$	600,000	$	549,255
5.63%, 03/15/2027(b)		707,000		574,953
8.00%, 12/15/2027(b)		329,000		279,398
6.88%, 04/15/2029(b)		650,000		269,071
6.13%, 04/01/2030(b)		530,000		205,932
5.25%, 05/15/2030(b)		746,000		530,472
HCA, Inc., 5.63%, 09/01/2028		200,000		193,568
ModivCare, Inc., 5.88%, 11/15/2025(b)		624,000		590,342
Prime Healthcare Services, Inc., 7.25%, 11/01/2025(b)		453,000		412,713
RP Escrow Issuer LLC, 5.25%, 12/15/2025(b)(c)		397,000		283,287
Sutter Health, Series 20A, 1.32%, 08/15/2025		167,000		153,373
US Acute Care Solutions LLC, 6.38%, 03/01/2026(b)		361,000		307,480
				4,349,844
Health Care Technology–0.07%
athenahealth Group, Inc., 6.50%, 02/15/2030(b)		858,000		701,905
Home Furnishings–0.21%
Tempur Sealy International, Inc., 4.00%, 04/15/2029(b)(c)		1,272,000		1,045,379
3.88%, 10/15/2031(b)		937,000		702,917
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026(b)		469,000		434,252
				2,182,548
Home Improvement Retail–0.09%
Home Depot, Inc. (The), 2.50%, 04/15/2027		80,000		72,645
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026(b)		909,000		846,553
				919,198
Homebuilding–0.17%
Empire Communities Corp. (Canada), 7.00%, 12/15/2025(b)(c)		477,000		443,796
Lennar Corp., 4.75%, 11/29/2027		60,000		57,118
LGI Homes, Inc., 4.00%, 07/15/2029(b)		508,000		389,254
Mattamy Group Corp. (Canada), 4.63%, 03/01/2030(b)		276,000		225,671
Meritage Homes Corp., 6.00%, 06/01/2025		154,000		151,149
New Home Co., Inc. (The), 7.25%, 10/15/2025(b)		486,000		444,547
Taylor Morrison Communities, Inc., 5.75%, 01/15/2028(b)		100,000		90,885
				1,802,420
Hotel & Resort REITs–0.09%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026		50,000		47,846

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

13 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Hotel & Resort REITs–(continued)
Service Properties Trust, 5.25%, 02/15/2026(c)	$	323,000	$	289,182
4.95%, 02/15/2027		277,000		230,888
4.95%, 10/01/2029		595,000		429,554
				997,470
Hotels, Resorts & Cruise Lines–0.16%
Booking Holdings, Inc., 3.55%, 03/15/2028		50,000		46,262
Carnival Corp., 7.63%, 03/01/2026(b)(c)		587,000		571,258
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025(b)(c)		490,000		482,920
Hyatt Hotels Corp., 4.38%, 09/15/2028		95,000		87,014
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(b)		96,000		95,429
Travel + Leisure Co., 6.60%, 10/01/2025		444,000		434,688
				1,717,571
Housewares & Specialties–0.23%
Newell Brands, Inc., 4.88%, 06/01/2025		490,000		470,676
5.20%, 04/01/2026(c)		1,099,000		1,038,630
6.38%, 09/15/2027(c)		386,000		362,701
6.63%, 09/15/2029(c)		626,000		577,065
				2,449,072
Human Resource & Employment Services–0.01%
Automatic Data Processing, Inc., 3.38%, 09/15/2025		100,000		96,490
Independent Power Producers & Energy Traders–0.07%
AES Corp. (The), 5.45%, 06/01/2028		80,000		76,437
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(b)		1,044,000		695,785
				772,222
Industrial Conglomerates–0.24%
Berkshire Hathaway Energy Co., 3.50%, 02/01/2025		127,000		123,496
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.38%, 12/15/2025		667,000		628,117
6.25%, 05/15/2026(c)		719,000		657,796
5.25%, 05/15/2027(c)		1,282,000		1,098,706
				2,508,115
Industrial Machinery & Supplies & Components–0.09%
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025(b)(c)		396,000		378,849
JPW Industries Holding Corp., 9.00%, 10/01/2024(b)		457,000		448,146
Stanley Black & Decker, Inc., 3.40%, 03/01/2026		80,000		75,444
				902,439

	Principal Amount		Value
Insurance Brokers–0.01%
Willis North America, Inc., 4.65%, 06/15/2027	$	75,000	$	71,425
Integrated Oil & Gas–0.36%
BP Capital Markets America, Inc., 3.54%, 04/06/2027		75,000		70,291
Chevron USA, Inc., 1.02%, 08/12/2027		100,000		85,679
Exxon Mobil Corp., 3.29%, 03/19/2027		110,000		103,379
Petroleos Mexicanos (Mexico), 7.69%, 01/23/2050		4,600,000		2,843,761
Qatar Energy (Qatar), 1.38%, 09/12/2026(b)		800,000		708,509
				3,811,619
Integrated Telecommunication Services–0.77%
Ally Financial, Inc. (France), 5.50%, 10/15/2029(b)		200,000		137,729
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027(b)		574,000		312,755
Altice France S.A. (France), 8.13%, 02/01/2027(b)(c)		814,000		687,098
5.13%, 07/15/2029(b)		200,000		137,069
CommScope, Inc., 6.00%, 03/01/2026(b)		859,000		722,703
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)		1,400,000		1,306,601
Consolidated Communications, Inc., 6.50%, 10/01/2028(b)		292,000		231,264
Frontier Communications Holdings LLC, 5.88%, 11/01/2029		760,000		572,172
6.00%, 01/15/2030(b)		266,000		200,554
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b)		889,000		831,528
Level 3 Financing, Inc., 4.25%, 07/01/2028(b)		960,000		543,747
10.50%, 05/15/2030(b)		643,000		644,076
Telecom Italia Capital S.A. (Italy), 6.38%, 11/15/2033		548,000		467,814
7.72%, 06/04/2038		414,000		365,926
Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024(b)		696,000		683,051
Windstream Escrow LLC/ Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)		256,000		203,243
				8,047,330
Interactive Home Entertainment–0.02%
Jacobs Entertainment, Inc., 6.75%, 02/15/2029(b)		281,000		239,094
Interactive Media & Services–0.15%
Nexstar Media, Inc., 5.63%, 07/15/2027(b)		1,310,000		1,179,918
Scripps Escrow II, Inc., 3.88%, 01/15/2029(b)		307,000		233,380
TripAdvisor, Inc., 7.00%, 07/15/2025(b)		133,000		131,799
				1,545,097

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

14 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Internet Services & Infrastructure–0.04%
Cogent Communications Group, Inc., 3.50%, 05/01/2026(b)	$	261,000	$	236,530
VeriSign, Inc., 5.25%, 04/01/2025		150,000		148,270
				384,800
Investment Banking & Brokerage–0.17%
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027		125,000		116,457
1.54%, 09/10/2027(e)		140,000		121,839
1.95%, 10/21/2027(e)		75,000		65,795
3.62%, 03/15/2028(e)		105,000		96,162
Morgan Stanley, 2.72%, 07/22/2025(e)		100,000		97,311
3.63%, 01/20/2027		130,000		120,863
1.59%, 05/04/2027(e)		110,000		97,769
6.30%, 10/18/2028(e)		200,000		199,708
NFP Corp., 6.88%, 08/15/2028(b)		763,000		652,560
Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026		200,000		176,454
				1,744,918
IT Consulting & Other Services–0.07%
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029(b)		273,000		225,364
International Business Machines Corp., 3.45%, 02/19/2026		150,000		142,965
3.30%, 05/15/2026		100,000		94,599
Kyndryl Holdings, Inc., 2.05%, 10/15/2026		100,000		87,182
Unisys Corp., 6.88%, 11/01/2027(b)		280,000		205,428
				755,538
Leisure Facilities–0.15%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b)		100,000		98,104
Life Time,Inc.,5.75%, 01/15/2026(b)		456,000		442,029
NCL Corp. Ltd., 5.88%, 03/15/2026(b)		524,000		470,756
5.88%, 02/15/2027(b)		634,000		584,215
				1,595,104
Life & Health Insurance–0.01%
Principal Financial Group, Inc., 3.40%, 05/15/2025		160,000		153,681
Life Sciences Tools & Services–0.10%
Fortrea Holdings, Inc., 7.50%, 07/01/2030(b)(c)		420,000		405,825
IQVIA, Inc., 5.00%, 10/15/2026(b)		308,000		293,953
5.00%, 05/15/2027(b)(c)		419,000		394,624
				1,094,402
Managed Health Care–0.00%
Centene Corp., 2.45%, 07/15/2028		60,000		50,528

	Principal Amount		Value
Marine Ports & Services–0.08%
DP World Ltd. (United Arab Emirates), 6.85%, 07/02/2037(b)	$	810,000	$	804,149
Marine Transportation–0.02%
Seaspan Corp. (Hong Kong), 5.50%, 08/01/2029(b)		276,000		212,018
Metal, Glass & Plastic Containers–0.24%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/2029(b)(c)		500,000		375,687
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(b)		819,000		789,655
4.13%, 08/15/2026(b)		307,000		271,241
Ball Corp., 5.25%, 07/01/2025		585,000		576,562
4.88%, 03/15/2026		198,000		190,374
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b)		350,000		287,714
				2,491,233
Mortgage REITs–0.03%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(b)		420,000		338,317
Movies & Entertainment–0.22%
Cinemark USA, Inc., 8.75%, 05/01/2025(b)		388,000		392,470
5.88%, 03/15/2026(b)		230,000		218,627
Live Nation Entertainment, Inc., 4.88%, 11/01/2024(b)		670,000		656,352
6.50%, 05/15/2027(b)		406,000		396,506
Odeon Finco PLC (United Kingdom), 12.75%, 11/01/2027(b)		617,000		615,184
				2,279,139
Multi-line Insurance–0.01%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		94,000		93,168
Multi-Utilities–0.10%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(e)		1,037,000		819,754
DTE Energy Co., Series E, Investment Units, 5.25%, 12/01/2077		11,484		246,676
				1,066,430
Office REITs–0.07%
Office Properties Income Trust, 4.50%, 02/01/2025(c)		678,000		580,426
2.40%, 02/01/2027		358,000		200,118
				780,544

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

15 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Office Services & Supplies–0.21%
ACCO Brands Corp., 4.25%, 03/15/2029(b)(c)	$	1,090,000	$	905,993
Pitney Bowes, Inc., 6.88%, 03/15/2027(b)(c)		578,000		478,986
7.25%, 03/15/2029(b)		540,000		405,556
Steelcase, Inc., 5.13%, 01/18/2029(c)		503,000		443,959
				2,234,494
Oil & Gas Drilling–0.21%
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)		370,000		337,074
Harvest Midstream I L.P., 7.50%, 09/01/2028(b)		305,000		289,315
Rockies Express Pipeline LLC, 4.80%, 05/15/2030(b)		142,000		119,531
7.50%, 07/15/2038(b)		366,000		338,720
6.88%, 04/15/2040(b)		620,000		516,639
Valaris Ltd., 8.38%, 04/30/2030(b)		645,000		633,483
				2,234,762
Oil & Gas Equipment & Services–0.06%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		75,000		68,353
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 04/01/2026(c)		622,000		604,674
				673,027
Oil & Gas Exploration & Production–1.38%
Baytex Energy Corp. (Canada), 8.75%, 04/01/2027(b)		355,000		358,155
8.50%, 04/30/2030(b)		405,000		401,510
Civitas Resources, Inc., 5.00%, 10/15/2026(b)		427,000		399,961
8.75%, 07/01/2031(b)(c)		404,000		408,249
CNX Resources Corp., 6.00%, 01/15/2029(b)(c)		505,000		463,560
Comstock Resources, Inc., 6.75%, 03/01/2029(b)(c)		1,020,000		929,120
Crescent Energy Finance LLC, 7.25%, 05/01/2026(b)		930,000		901,216
9.25%, 02/15/2028(b)		405,000		408,297
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b)		352,000		346,580
Devon Energy Corp., 5.25%, 10/15/2027		75,000		72,740
Earthstone Energy Holdings LLC, 9.88%, 07/15/2031(b)		512,000		551,936
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028(b)(c)		616,000		601,148
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028(b)		403,000		377,187
5.75%, 02/01/2029(b)		553,000		498,458
6.00%, 04/15/2030(b)		307,000		272,908
6.00%, 02/01/2031(b)		788,000		693,222

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Ithaca Energy (North Sea) PLC (United Kingdom), 9.00%, 07/15/2026(b)	$	249,000	$	239,523
Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026(b)		344,000		328,859
10.50%, 05/15/2027(b)		284,000		281,037
Murphy Oil Corp., 7.05%, 05/01/2029		473,000		464,243
5.88%, 12/01/2042		214,000		164,656
PDC Energy, Inc., 5.75%, 05/15/2026		496,000		494,202
Range Resources Corp., 4.88%, 05/15/2025(c)		467,000		454,608
Sinopec Group Overseas Development 2018 Ltd. (China), 2.95%, 11/12/2029(b)		2,760,000		2,426,239
SM Energy Co., 6.63%, 01/15/2027(c)		423,000		411,460
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)(c)		668,000		616,888
Talos Production, Inc., 12.00%, 01/15/2026		288,000		299,546
Vital Energy, Inc., 10.13%, 01/15/2028(c)		668,000		670,355
				14,535,863
Oil & Gas Refining & Marketing–0.26%
CVR Energy, Inc., 5.25%, 02/15/2025(b)		158,000		155,131
EnLink Midstream Partners L.P., 5.60%, 04/01/2044(c)		454,000		357,446
HF Sinclair Corp., 5.88%, 04/01/2026		94,000		92,718
NuStar Logistics L.P., 6.00%, 06/01/2026		422,000		407,568
5.63%, 04/28/2027		555,000		523,813
Parkland Corp. (Canada), 4.50%, 10/01/2029(b)		229,000		197,187
Petronas Capital Ltd. (Malaysia), 3.50%, 03/18/2025(b)		1,000,000		970,175
				2,704,038
Oil & Gas Storage & Transportation–1.07%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), 4.60%, 11/02/2047(b)		1,587,000		1,302,224
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		125,000		120,651
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025		151,000		149,257
Energy Transfer L.P., 4.40%, 03/15/2027		60,000		56,535
5.50%, 06/01/2027		50,000		48,785
EQM Midstream Partners L.P., 6.00%, 07/01/2025(b)		100,000		97,890
5.50%, 07/15/2028(c)		381,000		355,942
4.50%, 01/15/2029(b)		317,000		278,309
7.50%, 06/01/2030(b)		224,000		220,011

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

16 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Genesis Energy L.P./Genesis Energy Finance Corp., 7.75%, 02/01/2028	$	350,000	$	329,871
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)		243,000		235,568
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(b)		313,000		290,054
ITT Holdings LLC, 6.50%, 08/01/2029(b)		497,000		416,153
New Fortress Energy, Inc., 6.75%, 09/15/2025(b)(c)		1,188,000		1,103,259
6.50%, 09/30/2026(b)		1,217,000		1,091,195
Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026(b)		443,000		419,335
Southeast Supply Header LLC, 4.25%, 06/15/2024(b)		214,000		205,745
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/2026(b)(h)		948,000		911,014
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.50%, 10/01/2025(b)		358,000		353,051
5.50%, 01/15/2028(b)		758,000		664,728
6.00%, 12/31/2030(b)		495,000		417,215
Venture Global LNG, Inc., 8.13%, 06/01/2028(b)		1,113,000		1,081,375
8.38%, 06/01/2031(b)		1,136,000		1,084,880
				11,233,047
Other Specialized REITs–0.10%
EPR Properties, 4.75%, 12/15/2026		75,000		68,445
GLP Capital L.P./GLP Financing II, Inc., 3.35%, 09/01/2024		100,000		97,211
Iron Mountain, Inc., 5.25%, 07/15/2030(b)		522,000		453,901
4.50%, 02/15/2031(b)		585,000		479,155
				1,098,712
Other Specialty Retail–0.22%
Bath & Body Works, Inc.,
6.88%, 11/01/2035(c)		692,000		611,359
6.75%, 07/01/2036		175,000		151,125
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b)		377,000		340,694
Michaels Cos., Inc. (The), 5.25%, 05/01/2028(b)(c)		427,000		309,789
Staples, Inc., 7.50%, 04/15/2026(b)		1,130,000		922,587
				2,335,554
Packaged Foods & Meats–0.06%
Conagra Brands, Inc., 1.38%, 11/01/2027		100,000		83,226
TKC Holdings, Inc., 6.88%, 05/15/2028(b)		500,000		432,957
Tyson Foods, Inc., 4.00%, 03/01/2026		127,000		121,811
				637,994

	Principal Amount		Value
Paper & Plastic Packaging Products & Materials–0.20%
Berry Global, Inc., 1.57%, 01/15/2026	$	80,000	$	72,298
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/2026(c)		544,000		523,762
LABL, Inc., 6.75%, 07/15/2026(b)		276,000		253,983
5.88%, 11/01/2028(b)		266,000		225,600
Sealed Air Corp., 5.13%, 12/01/2024(b)		669,000		656,352
6.88%, 07/15/2033(b)		430,000		403,740
				2,135,735
Paper Products–0.08%
Domtar Corp., 6.75%, 10/01/2028(b)		999,000		814,152
Passenger Airlines–0.52%
Air Canada (Canada), 3.88%, 08/15/2026(b)		330,000		300,579
Air Canada Pass-Through Trust (Canada), Series 2020-1, Class C, 10.50%, 07/15/2026(b)		583,000		621,624
Allegiant Travel Co., 7.25%, 08/15/2027(b)		410,000		371,470
American Airlines, Inc., 11.75%, 07/15/2025(b)		802,000		850,729
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)		782,500		761,712
Delta Air Lines, Inc., 2.90%, 10/28/2024		247,000		237,370
7.38%, 01/15/2026		861,000		870,458
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026(b)		838,000		620,161
Southwest Airlines Co., 3.45%, 11/16/2027		125,000		113,085
United Airlines, Inc., 4.38%, 04/15/2026(b)		799,000		741,959
				5,489,147
Personal Care Products–0.10%
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025(b)		1,141,000		1,074,811
Pharmaceuticals–0.59%
1375209 BC Ltd. (Canada), 9.00%, 01/30/2028(b)		669,000		649,212
AdaptHealth LLC, 5.13%, 03/01/2030(b)		1,043,000		791,115
Bausch Health Cos., Inc., 5.50%, 11/01/2025(b)		550,000		474,804
4.88%, 06/01/2028(b)		805,000		402,456
Bristol-Myers Squibb Co., 0.75%, 11/13/2025		100,000		91,216
HLF Financing S.a.r.l. LLC/Herbalife International, Inc.,4.88%,06/01/2029(b)		565,000		386,412
Jazz Securities DAC, 4.38%, 01/15/2029(b)		1,263,000		1,099,484

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

17 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Pharmaceuticals–(continued)
Merck & Co., Inc., 2.75%, 02/10/2025	$	183,000	$	177,038
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028(b)		1,238,000		1,070,480
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		705,000		684,513
Royalty Pharma PLC, 1.20%, 09/02/2025		200,000		182,441
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		134,000		125,551
Viatris, Inc., 2.30%, 06/22/2027		85,000		72,898
				6,207,620
Property & Casualty Insurance–0.01%
Fairfax Financial Holdings Ltd. (Canada), 4.85%, 04/17/2028		75,000		70,831
Publishing–0.15%
Gannett Holdings LLC, 6.00%, 11/01/2026(b)		1,806,000		1,526,106
Rail Transportation–0.11%
Empresa de Transporte de Pasajeros Metro S.A. (Chile), 4.70%, 05/07/2050(b)		1,550,000		1,118,256
Real Estate Development–0.05%
Forestar Group, Inc., 3.85%, 05/15/2026(b)		558,000		497,263
Real Estate Services–0.12%
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/2028(b)		715,000		652,730
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/2029(b)		431,000		272,038
5.25%, 04/15/2030(b)(c)		571,000		356,125
				1,280,893
Regional Banks–0.03%
Santander Holdings USA, Inc., 2.49%, 01/06/2028(e)		100,000		86,125
Truist Financial Corp., 4.00%, 05/01/2025		275,000		264,311
				350,436
Reinsurance–0.07%
Global Atlantic Fin Co., 4.70%, 10/15/2051(b)(e)		992,000		691,977
Renewable Electricity–0.05%
Sunnova Energy Corp., 5.88%, 09/01/2026(b)(c)		700,000		567,630
Retail REITs–0.19%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 5.75%, 05/15/2026(b)(c)		1,000,000		916,782
4.50%, 04/01/2027(b)		517,000		431,876

	Principal Amount		Value
Retail REITs–(continued)
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028(b)	$	594,000	$	445,390
Realty Income Corp., 4.88%, 06/01/2026		80,000		77,947
Simon Property Group L.P., 3.30%, 01/15/2026		64,000		60,545
Spirit Realty L.P., 4.45%, 09/15/2026		75,000		71,526
				2,004,066
Security & Alarm Services–0.31%
ADT Security Corp. (The), 4.88%, 07/15/2032(b)		745,000		624,034
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026(b)		929,000		870,775
APX Group, Inc., 5.75%, 07/15/2029(b)		823,000		685,114
CoreCivic, Inc., 8.25%, 04/15/2026(c)		651,000		659,677
4.75%, 10/15/2027		467,000		406,124
				3,245,724
Semiconductor Materials & Equipment–0.02%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 2.70%, 05/01/2025		200,000		190,138
Semiconductors–0.04%
ams-OSRAM AG (Austria), 7.00%, 07/31/2025(b)		394,000		387,121
Micron Technology, Inc., 4.19%, 02/15/2027		75,000		70,230
				457,351
Sovereign Debt–14.45%
Abu Dhabi Government International Bond (United Arab Emirates), 3.13%, 05/03/2026(b)		440,000		416,312
1.88%, 09/15/2031(b)		780,000		608,642
2.70%, 09/02/2070(b)		5,040,000		2,573,167
Angolan Government International Bond (Angola), 8.25%, 05/09/2028(b)		880,000		747,243
9.38%, 05/08/2048(b)		440,000		314,391
9.13%, 11/26/2049(b)		1,140,000		802,275
Argentine Republic Government International Bond (Argentina), 0.75%, 07/09/2030(h)		3,000,000		840,332
Bahrain Government International Bond (Bahrain), 7.00%, 01/26/2026(b)		2,000,000		1,995,268
Brazilian Government International Bond (Brazil), 4.25%, 01/07/2025		1,600,000		1,570,718
4.63%, 01/13/2028		3,160,000		3,023,885
4.50%, 05/30/2029		760,000		701,412
3.88%, 06/12/2030		1,540,000		1,327,283
CBB International Sukuk Programme Co. WLL (Bahrain), 4.50%, 03/30/2027(b)		2,880,000		2,677,092

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)
Chile Government International Bond (Chile), 3.24%, 02/06/2028	$	1,241,000	$	1,132,321
2.45%, 01/31/2031		1,414,000		1,142,773
2.55%, 01/27/2032		770,000		607,709
3.50%, 01/31/2034		1,140,000		918,991
Colombia Government International Bond (Colombia), 3.88%, 04/25/2027		2,250,000		2,055,855
4.50%, 03/15/2029		880,000		768,283
7.50%, 02/02/2034		880,000		825,606
7.38%, 09/18/2037		3,800,000		3,439,398
6.13%, 01/18/2041		1,950,000		1,497,535
Costa Rica Government International Bond (Costa Rica), 6.13%, 02/19/2031(b)		440,000		419,876
Dominican Republic International Bond (Dominican Republic), 5.50%, 01/27/2025(b)		300,000		295,815
6.88%, 01/29/2026(b)		820,000		819,907
5.95%, 01/25/2027(b)		2,070,000		1,999,356
6.00%, 07/19/2028(b)		600,000		570,961
5.50%, 02/22/2029(b)		440,000		402,072
4.50%, 01/30/2030(b)		1,140,000		969,010
6.00%, 02/22/2033(b)		820,000		725,791
6.85%, 01/27/2045(b)(c)		802,000		671,398
Egypt Government International Bond (Egypt), 5.80%, 09/30/2027(b)		770,000		496,396
7.60%, 03/01/2029(b)		200,000		125,096
8.50%, 01/31/2047(b)		2,896,000		1,513,015
7.90%, 02/21/2048(b)		1,200,000		613,732
8.70%, 03/01/2049(b)		2,110,000		1,118,300
Ghana Government International Bond (Ghana), 7.63%, 05/16/2029(b)		818,000		350,538
8.95%, 03/26/2051(b)		738,000		309,617
Hungary Government International Bond (Hungary), 5.25%, 06/16/2029(b)		3,080,000		2,909,331
2.13%, 09/22/2031(b)		2,400,000		1,734,888
6.25%, 09/22/2032(b)		820,000		790,327
5.50%, 06/16/2034(b)		410,000		366,302
7.63%, 03/29/2041		2,280,000		2,342,495
6.75%, 09/25/2052(b)		380,000		352,338
Indonesia Government International Bond (Indonesia), 4.85%, 01/11/2033(c)		780,000		730,080
Ivory Coast Government International Bond (Ivory Coast), 6.38%, 03/03/2028(b)		650,000		606,648
6.13%, 06/15/2033(b)		820,000		674,899
Jamaica Government International Bond (Jamaica), 6.75%, 04/28/2028		1,600,000		1,642,854
Jordan Government International Bond (Jordan), 6.13%, 01/29/2026(b)		1,000,000		933,175

	Principal Amount		Value
Sovereign Debt–(continued)
Kazakhstan Government International Bond (Kazakhstan), 3.88%, 10/14/2024(b)	$	1,650,000	$	1,634,408
3.88%, 10/14/2024(b)		200,000		198,110
5.13%, 07/21/2025(b)		2,000,000		2,015,774
4.88%, 10/14/2044(b)		1,000,000		826,855
KSA Sukuk Ltd. (Saudi Arabia), 4.30%, 01/19/2029(b)		2,000,000		1,897,606
Kuwait International Government Bond (Kuwait), 3.50%, 03/20/2027(b)		800,000		758,381
Malaysia Sukuk Global Bhd. (Malaysia), 3.18%, 04/27/2026(b)		250,000		238,637
Mexico Government International Bond (Mexico), 4.13%, 01/21/2026(c)		2,310,000		2,254,136
4.50%, 04/22/2029(c)		2,310,000		2,137,564
5.75%, 10/12/2110(c)		3,150,000		2,429,072
Nigeria Government International Bond (Nigeria), 8.38%, 03/24/2029(b)		780,000		685,971
8.75%, 01/21/2031(b)		2,550,000		2,197,998
7.70%, 02/23/2038(b)		2,000,000		1,431,190
7.63%, 11/28/2047(b)		440,000		298,202
Oman Government International Bond (Oman), 4.88%, 02/01/2025(b)		770,000		755,851
4.75%, 06/15/2026(b)		3,310,000		3,183,028
5.63%, 01/17/2028(b)		1,000,000		969,435
6.25%, 01/25/2031(b)		1,000,000		973,594
Pakistan Government International Bond (Pakistan), 8.25%, 04/15/2024(b)		966,000		872,781
Panama Government International Bond (Panama), 7.13%, 01/29/2026		1,110,000		1,123,537
3.88%, 03/17/2028		1,000,000		900,671
3.16%, 01/23/2030		780,000		632,039
2.25%, 09/29/2032		780,000		534,294
6.40%, 02/14/2035(c)		1,160,000		1,067,669
6.70%, 01/26/2036		1,350,000		1,269,408
4.50%, 04/01/2056		2,700,000		1,646,111
4.50%, 01/19/2063		1,520,000		904,401
Paraguay Government International Bond (Paraguay), 5.00%, 04/15/2026(b)		769,000		748,880
Perusahaan Penerbit SBSN Indonesia III (Indonesia), 4.15%, 03/29/2027(b)		1,176,000		1,122,741
Peruvian Government International Bond (Peru), 2.39%, 01/23/2026		1,180,000		1,097,455
4.13%, 08/25/2027		1,226,000		1,169,195
2.84%, 06/20/2030		500,000		413,887
3.60%, 01/15/2072		650,000		371,341
Philippine Government International Bond (Philippines), 4.20%, 01/21/2024		100,000		99,620
10.63%, 03/16/2025		2,144,000		2,291,975
3.00%, 02/01/2028		1,000,000		906,643
6.38%, 01/15/2032		2,000,000		2,074,561

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

19 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Qatar Government International Bond (Qatar), 3.25%, 06/02/2026(b)	$	880,000	$	836,204
4.50%, 04/23/2028(b)		2,130,000		2,067,357
4.00%, 03/14/2029(b)		3,860,000		3,637,695
6.40%, 01/20/2040(b)		780,000		806,755
Republic of Kenya Government International Bond (Kenya), 6.88%, 06/24/2024(b)		2,200,000		2,107,930
Republic of Poland Government International Bond (Poland), 3.25%, 04/06/2026		2,310,000		2,194,613
5.75%, 11/16/2032		1,980,000		1,969,668
Republic of South Africa Government International Bond (South Africa), 5.88%, 09/16/2025		1,100,000		1,085,370
4.85%, 09/30/2029		1,000,000		853,950
5.88%, 04/20/2032		440,000		372,343
5.38%, 07/24/2044		820,000		542,200
5.65%, 09/27/2047		780,000		509,629
5.75%, 09/30/2049		3,833,000		2,503,275
7.30%, 04/20/2052		400,000		312,534
Romanian Government International Bond (Romania), 3.00%, 02/27/2027(b)		780,000		706,888
6.63%, 02/17/2028(b)		820,000		822,351
3.63%, 03/27/2032(b)		800,000		635,697
7.13%, 01/17/2033(b)		380,000		378,962
6.00%, 05/25/2034(b)		1,540,000		1,409,896
6.13%, 01/22/2044(b)		800,000		691,838
5.13%, 06/15/2048(b)		2,344,000		1,741,322
4.00%, 02/14/2051(b)		1,750,000		1,079,302
7.63%, 01/17/2053(b)		760,000		749,661
Saudi Government International Bond (Saudi Arabia), 4.00%, 04/17/2025(b)		770,000		750,506
3.25%, 10/26/2026(b)		500,000		468,750
4.38%, 04/16/2029(b)		1,798,000		1,690,951
4.50%, 04/17/2030(b)		1,062,000		995,999
5.50%, 10/25/2032(b)		1,560,000		1,530,636
2.25%, 02/02/2033(b)		2,550,000		1,921,042
4.63%, 10/04/2047(b)		780,000		591,271
5.00%, 01/18/2053(b)		1,320,000		1,047,712
4.50%, 04/22/2060(b)		1,140,000		826,047
Serbia International Bond (Serbia), 6.50%, 09/26/2033(b)		1,670,000		1,579,299
Sharjah Sukuk Program Ltd. (United Arab Emirates), 3.85%, 04/03/2026(b)		600,000		572,519
4.23%, 03/14/2028(b)		1,019,000		945,392
Turkey Government International Bond (Turkey), 4.75%, 01/26/2026		440,000		412,390
4.25%, 04/14/2026		1,320,000		1,214,525
7.63%, 04/26/2029		2,430,000		2,318,439
11.88%, 01/15/2030		1,920,000		2,215,715
6.88%, 03/17/2036		1,218,000		1,010,460
6.00%, 01/14/2041		1,560,000		1,117,233

	Principal Amount		Value
Sovereign Debt–(continued)
UAE International Government Bond (United Arab Emirates), 4.05%, 07/07/2032(b)	$	780,000	$	712,269
4.95%, 07/07/2052(b)		780,000		660,797
Ukraine Government International Bond (Ukraine), 7.75%, 09/01/2025(b)(f)		650,000		201,297
7.75%, 09/01/2026(b)(f)		650,000		186,757
7.75%, 09/01/2028(b)(f)		4,450,000		1,269,816
7.75%, 09/01/2029(b)(f)		1,090,000		308,519
9.75%, 11/01/2030(b)(f)		900,000		263,160
Uruguay Government International Bond (Uruguay), 4.50%, 08/14/2024		471,974		470,591
				151,901,261
Specialized Consumer Services–0.04%
Sotheby’s, 7.38%, 10/15/2027(b)(c)		430,000		384,483
Specialized Finance–0.01%
Blackstone Private Credit Fund, 3.25%, 03/15/2027		75,000		64,720
Specialty Chemicals–0.23%
Avient Corp., 5.75%, 05/15/2025(b)		377,000		369,789
Olympus Water US Holding Corp., 9.75%, 11/15/2028(b)		494,000		483,108
PPG Industries, Inc., 1.20%, 03/15/2026		67,000		60,135
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)		871,000		741,243
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026(b)(c)		832,000		738,829
				2,393,104
Steel–0.05%
ArcelorMittal S.A. (Luxembourg), 4.55%, 03/11/2026		134,000		130,547
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(b)		379,000		351,879
Nucor Corp., 3.95%, 05/01/2028		100,000		93,097
				575,523
Systems Software–0.13%
Gen Digital, Inc., 5.00%, 04/15/2025(b)		400,000		387,676
McAfee Corp., 7.38%, 02/15/2030(b)		740,000		592,644
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)		502,000		411,353
				1,391,673
Technology Distributors–0.03%
Avnet, Inc., 4.63%, 04/15/2026		75,000		71,924
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/2025(b)		260,000		253,669
				325,593

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

20 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Technology Hardware, Storage & Peripherals–0.31%
Apple, Inc., 3.25%, 02/23/2026	$	150,000	$	143,594
3.20%, 05/11/2027		135,000		126,278
Seagate HDD Cayman, 4.75%, 01/01/2025		249,000		243,832
4.13%, 01/15/2031		248,000		197,465
9.63%, 12/01/2032(b)		834,760		890,798
Xerox Corp., 6.75%, 12/15/2039		513,000		334,462
Xerox Holdings Corp., 5.00%, 08/15/2025(b)(c)		690,000		635,478
5.50%, 08/15/2028(b)(c)		930,000		719,828
				3,291,735
Telecom Tower REITs–0.07%
American Tower Corp., 1.30%, 09/15/2025		134,000		122,502
3.65%, 03/15/2027		105,000		96,727
3.55%, 07/15/2027		105,000		95,548
SBA Communications Corp., 3.88%, 02/15/2027		481,000		438,455
				753,232
Tires & Rubber–0.09%
FXI Holdings, Inc., 12.25%, 11/15/2026(b)		512,000		425,116
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025		100,000		101,263
5.00%, 07/15/2029(c)		462,000		398,028
				924,407
Tobacco–0.06%
Altria Group, Inc., 4.40%, 02/14/2026		134,000		129,639
B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026		134,000		124,142
Philip Morris International, Inc., 4.88%, 02/15/2028		160,000		153,814
Vector Group Ltd., 5.75%, 02/01/2029(b)		317,000		268,924
				676,519
Trading Companies & Distributors–0.13%
Air Lease Corp., 4.63%, 10/01/2028		90,000		82,625
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b)		472,000		397,735
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/2025(b)(c)		540,000		535,205
5.50%, 05/01/2028(b)		381,000		346,902
				1,362,467
Transaction & Payment Processing Services–0.04%
Block, Inc., 2.75%, 06/01/2026		276,000		247,944
Global Payments, Inc., 2.15%, 01/15/2027		110,000		96,702
Western Union Co. (The), 1.35%, 03/15/2026		75,000		66,759
				411,405

	Principal Amount		Value
Wireless Telecommunication Services–0.01%
Sprint Capital Corp., 6.88%, 11/15/2028	$	70,000	$	71,891
Total U.S. Dollar Denominated Bonds & Notes (Cost $442,332,067)				393,517,731
Equity Linked Notes–21.73%
Diversified Banks–20.64%
Bank of Montreal (Communication Services Select Sector SPDR® Fund) (Canada), 18.67%, 11/08/2023(b)		8,383,000		8,331,175
Bank of Montreal (Consumer Staples Select Sector SPDR® Fund) (Canada), 11.37%, 11/03/2023(b)		6,215,000		6,117,648
11.20%, 12/13/2023(b)		6,692,000		6,692,000
Bank of Montreal (Health Care Select Sector SPDR® Fund) (Canada), 11.83%, 11/01/2023		8,512,000		7,953,073
10.93%, 11/15/2023(b)		9,408,000		8,828,540
12.65%, 12/11/2023(b)		9,247,000		9,322,454
Bank of Nova Scotia (The) (Consumer Discretionary Select Sector SPDR® Fund) (Canada), 15.85%, 11/22/2023(b)		7,434,000		6,904,803
Bank of Nova Scotia (The) (Consumer Staples Select Sector SPDR® Fund) (Canada), 13.80%, 11/21/2023(b)		6,827,000		6,875,360
Bank of Nova Scotia (The) (Financial Select Sector SPDR® Fund) (Canada), 18.33%, 11/14/2023(b)		8,995,000		8,801,212
Bank of Nova Scotia (The) (Health Care Select Sector SPDR® Fund) (Canada), 13.16%, 12/04/2023(b)		9,128,000		8,932,732
Barclays Bank PLC (Financial Select Sector SPDR® Fund) (United Kingdom), 17.37%, 12/01/2023(b)		9,156,000		9,183,284
Barclays Bank PLC (iShares® Dow Jones U.S. Real Estate Index) (United Kingdom), 14.52%, 11/30/2023(b)		4,625,000		4,622,524
BNP Paribas Issuance B.V. (Technology Select Sector SPDR® Fund) (France), 15.51%, 11/02/2023(b)		11,145,000		11,174,463
Canadian Imperial Bank of Commerce (Energy Select Sector SPDR® Fund) (Canada), 16.90%, 11/30/2023(b)		9,800,000		9,016,490
Canadian Imperial Bank of Commerce (Industrial Select Sector SPDR® Fund) (Canada), 15.35%, 11/16/2023(b)		8,670,000		8,124,623
Citigroup, Inc. (Financial Select Sector SPDR® Fund), 11.67%, 12/08/2023(b)		8,747,000		8,790,996
J.P. Morgan Structured Products B.V. (Industrial Select Sector SPDR® Fund), 18.78%, 11/09/2023(b)		8,087,000		7,982,023

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

21 Invesco Multi-Asset Income Fund

	Principal Amount		Value
Diversified Banks–(continued)
Mizuho Financial Group, Inc. (Technology Select Sector SPDR® Fund) (Japan), 17.60%, 11/10/2023(b)	$	11,596,000	$	11,549,530
Mizuho Markets Cayman L.P. (Consumer Discretionary Select Sector SPDR® Fund) (Japan), 14.88%, 12/07/2023(b)		7,478,000		7,531,108
Mizuho Markets Cayman L.P. (Technology Select Sector SPDR® Fund) (Japan), 13.00%, 12/05/2023(b)		11,478,000		11,411,454
Royal Bank of Canada (Communication Services Select Sector SPDR® Fund) (Canada), 15.68%, 11/24/2023(b)		9,430,000		9,099,194
Royal Bank of Canada (Technology Select Sector SPDR® Fund) (Canada), 18.82%, 11/07/2023(b)		11,019,000		11,020,516
Royal Bank of Canada (Utilities Select Sector SPDR® Fund) (Canada), 18.82%, 11/17/2023(b)		5,092,000		5,183,805
Societe Generale S.A. (Consumer Discretionary Select Sector SPDR® Fund) (France), 18.54%, 11/13/2023(b)		7,557,000		7,161,126
Societe Generale S.A. (Materials Select Sector SPDR® Fund) (France), 16.20%, 11/17/2023(b)		5,212,000		5,082,542
Societe Generale S.A. (Technology Select Sector SPDR® Fund) (France), 18.35%, 11/20/2023(b)		11,539,000		11,244,604
				216,937,279
Diversified Capital Markets–1.09%
UBS Group AG (Technology Select Sector SPDR® Fund) (Switzerland), 15.00%, 12/12/2023(b)		11,372,000		11,454,484
Total Equity Linked Notes (Cost $232,844,000)				228,391,763
U.S. Treasury Securities–21.14%
U.S. Treasury Bills–0.13%
4.66% - 5.44%,
04/18/2024(i)(j)		1,428,000		1,392,335
U.S. Treasury Bonds–18.20%
1.88%, 11/15/2051		366,500,000		191,209,922
U.S. Treasury Notes–2.81%
1.13%, 01/15/2025		9,650,000		9,181,070
5.00%, 09/30/2025		6,700,000		6,688,223
0.38%, 12/31/2025		6,000,000		5,437,500
1.25%, 12/31/2026		8,100,000		7,252,031
2.63%, 05/31/2027		1,050,000		972,645
				29,531,469
Total U.S. Treasury Securities (Cost $311,026,410)				222,133,726

	Shares		Value
Preferred Stocks–6.28%
Alternative Carriers–0.06%
Qwest Corp., 6.50%, Pfd.		28,065	$	339,306
Qwest Corp., 6.75%, Pfd.		18,949		237,241
				576,547
Asset Management & Custody Banks–0.17%
Affiliated Managers Group, Inc., 5.88%, Pfd.		8,613		170,710
Affiliated Managers Group, Inc., 4.75%, Pfd.		7,896		128,942
Affiliated Managers Group, Inc., 4.20%, Pfd.		5,742		88,082
Northern Trust Corp., 4.70%, Series E, Pfd.		11,484		222,790
Oaktree Capital Group LLC, 6.63%, Series A, Pfd.		5,168		99,277
Oaktree Capital Group LLC, 6.55%, Series B, Pfd.		6,747		127,383
Prospect Capital Corp., 5.35%, Series A, Pfd.		4,244		67,140
State Street Corp., 5.35%, Series G, Pfd.		14,356		313,966
State Street Corp., 5.90%, Series D, Pfd.		21,533		541,555
				1,759,845
Automobile Manufacturers–0.12%
Ford Motor Co., 6.20%, Pfd.		21,533		462,098
Ford Motor Co., 6.00%, Pfd.		22,969		482,349
Ford Motor Co., 6.50%, Pfd.		17,227		360,389
				1,304,836
Broadline Retail–0.03%
Dillard’s Capital Trust I, 7.50%, Pfd.		5,742		146,938
QVC, Inc., 6.38%, Pfd.		6,460		54,587
QVC, Inc., 6.25%, Pfd.		14,363		119,356
				320,881
Commercial & Residential Mortgage Finance–0.03%
Merchants Bancorp, 6.00%, Series B, Pfd.(e)		3,589		70,093
Merchants Bancorp, 6.00%, Series C, Pfd.		5,633		96,972
Merchants Bancorp, 8.25%, Pfd.(e)		4,091		94,421
				261,486
Consumer Finance–0.21%
Capital One Financial Corp., 5.00%, Series I, Pfd.		43,067		701,561
Capital One Financial Corp., 4.80%, Series J, Pfd.		35,889		564,534
Capital One Financial Corp., 4.63%, Series K, Pfd.		3,589		54,625
Capital One Financial Corp., 4.38%, Series L, Pfd.		19,380		280,041
Capital One Financial Corp., 4.25%, Series N, Pfd.		12,202		173,024
Navient Corp., 6.00%, Pfd.		8,613		148,058
Synchrony Financial, 5.63%, Series A, Pfd.		21,533		318,042
				2,239,885

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

22 Invesco Multi-Asset Income Fund

	Shares		Value
Data Center REITs–0.04%
Digital Realty Trust, Inc., 5.25%, Series J, Pfd.		5,742	$	111,050
Digital Realty Trust, Inc., 5.85%, Series K, Pfd.		6,029		131,312
Digital Realty Trust, Inc., 5.20%, Series L, Pfd.		9,905		192,949
				435,311
Diversified Banks–1.66%
Bank of America Corp., 6.00%, Series GG, Pfd.		38,760		866,286
Bank of America Corp., 5.88%, Series HH, Pfd.		24,440		531,570
Bank of America Corp., 6.45%, Series K, Pfd.(e)		30,147		750,359
Bank of America Corp., 5.38%, Series KK, Pfd.		39,674		819,665
Bank of America Corp., 5.00%, Series LL, Pfd.		37,357		724,726
Bank of America Corp., 4.38%, Series NN, Pfd.		30,860		514,127
Bank of America Corp., 4.13%, Series PP, Pfd.		26,199		414,992
Bank of America Corp., 4.25%, Series QQ, Pfd.		37,238		605,490
Bank of America Corp., 4.75%, Series SS, Pfd.		19,712		352,253
Fifth Third Bancorp, 6.00%, Series A, Pfd.		5,742		132,927
Fifth Third Bancorp, 4.95%, Series K, Pfd.		7,178		137,459
First Citizens BancShares, Inc., 5.38%, Series A, Pfd.		9,905		190,176
First Citizens BancShares, Inc., 5.63%, Series C, Pfd.		5,742		110,591
JPMorgan Chase & Co., 5.75%, Series DD, Pfd.		48,701		1,114,279
JPMorgan Chase & Co., 6.00%, Series EE, Pfd.		53,116		1,270,003
JPMorgan Chase & Co., 4.75%, Series GG, Pfd.		25,840		491,735
JPMorgan Chase & Co., 4.55%, Series JJ, Pfd.		43,067		791,141
JPMorgan Chase & Co., 4.63%, Series LL, Pfd.		53,116		996,987
JPMorgan Chase & Co., 4.20%, Series MM, Pfd.		57,422		976,174
KeyCorp, 6.13%, Series E, Pfd.(e)		14,356		256,255
KeyCorp, 5.65%, Series F, Pfd.		12,202		186,691
KeyCorp, 5.63%, Series G, Pfd.		12,920		195,092
KeyCorp, 6.20%, Pfd.(e)		17,227		287,863
U.S. Bancorp, 5.50%, Series K, Pfd.		16,509		325,227
U.S. Bancorp, 3.75%, Series L, Pfd.		14,356		203,712
U.S. Bancorp, 4.00%, Series M, Pfd.		21,533		319,334
U.S. Bancorp, 4.50%, Series O, Pfd.		12,920		217,831
Wells Fargo & Co., 5.63%, Series Y, Pfd.		19,811		424,352
Wells Fargo & Co., 6.63%, Series R, Pfd.		24,117		607,507
Wells Fargo & Co., 4.75%, Series Z, Pfd.		57,781		1,028,502
Wells Fargo & Co., 4.70%, Series AA, Pfd.		33,592		593,571

	Shares		Value
Diversified Banks–(continued)
Wells Fargo & Co., 4.38%, Series CC, Pfd.		30,147	$	488,080
Wells Fargo & Co., 4.25%, Series DD, Pfd.		35,889		561,663
				17,486,620
Diversified Chemicals–0.01%
EIDP, Inc., 4.50%, Series B, Pfd.		1,201		80,923
Diversified Financial Services–0.22%
Apollo Global Management, Inc., 7.63%, Pfd.(e)		17,227		450,658
Brookfield BRP Holdings Canada, Inc., 4.63%, Pfd.		10,049		137,370
Brookfield BRP Holdings Canada, Inc., 4.88%, Pfd.		7,465		106,600
Carlyle Finance LLC, 4.63%, Pfd.		14,356		234,577
Equitable Holdings, Inc., 5.25%, Series A, Pfd.		22,969		414,131
Equitable Holdings, Inc., 4.30%, Series C, Pfd.		8,613		124,027
Jackson Financial, Inc., 8.00%, Pfd.(e)		15,791		386,722
KKR Group Finance Co. IX LLC, 4.63%, Pfd.		14,356		237,736
Voya Financial, Inc., 5.35%, Series B, Pfd.(e)		8,613		178,203
				2,270,024
Diversified REITs–0.01%
Global Net Lease, Inc., 7.25%, Series A, Pfd.		4,881		83,758
Global Net Lease, Inc., 6.88%, Series B, Pfd.		3,282		51,757
				135,515
Electric Utilities–0.44%
BIP Bermuda Holdings I Ltd., 5.13%, Pfd.		8,613		131,779
Brookfield Infrastructure Finance ULC, 5.00%, Pfd.		7,178		109,751
Duke Energy Corp., 5.63%, Pfd.		14,356		316,837
Duke Energy Corp., 5.75%, Series A, Pfd.		28,711		658,630
Entergy Arkansas LLC, 4.88%, Pfd.		11,772		238,147
Entergy Louisiana LLC, 4.88%, Pfd.		7,752		158,141
Entergy Mississippi LLC, 4.90%, Pfd.		7,465		152,734
Entergy New Orleans LLC, 5.50%, Pfd.		3,158		65,781
Georgia Power Co., 5.00%, Series 2017-A, Pfd.		7,752		167,443
National Rural Utilities Cooperative Finance Corp., 5.50%, Pfd.		7,178		162,223
NextEra Energy Capital Holdings, Inc., 5.65%, Series N, Pfd.		19,739		437,811
Pacific Gas and Electric Co., 6.00%, Series A, Pfd.		3,023		59,009
SCE Trust II, 5.10%, Pfd.		6,316		110,783
SCE Trust IV, 5.38%, Series J, Pfd.(e)		9,331		183,354
SCE Trust V, 5.45%, Series K, Pfd.(e)		8,613		189,917
SCE Trust VI, 5.00%, Pfd.		13,638		238,938
Southern Co. (The), 5.25%, Pfd.		12,920		276,488
Southern Co. (The), 4.95%, Series 2020, Pfd.		28,711		581,685

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

23 Invesco Multi-Asset Income Fund

	Shares		Value
Electric Utilities–(continued)
Southern Co. (The), 4.20%, Series C, Pfd.		21,533	$	387,594
				4,627,045
Gas Utilities–0.02%
South Jersey Industries, Inc., 5.63%, Pfd.		4,788		60,161
Spire, Inc., 5.90%, Series A, Pfd.		7,178		158,562
				218,723
Integrated Telecommunication Services–0.27%
AT&T, Inc., 5.35%, Pfd.		37,971		795,492
AT&T, Inc., 5.63%, Pfd.		23,687		521,114
AT&T, Inc., 5.00%, Series A, Pfd.		34,453		641,170
AT&T, Inc., 4.75%, Series C, Pfd.		50,245		869,239
				2,827,015
Investment Banking & Brokerage–0.54%
Brookfield Finance I (UK) PLC, 4.50%, Pfd.		6,604		92,456
Brookfield Finance, Inc., 4.63%, Series 50, Pfd.		11,484		170,078
Charles Schwab Corp. (The), 5.95%, Series D, Pfd.		21,533		486,861
Charles Schwab Corp. (The), 4.45%, Series J, Pfd.		17,227		304,057
Morgan Stanley, 5.85%, Series K, Pfd.		28,711		627,623
Morgan Stanley, 7.13%, Series E, Pfd.		24,763		621,551
Morgan Stanley, 6.88%, Series F, Pfd.		24,405		596,702
Morgan Stanley, 6.38%, Series I, Pfd.		28,711		675,283
Morgan Stanley, 4.88%, Series L, Pfd.		14,356		266,591
Morgan Stanley, 4.25%, Series O, Pfd.		37,325		612,503
Morgan Stanley, 6.50%, Series P, Pfd.		28,711		708,013
Stifel Financial Corp., 5.20%, Pfd.		6,460		121,448
Stifel Financial Corp., 6.25%, Series B, Pfd.		4,594		101,987
Stifel Financial Corp., 6.13%, Series C, Pfd.		6,460		140,053
Stifel Financial Corp., 4.50%, Series D, Pfd.		8,613		133,415
				5,658,621
Leisure Products–0.03%
Brunswick Corp., 6.50%, Pfd.		5,312		118,139
Brunswick Corp., 6.63%, Pfd.		3,589		85,705
Brunswick Corp., 6.38%, Pfd.		6,604		144,496
				348,340
Life & Health Insurance–0.61%
AEGON Funding Co. LLC, 5.10%, Pfd.		26,558		494,776
American Equity Investment Life Holding Co., 5.95%, Series A, Pfd.(e)		11,484		242,887
American Equity Investment Life Holding Co., 6.63%, Series B, Pfd.(e)		8,613		197,410
Athene Holding Ltd., 6.35%, Series A, Pfd.(e)		24,763		523,242
Athene Holding Ltd., 5.63%, Series B, Pfd.		9,905		188,591
Athene Holding Ltd., 6.38%, Series C, Pfd.(e)		17,227		418,099
Athene Holding Ltd., 4.88%, Series D, Pfd.		16,509		267,116

	Shares		Value
Life & Health Insurance–(continued)
Athene Holding Ltd., 7.75%, Series E, Pfd.(e)		14,356	$	357,464
Brighthouse Financial, Inc., 6.25%, Pfd.		10,767		211,033
Brighthouse Financial, Inc., 6.60%, Series A, Pfd.		12,202		238,183
Brighthouse Financial, Inc., 6.75%, Series B, Pfd.		11,556		231,467
Brighthouse Financial, Inc., 5.38%, Series C, Pfd.		16,509		256,550
Brighthouse Financial, Inc., 4.63%, Series D, Pfd.		10,049		136,465
CNO Financial Group, Inc., 5.13%, Pfd.		4,307		65,897
Globe Life, Inc., 4.25%, Pfd.		9,331		163,106
Lincoln National Corp., 9.00%, Series D, Pfd.		14,356		380,434
MetLife, Inc., 5.63%, Series E, Pfd.		23,113		497,161
MetLife, Inc., 4.75%, Series F, Pfd.		28,711		537,757
Prudential Financial, Inc., 5.63%, Pfd.		16,222		364,184
Prudential Financial, Inc., 4.13%, Pfd.		14,356		257,618
Prudential Financial, Inc., 5.95%, Pfd.		8,613		207,659
Unum Group, 6.25%, Pfd.		8,613		192,759
				6,429,858
Multi-line Insurance–0.04%
American International Group, Inc., 5.85%, Series A, Pfd.		14,356		321,575
Assurant, Inc., 5.25%, Pfd.		7,178		134,372
				455,947
Multi-Utilities–0.17%
Brookfield Infrastructure Partners L.P., 5.13%, Series 13, Pfd.		5,742		87,278
Brookfield Infrastructure Partners L.P., 5.00%, Series 14, Pfd.		5,742		84,809
CMS Energy Corp., 5.63%, Pfd.		5,742		123,396
CMS Energy Corp., 5.88%, Pfd.(k)		8,039		177,260
CMS Energy Corp., 5.88%, Pfd.(k)		18,088		401,734
CMS Energy Corp., 4.20%, Series C, Pfd.		6,604		119,532
DTE Energy Co., 4.38%, Series G, Pfd.		6,604		116,561
DTE Energy Co., 4.38%, Pfd.		8,039		143,979
Sempra, 5.75%, Pfd.		21,749		489,353
				1,743,902
Office REITs–0.08%
Hudson Pacific Properties, Inc., 4.75%, Series C, Pfd.		12,202		128,609
Office Properties Income Trust, 6.38%, Pfd.		4,651		64,556
SL Green Realty Corp., 6.50%, Series I, Pfd.		6,601		111,359
Vornado Realty Trust, 5.40%, Series L, Pfd.		8,613		122,391
Vornado Realty Trust, 5.25%, Series M, Pfd.		9,173		128,422
Vornado Realty Trust, 5.25%, Series N, Pfd.		8,613		122,304
Vornado Realty Trust, 4.45%, Series O, Pfd.		8,613		102,753
				780,394

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

24 Invesco Multi-Asset Income Fund

	Shares		Value
Office Services & Supplies–0.02%
Pitney Bowes, Inc., 6.70%, Pfd.		12,202	$	184,494
Other Specialized REITs–0.01%
EPR Properties, 5.75%, Series G, Pfd.		3,150		56,795
Property & Casualty Insurance–0.36%
Allstate Corp. (The), 5.10%, Series H, Pfd.		33,018		627,342
Allstate Corp. (The), 4.75%, Series I, Pfd.		8,613		157,618
Allstate Corp. (The), 7.38%, Series J, Pfd.		17,227		443,940
American Financial Group, Inc., 5.88%, Pfd.		3,589		79,568
American Financial Group, Inc., 5.13%, Pfd.		5,742		109,730
American Financial Group, Inc., 5.63%, Pfd.		4,307		89,370
American Financial Group, Inc., 4.50%, Pfd.		5,742		98,246
Arch Capital Group Ltd., 5.45%, Series F, Pfd.		9,475		193,385
Arch Capital Group Ltd., 4.55%, Series G, Pfd.		14,356		248,359
Argo Group International Holdings Ltd., 7.00%, Pfd.(e)		4,307		94,668
Argo Group U.S., Inc., 6.50%, Pfd.		4,127		87,286
Aspen Insurance Holdings Ltd., 5.63%, Pfd.		7,178		122,098
Aspen Insurance Holdings Ltd., 5.63%, Pfd.		7,178		113,843
AXIS Capital Holdings Ltd., 5.50%, Series E, Pfd.		15,791		307,766
Hartford Financial Services Group, Inc. (The), 6.00%, Series G, Pfd.		9,905		226,329
Kemper Corp., 5.88%, Pfd.(e)		4,307		76,880
PartnerRe Ltd., 4.88%, Series J, Pfd.		5,742		101,920
Selective Insurance Group, Inc., 4.60%, Series B, Pfd.		5,742		90,724
W.R. Berkley Corp., 5.70%, Pfd.		5,312		116,705
W.R. Berkley Corp., 5.10%, Pfd.		8,613		167,867
W.R. Berkley Corp., 4.25%, Pfd.		7,178		128,414
W.R. Berkley Corp., 4.13%, Pfd.		8,613		137,980
				3,820,038
Real Estate Operating Companies–0.04%
Brookfield Property Partners L.P., 6.50%, Series A-1, Pfd.		5,283		59,487
Brookfield Property Partners L.P., 6.38%, Series A-2, Pfd.		7,178		78,743
Brookfield Property Partners L.P., 5.75%, Series A, Pfd.		8,254		80,889
Brookfield Property Preferred L.P., 6.25%, Pfd.		19,269		231,228
				450,347
Regional Banks–0.45%
Associated Banc-Corp, 5.88%, Series E, Pfd.		2,871		49,812
Associated Banc-Corp, 5.63%, Series F, Pfd.		2,871		47,974
Associated Banc-Corp, 6.63%, Pfd.(e)		8,613		176,653

	Shares		Value
Regional Banks–(continued)
Bank of Hawaii Corp., 4.38%, Series A, Pfd.		5,168	$	67,752
Bank OZK, 4.63%, Series A, Pfd.		10,049		149,730
Cadence Bank, 5.50%, Series A, Pfd.		4,953		82,715
Citizens Financial Group, Inc., 5.00%, Series E, Pfd.		12,920		206,591
Cullen/Frost Bankers, Inc., 4.45%, Series B, Pfd.		4,307		69,127
First Horizon Corp., 6.50%, Series E, Pfd.		4,307		79,335
First Horizon Corp., 4.70%, Series F, Pfd.		4,307		57,714
Fulton Financial Corp., 5.13%, Series A, Pfd.		5,742		87,623
Hancock Whitney Corp., 6.25%, Pfd.		4,953		109,932
Huntington Bancshares, Inc., 4.50%, Series H, Pfd.		14,356		211,894
Huntington Bancshares, Inc., 5.70%, Series C, Pfd.		5,024		91,939
Huntington Bancshares, Inc., 6.88%, Series J, Pfd.(e)		9,331		206,682
M&T Bank Corp., 5.63%, Series H, Pfd.(e)		7,178		153,753
New York Community Bancorp, Inc., 6.38%, Series A, Pfd.(e)		14,786		312,280
Old National Bancorp, 7.00%, Series C, Pfd.		3,517		75,897
Old National Bancorp, 7.00%, Series A, Pfd.		3,101		67,571
PacWest Bancorp, 7.75%, Series A, Pfd.(e)		14,736		300,025
Popular Capital Trust II, 6.13%, Pfd.		2,900		72,500
Regions Financial Corp., 5.70%, Series C, Pfd.(e)		14,356		256,255
Regions Financial Corp., 4.45%, Series E, Pfd.		11,484		169,733
Texas Capital Bancshares, Inc., 5.75%, Series B, Pfd.		8,613		139,617
Truist Financial Corp., 5.25%, Series O, Pfd.		16,509		331,831
Truist Financial Corp., 4.75%, Series R, Pfd.		26,558		473,529
Valley National Bancorp, 6.25%, Series A, Pfd.(e)		3,302		59,007
WaFd, Inc., 4.88%, Series A, Pfd.		8,613		108,954
Webster Financial Corp., 5.25%, Series F, Pfd.		4,307		67,017
Western Alliance Bancorporation, 4.25%, Series A, Pfd.(e)		8,613		135,052
Wintrust Financial Corp., 6.50%, Series D, Pfd.(e)		3,589		75,764
Wintrust Financial Corp., 6.88%, Series E, Pfd.(e)		8,254		197,601
				4,691,859
Reinsurance–0.16%
Enstar Group Ltd., 7.00%, Series D, Pfd.(e)		11,484		273,205
Enstar Group Ltd., 7.00%, Series E, Pfd.		3,158		70,455
Reinsurance Group of America, Inc., 5.75%, Pfd.(e)		11,484		281,588

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

25 Invesco Multi-Asset Income Fund

	Shares		Value
Reinsurance–(continued)
Reinsurance Group of America, Inc., 7.13%, Pfd.(e)		20,098	$	512,499
RenaissanceRe Holdings Ltd., 5.75%, Series F, Pfd.		7,178		154,542
RenaissanceRe Holdings Ltd., 4.20%, Series G, Pfd.		14,356		221,513
SiriusPoint Ltd., 8.00%, Series B, Pfd.(e)		5,742		144,009
				1,657,811
Renewable Electricity–0.01%
Brookfield Renewable Partners L.P., 5.25%, Series 17, Pfd.		5,742		92,389
Retail REITs–0.06%
Agree Realty Corp., 4.25%, Series A, Pfd.		5,024		80,786
Federal Realty Investment Trust, 5.00%, Series C, Pfd.		3,150		62,685
Kimco Realty Corp., 5.13%, Series L, Pfd.		6,389		122,669
Kimco Realty Corp., 5.25%, Series M, Pfd.		7,512		150,315
SITE Centers Corp., 6.38%, Series A, Pfd.		5,024		99,927
Spirit Realty Capital, Inc., 6.00%, Series A, Pfd.		4,953		109,907
				626,289
Self-Storage REITs–0.21%
Public Storage, 5.15%, Series F, Pfd.		8,039		169,703
��
Public Storage, 5.05%, Series G, Pfd.		8,613		184,146
Public Storage, 5.60%, Series H, Pfd.		8,183		181,581
Public Storage, 4.88%, Series I, Pfd.		9,080		178,513
Public Storage, 4.70%, Series J, Pfd.		7,789		143,395
Public Storage, 4.75%, Series K, Pfd.		6,956		130,008
Public Storage, 4.63%, Series L, Pfd.		16,580		306,730
Public Storage, 4.13%, Series M, Pfd.		6,604		108,372
Public Storage, 3.88%, Series N, Pfd.		8,541		130,250
Public Storage, 3.90%, Series O, Pfd.		4,881		75,411
Public Storage, 4.00%, Series P, Pfd.		17,334		273,704
Public Storage, 3.95%, Series Q, Pfd.		4,553		70,344
Public Storage, 4.00%, Series R, Pfd.		12,907		203,543
Public Storage, 4.10%, Series S, Pfd.		4,799		77,504
				2,233,204
Single-Family Residential REITs–0.01%
American Homes 4 Rent, 5.88%, Series G, Pfd.		3,302		70,464
American Homes 4 Rent, 6.25%, Series H, Pfd.		3,302		73,833
				144,297
Trading Companies & Distributors–0.09%
FTAI Aviation Ltd., 8.00%, Series B, Pfd.(e)		3,546		85,990
FTAI Aviation Ltd., 8.25%, Series C, Pfd.(e)		3,015		68,893
Triton International Ltd., 8.00%, Pfd.		4,127		101,937
Triton International Ltd., 7.38%, Pfd.		5,024		115,954
Triton International Ltd., 6.88%, Pfd.		4,307		97,510

			Shares		Value
Trading Companies & Distributors–(continued)
Triton International Ltd., 5.75%, Series E, Pfd.				5,024	$	92,643
WESCO International, Inc., 10.63%, Series A, Pfd.(e)				15,458		412,110
						975,037
Wireless Telecommunication Services–0.10%
Telephone and Data Systems, Inc., 6.63%, Series UU, Pfd.				12,059		177,870
Telephone and Data Systems, Inc., 6.00%, Series VV, Pfd.				19,811		254,572
United States Cellular Corp., 6.25%, Pfd.				14,356		236,874
United States Cellular Corp., 5.50%, Pfd.				14,356		213,330
United States Cellular Corp., 5.50%, Pfd.				14,356		209,885
						1,092,531
Total Preferred Stocks (Cost $70,821,229)						65,986,809
	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes–0.83%(l)
Aerospace & Defense–0.01%
Thales S.A. (France), 0.75%, 01/23/2025(b)		EUR		100,000		101,606
Agricultural Products & Services–0.01%
Archer-Daniels-Midland Co., 1.00%, 09/12/2025		EUR		125,000		125,700
Apparel, Accessories & Luxury Goods–0.01%
PVH Corp., 3.13%, 12/15/2027(b)		EUR		100,000		100,211
Automobile Manufacturers–0.06%
BMW Finance N.V. (Germany), 1.00%, 01/21/2025(b)		EUR		150,000		153,560
Mercedes-Benz International Finance B.V. (Germany), 2.00%, 08/22/2026(b)		EUR		45,000		45,704
Nissan Motor Co. Ltd. (Japan), 2.65%, 03/17/2026(b)		EUR		100,000		100,968
Volkswagen Financial Services AG (Germany), 0.13%, 02/12/2027(b)		EUR		90,000		83,169
2.25%, 10/01/2027(b)		EUR		49,000		48,540
Volkswagen Leasing GmbH (Germany), 1.50%, 06/19/2026(b)		EUR		100,000		98,836
0.38%, 07/20/2026(b)		EUR		85,000		81,333
						612,110
Brewers–0.02%
Anheuser-Busch InBev S.A./N.V. (Belgium), 2.88%, 09/25/2024(b)		EUR		175,000		183,516
Broadcasting–0.02%
ITV PLC (United Kingdom), 1.38%, 09/26/2026(b)		EUR		125,000		121,956
TDF Infrastructure S.A.S.U. (France), 2.50%, 04/07/2026(b)		EUR		100,000		99,952
						221,908

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

26 Invesco Multi-Asset Income Fund

	Principal Amount			Value
Cable & Satellite–0.01%
SES S.A. (Luxembourg), 1.63%, 03/22/2026(b)		EUR	120,000	$	119,021
Casinos & Gaming–0.01%
Codere Finance 2 (Luxembourg) S.A. (Spain), 3.00% PIK Rate, 8.00% Cash Rate, 09/30/2026(b)(d)		EUR	216,503		158,066
Commercial & Residential Mortgage Finance–0.01%
Aareal Bank AG (Germany), 0.50%, 04/07/2027(b)		EUR	100,000		90,490
Construction Materials–0.00%
Heidelberg Materials Finance Luxembourg S.A. (Germany), 1.63%, 04/07/2026(b)		EUR	60,000		59,991
Consumer Finance–0.01%
General Motors Financial Co., Inc., 0.65%, 09/07/2028(b)		EUR	100,000		87,958
Diversified Banks–0.22%
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 0.38%, 10/02/2024(b)		EUR	200,000		204,667
Banco Santander S.A. (Spain), 3.13%, 01/19/2027(b)		EUR	100,000		101,755
0.50%, 02/04/2027(b)		EUR	100,000		93,517
Bank of America Corp., 0.58%, 08/24/2028(b)(e)		EUR	100,000		91,940
Bankinter S.A. (Spain), 0.88%, 07/08/2026(b)		EUR	100,000		96,783
Banque Federative du Credit Mutuel S.A. (France), 2.13%, 09/12/2026(b)		EUR	100,000		99,633
0.63%, 11/19/2027(b)		EUR	100,000		91,260
Belfius Bank S.A. (Belgium), 0.01%, 10/15/2025(b)		EUR	200,000		196,081
BNP Paribas S.A. (France), 1.50%, 11/17/2025(b)		EUR	100,000		100,868
2.88%, 10/01/2026(b)		EUR	100,000		101,533
0.25%, 04/13/2027(b)(e)		EUR	100,000		95,476
BPCE S.A. (France), 0.63%, 09/26/2024(b)		EUR	200,000		205,313
Credit Agricole S.A. (France), 1.38%, 03/13/2025(b)		EUR	100,000		102,082
0.38%, 10/21/2025(b)		EUR	100,000		99,057
ING Groep N.V. (Netherlands), 1.13%, 02/14/2025(b)		EUR	100,000		101,893
Mediobanca Banca di Credito Finanziario S.p.A. (Italy), 0.88%, 01/15/2026(b)		EUR	100,000		98,602
Mizuho Financial Group, Inc. (Japan), 4.16%, 05/20/2028(b)		EUR	100,000		104,512
NatWest Group PLC (United Kingdom), 4.07%, 09/06/2028(b)(e)		EUR	100,000		103,608
Nordea Bank Abp (Finland), 1.13%, 02/12/2025(b)		EUR	100,000		102,093
Standard Chartered PLC (United Kingdom), 0.90%, 07/02/2027(b)(e)		EUR	100,000		95,876

	Principal Amount			Value
Diversified Banks–(continued)
Swedbank AB (Sweden), 0.30%, 05/20/2027(b)(e)		EUR	100,000	$	95,285
					2,381,834
Diversified Capital Markets–0.04%
Deutsche Bank AG (Germany),
2.63%, 02/12/2026(b)		EUR	100,000		101,606
0.75%, 02/17/2027(b)(e)		EUR	100,000		95,858
Macquarie Group Ltd. (Australia), 0.63%, 02/03/2027(b)		EUR	100,000		93,680
UBS Group AG (Switzerland), 0.25%, 11/05/2028(b)(e)		EUR	200,000		177,097
					468,241
Diversified Chemicals–0.03%
BASF SE (Germany), 0.25%, 06/05/2027(b)		EUR	100,000		93,860
3.13%, 06/29/2028(b)		EUR	100,000		103,280
LANXESS AG (Germany), 1.75%, 03/22/2028(b)		EUR	100,000		91,864
					289,004
Diversified Financial Services–0.05%
Clearstream Banking AG (Germany), 0.01%, 12/01/2025(b)		EUR	100,000		97,755
LeasePlan Corp. N.V. (Netherlands), 3.50%, 04/09/2025(b)		EUR	200,000		209,799
Nykredit Realkredit A/S (Denmark), 4.00%, 07/17/2028(b)		EUR	100,000		103,000
OP Corporate Bank PLC (Finland), 0.60%, 01/18/2027		EUR	100,000		94,136
					504,690
Electric Utilities–0.03%
AusNet Services Holdings Pty. Ltd. (Australia), 1.50%, 02/26/2027(b)		EUR	100,000		96,764
EDP Finance B.V. (Portugal), 1.50%, 11/22/2027(b)		EUR	100,000		96,128
Elenia Verkko OYJ (Finland), 0.38%, 02/06/2027(b)		EUR	140,000		130,758
					323,650
Food Retail–0.01%
ELO SACA (France), 2.88%, 01/29/2026(b)		EUR	100,000		100,685
Gas Utilities–0.01%
2i Rete Gas S.p.A. (Italy), 1.75%, 08/28/2026(b)		EUR	100,000		99,367
Health Care Equipment–0.01%
Zimmer Biomet Holdings, Inc., 2.43%, 12/13/2026		EUR	100,000		100,949
Health Care Services–0.00%
Fresenius Medical Care AG & Co. KGaA (Germany), 0.63%, 11/30/2026(b)		EUR	30,000		27,868

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

27 Invesco Multi-Asset Income Fund

		Principal Amount			Value
Household Appliances–0.01%
Whirlpool Finance Luxembourg S.a.r.l., 1.10%, 11/09/2027	��		EUR	100,000	$	94,522
Household Products–0.01%
Procter & Gamble Co. (The), 4.88%, 05/11/2027			EUR	75,000		83,051
Industrial Machinery & Supplies & Components–0.01%
SKF AB (Sweden), 3.13%, 09/14/2028(b)			EUR	100,000		101,990
Integrated Oil & Gas–0.03%
Eni S.p.A. (Italy), 1.00%, 03/14/2025(b)			EUR	130,000		132,149
Shell International Finance B.V. (Netherlands), 0.38%, 02/15/2025(b)			EUR	160,000		161,892
						294,041
Investment Banking & Brokerage–0.00%
Goldman Sachs Group, Inc. (The), 0.25%, 01/26/2028(b)			EUR	72,000		64,788
IT Consulting & Other Services–0.02%
DXC Technology Co., 1.75%, 01/15/2026			EUR	100,000		99,105
International Business Machines Corp., 1.25%, 01/29/2027			EUR	100,000		97,790
						196,895
Multi-line Insurance–0.01%
New York Life Global Funding, 0.25%, 01/23/2027(b)			EUR	100,000		94,856
Multi-Sector Holdings–0.02%
Berkshire Hathaway, Inc., 1.13%, 03/16/2027			EUR	100,000		97,076
Groupe Bruxelles Lambert N.V. (Belgium), 1.88%, 06/19/2025(b)			EUR	100,000		102,427
						199,503
Office REITs–0.02%
Globalworth Real Estate Investments Ltd. (Poland), 2.95%, 07/29/2026(b)			EUR	100,000		82,149
Inmobiliaria Colonial SOCIMI S.A. (Spain), 1.63%, 11/28/2025(b)			EUR	100,000		100,710
						182,859
Oil & Gas Exploration & Production–0.01%
APA Infrastructure Ltd. (Australia), 2.00%, 03/22/2027(b)			EUR	100,000		97,265
Passenger Airlines–0.01%
easyJet FinCo B.V. (United Kingdom), 1.88%, 03/03/2028(b)			EUR	100,000		92,771
Pharmaceuticals–0.01%
Novartis Finance S.A. (Switzerland), 1.63%, 11/09/2026(b)			EUR	100,000		99,957

	Principal Amount				Value
Precious Metals & Minerals–0.01%
Anglo American Capital PLC (South Africa), 1.63%, 03/11/2026(b)		EUR		100,000	$	100,004
Rail Transportation–0.01%
Autostrade per l’Italia S.p.A. (Italy), 2.00%, 12/04/2028(b)		EUR		100,000		92,512
Regional Banks–0.02%
Credit Mutuel Arkea S.A. (France), 0.38%, 10/03/2028(b)		EUR		100,000		88,276
SpareBank 1 SMN (Norway), 0.01%, 02/18/2028(b)		EUR		100,000		89,319
						177,595
Renewable Electricity–0.01%
Southern Power Co., 1.85%, 06/20/2026		EUR		100,000		100,316
Restaurants–0.01%
Sodexo S.A. (France), 0.75%, 04/27/2025(b)		EUR		150,000		151,285
Telecom Tower REITs–0.01%
American Tower Corp., 1.95%, 05/22/2026		EUR		100,000		99,811
Tobacco–0.01%
Imperial Brands Finance PLC (United Kingdom), 3.38%, 02/26/2026(b)		EUR		100,000		103,907
Transaction & Payment Processing Services–0.01%
Euronet Worldwide, Inc., 1.38%, 05/22/2026		EUR		100,000		95,850
Water Utilities–0.01%
Thames Water Utilities Finance PLC (United Kingdom), 0.88%, 01/31/2028(b)		EUR		100,000		87,943
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $9,724,184)						8,768,586
Asset-Backed Securities–0.00%
Banc of America Funding Trust, Series 2007-1, Class 1A3, 6.00%, 01/25/2037			$	47,938		37,550
GMACM Home Equity Loan Trust, Series 2007-HE2, Class A2, 6.05%, 12/25/2037(m)				1,277		1,264
Total Asset-Backed Securities (Cost $44,827)						38,814
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.00%
Fannie Mae REMICs, IO, 4.36%(9.80% - (30 Day Average SOFR + 0.11%)), 03/17/2031 (Cost $0)(n)(o)				9		0
			Shares
Money Market Funds–14.92%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(p)(q)				54,873,700		54,873,700
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(p)(q)				39,192,347		39,204,104

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

28 Invesco Multi-Asset Income Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 5.27%(p)(q)		62,712,800	$	62,712,800
Total Money Market Funds (Cost $156,783,107)				156,790,604
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-102.35% (Cost $1,223,575,824)				1,075,628,033
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.10%
Invesco Private Government Fund, 5.32%(p)(q)(r)		14,854,024		14,854,024

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 5.53%(p)(q)(r)		38,683,394	$	38,687,262
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $53,539,978)				53,541,286
TOTAL INVESTMENTS IN SECURITIES–107.45% (Cost $1,277,115,802)				1,129,169,319
OTHER ASSETS LESS LIABILITIES–(7.45)%				(78,310,338	)
NET ASSETS–100.00%			$	1,050,858,981

Investment Abbreviations:
EUR	– Euro
IO	– Interest Only
Pfd.	– Preferred
PIK	– Pay-in-Kind
REIT	– Real Estate Investment Trust
REMICs	– Real Estate Mortgage Investment Conduits
SOFR	– Secured Overnight Financing Rate
SPDR®	– Standard & Poor’s 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)  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, 2023 was $484,284,869, which represented 46.08% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at October 31, 2023.

^(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)  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, 2023 was $2,229,549, which represented less than 1% of the Fund’s Net Assets.

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

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

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

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

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

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

^(m)  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, 2023.

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

^(o)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023.

^(p)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	71,909,306	$	269,427,964	$	(286,463,570	)	$	-	$	-	$	54,873,700	$	3,064,168
Invesco Liquid Assets Portfolio, Institutional Class		51,368,964		192,448,547		(204,616,836	)		2,424		1,005		39,204,104		2,248,843
Invesco Treasury Portfolio, Institutional Class		82,182,063		307,917,674		(327,386,937	)		-		-		62,712,800		3,497,449

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

29 Invesco Multi-Asset Income Fund

	Value October 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value October 31, 2023		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	11,815,323	$	67,207,237	$	(64,168,536	)	$	-	$	-	$	14,854,024	$	543,526*
Invesco Private Prime Fund		30,374,276		146,629,753		(138,319,403	)		1,411		1,225		38,687,262		1,475,154*
Total	$	247,649,932	$	983,631,175	$	(1,020,955,282	)	$	3,835	$	2,230	$	210,331,890	$	10,829,140

* 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.

^(q)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(r)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Equity Risk
FTSE 100 Index		205		December-2023	$	18,258,966		$	(531,029	)	$	(531,029	)
Tokyo Stock Price Index		202		December-2023		30,038,463			(1,373,615	)		(1,373,615	)
Subtotal									(1,904,644	)		(1,904,644	)
Interest Rate Risk
U.S. Treasury 5 Year Notes		132		December-2023		13,790,906			(231,369	)		(231,369	)
U.S. Treasury 10 Year Notes		159		December-2023		16,881,328			(553,631	)		(553,631	)
U.S. Treasury 10 Year Ultra Notes		59		December-2023		6,420,859			(299,945	)		(299,945	)
U.S. Treasury Ultra Bonds		37		December-2023		4,164,813			(561,934	)		(561,934	)
Subtotal									(1,646,879	)		(1,646,879	)
Subtotal–Long Futures Contracts									(3,551,523	)		(3,551,523	)
Short Futures Contracts
Equity Risk
E-Mini Russell 2000 Index		70		December-2023		(5,839,400)			352,940			352,940
MSCI Emerging Markets Index		65		December-2023		(2,987,400	)		215,262			215,262
Subtotal									568,202			568,202
Interest Rate Risk
Euro-Bobl		30		December-2023		(3,691,394	)		31,380			31,380
Euro-Bund		224		December-2023		(30,572,496	)		504,422			504,422
Euro-Schatz		17		December-2023		(1,891,857	)		5,011			5,011
Long Gilt		562		December-2023		(63,635,968	)		414,600			414,600
U.S. Treasury 2 Year Notes		81		December-2023		(16,396,172	)		32,611			32,611
U.S. Treasury Long Bonds		461		December-2023		(50,450,687	)		3,523,602			3,523,602
Subtotal									4,511,626			4,511,626
Subtotal–Short Futures Contracts									5,079,828			5,079,828
Total Futures Contracts								$	1,528,305			$1,528,305

^(a)  Futures contracts collateralized by $8,567,000 cash held with Goldman Sachs International, the futures commission merchant.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
Currency Risk
11/10/2023	Bank of America, N.A.		EUR	8,072,000		USD	8,879,225		$335,540
11/10/2023	Canadian Imperial Bank of Commerce		EUR	174,000		USD	190,801		6,633
11/10/2023	Citibank, N.A.		EUR	10,000		USD	10,830		246
11/10/2023	J.P. Morgan Chase Bank, N.A.		EUR	56,321		USD	61,662		2,050
11/10/2023	Royal Bank of Canada		EUR	85,000		USD	92,159		2,192

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

30 Invesco Multi-Asset Income Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
11/10/2023	Royal Bank of Scotland PLC		USD	17,956		EUR	17,000	$	37
Subtotal–Appreciation									346,698
Currency Risk
11/10/2023	Bank of America, N.A.		USD	91,670		EUR	84,000		(2,762)
11/10/2023	J.P. Morgan Chase Bank, N.A.		USD	31,828		EUR	30,000		(75)
11/10/2023	Royal Bank of Canada		EUR	35,000		USD	36,919		(126)
11/10/2023	Royal Bank of Canada		USD	103,997		EUR	97,000		(1,328)
Subtotal–Depreciation									(4,291)
Total Forward Foreign Currency Contracts									$342,407

Open Centrally Cleared Credit Default Swap Agreements(a)

Reference Entity

Buy/Sell Protection

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Implied Credit Spread(b)

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Credit Risk

Markit CDX North America High Yield Index, Series 39, Version 2

Sell

5.00%

Quarterly

12/20/2027

4.740%

USD 1,608,750

$32,335

$11,607

$(20,728)

^(a)  Swaps are collateralized by $116,095 cash held with Merrill Lynch International, the Counterparty.

^(b)  Implied credit spreads represent the current level, as of October 31, 2023, 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.

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, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $1,066,792,717)*	$	918,837,429
Investments in affiliated money market funds, at value (Cost $210,323,085)		210,331,890
Other investments:
Variation margin receivable – centrally cleared swap agreements		337,530
Unrealized appreciation on forward foreign currency contracts outstanding		346,698
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		8,567,000
Cash collateral – centrally cleared swap agreements		116,095
Foreign currencies, at value (Cost $62,903)		62,688
Receivable for:
Fund shares sold		361,136
Dividends		1,172,245
Interest		10,865,625
Investment for trustee deferred compensation and retirement plans		151,273
Other assets		32,248
Total assets		1,151,181,857
Liabilities:
Other investments:
Variation margin payable – futures contracts		270,166
Unrealized depreciation on forward foreign currency contracts outstanding		4,291
Payable for:
Investments purchased		43,747,917
Fund shares reacquired		1,362,227
Amount due custodian		507,607
Due to broker		2,281
Collateral upon return of securities loaned		53,539,978
Accrued fees to affiliates		476,071
Accrued other operating expenses		222,980
Trustee deferred compensation and retirement plans		189,358
Total liabilities		100,322,876
Net assets applicable to shares outstanding	$	1,050,858,981

Net assets consist of:
Shares of beneficial interest	$	1,861,772,435
Distributable earnings (loss)		(810,913,454	)
	$	1,050,858,981
Net Assets:
Class A	$	780,787,870
Class C	$	61,668,134
Class R	$	22,241,030
Class Y	$	143,870,319
Class R5	$	8,805
Class R6	$	42,282,823
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		107,491,162
Class C		8,492,745
Class R		3,059,632
Class Y		19,792,840
Class R5		1,212
Class R6		5,817,109
Class A:
Net asset value per share	$	7.26
Maximum offering price per share (Net asset value of $7.26 ÷ 94.50%)	$	7.68
Class C:
Net asset value and offering price per share	$	7.26
Class R:
Net asset value and offering price per share	$	7.27
Class Y:
Net asset value and offering price per share	$	7.27
Class R5:
Net asset value and offering price per share	$	7.26
Class R6:
Net asset value and offering price per share	$	7.27

* At October 31, 2023, securities with an aggregate value of $51,584,347 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, 2023

Investment income:
Interest	$	72,210,856
Dividends (net of foreign withholding taxes of $272)		5,242,498
Dividends from affiliated money market funds (includes net securities lending income of $294,119)		9,104,579
Total investment income		86,557,933
Expenses:
Advisory fees		5,380,610
Administrative services fees		163,306
Custodian fees		111,219
Distribution fees:
Class A		1,977,227
Class C		757,181
Class R		121,503
Transfer agent fees – A, C, R and Y		1,518,450
Transfer agent fees – R5		32
Transfer agent fees – R6		14,579
Trustees’ and officers’ fees and benefits		29,147
Registration and filing fees		97,487
Reports to shareholders		87,279
Professional services fees		70,746
Other		(337,781	)
Total expenses		9,990,985
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(578,481	)
Net expenses		9,412,504
Net investment income		77,145,429
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(64,141,369	)
Affiliated investment securities		2,230
Foreign currencies		(347,122	)
Forward foreign currency contracts		(653,038	)
Futures contracts		1,795,286
Swap agreements		225,174
		(63,118,839	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		31,263,939
Affiliated investment securities		3,835
Foreign currencies		(29,244	)
Forward foreign currency contracts		237,331
Futures contracts		3,998,408
Swap agreements		(79,136	)
		35,395,133
Net realized and unrealized gain (loss)		(27,723,706	)
Net increase in net assets resulting from operations	$	49,421,723

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, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	77,145,429		$	82,010,526
Net realized gain (loss)		(63,118,839	)		(146,212,849	)
Change in net unrealized appreciation (depreciation)		35,395,133			(218,104,297	)
Net increase (decrease) in net assets resulting from operations		49,421,723			(282,306,620	)
Distributions to shareholders from distributable earnings:
Class A		(58,444,286	)		(63,724,100	)
Class C		(4,626,634	)		(6,302,892	)
Class R		(1,605,955	)		(1,654,502	)
Class Y		(11,320,083	)		(14,535,382	)
Class R5		(1,985	)		(4,645	)
Class R6		(3,499,023	)		(3,841,106	)
Total distributions from distributable earnings		(79,497,966	)		(90,062,627	)
Share transactions–net:
Class A		(49,251,490	)		(62,425,231	)
Class C		(21,038,526	)		(33,565,852	)
Class R		(525,326	)		(16,663,281	)
Class Y		(24,691,098	)		(43,908,235	)
Class R5		(55,170	)		3,957
Class R6		(6,897,140	)		665,585
Net increase (decrease) in net assets resulting from share transactions		(102,458,750	)		(155,893,057	)
Net increase (decrease) in net assets		(132,534,993	)		(528,262,304	)
Net assets:
Beginning of year		1,183,393,974			1,711,656,278
End of year	$	1,050,858,981		$	1,183,393,974

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			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 10/31/23		$  7.49		$0.51		$(0.21	)		$ 0.30			$(0.53	)		$  7.26		3.87	%(d)		$   780,788		0.79	%(d)		0.85	%(d)		6.69	%(d)		54	%
Year ended 10/31/22		9.75		0.50		(2.21	)		(1.71	)		(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	)		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	)		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	)		10.79		13.18			188,655		0.84			0.97			5.21			76
Class C
Year ended 10/31/23		7.49		0.45		(0.21	)		0.24			(0.47	)		7.26		3.08			61,668		1.56			1.62			5.92			54
Year ended 10/31/22		9.75		0.43		(2.21	)		(1.78	)		(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	)		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	)		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	)		10.78		12.35			118,619		1.59			1.72			4.46			76
Class R
Year ended 10/31/23		7.49		0.49		(0.20	)		0.29			(0.51	)		7.27		3.73			22,241		1.06			1.12			6.42			54
Year ended 10/31/22		9.76		0.47		(2.22	)		(1.75	)		(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	)		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	)		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	)		10.78		12.80			5,202		1.09			1.22			4.96			76
Class Y
Year ended 10/31/23		7.49		0.53		(0.20	)		0.33			(0.55	)		7.27		4.26			143,870		0.56			0.62			6.92			54
Year ended 10/31/22		9.76		0.52		(2.22	)		(1.70	)		(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	)		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	)		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	)		10.79		13.47			397,303		0.59			0.72			5.46			76
Class R5
Year ended 10/31/23		7.49		0.54		(0.22	)		0.32			(0.55	)		7.26		4.13			9		0.53			0.58			6.95			54
Year ended 10/31/22		9.75		0.52		(2.21	)		(1.69	)		(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	)		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	)		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	)		10.79		13.35			104		0.59			0.68			5.46			76
Class R6
Year ended 10/31/23		7.49		0.54		(0.21	)		0.33			(0.55	)		7.27		4.32			42,283		0.49			0.51			6.99			54
Year ended 10/31/22		9.76		0.52		(2.22	)		(1.70	)		(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	)		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	)		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	)		10.79		13.47			59,569		0.59			0.60			5.46			76

(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 the years ended October 31, 2023, 2022, 2021 and 2020, respectively.

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, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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, the 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 securities 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, 2023, the Fund paid the Adviser $8,189 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, 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 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 through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These

38 Invesco Multi-Asset Income Fund

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, which could result in the Fund accruing additional expenses. 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, 2023, 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. This practice does not apply to securities pledged as collateral for securities lending transactions.

R. Other Risks – Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

39 Invesco Multi-Asset Income Fund

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.

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, 2023, the effective advisory fee rate incurred by the Fund was 0.46%.

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).

Effective March 1, 2023, through at least February 28, 2025, 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 (the “expense limits”). Prior to March 1, 2023, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or 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. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2025. 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, 2025, 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, 2023, the Adviser waived advisory fees of $205,960 and reimbursed class level expenses of $239,891, $22,829, $6,703, $45,606, $9 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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $70,890 in front-end sales commissions from the sale of Class A shares and $811 and $1,992 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of Invesco.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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.

40 Invesco Multi-Asset Income Fund

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the 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, 2023. 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	$	246,676		$	393,271,055		$	0	$	393,517,731
Equity Linked Notes		–			228,391,763			–		228,391,763
U.S. Treasury Securities		–			222,133,726			–		222,133,726
Preferred Stocks		65,986,809			–			–		65,986,809
Non-U.S. Dollar Denominated Bonds & Notes		–			8,768,586			–		8,768,586
Asset-Backed Securities		–			38,814			–		38,814
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			0			–		0
Money Market Funds		156,790,604			53,541,286			–		210,331,890
Total Investments in Securities		223,024,089			906,145,230			0		1,129,169,319
Other Investments - Assets*
Futures Contracts		5,079,828			–			–		5,079,828
Forward Foreign Currency Contracts		–			346,698			–		346,698
		5,079,828			346,698			–		5,426,526
Other Investments - Liabilities*
Futures Contracts		(3,551,523	)		–			–		(3,551,523	)
Forward Foreign Currency Contracts		–			(4,291	)		–		(4,291	)
Swap Agreements		–			(20,728	)		–		(20,728	)
		(3,551,523	)		(25,019	)		–		(3,576,542	)
Total Other Investments		1,528,305			321,679			–		1,849,984
Total Investments	$	224,552,394		$	906,466,909		$	0	$	1,131,019,303

* 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, 2023:

	Value
Derivative Assets	Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded	$	–	$	568,202		$	4,511,626		$	5,079,828
Unrealized appreciation on forward foreign currency contracts outstanding		346,698		–			–			346,698
Total Derivative Assets		346,698		568,202			4,511,626			5,426,526
Derivatives not subject to master netting agreements		–		(568,202	)		(4,511,626	)		(5,079,828	)
Total Derivative Assets subject to master netting agreements	$	346,698	$	–		$	–		$	346,698

	Value
Derivative Liabilities	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded	$	–		$	–		$	(1,904,644	)	$	(1,646,879	)	$	(3,551,523	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		(20,728	)		–			–			–			(20,728	)
Unrealized depreciation on forward foreign currency contracts outstanding		–			(4,291	)		–			–			(4,291	)
Total Derivative Liabilities		(20,728	)		(4,291	)		(1,904,644	)		(1,646,879	)		(3,576,542	)
Derivatives not subject to master netting agreements		20,728			–			1,904,644			1,646,879			3,572,251
Total Derivative Liabilities subject to master netting agreements	$	–		$	(4,291	)	$	–		$	–		$	(4,291	)

41 Invesco Multi-Asset Income Fund

^(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, 2023.

	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.		$335,540		$(2,762)		$332,778	$–	$–		$332,778
Canadian Imperial Bank of Commerce		6,633		–		6,633	–	–		6,633
Citibank, N.A.		246		–		246	–	–		246
J.P. Morgan Chase Bank, N.A.		2,050		(75)		1,975	–	–		1,975
Royal Bank of Canada		2,192		(1,454)		738	–	–		738
Royal Bank of Scotland PLC		37		–		37	–	–		37
Total		$346,698		$(4,291)		$342,407	$–	$–		$342,407

Effect of Derivative Investments for the year ended October 31, 2023

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	$	–		$	(653,038	)	$	–		$	–		$	(653,038	)
Futures contracts		–			–			(2,608,893	)		4,404,179			1,795,286
Swap agreements		225,174			–			–			–			225,174
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		–			237,331			–			–			237,331
Futures contracts		–			–			4,442,481			(444,073	)		3,998,408
Swap agreements		(79,136	)		–			–			–			(79,136	)
Total	$	146,038		$	(415,707	)	$	1,833,588		$	3,960,106		$	5,524,025

    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	$	11,721,727	$	293,994,650	$	1,877,968

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $57,483.

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.

42 Invesco Multi-Asset Income 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, 2023 and 2022:

	2023		2022
Ordinary income*	$	79,497,966	$	90,062,627

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	411,166
Net unrealized appreciation (depreciation) – investments		(184,247,463	)
Net unrealized appreciation (depreciation) – foreign currencies		(35,839	)
Temporary book/tax differences		(787,110	)
Capital loss carryforward		(626,254,208	)
Shares of beneficial interest		1,861,772,435
Total net assets	$	1,050,858,981

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 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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	426,554,070	$	199,700,138	$	626,254,208

* 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.

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, 2023 was $317,372,095 and $286,960,068, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$   10,438,355
Aggregate unrealized (depreciation) of investments	(194,685,818	)
Net unrealized appreciation (depreciation) of investments	$(184,247,463	)

Cost of investments for tax purposes is $1,315,266,766.

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, 2023, undistributed net investment income was increased by $1,142,112 and undistributed net realized gain (loss) was decreased by $1,142,112. 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, 2023(a)				October 31, 2022
	Shares		Amount		Shares		Amount
Sold:
Class A		4,002,354	$	30,757,252		5,403,012	$	48,658,733
Class C		591,278		4,557,505		767,584		6,837,877
Class R		465,761		3,589,248		557,747		4,911,397
Class Y		3,962,741		30,627,354		4,587,419		40,884,204
Class R6		259,652		1,988,962		462,081		3,952,822

43 Invesco Multi-Asset Income Fund

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		6,704,847		$	51,334,704			6,454,141		$	55,750,272
Class C		448,775			3,437,889			547,183			4,751,803
Class R		205,567			1,575,533			188,054			1,623,583
Class Y		1,013,311			7,764,065			1,161,909			10,077,631
Class R5		170			1,318			459			3,957
Class R6		437,489			3,353,057			434,745			3,752,196
Automatic conversion of Class C shares to Class A shares:
Class A		1,551,820			11,884,183			1,720,539			14,795,155
Class C		(1,552,009	)		(11,884,183	)		(1,720,805	)		(14,795,155	)
Reacquired:
Class A		(18,650,298	)		(143,227,629	)		(20,542,216	)		(181,629,391	)
Class C		(2,234,003	)		(17,149,737	)		(3,440,536	)		(30,360,377	)
Class R		(740,749	)		(5,690,107	)		(2,454,515	)		(23,198,261	)
Class Y		(8,202,752	)		(63,082,517	)		(10,817,953	)		(94,870,070	)
Class R5		(7,400	)		(56,488	)		–			–
Class R6		(1,593,389	)		(12,239,159	)		(829,639	)		(7,039,433	)
Net increase (decrease) in share activity		(13,336,835	)	$	(102,458,750	)		(17,520,791	)	$	(155,893,057	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 11% 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, 3% 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, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 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, 2023 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 21, 2023

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, 2023 through October 31, 2023.

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     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2, 3	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2, 4	Annualized       Expense Ratio2
Class A	$1,000.00	$962.80	$4.25	$1,020.87	$4.38	0.86%
Class C	1,000.00	960.30	8.05	1,016.99	8.29	1.63
Class R	1,000.00	962.90	5.59	1,019.51	5.75	1.13
Class Y	1,000.00	965.30	3.12	1,022.03	3.21	0.63
Class R5	1,000.00	964.10	3.96	1,021.17	4.08	0.80
Class R6	1,000.00	965.80	2.68	1,022.48	2.75	0.54

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, 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  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 0.90%, 1.65%, 1.15%, 0.65%, 0.65% and 0.65% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.86%, 1.63%, 1.13%, 0.63%, 0.60% and 0.53% 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 $4.43, $8.38, $5.82, $3.25, $3.09 and $2.73 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 $4.31, $8.15, $5.66, $3.16, $3.01 and $2.66 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

46 Invesco Multi-Asset Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 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

47 Invesco Multi-Asset Income Fund

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 its performance peer funds. 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 overweight exposure to U.S. master limited partnerships and equity real estate investment trusts at the outset of the COVID-10 pandemic has driven long-term underperformance. The Board further considered that the Fund’s rate and credit beta in the emerging and investment grade markets, as well as its tactical positioning during a time of elevated short-term volatility, 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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

48 Invesco Multi-Asset 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.

49 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, 2023:

Federal and State Income Tax
Qualified Dividend Income*	4.21	%
Corporate Dividends Received Deduction*	4.11	%
U.S. Treasury Obligations*	10.03	%
Qualified Business Income*	0.00	%
Business Interest Income*	55.39	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

50 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	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
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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

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.

1331 Spring Street, NW, Suite 2500

Atlanta, GA 30309

Counsel to the Independent Trustees

Sidley Austin LLP

787 Seventh Avenue

New York, NY 10019

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza

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

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. MAIN-AR-1

Annual Report to Shareholders	October 31, 2023

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
18	Financial Statements
21	Financial Highlights
22	Notes to 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, 2023, Class A shares of Invesco World Bond Factor Fund (the Fund), at net asset value (NAV), outperformed 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, 10/31/22 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.30	%
Class C Shares	1.53
Class Y Shares	2.55
Class R5 Shares	2.31
Class R6 Shares	2.55
Bloomberg Global Aggregate Index▼ (Broad Market/Style-Specific Index)	1.72
Lipper Global Income Funds Index∎ (Peer Group Index)	3.29
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

The beginning of the fiscal year was headlined by the US Federal Reserve (the Fed) continuing 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 federal funds rate at the beginning of the fiscal year: a 0.75% hike in November 2022, its largest hike since 1994, a 0.50% hike in December and a 0.25% hike in January, to a target federal funds rate of 4.50% to 4.75%.¹

    A January 2023 rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, significant volatility plagued fixed income markets as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread pushed overall corporate spread premiums wider over the fiscal year. However, issues did not seem to be systemic, as policymakers responded swiftly which calmed markets. The Fed, aiming to further stabilize markets, continued course with its hawkish policy and announced two 0.25% hikes in March and May, resulting in a target federal funds rate of 5.00% to 5.25%.¹ Markets stabilized due to milder inflation data and better-than-expected corporate earnings.

Through the second quarter of 2023, global economic growth remained resilient but bifurcated as emerging markets and Asian economies showed robust growth while developed western economies had sluggish yet positive growth. US labor markets maintained momentum with unemployment still at historic lows despite a slight uptick at the end of

May. Inflation generally eased in developed economies, largely driven by moderation in the goods component of inflation. However, core inflation remained more stubborn and led developed country central banks to continue tightening, showcased by another 0.25% hike by the Fed in July, increasing the target rate from 5.25% to 5.50%, its highest level since June 2006.¹ While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 3.45% to 4.85% during the fiscal year, while 10-year Treasury rates increased from 3.53% to 4.48%.² At the end of the fiscal year, the yield curve remained inverted. Additionally, in August, US debt was downgraded by the Fitch credit rating agency from AAA to AA^† on the premise of expected fiscal deterioration over the next three years.³ Despite the higher-than-expected Gross Domestic Product for the third quarter, the Fed held interest rates steady at its September and October 2023 meetings, but left open the possibility of another rate hike before the end of the calendar year.¹ As of the end of the fiscal year, we believe markets have priced in that the Fed is near the end or has finished its interest rate hiking cycle, with the expectation that the US is likely to avoid a substantial broad-based recession. We anticipate economic activity will remain relatively resilient. In the US, we believe rate hikes are ending and inflation will continue to fall significantly, albeit imperfectly. As we enter 2024, we expect a more positive growth outlook to unfold as the US economy recovers.

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 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 those with higher absolute yield or spread.

∎ Value bonds are those with high spreads relative to other securities with similar credit rating and/or sector.

∎ Low volatility bonds are those with lower levels of price volatility.

    Since the strategy change, value and high carry bonds outperformed the Bloomberg Global Aggregate Index, whereas low volatility bonds slightly underperformed the Index. Overall, bonds with attractive factor characteristics positively impacted the Fund’s relative performance. During the fiscal year ended October 31, 2023, the Fund outperformed the Bloomberg Global Aggregate Index, due to the overweight positions in high carry and value bonds, as these bonds tend to outperform in a risk on environment. The Fund’s overweight to low volatility bonds helped manage the Fund’s risk exposure.

    Please note that we implemented our strategy using derivative instruments, including futures, forwards and swaps. Therefore, a portion of our strategy’s performance, both positive and negative, can be attributed to these instruments. We believe derivatives can be a cost-effective way to gain exposure to certain asset classes 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 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 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

2 Invesco World Bond Factor Fund

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: Federal Reserve of Economic Data

2 Source: US Department of the Treasury

3 Source: Fitch Ratings

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on S&P Global Ratings’ rating methodology, please visit spbglobal.com and select ‘Understanding Credit Ratings’ under ‘About Ratings’ on the homepage. For more information on Moody’s rating methodology, please visit ratings.moodys.com and select ‘Rating Methodologies’ on the homepage.

Portfolio manager(s):

Noelle Corum

Jacob Habibi

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 10/31/13

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 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	1.49	%
10 Years	-1.05
5 Years	-1.85
1 Year	-2.11
Class C Shares
Inception (3/31/06)	1.39	%
10 Years	-1.20
5 Years	-1.73
1 Year	0.53
Class Y Shares
Inception (10/3/08)	1.34	%
10 Years	-0.37
5 Years	-0.75
1 Year	2.55
Class R5 Shares
Inception (3/31/06)	1.94	%
10 Years	-0.46
5 Years	-0.89
1 Year	2.31
Class R6 Shares
Inception (9/24/12)	-0.48	%
10 Years	-0.37
5 Years	-0.74
1 Year	2.55

The 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 (unhedged).

    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, 2023, 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	30.51%
Financials	12.49
Collateralized Mortgage Obligations	11.76
U.S. Treasury Securities	10.71
Consumer Staples	3.55
Consumer Discretionary	3.21
Utilities	2.61
Industrials	2.42
Energy	2.27
Real Estate	2.20
Other Sectors, Each Less than 2% of Net Assets	8.74
Money Market Funds Plus Other Assets Less Liabilities	9.53

Top Five Debt Issuers*

		% of total net assets
1.	U.S. Treasury	10.71%
2.	Japan Government Bond	7.75
3.	Federal Home Loan Mortgage Corp.	7.52
4.	Swiss Confederation Government Bond	5.34
5.	Federal National Mortgage Association	4.24

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2023.

7 Invesco World Bond Factor Fund

Schedule of Investments

October 31, 2023

		Principal   Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–45.20%(a)
Australia–3.33%
Australia Government Bond,
Series 145, 2.75%, 06/21/2035(b)	AUD		340,000	$	173,377
Series 161, 0.25%, 11/21/2025(b)	AUD		94,000		54,745
Series 162, 1.75%, 06/21/2051(b)	AUD		18,000		5,561
Australian Government Bond, Series 149, 2.25%, 05/21/2028(b)	AUD		350,000		201,668
BHP Billiton Finance Ltd., Series 13, 3.13%, 04/29/2033(b)	EUR		100,000		95,939
Macquarie Group Ltd., 0.95%, 05/21/2031(b)	EUR		100,000		81,559
Scentre Group Trust 1/Scentre Group Trust 2, 1.75%, 04/11/2028(b)	EUR		100,000		92,599
					705,448
Canada–0.76%
Canadian Government Bond,
3.75%, 05/01/2025	CAD		88,000		62,480
2.00%, 12/01/2051	CAD		199,000		97,585
					160,065
France–6.62%
BNP Paribas S.A.,
2.75%, 07/25/2028(b)(c)	EUR		100,000		99,484
1.13%, 01/15/2032(b)(c)	EUR		100,000		92,024
Credit Agricole S.A., 1.00%, 07/03/2029(b)	EUR		100,000		89,859
French Republic Government Bond OAT, 0.00%, 11/25/2030(b)	EUR		1,000,000		850,293
Holding d’Infrastructures de Transport S.A.S.U., 1.63%, 09/18/2029(b)	EUR		100,000		89,709
Imerys S.A., 1.00%, 07/15/2031(b)	EUR		100,000		79,673
Mercialys S.A., 4.63%, 07/07/2027(b)	EUR		100,000		101,281
					1,402,323
Germany–11.87%
BMW Finance N.V., 0.75%, 07/12/2024(b)	EUR		50,000		51,790
Bundesobligation, Series 187, 2.20%, 04/13/2028(b)	EUR		643,000		667,507
Bundesrepublik Deutschland Bundesanleihe,
2.30%, 02/15/2033(b)	EUR		623,429		635,183
0.00%, 08/15/2050(b)	EUR		151,158		72,100
Bundesschatzanweisungen, 2.20%, 12/12/2024(b)	EUR		529,000		552,476
Commerzbank AG, 0.63%, 08/28/2024(b)	EUR		70,000		72,047
Heraeus Finance GmbH, 2.63%, 06/09/2027(b)	EUR		100,000		99,941
Merck Financial Services GmbH, 0.13%, 07/16/2025(b)	EUR		100,000		99,341
Volkswagen International Finance N.V., 1.88%, 03/30/2027(b)	EUR		100,000		97,087

		Principal Amount		Value
Germany–(continued)
Volkswagen Leasing GmbH, 0.63%, 07/19/2029(b)	EUR		100,000	$	84,443
Wintershall Dea Finance B.V., 1.82%, 09/25/2031(b)	EUR		100,000		83,938
					2,515,853
Italy–0.43%
Enel Finance International N.V., 0.00%, 06/17/2027(b)	EUR		100,000		91,600
Japan–8.21%
Japan Government Bond,
Series 146, 0.10%, 12/20/2025	JPY		45,200,000		298,037
Series 155, 0.30%, 12/20/2027	JPY		84,900,000		559,169
Series 352, 0.10%, 09/20/2028	JPY		10,700,000		69,469
Series 361, 0.10%, 12/20/2030	JPY		54,250,000		343,238
Series 69, 0.70%, 12/20/2050	JPY		74,950,000		373,793
Nidec Corp., 0.05%, 03/30/2026(b)	EUR		100,000		96,715
					1,740,421
Luxembourg–0.39%
AXA Logistics Europe Master S.C.A., 0.88%, 11/15/2029(b)	EUR		100,000		83,380
New Zealand–0.72%
Fonterra Co-operative Group Ltd., 0.75%, 11/08/2024(b)	EUR		150,000		153,080
Spain–0.48%
Banco Bilbao Vizcaya Argentaria S.A., 0.38%, 10/02/2024(b)	EUR		100,000		102,334
Sweden–1.17%
EQT AB, 2.38%, 04/06/2028(b)	EUR		100,000		94,360
Swedbank AB, 0.75%, 05/05/2025(b)	EUR		100,000		100,817
Telia Co. AB, 3.88%, 10/01/2025(b)	EUR		50,000		52,912
					248,089
Switzerland–5.79%
Cloverie PLC for Zurich Insurance Co. Ltd., 1.50%, 12/15/2028(b)	EUR		100,000		94,823
Swiss Confederation Government Bond,
1.50%, 07/24/2025(b)	CHF		57,000		62,950
4.00%, 04/08/2028(b)	CHF		575,000		714,166
0.50%, 06/27/2032(b)	CHF		169,000		177,330
3.50%, 04/08/2033(b)	CHF		120,000		160,459
4.00%, 01/06/2049(b)	CHF		10,000		17,821
					1,227,549
United Kingdom–3.75%
B.A.T. International Finance PLC, 2.25%, 01/16/2030(b)	EUR		100,000		89,660
BP Capital Markets PLC, 0.90%, 07/03/2024(b)	EUR		100,000		103,635
CK Hutchison Group Telecom Finance S.A., 1.50%, 10/17/2031(b)	EUR		100,000		82,782

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

8 Invesco World Bond Factor Fund

		Principal Amount		Value
United Kingdom–(continued)
Lloyds Banking Group PLC, 0.50%, 11/12/2025(b)(c)	EUR		100,000	$	101,581
NatWest Group PLC, 1.75%, 03/02/2026(b)(c)	EUR		100,000		101,746
United Kingdom Gilt,
0.63%, 06/07/2025(b)	GBP		100,000		114,194
3.25%, 01/31/2033(b)	GBP		54,000		59,442
0.63%, 10/22/2050(b)	GBP		321,946		141,489
					794,529
United States–1.68%
Altria Group, Inc., 3.13%, 06/15/2031	EUR		100,000		89,917
General Motors Financial Co., Inc., 4.30%, 02/15/2029(b)	EUR		100,000		103,278
Goldman Sachs Group, Inc. (The), 0.13%, 08/19/2024(b)	EUR		60,000		61,621
Wells Fargo & Co., 2.00%, 04/27/2026(b)	EUR		100,000		100,328
					355,144
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $11,622,552)					9,579,815
U.S. Dollar Denominated Bonds & Notes–21.08%
Australia–0.29%
Westpac Banking Corp., 2.35%, 02/19/2025		$	30,000		28,781
3.35%, 03/08/2027			35,000		32,471
					61,252
Brazil–0.10%
Suzano Austria GmbH, 3.75%, 01/15/2031			25,000		20,301
Canada–0.87%
Bombardier, Inc., 5.95%, 08/04/2033			8,000		7,613
Brookfield Finance, Inc., 4.85%, 03/29/2029			90,000		83,766
Magna International, Inc., 2.45%, 06/15/2030			20,000		16,152
5.50%, 03/21/2033			20,000		19,090
TransCanada PipeLines Ltd., 4.88%, 01/15/2026			60,000		58,568
					185,189
France–0.11%
AXA S.A., 8.60%, 12/15/2030			20,000		22,988
Japan–0.30%
Mitsubishi UFJ Financial Group, Inc., 3.74%, 03/07/2029			25,000		22,420
Sumitomo Mitsui Financial Group, Inc.,
3.01%, 10/19/2026			25,000		22,953
2.14%, 09/23/2030			25,000		18,952
					64,325
Luxembourg–0.15%
ArcelorMittal S.A., 6.75%, 03/01/2041			35,000		31,862

	Principal Amount		Value
Netherlands–0.66%
Cooperatieve Rabobank U.A., 5.25%, 05/24/2041	$	35,000	$	32,052
Koninklijke KPN N.V., 8.38%, 10/01/2030		30,000		32,842
Shell International Finance B.V.,
2.38%, 11/07/2029		35,000		29,299
6.38%, 12/15/2038		45,000		46,037
				140,230
Switzerland–0.17%
Credit Suisse USA, Inc., 7.13%, 07/15/2032		35,000		36,285
United Kingdom–2.17%
B.A.T Capital Corp.,
3.56%, 08/15/2027		10,000		9,070
2.26%, 03/25/2028		30,000		25,188
4.74%, 03/16/2032		25,000		21,494
5.28%, 04/02/2050		75,000		53,382
Barclays PLC, 4.84%, 05/09/2028		200,000		179,817
BP Capital Markets PLC, 3.72%, 11/28/2028		35,000		32,073
British Telecommunications PLC, 9.63%, 12/15/2030		20,000		23,073
Mead Johnson Nutrition Co., 4.13%, 11/15/2025		95,000		92,149
nVent Finance S.a.r.l., 4.55%, 04/15/2028		25,000		23,202
				459,448
United States–16.26%
3M Co.,
5.70%, 03/15/2037		65,000		62,610
3.63%, 10/15/2047		25,000		16,103
Adventist Health System, 2.95%, 03/01/2029		40,000		34,192
Aflac, Inc., 1.13%, 03/15/2026		50,000		44,914
Allstate Corp. (The), 3.28%, 12/15/2026		20,000		18,612
Altria Group, Inc.,
4.80%, 02/14/2029		25,000		23,423
3.40%, 05/06/2030		40,000		33,470
2.45%, 02/04/2032		45,000		32,861
Amazon.com, Inc.,
3.25%, 05/12/2061		45,000		26,975
4.10%, 04/13/2062		40,000		28,785
American Tower Corp., 2.90%, 01/15/2030		27,000		22,031
Appalachian Power Co., 7.00%, 04/01/2038		25,000		25,727
Ares Capital Corp., 3.20%, 11/15/2031		35,000		26,106
Arizona Public Service Co., 2.60%, 08/15/2029		20,000		16,974
Assured Guaranty US Holdings, Inc., 3.15%, 06/15/2031		30,000		24,312
Athene Holding Ltd., 4.13%, 01/12/2028		20,000		18,107
Baker Hughes Holdings LLC, 5.13%, 09/15/2040		20,000		17,424

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–(continued)
Bank of America Corp.,
4.00%, 01/22/2025	$	30,000	$	29,205
4.45%, 03/03/2026		35,000		33,524
2.09%, 06/14/2029(c)		20,000		16,518
3.85%, 03/08/2037(c)		40,000		31,572
Black Hills Corp., 4.35%, 05/01/2033		20,000		16,607
BlackRock, Inc.,
2.10%, 02/25/2032		25,000		18,861
4.75%, 05/25/2033		20,000		18,322
Boeing Co. (The), 6.63%, 02/15/2038		92,000		89,684
Booking Holdings, Inc., 4.63%, 04/13/2030		65,000		60,585
Boston Properties L.P., 3.40%, 06/21/2029		35,000		28,346
Bristol-Myers Squibb Co., 3.40%, 07/26/2029		25,000		22,436
Brixmor Operating Partnership L.P., 4.13%, 06/15/2026		25,000		23,541
Broadcom, Inc., 4.93%, 05/15/2037(b)		25,000		20,848
Capital One Financial Corp., 3.20%, 02/05/2025		75,000		71,727
CDW LLC/CDW Finance Corp., 3.25%, 02/15/2029		30,000		25,360
Celanese US Holdings LLC, 6.38%, 07/15/2032		25,000		23,477
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.05%, 03/30/2029		59,000		54,589
Cigna Group (The), 4.50%, 02/25/2026		55,000		53,403
Cintas Corp. No. 2, 3.70%, 04/01/2027		25,000		23,575
Citigroup, Inc., 8.13%, 07/15/2039		20,000		22,564
CNA Financial Corp., 3.45%, 08/15/2027		25,000		22,904
CommonSpirit Health, 1.55%, 10/01/2025		40,000		36,651
ConocoPhillips Co., 6.95%, 04/15/2029		20,000		21,345
Constellation Energy Generation LLC, 6.25%, 10/01/2039		25,000		23,203
Corning, Inc., 5.85%, 11/15/2068		13,000		11,031
Dell International LLC/EMC Corp.,
8.10%, 07/15/2036		20,000		21,703
8.35%, 07/15/2046		25,000		27,950
Dick’s Sporting Goods, Inc., 4.10%, 01/15/2052		25,000		14,637
Dignity Health, 5.27%, 11/01/2064		25,000		20,179
DuPont de Nemours, Inc., 4.49%, 11/15/2025		15,000		14,621
Emerson Electric Co., 5.25%, 11/15/2039		20,000		18,054
Enstar Group Ltd., 3.10%, 09/01/2031		25,000		18,497
Enterprise Products Operating LLC, 4.15%, 10/16/2028		25,000		23,247
EOG Resources, Inc., 4.38%, 04/15/2030		15,000		13,897

	Principal Amount		Value
United States–(continued)
Fifth Third Bancorp, 2.38%, 01/28/2025	$	50,000	$	47,503
General Motors Co., 6.75%, 04/01/2046		63,000		56,498
Georgia-Pacific LLC, 8.88%, 05/15/2031		15,000		17,501
GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029		20,000		18,286
Harley-Davidson, Inc., 4.63%, 07/28/2045		26,000		17,902
Hasbro, Inc., 6.35%, 03/15/2040		50,000		45,615
HCA, Inc., 5.13%, 06/15/2039		30,000		24,699
Home Depot, Inc. (The), 2.70%, 04/15/2030		20,000		16,754
Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030		15,000		12,132
HP, Inc.,
3.40%, 06/17/2030		27,000		22,555
5.50%, 01/15/2033		15,000		13,777
Intel Corp.,
4.95%, 03/25/2060		41,000		32,931
5.05%, 08/05/2062		75,000		59,215
International Business Machines Corp., 7.13%, 12/01/2096		43,000		45,404
IPALCO Enterprises, Inc., 4.25%, 05/01/2030		68,000		58,619
John Deere Capital Corp., 2.80%, 07/18/2029		20,000		17,310
JPMorgan Chase & Co.,
4.13%, 12/15/2026		40,000		37,804
2.96%, 05/13/2031(c)		30,000		24,201
Kemper Corp., 3.80%, 02/23/2032		25,000		19,016
McKesson Corp., 1.30%, 08/15/2026(d)		25,000		22,197
Merck & Co., Inc., 1.90%, 12/10/2028		20,000		16,930
MidAmerican Energy Co.,
3.65%, 04/15/2029		20,000		18,043
6.75%, 12/30/2031		20,000		21,100
Morgan Stanley,
3.70%, 10/23/2024		85,000		83,101
4.35%, 09/08/2026		35,000		33,123
National Rural Utilities Cooperative Finance Corp., 8.00%, 03/01/2032		30,000		33,193
Nucor Corp., 2.98%, 12/15/2055		25,000		13,415
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		30,000		23,079
Oracle Corp., 4.10%, 03/25/2061		45,000		28,250
Pacific Gas and Electric Co.,
4.20%, 03/01/2029		25,000		21,806
4.55%, 07/01/2030		25,000		21,650
4.40%, 03/01/2032		25,000		20,559
PacifiCorp, 3.50%, 06/15/2029		30,000		26,282
Paramount Global, 7.88%, 07/30/2030		35,000		34,476
Philip Morris International, Inc.,
3.13%, 03/02/2028		20,000		17,919
2.10%, 05/01/2030		25,000		19,633
5.38%, 02/15/2033		20,000		18,486
6.38%, 05/16/2038		30,000		29,715
4.50%, 03/20/2042		35,000		26,792

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)
PPG Industries, Inc., 1.20%, 03/15/2026	$	40,000	$	35,902
Prudential Financial, Inc., 3.70%, 10/01/2050(c)		50,000		39,466
Ralph Lauren Corp., 2.95%, 06/15/2030		44,000		36,875
Realty Income Corp., 3.95%, 08/15/2027		25,000		23,226
Ross Stores, Inc.,
0.88%, 04/15/2026		15,000		13,288
1.88%, 04/15/2031		40,000		29,708
S&P Global, Inc., 2.70%, 03/01/2029		25,000		21,685
Simon Property Group L.P., 6.75%, 02/01/2040		38,000		37,363
Southern California Edison Co., 6.65%, 04/01/2029		40,000		40,528
Southern California Gas Co., 3.20%, 06/15/2025		25,000		24,021
Southwest Airlines Co., 3.00%, 11/15/2026		50,000		46,022
Southwest Gas Corp., 4.05%, 03/15/2032		45,000		38,141
Stewart Information Services Corp., 3.60%, 11/15/2031		25,000		17,815
Target Corp., 2.35%, 02/15/2030		20,000		16,441
Time Warner Cable LLC, 7.30%, 07/01/2038		30,000		27,972
Toll Brothers Finance Corp., 3.80%, 11/01/2029		25,000		21,547
Toyota Motor Credit Corp., 1.13%, 06/18/2026		14,000		12,524
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026		50,000		51,634
U.S. Bancorp, 2.49%, 11/03/2036(c)		60,000		41,019
Union Electric Co., 8.45%, 03/15/2039		48,000		56,309
UnitedHealth Group, Inc., 6.05%, 02/15/2063		30,000		28,615
Verizon Communications, Inc.,
4.13%, 03/16/2027		20,000		18,950
4.33%, 09/21/2028		26,000		24,218
Walt Disney Co. (The), 3.70%, 03/23/2027		25,000		23,688
Warnermedia Holdings, Inc., 4.05%, 03/15/2029		46,000		40,715
Wells Fargo & Co., 4.10%, 06/03/2026		76,000		71,792
Western Union Co. (The), 6.20%, 11/17/2036		20,000		18,885
Wyeth LLC, 6.00%, 02/15/2036		25,000		24,806
				3,445,915
Total U.S. Dollar Denominated Bonds & Notes (Cost $5,192,783)				4,467,795

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–11.76%
Federal Home Loan Mortgage Corp.,
2.50%, 07/01/2035 -08/01/2050	$	535,187	$	428,531
3.00%, 05/01/2050		159,249		131,128
2.00%, 01/01/2051 -10/01/2051		498,894		369,218
Federal National Mortgage Association,
3.00%, 10/01/2049 - 02/01/2050		124,375		100,625
2.50%, 01/01/2050 - 08/01/2050		392,155		308,201
2.00%, 03/01/2051 - 08/01/2051		450,295		333,346
Uniform Mortgage-Backed Securities, TBA,
2.00%, 11/01/2038(e)		120,000		101,644
3.50%, 11/01/2038 - 11/01/2053(e)		385,000		328,649
3.00%, 11/01/2053(e)		70,000		56,017
4.50%, 11/01/2053(e)		375,000		334,857
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $3,069,697)				2,492,216
U.S. Treasury Securities–10.71%
U.S. Treasury Bills–0.35%
5.46%, 04/18/2024(f)(g)		73,389		73,127
U.S. Treasury Bonds–4.16%
6.88%, 08/15/2025		317,183		316,066
4.00%, 11/15/2052		563,651		463,444
4.13%, 08/15/2053		103,514		102,675
				882,185
U.S. Treasury Notes–6.20%
4.38%, 10/31/2024		530,618		528,435
3.50%, 01/31/2028		217,787		216,501
4.63%, 09/30/2028		177,462		177,392
3.50%, 02/15/2033		205,501		198,312
3.88%, 08/15/2033		193,922		193,315
				1,313,955
Total U.S. Treasury Securities (Cost $2,383,027)				2,269,267
	Shares
Exchange-Traded Funds–1.72%
United States–1.72%
Invesco High Yield Bond Factor ETF(h) (Cost $444,555)		17,500		365,662
Money Market Funds–3.31%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(h)(i)		245,331		245,331
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(h)(i)		175,201		175,253
Invesco Treasury Portfolio, Institutional Class, 5.27%(h)(i)		280,379		280,379
Total Money Market Funds (Cost $700,946)				700,963
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-93.78% (Cost $23,413,560)				19,875,718

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

11 Invesco World Bond Factor Fund

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.10%
Invesco Private Government Fund, 5.32%(h)(i)(j)		6,135	$	6,135
Invesco Private Prime Fund, 5.53%(h)(i)(j)		16,380		16,382
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $22,515)				22,517
TOTAL INVESTMENTS IN SECURITIES-93.88% (Cost $23,436,075)				19,898,235
OTHER ASSETS LESS LIABILITIES–6.12%				1,296,624
NET ASSETS–100.00%			$	21,194,859

Investment Abbreviations:

AUD	- Australian Dollar
CAD	- Canadian Dollar
CHF	- Swiss Franc
ETF	- Exchange-Traded Fund
EUR	- Euro
GBP	- British Pound Sterling
JPY	- Japanese Yen
TBA	- To Be Announced

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, 2023 was $7,706,975, which represented 36.36% 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)  All or a portion of this security was out on loan at October 31, 2023.

^(e)  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 10.

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

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

^(h)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2023			Dividend Income
Invesco High Yield Bond Factor ETF		$	368,287		$	-		$	-			$	(873	)		$	-			$	365,662		$	24,520*
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			3,503,966			(3,258,635	)			-				-				245,331			8,146
Invesco Liquid Assets Portfolio, Institutional Class			-			2,502,833			(2,327,561	)			17				(36	)			175,253			5,607
Invesco Treasury Portfolio, Institutional Class			-			4,004,533			(3,724,154	)			-				-				280,379			8,736
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			33,265			297,937			(325,067	)			-				-				6,135			912**
Invesco Private Prime Fund			88,347			511,456			(583,421	)			2				(2	)			16,382			2,438**
Total		$	489,899		$	10,820,725		$	(10,218,838	)		$	(854	)		$	(38	)		$	1,089,142		$	50,359

* Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

⁽ⁱ⁾  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(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 1J.

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

12 Invesco World Bond Factor Fund

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Euro-Buxl		2		December-2023	$	254,833		$	(23,704	)		$(23,704)
Japan 10 Year Bonds		1		December-2023		948,375			(15,309	)		(15,309)
Long Gilt		1		December-2023		113,231			(1,764	)		(1,764)
U.S. Treasury 2 Year Notes		2		December-2023		404,844			(362	)		(362)
U.S. Treasury 10 Year Ultra Notes		3		December-2023		326,484			(17,803	)		(17,803)
Subtotal–Long Futures Contracts									(58,942	)		(58,942)
Short Futures Contracts
Interest Rate Risk
Euro-Bobl		1		December-2023		(123,046	)		(932	)		(932)
Euro-Bund		1		December-2023		(136,484	)		(1,038	)		(1,038)
Euro-Schatz		3		December-2023		(333,857	)		884			884
U.S. Treasury 5 Year Notes		1		December-2023		(104,477	)		1,576			1,576
Subtotal–Short Futures Contracts									490			490
Total Futures Contracts								$	(58,452	)		$(58,452)

^(a)  Futures contracts collateralized by $28,732 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
12/01/2023	Barclays Bank PLC		JPY	20,000,000		USD	134,430		$      1,878
12/20/2023	Barclays Bank PLC		USD	129,157		CHF	116,900		49
12/20/2023	Barclays Bank PLC		USD	55,408		CNY	400,000		54
11/29/2023	BNP Paribas S.A.		USD	84,630		EUR	80,000		110
11/29/2023	BNP Paribas S.A.		USD	752,806		JPY	113,694,780		477
11/29/2023	BNP Paribas S.A.		USD	407,921		NZD	701,860		1,015
12/20/2023	BNP Paribas S.A.		INR	52,210		USD	626		0
12/20/2023	BNP Paribas S.A.		JPY	2,934,220		USD	20,232		720
12/20/2023	BNP Paribas S.A.		NOK	6,144,354		USD	560,043		9,228
12/20/2023	BNP Paribas S.A.		USD	225,544		EUR	213,650		1,023
12/20/2023	BNP Paribas S.A.		USD	625		INR	52,210		1
12/20/2023	BNP Paribas S.A.		USD	550,171		NOK	6,144,355		644
12/20/2023	Citibank, N.A.		CLP	4,808,000		USD	5,427		70
12/20/2023	Citibank, N.A.		USD	2,225,414		CNY	16,112,000		8,571
11/03/2023	Deutsche Bank AG		USD	9,365		BRL	47,810		118
11/29/2023	Deutsche Bank AG		USD	87,397		GBP	71,956		76
12/20/2023	Deutsche Bank AG		EUR	27,000		USD	28,847		214
12/20/2023	Deutsche Bank AG		INR	1,596,730		USD	19,165		18
12/20/2023	Deutsche Bank AG		USD	28,523		EUR	27,000		110
12/20/2023	Deutsche Bank AG		USD	86,941		GBP	71,956		552
12/20/2023	Goldman Sachs International		USD	46,637		HUF	17,051,740		209
12/20/2023	HSBC Bank USA		IDR	862,748,002		USD	56,019		1,900
12/20/2023	HSBC Bank USA		KRW	149,385,000		USD	110,835		125
12/20/2023	HSBC Bank USA		SEK	2,994,322		USD	269,059		176
11/03/2023	J.P. Morgan Chase Bank, N.A.		BRL	134,840		USD	26,941		196
11/03/2023	J.P. Morgan Chase Bank, N.A.		USD	26,661		BRL	134,840		83
11/29/2023	J.P. Morgan Chase Bank, N.A.		USD	471,109		CAD	653,969		653
11/29/2023	J.P. Morgan Chase Bank, N.A.		USD	2,310,515		EUR	2,183,064		1,879
11/29/2023	J.P. Morgan Chase Bank, N.A.		USD	452,873		GBP	372,898		436

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

13 Invesco World Bond Factor Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
11/29/2023	J.P. Morgan Chase Bank, N.A.		USD	40,712		NZD	70,000		$         73
12/20/2023	J.P. Morgan Chase Bank, N.A.		AUD	4,747,900		USD	3,068,819		52,138
12/20/2023	J.P. Morgan Chase Bank, N.A.		CAD	587,000		USD	434,836		11,183
12/20/2023	J.P. Morgan Chase Bank, N.A.		EUR	7,940,256		USD	8,571,841		151,525
12/20/2023	J.P. Morgan Chase Bank, N.A.		KRW	118,058,700		USD	89,316		1,822
12/20/2023	J.P. Morgan Chase Bank, N.A.		MXN	5,367,600		USD	304,627		9,206
12/20/2023	J.P. Morgan Chase Bank, N.A.		SEK	12,199,196		USD	1,106,246		10,787
12/20/2023	J.P. Morgan Chase Bank, N.A.		THB	995,501		USD	28,025		210
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	629,951		AUD	992,900		909
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	3,759,630		EUR	3,549,149		4,096
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	292,333		MXN	5,313,450		108
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	997,453		SEK	11,125,196		1,563
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	218,490		ZAR	4,141,380		2,792
12/20/2023	Merrill Lynch International		COP	27,555,756		USD	6,836		213
12/20/2023	Merrill Lynch International		CZK	318,000		USD	13,792		111
12/20/2023	Merrill Lynch International		NOK	6,907,149		USD	650,251		31,056
12/20/2023	Merrill Lynch International		USD	258,291		AUD	407,890		870
12/20/2023	Merrill Lynch International		USD	220,185		NOK	2,459,149		267
11/29/2023	Morgan Stanley and Co. International PLC		CHF	933,842		USD	1,030,517		1,000
11/29/2023	Morgan Stanley and Co. International PLC		JPY	8,900,000		USD	59,028		62
12/20/2023	Morgan Stanley and Co. International PLC		CHF	1,280,232		USD	1,452,290		37,289
12/20/2023	Morgan Stanley and Co. International PLC		JPY	14,913,730		USD	100,114		941
12/20/2023	Morgan Stanley and Co. International PLC		NZD	1,509,828		USD	895,612		15,848
12/20/2023	Morgan Stanley and Co. International PLC		USD	843,388		NZD	1,449,908		1,462
11/29/2023	Royal Bank of Canada		USD	622,264		EUR	587,872		435
12/20/2023	Royal Bank of Canada		CAD	20,000		USD	14,615		180
12/20/2023	Royal Bank of Canada		EUR	280,000		USD	298,161		1,233
12/20/2023	Royal Bank of Canada		JPY	39,153,266		USD	260,526		166
12/20/2023	Royal Bank of Canada		USD	14,414		CAD	20,000		21
12/20/2023	Royal Bank of Canada		USD	2,296		COP	9,801,540		60
12/20/2023	Royal Bank of Canada		USD	277,163		EUR	261,620		274
12/20/2023	Royal Bank of Canada		USD	4,775		GBP	3,930		4
11/29/2023	State Street Bank & Trust Co.		USD	112,757		EUR	106,547		103
12/01/2023	State Street Bank & Trust Co.		CAD	65,000		USD	47,658		767
12/20/2023	State Street Bank & Trust Co.		USD	111,822		EUR	106,547		1,167
12/20/2023	UBS AG		USD	9,853		HUF	3,694,400		296
Subtotal–Appreciation									370,822
Currency Risk
11/29/2023	Barclays Bank PLC		USD	55,582		CNY	400,000		(39	)
12/20/2023	Barclays Bank PLC		CHF	116,900		USD	127,869		(1,337	)
12/20/2023	Barclays Bank PLC		CNY	400,000		USD	55,455		(6	)
12/20/2023	Barclays Bank PLC		SGD	75,160		USD	54,963		(48	)
12/20/2023	Barclays Bank PLC		USD	55,330		SGD	75,160		(318	)
12/20/2023	BNP Paribas S.A.		EUR	213,650		USD	225,096		(1,470	)
12/20/2023	BNP Paribas S.A.		JPY	132,191,950		USD	878,218		(829	)
12/20/2023	BNP Paribas S.A.		NZD	701,860		USD	407,937		(1,032	)
12/20/2023	BNP Paribas S.A.		SEK	1,420,530		USD	127,231		(329	)
12/20/2023	BNP Paribas S.A.		USD	931,732		JPY	135,126,170		(33,174	)
12/20/2023	BNP Paribas S.A.		USD	414,065		NZD	701,860		(5,097	)
12/20/2023	BNP Paribas S.A.		USD	128,189		SEK	1,420,530		(629	)

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

14 Invesco World Bond Factor Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
11/29/2023	Citibank, N.A.		USD	2,239,675		CNY	16,112,000		$    (2,395	)
12/01/2023	Citibank, N.A.		CNY	810,000		USD	112,044		(413	)
12/20/2023	Citibank, N.A.		CLP	12,951,000		USD	14,408		(22	)
12/20/2023	Citibank, N.A.		CNY	16,112,000		USD	2,233,063		(921	)
12/20/2023	Citibank, N.A.		USD	20,046		CLP	17,759,000		(260	)
11/03/2023	Deutsche Bank AG		BRL	47,810		USD	9,453		(30	)
11/29/2023	Deutsche Bank AG		EUR	8,000		USD	8,471		(3	)
12/20/2023	Deutsche Bank AG		GBP	71,956		USD	87,408		(85	)
12/20/2023	Deutsche Bank AG		INR	5,031,270		USD	60,312		(18	)
12/20/2023	Deutsche Bank AG		USD	79,553		INR	6,628,000		(76	)
12/20/2023	Goldman Sachs International		HUF	17,051,740		USD	46,739		(107	)
11/03/2023	HSBC Bank USA		BRL	87,030		USD	17,208		(54	)
11/03/2023	HSBC Bank USA		USD	17,427		BRL	87,030		(165	)
12/20/2023	HSBC Bank USA		USD	54,120		IDR	862,748,002		(1	)
12/20/2023	HSBC Bank USA		USD	112,879		KRW	149,385,000		(2,169	)
12/20/2023	HSBC Bank USA		USD	270,239		SEK	2,994,322		(1,356	)
11/29/2023	J.P. Morgan Chase Bank, N.A.		EUR	3,549,149		USD	3,756,355		(3,055	)
12/01/2023	J.P. Morgan Chase Bank, N.A.		EUR	300,000		USD	317,661		(137	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		AUD	269,361		USD	170,898		(247	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		CAD	948,579		USD	683,539		(1,075	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		EUR	2,930,944		USD	3,104,762		(3,383	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		GBP	430,668		USD	523,096		(557	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		MXN	211,850		USD	11,655		(4	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		NOK	442,230		USD	39,580		(64	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		NZD	109,600		USD	63,745		(117	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		PLN	625,221		USD	143,291		(4,931	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		THB	1,428,499		USD	39,735		(178	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		TRY	4,434,500		USD	150,508		(136	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	2,601,157		AUD	4,024,361		(44,193	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	1,137,521		CAD	1,535,579		(29,255	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	7,902,796		EUR	7,322,051		(138,064	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	538,948		GBP	430,668		(15,295	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	87,535		KRW	118,058,700		(41	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	15,096		MXN	266,000		(456	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	40,541		NOK	442,230		(897	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	64,683		NZD	109,600		(819	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	148,300		PLN	625,221		(79	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	97,392		SEK	1,074,000		(950	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	68,238		THB	2,424,000		(511	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		USD	152,174		TRY	4,434,500		(1,530	)
12/20/2023	J.P. Morgan Chase Bank, N.A.		ZAR	4,141,380		USD	218,477		(2,805	)
01/03/2024	J.P. Morgan Chase Bank, N.A.		USD	26,755		BRL	134,840		(194	)
12/20/2023	Merrill Lynch International		AUD	407,890		USD	258,022		(1,140	)
12/20/2023	Merrill Lynch International		COP	356,564,204		USD	85,262		(447	)
12/20/2023	Merrill Lynch International		CZK	828,000		USD	35,514		(108	)
12/20/2023	Merrill Lynch International		NOK	26,970		USD	2,415		(3	)
12/20/2023	Merrill Lynch International		USD	95,298		COP	384,119,960		(2,965	)
12/20/2023	Merrill Lynch International		USD	49,704		CZK	1,146,000		(401	)
12/20/2023	Merrill Lynch International		USD	421,281		NOK	4,474,970		(20,120	)
11/29/2023	Morgan Stanley and Co. International PLC		NZD	1,449,908		USD	843,352		(1,431	)

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
12/20/2023	Morgan Stanley and Co. International PLC		MXN	213,700		USD	11,752		$         (10	)
12/20/2023	Morgan Stanley and Co. International PLC		NZD	131,080		USD	76,247		(132	)
12/20/2023	Morgan Stanley and Co. International PLC		USD	1,415,939		CHF	1,280,232		(939	)
12/20/2023	Morgan Stanley and Co. International PLC		USD	99,832		JPY	14,913,730		(659	)
12/20/2023	Morgan Stanley and Co. International PLC		USD	11,895		MXN	213,700		(133	)
12/20/2023	Morgan Stanley and Co. International PLC		USD	113,299		NZD	191,000		(2,005	)
11/29/2023	Royal Bank of Canada		CAD	20,000		USD	14,410		(18	)
11/29/2023	Royal Bank of Canada		EUR	261,620		USD	276,926		(193	)
11/29/2023	Royal Bank of Canada		USD	259,656		JPY	39,153,266		(246	)
12/20/2023	Royal Bank of Canada		CAD	66,520		USD	47,940		(69	)
12/20/2023	Royal Bank of Canada		COP	9,801,540		USD	2,349		(7	)
12/20/2023	Royal Bank of Canada		EUR	587,872		USD	622,797		(617	)
12/20/2023	Royal Bank of Canada		GBP	3,930		USD	4,749		(30	)
12/20/2023	Royal Bank of Canada		USD	48,609		CAD	66,520		(599	)
12/20/2023	Royal Bank of Canada		USD	645,497		EUR	606,252		(2,592	)
12/20/2023	Royal Bank of Canada		USD	264,624		JPY	39,153,266		(4,264	)
12/20/2023	State Street Bank & Trust Co.		EUR	106,547		USD	112,854		(136	)
12/20/2023	UBS AG		HUF	3,694,400		USD	10,123		(26	)
12/20/2023	UBS AG		TRY	291,640		USD	9,821		(86	)
12/20/2023	UBS AG		USD	9,930		TRY	291,640		(23	)
Subtotal–Depreciation									(340,755	)
Total Forward Foreign Currency Contracts									$    30,067

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		2.42%		Quarterly		08/04/2028		CNY	4,500,000		$          –			$       654			$       654
Receive	CORRA		Semi-Annually		(4.07)		Semi-Annually		08/01/2028		CAD	230,000		–			877			877
Pay	3 Month CNRR007		Quarterly		2.47		Quarterly		07/29/2027		CNY	4,000,000		–			3,356			3,356
Pay	3 Month CNRR007		Quarterly		2.86		Quarterly		02/03/2028		CNY	14,056,000		(536	)		38,990			39,526
Pay	TONAR		Annually		0.06		Annually		03/01/2024		JPY	41,000,000		(57,259	)		54			57,313
Receive	SOFR		Annually		(3.46)		Annually		02/16/2033		USD	1,132,000		818			90,059			89,241
Subtotal – Appreciation														(56,977	)		133,990			190,967
Interest Rate Risk
Receive	SONIA		Annually		(5.18)		Annually		07/03/2028		GBP	60,000		–			(1,910	)		(1,910	)
Receive	SONIA		Annually		(4.32)		Annually		10/03/2028		GBP	130,000		2,406			1,315			(1,091	)
Receive	3 Month NDBB		Quarterly		(1.46)		Semi-Annually		08/03/2026		NZD	–		3			0			(3	)
Subtotal – Depreciation														2,409			(595	)		(3,004	)
Total Centrally Cleared Interest Rate Swap Agreements														$(54,568	)		$133,395			$187,963

^(a)  Centrally cleared swap agreements collateralized by $80,508 cash held with Merrill Lynch International.

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

16 Invesco World Bond Factor Fund

Abbreviations:
AUD	–Australian Dollar
BRL	–Brazilian Real
CAD	–Canadian Dollar
CHF	–Swiss Franc
CLP	–Chile Peso
CNRR007	–China 7-Day Reverse Repo Rate
CNY	–Chinese Yuan Renminbi
COP	–Colombia Peso
CORRA	–Canadian Overnight Repo Rate Average
CZK	–Czech Koruna
EUR	–Euro
GBP	–British Pound Sterling
HUF	–Hungarian Forint
IDR	–Indonesian Rupiah
INR	–Indian Rupee
JPY	–Japanese Yen
KRW	–South Korean Won
MXN	–Mexican Peso
NDBB	–New Zealand Dollar Bank Bill
NOK	–Norwegian Krone
NZD	–New Zealand Dollar
PLN	–Polish Zloty
SEK	–Swedish Krona
SGD	–Singapore Dollar
SOFR	–Secured Overnight Financing Rate
SONIA	–Sterling Overnight Index Average
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.

17 Invesco World Bond Factor Fund

Statement of Assets and Liabilities

October 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $22,268,059)*	$	18,809,093
Investments in affiliates, at value (Cost $1,168,016)		1,089,142
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		370,822
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		28,732
Cash collateral – centrally cleared swap agreements		80,508
Foreign currencies, at value (Cost $593,336)		596,267
Receivable for:
Investments sold		1,415,908
Fund shares sold		5,181
Dividends		2,105
Interest		202,990
Investment for trustee deferred compensation and retirement plans		22,735
Other assets		35,839
Total assets		22,659,322
Liabilities:
Other investments:
Variation margin payable – futures contracts		1,809
Variation margin payable – centrally cleared swap agreements		14,589
Unrealized depreciation on forward foreign currency contracts outstanding		340,755
Payable for:
TBA sales commitment		835,276
Fund shares reacquired		83,385
Amount due custodian		57,504
Collateral upon return of securities loaned		22,515
Accrued fees to affiliates		13,242
Accrued trustees’ and officers’ fees and benefits		384
Accrued other operating expenses		69,922
Trustee deferred compensation and retirement plans		25,082
Total liabilities		1,464,463
Net assets applicable to shares outstanding	$	21,194,859

Net assets consist of:
Shares of beneficial interest	$	28,603,008
Distributable earnings (loss)		(7,408,149	)
	$	21,194,859
Net Assets:
Class A	$	12,664,136
Class C	$	749,693
Class Y	$	6,238,238
Class R5	$	5,490
Class R6	$	1,537,302
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,521,068
Class C		90,255
Class Y		750,142
Class R5		666
Class R6		184,540
Class A:
Net asset value per share	$	8.33
Maximum offering price per share (Net asset value of $8.33 ÷ 95.75%)	$	8.70
Class C:
Net asset value and offering price per share	$	8.31
Class Y:
Net asset value and offering price per share	$	8.32
Class R5:
Net asset value and offering price per share	$	8.24
Class R6:
Net asset value and offering price per share	$	8.33

* At October 31, 2023, security with a value of $22,035 was on loan to brokers.

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

18 Invesco World Bond Factor Fund

Statement of Operations

For the year ended October 31, 2023

Investment income:
Interest (net of foreign withholding taxes of $2,111)	$	661,974
Dividends from affiliates (includes net securities lending income of $450)		47,459
Total investment income		709,433
Expenses:
Advisory fees		71,259
Administrative services fees		3,650
Custodian fees		51,953
Distribution fees:
Class A		40,311
Class C		12,504
Interest, facilities and maintenance fees		28,710
Transfer agent fees – A, C and Y		63,211
Transfer agent fees – R5		1
Transfer agent fees – R6		421
Trustees’ and officers’ fees and benefits		15,907
Registration and filing fees		72,044
Reports to shareholders		14,330
Professional services fees		70,316
Other		14,271
Total expenses		458,888
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(301,212	)
Net expenses		157,676
Net investment income		551,757
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(2,962,994	)
Affiliated investment securities		(38	)
Foreign currencies		(21,466	)
Forward foreign currency contracts		(155,051	)
Futures contracts		(150,487	)
Swap agreements		453,157
		(2,836,879	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		3,343,043
Affiliated investment securities		(854	)
Foreign currencies		(16,089	)
Forward foreign currency contracts		35,050
Futures contracts		(33,383	)
Swap agreements		(219,948	)
		3,107,819
Net realized and unrealized gain		270,940
Net increase in net assets resulting from operations	$	822,697

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

19 Invesco World Bond Factor Fund

Statement of Changes in Net Assets

For the years ended October 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	551,757		$	336,514
Net realized gain (loss)		(2,836,879	)		(3,370,608	)
Change in net unrealized appreciation (depreciation)		3,107,819			(5,705,706	)
Net increase (decrease) in net assets resulting from operations		822,697			(8,739,800	)
Distributions to shareholders from distributable earnings:
Class A		–			(405,867	)
Class C		–			(22,570	)
Class Y		–			(308,318	)
Class R5		–			(17	)
Class R6		–			(28,190	)
Total distributions from distributable earnings		–			(764,962	)
Return of capital:
Class A		(170,549	)		(49,271	)
Class C		(3,865	)		(2,604	)
Class Y		(99,612	)		(37,742	)
Class R5		(26	)		(2	)
Class R6		(18,923	)		(3,502	)
Total return of capital		(292,975	)		(93,121	)
Total distributions		(292,975	)		(858,083	)
Share transactions–net:
Class A		(3,668,992	)		(2,795,234	)
Class C		(580,727	)		(352,050	)
Class Y		(5,176,735	)		(1,667,541	)
Class R5		5,000			–
Class R6		275,824			405,699
Net increase (decrease) in net assets resulting from share transactions		(9,145,630	)		(4,409,126	)
Net increase (decrease) in net assets		(8,615,908	)		(14,007,009	)
Net assets:
Beginning of year		29,810,767			43,817,776
End of year	$	21,194,859		$	29,810,767

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

20 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 10/31/23	$	8.23	$	0.18		$	0.01	(d)	$	0.19		$	–		$	–		$	(0.09	)	$	(0.09	)	$	8.33		2.30	%	$	12,664		0.65	%(e)		1.80	%(e)		2.04	%		145	%
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
Class C
Year ended 10/31/23		8.21		0.11			0.02	(d)		0.13			–			–			(0.03	)		(0.03	)		8.31		1.53			750		1.40	(e)		2.55	(e)		1.29			145
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
Class Y
Year ended 10/31/23		8.23		0.20			0.00	(d)		0.20			–			–			(0.11	)		(0.11	)		8.32		2.43			6,238		0.40	(e)		1.55	(e)		2.29			145
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
Class R5
Year ended 10/31/23		8.18		0.19			(0.02	)(d)		0.17			–			–			(0.11	)		(0.11	)		8.24		2.06			5		0.40	(e)		1.33	(e)		2.29			145
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
Class R6
Year ended 10/31/23		8.24		0.20			0.00	(d)		0.20			–			–			(0.11	)		(0.11	)		8.33		2.43			1,537		0.40	(e)		1.33	(e)		2.29			145
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

^(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 realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(e)  Ratios include interest, facilities and maintenance fees of 0.11% for the year ended October 31, 2023.

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

21 Invesco World Bond Factor Fund

Notes to Financial Statements

October 31, 2023

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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 mean between the last bid and ask 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/ask 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

22 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. 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. 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

23 Invesco World Bond Factor Fund

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 securities 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, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the 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 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.

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 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.

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

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 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

24 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, which could result in the Fund accruing additional expenses. 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, 2023, 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. 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.

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. This practice does not apply to securities pledged as collateral for securities lending transactions.

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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and 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.

Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

25 Invesco World Bond Factor 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 $2 billion		0.270	%
Over $2 billion		0.250	%

For the year ended October 31, 2023, 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, 2025, 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, 2023, the Adviser waived advisory fees of $71,259 and reimbursed fund level expenses of $164,615 and reimbursed class level expenses of $40,782, $3,188, $19,241, $0 and $421 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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $552 in front-end sales commissions from the sale of Class A shares and $0 and $6 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

26 Invesco World Bond Factor Fund

	Level 1			Level 2			Level 3		Total
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes	$	–		$	9,579,815			$–	$	9,579,815
U.S. Dollar Denominated Bonds & Notes		–			4,467,795			–		4,467,795
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			2,492,216			–		2,492,216
U.S. Treasury Securities		–			2,269,267			–		2,269,267
Exchange-Traded Funds		365,662			–			–		365,662
Money Market Funds		700,963			22,517			–		723,480
Total Investments in Securities		1,066,625			18,831,610			–		19,898,235
Other Investments - Assets*
Futures Contracts		2,460			–			–		2,460
Forward Foreign Currency Contracts		–			370,822			–		370,822
Swap Agreements		–			190,967			–		190,967
		2,460			561,789			–		564,249
Other Investments - Liabilities*
Futures Contracts		(60,912	)		–			–		(60,912	)
Forward Foreign Currency Contracts		–			(340,755	)		–		(340,755	)
Swap Agreements		–			(3,004	)		–		(3,004	)
		(60,912	)		(343,759	)		–		(404,671	)
Total Other Investments		(58,452	)		218,030			–		159,578
Total Investments	$	1,008,173		$	19,049,640			$–	$	20,057,813

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2023:

	Value
Derivative Assets	Currency Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	–		$	2,460		$	2,460
Unrealized appreciation on swap agreements – Centrally Cleared(a)		–			190,967			190,967
Unrealized appreciation on forward foreign currency contracts outstanding		370,822			–			370,822
Total Derivative Assets		370,822			193,427			564,249
Derivatives not subject to master netting agreements		–			(193,427	)		(193,427	)
Total Derivative Assets subject to master netting agreements	$	370,822		$	–		$	370,822
	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	–		$	(60,912	)	$	(60,912	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		–			(3,004	)		(3,004	)
Unrealized depreciation on forward foreign currency contracts outstanding		(340,755	)		–			(340,755	)
Total Derivative Liabilities		(340,755	)		(63,916	)		(404,671	)
Derivatives not subject to master netting agreements		–			63,916			63,916
Total Derivative Liabilities subject to master netting agreements	$	(340,755	)	$	–		$	(340,755	)

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

27 Invesco World Bond Factor 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, 2023.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash	Cash	Net Amount
Barclays Bank PLC	$	1,981	$	(1,748	)	$	233		$–	$–	$	233
BNP Paribas S.A.		13,218		(42,560	)		(29,342	)	–	–		(29,342	)
Citibank, N.A.		8,641		(4,011	)		4,630		–	–		4,630
Deutsche Bank AG		1,088		(212	)		876		–	–		876
Goldman Sachs International		209		(107	)		102		–	–		102
HSBC Bank USA		2,201		(3,745	)		(1,544	)	–	–		(1,544	)
J.P. Morgan Chase Bank, N.A.		249,659		(248,973	)		686		–	–		686
Merrill Lynch International		32,517		(25,184	)		7,333		–	–		7,333
Morgan Stanley and Co. International PLC		56,602		(5,309	)		51,293		–	–		51,293
Royal Bank of Canada		2,373		(8,635	)		(6,262	)	–	–		(6,262	)
State Street Bank & Trust Co.		2,037		(136	)		1,901		–	–		1,901
UBS AG		296		(135	)		161		–	–		161
Total	$	370,822	$	(340,755	)	$	30,067		$–	$–	$	30,067

Effect of Derivative Investments for the year ended October 31, 2023

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	$	(155,051	)	$	-		$	(155,051	)
Futures contracts		-			(150,487	)		(150,487	)
Swap agreements		-			453,157			453,157
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		35,050			-			35,050
Futures contracts		-			(33,383	)		(33,383	)
Swap agreements		-			(219,948	)		(219,948	)
Total	$	(120,001	)	$	49,339		$	(70,662)

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	$47,710,292	$3,491,513	$6,310,486

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,706.

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.

28 Invesco World Bond Factor 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.

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, 2023 and 2022:

	2023		2022
Ordinary income*	$	–	$	705,757
Long-term capital gain		–		59,205
Return of capital		292,975		93,121
Total distributions	$	292,975	$	858,083

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

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation (depreciation) – investments	$	(3,472,633)
Net unrealized appreciation (depreciation) – foreign currencies		(3,229	)
Temporary book/tax differences		(20,494	)
Capital loss carryforward		(3,911,793	)
Shares of beneficial interest		28,603,008
Total net assets	$	21,194,859

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 has a capital loss carryforward as of October 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	1,977,033	$	1,934,760	$	3,911,793

* 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, 2023 was $15,694,994 and $25,215,883, 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	$	590,211
Aggregate unrealized (depreciation) of investments		(4,062,844	)
Net unrealized appreciation (depreciation) of investments	$	(3,472,633	)

Cost of investments for tax purposes is $23,530,446.

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, 2023, undistributed net investment income was decreased by $157,099, undistributed net realized gain (loss) was increased by $910,133 and shares of beneficial interest was decreased by $753,034. This reclassification had no effect on the net assets of the Fund.

29 Invesco World Bond Factor Fund

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	October 31, 2023(a)						October 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		134,030		$	1,176,007			203,072		$	1,968,814
Class C		22,066			194,317			31,200			297,438
Class Y		194,078			1,678,664			659,898			6,099,328
Class R5		585			5,000			-			-
Class R6		75,360			654,247			66,597			654,707
Issued as reinvestment of dividends:
Class A		17,795			155,187			41,630			413,687
Class C		399			3,473			1,991			20,177
Class Y		7,271			63,300			25,459			251,987
Class R6		2,159			18,806			3,230			31,454
Automatic conversion of Class C shares to Class A shares:
Class A		10,256			89,975			5,671			53,819
Class C		(10,279	)		(89,975	)		(5,685	)		(53,819	)
Reacquired:
Class A		(594,230	)		(5,090,161	)		(552,300	)		(5,231,554	)
Class C		(80,296	)		(688,542	)		(63,739	)		(615,846	)
Class Y		(808,351	)		(6,918,699	)		(857,201	)		(8,018,856	)
Class R6		(46,055	)		(397,229	)		(30,991	)		(280,462	)
Net increase (decrease) in share activity		(1,075,212	)	$	(9,145,630	)		(471,168	)	$	(4,409,126	)

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

NOTE 12–Significant Event

On September 19, 2023, 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 was closed to investments by new accounts after the close of business on October 20, 2023. The Fund liquidated on December 19, 2023.

30 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, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 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, 2023 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 21, 2023

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 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, 2023 through October 31, 2023.

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 (05/01/23)	Ending Account Value (10/31/23)1	Expenses Paid During Period2	Ending Account Value (10/31/23)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$938.90	$2.88	$1,022.23	$3.01	0.59%
Class C	1,000.00	935.20	6.54	1,018.45	6.82	1.34
Class Y	1,000.00	940.00	1.66	1,023.49	1.73	0.34
Class R5	1,000.00	939.50	1.66	1,023.49	1.73	0.34
Class R6	1,000.00	939.00	1.66	1,023.49	1.73	0.34

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, 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 World Bond Factor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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 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, 2023 and June 13, 2023, 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 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, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. 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 also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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, 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, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that

33 Invesco World Bond Factor Fund

selecting a different performance period could produce different results. The Board further considered that in 2020 the Fund changed its name, investment strategy and index against which future performance is compared 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 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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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.

34 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, 2023:

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.

35 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, 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	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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)	169	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 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
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	169	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	169	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	169	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
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	169	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	169	Blue Hills Bank; Member and Chairman, Bentley University, 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	169	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

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
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)	169	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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	169	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	169	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.	169	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

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
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	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.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 Trustee, Invesco Foundation, Inc. Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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 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; 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); 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: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); 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
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior 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: Vice President, The Invesco Funds; 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 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 Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); 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; and 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	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	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	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco World Bond Factor Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05426 and 033-19338                 Invesco Distributors, Inc. WBD-AR-1                                         

(b) Not applicable.

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.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, 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 2023	Fees Billed for Services Rendered to the Registrant for fiscal year end 2022
Audit Fees	$       878,829	$       925,264
Audit-Related Fees(1)	$         11,000	$                  0
Tax Fees(2)	$       473,470	$       403,564
All Other Fees	$                  0	$                  0
Total Fees	$    1,363,299	$    1,328,828

(1) Audit-Related Fees for the fiscal year ended 2023 includes fees billed for reviewing regulatory filings.

(2) Tax Fees for the fiscal years ended 2023 and 2022 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 Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and 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 Affiliates that were required to be pre-approved.

	Fees Billed for Non- Audit Services   Rendered to Invesco and Invesco Affiliates for fiscal year end 2023 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 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)	$    1,067,000	$    760,000
Tax Fees	$                  0	$               0
All Other Fees	$                  0	$               0
Total Fees	$    1,067,000	$    760,000

(1) Audit-Related Fees for the fiscal years ended 2023 and 2022 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 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.

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

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 Fund

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 $6,507,000 for the fiscal year ended October 31, 2023 and $6,370,000 for the fiscal year ended October 31, 2022. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $8,047,470 for the fiscal year ended October 31, 2023 and $7,533,564 for the fiscal year ended October 31, 2022.

PwC provided audit services to the Investment Company complex of approximately $33 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.

(i) Not applicable

(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of December 14, 2023, 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 14, 2023, 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/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	January 3, 2024

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/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	January 3, 2024
By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	January 3, 2024